tv Varney Company FOX Business July 29, 2021 9:00am-12:00pm EDT
dagen: sunni lee just won goal. stuart varney, take it away. stuart: okay, if you insist, i will take it. good morning, everyone. like it or not, masks are coming back. some states and many businesses are bringing back the mask requirement. this is controversial because we've not seen the science that would justify the return to masking and it is confrontational. when minority leader mccarthy questioned speaker pelosi's insistence on masks she called
him a moron. it is a political split, democrat states more likely to mask up than republican states. no market impact but that could change if mass contracting rules heard the economy. half an hour ago we got our first look at the economy's performance between april and june. pretty solid but not spectacular, the economy grew at a rate of 6.5%. that's not great. nowhere near as strong as expected. might be because of the labor shortage, many places not open for business because they can't find workers. robin hood goes public today, the company that brought in a lot of retail investors, 35% of the shares going public today to those customers. this is a very unusual ipo price at $38 a share. look at amazon.
the last of the tech giants to report, stock is close to its record high. this morning, it is up $4, 3633 is your price. facebook down this morning, still the results but they warned about slowing revenue ahead. stock is down 3%. overall dow industrials up 150 points. the nasdaq suffering from facebook down 23 points at "the opening bell". on the show today mackenzie quantify the educational damage from school closures. it is a disaster. the teachers union said they would try to open schools this fall was moron been and jerry's ice cream, men of principle.
it is july 20 ninth 2021. "varney and company" is about to begin. ♪♪ go johnny go ♪♪ johnny be good ♪♪ stuart: chuck berry was great. he had movement in his music. the empire state building, new york city. i'm afraid it will rain later on. amazon report after the bell today. good morning susan. >> you have a lot of life this morning. stuart: i'm back to coffee. >> $100 billion sales quarter, amazon the first tech company to do that and the last quarterly earnings under jeff bezos as ceo.
he handed over the reins, jeff bezos took off on his blue origin rocket. cloud is key because contributed to profits. i would say e-commerce online shopping, prime day will factor into these quarterly results and analysts expect growth to slowdown because you have profits doubling, hard for these companies to continue growing at these breakneck speeds. stuart: let's deal with facebook. i think earnings were pretty good. but they didn't make the mistake but looked out to the future and said growth will slow. >> is that a surprise? that is what you are expecting, these high multiples are hard to maintain coming off of high-level. they doubled profit from a year ago.
sounds great, sales something 50%, $3 billion global monthly users, across facebook and instagram. when i dug into the user growth the us and canada kept the same number, they didn't grow but europe losing daily users, not much growth. when i listen to the earnings call mark zuckerberg emphasized paying $1 billion to go on instagram instead of tick-tock, facebook instead of saying going on snap instead and talked about the new meta-verse. this new digital world is going to be a very exciting -- stuart: it is not the universe anymore, meta-verse.
it is time we brought in dr barton, the voice of reason. blowout earnings week. did big tech do as well as everybody thought it would do? >> much better, much better. 21, 36, 56, 69% year-over-year gains for the big board from microsoft up to facebook and these numbers we talked in 2018-2019, growing 40%, the world's biggest companies growing by 20%, that is amazing. if that is amazing what is this? it is astonishing. it is incredible. stuart: that is what they are saying, we cannot keep this growth rate up, stock prices have stalled at record high levels. where to from here?
>> don't want to sound like a broken record but up. look at what is happening, google has their youtube franchise generating revenues as big as netflix was all the site and if they just went back to 20%. even 15% growth is amazing when you are the biggest in the world so these companies have upside. stuart: i want to deal with what fed chair powell had to say today. i was asleep. what did he say about the delta variant and its effect on the economy? >> not much of an impact and i've heard that before from jay powell and tech executives, tim cook doesn't expect an economic
impact but powell did say inflation is higher and more persistent than expected,-the target range and what does transitory mean? using the term transitory doesn't mean a few months but no long-term lasting effect on the economy but does it mean coffee prices go down tomorrow? probably not but nowhere close to raising interest rates and they started discussions but the disappointing gdp number will push that. stuart: that was a disappointing gdp number. come back in again. is it possible the delta variant, mask mandates, at some point hurt the market? >> in a very short-term, we've seen this over and over again, the point chairman powell was making is each successive surge had a lower and lower economic
impact. we are learning to deal with it better. could we see another few days like a week and a half ago we could but i don't think we will have lasting economic effect from this variant that many think we will have. stuart: still bullish after all these years. we will see you next week. they got a deal. a bipartisan infrastructure deal worth around $1 trillion. i've not read through it strictly speaking but i caught a couple headlines and one of those headlines is that bipartisan deal includes a crypto crackdown. >> half $1 trillion when it comes to infrastructure. they will try to tighten up those tax loopholes, targeting crypto currency. crypto currency is worth
$2 trillion doubling in the past 18 months and according to the irs, 8600 exchanges for crypto transactions taking place and you don't have to read the fine print, that is something the irs wants to change. enforcement will be tough. stuart: that is written into the new infrastructure deal. it is worth mentioning here because i believe it did turn bitcoin from 40 grand 2397. >> pretty marginal, the trend, trying to pace out when the regulatory trend is coming. stuart: 39-7 is your bitcoin price. dow is up 150, nasdaq slightly lower, 16. do you remember when president
biden made this promise about masks? >> if you've been fully vaccinated you no longer need to wear a mask. if you are fully vaccinated you no longer need to wear a mask. stuart: that was may, now it is july and there's been a complete reversal on that. look like a big fight on the way, confrontations of started. that will be part of my take at the top of the hour. big tech's frightening return to work rules, facebook will require workers to get the jab before they return to the office. we will run through the big tech list, all of that next. ♪♪ (phone notification) where we've just lowered our auto rates. ♪ ♪ ♪ ♪
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stuart: i will make no comment on the music, that is live shot of spoke a, washington, 64 degrees, going to 100 later today. i'm of the rolling stones but couldn't think of a ballad comment. robin hood debuted today on the nasdaq, tell us what they are priced at. >> price at $38, the lower end of the price range. the company is valued at $38 apiece, double what it was a year ago.
stuart: how is it going? they've got to get rid of all these shares. >> in this case jpmorgan, goldman sachs and indications are upload some shares. stuart: this is a highly anticipated ipo. you should have gotten rid of them all, a located them. >> 35% being our locator given out available for the average retail investor. it is higher than most, 10% to 15%, excuse the allocation in the ipos. stuart: the retail investor,
the goodbye the stock they may be reluctant because a lot of ipos attack very quickly, underperform waiting for the tank. >> are they priced at the lower end of the price range to give the investors the profits, the retail, can't get inside the head of their syndicate but they have problems. >> we've got to leave time for mark mahaney will appear with us today. take a look at amazon, what are you looking for?
>> they gave the guidance that they could do that, that is one of the strongest growth quarters, premium growth, generating annual revenue of $400 billion towards continuation, tells you something about that. 30% growth of that, pretty consistent with last quarter with cloud computing growth. stuart: if you get all of that. does the stock go up significantly? >> the stock has been in breakout mode for the last month or 2.
this is a macro call. we passed peak cyclical growth quarters, amazon, you want to leave behind cyclical growth, leaning into secular growth, amazon is the single best fundamental story and secular growth and it will breakout, the fundamentals rating higher and the strongest earnings power stories in tech. stuart: facebook in the 360 range and it is above 360. what is it? >> 450. big expectations and didn't quite meet them. the stock, the opposite a
little bit start getting tougher for consolidation for facebook and google. facebook is the stock you want to own, $30 billion a quarter in ad revenue and the major beneficiary of covid, small businesses benefited from new small businesses looking to market their wares, facebook has a lot of growth. stuart: we will appreciate it. start with google. >> they are pushing back the return until mid october, same thing we heard from apple, tim cook, facebook also requiring workers to come back and get
vaccinated. they open to half capacity by early september. they haven't changed the timeline for now. twitter reversing its return to work policy and because the delta variant spread closing once again. stuart: a prevention of the returned to work as normal. a delay. >> the world's biggest company delay the return because of everything else. stuart: apple is requiring customers and staff to wear masks us stores starting today regardless of your vaccination status. roadblocks for going back to work for big tech. show me the futures, green for the s&p, minor loss for the nasdaq. gary is not worried about new
mask mandate would think lockdowns if they come back will really hurt the markets. gary joins me after this. ♪♪ it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪
stuart: look who is here, the man himself. i hear it, you are not worried about mask mandates but lockdowns would be a different story. not that we would like lockdowns but if we got them they would heard. >> the weekend of november 9th last you vaccines were announced in the opening up train started to skyrocket. it stumbled some in the last couple months that they went too far but we start locking down again the markets will lose its good psychology of opening up and they will come after anything that is part of the demand cycle. i'm talking energy, commodity, economically sensitive areas, travel related transports and things like that so it is something to watch. i'm not seeing that.
