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tv   Mornings With Maria Bartiromo  FOX Business  October 29, 2021 6:00am-9:00am EDT

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why plate is a thing. you want to get here and stay here. whether it's a secluded farm set or oceanfront estate, the hamptons have a flavor of exclusivity for every fire. from the home of the countries most bumpy chassis, this is cheryl: good morning, i'm cheryl casone. it is friday october 29th, your top stories at 6:00 a.m. eastern time. president biden to meet with pope francis ahead of summit, one of the biggest issues is climate change but plans for live stream meeting mysteriously scrapped with no explanation. we will talk about it. new scale-back version stalls in washington. house democrats unable to move
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the reconciliation and the infrastructure plan forward and despite the smoking mirrors of the framework yesterday, speaker nancy pelosi pulled the plug again on a vote on infrastructure after president biden stripped out most of his campaign promises from that reconciliation bill. we will take a look at markets in the wake of all of this. we do have red a rows this morning as we hue into friday. future under pressure, nasdaq down 131 points and change, tech is leading the way lower this morning. finished in the green yesterday, boosted by earnings and we have more coming out this morning. the s&p 500 and the nasdaq finishing in record territory. as your europe this morning, taking a look at those markets, we do have red across the board as well. ftse 100, cac all lower. germany third-quarter gdp coming weaker than expected versus
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2.2%. and then to asia overnight, mixed story. as you can see the kospi in korea, worst performer, mornings with maria live right now. ♪ ♪ ♪ cheryl: top stories this morning. president biden is in rome this morning ahead of g20 summit without reaching a deal on his social spending agenda. he laid out the framework to scale-back spending bill before leaving. he went all the way to capitol hill to do it. 1.85 this will $package, 555 billion for climate investment. 400 billion for free school and he said will be paid for by tax increases on corporations and
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the nation's top earners. but the business school says the taxes would raise $500 billion than the white house estimates all of this as the new poll only 36% of americans approve of how the president and democrats are handling the spending negotiations. well, virginia's gubernatorial raise no longer in dead heat, fox news poll showing republican glenn youngkin taking 8-point lead. 53% to 45%. vice president harris is going to make another stop in virginia to try and boost support for mcauliffe despite dwindling crowds. president trump will be supporting youngkin. the biden administration is considering paying illegal immigrant families separated at the southern border, get this
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$450,000 per person and they'll be using your taxpayer dollar, excuse me. the white house saying this is an effort to resolved losses under president trump's zero policy cause caused them psychological trauma. this is the border crisis reaching a fever pitch with most illegal crossings in 20 years. facebook ceo mark zuckerberg revealing rebranded name it's meta, the mixed reality platform that allows to interact in the world. it's not going to trade under the ticker symbol mbrs. remember the bring brand after facebook faces pr fire storm, prioritizing profits over safety and promoting harmful content to kids. well, back to market this is morning, futures are lawer this morning as we are wrapping up a big week of earnings and we've
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got a lot more to come as you can see right now we are under pressure in the premarket. apple and amazon are both down right now following disappointing earnings, apple a big surprise, we will talk about it. as you can see amazon is almost down 5% and apple down 3 and a quarter percent. amazon released disappointing giants and you had apple ceo tim cook say that the supply chain crunch cost the company nearly $6 billion. a lot of analysts were surprised by that commentary by the way. big oil taking center stage today, exxon, chevron and philip 66 all reporting their numbers today and we are also standing by for some econ data out this morning. we will get pce and personal spending and income. all of that comes out at 8:30 a.m. eastern time. two hours from now. joining me for the rest of the show cliff hodge, actually i will give you around ten minutes, my apologies but keeping these two wall street
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all stars for the next 3 hours. wall street journal assistant editor james freeman and florida banker association ceo alex sánchez, good morning to all of you. cliff, i want to start with you, two dichotomies happening for the markets right now. you've obviously have what's going on in washington, many are worried that is really going to blow out inflation and make things worse across the country and you've also got the backdrop of corporate earnings who are telling us, a lot of them will take on costs that they've incurred and pass it along to the consumer and the markets, they are definitely started to get reactionary for both lines of thinking and worry, if you will. >> good morning, absolutely. so investors currently face position of more short-term bullish dynamics. you mentioned earnings. we've had strong earnings beat,
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earnings growth year over year up about 34% so looking good there so far. we have positive seasonality with october through december being the strongest three months of the year. tune of $230 billion concentrated in november and december. short-term dynamics look great but longer term, you mention inflation, we are watching the fed, we expect taper to be announced here at the fomc meeting next week. supply chain issues as you called out with apple and amazon, highlighting those. interesting times no doubt. cheryl: apple, i think, was the big surprise. going into earnings, a lot of the analysts were saying that of all of the companies in the world, apple is the company that can survive and manage the supply chain crunch because they are apple and they didn't, the opposite happened. they came out and told the
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street, look, we have issues and it's affecting your iphone 13. it's going to be affecting your new ear buds, your reaction? >> so earnings calls and the warnings from both apple and amazon yesterday afternoon are a wake-up call really on howdies corrupting the supply issues can be and if they're having these kinds of issues, how do you think the rest of corporate is fairing not to mention main street. so certainly some challenges. now, we do think they will alleviate over time but the key is it is going to take some time. cheryl: it really is. as far as what's happening in washington and you kind of touched on this a moment ago, you have the biden administration proposing 1% buyback tax going after corporate america again. to be buybacks have been surging this year, s&p 500 buybacks to
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hit a record in the third quarter. your take on the impact of the biden stock buyback tax will have? maria was talking at it yesterday. how are you going to pay for this? there you go, there's one big example. >> it still has to get through congress and then approved. we will see ultimately what the final package looks like but there's no question that a surcharge of 1% or whatever the final number is going to be on buybacks can be a game-changer for the market. the corporate bid has been really the one constant over the past few years. goldman sachs, $900 billion in buybacks in 2021. by introducing a tax, that introduces a much higher hurdle rate and could dampen the corporate bid which would be negative for markets?
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cheryl: cliff, all of this in the wake of the companies, many of them that kept the country going during the pandemic and now they're being penalized by the biden administration. we will talk more later in the hour. cliff hodge, thank you. here is your morning mover. this is starbucks, sliding and on track to open at 7-month low and it's an earnings story. they will have to pay folks more which they announced they are going to do but they are dealing with inflation pressures like many other companies and starbucks down almost 5% right now. well, we are just getting started this morning. coming up facebook becoming meta. mark zuckerberg announcing a new company name as he show cases his vision for a virtual world. everything that you need to know coming up.
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challenging nike and lebron james to visit a force camp. our final stars of insta stars week. we will introduce you to two dads that will make your next camping tip nice and cozy, they have a portable bond maria. you're watching mornings with maria live on fox business. we will be right back.
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cheryl: facebook is going in in on the meta verse and changing the ticker symbol to the stock to mvrs. meta a politicsed reality platform that allows to connect in virtual world. zuckerberg says the company's leadership will stay the same. apps and facebook and instagram will not change. companies like wendy's trolled meta, quote, nice to meet you. meat and big news, lol, jk still twitter. they are going stay twitter. some are wonder if the rebranding is an obvious attempt to distract from the controversies that facebook has been dealing with and jamesly take back to you, obviously this seems to be a way -- he's attempting in a way to change the conversation about his company. is it going to work?
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>> yeah, it's a good question. when you think about a more of a virtual reality focus, i think it makes sense that facebook executives might want to send an avatar when it's time to appear before congress instead of going themselves. i don't know if this is going to matter much as long as the flag ship product still bear it is name facebook. under a lot of pressure right now in the politicals, obviously they've been suppressing some conservative viewpoints and also tremendous amount of pressure from the biden administration to regulate free speech or limit free speech. you remember the president accusing facebook of killing people when they were allowing discussion of covid and related issues. he didn't retrack that statement for several days. i certainly understand why the
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rebranding. cheryl: just like the banking industry which some say should be big banks are too big to fail, we all remember that. some people say that technology companies like facebook are too big and they should be also broken up because they have too much power. >> sure, i think the injury is still out, they can change their name and they can change whatever they want but a lot of americans have concerns with the policies of facebook on censorship on privacy. in my world, cheryl, more and more people are dropping out of facebook because the concern about privacy and they are also irritated by the positions that facebook has taken. meta has a lot of challenges and mr. zuckerberg and his team better start getting on it pretty quickly. cheryl: it's interesting to see how -- the stock jumped about
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12% by the way yesterday when this was announced. so somebody thinks it's a good idea. guys, thanks. coming up a framework but no deal. president biden takes off after announcing a slimdown spending framework as nancy pelosi pulls the plug on an infrastructure vote. in fact, reporters were yelling questions to her and she just walked off the stage. we will talk about this coming up. plus peta taking the horns on baseball's bull ben. the new name it wants for america's greatest past time. that makes the hot topic buzz of the morning at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect.
