tv Varney Company FOX Business May 23, 2014 11:00am-1:01pm EDT
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have a good memorial day weekend. right now is time for "varney and company". stuart: good morning. can you believe this? uber is worth $12 billion. it is the taxi apps. welcome to the valuable sharing the mission list's brave new world. google works on a tablet with a 3d camera. 300,000 federal workers, $3 billion in back taxes, you pay but they don't. a big night for president obama, fund-raising, $35,000 in chicago. we bring you a dramatic forecast. l athe next detroit. cheer up, memorial day weekend and "varney and company" are about to begin. ♪ stuart: here are the big names which we are watching this
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morning. hewlett-packard sales down, but 16,000 jobs will go. that is on top of 34,000 announced earlier, that is cost cutting. the market likes it, up 6%. a wider loss, lower sales at aerospace show and the kiss of death, teens don't like its fashions lead down it goes, 22%. that is a drop. more money coming then at game stop. thank you x box and placed asian iv, that is a near 5% gain. watch out ipad, google getting back into the tablet business. the new one will have a 3d camera. that is not affecting the stock at all which is dead flat. this contentious statement on my part, tea party candidates knocked out of the primary contests held this week, significant retreat in my opinion. they lost a more traditional, dare i say, moderate republican candidates in kentucky, georgia,
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oregon, pennsylvania and idaho. scott hughes is not taking this lying down. cheese prepared to give me a very tough fight on this one. i say voters in those primaries gravitated more to the moderates, the center of the republican party and a little bit away from the tea party. would you go with that? >> i will go with that this week but let's look at the week before. he made the establishment, that is what the primary season is. if we judge lynnes and losses in those categories we will lose when it matters in november. we have to find ways to unite. if we go based on wins and losses we are removed and. stuart: will you unite in november? will you tea party people support the moderates in november? >> we have a lot of good conservatives. this is the right to watch in
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mississippi, christmas day in june, his primary, he is up in polls. if chris wins. and we get the truth out of mississippi. stuart: will you support the moderate candidates in those primaries. and will you support him? turnout in the same numbers to support them? >> anything to encourage we will, anyone on our side is much better than someone who voted for harry reid nancy pelosi and that is what the conservatives or libertarians, we have to unite behind that. irs and the va, we won't find the truth unless we get control of the senate. stuart: you are with the tea party news service, tea party news network. as long as i get that. sit there for a second and something else i know you are
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going to comment on. federal employees, $3 billion in back taxes. and 318,000 federal workers they ellen average of $10,000 each. there is more. that includes 714 staffers on capitol hill, $9 million. >> that is why the tea party exists. the infuriating part is $1 million in bonuses headed out to irs employees of not pay their taxes. how can you will the private sector accountable when our own government, the only people who grew during the last economic, they are not paying their taxes. stuart: we are used to charles getting all fired up especially on friday morning. charles: we talk about this every day. the fact they live off taxpayer money makes it worse. i think it is interesting with congress saying we are looking
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around world and there are some amazing elections around world where people fed up with cronyism the tea party fight against, crony capitalism, subsidies, welfare mentality, we have seen in asian countries, indonesia and the independence party, they won a gigantic swath of seats, 139 raises, don't know if it is fixable. >> vonage wages, it and -- not the government sector. stuart: there are steps which the irs can't take. charles: $3.3 billion is a mind-boggling number. and the delinquency rate is greater -- charles: can we give a shout out going to memorial day weekend, the lowest delinquency rate.
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>> that is why you need to pay our taxes. they're doing their job right. stuart: we reached consensus here. that is different from consensus. check the big board, ladies and gentlemen. we got a modest rally, 16589 getting close to 166. new home inventories went up, there is more new homes available for sale, inventory at a three year high, but year on year new home sales were down. we have more about this on the housing market, seems to be flat lining or declining. more on that later in the show. big deals and where, it is a big deal singular between 90 and man you. why was this not the lead headline of the show? nike has a deal with man you? nicole: nobody talking about new home sales. let's focus on manchester
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united. and because the advertising at their home turf, i am sure you have been too, we will see whether stuart varney has been there and the question is whether they are going to renew but it will cost more. the current deal which is $510 million, 13 years. the new deal is hovering, $600 million. nike has the right to match any other suitors and we will see if they move forward with this but this is a prominent place in the stadium and they have all the rights -- they don't want to pay too much for this. stuart: that is a lot of money. thanks very much. let's go to california. is los angeles the next detroit? that is a statement. los angeles is the next before. james lacy says yes, l a is the next the troy. he is the author of a very successful book we feature on the show frequently, taxifornia.