masks being mandated, the epa is going to open up, canada announced -- we will keep opening up and the mask thing goes by the wayside sooner rather than later. stuart: you think we are in for some more stock price gains, not necessarily across the board but big evidence the dow, s&p, nasdaq have room to go higher. >> it is narrow, i see it happening. i saw people reporting that jay powell was thinking of tapering, he's not. he's printing more every day at record levels now. longer-term my worries remain the same. valuations are off the charts. there is more to go and i suspect we will have good fireworks to the upside when everybody recognizes money printing.
stuart: interesting stuff. i am ringing my hands whether i should sell a little here or sell a little there and a lot of my friends are in the same position but you are saying hold on, steady as she goes, more money to be made in stocks. >> specifically the bigger, there are earnings, sales up in the 50s, need to rest a little bit, amazon set for 11 months, sometimes you get ahead of yourself. stuart: have you seen anything like this before? >> know. what they've been able to do and deliver, how big they are
is for me a miracle and irritates the living heck out of me when i hear politicians going after these companies the created so much wealth, depressing to see too many people trying to stomp on success. >> alyssa before and had ago at jeff bezos. really appreciate it. it is 9:30 on the button. trading has begun and we are on the upside, solid gain for the dow industrials. on the left-hand side of the screen, all 30 dow stocks on the green, going up and the dow is up 203 points.
the s&p 500, to the tune of one third, check the nasdaq, we've seen facebook is down weighing a little on the nasdaq, amazon has yet to report earnings, microsoft, apple, moving backwards and forwards. we had some earnings out before the bell. >> they beat sales and profits, when it comes to entertainment peacock at 54 million sign ups,
comcast paid a lot so they need -- bread-and-butter broadband, and in universal parks. >> 35,151. up 251 points. mastercard -- >> mastercard that improvements when it comes to mastercard spending, retail restaurant categories so that is part of the reopening scene. stuart: why am i not surprised? >> google said a lot of contributions from traveling retail divisions. stuart: travel and retail in bars and restaurants are doing well.
>> i would say probably not. stuart: merck is a drug company. >> they met wall street forecasts, jumped by a quarter. they met expectations. a high bar. stuart: show me yum brands, up 3%. they saw a boost from restaurant reopenings. i robot, the maker of rumba down 8%, don't do that, they say the chip shortages hurting their ability to fulfill orders, down $81 a share. reports after the bell?
>> it is amazon. we are looking at a $100 billion sales quarter. they ship more of their packages. >> amazon brings in half $1 trillion a year, $100 billion order multiplied by four, you might be $500 billion revenue. we are working on that level. >> apple had a sales quarter, walmart joined other companies that are high sales. it is a different scale. stuart: uber is down 4 and a half% and i think i know why.
a big shareholder selling out. >> they are selling a chunk of their uber steak, didi is trading below $14. $4 billion on its didi position but didi is rallying today. what happened in beijing, they went ahead with their ipo but didi said the reports of going private are exaggerated. stuart: ford motor company, $14.63, they reported a surprise profit and they have 120,000 reservations for the new electric f 150, and the
bronco. they have advanced reservations, forward up 6% and the electric vehicle startup nikola. trevor milton indicted on 3 counts of fraud. prosecutors say he lied. >> nearly all aspects of the business, charging billionaires, resigned as chairman, two count of securities fraud, and wire fraud, cooperated with the government to the course of this increase but nikola was taken down, they were overselling the capacity for the capacity of hydrogen powered trucks. they have taken a hit because of that. stuart: let's look at the dow
winners, top performers on the dow 30, up 2%, chevron, american express, the s&p 500 winners. >> you say that so well so early. stuart: i had to squint to read it off the screen. ford is up 6% at 1472. the nasdaq winners, cognizant tech solutions, qualcomm, big winners today. >> they had a good earnings report. stuart: we call those people s when the stock went straight up. we are told to mask up. what about the border? migrants with covid walking into the country, the
administration does nothing about it. groundhog day, head of the teachers union will not commit to reopening schools in the fall. >> we will try to open up schools and move through this political battlefield. stuart: we are going to try. pete hegseth has to be fired up about that. you will hear his reaction later in the show. ♪♪ i mean, put it this way. if i told you i'd been jarring raspberry preserves for 85 years, what would you think? (humming)
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him. we are here with. young, encouraging vaccinations with free drinks. are you thinking about? >> associates as top priority for us. we encourage vaccinations by offering a program called shot for shot where you can get a free drink. as we've done through this pandemic we will monitor closely and make necessary adjustments. >> reporter: a lot of businesses are coming out of the pandemic, they need to make as much as possible. i want to read to you a statement from the new york state restaurant association that summarizes it well, quote, the burden is being placed on restaurants and their employees to police this untenable position, government cannot make things harder again.
you can expect this issue to play different me as some states like texas and florida have banned local small businesses like restaurants from asking their customers about vaccination status making it a contingency for their service. stuart: i am waiting for the revolt. i want to bring in the author of the new book the brains and brawn company, who joins us frequent the on the economy and the markets, robert siegel back with us this morning. mask and vaccine mandates sweeping the nation, what is the impact on our lifestyle and therefore the impact on our economy. >> interesting to see what happens going into the fall when we have restaurants and company say you have to be vaccinated, we could see a split in the economy, people allowed to participate as people who aren't and people who aren't allowed to participate that will hurt business getting into the
winter season as it gets colder fewer people will go to restaurants. it could hurt business if people don't get vaccinated. stuart: if i see people walking around in masks and that happens in many parts of the country it is a downer, isn't it? that could have an impact on economic activity. >> it is largely psychological. i was talking to a ceo who said he would not impact business travel until 2022. once we could past leisure travelers people believe we are not on the other side of the pandemic and masks are a symbol that we have a problem because -- people are conservative and what they do. stuart: what about liability insurance? >> as we saw in the last
segment, to enforce these things, i was in europe on a business trip, they had to show their vaccination cards and it was pretty smooth but in a situation where people worry will i get sued or taken to court will create problems and slow the economic recovery. stuart: i'm waiting for the revolt. this is america. you were in europe. a different kettle of fish, different approach to life. i don't think you can keep americans in chains, wrong word to use, but can't restrict their personal freedom for very long without getting a revolt. >> how will people change their behavior? they are worried about childcare, education, whether it is mandated are not, could she business behaviors and what happens if we don't get into
the community and lives normal lives. stuart: we will talk about that later and see you again soon. look at mcdonald's, stock is up a fraction, they will fill jobs, they say they are filling jobs faster in some states. republicans say that. >> they are the ones that have pulled back the extra jobless benefits, ending it before september and that is where mcdonald's's ceo says jobs are coming back faster and franchisees trying to learn back the earnings call. the problem is they can't find people to fill the jobs at these restaurants, free childcare, sign on bonuses, they had a fantastic order,
sales something 25%, you heard the ceo say we can't find people to work for us. stuart: get rid of those emergency payments but we get back to work faster, netflix than forcing new protocols for staff, you want to film a new episode, new restrictions. >> might be a battle with the agents. imagine brad pitt if he was filming something for netflix, mandatory that you are vaccinated. you think brad pitt is going to say if he's not vaccinated i will do that, you can't force big stars to mandatory vaccinations but this is the first studio to do this and all netflix staff and crew have to be vaccinated including the people who come onto the saddest well. the hollywood unions, netflix is the first implement this but others will say the same thing
but there's more power and talent in this content race. stuart: the happiest place on earth reinstating covid restrictions. disney world and disneyland park goers will be required to wear masks indoors regardless of vaccination status. tim allen returning to stand up comedy slamming canceled culture. adam corolla, how you perform when people get so easily offended. remember the flying taxi? they did their first public test flight. i will ask the company ceo who is on the show next. ♪♪
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like you, my hands are everything to me. but i was diagnosed with dupuytren's contracture. and it got to the point where things i took for granted got tougher to do. thought surgery was my only option. turns out i was wrong. so when a hand specialist told me about nonsurgical treatments, it was a total game changer. like you, my hands have a lot more to do. learn more at factsonhand.com today. stuart: the first public test
of the fully electric air taxi, they did it in wisconsin, florian, how did the test flight go? >> the test flight was an exciting experience, phenomenal experience, went according to plan. stuart: a vertical takeoff, they can carry i don't know how many passengers designed for short hops from manhattan to jfk airport. where will i be able to be a paying passenger? >> come to paris for the upcoming olympics to experience the flights. hopefully we will be back by then.
