tv Varney Company FOX Business July 28, 2021 9:00am-12:00pm EDT
dagen: boeing boosted by defense sales, thank you, steve ford and rob luna, always a pleasure. "varney and company" starts right now. take it away. stuart: i want to be clear about this. profits are spectacular was hard to wrap your arms around how much many american corporations are making, that is why stock prices are at or close to all-time highs. apple, google and microsoft issued their financial reports, huge profits all around and this morning you can see the results. google and microsoft stock going straight up especially for google. apple is lagging a little.
boeing not so much a profit story is a comeback story. it is a down stock and it is up 5%, a huge gain for a company that size. facebook reports investors since a strong performance coming and i bidding the stock up already, one.6% higher, 373 on facebook, the question throughout the show, have profits peaked? some people say yes, we are peaking right now, implications for the market later on. bitcoin back to 40,$000 a coin moments ago, slipped back to 39-7, cryptos face a lot of negative news recently but seem to have, through it. all the cryptos up today. let's deal with the stock market. not much movement, dow up 16, s&p four, nice game for the
nasdaq, big tech doing well, 57 points at 15,000. this news report not helping the markets. the cdc recommends indoor masking even for people who have been vaccinated but only in some places, the new york times says it is a confusing message and may be damaging too if it points towards a new round of restrictions that is damaging the market and the economy. more dramatic news from the elements, simone biles has withdrawn from the all-around final, she will be evaluated daily to see if she can compete in next week's event. "varney and company" is about to begin. ♪♪ get down on it ♪♪ get down on it
♪♪ stuart: big tech earnings. what a performance, apple, microsoft, google, the parent company is alphabet, good morning, greetings, let's start with apple. >> the biggest profits in history, $21 billion in profits, $194 billion in cash on the balance sheet. isn't that incredible? $194 billion in cash, 90% of the s&p 500. these numbers are staggering. stuart: any idea why stock is down? >> revenue slowdown. if you look where the stock is trading we were down more in the after-hours, you had a 50%
jump in iphone sales, they tell me the global chip shortage only impact sales by $3 billion which is very manageable and only impact ipad and pcs. i spoke to him after the earnings and here is what he told me, we were coming back in early september and started seeing the delta variant take off in the us particularly the last 2 or 3 weeks so they decided to push back to october and we monitor whether we should push back the return further or not. >> it comes microsoft, still a report and what happens? the analysts, it was down $11. >> you are calculating -- stuart: hostile knee-jerk reaction. >> all the microsoft stock. stuart: look at it now.
>> cloud and google 50%. you want to look at windows, sales did drop 2% and pc sales were not great and impacted by that shortage of chips, x box revenue was down more on the content of the games. stuart: that knee-jerk reaction alloyed me. stuart: moving on to alphabet. google. >> record treatment sales and profits. huge spending recovery. the cfo said revenue was led by sharp growth when it comes to retail followed up by travel, financial services, media and entertainment. stuart: you spoke to her? >> am i impressed you? stuart: journalist or what? talk to me about facebook and you did not speak to mark zuckerberg. did you speak to him? >> maybe not but often that, snap, twitter telling us there's a recovery in and
spending, with digital advertising recovery, wall street a 50% jump in sales what user growth 50% jump but user growth, $2.8 billion around the world visiting facebook and what's apps, need to increase that. stuart: if they got to 3 billion -- >> the apple privacy changes limit targeting ads, looking at how that impacts the bottom line. stuart: all this talk about big tech, we need shaw gilani who is appearing at the bottom of the screen. let's start with this. a lot, some people say the profits we are seeing our the peak of profits, we won't do any better in the future. what do you say to that? >> the story of peak earnings to me is a nervous nelly
narrative, numbers do not show that. if you're looking at microsoft it has its tenth consecutive quarter of topline and bottom-line. that is not peaks, that is momentum, google hitting it out of the park, record profits gaining strength. thing with apple. across all geographic segments record and double-digit growth on all product lines has nothing to do with peak earnings but nervous nelly, a terrible mistake to think these are peak earnings, we are far from peak earnings. stuart: for 10 years you've been telling us to go for big tech. but your money there and keep it there. are you saying the same thing? the stocks on the screen are approaching record highs. are you still saying put more money in? >> approaching record highs they have fundamental growth topline bottom line.
is that is what you want to see, companies were growth, they have the products and everything we want, they are the future and they will continue to do it. no reason for any of them to fall off the sidewalk. the only thing that could upset the apple cart is for legislation coming out of congress the cut the knees out. if we look at chinese big tech stocks, what is happening there, a better future going forward. stuart: hope you are right in the next 10 years, shah gilani. coming at us the latest read on mortgage applications 18% lower than one year ago. it is not that much for sale
the donating points from last year. the cdc on indoor masking. >> some vaccinated people after vaccination may be contagious or may spread to others. with substantial and high transmission cdc recommends fully vaccinated people wear masks in public to prevent the spread of the delta variant and protect others. this includes school. stuart: this includes schools. doctor mark siegel is with us. vaccinated people are recommended to wear masks indoors even if they are vaccinated. shirley that is a step backwards. >> there is a problem here
which you hinted at. these recommendations and guidelines which are supposed to be guidelines based on something that comes out like i spoke to her yesterday, she said when people get infected they carry a lot of virus and even if you are vaccinated if you get sick with covid you carry a lot of virus but that's a rare event in these guidelines get picked up as mandates especially in blue states and republican governors resisted the whole thing becomes an enormous mess and the problem is masks are not that effective. it all. the issue which is we need more people to get vaccinated, not -- more people to get vaccinated. if you are vaccinated you have a high order of protection in almost all cases against the delta variant. stuart: you know what i can see coming? people say we will be wearing
masks forever, flu season, got to wear a mask, stop the spread. i can see this coming? >> i don't like it. you have a twinkle in your eye i bet and i like when you smile and we need that kind of interaction and the idea of masks walking down the street. this makes no sense. i'm wearing a mask in the doctors office more than i used to and that is a good policy but we've got to look at this closely in terms of what the public health costs of what we are doing. the superimpose anxiety and the most -- government telling us what to do and scolding us and bullying us is a negative interest. stuart: see you again soon. president biden is considering
a vaccine mandate for federal workers. >> requiring in place to get vaccinated? >> if you are not vaccinated you are not as bad as i thought you were. we have a pandemic because the unvaccinated. stuart: we have a lot more on those lines and simone biles, the individual competition out to focus on her mental health. that is a blue to the gymnastics team and it is not helping japan with its effort either. eric adams likely to be the next mayor of new york city and the clearing war on socialists like alexandria ocasio cortez, going after the defend the
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number, boeing is up. >> surprise profit, that ends 6 quarter losses during covid into the man is coming back a little faster. and number job cuts, really big news. >> nude chicken sandwiches. >> i will take you to mcdonald's. a new chicken sandwich, helping drive sales. same-store sales, came out ahead of 2019 sales, already above free covid levels by double digits. stuart: wiser down one%. >> the run up to these
earnings, and the second largest player behind amazons, and and increasing sales 40%. during the lockdowns from last year to this year, that is why the stock is slowing. stuart: that is spectacular. that is road stock. >> and -- the lockdowns, banking online, and stuart varney did little bit of thinking. how much could to currency buying and selling is holding of crypto and bitcoin, and you
will send me money, >> want to see the stock break, the report later. >> >> we will see how much production, the electric car competition in total with record profits earlier this weekend. looking for a loss with sales of $23 billion, interesting to hear about the f150 lightning and how the electric pickup for sales. >> >> $100 down. $14 a share. and for trading crypto's. and the chief business officer joins us again this morning,
douglas, want to get my arms around this, your platform for trading cryptos is always open, 24/seven 365. >> that is normal. what is not normal is our secure security token would be the only registered security as of today listed 24 hours a day, 7 days a week, 365 days a year. the first ever registered security that will list it that way. stuart: explained that. what is it? crypto? what is it? >> it has a full prospectus at the database. we raised money in order to study different platforms we have as a company so we are fully transparent which is new for the industry. fully transparent, a publicly
traded security as of today. it is the same as amazon but on the block chain, crypto in your wallet to get stolen with a token done in this way were secured in this way, it can never be stolen. stuart: you start trading that as of today. >> as of 9:00 am it opens up for trading. stuart: seems to me you should be pretty happy about cryptos, they, close to 40 grand, at 2249, got to be happy about the performance of the cryptos lately. >> it has taken a lot of fear
and uncertainty to fudge the crypto space and that happened over the last couple weeks. carbon, too much carbon, is a good for the environment? tesla says it is not good for the environment, a lot of bitcoin running up from that oldest news in the market, pass-through bitcoin coming up. every time i'm on your show it is 30,000 or 60,000. today at 40,000 so it is doing okay today. stuart: we will invite you back and see if we can get it to 60. we will see you later. check those futures again, looking good for "the opening bell," plenty of green. take you to wall street after this.