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hold on a second. that is one devil of the headline. >> l.a. is the next detroit. stuart: make your case. >> you're an economist, gradual the london school of economics. we have an economics school in el a at the ucla anderson school and the recently introduced a report that said in the last 24 years there has been zero job growth in the city of los angeles. that is a city of 10 million people. you figure you don't have job growth you likely don't have the healthy expansion of the tax base that you need to keep income coming in to the city. you can see we have a problem. involves connecting the dots. when you connect the dots from the anderson school study to the point that public employee pension liabilities in the city of los angeles of grown 25% in each year annually for the last
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ten years. l.a. will go broke. stuart: in each of the last ten years, public liabilities in los angeles of gone up 25% in each of the last ten years. >> the city leaders don't get it. in this last year city spending is scheduled to rise 6%. if you compare that to the obama administration, and the federal budget deficit is increasing, federal spending is not increasing but in los angeles the spending is increasing. they don't get it and it is perilous because recently it was announced that toyota is -- we will lose 5,000 jobs. stuart: when you got to put a time frame on this, no net new job creation in 23, 24 years and exponential rise in pension liabilities, that looks like detroit but what is the time frame for bankruptcy in los
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angeles? >> public employee pension system doesn't have more than 10 or 15 years, it is only 50% funded. stuart: when you got a decade then. >> a decade but a decade to economic ruin. some predictions say it could file for bankruptcy in two to three years. most pension plans are funded 30 years. shrinking is small and we have this terrible problem of continuing high cost of living in the city which caused in part by the high taxes in california. california passed proposition in 2012, proposition 30 which raised state sales taxes and consumption taxes in the state in general are very high. when you put that on top of los angeles is a recipe for economic disaster. stuart: another one about los angeles. the federal government announced it is going to spend $2 billion, the use that in los angeles to extend the subway from downtown
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los angeles to the beach in santa monica. >> liberals have this idea that if you could conquer the problem of transportation in los angeles by creating public transportation systems like washington d.c. new york and chicago went other places that this would somehow help the economy but it is not going to help the economy. the notion of transporting yourself by car is ingrained in southern california because the distances are so far from each other. what they should do is lower the gas tax. if they lower the excise tax on gasoline -- a wonderful effect on helping poor people and people -- stuart: what is going on here? the people of kentucky or missouri or new jersey, we are giving $2 billion to you guys to build a boondoggle subway? >> billion of dollars they want to put in jerry brown's bullet
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train in the central valley from fresno -- stuart: you are just a bunch of beaches. >> california provides a tremendous part of the tax base for the united states and california has terrific wealth but the reality is the state is going further and further into bankruptcy because of unfunded public employee pension liabilities. people need to wake up. stuart: you wrote the book ta f taxiforn taxifornia. it is selling well, deservedly so. thanks very much. why are you always in new york? >> i am californian trying to help the economy. stuart: time is money. in twenty-second here's what else we of got this friday. new feature on facebook's mobile apps. this new feature could allow them to listen to everything you say without you knowing, got that? your private conversations not private. we will nail this down with our
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tech to rule later in the show. amazon giving a select group of customers and opportunity to try their fire tv freak, a 30 day trial you get free, you don't have to put down $100, amazon's stock is up this morning, national average gas price above the $3 mark, for 3.5 straight years. the average for regular at this moment as you set out from memorial day weekend just under $3.70 per gallon, five in california. >> $0.70 of that our taxes. that is why you are in new york. stuart: up next, major utility announcing it is the victim of a cyberattack. forget having a private information stolen from a website. this is a hacker threat we should be worried about. we got that one for you. as we head to memorial weekend look at this. this is in china, may be on a
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and now it's even better because they've introduced startup new york... with the state creating dozens of tax-free zones where businesses pay no taxes for ten years. become the next business to discover the new new york. [ male announcer ] see if your business qualifies. stuart: friday morning not too bad. we just hit 16,600. not a bad way to go to a long weekend. the price of oil up $104 a barrel. gas prices probably going to go up. charles says you can make money with eggs. that is not the name of a company, that is the product. charles: we had the guys from taco bell here with the egg sandwich. this breakfast war is amazing. the demand for eggs going through the roof, protein diets,
