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tv   Varney Company  FOX Business  May 22, 2024 10:00am-11:00am EDT

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neil: stuart: an easy call by the producers, what you are looking at is it starts today in new york city, all kinds of navy
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ships, disembarking and wandering around the city was welcome to new york, navy people. check the market. very little price movement, dow is down 5, nasdaq is up 13. the 10 year treasury yield coming in today at 4.4%. the price of oil further away, and bitcoin at 69-5. in the last hour, the building was on lockdown. capital police cleared the suspicious package and confirm two vials of blood. something important for realtors, the latest read on existing home sales. lauren: it fell to a seasonally adjusted annual rate of
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4.14 million. spring buying season slowing down, price goes up, median price 470,683. stuart: that is a very low number, 4 million home sold on an annual basis. almost getting up to seven. now this. senator elizabeth warren declared war on big food. the center demands a task force to investigate giant grocery store chains and food producers which she says raise prices to have their profits. and 78% of americans taking action against giant food producers engaging that. this is how the left explains the inflation they themselves created. they push the notion it's the fault of big business, wielding
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monopoly power to gouge the consumer. and before they take third of the grocery market and not a monopoly. that was a competitive marketplace. the market establishes the price, supply and demand rules, the left ignores this economic reality, so does the president, he blamed inflation on corporate greed. they can't afford to admit the truth, the truth is that the inflation that is hurting us all will but it was started by biden's ill-advised energy policy and biden's unnecessary $1.8 trillion spending plan. didn't help the fed answer to couple trillion either. this is an election year, attacking big oil, big pharma, big food, warren's opinion to the little guy, pure politics, senator warren is a socialist attacking capitalism will do nothing to bring it down. and demagogue going business will win very few votes
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hopefully. second hour of varney just getting started. ♪ stuart: liz peek joins me, we were engaged in conversation. i say warren's attack on big food is politics designed to win votes. there's always going to be a proportion of the electorate who go for that. am i overstating my case? liz: you are right but can i interject some facts into this conversation? the media doesn't look at the data. i went back and looked at gross margins first quarter of 20 one, when biden became president, for craft, pepsi, a whole bunch of companies. general mills, campbell soup, coca-cola, the big meat companies and big grocery chains. they saw their gross margins compressed when inflation began
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to go up. that means they were making less money per dollar of sales. they raised prices. every single case their gross margins are still behind where they were when president biden took office, that debunks what elizabeth warren is talking about and what president biden talked about in the super bowl ad. this is not food companies going after the little guy with shrink for elation or raising prices just because they want to gouge the consumer. this is a lie and i'm sick of the economic lies that this administration is spinning out to protect president biden and that's what they are doing and protect themselves. $1.9 trillion atrocity that they passed after biden was elected. that started inflation and they are still arguing, they will take no responsibly and want to blame anybody including those who are trying to stay even. stuart: and doing a good job of
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it. i'm intrigued at your new op-ed and you know what's coming. this op-ed, you think president biden should step aside and let kamala step in? is this the real liz peek we are talking to? liz: the timing of the debate, months ahead of schedule caused people to think at the convention they will dump president biden if he does a face plant in the debate, a little time to regroup and consider their alternatives. what i'm arguing in this is the least painful alternative for democrats and a good one is kamala harris because below the radar, she's out there talking to black groups, women's groups, her approval ratings have been ascending, she is more popular than the president and been hosting salons with
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big democratic donors in dc getting them to know her, superdelegates, in the first couple rounds, instrumental in picking the next candidate, trying to set the stage and the other side of the coin is she's not going anywhere without a big fight. and 68 they and up with hubert humphrey the vice president to succeed lbj, more unpopular than kamala harris, because of his least contentious candidate. i would argue she will be the least contentious. she is more fit than president biden. stuart: never would have thought of that. liz: remember the katy perry song, i've been here the whole time? that's what she will be singing. stuart: a change on the subject. the view's joy behar is nervous
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to criticize biden. lauren: they don't want people to doubt biden more. this was a discussion with bill marr. >> i'm nervous about saying anything against biden. not that i have so much power, you have some more than i do. are you afraid you might influence people on the fence? >> you lose all credibility. my bond with my audience is i don't pull a punch, my bond with my audience is you won't like everything i say but you know i am saying what i really think is true. lauren: sounds like she is really not convinced biden can easily get this over the finish line. i wish they let that soundbite play out because bill marr went on to say biden presents as old, we are all old, and cadaver like, joy beharder says
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non-spring. stuart: agreement right there. 30 minutes into the session, they are up 7 on the nasdaq. big picture for a second. if i were to buy one tech stock. which tech stock can that be? >> in the seattle area, microsoft, a world class our locator on capital, the largest company in the market, they are a force to be reckoned with. 36% growth the last year, one to one with the s&p 500. what's interesting is you had growth companies are value companies, the annual expectations at 12% versus the
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market doing 99. you can get the same risk on the market but 30% more on the upside. stuart: you can understand this is music to my ears. i will move on to nvidia. you are saying nvidia has a lot to prove, they have to perform extremely well this afternoon and beat expectations significantly. >> absolutely. nvidia is a gauge of the prevailing sentiment in ai, demand is high right now. to your point, i don't know that they can maintain these record-breaking numbers year over year, 2 trillion right now. that being said they have a lot to prove, 90 one% year to date, 500% since november 2022 when chat gpt came out. these are amazing nevers, world-class company and organization here.