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today. cheryl: framework leaving out paid family leave. >> no one got everything that they wanted including me but that's what compromise is. what 81 million americans voted for. biden arrived with no deal after nancy pelosi pulled bill last night. tianna this was kind of a disaster to watch in motion yesterday. you have president biden making last-minute trip to the hill, trying to talk to the dems, tries to get them to -- sis social spending package, get back to the floor, bring infrastructure to the floor, nothing happened. nancy pelosi was avoiding reporter questions and then she
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just walked off from the microphone when they asked, are you going to have an infrastructure vote. it was just a mess, tiana. >> yes, joe biden entered office assuming that he could pass fdr spending packages but without realizing that he doesn't have an fdr-style majority, not only is it razer thin but you have progressives willing to shift his entire agenda. we obviously know that they'll be enough republican defectors that the hard infrastructure bill will ultimately pass the house but it's very possible that, you know, not only will their actions delay the hard infrastructure bill but they won't succeed at all in the end in passing this $1.75 trillion social spending bill which we all know became a disaster of just short-term spending packages thrown together because that's all they could try and
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get the caucus behind. cheryl: james freeman, i want to bring you into this, we are dealing with high inflation. this is going to make it worse. james: yeah, the recent history all of the big spending in washington is accommodating by money printing at the federal reserve buying the treasury debt with the money that that would create. so this would look to be the same fuel for more inflation and to go back to biden comment that people don't get everything that they want as tina was suggesting, a big problem with this is they've got almost everything that they wanted and instead of taking reasonable steps to tear this thing down, cut out things that aren't priorities, they just fake, they just added the phoney expiration dates to programs that they never intend to allow to expire to pretend that this is
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$1.1 trillion. sos astronomical sum. it doesn't come close to covering what these programs will actually cost. cheryl: tiana. >> so we know, for instance, just to take one part of this package, the child care provision which says that people earning within 250% of the federal poverty line will not have to spend more than 1% of their income on child care. that only applies to state sanction child care which means that it will essentially federalized child care which we already know has a apply crisis. that's prevaccine mandate, that's preworker shortage and extended ui. in dc, you know, the annual cost of child care is $20,000 because they -- because the state sanctioning of child care means that you have to have -- you
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need to have a college degree. in oklahoma there was a requisite amount of puppets so all of this will do is wind up, you know, concentrating this industry and making it more expensive if, you know, the federally funded child care doesn't wind up expiring. ignore the reality that we are dealing with supply crisis in all industries and, you know, the short-term expiration date, they are trying to bake that in in terms of passing it through reconciliation but as james said, it's designed to go on indefinitely and quite frankly i don't trust republicans have the stone to terminate the programs when they take power. cheryl: real quick before i let you go, the biden administration is paying hundreds of thousands of families separated at the border under the last administration, this is a journal report, tiana, $450,000 per person. i didn't believe that number when i first saw it.
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that is the number, tiana, quick reaction. >> cheryl, well, i'm glad that we all saved 16 cents on fourth of july cookout while the rest deal with government giving us crumbs, basically designed by the fed, the fact that we are granting half a million dollars to people who were, you know, the whole thing about trump enacting a zero tolerance policy just means he was trying to follow the rules quite frankly of the clinton administration which designed the agreement that mandated child separation, so egregious all around but what more can we expect from this administration? cheryl: $450,000, i can't wrap my head around that. tiana lowe, thank you. >> thanks, cheryl. >> cheryl: a lot more this morning, cuomo's consequences facing arrest for groping an aide. everything that you need to know. this developed overnight.
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celtics star, challenging nike and lebron james to visit a uighur force labor camp. we will talk about that, stay with us.
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maria: welcome back, i'm cheryl casone, it is friday october 29th, it's halloween weekend. tech is leading the way forward. a lot of it is earnings pressure, folks. nasdaq down 162. major indices finished in the green yesterday boosted by earnings, the s&p and the nasdaq finishing in record territory. futures what you're seeing is because of last night's earnings by the way. you have red across the board there. germany third quarter gdp coming in weaker than expected. 1.8% versus estimate of 2.2%.
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and then over to asia, you had a mixed story as you can see the kospi in korea was the worst performer, hang seng also under pressure. some of the other top headlines we are watching for you this morning, disgraced former new york governor andrew cuomo facing a misdemeanor and does not give the victim's name but the alleged abuse happened at the governor's executive mansion last december. former new york governor was forced to step down august following numerous allegations of sexual misconduct by current and former employees. ben&jerry's feeling the financial sting over boycott of israel occupied territories. new york's powerful state pension funds pulling $11 million in equity investments out of unilever.
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there's down in the premarket. united airlines is getting to resume hard liquor sales in time for holiday travel season. the airlines suspending service last year amid the covid pandemic and rise in unruly passengers. starting november 15th, united will expand alcohol beverage service on flights over 300 miles within the state. also canada and latin america and caribbean. there's united. first loss of the season and it was a dramatic ending, watch. >> again and it's off.
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intercepted by douglas. cheryl: the defense coming up with late pick in the end zone. takes the 24 to 21 win. man, quite a game. aaron rogers led the offense for two touch owns. arizona was on this like fairy tale winning streak and that ended last night, fast. maria: it sure did. cheryl, great to see you, good morning, thank you. good morning, everybody. i want to get to this, nba star ennis kanter continue to go speak out against the chinese party. freedom for tabet and the uighurs, coming days after kanter invited nike cofounder, phil knight, lebron james to visit slave labor camps in china. i will buy the ticket, we will
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go look at it for ourselves. "fox & friends" weekend host and will cain. will cain is with us. great to see you. thank you so much for being here. this is a story that to me represents such courage and leadership to actually call it out on the part of ennis kanter, your thoughts? >> yeah, you're right, maria. it does take courage and leadership mainly because it goes against the flow of everyone else, not just in the nba but in professional sports and for that matter not just in professional sports but in corporate america. everyone in america in the name of the almighty dollar right now is willing to do whatever it takes, say whatever it takes from the jim mao. it's be interesting to see what position it puts the nba in. right now the nba chose silence in response to kanter.
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they came down hard on did he dl murray when he commented on free taiwan. one of the players putting them in this position. maria: yeah, you know, when you look at xi jinping today, he's a very different leader of the ccp than we have seen in the past few years. he is, in fact, modeling himself after mao dong. i love the way ceo's and wall street firms, how to invest, don't buy tobacco, don't buy oil and yet they are perfectly fine going into china, operating in china despite all of the bad behavior not just the uighurs in the sleigh camp there that we talk about so much but how about all of the invading of countries, using the covid-19 pandemic to gain more ground in
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india, going into hong kong, et cetera, and i haven't even mentioned the origins of covid. will: yeah, by the way. slip of the tongue not necessarily comparison but chairman mao versus chairman xi but what you're pointing out now the aggressive nature of china and the reality that we here have to come face to face with who china is on the world stage. exactly who we are dealing with and i think american corporations have to make a choice. they will have to make a choice. enes kanter made a brave stance and his sacrifice won't be as great. he's toward at the end of his career, how much money would he potentially sacrifice, nba has to decide, do they stand for moral capitalism or practice what they preach internationally, the same way they do here in america. they sure stand for what they call social justice here, will they do that across the world or are they all talk? is it all for the dollar? maria: exactly. let me bring in alex sánchez,
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the head of the florida banker association, alex, you see this up close and personal. you see major banks following this honey pot that the ccp is giving them by giving 100% of firms in china which, of course, is what the u.s. has wanted but now they're only giving it to those companies that lobby for them. how is this going to play out for american firms getting into china? >> well, you know, maria, great point and will great to see you. i i'd love to talk to you about your boulevard dallas cowboys, will, but that will be another day. here is my concern, here is my concern. when lebron fought for social justice here in the united states, look, i respected that, but when they to crack down in hong kong, there was radio silence from lebron and company, will, and the nba has got to deal with eric kanter's comments
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and they had to cancel game with celtics because of the comments. it's a wake-up call who in the united states we are dealing with, we are dealing with the communist regime of china and we have account xi like maria said, like mao but in a brother's suit. the nba better deal with this, will, because i think eric kanter is right. will: yeah, i don't disagree of anything that you had to say. i know how he would respond. i want to deal with -- or i need to deal with the social justice issues in my backyard before i cross the pacific ocean and deal with problems far away. the problem with that rationale and i would agree with you and push back on lebron, you're making money. that's your backyard effectively. you're a global superstar and profiting what is happening in china. if you're making a moral stand, then stand. otherwise it looks like you're driving the social media driven social popularity wave here in
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the united states. maria: just so that you could sell your programming to the 1.4 billion chinese people. look, will, i have to get your take on the upcoming olympics because bipartisan group of senators have now proposed amendment to the defense bill that would impose a diplomatic boycott of the chinese winter olympics happening in a few months, february 2022, your thoughts? will: you know, i guess this all ties together, maria. we are all going to have to make a choice and it's not an easy choice. it's going to be one for you, for me, for american corporations and superstars. is anything worth sacrifice? in other words, when i go to the store am i going to buy products that are made in china. are they going to accept social costs to go with it? here is the olympics. i love the olympics. i'm one of the sports
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commentators, i love seeing the red, white and blue and i want to see america as number one in the world stage at all times but we have to ask ourselves and this is a diplomatic mission, maria, this would be limiting the secretary of state. our athletes will still go and we have to start standing up and the experience -- we will experience the pain. you and i at the financial markets, at the grocery stores, target, wherever we buy our consumer products, we will have to decide whether or not we can stand up instead of just spend and consume. maria: i could talk to you all morning. there's so much to talk about, for example, $450,000 per person that the white house is considering to give to illegal immigrants at the border. a billion dollars per couple after breaking the law into the country. that's for another day. we will cover that coming up in the program. we so thank you for joining me, will, thank you so much.