from here? >> i do. the catalyst is what we've seen the last several days, strong corporate profit growth, and that is the trend of the last few quarters and will continue to be the trend for the coming quarter. company succeed analyst expectations by a wide amount. the expectations in terms of what companies make in corporate profits will be rising and that is the fuel for further market gains we see the next 12 months. stuart: you are looking for the s&p to go to 4800, what is it? >> middle of next year. looking at 4650.
in the dividend, closer to 8%, we had a strong bull run in the gains are lower than they've been the last year or so by a wide margin but is more upside to go. >> president biden said the current inflation will fade. chairman powell is along the same lines, inflation will fade. do you agree with that? if they are wrong and inflation stays at a high level you won't hit new highs on the stock market. >> the key assumption is we see moderation of inflation. if we don't see that that would be problematic, the fed would raise rates to slowdown the economy but if you look at the markets, the verdict is clear. markets are not worried about inflation.
if you look at what is driving high inflation readings, it has been minority of goods opening the economy. as it gets ironed out, pressure begins to subside. stuart: thank you very much indeed. it is now 9:30 eastern time, trading has begun. we expect to see some green on the board. an even split between winners and losers as the dow goes up 40 points. the level, 30,105, the all-time record was 30,150. the s&p gaining ground, 8 points higher, close to a
quarter to a 12:45%. the nasdaq composite, i expect a big gain, up half of one%, 14,726, boeing a surprise profit, stock is up 5% adding 80 points to the dow industrials. facebook report after the bill, investors piling into it, 376 is the price before we get the earnings, stock is up 2% or 3%. google, microsoft, apple, they reported yesterday they moved higher in the early going but you are talking to the analysts. have become out with new and higher target prices? >> we are looking at the apple price target, the best and most listened to apple analyst at morgan stanley calling $150. we will get back to this. i was going to wait for these
graphics but here are the apple price target, the range is 168 to 180 range, we have website and we had a record spring quarter for apple when they made $21 billion in profit. let's move on to alphabet and google. the average is $3,000 after record earnings and record quarter. microsoft all the way up to 411 for microsoft. wouldn't that be nice to have when most predict over the $300 mark. think about what that means for the portfolio. stuart: good news already. >> as i said high expectations and the bar is set high but the big get bigger.
stuart: we saw a record highs for google and microsoft but other earnings reports are out this morning and pfizer reached $42 a share. >> they are forecasting it, the past $33 billion this year. $33 billion in 12 months of sales. delta booster trial later this year, maybe a third vaccine, imagine what that means for the bottom line and flu shots. stuart: spotify is the second-largest online. >> spotify, the music stream are looking for smaller than expected loss and better sales.
the pandoras of the world. stuart: spotify is down 70%. >> they came in below their guidance, to prove it. they helped to take away business in intel, late with a lot of their nanometer chips and the global chip shortage means surging demand powering sales doubling from last year. stuart: earnings are spectacular. >> that is good for the economy, workers, jobs and wages. stuart: it is not peak earnings yet. >> all that money printing in dc, buying a lot of good these companies are offering. stuart: 9% lower, what happened?
>> wider than expected loss forecasting bigger losses for this year. the office spent $18 billion, membership growth wasn't that impressive. they had deutsche bank saying enough is enough. stuart: a great pandemic but not a good recovery. >> they have to make it worthwhile on the bottom line. we want this is earnings season and i am seeing starbucks reporting strong earnings and it was fueled by cold beverage sales. >> the fact that it has run up so much commuting cold coffee or you are hot coffee type of guy? it runs a little hot in my view but cold brew, nitro, 3 chords
of the company's beverages. great quarters. it is not springtime, not talking about the summer yet. raising sales guidance for this year but the problem is china. same-store sales building a new store, 15 hours, second-largest market and not recovering as quickly. stuart: starbucks down 2.7%. look at the big-name stocks in the dow which are the leading winners, boeing up 6.7% so gain some ground since "the opening bell". honeywell, caterpillar, disney on the big list. google is up 97%. >> for a company of that size and underperformed last year.
it is up 75%. stuart: nasdaq winners, activevision. >> earnings later on. stuart: as you walk towards earnings activevision, blizzard moving up. 6 or 7 minutes on the big board. the 30,000 level, the yield on the treasury, the price of gold around 1300, $1,800 an ounce. $71 a barrel, the national average, california moved up a bit more. could larry elder replace the governor of california, gavin newsom.
elder leads all candidates. we are skipping the debate and will ask about that when he joins us. governor elder has a ring to it. we have to talk about the fed some time with great reluctance and today is an important day because we will hear from them. when will they cut back on the money printing? that is the question. ♪♪ yeah, i mean the thing is, people like geico because it's just easy. bundling for example. you've got car insurance here. and home insurance here. why not... schuuuuzp.. put them together.
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summer in arizona. federal reserve meeting with us. edward, jay powell's press conference, but 230 this afternoon. have you heard any hint about what he may say about inflation. >> he will hold the line, a huge line of questioning at that news conference, trying to manage expectation but it is harder than expected. another month beating expectations on the upside. the personal consumption expenditures more closely. the federal reserve estimate
3.4%, it is may, rising since february of 2021. this is what the market and economy start looking at, how is this going to start and settle back down. the my conductors will last until 2023. goldman sachs believes it will boost inflation numbers and more regulations on the energy industry and it has become more expensive at this point. looking for clues when the federal reserve will scale back $120 billion of treasury and mortgage-backed securities they have been buying. stuart: clearly inflation is prevalent but president biden and the fed say inflation will fade later this year.
come on in, senator john barrasso from wyoming. almost got it wrong. you would never appear on the show again if i got it wrong and glad you are here. forgive me for offering an opinion. i don't think inflation fades. so much money is being checked into this economy, it will keep prices rising. >> agree with you completely. we cannot use our us economy is a crash test dummy for the plans the democrats have, reckless tax and spending plan, they are heading over the cliff like thelma and louise. this would be the largest spending bill of all time which is what the president is trying to sell today. it led to the debt, inflation, increased taxes for sure but the inflation is eating into people's paychecks whether that is for food and groceries, you gave the gas prices in california over $4 a gallon, it is $3.39 in wyoming so gas
prices are up, housing prices are up and they are trying to add another $4 trillion on top of the $6 trillion we already spent as part of the recovery from coronavirus. this will drive a stake in the recovering economy. everybody will pay one way or another more taxes and certainly with inflation. stuart: i must turn to a different subject. i know your doctor. how do you feel about the cdc's mask recommendation even for those who have been vaccinated? >> i oppose what they are reckoning. the real problem is the poor southern border. people are coming over at a rate of 2 million for the year, they are not tested, not vaccinated. that is the biggest influx of coronavirus and variations into the country. of the president is to have any credibility to me he has none at this point. he needs to make sure he deals with the southern border and the disease is coming across.