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the point is analyst expectations say don't just look at the last year, 200%, that's what the future is going to look like. we have a risk here, 1.6, that's a high risk or variations between movement, we have 8% rejection, and much higher risk than a company like microsoft. i leaned microsoft over nvidia though i'm a big fan of both and surprise to the upside, nvidia could be a massive winner moving 1.6. stuart: it's exciting when you get days like this. thanks for joining us. we will be glued, 4:00 eastern. lauren is looking at the movers. bust is a mover, 21%.
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lauren: vivek ramaswamy reveals a 7% stake worth $4 million in this news and entertainment site. the question is why? i don't know. does he want to be a joe rogan type? that is not getting potential cabinet in the trump administration? don't know. stuart: we have a consumer financial protection -- lauren: by now pay later stock, down 4% because the consumer financial protection bureau issued a new rule that will make the buy now pay later lenders offer legal protections for customers like credit card. that means to spend money, without the customers issuing credits, not good for a company. stuart: petco. lauren: way up.
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we are on track to return to profitability 25%. that's the saving grace. numbers were dismal, just wrapped up because things are expensive. customers are pulling back. stuart: that the case where the guidance change everything, 23%. right now, antony blinken is being grilled on the administration's israel policy. he said he would be happy to work with congress on an appropriate response to the icc seeking an arrest warrant for benjamin netanyahu. newly released court documents reveal the fbi is prepared to use deadly force on the raid on mar-a-lago. did biden get the same treatment? chip roi on that next. ♪
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stuart: let's check big tech, we got one loser, it's google is enough about, down $1.50. the rest are up including microsoft, that's a new high, $432 a share. a heated exchange with bill marr about the war in israel. what happened? ashley: this is good stuff. any of the protesters demonstrating in favor of hamas should go live in gaza which led to this. watch. >> are you at all concerned about the innocent civilians that have been collectively punished and murdered, children and women, are you concerned about the fact the international criminal court
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just today issued a subpoena for benjamin netanyahu? >> that's ridiculous but -- it is a war and they were attacked and are defending themselves. that is what happens in a war. here's a way to stop that, stop attacking israel. [applause] ashley: the audience clapped. she did agree hamas must be destroyed to which marr asked how do we do that? it's a war. he said you don't know how to do that, do you? making some good points these days. stuart: thanks very much. secretary of state blinken is back on capitol hill the second day of hearings. he has been sharply criticized for biden's policy on israel. julian turner joins me from the state department. what are we seeing?
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>> reporter: facing a ruling about the administer ration's foreign policy, so far in this administration, yesterday senate hearing had to face down anti-israel protesters before he could make his opening statement. take a listen. >> the people's republic of china -- >> he is a war criminal. 40,000 palestinians here. >> reporter: before a panel of house lawmakers yesterday, got the grilling from the senate. >> it seems the world is on fire in part because of the weakness of our administration. >> you presided over the worst foreign policy disaster of modern times. >> reporter: blinken was on the quest, accusation the us is
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hamstringing his relapse self-defense. >> i was in israel 5 days after october 7th which i've been there 7 times since, no one, starting with president biden, has done more to make sure they have what they need to defend themselves from hamas. >> reporter: blinken faced criticism after the death -- >> something we have done many times in the past going back many administrations, many decades in the normal course of business. >> i don't think it should be a normal course of business. it is shocking this administration would mourn the death of the butcher of tehran. >> reporter: not just the condolence letter but a lot of anger and dismay the state department offered assistance to iran during the search and rescue effort that could go on and recovered the body, we expect him to face more questioning about that. stuart: thanks so much.