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will: you bet. maria: will cain on all of that. flipping in a quick break. take the bite out of apple. check the stock out. we will dig into the technology giant's earnings and missed estimates last night and we will also take a look at amazon and then we wrap, two dads that want to make your next camping trip nice and toasty with a portable bond fire, you'll want to check this out. don't miss a moment of it. mornings with maria live on fox business. we will be right back. ♪ ♪ ♪
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maria: welcome back, apple feeling the crunch. croak tim cook blaming the supply chain crisis for disappointing quarterly sales in earnings round coming up in two mint's time, apple shares down 3 and a half percent.
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maria: welcome back, now to third quarter earnings, apple fiscal third quarter revenue came below expectations, earnings of 1.24 in line with estimates but revenue missed coming in over at $83 billion. the expectations calling for 84 close to 85 billion in revenue. apple ceo tim cook blaming the miss on larger than expected
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supply issues tied to iphone and mac. global sector lead for technology and media at telecom scott kessler is here. scott, thank you very much for being here. we start waiting for excuse and technology seems to be the brunt of those issues. >> yes, thanks a lot, maria. apple had a good quarter. revenues were up 29%. the iphone i think was 47% from a renew perspective and ipad i think was up 21%. but the reality is that apple indicated that those results would have been much better but for the supply chain issues that you alluded to which impacted the results by $6 billion. not only that, but apple
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indicated that those problems will persist in the current quarter to the tune for perhaps even more. this is a significant issue. here are real dollars being influenced by lack of access to certain components and also other issues related to that. maria: absolutely. and, you know, apple wasn't the only one last night. we also saw amazon post lower than expected third quarter earnings, third quarter for amazon. ceo andy jasse warned that the next 3 months will bring several billions amid high inflation and supply chain crunch. the retail giant amazon web services was a standout in the disappointing report. aws generated 16 billion beating estimates there without hefty profit amazon would have
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reported a loss, scott, your thoughts on amazon and when do you see the issue getting alleviated? >> yeah, look, it's interesting, right, because we talk with a lot of experts day in and day out about this particular issue, supply chain issues, how it impacts a number of these companies and what we have been consistently hearing over the course of the year that the supply chain issues could persist well into next year and that's obviously something that companies are not communicating as they talk about the results and their outlooks, i do think the point that you made about aws is super important which is aws saw strong growth, i think, accelerating growth, in fact, 39% growth in the quarter as you mentioned this is a very large business already, but it does seem like it is performing very, very well as companies move to the cloud, as they engage in digital transformation efforts and aws interestingly is where
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ceo andy jasse came from. that's the business he built before he became the ceo of a company. i would imagine that for a variety of reasons it's become more of a focal point for amazon going forward. maria: well, it's certainly taking market share for a lot -- from the other cloud competitors and it just seems like the cloud business is one of the industry's fastest growing across the board cloud and the capacity for data. scott, it's great to see you this morning. thanks so much, we will keep watching those stocks for sure. i think have been real movers, scott kessler. thank you, sir. wait till you see what peta did, the new name it wants for america's greatest past time. it's making the hot topic buzz this morning. stay with us. ♪ ♪ ♪
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maria: welcome back. it is time for the hot topic buzz. peta coming for major league baseball. ditch the word bullpen, the area where pitchers warm up because it refers to where bulls are kept for slaughter. i mean, peta's idea for a new name, arm barn, let's change bull ben to arm barn. taylor, tweeted this, no more
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dugouts, we will refer them to shoot one to shoot two. oh, my god. alex, this is what peta is spending its time on, changing the name of bullpen, your thoughts? >> maria, i'm going to give you the michael jordan shrug here. i have to tell you. this is a lifelong fan, no one thought about the terms they are thinking about. bullpen is where the relief pitchers are warming up at. i mean, this is unbelievable. political correctness gone crazy, maria. this has to stop in our country because unacceptable. maria: i mean, james, what a waste of time and, you know, what's wrong with bullpen? james: yeah, peta has always been very adept at media stunts and it's world series time and they want to write the publicity
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and they would like to cancel large part of the american die and a lot of research that deals with health and flourish. they should be demanding answers on what happened to bats at the wuhan institute of virology, let's learn more about -- maria: great point. james: what was done to the bats and how it was done to the bats and who funded it, would seem to me a big animal related cause they might want to get behind. maria: that is such a great point, james. and by the way, where is the outrage from everybody else in the world, other countries that there is no investigation and lack of honesty out of the ccp on the origins of covid? we will stay on this. apple's biggest sales miss, supply chain crunch and how the vaccine mandates are making the worker shortage worst. top investors are watching your money with the word on wall
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street starts after this, mornings with maria live on fox business. ♪ ♪ ♪
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maria: good friday morning, everyone. thanks so much for joining us, i'm maria bartiromo. it is friday, october 29. your top stories, you 7:00 a.m. on the east coast. facebook hitting refresh, ceo mark zuckerberg officially announcing the company is changing its name to meta, this as the social media network tries to change the conversation after coming under fire for spreading misinformation and causing harm to young people. meanwhile, no deal as house as senate democrats are unable to agree on a scaled down version of president biden's reconciliation package, putting the infrastructure vote once again in jeopardy. markets this morning are lower, take a look. futures indicating a decline at the start of trading this morning, the nasdaq the worst
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performer, right now down about 1%, 136 points lower, s&p 500 down 22 and dow industrials lower by 50 points. all major indices finished higher yesterday, boosted by strong earnings, s&p and pass nasdaqfinished in record territt 4:00 on wall street. the dow industrials were up 239. it was after the close that the trouble started happening with tech we we'll get to. european markets are lower, the ft 100 is down 15, cac down 26, dax index lower by 133. over in asia overnight, south korea the worst performer, the kospi down better than 1% on the session. "mornings with maria" is live right now. and now president biden arriving at the vatican this morning ahead of this weekend's g-20 summit with still no deal on his social spending agenda. all that smoke and mirrors
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yesterday. hillary vaughns is live this morning at the capitol. she's got more on this developing story. hillary, good morning to you. >> reporter: good morning many. the president is at the vatican to meet with the pope right now. he landed last night in rome emptied handed after the power of the presidency wasn't enough to persuade progressives to stop holding the infrastructure bill hostage, insisting the buy part bipartisan infrastructure deal doesn't get a vote until the social spending bill is ready for one too. >> i've held steady what we talked about as progressives, saying we need both bills to ride together and we don't have that right now. >> reporter: reported framework deals was not a done deal. leader schumer said they have a week to make changes to the deal
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and pelosi indicated tweaks can be made as well. >> for those that said we want to see text, the text is there for you to review, for you to complain about, for you to add to, subtract from, whatever it is. >> reporter: even if the president had support from sinema and manchin which progressives were not convinced convincedof, what changes are nn there could change their support. it left out paid family leave and dental and hearing coverage through medicare. >> i'm going to do my best to make a good bill even stronger, so i can't answer that question. >> reporter: maria, the president is o for 2 in terms of coming here to capitol hill, trying to convince progressives to get on board with his agenda and progressives are 2-0 for facing off against speaker pelosi and a flexing their muscles and proving that they
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really are the ones who are controlling things over on the house side. maria. maria: yeah. it certainly feels that way. i love the way joe biden comes out and says everybody didn't get what the they wanted as if there's a deal when there's in fact no deal. it's all marketing. hillary, thank you. we'll keep following your reporting all day. thank you, hillary vaughn on the capitol right now. time for the word on wall street, let's go back to wall street, join ming right now is strategic wealth partners investment strategist, luke lloyd, chief economist lindsey piegza and managing partner mike murphy. mike, kicking things off with you. apple and amazon down this morning, reporting lower than expected results. apple missed on the top and bottom line, giving disaappointing fourth quarter guidance. tim cook attributing a $6 billion loss to supply chain
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issues. mike, your reaction to what we saw from big tech? >> so big selloff, maria, good morning. you have apple and amazon trading down between 3 and 5% this morning. but let's take a step back for a second. the s&p 500 is up over 6 and-a-half percent month to date. not year, month to date. so we've had a huge run-up. these companies have all been moving higher on what was expected to be strong earnings. the good news, maria, is that he demand is there and both of these companies are on operating well. we do have these call them one-offs, call them the issues that all the other industries and companies are facing and that's the supply chain issues. i think if we had a different administration, a pro-business administration, we wouldn't be talking about this. if you're going to bet on anyone to fix this problem, maria, you can bet on the biden administration or you could put your money on tim cook at apple and jeff bezos at amazon. i think these companies are going to figure out this problem
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quicker than anyone, they're going to get back the demand for their products, the new iphone, some of my kids have it already, it's a great product. it's out there. demand is there. i think consumer demand being strong is going to push a very strong holiday season. maria: well, i mean, you make a great point. but mike, when is this going to get back to normal? because we're going into the very important season when people want to buy a phone and if an apple phone is not available, they may go to another product. so yeah, i agree, appeel is a titan. -- apple is a titan, a long-term winner certainly as we've seen in the past. maybyou'f nnnvres ytoaer a andce es eswaon at i i i . ce p.ri anmaybe. t reall r think t wou're bett here,e,e,e,e,,ariawhttttleg oututut orrrr nr not a ittut... you coco'tulco g g g ge g a g g.