stuart: it is amazing we have this crisis on the southern border and you are right we have people streaming across our covid positive, distributing around the country yet you hear nothing about it. it seems to be just covered up as a major crisis we are facing. we don't face it, don't talk about it. can you do something about that? >> 18 of us head to the border, a lot of press when we were there but the reason president biden doesn't want to go there were vice president harris they don't want to go to the point where people are streaming across because television cameras will follow them and it will bring more attention to this crisis. it is a humanitarian crisis, medical crisis, national security crisis and democrats keep saying come here. we are talking about this big spending bill. do you know that hidden in there is amnesty for illegal immigrants, lots of things jammed into this $3.5 trillion
monstrosity that have nothing to do with the budget, amnesty for illegal immigrants, they have the so-called citizens climate core where they pay people to protest, things like the keystone xl pipeline. what the president and the democrats are doing to this country is bad. stuart: senator john barrasso from wyoming, thank you for joining us, appreciate it and hope to see you again. ipm is warning the cost of data breaches hit a 17 year high. let's get straight to it. how much are companies having to shell out? >> globally the average is $4 million per attack. that is a lot but in the us it is almost double that, $9 million in the us on average per hack attack compared to the middle east which is 6 million in canada at 5, the us, the prime target where you get the
most money. healthcare, retail, consumer manufacturing for the most of it increases when it comes to data breaches in these hack attacks, interesting they are targeting healthcare. they are shelling out the most money, because you have to protect everybody's data, this is significant private sensitive data and according to ibm data we've seen advancements when it comes to technology. artificial intelligence, cybersecurity, don't know if that is something you want to take away as a positive but there are hyper volatile attacks, microsoft exchange, what this report tells us is there are heightened attacks and people are trying to get as much money as possible. stuart: we can stop that at some point. >> $9 million per tech, motivation, don't you think?
stuart: a huge amount of money. we've got a turnaround on the market, the dallas heading south, isn't the on the downside, nasdaq holding onto a small gain. the three big stocks which announce their earnings late yesterday, microsoft, apple and google, microsoft and apple have turns out, heading lower. google holding on to a solid gain, $74, 2.8%. did you hear about facebook teaming up with churches to reshape, quote, the future of the religious experience? jonathan morris, former catholic priest, wonder what he thinks about all this. he is on the show in the next hour, jonathan morris. she withdrew from the competition, now simone biles will skip the individual final at the olympics. people talking about this, that story next. ♪♪ ♪♪ stand up stand up
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she will focus on her daily evaluation. >> to see if she's ready for the individual event finals. she has withdrawn from the all-around competition. she's the greatest of all time. arguably the biggest name heading into these olympics. she was heavily favored to win the all-around competition. she would be the first back-to-back olympic champion in 53 years but mental toughness is a huge part of the sport. she landed awkwardly and that is where she got lost in the air according to these reports and mental toughness and safety is important when doing these. stuart: she's consistently call the greatest of all time, that's what you have to live up to.
that is enormous pressure at the olympics. >> only 5 years of training and these athletes have to peek at the right time. you wonder if she's been mentally training all these years and it is a shame. we won't see another olympics for four years, the last olympics, she might be missing a chance. stuart: i think we are indeed. some red for the dow industrials, red for the s&p, modest green for the nasdaq. even if you've got the jab, the cdc major reversal throughout the show. karl rove, todd pyro, florida congresswoman maria salas are, the second hour of varney next. ♪♪ at the lexus golden opportunity
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here we have facebook, microsoft, google. they all reported late yesterday. all of them moving higher again this morning. in fact facebook and microsoft and google hit all-time record highs. facebook reports after the bell this afternoon. bitcoin bounce nicely. it was at 40,000 bucks a coin earlier. now eight 39,565. now this. eric adams is almost certainly the next mayor of new york. he is a former police officer and he has declared war on the defund the police movement. big deal. that is big news for cities all across the country. it is big news for the left too, not the kind of news they want to hear. adams is going right after alexandria ocasio-cortez. she represents parts of new york city. the future mayor is clashing with a member of congress over crime and they're both democrats.
adams says this, quote, i'm no longer running against candidates. i'm running against a movement. all across the country, dsa socialists, democratic socialists of america are mobilizing to stop eric adams. they realize if i'm successful we'll start the process of regaining control of our cities, end quote that is strong stuff especially someone who won the democrat nomination by winning over minority voters. the rich white liberal elites of manhattan, they prefer the socialists. amazing. what happened here the defund the police movement has run headlong into spiking crime in out of control cities. that's what's happened. everyone knows what is going on and feels it. in the suburbs the cocktail party talk is about real estate values. in the cities, and among those who have to work in the cities, the talk, the outrage focuses on brutal violent crime. the police are not the problem. the criminals are the problem.
that's why eric adams won. that's why aoc's clout is fading. second hour of "varney & company" starts right now. ♪. stuart: well, he's here. karl rove, maybe he has his whiteboard i don't know, but i want him to tell me what this problem in new york where eric adams is going after aoc. surely that is problem for democrats across the country in 2022, isn't it? >> perhaps. but it is the fight that needs to be made. the democratic party has lost its roots. it has become dominated increasingly by bernie sanders, aoc "squad" wing of the party. it is not good for the democratic party we need two strong parties that hew toward the center if our country will prosper. stuart: i think the defund the police movement is in sharp
retreat. do you agree? >> i hope you're right. new york is a good example of it being reyou have abouted but we got a bunch of cities in america including the one which i live in which we rebuffed the defund the police effort but we still have a council dominated by a anti-police group and a mayor who is wishy-washy and sides with them. a long way to go to defeat this movement. stuart: next case. let's talk about the masks. the cdc says fully vaccinated people should wear masks. president biden is considering a mandate for all federal employees, get the jab. where are you coming from this, karl? >> i'm not adverse to say federal government employees, particularly the military ought to get jabs it saves lives but i'm getting whiplash on this mask thing. there is brilliant piece from my former colleague in the bush
white house, marc thiessen we're talking about break through hospitalizations and breakthrough hospital deaths. breakthrough you get vaccinated and get hospitalized, and get sick and die. how big is that risk? the chance of a breakthrough hospitalization is 0.003% for people who have vaccinations. so in other words, 3/100 -- 3/ 1000 covid deaths. breakthrough covid deaths are 0.0005%. your chance of dying from a lightning strike is bigger than this. 0.007. the chance of dying from the seasonal flu is 1/10 of 1%. this is communications failure and hence a leadership failure. where is the president coming out to explain what they're trying to do here? not only that there is
indication the cdc director walensky said we're doing this because of information. there is newsletter that follows former "new york times" guy, heads it up, follows the health issues called stat. they have an ad administration source saying we no studies showing this. we're trying to get this done because 2/3 of the counties in america where the rates are going back up. we're trying to do everything we can but we have no studies justifying this. stuart: pathetic in my personal opinion. >> absolutely. stuart: karl rove, thanks very much for being here, karl. great use of the whiteboard as always. >> nice to see you. stuart: see you again soon. the master of the whiteboard, this guy. thanks, karl. let's get back to the markets. we still got green for the nasdaq, 70 points higher, that is solid gain. but the dow and s&p are down. bob doll joins us now. i want to engage you in the discussion about peak profits. i heard a lot about this, that the profits being reported at the moment are just fantastic.
that at the peak of profitability. is it? >> we're in peak profit growth mode but not peak profits. and that is a important distinguishing characteristic. that is to say the growth rate in the second quarter will be most likely above 70%. that is off the charts. in the third and fourth quarters we're going to get growth in profits but at a slower rate. so peak profitability, growth is accurate. peak profits are still in our future, stuart. stuart: what does that mean for the market if profit growth is still going to -- we're still going to have profit growth, is that good for the market? does that hold the market up at these high levels? >> profit growth is obviously better than profit declines. but profit acceleration is the best. in other words, when profits are accelerating as they did into this second quarter, that is among the reasons the stock
market is up 90 plus percent since the low of the pandemic. from here it gets harder. up profits is good. when it is decelerating that is not as healthy. markets say what else should i worry about aside from profits declining. there is a long list as you know. stuart: there always is, climbing a wall of worry, that is what we used to talk about. one last one, have you ever seen anything like this concentration of wealth, cash, power in the five big name technology companies which lead everything these days? have you seen anything remotely like that before? >> no, we haven't. you can go look at the five biggest companies at any point in time in capitalization as percentage of the market and we've had other runs but not to this degree. now having said that they were higher last fall, the capitalization of the five you just mentioned and then they came down.