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halmaine is the company, a producer. they were able to sell a dozen eggs for $1.42, there cost was $1.35 you're going to cost was high. they're making money hand over fist and this trend will continue and continue and now they beat up their exports, demand for eggs around the world huge, stocks at a high but i think it goes higher, not expensive at all and i don't think these are short-term trends. stuart: the egg market, you buy into it. interesting, charles, you bring us some good stuff. good luck with the new show. this is no laughing matter, this is serious stuff. homeland security reporting that utility power grid has been hacked. the utility company remains the name to this is the type of hack we have got to be worried about. joining us, former cyberadvisto. this gets me worried because if you can hack into the power grid
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you can shut it down some obvious question is how vulnerable are we? >> we are pretty vulnerable. one of the things we recognized back in 1997, president clinton asked a bunch of people to get together and say where are we on the critical infrastructures specifically the energy sector and the bottom line with we have antiquated equipment generally connected to a phone line now being connected to administrative thing with the financing, e-mail systems up and that is connected to the internet which now gives all these guys who have been doing research on digital control devices the ability to research and find out where the vulnerabilities do things like it has been reported this week. stuart: this hack into these utility do you know anything more about it? the hacker, was that person in a position to shutdown that part of the grid? >> that is the part that is unknown. when we use the term grid we have to be specific because we
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talk about the north american grid, it is not as if an on or off condition, there are many parts of it, some are small, some are large, we worry more so than the entire system shutting down its regional things particularly with what we had recently, an area, people actually die out of it. in this case it looks like there are two things that have taken place. somebody got on the net worth watching how these digital devices often times related to collecting intelligence, finding out how they work and use it for later ron. the other thing is getting into the network like the e-mail system. there is access to the control systems. by all accounts no one did anything with it but they are investigating. stuart: two more points. earlier this year there was a report of a physical attack on a utility in california, a switching station was shot up. i will show video of that.
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that is separate from hacking into its computer system but it is a concern obviously. the other thing i want to raise is stucknet. that is house somebody, presumably israel or america got into iran's nuclear operation and planted a nasty old bug which slowed in down. is it possible to use stocksnet against the utility control operation in the united states? >> for the physical attack that is something we were worried about, nondescript little buildings which are server things that you take those off line and get once again to bring down local and regional power so that continues to be a threat. we need to not just focus on the cyberpeace. on the second piece, when we look at this system the way it is designed and the hackers and what is going on around world, there's a lot of activity going on gathering information on what
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they could do for it and people have to do investments. stuart: can you stop it? >> you can slow down, reduce risks by doing better authentication but that is another discussion. stuart: howard schmidt, we appreciate it, thanks for joining us. then we have uber, a taxi apps valued at $12 billion. just look at how the sharing of the economy is gaining value. charles on that next.
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stuart: uber may be worth $12 billion. it is a taxi apps, only has 550 and police, $12 billion, here's what john stossel said about uber yesterday. >> companies like air b&b that are just probably breaking the law, getting so many customers that by the time sleepy regulators pick on them they have enough to say you probably
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don't want to do this. the permission list economy that happened with the government. stuart: i got to tell you the london offices of van uber rival have been vandalized by establishment cabdriver's because they're breaking into the established businesses. you heard john stossel. this is nothing new. this is the sharing, the permission list society, the permissionless economy. looks every market. charles: does look like a free market. i have seen a lot of industries that have come a band regulators jump on it. what all of this destructive stuff is, regulators blocking for established industries. air b&b blocking for the hotel industry. uber you can understand taxi drivers paying money for these medallions that you drive in new york you see buses, we will make sure your first month you get 5 grand if you are a cabdriver. it goes on and on and on.