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ll waill uai the apphone pne comes.s. they'v creat c ch gatatat uctuctuct mostme thatth wth oesoeoe straighteaigh t?uldnho'tdnednendnndnn ts t po on. isnarhidar figure ore,re,oreoo uoa cargo ships and deliver the products to factories. we shouldn't even be having this discussion. we are here right now. but we will get past it. i believe it will be sooner rather than later. this will open up. big business will figure this out and things will be back to normal very soon and new highs for the market. maria: all right. we will watch that. luke, treasury secretary janet yellen says that the inflationary pressures are expected to ease by the second half of 2022. some say once these supply chain issues normalize, prices will fall back down. the fed told us this was transitory months ago and having this as an issue until the second half of 2022 to me doesn't feel like that's transitory. >> yeah, inflation is
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definitely my biggest long-term concern with supply chain issues and a lot of people are saying once the supply chain issues normalize prices fall a back down and it is transitory. everybody that's been saying that over the past year has been completely, absolutely wrong. the thing is, rarely do you ever see prices fall back down. when i think about transitory, i'm thinking that prices -- that means temporary which means prices are going to rise and fall back down afterwards. that's not how things work in the world. transitory is the worst kind of word, i put that with my term fair share, my two favorite words in the world. supply chain is week, businesses are struggling to get materials to make goods, that limits output for the economy and you combine that with the labor shortage, you can't find workers to make those goods. so it's a big double whammy. i know somebody that works in manufacturing and they can't find any workers and everyone is having to work overtime so it's nice to make more money in the
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short-term but eventually those workers get burned out. so with all the supply chain issues, we're trying to own stocks that can actually try to fix these supply chain issues. one of those stocks we own is snyder national. they're a trucking company. many of the semitrucks you see on the highway are owned by snyder. logistics and transporting goods is more important than ever. companies are willing to pay companies like snyder higher prices to make sure the goods and materials are delivered. maria: and i think we have to keep this in perspective. i mean, yes, we're having these issues and we're seeing revenue misses but i mean, you look at a company like apple, revenue for the period was $83.4 billion. okay. so, yeah, sure, the supply chain crisis cost it $6 billion. but they're not losing money here. i mean, you're talking about still an incredibly profitable quarter on incredible revenue for a three-month period, right?
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so there's that. i mean, apple reporting revenue of $83.4 billion and of course the earnings were taking a hits because of that supply chain crisis but we're not the talking about losing money here. lindsey, a kaiser family foundation survey revealed seven out of 10 unvaccinated workers would leave their jobs if their employers instituted a vaccine mandate with no testing option. i want to get your take on the impact of all this. today marks new york city's deadline for all city workers to submit proof of vaccination or face unpaid leave. the city facing a first responder shortage as a result. you say these vaccine mandates are contributing to the labor shortage and you're seeing it even in first responders like nurses and firemen and troopers. >> oh, absolutely. and the intention of the president's mandate was to increase safety or at the very least increase confidence so that people felt comfortable to
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return to work, to return to their daily lives and by extension boost economic growth and a hiring. this scenario only occurs if workers are willing to comply to that federal mandate. what we see according to data, somewhere between 30 to 70% of unvaccinated workers say that they're willing to leave their job, move to a smaller company that's not impacted by the mandate, or take early he retirement. so in fact, what we see is this mandate may exacerbate the labor supply shortage that we're seeing in the labor market leading to further limitationses of nurses, firemen, truck drivers. the transportation industry is expected to be particularly hard-hit. according to the american trucking association, they're bracing for a 37% loss of workers at a time when they say there's an 80,000 worker deficit. this certainly will ex as a bait some of -- exacerbate some of the supply chain disruptions that are plaguing the economy.
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maria: we talked about the economy slowing down. we've likely seen peak growth for a while. that's playing out in the earn earning season this quarter. lindsey, mike, luke, always a pleasure. much more ahead this morning, coming up, no deal for president biden. progressives shutting down the scaled back version of the social spending bill, the fallout all morning long this morning. and then facebook tries to change the conversation, the ceo of parler is with me, george farmer shares his take on the rebranded meta. then, it is insta stars week. we're recognizing innovative entrepreneurs using the platform to grow businesses. today we meet two dads whose portable bonfire business is red hot. joining the conversation all morning long this morning, james freeman from the wall street journal, alex sanchez from the florida banker's association. we're going to get back to this fantastic panel when we come right back. "mornings with maria" is live on fox business.
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maria: welcome back. elon musk keeping up his push against president biden's wealth tax. the ceo of tesla tweeting out in response to an article from the washington post reporter titled democrats' billionaires tax would heavily target 10 wealthiest americans but alternative plan is emerging. musk's says his plan is to use the money to get humanity to mars and preserve the light of consciousness. musk would pay as much as $50 billion under the tax in the first five years. it's an incredible number. i assume if you're talking about that kind of tax, some of these guys and gals may actually have to sell assets just to pay the tax. your thoughts? james: yeah. it would hit a lot of normal
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everyday mom and pop investors if suddenly the largest shareholders had to sell billions of dollars worth of their stock. i don't think that will ever happen because it's unconstitutional to tax wealth but the issue with musk, the oddity here is this same bill where they're floating the tax increases also includes huge subsidies for his electric car business, both in terms of tax credits for the vehicles, for people who create charging stations, but just one of the many subsidies washington offers to history. so really, they don't have to raise his taxes. all they have to do is stop giving him benefits that other people don't enjoy. maria: well, it's a great point. i mean, look, james, this company is now valued at more than a trillion dollars and they're still getting tax credits.
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what is that about? >> the subsidies really should end. there's no good reason for it. but on his larger point, let's say we were talking not about elon musk but about jeff bezos or some other tech entrepreneur. this issue that mike murphy raised earlier, do you think apple and amazon or do you think politicians are going to solve the supply chain problems? i think the same applies here. get beyond the class warfare. who do you think is going to do more good with that next dollar? the silicon valley entrepreneur or the federal government? maria: yeah, bureaucrats. alex, what are your thoughts on this? >> maria, look, i'm just you amazed at the democrats, from president biden on down, act like they have this great majority like they won a landslide like ronald reagan did in 1984.
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they have razor thin majority in congress and, you know, there's no getting the other side involved. the moderates have got to step in, just like they did on this irs data reporting issue that president biden and secretary yellen were pushing so that every american's bank accounts would be scrutinized by the federal government. that failed. and 22 democrats in the house disagreed with the president on that. so i believe there's more to come, maria, as far as moderate democrats coming out of the closet and disagreeing with the president because this doesn't make any sense. you're going to ruin an economy long term. maria: yeah. i'm glad you mentioned that irs surveillance because, yes, you're right, it's out. they say. but alex, don't forget what's in. what's in. tax reporting for the inflows and outflows from bank accounts not in the bill but it could
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resurface because you're talking about money for the irs and new auditors hired. the funds, it's also a funding of an irs study on creating a government-run e-filing service to help taxpayers file their taxes. so i don't know. they want to get that bank surveillance in there somehow and i know that they say it's out but they're still allocating that $80 billion to hire the 87,000 new auditors from the irs. so we'll see about that. and you make a great point. a razor thin margin does not make a mandate to completely overhaul the u.s. economy and this country. we'll take a break. when we come back, that a stalled spending in washington. topic a, new york congresswoman claudia tenney is here, she'll give us her thoughts as progressives hold biden's jen da hostage -- agenda hostage. stay with us.
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maria: welcome back. progress i've democrats showing their power over the democrat party, despite president biden's
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plea to vote for his scaled back social spending package yesterday, the progressives are not ready to play ball. watch. >> we do need the text and we do need the votes on both bills in the house at the same time. >> we need a little bit more than an iou. >> if the vote is today, i'm a no. this was not what i thought was coming today. maria: so all of this threw out plans for a vote on infrastructure. biden's new spending framework includes $555 billion for climate investments, includes free preschool and a one year extension of the child tax credit. but it leaves out the progressive backed paid family leave. now the president just arrived at the vatican in rome this morning. he'll face world leaders with no deal on his spending package or his infrastructure package. joining me right now is new york congresswoman claudia tenney, a
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member of the foreign affairs and small business committees. always a pleasure to see you. what's the impact here? clearly yesterday there was all this smoke and mirrors. the president going to a podium and saying everybody didn't get what they wanted as if there was a deal. they're talking about a framework as if the there was an agreement. there was no agreement yesterday. >> well, absolutely. he's doing damage control. they're spending mixed messages, and mixed mask message as. some people have masks, some don't. the same kind of messaging we're getting from the democrats. i'm grateful the deal did not pass. even the scaled down version of the reconciliation package is very dangerous and the infrastructure package which i cannot understand how any republican is supporting this package, it is a disaster. it's about implementing the green new deal, putting the framework in place for the grebe new deal and -- green new deal and it's a matter of inserting the money later. i'm really concerned about that.