now they're climbing back up but they haven't hit that new high yet. so these five companies from that peak a few months ago have underperformed the market despite their recent strength. stuart: doesn't seem like that. that is a fact. >> doesn't feel that way. stuart: google up 100 bucks as we speak. bob doll, thanks for joining us. we appreciate it. >> thank you, sir. stuart: we'll look at some movers. susan back with me at this hour. tesla up about .89%. susan: that is very specific. interesting retail change in strategy. i thought this was very interesting from electric this morning. instead of tesla going into these high traffic malls they will go more to remote and cheaper locations. so they're targeting the remote work crowd because you don't really have to pack into high density big cities anymore if you're working remotely, only working three days a week, right? stuart: that's smart. susan: you reduce the rent footprint and rent costs which you think is smart.
also more tesla workers are working remotely as well. they will manage test drive fleets remotely and delivery centers. stuart: show me mgm, please. susan: yep. stuart: they have an upgrade. susan: goldman sachs not helping out apparently. stuart: apparently not. susan: to neutral 43 bucks. looking at recovery in travel and gaming. another interesting headline, wynn bets and cumulus media are entering a multiyear, multiplatform partnership. think of gaming companies like fox bet with out kick and penn national with barstool. the tie up between media and gaming together to drive traffic. stuart: this is where gaming is. it is all mobile. susan: yeah. stuart: you whack into a bar. you bet on your phone watching the tv. susan: if you're interested reading up on sports and opinions you go on some sports betting sites to put on bets, right? stuart: game stop as well, they rebranded to ev games in canada. think of that.
ev games. i don't know with all that controversy and the media attention this year, i would think that gamestop would be a great name to keep. stuart: that is quite a drop. 7%, gamestop, 166. one last one, robinhood. when is the upcoming ipo? susan: so the upcoming ipo is tonight, pricing that is, pricing is tonight. we're looking at a valuation of $35 billion. probably beyond that. and that would be more than double what they raised emergency cash at the height of the gamestop saga at the end of january. we're looking 35% allocation to the average guys. me and you. i will speak for myself. that is their crowd. those are the clientele. the average folks. this is about democratizing the ipo process. first time ever heard of a company being public about their ipo road show. they will open up the hood, here is where revenue is coming from, profitability, et cetera, et cetera. controversy last night with finra investigating ceo vlad
tenet whether he was the right license to be a day-to-day overseers of a trading platform like this. we have one platform. that is dua lingo which is the translation app. that is beyond the price range. that is a good indication of the appetite for investors and what it means for robinhood tomorrow. they're priced at 102, they're valued at 3 1/2 billion dollars. robinhood given we're looking at a record ipo year robinhood will do real develop. stuart: 35 billion. susan: 35 billion. i think we'll be beyond that. people are looking at 20% pop at least. stuart: at least. thank you, susan. facebook has already transformed some say our social and political lives. they're getting into religious experiences as well. jonathan morris is here to tell us how he reads this next move. facebook religious experience. president biden is set to
withdraw troops from iraq by year's end. are we handing regional power to iran? i will can kiron skinner. one small town hoping bill gates can be the economic savior. we'll taking you to glen rock, wyoming, to explain after this. ♪. we made usaa insurance for members like martin. an air force veteran made of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way martin's family needs it with hassle-free claims, he got paid before his neighbor even got started. because doing right by our members, that's what's right. usaa. what you're made of, we're made for. ♪ usaa ♪
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it's a dow stock. so it is adding about 80 odd points, 70 points, adding 70 the dow. susan: surprise profit. ending six quarters of losses. they're not firing people or laying them off anymore. stuart: right again, susan li. if it wasn't for boeing the dow would be down about 150 points. susan: right. stuart: all right. president biden said american troops will formally end the combat mission in iraq by the end of the year. former state department's kiron skinner joins us this morning. if we withdraw from both iraq and afghanistan, are we handing regional power to iran? are we doing it deliberately so we can get a nuke deal with the iranians? >> i hope we're not doing it distributely. that would be a very poor choice for the united states from the standpoint of national security but on iraq in particular, this is somewhat of a troubling announcement this week.
people on the left and right said it is more political theater than it is protecting the u.s. national interests. i've been struck by that. the u.s. does have a force of around 2500 people in iraq and it will continue to have them for many more months, if not many years to come. the roles will shift from combat to training, to security cooperation and so forth. that's critical, but, it is happening at a time where the united states is supposed to be working with iran on a new nuclear deal and it's not clear that strategic dialogue on iraq is in fact helping the united states with iraq's neighbor, iran and those negotiations. that is not been made plain in the last couple of days. that is what i find particularly troubling. if you look at the iraqi prime minister he has a lot of
problems. he is fighting for his political survival. elections are supposed to happen in october. it is not clear that they actually can happen given the shiite resistance, corruption within the government. is this time for the u.s. to kind of give him a political assist when he is so weakened? which means he has to play to tehran more than he might otherwise have to do? there is just a lot of factors that are not being explained in those pronouncements coming out of washington. stuart: chiron, do you think we should be re-engaging iran on the subject of a future nuclear weapon on the part of iran? should we be doing this? >> you always want to engage with adversaries and enemies but it has to be at the right time. i think the administration went too fast and into discussions with iran and without taking time to look what we had done in
the trump administration, why the sanctions were put in place. why we slowed down the machine of the iran nuclear deal. i don't think that that assessment happens. they just moved very fast without understanding all of the dynamics that motivated us who served in the trump administration. take for example, just last month, the united states did an air raid near the iraqi-syrian border against iranian-backed fighters. the iranian -- the iraqi government then said the u.s. was violating its national sovereignty. when you have the iraqi government talking about the united states in that way when it is protecting its own national interests, when it is actually doing the hard counterterrorism work for the iraqi government, you have to wonder, what's going to happen when we begin our pullout of
iraq. stuart: you really do have to wonder on that one. chiron, great to have you back again. don't be a stranger please. we will welcome you back anytime you like. kiron skinner, see you back again soon. thanks. small town in wyoming is hoping that bill gates can save their day. connell mcshane is in the town of glenrock wyoming. see if i get this right. a company founded by gates run as nuclear power plant, the residents of that town want the nuclear plant in the town, right? reporter: absolutely. they want the jobs that come along with it. they know the coal-fired plant that has been in glenrock is going away. people want something to take its place. you get the sense this is a very small town. the population is only 2600. so when that coal plant does close it will take almost 200 jobs with it.
that is a lot around here. the mayor and other local officials we've been speaking with, they know they need a replacement. >> i think it would be a good thing for our town to, probably bring more people in. >> glenrock, we've been a energy city if you will, town for the entirety of our existence. for us here, this is a beautiful opportunity to continue developing energy that the rest of the country needs and uses. reporter: now the company behind this is terra power. bill gates is the founder of tara power. it is promising that the new technology will put safety concerns about nuclear. it using liquid sodium as coolability instead of water and other efforts operating safely and more efficiently. we made our way around town. we spoke to residents about it. many were supportive. some did raise questions about safety. >> if they will shut our power
plant down they might as well turn it into something better. >> economy around here in wyoming. >> most of the people who work at the power plant like it. i wasn't too sure about it. reporter: right. what was the concern? what would you be concerned about? >> i'm just not sure about nuclear power. reporter: another woman we spoke to worried about having her children working close to a nuclear reactor. there are questions but this project has bipartisan support in washington. likely it will get done. the plant closes in 2027. the new one would come in at the year after and replace it. four other wyoming towns would like to see it in the running. terra power is expecting to make the big. glenrock wants this. it could be big for this town f we see it in wyoming could see it in other parts of the country. stuart: how about that, competition to get a nuclear plant in your town.
you're all right. see you again soon. coming up california governor newsom likes to talk a lot about masking. watch this. >> we were the first, among the first states to require masks mandate. we are encouraging people, basically to double down on mask wearing particularly -- stuart: his son was found maskless at a summer camp. kind of rules for thee, not for me. one of those situations. we're on it. first bitcoin miners moving out of china and into pennsylvania? that's right. we have a live report from russell ton, pa with our own lauren simonetti. ♪.