we made the announcement a couple weeks ago when flying in paris. we announced a joint commitment. stuart: when does it get to america? what okays do you need? >> based in germany, the european aviation regulator, they accepted applications which means we have an approval in the us which we are excited about this and the only company so far to obtain approval and production, we are full on track. stuart: when it comes to america will it come to major airports? flying in and out of jfk or is
it much smaller airports? >> we are targeting the inner-city missions, we are partnering with leading airport operators to make sure we integrate our services as close as possible. in the case of paris, at charles they gaulle airport, this is the type of tight integration we offer to customers worldwide. stuart: we hope to see you again soon. give us an update on how you are doing. still ahead on the program, sean duffy, senator marsha blackburn, adam corolla, all of them coming up in the next couple hours. ♪♪ for officers. but as we've evolved with the military,
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♪. stuart: all right, everybody. let's get going. 10:00 eastern. straight to your money. we're going straight to your money because the dow and the s&p both hit all-time highs earlier this morning. the dow is well above 35,000. the nasdaq was lagging. now it is moving up, 14, eight is your measure there. the 10-year treasury yield climbing back up after dropping earlier on disappointing gdp
news. still pretty low level here, 1.27%. big tech kind of a mixed performance so far this morning. amazon they report after the bell this afternoon. at the momen they're down 11 bucks. they're 1/3 of 1%. just in to us moments ago the latest reading on pending home sales. susan: disappointing. you're down 1.9% in the month of june from the previous month of may. and that shows maybe the housing boom is cooling. economists looking for an increase of .3%. you're coming down 1.9%. that might be because it is too expensive out there, right? people can't find right amount of homes. supply is an issue. stuart: souply in issue. not putting up up for sale. susan: in terms of commentary from freddie mac, looks like 30-year fixed-rate remains below
3% but 15 year new low, 2.1%. stuart: 15 year, 2.1? susan: yeah. treasury yield has gone down, not up. stuart: 2.on 30 year fixed. amazing stuff. susan: inheincredible. stuart: susan thank you. now this. speakser pelosi called minority leader a moron. she used that word. where are the science that ruling masks must be worn on floor of the house. you don't have to mask up on the senate which is 100 yards away. what is the scientific difference between the two chambers. speaker told nbc news, he, mccarthy is such a moron. this fight will only get worse, masks are coming back. they're coming back in democrat states. the most populace state,
california, recommends wearing masks indoors for those vaccinate. apple stores wear a mask. din any land, disney world, wear mask indoors even if you're vaccinated. this is a step of democrats taking step backwards. i see a lot a lot of confrontatn coming. people vaccinated are not happy to be pushed back in their masks. people are not happy being singled out for exclusion. all of us got a certain level of freedom we're most unwilling to give up. all of this while the democrats stay absolutely silent on the covid crisis at the border. news this morning, two whistle-blowers come forward that the biden team deliberately downplayed the number of covid positive migrant children who are now in america. maybe in your state. this administration and democrat governors are willing to clamp
down on your freedoms even though as "the washington post" says, indoor masking prompts experts to ask, where's the data that's what minority leader mccarthy was asking. that is when speaker pelosi said, he is such a moron. second hour of "varney & company" is just getting started. ♪. stuart: come on in sean duffy. glad to see you this morning. let's move on from this moron comment and pose this question. vaccine, mask requirements are coming back. are we going to see a revolt? >> i think you will see not just republicans and independents, democrats have a complete revolt with regard to the masks and potentially shutdowns. we're smart people. we'll follow the science. if the government tells us the
science and data we'll follow suit, but if you make recommendations or make mandates where you don't give us data behind it, put us back into masks or kids very low risk back into masks in school eight hours a day you will see a mask revolt. you hear democrats blaming unvaccinated as republican trump supporters. the data i see is most are independents. you have some republicans but a know a lot of liberal, hippie, crunchy liberals don't want to put the vaccine in their arm. people across the spectrum are not getting vaccinated for whatever reason. i think we should be vaccinated especially if you're in higher risk. talk to people. don't mandate this on people. stuart: you're the father i think of nine last count if i'm not mistaken. let's call it nine. >> i try to beat you stuart. stuart: you beat me already, lad, let me tell you. let's get serious, the cdc says, you go to school k-12 wear a
mask in class. how do you feel about that? >> listen, i'm 100% opposed. the problem is when you look at the data, we don't have kids dying from covid. we don't have kids being hospitalized from covid. kids are getting vaccinated, in d.c. area kids vaccinated going back to school will have to be masked. that is idiotic. it is important for kids to see smiles, facial expressions, anger from their fellow students. what happens i see with my own children, they use the mask as a crutch. my first-grader doesn't want to take the mask off leaving school. she wants to wear it all the time. they're becoming psychotic because of masks. we love our kids over politics. moms will push against this. if you want to, tell me data, risk, tell me science to convince me, take our masks off and let our kids get a good
education with their costudents. stuart: we're with all the way, sean. 100%. thanks for being with us. >> stuart, robinhood, we're going public today. i'm excited. stuart: we're going public. robinhood guy all of a sudden. >> i loaf robinhood. the hood. we're going. democratize finance, brother. bringing this to the people. i'm watching. i'm following, some of the shares of robinhood have been allocated to customers like you. >> you're right. stuart: are you buying the stock? will you do it? >> as i tried to get ipos for robinhood i put in for 200, 400. i get one. robinhood i got all my shares. the allocated 20 to 35% of their shares to customers. you have robinhood going public. their customers getting their shares. i love this. this is great for the american people. you have democrats trying to shut this thing down but you bring the markets to the average
guy making decisions for themselves, this is beautiful. i love it going public. i love what they have done for markets and the average man. i'm the average man, stuart. i love it. stuart: the average man with nine children. what a guy. sean, thank you very much for joining us. we'll keep track of robinhood for you. we'll see how it goes. i don't think they have started trading. look at big tech. i want to bring in mark avallone on the market this morning. mark, big tech dominant now obviously. do you think they will become more dominant after the stellar earnings reports we've gotten from them? >> well they're going to become more dominant in society that could put them in the cross-hairs of regulars, regulators but even if that happens, i think breakup could be even better for investors. in terms from a commerce perspective they're here to stay. they're in all the right area
whether we open up with a roar or go back behind the masks as you were talking about and partial shutdown, they're well-positioned either way. if they're broken up, the breakup value makes them potentially more attractive. they're here to stay. stuart: here to stay. going higher from here around occupying a even bigger position in the overall market? i don't have the exact number on me at the moment but i'm told 25 to 30% of s&p's value is made up with just five big tech stocks. you're telling me they go up from here, regardless of the regulators? >> you're right. i think it is close to 25% and that concerns me as a money manager looking for diversification not putting all my eggs in one basket. too much risk for clients to do that. they're priced for a reason. we can't say they are priced so high we have to avoid them. the forward p-e multiple is
reasonable given their growth rates. each company has its own dynamic. they're not monolithic. they're in different areas. apple with generational, they will be generationally controlling, not in a negative way. young people will not abandon apple. something dramatic would have to happen. as they buy stocks they will be clients for life. google and facebook are doing search. microsoft is dominant in cloud as is amazon and google. they're not monolithic. they're awhere the puck is going as the expression says. we still think too early to abandon. stuart: too early to abandon. so i keep my microsoft, mark. thanks for joining us. that is good advice for the past 10 years. i've taken it too. mark, see you real soon. thanks so much. we have 162 points up for the dow industrials. susan is checking out active winners. not a winner but a mover. susan: a mover definitely. disappointing earnings here because its former parent
company, ebay, is switching to another payment processor. there is no loyalty there. you did have payment volumes growing 40%. venmo, peer-to-peer the app allows you to pay me at some point. cryptocurrencys are big deal. stuart: i pay you? dream on, dream on. susan: how about for lunch? stuart: i have to go quickly to the tease. we're running out of time. qualcomm is up 5%. any comment? susan: qualcomm had a fantastic quarter, 5g recovery, thank you. that was fast. okay. i got to get to the tease because we spent extra time with sean duffy there talking about his kids. robinhood will start trading today. what happens when senator ted cruz asks a panel of intel experts why the biden administration has done so little to combat cyberattacks from china? just watch this. >> do you have an answer as to why the administration has not