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we have paid family leave in new york. what they want to do is completely turn this over into a federal program. so federalizing everything. and there's a little bit that says great, there's broadband in there. that's something we can support in our area after the pandemic, we knew we needed it for telehealth, for children getting to school, for connectivity for our rural areas. but guess what? pete buttigieg, secretary of transportation, he gets to make all the decisions about where our rural broadband goes. and that's all going to be politically charged from a partisan, who is supposed to be in washington, i guesseses there virtually. i'm not sure if he's back. this is the problem. it's all federalization of our communities and our state and we have no power left. it's the central theme, centralized theme but just because they scaled down the money and there's nothing for the wall and the interest in maintaining our infrastructure and what's happening at the border which is probably one of the top issues that a gets raised with he me in my area.
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we are a border state, new york has a northern border. maria: that's right. and you're seeing migrants come into houston, they get to the border, they he get a get-away car to houston and they go everywhere, including new york, miami. i'm glad you brought up the immigration part of this. now the administration is considering paying illegal immigrant families separated at the southern border $450,000 per person. i mean, this is mind boggling. they're using our taxpayer dollars to actually pay illegals a billion dollars per couple. why pay -- imagine oh, go break the law, go to the border, breach the border, jump the line, you just committed a crime and we'll give you a billion dollars, you and your husband. >> yeah. think about this. like i oppose reparations because it's impossible to determine who is going to get the money, how much they're owed and we have a form of reparations with our native
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american tribes. they're getting all kinds of money. we can identify the people who were agrieved or the different tribes. how are you going to decide who gets money, who is agrieved and they're noncitizens and their first act coming across the border was to come across he'll illegally and break our laws. what about the, i think there are millions of people waiting in line to get into our country legally, what about those people? what kind of message are we spending? again, no respect to the u.s. taxpayer. who is going to pay for this? this infrastructure bill even scaled down is still almost -- i think it's still larger than roosevelt's new deal which was enormous and then i just am a not fooled by -- we've never had infrastructure and we don't need infrastructure. if you look back at appropriations over the years, there is infrastructure for various things in just about every appropriations bill we do. we build bases. we build -- we do water and road projects. we've been doing infrastructure for years. just not in a massive scale and
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then with the language that is put in here to move all of our control to the federal government and to partisans in washington, away from our local governments and our states. that's the most dangerous thing about this bill. once you put it in place, you're not going to be able to end it. maria: it's really hard to think that they truly care about taxpayer money. i mean, they don't care about our money because it's evidenced by the fact that, number one, they left hundreds of millions of dollars on the ground and canceled all the remaining border contracts, even though the border construction contracts were paid for so that's wasted money. $86 billion of wasted money leaving $86 billion on the floor in afghanistan. and of course the tax increases and how about those flights, right, dropping illegals off from private jets to private airports in your state, new york, and westchester. taxpayers are paying for that. so it's very hard to believe that they care about our money
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with all of this. very quickly, we've got to jump. do you think the chances that nothing gets done just rose? >> i think that is going to -- i think we're going to do -- we did a continuing resolution yesterday on transportation yesterday. i think you'll see us do that again. i hope that we can actually have a deal. i just don't think there's anything that i can possibly vote for based on the mechanics and the structure of this bill. we'll see what happens. i hope republicans stick together. this is not a good bill even for moderates, not even moderate democrats. we're all waiting on senator sinema and senator manchin. let's hope they hold the line. right now, these people are the tail wagging the dog, the progressives. the speaker was speaking from her pulpit yesterday. maria: 11% infrastructure, they're calling it infrastructure. good to see you. quick break and facebook going meta. parler's ceo is here, he'll give reaction to facebook's new
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maria: welcome back. more earnings out of the oil patch, exxon just hitting the tape. let's go right to cheryl casone with the numbers. cheryl: they're coming in at a buck 58, the estimate was a buck 56. what's interesting, their revenue was actually a miss, maria. they came in at 73.79 billion in revenue. the street was looking for 76.34 billion. that is a big difference. especially considering the rise in oil prices that we've seen. couple of big headlines here. 3.7 million barrels per day is the overall production number for q3. remember, this includes hurricane ida, which hit some of their operations in the gulf of mexico. also saying they're going to be instituting a share repurchase program in 20222. that could be one of the reasons you're seeing the stock moving to the upside. again, exxon mobil slight beat
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on earnings per share but they really missed on the revenue side, still the stock is higher 1 and a quarter percent. well, let's stay in texas. the city of austin reaching a grim milestone as crime spikes in cities across the nation. austin police reporting their 75th homicide of the year yesterday. that is the highest number since 1960 when the department started tracking these numbers. this comes as austin residents get ready to vote next week on a new proposition that will restore funding to the police department. the city council stripped funding in the wake of the george floyd riots last summer. dozens of officers have retired or quit since the start of the year. well, the supply chain crisis affecting the world series. teams normally wear a world series patch on their sleeve. you'll notice neither team has one for the year. the league decided to scrap them, had they couldn't get enough patches for the jerseys
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to sell to the fans. the first pitch of game flee, that is tonight, 8:00 p.m. eastern time right here on fox. well, kohl's is test thing a new return policy. they're bringing self returns to 200 stores across the country. kohl's is also offering self pick-up at 100 stores in a separate test. the company saying it's going to make picking up online orders less of a hassle for customers. okay, halloween is less than 48 hours away, here we go. we have a list of the candy trick or treaters are going to want you to hand out. the most popular candy. candy store.com compiled data of the most in demand candy. topping the list, reece's peanut butter cups. then you've got skittles, m & ms, star burst and hot take ma liss. the worst, candy corn, circus
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peanuts, peanut butter kisses, necco wafers. maria: i'm with you on the peanut butter cups. cheryl: my favorite. i can't give them out to kids because i'll end up eating them. maria: it's true. all right. facebook ceo mark zuckerberg revealed his company's new branding and new name as meta. the company also changing its stock ticker to mrvs, short for meta verse. the mixed reas platform you allows users to interact in the a virtual world. here's mark zuckerberg yesterday. watch this. >> our mission remains the same, still about bringing people together. now we have a new north star, to help bring the meta verse to life. and we have a new name that he reflects the full breadth of what we do. and the future that we want to help build. from now on, we're going to be meta verse first, not facebook
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first. maria: meta verse first. the rebranding comes as the social media giant faces growing backlash following that whistleblower, frances haugen, accusing the company of prioritizing making money over the public good and that they knew that their products were hurting teenagers. join me a is the ceo of parler, george farmer. it's great to see you this morning. thanks so much. i was thinking about you the other day when all of this new meta verse conversation was taking shape. what are your thoughts on the meta verse and reaction to the new name at facebook? >> yeah, good morning, maria. thank you for having me. i was really struggling not to break a laugh just then when i was listening to mark, good old mark telling us about his next plans for humanity. it's like headline. it's just terrifying.