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what is the story on bitcoin miners? they have been pushed out of china. there is a crypto crackdown there. some of them, some miners are moving to places like pennsylvania. that is where we find lauren simonetti. our own lauren simonetti. obvious question, why are crip cominers choosing pennsylvania? reporter: renewable energy credit, sturtze. 15 tons for coal waste repurposed. i'm standing on 15 million tons of coal waste. for 80 years, stuart, toxins like this, the refuse from the dormant coal mine has been seeping into the soil, getting into the ground water. this is being used to power bitcoin mining operations. american ingenuity at its finest. look at the drone footage t really shows you how expansive this scrub grass dormant coal mine was, and how dire the situation was for the nearby community, looking for a new economy. in came a company called strong
hold digital mining. used incentives from the state, cleaned up and provided good-paying jobs for hundreds and hundreds out of work americans. some of those jobs, stuart, paying $150,000 a year. you mentioned it, china banned bitcoin mining in may. experts i speak to says the market share the u.s. absorbed is between 30 and 50%. we're a few months away from peak production. the only thing that might prevent us from getting there is regulation. i'm joined by the co-chair of strong hold digital mining, bill spence. what has been the incentive for you to do what you're doing here in pennsylvania? >> hi, lauren. thanks. my incentive i was born and raised in this community. as a child i played on these types of piles. i have seen the economic and environmental devastation, the waste left behind from coal mining has caused. i'm in a position with an environmental power company now to not only remove it but also to repurpose the land so that
hopefully our communities can be vibrant once again. lauren: that is the human story, stuart. the money story. the profit story are is that they can make money when bitcoin is at $3,000. and it is near 40 thousand dollars right now. stuart: that's is a good bottom line to end. lauren simonetti. see you soon. on a related note, the senate banking committee held a hearing about the risks in the crypto market. senator cynthia lummis is a member of that committee. she joins us now. can we get straight at this, madam senator. what form of crypto regulation do you want if any? can you tell us directly what you really want to see in regulation for the cryptos? >> i want to start with good, solid definitions. if we could have a law textbook on cryptocurrencies and digital assets we can surely do it through legislation or regulation and i want to see the
end result be a regulatory sandbox where everyone understands the rules, but, innovation can still occur unrestricted. stuart: can you explain exactly what that would mean for crypto mining, for crypto, for example? if you get the regulation, the kind you're talking about, would that hurt bitcoin, would it rein it in? would it enhance its position? what would it do to it? >> we want to make sure bitcoin continues to serve as a good store of value. if it is to become like el salvador has done, legal tender, then we need to make sure that we are using it in ways that comply with the bank seacrest at -- secrecy act and anti-money laundering laws. we want to make sure it is used
legitimately and can be ferreted out when it is used nefariously. stuart: would you say, you are a republican, do you have any support across the aisle? could this be a bipartisan deal to get the cryptos straightened out? >> absolutely. i co-founded the financial innovation caucus with senator kyrsten sinema of arizona and our main focus is digital assets. now the only digital asset i understand is bitcoin because it is such a great store of value. only 21 million will ever be mined. we want to make sure the miners coming to the u.s. from china banned cryptocurrency or banned bitcoin specifically they can come to places like pennsylvania, texas, wyoming and elsewhere that they get the energy to mine it and once it is
produced it can be on the blockchain in a way that enhances the non-fiat currency advantages that cryptocurrency has. stuart: senator, you've done the impossible. you explained it in a way that i can understand what is going on with cryptos. that is quite an achievement, senator, it really is. one last one, are you allowed, do you own bitcoin yourself? >> i do own bitcoin myself. it is the only cryptocurrency i own. i own it because it's a great store of value. i am going to save it. so when i retire i know it's there. i encourage other people who want to make sure that they have a diversified asset allocation for their retirement, and want at least one asset that they know is going to hold its value much like gold, that they consider bitcoin. stuart: you know you've got me thinking about my own retirement now, senator. you know you have done it.
look, thank you very much for being on the show and, making us understand what it is all about. we appreciate that. and please, come back and see us again soon. thank you very much. as we told you earlier bitcoin had bounced into the 40,000-dollar level early this morning. it has backed off a little, i want to know, sewers san, what happened to the bounce? susan: longest winning streak of the year, eight straight days of gains. i was talking to some of the crypto experts why do you think bitcoin is back up to $40,000 and change? i think, and these crypto expert also agree it is because of the selling taking place in the a lot of chinese stocks. we've seen the worst two-day wipeout in these stocks since 2008. money has to go somewhere. if you're taking billions of dollars out of the stock markets some of that money is going through to buy another speculative asset like cryptocurrency and bitcoin. it's a momentum play. yesterday i couldn't help it, but i spoke to apple ceo
tim cook and if you have $140 billion in cash will they use any of that to buy bitcoin and crypto currency. stuart: and? susan: not right now. stuart: that would have been a story, it really would. quickly to the price of oil, we just received word we drew down four million barrels of oil from storage. that is quite a drawdown, implying strong demand. the price of oil going up just a little bit. still at $72 per barrel. question, could larry elder be the next governor of california? new polls show he is the top gop candidate. he is skipping the debate. i will ask him why. he is on the show a little later. it has a ring to it, right? governor elder. he will like that i'm sure. the delta variant not stopping the mike i can in chicago. hundreds of thousands expected to attend lalapalooza there this
♪. stuart: we're showing you chicago. a little hazy right now, 789 degrees. we're in chicago because that is where lalapalooza kicks off tomorrow. hundred unof thousands of people are going to attend just as the cdc issues new mask guidance. grady trimble in the middle there. not yet in the mosh pit but at lalapalooza. are they going to make everybody wear masks? >> no. only people who are not vaccinated will have to wear masks. the cdc new guidance doesn't change any of the rules for entry into lalapalooza, because
they were already pretty strict. here are the rules if you're vaccinated you have to show proof of that in order to enter the venue. if you are not vaccinated you have to show a negative covid test within 72 hours arriving. you have to wear a mask the entire time if you're not vaccinated. mayor lori lightfoot says going forward with the event that generates millions of dollars with the local economy and helps sustained hundreds of jobs is the right decision. >> i don't have any hesitation about lala particularly because the organizers have been very focused on public health and public safety. the other thing to keep in mind is, it is outside. that makes a difference. we know now for a year plus that the danger of transmission is less outside than it is inside. reporter: people typically come from all over the country for lalapalooza but this year more than a dozen states are on the city of chicago's travel
advisory list. that is asking people from those states to either quarantine or get tested if they're not vaccinated before coming to chicago. this is an event, stuart, that draws typically around 100,000 people per day for four-days straight. we'll see if the demand is there for this year as well. stu? stuart: we'll see how they police it as well. that will be extremely difficult, getting people, proving you're vaccinated and wearing a mask all the time if you're not. that will be a very difficult task. thanks for bringing us the story, grady, see you again soon. back to the markets. let's bring in susan. look at google, microsoft an apple because, okay, they reported yesterday. surely the analysts are coming out this morning with price targets. susan: my goodness. stuart: they have all new price targets. susan: that's right. because the bullishness of these reports. let's start with, want to start with alphabet and google since we're looking for a huge rally. thank you so much for being so flexible there.
morgan stanley is calling eight 3,000-dollar stock. most of the analysts say at least 3 grand. so you have still some pretty sizable up side there. all three tech guy dance, apple, microsoft, google, they had a 50 billion in profits among three companies. you know how many companies are worth $50 billion? >> not many. susan: not many in the s&p 500. alphabet. stuart: google is going to $3,000 and more. susan: yeah. stuart: what is the others? susan: show you microsoft, your beloved microsoft. stuart: please. susan: we know hit a record high this morning. fantastic quarter. only weakness was in surface pcs and windows because of the chip shortage. hard to compare to last year when people buying pcs at home. stuart: $288. morgan, goldman, et cetera, et cetera, going to 300 and beyond. susan: 411 at city group there. stuart: i take that any day.