sanctioned china for repeated cyberattacks over and over and over again against the united states? stuart: i guess you're supposed to say crickets. well, i'll talk to to marsha blackburn about that. founders of ben & jerry's defending the israel boycott in the pages of "new york times." i will talk to someone about ben and jerry's, men of ice cream, men of principle. ♪ t me down ♪ ♪ and mess me around and then ♪ ♪ worst of all ♪ ♪ you never call ♪ baby daydreaming again? but i love you still you know i'm driving, right? i do. ♪ buttercup baby just to let me down ♪
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♪. stuart: all right. a little cloudy on capitol hill this morning. already 88 degrees. going to be kind of hot and humid in the nation's capital. the senate moving forward with a big infrastructure deal, however the bill is creating division within the republican and democrat parties. hillary vaughn on capitol hill for us. what's in the bill that is causing the divide? reporter: stuart, a number of issues. they did get 17 republicans essentially to sign on to proceed with debate on the bill. that is just a third of republicans in the senate and some of them admitted they were voting kind of begrudgingly, senator tillis and cramer voted to proceed with the caveat they haven't seen the legislative text yet. substance could change with amendments to the bill. rob portman says they're open to amendments which might be refresh towing some but a turn i
don't have for others. of the senators were given a 60 page briefing book, but the final bill is expected to be 1000 pages long. that was enough to stop some in the gop from moving forward. senator tim scott tweeted this i voted no on infrastructure a week ago because there was no legislative text. my mind has not changed. there is no legislative text or explanation how to pay for a one trillion dollar infrastructure pan. most of the difference of opinion came down to the pay-fors for 550 billion in new spending. the group used 205 billion in unused covid relief. 50 billion in unspent unemployment benefits and 49 billion for rebate from the medicare rule. they think they will generate 56 billion in revenue from economic growth from this bill but progressives are not here. the progressive vote in the house is not a guarranty until they see the details. congresswoman alexandria ocasio-cortez tweeting about
diversity or lack of it in the bipartisan group saying this. a lot of times bipartisan agreements are just as defined by who people empower agree to exclude than include. stuart. stuart: okay. i heard it. thanks very much, hillary. around now let's bring in senator marsha blackburn, republican from the state of tennessee. madam senator, what is your judgment on the deal, are you happy with it, are you going to vote for it? >> until we see the text we don't know what is in it. one of concerns is the amount of new spending is in the bill and the concern over the pay-fors where the money comes from. biden administration, schumer, democrats, are determined to spend six trillion dollars. this is on top of what we've already spent and they are saying, well we're going to pass this and then we're going to
move to the 3 1/2 trillion dollar bill which we all know is really about five trillion dollars. so, stuart, there has to be a definition around how the money is going to be spent, where the money is going to come from, what kind of new spending there is over the full term of this bill and what the expected pay-fors are going to be. stuart: i think there is widespread agreement in america that we need to spend significant amount of money on real infrastructure. >> yeah. stuart: real infrastructure, roads and bridges. let's get real. that is what people want to spend money. do you think that is what we get, none of the social infrastructure we are talking about, just hardcore infrastructure? can we just get that? >> stuart, that is what tennesseans want to say. take care of roads, rivers, rails, and runways, plus broadband. that is infrastructure. that is where they want to see
the money spent. we passed out of the commerce, science, transportation committee a 350-dollar, a 350 billion-dollar surface transportation bill that also dealt with some broadband. that is what people want. they don't want all the spending for green energy, for electric vehicles, when we do not have the grid capacity to support electric vehicle fleets. what they want is tending to the needs that we have with roads and bridges and highways and runways and rails and our rivers and our ports and that is where the emphasis from our tennessee mayors, our tennessee elected officials is solidly placed there. we're all for that. do not load it down with all the extra things that are programs we do not want, that our children and grandchildren are going to have to end up paying
for. it is immoral to burden future generations with all this tax-and-spend spending spree recklessness. stuart: i want to briefly play a clip of senator cruz questioning biden officials oaf sanctions on china for recent cyberattacks. role it please. do you have an explanation why the administration not sanctioned china again for repeated cyberattacks over and over again in the united states. that is a question that the administration should answer. stuart: senator, i get the impression that our president is intimidated by china and won't do anything. what say you? >> the president is very slow in spending to china and in that hearing that we had at judiciary committee we were questioning those that are with our intel
agencies as to how they are dealing with these threats that we are getting on to our critical infrastructure. china ought to be sanctioned and president biden should be very firm with china. you know what, stuart? president trump was able to deal with china like others were not. he dealt with them on manipulating their currency. he dealt with them on trade. he dealt with them on issues of being a bad actor and on covid. we need president biden to say, you did this. it was wrong. we know where this attack on microsoft came from. and we're going to sanction these bad actors. he should being very firm sending that message so that we protect our critical infrastructure. but instead what did he do? yesterday he sends a directive to our agencies to come up with rules an regulations to deal with this. go deal with these bad actors,
and let them know we're not going to stand for this. stuart: senator, thanks for being with us this morning. always a pleasure. >> good to be with you, thank you. stuart: see you soon. coming up we have for you the leader of the teachers union will not commit fully to reopening schools. watch this. >> the bottom line is we're going to keep kids safe, we're going to keep our members safe and we're going to try to open up schools. stuart: we're going to try to, try, to open up schools. fox news host and parent pete hegseth, he has a problem with that. he is on the show. is there any stopping big tech's growth? my next guest says the silicon valley giants may soon face new headwinds. who is saying that? ray wong has been a big supporter of big tech. he is on the show next. ♪.
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do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. if you have one hundred thousand dollars or more of life insurance you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit conventrydirect.com to find out if you policy qualifies. or call the number on your screen. coventry direct, redefining insurance. stuart: earlier this morning, the dow, the s&p 500, hit all-time record highs. they're still up close to those levels. nasdaq is up 51 points. i call that is pretty good rally so far. we are still waiting for the
first robinhood trade. what is it, susan? susan: first indicated open 40 bucks. 38 is the bottom end of the indicated price range. they're valuing themselves as $32 billion. still about as much as they were worth a year ago. $100 billion. i wonder what you think about the appetite for ipos dua lingo up 31% yesterday. that might be a tailwind for robinhood being the name recognition. you heard sean duffy. stuart: i like robinhood going public and allocating some of the shares to customers. susan: a lot. 35%. three times what you get to normal ipo. you know facebook allocated 25% of their ipo in 2012 to the average investor? that was a 35-dollar ipo. imagine if you bought facebook
at $35 in 2012. it is a huge ipo. probably won't get the first trade until the afternoon. stuart: i think it is hugely important for investing. this is the democratization of investing and robinhood leads the charge. susan: they're is also slowing growth. that might be a problem. stuart: we better bring in ray wang, our man on tech, at the bottom right-hand side of the screen. ray, wait a minute what are the headwinds you say big tech will run into. headwinds what are they? >> headwinds on the regulatory side, people are putting a lot of scrutiny figuring out how to curb the power of big tech giants. china's crack down, billion dollars of market cap wiped away. we're looking at freedom of speech around big tech, hue to regulate them, how to break them up, take them out of different industries. they are showing the model work. people are figuring out how to slow them down. stuart: you're still looking for
facebook which is currently at 360, you're still looking for facebook to go to 400, despite these headwinds you're talking about? >> definitely we believe that will happen. we see that the digital ad revenue growth was impressive. twitter doubled its revenues. facebook, youtube did amazing as well. we will see amazon's ad numbers in. the digital ad category is the place to one. last year amazon came in 14.1 billion in digital ads. we're curious how they did this quarter in digital ads. that is doing well. you're seeing outsized group. in 2017 the combined fang of the fangs and microsoft 2 trillion. we're looking 10 trillion today. we thought large companies gotten bigger that couldn't grow at these rates but the digital giants proved them wrong. stuart: you don't think they will continue to grow at those rates, do you? >> i do. i think they will.