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this is the stuff of nightmares, really. so i mean, i was not -- i thought it was satire. when i read it, i was like gosh, this is actually happening of. this is the direction he wants to take the company into, which i find odd, which is part of the virtual reality which be how you connect with people. generally, this is probably the direction that most people do not want tech to go, they don't want it to be a bigger part of their life, they do not want to it be more integrated. they want more restraints, more privacy. i'm not sure this is going to be successful direction of the company but obviously he thinks differently. maria: talk about living in a fake world. i mean, it's -- you're right. when i first saw it, i thought this is scary. i was frightened by some impacts
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ai of to begin with but now this whole virtual reality is going to be reality of facebook. how much of this is just changing the conversation, george? the fact that we know what has taken place because of the evidence that the products hurt containers and they knew it -- teenager and they knew it. is this partly let's look over here and not over here? >> yeah, i think that's actually hit the nail on the head which is that facebook, part of the whistleblower's report which i found very interesting, the most interesting part of that report, the whistleblower case, was the internal metrics of demographics which she released when she talked about the internal files. take that shows that facebook is going to be losing 45% of its youth demographic by 2023. this is very, very short term stuff. this is not some sort of in 20 years time we're going to have a problem. this is in two years' time we have a massive issue and so facebook is desperately trying
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to scramble to reallocate resources and time and effort into some new company pitch. people don't use facebook a lot. instagram has long supported it what'sapp is the messaging service. these are the things they rely upon. facebook's user demographics are declining. maria: interesting. now you've got as we've been reporting the federal trade commission also among those probing the company. enter president trump and his new social mead were -- media platform, truth social. what's your take on the former president's plan for a new social media company called truth social. >> i welcome the competition in the marketplace and i think president trump is carving his own path there. i think what's interesting about the tmtg group which is the broader group as a whole is that they've got quite ambitious plans to take on of a variety of
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different tech giants, if you like. there's the streaming element to it. there's the cloud element to it. of course there is the truth social element to it. i think that's welcome. we need as many competitors in this space as possible. twitter is the dominant giant, facebook is out there, instagram is out there. i think competition makes the marketplace a healthy place for choice. i generally welcome competition to the space. maria: and certainly competition to some of the censorship we've seen out there away from parler obviously. great to catch up. thanks so much. >> great to see you, maria. maria: george farmer joining us there. coming up, energy executives in the hot seat, democrats grilling big oil about climate change. republicans firing back, calling the hearing tone deaf. we're on it when we come back as oil prices remain at elevated level. it is insta stars week with social media entrepreneurs
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joining us every week. >>. our city bonfires sell like hot cakes on instagram. maria: we want to hear about those hot cakes, we want to hear what makes bonfire products so -- live on fox business. ♪ ♪ ♪ ♪
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plus, 0% interest for 36 months on all smart beds. ends monday. (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you give back. so you can live your life. that's life well planned. maria: welcome back. top oil executives getting an earful from progressives this week, leaders from exxon mobil,
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chevron, shell, all grilled over allegations that these companies contribute to climate change. republicans called the hearing tone deaf as americans are feeling the pinch at the pump. watch. >> the purpose of this hearing is clear. to deliver partisan theater for prime time news. >> some of us have to actually live the future that you all are setting on fire for us. >> i mean, you made, what, $29 million last year in poisoning the planet. >> i'll tell you what's frustrating, telling oil and gas companies to reduce production at the same time the president of the united states is telling opec to increase production. maria: joining us now is senior market analyst, fox contributor, phil flynn. when aoc says you're destroying the future, i'm not sure what
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alternative she is expecting given you can't fly planes and drive cars on wind and solar, phil. >> i know, it's absolutely crazy. i think i would respect everybody in congress a bit more if they decided to stop using fossil fuels and give us a real alternative. it was just unbelievable the way that this committee, especially the democrats on this committee, went after the big oil companies, accusing them of crimes, trying to get them to lie because that would be their big moment, but i think it fell flat on its face. i think the american people read about this or heard about this or realized that this was nothing but a show by the democrats to try to push through a failing energy agenda and they're more concerned right now about paying their heating bills and paying their gasoline, which has gone through the roof and it's going to get a lot worse before it gets better. maria: yeah. let's talk about that. because there's a new reuters
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survey that says analysts are predicting oil prices will stay around $80 a barrel as the year ends but give us the supply demand dynamics and where you see oil and gasoline over the next 12 months. >> i think we can see $100 a barrel next year unless we change policies right now. i mean, if you look at what's going on, maria, we're seeing retreat from the u.s. energy industry and the committee hearings yesterday is pushing u.s. energy investment to other countries. why would you want to invest in fossil fuels in the united states and be fearful that that you're going to be called up in front of a congressional committee to get yelled at and blamed for things that happened before you were born? it's absolutely unamerican and bad for the country. i've been warning for some time, under-investment in fossil fuels before we have alternatives is a biggest threat to the economy. this year we had a target of $88 a barrel. we're pretty much on track for
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that. i think next year $100 a barrel unless things change. you're going to see a lot of people in this country feel the pain this winter because their heating bills are going to be double or triple what they were. maria: and phil, is that a supply story or is that a demand story? the economy is slowing down. we just got the gdp yesterday. it's 2% growth for the third quarter. that's down from estimates earlier in the year of 10%. so he demand was slowing down a bit. i know demand picks up going into the winter but is it more of a supply issue after president biden killed the xl pipeline and is pushing through this energy plan to kill fossil fuels? >> it is. it is. and this is why. because if i was representative katie porter i would show you m & ms to explain this. basically what happens is -- what is happening here is usually when oil price goes up,
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the industry reacts. they say, hey, prices are going up, let's drill more, let produce more oil. that's not happening because they can't get the investment because investing in fossil fuels is a bad thing and if you get inof vesting -- if you don't get the capital to invest, if the demand goes up, you can't raise production fast enough of to keep up with demand. that he creates a supply shortage. creates record prices. maria: that makes a lot of sense. good to see you this morning, thank you very much as we watch oil pry prices at $83 a barrel. a nod to the dad bod, the new additions to the miriam webster making a buzz this morning. find out what other surprising words made the list when we come back.
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maria: welcome back. time for the hot topic buzz. merriam-webster adding 450 words to the dictionary, including long covid, super spreader and then there's tbh, abelieve for to behonest and then there'd for someone what is overweight and not muscular. james: tbh, i was way early on the dad bod trend. it's good to get recognition. super spreader i believe means a gathering of conservatives. when it's people on the left it's mostly peaceful protest, i think. maria: why is that not insulting to some people? here we are earlier talking
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about bullpen being a bad word. we're you allowed to say dad bods, that means a slightly overweight man. i don't know why that would be acceptable if other things aren't. james: maybe it's a good example. maybe other people should not be so easily offended. maybe we'll start a trend. maria: exactly. yeah, exactly. alex, here's some of the other words. you've got amirite, am i right, for the win is ftw, and then there is deplatform, banned from social media. >> let me tell you, where was websters when i needed them when my two daughters were growing up and texting began and they were sending me all these acronyms and aabbreviations and i was trying to figure out what they were saying. they're a little late for me. it's amazing how they come up
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with these type of things. maria: funny. all right. we will the take a break. when we come back, new charges filed against andrew cuomo, the former new york governor facing a possible year in prison over alleged groping. we're going to tell you about that story when we come back. it all starts next hour right here, "mornings with maria" is live on fox of business. ♪ ♪ traveling has always been our passion, even with his parkinson's. but then he started seeing things
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gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your strategic advantage. . maria: welcome back. good friday morning. thanks so much for joining us. i'm maria bartiromo. it is friday, october 29, top stories 8:00 a.m. on the east coast. >> president biden meeting with pope francis at vatican vatican city ahead of g20 summit one of the biggs issues on agenda climate change policy. plan for a live streamed meeting seriously have been scrapped with no explanation new scaled down version of the president tax and spend agenda
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stalls in washington house, senate democrats unable to move the reconciliation package forward nor infrastructure plan despite smoke and miles an hour framework yesterday speaker nancy pelosi pulled the plug again on the vote, for the infrastructure bill. after biden stripped out most campaign promises from reconciliation bill the markets under selling pressure, given their missed expectations in big tech last night after close dow industrials down 43 s&p 500 down 22 nasdaq down 13 2 given weakness in amazon and apple this morning, all three major indices in the green boosted by earnings in fact another record-setter, by the close s&p 500 and nasdaq finished in unchartered waters near record highs 1544 nasdaq, being 4596 on s&p 500. european markets this morning like this, germany third acquired gdp out came in weaker-than-expected, 1.8%
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growth versus estimate 2.2 % growth, ft 100 down 24 cac quarante down 25 dax in germany on heels of gdp down 115, three-quarters of 1% in asia overnight mixed korea best performer worst performer the kospi down 1 1/4 percent "mornings with maria" is live right now. . . >> some top stories that we are watching this friday morning, meet meta facebook ceo mark zuckerberg revealing his company new name rebranding the company as meta, short for metaverse the platform allows users to back in virtual word on mrvs, facebook continues to face a growing pr firestorm, and probing from government, former employee accusing the company of prioritizing profits over safety promoting
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harm content to teenagers, stock this morning nonetheless up better than 1%, virginia gubernatorial race no longer in have a dead heat in fact, the republicans are taking the lead a new fox news poll shows glenn youngkin 8-point lead the election this tuesday, he leads democrat mcauliffe 53% to 45% in virginia, vice president kamala harris will make another stop in virginia, to try to boost support from -- mcauliffe despite dwindling, president trump announced a rally monday to support glenn youngkin, biden administration considering paying illegal immigrant families 450,000 dollars per person. yes using your taxpayer dollars according to "the wall street journal" money would go toward people separated would be a billion dollars per couple.