susan: apple a record spring quarter for them. at morgan stanley the most influential analyst, at 168. most ran analysts in the 178-point, 180. 20% more upside. maybe 15, 20% more upside. stuart: sizable up side move possible there. apple's stock this morning is down, there it is, down a half a percentage point. they got very strong earnings. i got to believe that weakness now is something to do with the chip shortage. susan: not even that much weakness. yesterday we saw saw the stock down 3% after hours. these are monsterous numbers making profit numbers for the world's largest $2 trillion. profits of 25% plus and $21 billion in profit, mind you, in three months. you have $194 billion in cash, which is worth more than 90% of the s&p 500.
those are monster numbers. i spoke to apple ceo tim cook and luca maestri talking about the shortage might impact the supply this summer. they can't get enough chips to put in the ipads and macs. it might have 3 1/2 billion dollars in the quarter. tim cook says i worry how it affects people. i think, the economy, everything is secondary to that. u.s. is very strong from an economic point of view and we've seen other parts of the world be very strong like china for example. stuart: did you ask him about bitcoin. susan: of course. i asked him about it. $194 billion in cash. are they using some of that to maybe buy crypto like tessa. luca maestri piped in, currently we don't have plans to. i figured some analyst going to ask on the earnings call. might as well been that person. stuart: well-don. good question. >> i thought so. stuart: great question. coming up, you want to go for a
swim but don't have a pool? swimply, that is the airbnb for pools. the ceo is here. what a story. facebook's next target, religious experience. they are cashing in. jonathan morris, former catholic priest, i want to know what he makes of this next. ♪. 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! we hit the jackpot! bear! bear! bear! look, corn on the cob! oohh chicken! don't mind if i do! they're hungry. t-bone! that's what i call a smorgasbord! at least geico makes bundling our home and car insurance easy. they do save us a ton of money. we'll take the cobbler to go!
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stuart: check the market. we do that every time we come out after commercial break. you want to know where we stand, i will tell you. dow down 40. nasdaq nice gain. s&p up a couple points, not much change there. then there is this, churches teaming up with facebook going to provide exclusive content, messages from the bishop, all for a monthly fee. look who is here back with us, jonathan morris former catholic priest. great to see you again. my question is this, if you charge 10 bucks for the
religious experience who gets the money, is it the church or facebook? >> what people are doing right now as they listen to this news, first of all i don't trust facebook to begin with. the censorship, i don't want to get them involved in my religion. i'm cautiously optimistic about this partnership. the money issue is not made public who gets all of that. i remain cautiously optimistic about this opportunity. i use facebook live, for years i continue to do so to talk about sunday's gospel. especially people not going to the church on their own during the pandemic and even now. i appear cautiously optimistic because of the censorship issue, because it is easier to go to church virtually. we're getting lazy as a society even in business. people not wanting to go back to work, oh, my gosh, i have to
work, what, five days a week? five days a week? i would rather work two days a week. stuart: it is not the same, jonathan. >> no. stuart: electronic service which you join via zoom, facebook, or whatever, to me, i'm speaking personally now, it simply does not have the same meaning as communing with my fellow christians in a congregation in a church. it is not the same. frankly i don't think it is as god. i don't have the same spiritual feeling that way electronically. >> i get it. you're right, i would say if you can go to church. there are many people who are homebound who can't go. so i think it's a wonderful opportunity for churches to say let's get technologicalally advanced and communicate with people who are not able to come or who might just be on the fence you know what, i'm not going to a church right now, i'm not going to join something, let me check out online. it could be a entree into
something deeper. stuart: could we end up in a situation where facebook censors some of the religious input? something that he post in a religious sense? could we end up being censored? >> yeah. here is the big issue i would say, stu, there is a lack of trust, credibility on all levels of society, especially in corporate media right now. so people, whether they're going to censor or not, they already said they're willing to sense censor, the question we don't trust anyone. we don't trust anyone who is leading right now. leaders of private companies, large corporate public businesses have to gain trust back. look what is happening with the cdc now. nobody trusts their guidance. why would you say that? give me reasons. none of it makes sense. there is a lack of credibility of leaders today and the ones who are able to gain back that credibility will be the ones who
succeed both in the religious world as well as in the corporate world. stuart: i think you're right. jonathan morris. great to see you. don't be a stranger. we hope to see you again. >> [inaudible] stuart: watch out, jonathan, we'll see you soon. still to come representative maria salazar, republican from florida, todd piro joins us and maybe the future governor of california, otherwise known as larry elder. he is on the show. plus freedom from covid restrictions in california? not while gavin newsom is the governor. that's next. that is "my take." ♪ welcome to allstate. (phone notification) where we've just lowered our auto rates. ♪ ♪
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we cannot use the was economy is a crash test dummy for the planes the democrats have. this would be the largest spending bill of all time which is what the president is trying to sell today. led to the debt, to inflation, drive a stake into the recovering economy. the story of peak earnings to knee is a nervous nelly narrative. i don't see it i think
investors would be making a mistake to think these are peak earnings. we are far from peak earnings. >> not peak profits. that is important characteristic. >> continuing to exceed analyst expectations by a wide amount and that is the fuel for further market gains. ♪♪ ♪♪ the best song ever ♪♪ will: it is -- todd piro is with me and we were cracking up today. right outside fox, sixth avenue new york city, wednesday july 20 eighth all day long as my mother would have said. to the markets a little rating on the dow industrials down 28. i see a lot of green. tech is doing well. they are up 100 points on the
nasdaq composite. show me big tech. microsoft, helpful -- apple, that hit all-time highs earlier today. facebook reports earnings after the bell. they are walking up to those earnings with a nice rally, facebook 373. now this. do you remember this picture? california governor gavin newsom attending a lavish dinner with masks, didn't wear one himself. he was ridiculed, rules for me but not for thee. the governor is determined not to repeat his political mistakes. he ordered his children home from summer camp because one of them was photographed indoors without a mask. his pr people put this out, quote, the new somes were concerned to see unvaccinated children at the camper children began attending, their kids will no longer attend the camp. you have to wonder about
california, one child no masks, bring them home. the governor is doing this because he was caught out maskless at the french laundry but it shows a degree of anxiety, i call it paranoia that is particularly acute in california, the coastal elites live in fear but never mention the covid positive migrants who are flooding across the border, that would be politically incorrect, they don't mention the damaged childhood development that comes with mask wearing in schools, that would be could go of the teachers union, a contrast republican states like florida and texas, their governors allow the residents to make their in choices, florida, a rise in new cases, governor desantis is not reintroducing restrictions. floridians will keep their freedom the california will have to wait, no freedom for you while your state is under the thumb of governor newsom.
why don't you leave? perhaps californians will tell us. we welcome your comments. email as, email@example.com. third hour of djokhar tsarnaev just getting started. the aforementioned todd piro joined me now. do you think the coastal elites live in fear? >> i did leave 9 years ago. as someone who drafting contract in california as an attorney, this paranoia state they live in isn't something new. if you ever looked at a state contract in california versus the other 49 states california is so fearful of everything they overregulate and not trying to imply lawyering is bad. lawyers do a lot of good.
by and large they go overboard and stifle business. what we have here? a situation of arguments where they are stifling the ability of children to learn and that is the situation we are in. will: they live in fear. this one as well. the washington post will require its staff to show proof of vaccination when workers return to their office in september. you are recovering lawyer. we will see a slew of lawsuits. >> i was out to lunch with a buddy of mine who is older than you. a labor and employment attorney. i said to him you are going to be easy for the remainder of your life. these suits will happen and i don't think the employees have a leg to stand on. employers can do what they want when it comes to these mask mandate. you want to go to the building
they can required to wear a mask or be vaccinated but that doesn't stop somebody from suing and it is bad to be sued even if you are on the side of the law. this will drive up costs. they will pass it on to us the consumers. it will be a lose lose lose situation except for the lawyers who will win especially if you're in labor and employment. stuart: lawyers will win this one. let's bring in david nicholas, market watcher of the morning. i want to talk about peak earnings, a favorite topic of conversation having seen these enormous profits reported by big tech. do you think earnings have reached a peak and earnings decline from here on out? >> these tech companies, apple and facebook, they have so much cash they can innovate.