customer account control. they built the largest network. more importantly they get the digital monetizaton right once they got the network in place. ads, search, goods, services memberships, subscription, they're all on fire. stuart: they're gobbling up an increasingly large share of the overall stock market value. right now the big 5 are 25% of the s&p value as i understand it. do you think they're going up from there? >> i think there is still room to grow here. we saw the rotation from value to growth. this is the reason. i mean these digital giants are growing 30 to 40% year-over-year. some cases 50%. whole bunch of new ones on the back end. megacap. gamma trillion dollar market cap phase. those guys are doing well. stuart: you're looking at shopify, second largest digital, thank you, e-commerce company. shopify, you think they will go to 1800.
it at 1535 right now. >> yes. part of the growth in smbs want to get in on digital action. they don't want to go to amazon. they're too small to go a larger company like sales force or sap for commerce. so they're going for shopify. shopify has built a network really designed for the small business. stuart: all right, ray. 1800 on shopify. 400 on facebook. only time will tell whether you're right. ray wang, see you soon. love that deep voice? amazon report after the bell today, walking up to the earnings with a 8-dollar decline but what is the focus? susan: the focus is obviously sales. the third 100 billion-dollar quarter what we're anticipating. biggest profit driver will be cloud as you know. aws, the reins, ceo position handed to cloud boss, andy jazzy from jeff bezos. this is the last quarter of earnings under jeff bezos,
"rocket man," before he weren't up in blue origin. ray wang, the ad sales unit is now a force. it is growing at a 77% pace. aws, cloud is still growing around 30% or so but again, you're looking at amazon, also increasing their costs as well to spend during the covid era. that is interesting in terms of how much they're doling out, how much they're bringing in. that is the bottom line. stuart: not all of them, but a lot of major technology companies are revising. they're changing. they're back to work rules. back to work restrictions an plans. susan: yeah. stuart: let's go through them. start with google. susan: yesterday making headlines. google delaying the return to the office until october, middle of october from september. you will be required to be vaccinated if you're coming back into the office on campus. facebook also making that requirement as well. workers coming back on campus you have to be vaccinated. they didn't shift the timeline. most offices plan to be half capacity by early september.
full capacity maybe by october. stuart: you have to be vaccinated. if you're not, don't you have to submit to really regular testing? susan: regular testing, mask wearing you can imagine. apple shifting return to the office as well to october. now they are requiring workers around customers that go into apple stores, a lot of them across the country you have to wear masks now to protect everybody. stuart: restrictions are coming back. susan: the world's biggest companies, think i they lead the trend, right? they follow each other to be honest in silicon valley. if they're delaying their office return until october, what do rest of companies, what do the rest of companies do? stuart: follow suit very probably. susan: yeah. stuart: i suspect this will slow the economy. susan: exactly. why we're also looking at stalling in the stock markets as well. stuart: up to a point. dow is up 163. new record high. tim allen jokes that government censors might show up to police his next stand-up comedy show. i will ask comedian adam carolla
about comedy in the age of cancel culture. historic drought in the west hitting farmers and consumers alike. they are forced to take extreme measures. connell mcshane has the report from casper, wyoming. ♪ tailor made or one size fits all? made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one.
west. it is getting worse. some ranchers are taking extreme measures. connell mcshane in the middle of it in casper, wyoming. what kind of extreme measures are we talking about? reporter: some of the ranchers have to sell some of their animals. we heard cows in wyoming ending up in nebraska and oklahoma. it has been really dry here. we have video of the land itself, you get a sense or feel as the camera moves around, how dry is really is. it is dry as a bone. it has been dry for quite some time. the cattle grazing on the land, they're trying to do up best to fine any source of water up in the mountains. we were talking to a husband and wife ranching time, rob and leslie hendry, they have been fortunate. they have moist land on their property but they haven't had to sell cattle. they're taking a financial hit as a result of the drought. if these conditions, when the
cows don't eat as much, they don't grow as much. >> the calves, usually our calves way 490 to 500-pounds and this year we hope they weigh 440 to 450. that is less per head. so less dollars. reporter: are you worried about the future? some people look at the weather and patterns of how crazy things have been, boy, maybe this is the new normal? are you worried this is the new normal? >> we hope it isn't the new normal. it will be hard to adjust to a new normal. we're very fortunate that we don't have a lot of land that we just bought and we have to pay on and pay mortgage off. so, we'll figure out something. but it will, it will be better. these things go in cycles. we just got to hang on until it gets better. reporter: they're out here praying for rain literally.
there is rain in the forecast for this afternoon. even that without risk. the thunderstorms in this area, sometimes you get lightning associated with that. that can actually spark a fire. the wildfires are a part of the drought story in the west. i can't hear you right now. don't ask me any questions. i will go back to you to say it is tough financially for many of these ranchers. stuart: connell, i know you can't hear me. we'll take the pitch back. that was a great report. connell mcshane. quickly to the markets. the dow up 170. nasdaq up 60. susan is watching the big movers which include paypal which is moving down. susan: yes that's right, moving down even their parent company is ditching paypal as their payment process. show you qualcomm -- stuart: that is a hit? susan: that is a hit. where is the loyalty there, right? qualcomm going the opposite direction since more 5g phones being sold. qualcomm dominates handset ships with the new 5g revolution. zoom, a outperformer today,
getting an upgrade this morning from what i saw to keybanc to an overweight. hence the stock up 4%. much outperformance there. as they get closer to 700. stuart: including china stocks. susan: yes. stuart: nice rebound there. what is the china communist party said to get them back up again? susan: china last night reassuring banks and investors they're not going to destroy these technology companies. they also added liquidity to the stock market as well, which is always a good thing. more money going around goes into buy stocks. more than half a trillion dollars in value buyed out from these chinese names in two days. the worst wipeout since 2008 but people are thinking if they still have support from beijing, they will not kill the companies, but maybe a buying opportunity at large discounts. stuart: chuck money. implies support for the market. look at not softbank, uber.
down 3% because softbank is selling out. susan: they're the largest shareholder, the reason they're dumping uber stock they have to make up and cover the losses for the china uber didi stock they own. didi trading at nine bucks now. don't forget it ipod at $14. that is quite a chunk they're losing. according to reports it be looks like softbank may have lost $4 billion already on their didi holdings. there are reports this didi may go back to being private company. beijing didn't want them to ipo in new york. they went ahead any way. that started the chinese stock route. didi says that is not true. stuart: didi went public on new york stock exchange, took in a ton of american money. opened up at 14 bucks a share? susan: 14 bucks. stuart: couple days later chinese government puts restrictions on didi and they sink. they got the american money and
they leave. that is not very good. tell the audience what is coming up, susan? susan: sure. stuart: covid coverup question, workers said they were told to downplay a could have individual outbreak at a migrant detention center in texas. the report. ben and jerry says they will not sell ice cream in israeli settlements. i will talk to the man who helped write anti-boycott laws in america. ♪. only 6% of us retail businesses have a black owner. that needs to change. so, i did something. i created a black business accelerator at amazon. and now we have a program that's dedicated to making tomorrow a better day for black businesses. ♪ ♪
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stuart: the founders of ben & jerry's, the ice cream people are calling themselves men ever principle. they have an op-ed in "the new york times" today. it is on your screen right now. they are defending their boycott of israel. eugene joins me now. eugene helped write the anti-boycott laws that we have here fortunately in the united states. so, gene, what do you make of that headline, ben & jerry's, men of ice cream, men of principle? >> there may be a principle involved but it is not a pretty
one. the boycott involved is a boycott of a company that is an israeli company. it is not located in the settlements. it is not across the green line and they're being boycotted. it is only company we know of that ben & jerry's is boycotting. they have lots of principles. one of the main principles is lgbt rights. they do not boycott with singapore. they do business with singapore despite the hawk lgbtq laws there. they described america as a country built on white supremacy. but their principles not required them to boy coat america. so it turns out the only people who get boycotted are jews in the jewish state. stuart: don't we have antiboycott rules in what 30 states in america? you helped write those laws as i understand it. so can we do something about it? >> that's right. 32 states have rules saying boycotting israel is as we see here, a proxy for bigotry and
often anti-semitism. we see this very clearly here, board of directors ben & jerry's involved in this, have a history of supporting hamas and radical organizations, radical organizations. states say if you discriminate on the basis of sexual orientation, other bigoted grounds we don't do business with you. you have a right to choose in america, can do business with whoever you want but if you are refusing to do business, simply because they're in israel, because they happen to be israelis, because they, then we the state, don't need to give you our taxpayer money, either in the form of government contracts or pension funds investment. stuart: have we seen any of these 32 states take that kind of action? >> we've seen several already. so some states have begun the process of withdrawing their pension fund invests. states likes illinois for example.