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white house saying this is an effort to resolve lawsuits filed by those who say the separation under president trump's zero-tolerance policy caused them psychological trauma. this as border crisis reaches he fever pitch most amount illegal crossings recorded in 20 years 1.7 model apprehended, 2021 breaking the law now administration wants to pay them for it. market this morning under selling pressure we are about one hour away from the opening bell for a friday the, take a look, technology stocks are dragging the market lower disappointing results from interest amazon and apple the highlight of the day, 2 nasdaq down 131 points right now, as a result of weakness amazon shares down 4 1/3% apple shares 3 1/2% lower, as you can see, there amazon missed expectations, issuing a disappointing fourth quarter guidance ahead of headline season blaming crunch apple reported supply constraints as well, and they said it cost
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the company six billion in revenue, they generated 83 billion in revenue profits 20 billion joining me right now mark mobius, are all longer long james freeman and alice sanchez great to see everybody thanks for being here mark kicking off with you as earnings reveal this pandemic era winners and losers, and even the winners are not safe from the supply chain crisis, tell me how you see what is going on in terms of logjam of supply. >> not only supply chain problems very, very big, as you know, but problem now is personnel costs labor costs going up not only u.s. o globally i think a big, big challenge because more and more of these companies need people to run the companies, actually do the work. and getting more and more -- margins being hit, of course, people coming out of china then going to hit higher costs
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in other parts of the world as well. >>. maria: a great point that you mike, and we are going to be speaking in a while with major trucking company to get a better sense of what is going on there, but what is your take in terms of cutting into earnings? are you seeing that as well globally that issues are cutting into the macro story, and earnings picture? for companies? >> yes, i do, i do see that the -- companies using technology in a smart way to reduce labor costs or to eliminate labor from around our processes but, unfortunately, there are a lot of companies that like amazon, anybody doing home delivery is dependent upon these people need arms legs to move products arrange where the big, big problems are going to come the companies use technology in a smart way to
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russ you labor comforts if not -- better shape. >> your take on inflation back as well, treasury secretary janet yellen says she sees inflation temporary, a result of these near-term issues supply chain crunch says prices will normalize second half of 2022. -- transitory temporary transitory, et cetera, but time to end pushed out now second half of 2022 mark do you think this is temporary? >> no, it is not temporary if you see, money going -- 30% or more this is not temporary the inflation numbers as you know -- inflation numbers, not telling whole story good news technology is making costs in some areas lower the reality is that prices are going to go up dramatically as we go forward , no question about that in my mind . maria: a florida banks
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association jump in alex. >> thank you, maria, hey mark, here is my take on the supply chain crisis. you know yesterday the american truckers association president said that before the pandemic, he was short 70,000 truck drivers today 1 of 1,000 truck drivers short of with continuing reliance i think it will continue we've got to get higher new you truck drivers manufacturing continuing i think earnings of some companies like apple while they did well but if as mr. cook said short six billion dollars, this is going to continue, mark what is your take on my opinion on supply chain crisis? . >> i agree with you, completely. there is a real problem. the situation is this if you
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are paying a million dollars why should they work? and this is true of people all over the united states, they have been paid because of covid crisis, there is no reason for them to work, and the impact i think very important people are feeling a lot richer than -- dpalbling on cryptocurrency a lot of people feel very, very wealth onpaper say why should i work so i think it is going to be a combination of many things, one, people wanting to work not needing to work, secondly, cost of everything. maria: . >> well, mark i want to get your take on that because u.s. regulators watching crypto crazy in scaled down version of reconciliation bill in washington, there is a crypto element crypto, facing a rule basically meaning that one cannot sell a position at --
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and repurchase same asset this could take effect for tax years after 2021 but may reduce crypto trading value according to wall street analysts. also looking at questions over ever when agency will oversee dym currency the commodities, exchange exhibition who will have jurisdiction over this market questions the crypto element of the build back better plan is raising even more questions, what are your thoughts? we heard -- exchange commission chairman on regulating it. he said it is a wild west. >> interesting the way agencies fighting over jurisdiction the real question is why isn't the irs getting involved in this? if they consider this an act of -- questionable, let's say -- what is happening to the applying and selling how much money is being made, and what are the taxes exactly this is not been addressed, of course,
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what is this money being used for? -- does person get cryptocurrency used for all issues not even addressed fighting over jurisdictions but not give hitting at real issues. >> have a very good point mark i know you've been following it as cryptos trade higher crypto now on ticker every day here on fox business, to keep up with these huge moves mark great to catch up with you as always. thanks so much. >> thank you. >> mark mobius joining us much more coto come no deal for democrats progressives shutting down scaled-back version of the spending bill and infrastructure bill leasing president biden scrambling to get his own party in line former white house press secretary kayleigh mcenany here, insta-stars week recognizing innovative
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. maria: welcome back. former new york governor cuomo charged with semied swkss sex crime charged with forcible touching saying alleged abuse happened at governor executive mansion december does not name victim the lawyer is denying the charge calling it politics, joining me right now is former prosecutor defense attorney cornell university school of law adjunct professor randy zelen good to see you. thanks very much your reaction to charges against cuomo. >> i will tell you knee-jerk
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reaction is the fact that he was issued what is called a gus appearance ticket there has been no form criminal charges filed against him yet, quite frankly, what we've seen everybody take a breath here not a legal document that he can be prosecuted on. it is not a valid legal instrument to take governor cuomo to trial. why? it is a complaint. signed by an investigator, the investigator was not the victim the investigator was not the one who was inappropriately forcibly touched it was executive assistant, there is no piece of paper signed by the executive assistant right now, so, today, as we sit here, governor cuomo has been charged with an order by an investigator to show up to court. so between no i, and showing up to date of court it is very possible that -- the attorney
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a fine attorney can meet with prosecutor's office coincidence prosecutor's office that these charges should not go forward and this could die before it ever goes anywhere we also don't know if the victim is going to be available will be willing to cooperate and see this all the way through trial. so that is my visceral reaction there is a lot of sizzle here we haven't seen the steak yet. >> leticia james is running for governor so, you know, cuomo's office saying this is all politics, what about the fact that now the person who is you know, zeroing in on taking him down, is actually running for governor. and then i also want to get your take on ramifications should he be charged if charged what could happen to him? will he from here on out be forced to say i am a a sex offender? >> let's unpack that certainly the fact that attorney general
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james has been very coy as whether or not running for governor when you have district attorney albany county basically expressing surprise an order to a par in court adds to political spin on things. certainly, right now, if he charges or files governor cuomo is supposed to appear in court november 17 what is called arraignment that is where is judge says welcome to the criminal justice system this is where prosecutor says we are here to prosecute you he will enter plea not guilty if john doe not former governor of state of new york assuming no prior criminal tax
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no prior criminal sexual priors you have the victim welling to see case involved cases often get involved show me you have been in therapy got act together case will be dismissed in interest of justice after a period of time here with governor may say i did nothing let's be indicative he never said i never touched anyone he said i never assaulted anyone i never touched anyone inappropriately a little coy, maybe saying consensual if goes to trial convicted yes criminal record would have to register as sex offender. >> thanks very much for walking us through that we will follow it, we will take a break, thank you, sir. when we come prfz holed hostage biden arrives in europe without a deal in hand. stay with us. .
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. maria: president biden meeting with with pope francis one-on-one this morning, at vatican, for 90 minutes' time, climate change covid-19 were expected to be main focuses of discussion the meeting after criticism of biden pro aborrowion stance president biden starts european trip no spending will be as progressives hold his agenda hodge joining me co-host of out nonned kayleigh mcnaomi, just like a good story to tell on september 11, by rushing everybody out of afghanistan he wanted a good story to tell his colleagues in europe, that the u.s. agreed to climate change now they is this agree to this policy. can't do it now your take? >> exactly right i know i argued yesterday was second worst day of biden's
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presidency first thing afghanistan, obviously, can't keep world in order he failed miserably there also can't keep his own house in order these are democrats he should have been able to go into meeting push vote on infrastructure but he didn't this isn't once this is twice gone in blown up the deal he was supposed to go in say vote for infrastructure, this time he vested beginning of the month and yesterday both times didn't do it he tied to it the progressive package in doing so, sealed the fate. >> what is your take there is a good chance that nothing gets done at this point? i mean obviously, the progressives are holding the infrastructure plan hostage, because they won't vote on it, unless they get what they want in the reconciliation piece. >> i think they end up getting something one thing that democrats are pretty good at sticking together those kind of rocky getting to the final end point there will be much more watered down version of
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the bill but i do think that we get there -- others the signaled this is kind of looking okay now that they have to text almost passive endorsement unfortunately horrible for the country this government monstrosity bill watered-down instead of 3.5 closer to 1.5 we know programs aren't going away closer to four trillion in reality, i do think they get there unfortunately not good for country not popular in polling either. maria: and i am glad you mentioned that i want to bring james freeman in op-ed, in journal this morning a jury rigged framework goes through cost of programs what democrats are saying they cost at this point i think people would like honesty, stop saying it costs nothing when it costs multitrillions stop calling it a human
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infrastructure plan when it is anything but. it is a social spending plan, that focuses on climate your thoughts, james jump? here. >> stopping -- also would be a nice starter opt i guess phony deadlines phony reasons why we supposed need counterproductive at best unnecessary plan kayleigh this pelosi-biden argument costly conduct foreign policy to me trillions of dollars in domestic entitlement spending beyond weird but doesn't it tell us they still don't have a real argument for this thing? >> i think that is exactly right look, i mean 36% according to ap approval how biden conducting this unpopular in west virginia
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unpopular by plurality in arizona two states manchin and sinema hailed from you are right you don't need a domestic boondoggle to conduct foreign policy i would argue setting him up i was in white house chief of staff keeping apprised exactly where congress stood, covid relief, creature of the hill very good making sure the president and myself spokesperson knew where standing but framework without legislative text, no consensus or support, gets into president survey himself poorly. maria: kayleigh before you go how important is virginia race, republican candidate glenn youngkin positive news fox news poll finds youngkin 8 points ahead of democrat terry
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mcauliffe, a few days away upcoming tuesday. >> the earth-shattering biden won state by 10 points underwater there, at have 43% approval we will see, you know not to be too confident glenn youngkin party has to deliver votes tuesday would be earth-shattering massive well bet more difficult for biden taxes legislation on hill if they lose you will have a lot of very jittery moderates, look at virginia say oh, that may be my fate if glenn youngkin wins there. >> have kayleigh we will see the you later on outnumbered on fox news thankings for being here this morning kayleigh mcenany, key data out personal income spending out oet part -- the other part of