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you can't stop it. you can slow it down. stuart: i have a friday story charles brought to our attention a moment ago. italy will now factor in drugs and prostitution into the calculation of its gdp. you have 15 seconds to explain that. charles: a lot of countries have done things like this including us. we have added in tangibles to our gdp that gave us an extra $500 billion, brought down the debt to gdp level. this will take it much farther. some people estimate the mafia is the biggest business in italy, the one hundred billion dollars a year in revenue, $60 billion in cash, 15% of their economy. imagine if your gdp could top 15% overnight. that would be the equivalent of america $2.4 trillion. lenore bond rating goes straight up. stuart: here we go. charles: all the problems are solved. if you can get the money. stuart: political turmoil in the middle east, russia, thailand,
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buthi, are we still on for faces tomorrow?lways remember. tomorrow. quick look at the weather. nice day, beautiful tomorrow. tomorrow is full of promise. we can come back tomorrrow. and we promise to keep it that way. driven to preserve the environment, csx moves a ton of freight nearly 450 miles on one gallon of fuel. what a day. can't wait til tomorrow.
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stuart: the latest from iran. banning instagram. we told you about the happy viral video. they were eventually released. other social networks are banned to the general public they are. high-ranking officials still do have access. that is the update of the day. the irs and va scandals alone, the irs have a lot to do to make it right. two fundraisers and chicago last night. i will express the opinnon that that is bad pr for the president. first of all, bill, would you agree with me that that is bad optics? raising money at a time of intense scandal.
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>> it is understandable that presidents will want to do fundraisers from time to time. at a time where there are lots of crises going on, you need to be seen as taking action. stuart: the president needs to raise a lot of money so he can defend his administration, the fed is history, if you like, come the november elections. getting involved in the day-to-day scandals which would make you look bad anyway. how about that from a pr standpoint? >> the best way to defend his presidency is to do stuff now. do things that you could use to show that you are leaving. stuart: can he do that bill? government bureaucracy does not do well when it is running a
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healthcare system. if he gets involved in that, he is almost negating the privacy of his policy. >> it is a perfect example. both political parties agree that there is a problem there. he has been too loyal to the leadership. understanding that the general is an american war hero. he is not the right guy this time to turn the situation around. he can make a move, but putting someone much more aggressive in that job. maybe general petraeus is looking for some redemption. we show that he is engaging. he could show up that va hospitals. take some action showing that he really does care. demonstrate that he cares. stuart: that is good stuff.
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very important points here. the president fundraising and promoting tourism. thank you for joining us, sir. appreciate it. guess who just walked onto the set. he has a story for us about some blog. let's see if i have this right. america's fda. >> food and drug administration. stuart: i know that. [laughter] stuart: they are blocking the importation of very good, high-quality cellblock from europe. why? >> there are ingredients that protect against all kinds of ultraviolet light, better than what we have here, last longer. they have had these in front of them since 1999. they have not allowed them to get through. first i followed your line of
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thinking. i thought maybe there was a conspiracy here. it is not. i am confident it is jusual bac. not enough attention to this. "the fda recognizes that public health importance of sunblock used and has prioritized with viewing the safety and effectiveness of sunscreen ingredients as quickly as possible and everything." stuart: you make the judgment. their sunblock is better than ours. >> in many ways, yes. i would say yes. speed. stuart: you think their sunblock produces risk? >> no.
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bipartisan legislation was introduced earlier this year to speed up this process. this is a disgrace. stuart: i have manufacturers that put out sunblock in america of one kind. that's a manufacturer puts sunblock out in europe of a different kind and better, but they cannot bring it over here. the same manufacturer. >> yes. stuart: get a move on. >> we spoke to a manufacturer. they had these applications before the fda. trying to get them approved. this is the latest innovations in sunblock. stuart: if i load up on sunblock, highly unlikely, but if i brought it back, would that be illegal? >> not to do it that way.