in a short-term some peak earnings but the companys you want to own our growth companies with a strong balance sheet. i don't think it is discouraging the short-term but a lot of money to be made. stuart: out of that is on the screen, google is up $121 a share. microsoft approaching $290 a share. for a long time that is basically it. >> almost like real estate. that is where the value is. how they are innovating, we think bitcoin is confusing and
mark zuckerberg, people think of facebook as a meta-verse company instead of a social media company and that is a picture of how they are driving growth. we should consider having a portion of the portfolio that can drive growth. stuart: facebook reports this afternoon they come out with their numbers, what are they looking at? advertising revenue. >> i'm looking at user growth. i'm looking at growing users, we will see a slight decline. with antitrust, not those issues don't matter, i don't think they matter to wall street, how much they affected their usual growth. eyeballs on their platforms, they continue to be strong in
user growth. stuart: they go to 3 billion monthly users, that is the possibility, outside possibility. that is where it is right now. let's wheel in mark tepper. a young guy, you are with us for the rest of the hour. the big movers you were watching. >> leading the market, it is up 5% or 6%. it is an american icon, the cash is starting to slow. travel is on the rebound, a lot of these airlines realizing it
is time to upgrade the fleet as far as capacity goes, the customer experience, fuel efficiency, all that stuff. i love the fact that boeing is up but i would rather play this through spirit thorough system, not spirit airlines, spirit arrow systems, and the benefit from air travel. >> would you be putting more money, >> you have to. you look at the 5 biggest companies that make up 25% of the market, they have been carrying the market, look at the returns of the s&p 500 and those 5 companies account for
50% of the returns, i was really hoping one of these or all of them would sell off so we get an opportunity to come in and isn't happening right now. stuart: tele dock is down, one.8%. >> it is getting close, they are down, we all know telemedicine is the future. it is the friction this experience and we are not quite there right now. a high end watchlist. if it goes a little lower we will pull the trigger. stuart: let's stay there for a minute. you are with me the rest of the hour. let me tell our audience what is coming up. larry elder, the next governor
of california, if elected. florida facing a surge of new covid cases, governor desantis says he's not planning the new emergency order. we will discuss. republicans rallying behind protesters demanding president biden take action on cuba. maria salazar is the daughter of cuban exiles, there's nothing happening so far. why no action at all from the administration? ♪ ♪ experience, hyper performance that takes you further. at the lexus golden opportunity sales event. get 0.9% apr financing on the all 2021 lexus hybrid models. experience amazing. get 0.9% apr financing on the all 2021 lexus hybrid models. we did it again. verizon has been named america's most
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stuart: get ready, chicago, lollapalooza starts in chicago, 83 degrees. back to the markets, dow industrials down 50 with the nasdaq up 110 points. how about to the, selling their cars in high end shopping malls but now it is changing where they are marketing the cars. come back in again, mark tepper. that would be quite a shift if you go out of these malls into smaller markets around the country that is quite a shift. visit worth it? >> as far as tesla goes it is important to understand these are not dealerships, these are
galleries, don't think you can buy a tesla from one of these galleries. they reroute you online to buy them. that's a good allocation for tesla. microsoft made a similar announcement in june of last year when they said they would close microsoft stores which are in malls. it is a bad thing for the owners of the mall. it is good for the warehouse owners. stuart: have you seen this electric carmaker putting $5 billion into a second assembly plant in america to provide 10,000 jobs, my question is could ever be a real rival to tesla. >> don't think so. i looked at it. they look sharp. good-looking cars, you've got your light truck, your suv, not
even afford f 150 before the ranger, you add this to the long list, lucid motors, lordstown, another automaker but they got to compete with ford and gm, master pickup truck almost a century ago and look at tesla slowly but surely losing that. i'm not overly optimistic the new kids on the block will be able to step up to the plate and compete. stuart: if you were going to buy into the market would you buy tesla? >> no, not at this valuation level. i would rather investor a derivative. the way we have invested in the market is aspen, aerogel, they make a thermal barrier that can
go around these batteries to prevent battery fires which is one of the biggest issues right now. if you want to see it explode, wrong words, shouldn't have used that, to expand, you need to get better efficiency so that is the way we play it. stuart: be careful on live television, no script, off-the-cuff, got to be real careful. i have been in trouble so many times. i'm going to show you the new aspen martin suv. it helped boost sales by 200%. >> it is sharp. it looks like curvier rounder body.
i tend to like the box here suvs, the escalade, that is my preference. stuart: james bond connection. >> i would love to be him at some time but not yet. stuart: 40 years ago that is what people asked me, saith, my name is bond, james bond. they still ask me to say that. >> shaken, not stirred? stuart: that is right. i would indeed shake them, not stir. let's look at bitcoin backing off, last night, where do you see bitcoin going, no idea where you stand but where do you see the price going? >> when you look at bitcoin all
you can do is trade it. the only thing that has been working is buying at 31,000 and selling it at 31,000. how do i feel about it? it is volatile. not a risk off position like a lot of people think. it is not an inflation hedge. as an investor we own it in a small percentage, i own some in a small enough percentage of it goes to 0 which i don't think it will it won't change my life. one% of the overall asset allocation, it all depends but it is speculative. stuart: put in what you are prepared to lose. i will change the subject, a
week before former senator barbara boxer was robbed in oakland. larry elder, what is his plan for fighting rising crime. power schools going public today, they provide cloud-based answers. he's on the show is coming up next. ♪♪ got to go back ♪♪ we made usaa insurance for members like martin. an air force veteran made of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way martin's family needs it
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they are rebinding, straight up today after big selloff earlier in the week following repeated crackdowns on a variety of private companies. i want to know would you put any of your money into chinese stocks because you don't know what is coming next. >> it is a little scary. your investing in a communist region when you never know what is going to happen and that is what you see happen the last few weeks. we used to own ali baba but had to blow out of it because china blocked the financial ipo. jack ma went missing. as of right now they are all on investable. i would not put any money into any of these companies. why would you buy a company
when china can come in without notice and completely crush you. there is too much political risk. we would need one heck of a compelling reason to get back in right now. stuart: talk to me about robin hood going public, trading on the nasdaq tomorrow. they sell meme stocks before robin hood halted trading in mid-january. and is in a blowout. >> >> robin hood operates like a videogame company than a custodian taking care of customers money. you have the fcc sniffing around to see if they are front running trades they had
knowledge about, where there is smoke there's fire but it will not impact the ipo at all but it does show you robin hood acting like cowboys, prudently helping their customers manage finance. stuart: they are different. thanks very much. the education software company called power school going public today, they rang the bell at the new york stock exchange. the ceo joined me now. welcome to the program. in simple terms, what does your company do. >> >> 45 million students, 70% off
of that, we have 30 contracts. the most mission-critical aspects, the audience brand, a career in life but the back-office to help school districts run operations. we are the most comprehensive. stuart: i think of you as a pandemic winner but i want to ask you about the educational market going forward post covid. >> we have 12,000 district and customers in the system for critical aspects.
we added them and focused on operations for school districts. we are helping with the learning's personalizing education. we were comprehensive but the recognition in k-12 making that happen. stuart: cashing out today or cashing in whatever you want to call it, taking money off the table? >> to pay for recent acquisition and reducing debt,
we do this long-term and focused on the most expensive platform in north america. this is the starting point, with official in k-12. 6 trillion spent internationally. a lot of district and students. >> congratulations, you're off and running. stuart: any reaction to this power school holdings and what the future holds? >> very interesting company, the pandemic, covid 19 changed the educational system. we know technology is even more important.
it doesn't matter if you are living in a wealthy area or not so well the area technology matters more than it ever did. i'm a big believer when you are running a business the best way to get the best result is to have every single person that works for you focus on their own unique ability whatever their strength is, let them just do that and outsource or delegate everything else. to take all the ancillary things off educators plates like operations, hr, and allow them to focus on teaching that is a game changer. stuart: you are right. stock virtually unchanged on wall street. happening now new york will require all state employees to be vaccinated or get tested regularly by labor day. one more thing. new jersey governor murphy
recommends masking indoors. ics slipping backwards. i don't think this is a good move for our society were the market or the economy. what say you? >> what kind of message are you sending when you're trying to encourage everyone to go out and get the vaccine and then they have to wear a mask anyway. don't think that is a good message to send. the message is used to get vaccinated. now there's a group of people who probably for medical reasons can't get the vaccine and you have to understand that. another group of people who for one reason or other don't want to get the vaccine and we need to be respectful of people's personal freedom but i agree, i feel like we are moving backwards in the weird thing is covid cases of got up. i understand that but hospitalizations have not followed.