new jersey likely follow suit. florida and texas ha begun this process. while states are unlikely to have direct contracts with unilever, the parent company of ben & jerry's, ben & jerry's is not independent company, a subsidiary of unilever, states will not likely buy snack foods directly from unilever but it would be consistent with the spirit of these laws to seek to source those products from, from other manufacturers when they are talking with their vendors. stuart: you gene, thank you very much, thank you very much for a fine explanation what bigotry is really all about. we appreciate that, gene. hope you come back soon. thank you, sir. on a related note, the owner after ben and jerry's in new york city pushing back against the israel boycott. susan, what is this owner saying? susan: sew joel gasman says the west bank ban is slowing sales.
he himself is vowing to donate to israel. he own as ben & jerry's on the upper west side of new york city and he says he can't stomach this boycott and he says it is hurting his over all store value and double scoop of bad, that is a quote from him. that is because he himself is jewish. most of his customers are jewish and they're saying, why don't we just stick to ice cream and just being a great consumer brand instead. stuart: why not indeed. susan: why be political? stuart: really. thank you, susan. still awaiting robinhood's first trade. we haven't seen it yet but we got indication now? susan: we're tripling down closer to the ipo offer price. 39.50 is the latest indicated open for class-a shares. it is interesting. we talked about robinhood democratizing investment for the average spy, retail investors. why they're allocating 35% of the shares available in the ipo to the average joe, their customer client tele. i think it is interesting to contrast how people trade today
compared to when you started trading back in the '80s, right? >> much easier now than it was back then, that's for sure. susan: yeah. stuart: it is democratized now. it was an elitist pursuit back then. susan: you didn't have an app on your phone. you can complete a trade in two seconds. back in your day you have to go into a physical office, write down a physical order, look at the tickertape you said back in the day to see you who the stocks are trading. stuart: right. susan: i don't even know how long to took to fill your orders of 10 shares. stuart: i can't remember. i can't remember. it wasn't filled just like that, that is for sure. susan: yeah. stuart: when you walked into a brokes office back then, only 30 odd years ago, see a whole bunch of men and women investors glued to a big screen, with tickertape, smoking away. cigars, what do you trade today? that was a social meeting point was the broker's office. susan: if you think about the size of the stock market today. it is $45 trillion? stuart: value of. susan: back in your day maybe 10
times less than that. what i'm trying to say when you demock advertise investing like robinhood does, average people with their money, it grows stock market and lift stock prices. it is a good thing. stuart: 100% agree with you. it is still my day, as long as i hold microsoft it is still my day, young lady. don't you forget. shall we continue? susan: yeah. stuart: big hour coming up for you. pete hegseth. indiana senator mike braun, georgia congressman barry loudermilk, comedian adam carolla. we know the full impact of the pandemic shutdown on our schools. it's a educational disaster. i will spell it out in "my take" which is next. ♪. experience our advance standards safety technology on a full line of vehicles. at the lexus golden opportunity
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>> leaning into secular growth cam samsung is the best fundamental story in secular growth. >> the market will lose the good psychology of opening up. humbly the mask thing goes by the wayside. >> it could hurt business of people don't get vaccinated whether mandated or not by the government could say business behaviors and what happens to all of us if we don't living
our lives again. >> if you make mandates where you don't give data behind it and put us back in the masks you will see a mask revolt. stuart: it is 11:00 eastern time thursday july 20 ninth. straight to the markets and all-time high for the dow 39,153, solid ground in the nasdaq up 62 points and the s&p had another all-time high. i lost track of how many we had this year but the new high for the s&p, big tech is a mixed report, the only winner is google and microsoft, both of them up but amazon down a
little at 3618, down one third of one%, they report after the closing bell. now this, now we know the full impact of the pandemic shutdown, it was and still is an educational disaster. mackenzie, the consulting firm, studied 1.8 million kids in grades one through 6. by spring of this year the children were four to five months behind in reading and math, black youngsters 6 behind, kids in low-income households 7 months behind. but wait, wait, it gets worse. mackenzie only studied kids who spent time in school, kids out of school, remote learners, surely there further behind and now almost back-to-school time or is it?
the head of the teachers union randi weingarten was asked if all our children would be back in the classroom this fall. she said the union is going to try to open up the schools. for year-end have the union has put up one roadblock after another to the way reopening and the cdc wants youngsters k-12 to wear masks full-time in school. what does that do for the social development of our children. if there's one institution that has failed in this pandemic it is the public schools. mackenzie has quantify part of the educational damage that will live on through years to come. the biden team and teachers union will do nothing about it. the third hour of "varney and company" is about to begin. all right, pete hegseth, the
teachers union chief, what say you? >> randi weingarten is a huckster and has been from the beginning. they released a deal that had nothing to do with reopening and everything to do with their own cover of the racket that unions run. first everyone should be virtual and if you go back you have to be masked, with desks and flex a glass and everything at the cdc said it has to be 6 feet, then the union set all the teachers need to be vaccinated. they still didn't go back to the classroom and then said fisher we are coming back in the fall, now they are saying they will try and of course they ask for more money in the process and what we've known the entire time and learned even more dramatically is the children are not affected by this. the more dangerous virus than covid 19 is the covid 1619, the
reality that the virus is the anti-american critical race theory being taught and parents have been exposed to it so parents evitable problem going into the fall. is my school going to mask my kids, didn't do that last year not happening again. the superintendent pushing on it, every parent needs to do that. what i make it learning? how often his equity front and center or antiracism, you have to know that. randi weingarten is at the forefront of both. keeping kids out and pushing poisonous ideology into the classroom, kids are falling behind because they are on zoom. the public school system exposed itself are being racket, unions run it. stuart: americans won't stand for it.
i see a revolt coming. >> every parent should ask for is optional, masks optional. teachers have access to the vaccine. there can be modest and sensible social distancing and every kid should have the option. parents can choose if they want to mask their kids up or not. i hope parents won't take it. flood the zone of your teachers and principals and superintendent and school board saying we will homeschool, scrounge up the money to send them somewhere else, find a charter school, something else. stuart: not just the school, the advisory is get masked up even if you've been vaccinated. you go inside you've got to mask up. this is the revolt which is not
just confined to the schools -- i don't think americans are prepared to step backwards. not going to do it. >> don't go to those places. the only place i will tolerate going today where i have to wear a mask is the airport because i don't have an option. i can't teleport from here to california. and going backwards, understand the science. trust the vaccine we have been told. at this time around, 20 month to slow the spread americans are wise enough. it is that much more personal, at its next level. it is optional.