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speaker johnson is considering legislation to sanction international, court officials over arrest warrant requested for benjamin netanyahu and other israeli officials. texas congress in chip roi joins me. you are an opponent of the speaker but do you support him on this one? >> we had disagreements on different issues but on this issue we are aligned as republican conference. this administration, absolute abomination in terms of carrying out our foreign policy. they've been abandoning israel. it's laughable what secretary blinken is saying, no one has been a better friend of israel, that's laughable. they've been trying to throw israel under the bus since october 7th, the united nations abstained rather than standing with israel when they called for a unilateral 1-sided cease-fire. they are now trying to prevent popular -- proper munitions from getting there. bill maher, don't agree on a lot but he agreed on more things recently on covid and
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other things, is right on this. it's a war and israel is going to be studied for years to come on how they carried out attacking hamas intertwined with civilians in urban warfare with less then a 2 to one ratio on civilians to combatants. it's pretty extraordinary. 15 million leaflets they dropped, 70,000 voicemails, text messages, gave them two weeks notice they are doing what they can to protect civilians. we stayed with them and this attack on netanyahu is completely unacceptable. it is an illegitimate court. the united states should not allow this to occur. the sanctions bill is right. i applaud speaker johnson, chairman mccall, for joining with what i'm trying to do, we have 50 something cosponsors, a bill that would sanction the icc for doing what they are doing, unprecedented, unacceptable, america should not stand for it.
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>> the administration authorize the use of deadly force during the fbi's radon mar-a-lago august 2022. was this necessary? >> this is boilerplate language, this is the president of the united states cover the attorney general of the united states will have tough questions to answer when he comes before the house judiciary committee, going after and risking the lives of the people around the former president, potentially endangering him while carrying out a sham, storming of mar-a-lago, he needs to answer for what he's he is doing, we hold him in contempt because he's trying to hide behind executive privilege when he has no such executive privilege with respect to what they are doing with president biden and this ridiculous prosecution, progressive activists in jail for 5 years for protesting at an abortion clinic, this is
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weapon eyes fbi, attacking the american people, attacking donald trump, he has questions he needs to answer before the house judiciary committee and i look forward to seeing him in a few weeks. stuart: did you see biden's approval rating down to 36% in a reuters poll? how can he rebound from that? >> i don't know who those 36% are but they are not in the same country i'm living in, inflation, open borders, ceding our position in the world stage. things are looking good for republicans in november but we've got to lead. we need to do a good job on fiscal year 25 spending bill and develop a plan for the american people that will secure the border and do what we said we would do come january if they said they would give us the white house, the senate and the house. stuart: you packed a lot into 3.5 minutes. see you again soon. more vote buying, the white house is giving billions more in student debt relief bringing the grand total to one hundred
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$67 billion, details on that coming up. the latest read on existing home sales came in very low. 4.1 million sold on an annual basis. very low number. coming up, brian brenberg on the housing market, get his take on the housing market. that's next. ♪ trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailored education. get an expanding library filled with new online videos, webcasts, articles, courses, and more - all crafted just for traders. and with guided learning paths stacked with content
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call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763. stuart: one hours worth of business, the dow is up 7, the nasdaq is up 8, the s&p is down 8. the biden administration announced another $7.7 billion of student debt handouts. grady trimble at the white house. who gets their loans canceled this time? >> 160,000 borrowers, goes to borrowers who are public service workers, teachers, nurses, people working in law enforcement, also make some borrowers eligible for student
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loan payments as opposed to 20 years. in making the announcement, the us under secretary of education is celebrating the new saying we congratulate those borrowers and continue to work to deliver relief to others. the biden administration approved $160 billion in relief shy of 4.5 million borrowers. one hundred 30 republican lawmakers sent a letter to the education secretary calling for the department to withdraw the previous round of student loan debt cancellation. senator ron johnson, one of the lawmakers to sign on to that letter says programs like this one lead to more inflation. >> comes from massive deficit spending, trillions of dollars. regardless what the stock market says are the unemployment rate, that is what people are feeling. they can't afford things.