deaths have not followed suit. i think that is because operation warp speed was a huge success. i want to say with one shot of the two m rna vaccines, people are 95% effective against delta the message should be get the vaccine. stuart: well said. get the vaccine. hold on for a second. something really rather different, cubans rallying at the white house asking the administration to intervene. maria salazar is with us. seems to me nothing has happened with cuba. the internet has not been restored, no idea what is going on, kind of a forgotten story. what can we do about this? we should be concentrating on this. this is a chance for real freedom for the people of cuba. >> thank you for the
opportunity and sorry i'm in this little room in the capital, didn't want to miss the opportunity to talk to you. i just came from a markup saying where is cuba? it is unthinkable. all we are asking from the biden administration or two things that don't cost any money and he doesn't have to come to congress to ask for permission. connectivity and leadership. leadership for him to rally the resident of the united states, to rally the international community and to say to them the cuban regime, demand they will not -- sorry. not choose against the cuban people in the other one is turn on the internet. the internet. the internet is going to do with the cubans need. they will not feel alone and be
able to communicate themselves and they will determine another demonstration. and that gives them the instruments for the facility from to determine what to do with their lives but if they feel they do not have the united states leadership or to connect with the rest of the world wide you think anyone will go to the streets to die alone and be tortured and no one will know about it? stuart: thank you for making time today to be with us and you had to go to a small room but we appreciate that because we must never forget people fighting for freedom and appreciated. >> i've been saying it for the biden administration. we have a historical moment, another mistake on the bay of pigs in 1961 by another democratic administration.
stuart: i've got to go, hard break coming down the pike. great to have you, come again soon. a funny question you want to make an extra 10,$000 a month? rent out your swimming pool, swimply's ceo joins me next. ♪♪ when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute
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i trust 'em, i think you can too. trust aag for the best reverse mortgage solutions. call now so you can... retire better stuart: you could be renting out your backyard swimming pool for a lot of money per month. swimply's ceo joins me now. you've got to figure out how this works. i can rent someone's pool by the hour? do i get in at bathroom to come
with the? what about liability? can i invite my friends for a pool party? spell it out. what can i do? >> thanks for having me. they have the amenities you want, 85% of our pools offer amenities like barbecue grills and very creative things people can find in their area. stuart: do i rent by the hour? >> average reservations. stuart: what is the average price for our? >> that ranges big time. it goes up to $200 an hour.
it does range for that. stuart: how do you handle liability? who is liable if there's an acting? you are the homeowner? >> we provide $1 million and offer 10,$000 in property damage reservation so we do a lot of things. we have a strict review system rolling out inspections, we do a lot of things to prevent that. stuart: i have 30 seconds left. tell me how many pool rentals you have out there today. how many? >> 160,000 for the year. stuart: congratulations. that is a great idea. if you can make money renting someone else's pool that is great stuff. you've got to see us again.
>> can't wait to be back. show me the dow 30 because it is an even split down the middle. half are up and have are down and the dow is down 12 points and then larry elder launched his bid to become california's governor two weeks ago. he's leading the race to replace gavin newsom. larry elder is on the show next. ♪♪ hard-working man ♪♪ all on the line ♪♪ i am burning my fever oh! are you using liberty mutual's coverage customizer tool? sorry? well, since you asked. it finds discounts and policy recommendations, so you only pay for what you need. limu, you're an animal! who's got the bird legs now?
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stuart: we are back with a foxbusiness alert. gop senators met with mitch mcconnell. they say there's bipartisan agreement on major issues in the structure plan that would include $47 billion for environmental resilience and $100 billion for roads. ohio senator rob portman expects a procedural vote tonight. no impact on the markets but the news is just getting out there.
a new poll shows larry elder, leading republican candidate in the race to replace gavin newsom and larry elder joins me now. let's get straight to it. what do you think is the biggest issue facing voters in california right now? >> three things, crime, homelessness, the rising cost of living and i would add a fourth, the way this man went against science and shutdown the state, still violating the same mandates, combination of all those things. stuart: accommodation of all those things. why are you skipping the first debate? >> i have a previous commitment. i have to do a fundraiser. my opponent gavin newsom can spend unlimited amounts of money. he will raise and spend a few million dollars. i have campaign expense a limitations. i can only raise $9 million and have to get at it. if you can't raise money to go on television, radio and print you are going to lose.
the unions will throw a lot of money at him but i have to raise money and it is not smart of us republicans to be in the circular firing squad because if the number one thing doesn't happen number 2 thing doesn't matter. one voter has devoted replace gavin newsom. if that doesn't happen doesn't matter how many votes republican rivals get to replace them so we have to concentrate on pointing out crime, homelessness, rising cost of living and the way this man shutdown the state while violating mandates you post. we should turn our fire to gavin newsom and get job number one done a good job number 2 done. we want gavin newsom pulled his son out of summer can because of photographs of the young man without a mask. they pull him out of the school, bring them home. it seems to me like what is going on here, what is this?
>> the word is hypocrisy. that famous french restaurant, the same medical profession who drafted the mandates when violating them without engaging in social distancing. he shutdown schools while his own kids were enjoying in person private education. the hypocrisy angers so many people and that is why they signed the petition for him a couple years earlier. stuart: in oakland, california, former democrat senator barbara boxer attacked and robbed in broad daylight, the week before the democrat open city council voted to defund the police. if you became governor what would you do about the anti-police movement? what would you do? >> i would reverse the anti-police movement and urge people to recall the george
soros people and you are right about the crime. under this governor 20,000 people enjoyed early relief because of coronavirus. what could go wrong? to throw something in the tip jar so we can reverse it in the anti-police rhetoric is causing the cops, they are confused of systemic racism, crime goes up in the people who are are those they care about. stuart: nothing changes if gavin newsom gets 50% of the vote plus one. he stays governor. >> 58% of california's believe there are to be a change come 2022 so he's gone if not now later on. i urge people to go to electelder.com. 50% plus one don't vote to get this guy out he doesn't matter what the rest of republicans do. i'm happy if i'm ahead.
if i'm not the one to replace my will support, and leaving california for the first time in history. middle-class people between 50, and 100,$000, the middle class being hurt, it is hollowed out. i want to reverse that. stuart: we wish you the best of luck, tell us how you are doing in the california race. you are all right. the trivia question is a good one today. have any miles per hour does the earth spin? mark tepper is going to take a guess. we will present the real answer after this.
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go to omnipod.com/free for risk information, instructions for use, and free trial terms and conditions. consult your healthcare provider before starting on omnipod. simplify diabetes. simplify life. omnipod. stuart: don't know where we get these questions from but here's today's trivia question. how miles per hour does the earth spend i presume. mark, you want to take a gist at this one? >> i heard i couldn't use the google machine. here is how i came up with it, cleveland to san francisco, maybe 2500 miles. maybe that is 10% of the earth, 24 hours in a day, 1000 miles per hour,. stuart: you are good. tepper, boy genius, what a guy. the reason we can't feel it is
because everything on earth is spinning at the same speed, constant speed, if the earth stopped spinning we would feel it because we would go flying out into space. you got that there, tepper. >> i understand. i understand. without the google machine i can still get it. stuart: you're a smart guy. thanks for being with us with the whole hour, mark. i don't know where you get the energy from. you're all right. my time is up. david asman is in for neil. david: how do we know mark didn't use the google when we weren't watching? how do we know? that is an amazing guess if he got it right. thank you, stuart. welcome to cavuto "coast to coast". i'm david asman in for neil. we're loaded with head linings. investors on pins and needles waiting to hear from the fed about the inflation crushing american consumers. how spiking covid cases could change the fed's gameplan. then the vaccine and