stuart: check those markets and bring in plenty of green on the left-hand side of the screen. i want to talk to you about peak earnings. this earnings season is so good that profits must of peaked and we are going down from here on out. do you buy into that? >> it is ridiculous. margins could peak, they have been elusive. company efficiencies are going to come. the growth of profits should flow from here, with peak profits. and generating greater earnings
for shareholders. stuart: we come to you for dividend plays. you like stocks that show strong dividend and growing dividend, you will tell us about the apollo group. you like them? why? >> and they manage various investment and a publicly held company. when you are a shareholder your getting a piece of these fees they get to buy private equity, credit, real estate. $100 billion of cash of investor money to spend right now. generating fantastic returns, they get a percentage of the profits similar to blackstone kkr, these are big companies do a great job and another little trick, a lot of business owners are worried about capital gain rates going up in the future,
more sales taking place in private equity. apollo, has been a big play. stuart: what is the dividend payout on apollo? >> it is 3.5% and it has been growing every year since they went public. the dividend was over 5% a year ago but the stock price is up and they are growing that yield. stuart: you think there's room for more capital gain, stock price moving up on the apollo group? >> absolutely do. they have a significant runway ahead of them. stuart: the blackstone group which he recommended that i buy a couple years ago is priced at $116.40. you can do no wrong. >> once it is up 400% for you we can talk about it anymore on air. stuart: probably true. all right, you are doing well for us and we appreciate that. thanks for being here.
let me say good morning to lauren simonetti covering the market this hour. what have you got in terms of movers? >> a good story presume, i find it a depressing story. it is depressing, so difficult right now to go back to the office. it is confusing and frustrating. zoom gets an upgrade, hybrid work is here to stay. this is a little interesting. they make workspace technology available remotely. the revenue was disappointing, so was their outlook, they are transitioning their business to the cloud. it is down 15%. stuart: i invested in citrix systems in the 1980s or early 1990s but didn't do anything, sold it, never thought about it again. seems like $12 or $13 a share.
comcast. >> shares hit a new high. >> it is amazing and the current quarter they will get more because of the other pics and repurchased $500 million of their stock and suggest buybacks coming back and more to come. stuart: it is 4 or $5. >> free for a lot of people. >> premier league soccer. stuart: big show still to come. dan heninger is here. tim allen joking the government might censure him as he prepares, is censorship a real concern for comedians. i ask of a comedian adam corolla. the border patrol releasing covid positive migrants into texas communities. governor abbott restricting
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texas. many are standing at a hotel that is up the road from here. many of these are walking up going to border patrol requesting asylum but much different group using these large families as a distraction. >> those people are not here to seek asylum. they are not here to get fed, they are not here to go to a hotel. they are here for something else. those are the ones we go after, they are smuggling these people to unknown areas to do things that will be criminal. >> covid concerns, they are staying at a hotel up the road. because of that texas governor greg abbott is issuing an
executive order authorizing texas law enforcement carrying certain migrants, to enforce federal immigration laws. at a shelter, covid was widespread among children and spread to many employees, children contracted covid in overcrowded conditions. adequate masks were not provided more was their use consistently enforced. he ever was made to down the road -- downplay, signs the outbreak was delivered we kept under wraps. they refused to say how many covid positive cases there were only acknowledging several children needed to be taken to the hospital. stuart: thank you. congressman barry lowdermilk
from georgia, texas governor greg abbott is moving to protect the rest of the country by order agents to stop vehicles carrying migrants into the country. he is doing what the administration should be doing, protecting us. this is incredible. >> good for governor abbott. this is what we should be doing. ironic the way the administration is treating american citizens versus immigrants. they turned border patrol into concierge to assist people across the border. i'm surprised there even testing. cdc guidelines regarding americans being imposed on immigrants and consider what nancy pelosi has done, reinstated a mask mandate, today she issued orders that
tells capital police they can arrest someone who has audacity to be in-house buildings not wearing a mask. american citizens, staff members, we let people come across the border, legal, illegal, makes no sense to america. stuart: speaker pelosi called house minority leader kevin mccarthy a moron after mccarthy criticized the new mask mandate. role that tape please. it is there. he is such a moron. that is the linkage of our speaker. as you told us, capitol hill police are directed to arrest any house members who don't comply with the mask mandate. what are you going to do? >> it is ridiculous. we lost our dignity and common sense was no offense to middle school across america but that
is what it sounds like here. a middle school battle, he is a moron, she is a moron. americans want leadership, they want us to set a standard. it is time to say follow the science. it is ironic that you have to wear a mask if you're indoors unless you are in front of the microphone, somebody sitting one foot away from you must be magic pixie dust that is the virus. there is no science to it. let americans be americans and give us our freedom back. stuart: are we going to revolt? the mask mandate's are spreading rapidly especially in our schools. do you see a real revolt coming where freedom having -- freedom loving americans say no mask? >> in georgia it is there. we opened up george a very early on. they are over it. let us get back to doing our
jobs, doing our business, government get off our shoulder, we are side of the government trying to be the nanny for every american. if i want to take the risk takers, if you want to get vaccinated get vaccinated. it is personal responsibly. this is what americans believe that the federal government is trying to set a standard that says we will dictate every aspect of your life and if you don't follow what we think you should do that we will arrest you or cancel you and it is ridiculous and americans are sick and tired of it. stuart: thanks for joining us, we hope to see you again soon. back to the markets, we have a rally on our hands, the dow hit an all-time record high, so did the s&p, plenty of green on that side of the screen and then this. disney changing their mask rules. are the masks back?
>> starting tomorrow if you're indoors or outside on the monorail disney bus you must wear a mask regardless of vaccination status if you are over the age of 2. this is disney world in orlando, hi vaccination rate, disney rate and anaheim, that is california. stuart: there are some other companies going back to mask mandate requirements. >> ford for workers and visitors in florida and missouri. if you're working a plant you probably don't want to have a mask on and requiring employees to travel overseas get vaccinated. that is requirement. citigroup, all employees at us offices have to wear a mask in common areas, in the elevator, not when you're sitting at your desk but this is interesting because a big push to get vaccinated and get their culture back, take the mask off. morgan stanley, every single workers vaccinated. if governor cuomo follows
governor newsom and says indoor masking as well. are those vaccinated people getting the culture back at bank of america, and jpmorgan? stuart: fair question. if governor cuomo insist you've got to wear a mask indoors. he has not said that. what about lift? they are pushing the return to work date into the future. >> most are saying february, much further out. if you do want to come into the office before then but you must be vaccinated and that starts monday. we are seeing the message from court america going to the direction of no jab no job. stuart: i see the clashes coming a mile away. still to come we are waiting for the first trade from robin hood. president biden's approval
rating slipped to his lowest point since he took office. wall street journal guide dan heninger says the president is sinking because he is turning left. heninger is left. ♪♪ the world's first fully autonomous vehicle is almost at the finish line what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq
stuart: that is fox square. i'm afraid to say we are going to get some rain. plenty of green, a new record high, s&p on the upside, another record high as well. nasdaq might be higher, 60 points up. today is there first day of trading. this is where they went yesterday. lingo is down $5, 0.8%. we are waiting for the first
trade from robin hood. >> that is where it was priced at the low end of the range. you might be okay with that because they bring more people in to enjoy the first day pop they don't get to have. they don't want much of the stock so the pool is $0.22 to 35% of shares to go to them and it is actually 22%. the redit crown is looking to short robin hood.
it should be rob, robs us of making the trade. stuart: this stuff is swirling around. stuart: robin hood going public today. didi, ride hailing service. >> they are fully cooperating with chinese authorities, they push the stock up 45, it is up 11%. you placate china and compensate investors. just last month, 984 after the 10% rally. stuart: uber is down 2.7%, soft bank pulling down. >> offloading 45 million shares to cover their didi losses, the biggest didi shareholder, 10% of uber.