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stuart: if you go onto the internet with a friend store, that would not be illegal. would you use it? stuart: do you use sunblock? >> i am supposed to. i have been somewhere before. stuart: can you swim? >> i want to push this to a serious note. we should all be using sunblock every day. even in the winter. we should be using spf 30. skin cancer is the number one cancer in the united states. over 70,000 cases of melanoma every year. stuart: i am not laughing. i am not laughing. charles: but there is no conspiracy. >> 15 years. stuart: i did have skin cancer four years ago and it was
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treated. i did. i have never used sunscreen. >> there are a lot of things that you do not do for your help that i am upset about. i want you to use sunscreen. sunscreen. stuart: thank you, doctor. that was a real pleasure. you, too, charles. a 5000 year old statue of for auction at christie's. we have them right here on set. i will touch a 5000 year old object. ♪ we're moving our company to new york state.
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with the state creating dozens of tax-free zones where businesses pay no taxes for ten years. become the next business to discover the new new york. [ male announcer ] see if your business qualifies. ♪ >> the white house says president obama will announce cabinet shuffles today. shaun donovan who is current chief will change. castro, he is considered a rising star within the democratic party. donovan highly regarded inside of the white house. memorial day weekend kicks off summer travel season. aaa says it could be the biggest
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one since the recession. it is up from 35.5 million last memorial day. ancient roman artifacts on set with us. you will not believe how much they are worth. we will have that for you. i ♪ along with support, chantix (varenicline) is proven to help people quit smoking. it's a non-nicotine pill. chantix reduced the urge for me to smoke. it actually caught me by surprise. some people had changes in behavior, thinking or mood, hostility, agitation, depressed mood and suicidal thoughts or actions while taking or after stopping chantix. if you notice any of these, stop chantix and call your doctor right away. tellour doctor about any history of mental health problems, which could get worse while taking chantix. don't take chantix if you've had a serious allergic or skin reaction to it. if you develop these, stop chantix and see your doctor right away as some could be life threatening. tell your doctor if you have a history of heart or blood vessel problems, or if you develop new worse symptoms. get medical help right away if you have symptoms of a heart attack or stroke. use caution when driving or operating machinery.
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common side effects include nausea, trouble sleeping and unusual dreams. i did not know what it was like to be a non-smoker. but i do now. ask your doctor if chantix is right for you. stuart: nicole, i want you to come back in on this one. remember when we put game stop on deathwatch? i think times have changed. nicole: did we put game stop on
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deathwatch? stuart: it was not me. nicole: i am glad we clarified that. nice try. so far so good for game stop. especially today. what we have seen from game stop is growth. revenue growth. also demand for games. microsoft, xbox. a new one for that. also mobile. that has been growth for game stop. stuart: thank you, nicole. the dow is up 53 points as we head into a hollywood weekend. very low volume, as you may expect. today we have three objects from antiquity. you will not believe the price tags. max, welcome. first of all, i will touch this. >> please. stuart: i will touch it because i am astonished. this is a 5000 year old
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artifact. how would you describe this? >> these figures, it would have been placed in a burial. it is missing the body, obviously. stuart: it is a face. i can see that. 5000 years old. >> exactly. stuart: i would have thought that was egyptian, but it is not. >> it comes from greece. in the bronze age, they were making these stone idols. stuart: i can touch something that is 5000 years old. it was crafted with tools 5000 years ago. i can touch it. i can own it. for what? $150,000. >> we are optimistic that they can sell for quite a bit more. what is unusual is that that
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years are sculpted. most do not have years. stuart: you auction off a contemporary painting. it went for $84 million. it was a picture of two boxes with a line down the middle. $84 million. this work of art is maybe a quarter million. maybe a little more. you have to explain this. >> i think it comes down to supply and demand. stuart: i am in the market for a 5000 year old artifact. the next one. a marble head of augustus. >> you have a large scale sculpture. when it tumbles, earthquake or whatever, the first thing that is going to go are the parts that will stick out the most. like the nose.