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>> reporter: just released economic well-being of us households report for 2023. in that report it found 84% of americans say higher prices made them worse or much worse off financially. stuart: brian brenberg with us at this morning, more student debt handouts, 160 -- he is chucking out an awful lot of money to get the youth vote but is he getting it? brian: doing it in little bits so people who want to sue them for it, want to hold them accountable. they can't do this, not legal, the supreme court said so but the way he is doing it makes it almost impossible to figure it out before the election. is going after young people but i think it backfires. it is so infuriating to me that he's going to give money away,
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but not going to do anything for the guy who didn't go to college, talking about truck prices settled with costs and he gets no help. he gets blamed. lauren: a new hampshire hole, biden and trump are dead even. trump is ahead in every age group minus 60 plus, trump is ahead by 9 points in new hampshire among 18 to 25. with people that would benefit from student debt forgiveness. and it might be that. brian: at some point you know you are being bribed. i am a human. stuart: existing home sales very limited on an annual basis, 74. one million homes in the price
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is rising $407,000. what does that tell you about the housing market. brian: no data point encapsulates the frustration economically than that one because when you were, when you save, all of that is geared toward the ideal of having a home that is your own. these numbers tell you that it's never been harder in my lifetime maybe yours even, back in the 80s to do the thing everyone wants to do. stuart: that everyone wants. brian: it colors everything. stuart: that is it. i remember a few years ago you get 6 million sold. i am sure you saw this one. one third of potential jen z homebuyers plan to take money to get the down payment down. i think that is bad news for
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your retirement, but if it is the only way to get into a house you got to do it. brian: i told you i like home ownership. i hate the idea of pulling money out of your 401(k). it's easier to tell the truth one hundred% of the time the 99% of the time and that is true of your 401(k) as well. you start dipping into that for a house, the chances of dipping and for something else are higher and you end up, biden doesn't solve inflation and you pay for it by undermining your retirement assets. how unfair is that? stuart: you take a loan from your 401(k) you've got to pay it back. there' s virtue because you pay back with interest but at the same time you've got to pay back that loan and have a mortgage on your house your up the creek. brian: look at your monthly budget and if you change employers, watch out.
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there's a lot of traps so watch out for hidden traps. stuart: don't mess with your 401(k). don't ever get out of it. brian: say stapled to your -- when you sliding 99. there you go. stuart: coming up, the administration is selling a million barrels of gasoline, biden wants to lower gas prices ahead of the election. we are on it. nvidia sets to appear after the bill, it could be the report of the year. we will definitely get into it but first look at this. fleet week kicking off in new york city, ships are coming. ships all the way down the hudson river, we will show it to you all day long. ♪
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stuart: we haven't seen much price movement all day long. it is 10:40 eastern time. and the nasdaq, and nvidia this afternoon. before the bill this morning. in a target store in chicago, it was a disappointing report. take me through it please. >> reporter: ceo brian cornell says discretionary spending was down which is a huge problem, target is known for discretionary spending. beauty sales are doing just fine. when you step into a target
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beauty section, it's growing larger and larger and this particular target, let's take a look at the numbers. first quarter compared with sales declined 3.7% in line with expectations. digital sales group 1.4% in store sales were down 4. 8%. target wants to bring customers in for cheaper every day goods, these customers are sticking to the basics. it's going to be a problem for target for these two reasons, target draws 20% of its sales from groceries compared to walmart which paul 60% on groceries. then there are the popular budget chains like trader joe's, speaking of exclusivity, the minneapolis-based retailer has customers and with collaborations in the same
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price point, target regularly teams up with major fashion houses to create more affordable, luxurious clothing lines, and capitalizing on sports trends like pickle ball, and lifestyle brand to create logo branded paddles for people dabbling in pickle ball as well. stuart: now show me nvidia. they report after the bell this afternoon, the stock is down a fraction. russ gibbons follows nvidia and joins me now. you say it's too late to get into nvidia. make your case. >> you are talking about a
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company worth $2.3 trillion, the third most valuable company on planet earth. to think there's a lot of upside here, foolish again, this thing is bigger than google. and there's no loyalty in the chip game. you could not create a new apple and get this out of my hands. i can beat nvidia. the players up several hundred%. it's too pricey based on current estimates not to mention even if they beat the numbers which everyone is watching, in no way guaranteeing the stock goes up. they beat big on august, higher earnings, 20% higher sales, raised guidance. stock did nothing get.