100 billion, it is ugly and happened fast. stuart: we work sometimes. gigantic loss some time ago. i'm looking at it now. is president biden thinking? how well will the moderate democrats hang on. a provocative headline, biden is sinking because he has gone too far to the left? >> that is mainly the reason. the gallup poll looks at presidential approval ratings and it was 56%. the one they just put out at 50%, a 6 point drop with 1000
feet of altitude and then the direction of the country, since may '55% of people say they are pessimistic, at 20 point swing. what has been going on since then. if you look at president biden the answer is not much. he shows up read something off a teleprompter, does a good job of that and turns the q and a over to jen psaki. they passed the covid stimulus bill in spring, doesn't seem to be getting any credit for that. what is happening? we are at a battle in congress over infrastructure bill and the american families act which is like a cats and dogs bill with every left-wing wish list they can come up with but if you ask the average person what is in the american families act they will say i don't really know whether that will cost $3 trillion.
they look out to the country and what do they see? urban crime rising, the border a mess, open with no answer insight. the coronavirus, vaccination hesitancy, they have store owners say they can't get workers because of president biden's unemployment bonus and prices rising. president biden signed on to the left-wing agenda and he is getting no political credit for it, he is being marked down. stuart: are the moderate democrats deserting him as you suggest? >> not yet. christensen of the got through this infrastructure bill, she does say she's not going to sign on to the reconciliation bill at that price tag, the question being will christensen a sign on below $3 trillion? i think if the biden numbers stay low as they are,
presidential approval is a strong metric as a signpost of the country, a party's future fortunes, you get closer off the elections next year you will see some moderates putting distance between them and president biden and his progressive bernie sanders like agenda. stuart: bernie sanders like agenda. bernie has taken it over. we will see you again soon. if you want to work at netflix you need to get the jab. they just added new rules for cast and crew. we got the reaction from hollywood to that next. ♪♪ money money money money ♪♪ ♪♪ money ♪♪
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stuart: a little ac/dc. that is capitol hill, 83 degrees. the biden administration has asked congress to extend the eviction on moratoriums. tenants who have fallen behind on their rent won't be turned out. what does that do for the landlord? they are a getting hit and will keep on getting hit. who considers landlords? nobody worries about them. the senate has voted to advance the $1 trillion bipartisan infrastructure bill. look who is your? senator mike braun from indiana. what needs to happen for you to support this bill? >> last night we had the first
step, procedurally to get it started. there were 32 republicans they did not vote to do that. it could mean even more might vote against the underlying bill. i'm for infrastructure. the most important thing we ought to do, we turned the page, back home in indiana user fees used to be the foundation of what we spent on roads and bridges. that takes a little bit of political will. if hoosiers want better infrastructure, 70%, don't want taxes to go up so it is a difficult conversation. we are financing all our infrastructure out of the general fund, hodgepodge of stuff put together, that will turn a lot of republicans off. stuart: are we going to get any serious action on real infrastructure?
roads, bridges, tunnels, maybe even digital communication was are we going to get money towards real infrastructure at any point? >> we are going to get that and it will go through the next few days. it is in the range of $550 billion in terms of what we are spending above and beyond the baseline. but then it is linked to this abomination, debt and inflation bomb of soft infrastructure, issues that are bona fide but connected at the hip. $3.5 trillion. we throw trillions around like billions used to be. it will have a price to pay in the long run it in the midterm in 2022 will reflect it. stuart: we are seeing new mask
mandate, it slows the economy, gross intrusion into our individual liberty and freedom. how do you see it? >> i see it as the same thing, a looping back to the past where we have bureaucrats driving the dynamic not only of what we have come through but here again and i am hoping governors across the country learn what they have gone through and the mandates around masking, shutdowns, essential, nonessential businesses don't make sense, states that did that needed to bail out from the federal government, be responsible, do the things most businesses did to keep customers and employees safe, get rid of the heavy hand of government. stuart: if this goes through, you get serious mask vaccine mandates you could have blue states in a real mess and asking for, begging for another bailout. >> it happened in the past and we don't want to repeated.
it will hurt small businesses more than anyone. they've been devastated by the heavy hand of government through this and we can't repeat it. my wife has one in mainstreet in our hometown and we need a good depiction of what that would be. stuart: it is an open invitation anytime you like. thanks for being with us. let me give you a sense of the market, the dow 30, we have 26 of them up, only four are down and hours of 250 points, new record high, i will call that a rally. adam corolla is here. how can you be a comedian when people are offended by everything these days? mister corolla coming up next. ♪♪ baby give it up
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and the whirlpool jets - and the bubblemassage. and, it was installed quickly and conveniently by a kohler-certified installer. a kohler- authorized dealer walked us through every step in the process and made us feel completely comfortable in our home. and, yes, it's affordable. looking good, george! we just want to spend as much time as possible, in our home and with our grandkids. they're going to be here any minute for our weekly spa day. ooh, that bubblemassage! have fun! stay in the home and life you've built for years to come. call 1-800-986-5068 to receive fifteen-hundred dollars off your kohler walk-in bath. and take advantage of our special offer of no payments for eighteen months. stuart: actor tim allen slamming cancel cultural tears is tweet about his upcoming
stand up comedy shows. i wonder if government agents will be policing comedy from the back of the house. you are comedian, how do you navigate being a comedian, one almost you were is sharp edged and people get offended so easily these days. >> you have to remember why you got into it was i was speaking to a comedian about this on my podcast. he was saying how do you know what to say or what not to say? aren't you worried about being canceled. i have to say what i want to say or i should swing a hammer. >> are you subject to her street because of what you said only attempt to cancel you. >> i don't a lot of hollywood roles, to some degree i have
been blacklisted. it is a small price to pay, once they find out you don't want to apologize they leave you alone. once you do apologize they keep coming back to you for more apologies. i told them i won't apologize, leave me alone. i'm not going to be starring in any hollywood sitcoms. stuart: what a shame. you are pretty good. netflix will require covid vaccinations for key staff at its us productions. that is pretty draconian. they require vaccination. >> actors are cowards, they play heroes but they are cowards, they are soft and we can't go along with anything.
i don't know what actors believe. the whole covid thing they jumped in with both feet, a live under the role of gavin newsom. he's ruining most of our lives. not a word for many of them and comedians won't say anything, they think donald trump is the man, he's not in office. gavin newsom is oppressing you if you are an actor in california. they won't say anything. they are cowards and want money and will go along with what netflix has to say and netflix, and do the math. stuart: this is very depressing. we don't like cancel culture. i do not like it at all and you seem to see no end insight. it won't take a downturn.
it is with us and will be with us for a long time. that's depressing. >> the only end is people ignoring it or pushing back, then it will go away. as long as you think you can apologize and save your job, thick about all the people that apologized and lost their job in hollywood over the last year and a half anyway. at some point if people grow a spine and stand up, we could do something about it but as long as we listen to these idiots and apologize to them it will never go away but there are more people starting to stand up and more sensible people on the left are starting to speak up, guys like bill maher. stuart: it is still depressing to encounter this cancel culture.
>> the good news is it means we are out of problems. if you are policing what comics say, your society is out of problems. they don't do that in societies that don't have enough electricity, clean water or disease spread by mosquitoes. stuart: thanks for being with us. take a look at this, a brazen robbery in california, ransacking a perfume section. you've seen the video, why isn't that doing anything? >> is doing what she was trained to do. a literally open trashbags, with high end perfume, and can i help you with anything? that is not the first thing you think to do but that is what she was told to do. she takes the perfume bottle
and the robber snatches it from your hands. there you have it, put it back in the bag, they can't follow them out of the store. but don't take the license plate number. >> can't do that. they had a big problem. she quit her job. she said another this. i think she was brave. stuart: she was right -- >> they didn't even care that they were approached by someone. stuart: a the a question of the day. how many brains dozen octopus have? >> who comes up with his? stuart: one of our producers. >> i said one.
stuart: all right, everybody, how many brains does an octopus have? the answer is? nine. yeah. there is apparently there is one central brain and eight smaller brains in each tentacle allowing them to act independently. i bet you didn't know that. you learn something every day on this program. lauren: did not know that. stuart: where you did not know that? where have you been. email us at email@example.com. please, if you're living in california please respond to my request i put out earlier this
week. i said if you're living in california, explain to me why you don't leave. you're freedom is seriously restricted. living in dreadful state with all problems going on. i want to know why you don't leave? a little provocative i would say. david asman in for neil today. i've been very provocative for three hours, david. david: you've been provocative your entire life, stu varney, and we love it. we appreciate it. david: stu. welcome to "coast to coast." i'm david asman in for neil cavuto. a very busy hour ahead. mask up to get into disney. vacs up to get into favorite restaurant or get a vaccine or doctor's note to get back into your office. how governments and businesses nationwide are responding to the delta variant and worries therein. the marke