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maria: welcome back, he personal income spending hitting the tape cheryl casone with numbers. cheryl: numbers crossing first to spending we came in with a jump .6% looking for and a half a percent consumption as far as income down 1% income down 1% looking for fractional move to the downside .2%, on income number inflation data fed cares about the big number looking for the year-over-year core pce jump 3.6% that is what the fed looks at, for inflation, in particular that is best measure we were looking for gain 3.7% year-over-year that actually a tiny bit better than expected gain.3% looking for.2, the employment cost numbers third quarter, right, employment costs we you a saw
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a jump 1.3%, versus estimate .9% if you look at year-over-year number, for employment costs, 3.7% maria so again, the labor shortage becomes a labor cost, that is what market was looking for we had a tick downsideed when of numbers crossed coming back a little bit still markets in red right now back to you. maria: all right, cheryl, thank you so much problems are piling up at ports chiment robinson one of the world largest shipping logistic companies to address the supply chain, handling 26 billion dollars goods walmart, target. >> thanks for attention to this we are watching your o better-than-expected er quarterly numbers as well, first access the situation for
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us bob what do you see? >> good morning, maria. the -- across entire global supply chain there are opportunities for improvement at each step along the global supply chain i heard one guest earlier said -- this may be case only one part of the solution we've got, issues with capacity, oceanside, taking steps to keep ports open 24-7, that won't solve the problem as challenges with things like labor availability, shortages, goes throughout the entire supply chain. maria: what about that labor availability, we're talking so much about a shortage of truck drivers, why are we seeing such a labor shortage? what can you tell us about the realities that you are faced with on the ground? >> well there is a shortage of truck drivers, i would be remiss if i didn't at least
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speak to o some things going well in tributeing the fact literally million professional truck drivers on road every day, safely delivering over 75% all goods that all of us consume every day, if we look cross landscape professional truck drivers estimate between 60,000 and 80,000 drivers short what have we need in order to reach equilibrium this is an industry will needed to add over a million drivers over the course next decade, challenging industry to attract labor into given demands of this job. >> an incredible demanding job driving all the tile sitting in that seat all the time that also is -- you disruptive, for one's body you are also investing in technology. to move things along. what about that in terms of the impact on your company,
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and growth with this investing in technology? >> so that how are you doing that? >> yeah so we will spend a billion dollars on technology over the course of the next several years. much of that technology investment is -- solving just this problem inefficiencies out of supply chain if we think -- trucking as example close to 25% all miles that these trucks drive are driven -- without a load we believe we've got ability to get more truckloads than anyone else in the industry match every empty mile, more capacity adding back in to help goods flow more effectively through supply chain james freeman from "the wall street journal," go ahead. >> thanks maria bob can you tell us when talking about the
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problems at the ports of los angeles and long beach are there california specific regulations that are affecting this in terms of vehicles, regulation, employment law that results in fewer truckers few er trucks than would otherwise be the case? >> you know part -- hoard to tell in specific regulation has direct impact on supply chain i can say for certain bottleneck to availability, is a huge thing, what is happening here today, is that containers come out of the port, unloaded directors center because of labor delays sending much more timing away to be unloaded inefficiency into supply chain,
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introspective in rail service some rails to help relieve congestion should start to see more containers more efficiently there are several more step you can say next several months, quarters. maria: what about cost? your company saw price greater than cost transport in the truckload for the first time in nine quarters, tell me about the cost what you are facing in terms of the expense side of the business. >> it is certainly been -- cost environment really every, ocean probably most pronounced year-over-year basis we see containers that perhaps year ago might have been moving for a few thousands now moving tens of thousands of dollars on domestic trucking front decreases in cost of transportation over past several inquiries did mod
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drait a bitter third quarter pricing if marketplace tart to level out much higher rates than a year ago we do expect there will be inflationary costs in the trucking side, in our industry we talk about stock market the contractual market the stock market continues to move ahead of contract, pricing up over time. maria: i am going to bring alex sanchez in florida banks association you said something so compelling we may be short 60 to 80,000 truck drivers, what is the salary the average salary for those truck drivers? and where do you find the labor, in the face of these shortages that we're seeing across the country in some cases the world? >> well professional truck drivers depending how they drive if own operators country drivers, wage varies i would
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say if you think about 50,000 dollar range probably good average there is a couple things very specifically the first thing i point to is that make up 47% labor pool but only make up about 8% of the population of professional truck drivers so there is a real opportunity to attract women into this industry safe way drive more employment there second piece i was talking about bringing younger workers into the interstate trucking today you needed to be 21 in order to be interstate truck driver to drive from state to state if you think about nature it is difficult for tricking first job out of high school perhaps they have to work in a different trade for a period of time or go to college, fall into trucking as second choice so the drive safe act very important to legislation working through, would allow
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18-year-olds, to obtain interstate truck driving licenses, to go into primary voice versus secondary. >> yesterday on hill lawmakers talking about, funny that you bring it up as being as important -- alex sanchez is here with us go ahead alex. >> thank you, maria, bob you are a great example why the free enterprise system is going to figuring this out you and your company i think we will, and your company will help in getting those solution. my question to you, bob, is -- to follow maria you said up to new drivers in coming years you have to recruit where you perhaps have not recruited before what is outlook, and what kind of efforts can you share with us, so that we will know that the solutions are forthcoming where do you see recruiting new truck drivers down the road?
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for the industry? >> well as i said i think you know the industry, the american trucking association own operators independent drivers companies working to try to make trucking attractive job we need better infrastructure reducing bottleneck in supply chains more -- so drivers peel safe able to maximize full day ensure our shippers our receivers, truck drivers are treated ethically fairly a good environment for them to arrive to distribution center treated with respect. >> network 75,000 different motor carriers allow to participate, they wouldn't
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achieve on their own because of lack inability to find shippers we are looking at things a the to attract driver tshl work with smaller carriers. >> bob quick have you seen a big change macro story. >> things pick up we continue to see really, really strong demand signals from the consumer side and supply chain continues to be constrained so the market conditions we are experiencing expect to play forward next had beens several quarters. >> bob great to get your take on all this thanks so much for being with us this morning. >> thank you, maria have a great day. >> all right. we will see you soon, and to you. bob, joining there is we will be right back with insta-stars. stay with us. . limu, you're an animal! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
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>> welcome back, insta-stars week we highlight bonfires, instagram account has nearly 65,000 followers gains more than 100,000 a day joining me chris, michael coo founders of city bonfires great to have you both let me kick off with
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you how did you come up with this idea tell us about your business. >> hey maria thank for having us, good morning, last march when we all were shut down, stuck home with covid, the covid next-door neighbor trying to cole up with different ideas, number one how to -- kids -- number two we were trying to come up with idea, lost jobs trying to -- think index for family to survive -- we came up with this, this is where we are now. maria: i mean only in america that you can create a business based on your instagram precisely tell me how you monetized this. >> chris looking at different formats only, put out one post, got a bit of reception,
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then a little bit here about different really, organically taken us used us created really beautiful posts, people can see how to use it kind of -- help -- with crucial. maria: what are your most liked photos on instagram how many likes did that receive what does that translate into monetizing this business? >> we had, many different photos you know, millions of pieces, showing now, our main video we came up with it millions, this is our biggest video so far. and my wife has been the one that creates videos manages our accounts if it was haven't for my wife we would be
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nowhere. >> a small business family business instagram internet loud us to be very, very broad. >> that is awesome so what advice can you give to viewers who may have been watching say i want to start my own business on instagram what is the secret to success here? >> that the number one secret to success is just to do it. open up account and do it not tell yourselves you are doing it tomorrow or or monday, it is free you can learn anything you want on youtube got to do it you have you know, take notes learn sit down do it. >> if you were opening a store in old days you open main street of town now you have the opportunity to open it mainstream internet, then you know instagram, you have to ability to hear back what
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people are saying in thoughts, adjust quickly to that. >> i think your spot-on there you have this interact going on quick break is doing hide pancakes from husband one delivery driver responded to we the video you have to see making the big buzz of the morning, stay with us. .
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so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving. maria: welcome back chevron exxonmobil trading higher on better than expected earnings oil giant both reported earnings this morning, chevron posted highest third-quarter
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profit in 8 years driven by surging oil gasoline prices exxon announced launching a shared buyback program beginning next year, as you can see, both up 1 1/2% apiece, watching big tech loser of the morning apple, amazon lower after results last night amazon missed top and bottomlines down 4 2/3% apple in line with expectations revenue below estimates apple ceo tim cook said the supply chain crisis costs the company six billion in revenue, had 83 billion in revenue on earnings of 20 billion stay with us. we'll be right back with more "mornings with maria." live. .
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we've begun our long awaited transition to commercialization. come join us at electromeccanica.com and drive solo. an official message from medicare. did you try it yet? comparing plans? oh yeah. they sure can change year to year. i found lower premiums and lower prescription costs. that'll save you money. so uh, mark? on medicare.gov now. open enrollment ends december 7th use the plan finder at medicare.gov to compare medicare health and prescription plans. comparing plans really pays. paid for by the u.s. department of health & human services maria: welcome back. time for the big buzz of the morning, and amazon delivery
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order placed along with a wife's frank on her husband, spots the welcome mat that says please hide the pancakes for my husband. he was about to walk away the grab the package and hid it in the bushes instead. the husband was wondering where the packages went. it wasn't pancakes, it was shopping. >> there's a thing, the customer is always right, kudos to the amazon driver for trying to honor that. would affirm that says go away i wonder if i should follow that? >> what do you think? >> i love that. that was fantastic. maria: i know you wanted to comment on the 450,$000 given per head in illegal migrants, $1 million a couple for breaking the law.
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>> when i read that story i was in disbelief. my wife was rescued by the coast guard in the caribbean leaving the socialist tyranny of fidel castro and her family was separated. we would never ask for anything like that from the government. maria: she has seen this before. great to have you this morning. have a great weekend, see you monday. "varney and company" starts now. stuart: we have a jampacked friday, news on all fronts, start with this. amazon and apple done in by supply-chain trouble. amazon sees the problem continuing and both committed the unpardonable sin of missing wall street expectations. down they go big time. microsoft doing really well. it that it may soon

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