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it down, it beat in november. why thinking now this thing worth $2 trillion that even a good report would do something is foolish. they are watching this leica fed announcement. stuart: you are an outlier on wall street because most believe this is going up to $1200 a share. let me tell you something else that intrigues me that you're interested in. nuclear energy stocks. this i find fascinating. they got -- got to use nuclear power in the future, get all the electricity we need. which stocks do you like? >> reporter: denison minds, big leaders, great charts, good trending and you could do a smaller stock, new scale power, specifically designed to make these nuclear plant specifically for ai data and
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that is the problem, it is not compute power, its power to electricity. can't suck up half the city's grid to talk to a our girlfriends, got to make your own power and i think that's going to be the next vertical integration. we saw that play out, backdoor play. you watch, mark my word, you will see amazon bought a nuclear data center. stuart: was it smr that built a nuclear plant specifically from that data center? >> reporter: that's the ticker, the company is called new scale power, they specialize apply and that standing for small modular reactor technology. their business is a turnkey
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nuclear operation designed for data centers. the power plant powers the whole thing. that would be a great buyout target from amazon, nvidia, google or i can't see the stock moving down and see increased demand. stuart: you've got a lot to tell us, good information but i am flat out of time. we much appreciate it. take a look at the price of oil, $78 a barrel. biden is making an effort to lower prices at the pump. what's he doing? ashley: releasing 1 million barrels of gasoline in the northeast. it was established after super storm sandy. the supply in new jersey and maine will be out located in increments of 100,000 barrels at a time.
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the biden administration says lower costs for american families and consumers ahead of 4 july holiday, the move follows a mandate from congress to sell off the 10-year-old reserve and shut it down for good. how much of an impact will this have on gas prices? not much at all, patrick says there might be a slight downward pressure on prices in the northeast but don't get excited. stuart: the officers in scotty scheffler's arrest are under investigation. we have the story. the future of graceland could be determined today, his granddaughters fighting to stop foreclosure. we take you will live to graceland with a full story after this. ♪
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stuart: elvis presley's granddaughters suing to stop graceland from being sold at a public auction.
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dana, what did the court just rule? >> reporter: just finished in this hour, very quick hearing, 10 minutes, the judge did say graceland will not be going up for sale in a live-action auction happening tomorrow, legal proceedings will continue. the judge said graceland is considered unique because it needs enough time for discovery. it's a matter of public interest due to how important it is to the community in the local economy in memphis. the judge said the investment firm needs more time to address claims made about the sale. the presley family said this sale is part of for a fraudulent theme that it loan lisa marie presley $3.8 million and received the deed for graceland as collateral, never repaid the loan before she died
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in 2023. elvis's granddaughter who owned graceland is suing to stop the planned foreclosure of this sale and that is what the discussion was this morning. they alleged the company involved doesn't exist. lisa marie presley did not borrow the money in the document including her mother's signature are fraudulent, she adds even the notary public signed the documents, denied ever taking part. it's not a website or a working phone number. >> it surprises me to see someone tapped to move forward with something like this, the document that appears so blatantly on its face. >> reporter: the elvis mansion for one thousand $200, draws over , draws over 2000 visitors from around the world each year and estimates graceland's property breaks $10 million a year for the presley family in
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terms of, we don't know. but the judge didn't set a date for a hearing but legal proceedings will continue. stuart: the officers involved in the scotty scheffler arrest are under investigation. what's going on here? ashley: authorities in louisville want to know if they followed proper protocol, scheffler was arrested outside valhalla golf club charged with second-degree assault of a police officer under misdemeanor charges. scheffler allegedly drove around a police roadblock and injured an officer with his vehicle, scheffler said it was a chaotic situation and causing a big misunderstanding. scheffler's attorney says he will plead not guilty when scheduled to be arraigned on june 3rd. stuart: martha mccallum still had on biden's approval rating
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falling to 36%, near to work two year low. charles payne on rfk junior with game stop shares. what's he doing with meme stocks? doctor marc siegel on neural link getting fda approval for its second patient, the 11:00 hour is next. ♪ ♪ daughter: hey, dad. dad: hey, sweetheart. daughter: what are you doing? dad: i'm gonna clean the fence. daughter: it's a lot of fence. dad: you wanna help me? dad: aim at the wall, but get closer.
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♪ i'm gonna love you forever ♪ ♪ ♪ c'mon, bear. ♪ ♪ ♪ you don't...you don't have to worry... ♪ ♪ be by your side... i'll be there... ♪ ♪ with my arms wrapped around... ♪ >> it sound like we're joke but we're not. the leader of the free world needs a form a cohesive sentence and the fact he can't is resinating with people. >> the president should pick up the phone and call the prime minister and say that is really dumb move. maybe we ought to think about all this as well. >> fact that the fbi uses secret service is potentially hostile to them shows you where this department of justice is. >> the least painful alternative for democrats and probably a

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