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stuart: that was sculpted 2000 years ago. >> that is right. this is the first roman emperor. the adopted nephew of julius caesar. a lot of portraits of him. stuart: a sculptor would have fashioned a particular item where the emperor augustus would have been maybe 20 yards away posing. that is a realistic expectation? >> i think the original, yes. and then they would have made copies after that. stuart: you are not describing this as a copy? >> well, there are many. this is the anniversary, the 2000 anniversary of his death. it is a good year. stuart: no wonder you are selling it this year. the last one. a painting of some sort. >> it is from egypt. from the roman times.
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stuart: i like that. the audience can see extraordinary detail. this is from ancient egypt. >> this is from the roman time and egypt. stuart: it looks like it is painted on wood. >> it is painted on wood. it would have been placed over the mummy. it is a portrait of the deceased. stuart: not everyone had a portrait over the mummy. >> certainly she was a person of meaning. she has gold earrings and high quality garments. stuart: excellent. it is a work of art. >> it really is. stuart: these are called encaustic. it gives it depth that you do
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not see. three-400,000. stuart: compared to $84 million with two boxes and a line drawn down the middle. >> june 5. stuart: thank you very much. we really appreciate you being here. did i just call this stuff? >> my grandfather warned me. stuart: a new case of food poisoning. there is a good case you used it. the dow is up 50. close to 16,600. ♪ in the world, for every hacker, crook and nuisance in the world. but systems policed by hp's cyber security team
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are constantly monitored for threats. outside and in. that's why hp reports and helps neutralize more intrusions than anyone... in the world. if hp security solutions can help keep the world's largest organizations safe, they can keep yours safe, too. make it matter. ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. all on thinkorswim when folks think about wthey think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs.
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of those, 500 were serious. diarrhea, vomiting. guess how many were reported. nine. out of 900 reviews that raised a red flag. stuart: d opportunity to be really nasty about a restaurant and falsely claim something. >> right. people are perhaps falsely claiming on yelp. stuart: fascinating. thank you very much, lauren. curious about a stock today. you are out of luck. i will ask charles about his new show. it gets underway june 2. it is a copy of this one. charles: there will be some similarities. i am really excited about it. the show is called "making money
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with charles payne." it is a show that really tries to do two things. really, the more important thing for me is to sort of weekend all. get people to reembrace the american dream. thinking about the future and more positive tones. i really -- talking about stocks alone is not enough. we will talk about american success stories. it is worth doing. something i want to do. we will have a permanent panel. it is going to be a reflection of the country with some
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experience. i will have at least one guy on the panel that when his guys do not work out, people call him mad. you have to have that feeling. stuart: well done. in our next hour, clayton morris. a 3d camera on this tablet. the billionaire. spending 100 million to fight republican climate change deniers. one of those republicans will defend himself on this program. another hour of varney and "varney & company" coming up in two minutes. ♪
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really... so our business can be on at&t's network for $175 dollars a month? yup. all five of you for $175. our clients need a lot of attention. there's unlimited talk and text. we're working deals all day. you get 10 gigabytes of data to share. what about expansion potential? add a line anytime for 15 bucks a month. low dues... great terms... let's close. introducing at&t mobile share value plans... ...with our best-ever pricing for business.
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cast out the winter. surely the summer holds promise of real hope and change. [laughter] stuart: how about a tablet from google with a 3d camera. here it comes. we explained. fighting pro- fracking colorado. putin's arch enemy speaks out. we were there. gary loves capitalism. there is no return to mother russia for him. we will show you a statue, we have already shown it to you, it was 5000 years old. being sold for one quarter million less than that horrible painting with two boxes and a line down the middle. we will show you again. okay. ♪ stuart: all right, everybody. a fairly slow market.
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a 50-point game. you can expect a lot of people getting out of town. closing the day very early. the "wall street journal" reports google has begun developing a tablet with a 3d camera built inside it. his name is clayton morris. the host of fox and friends. he knows about technology. >> i look terrible 2 d. stuart: this is a tablet from google. >> correct. they are working on it. it is a google labs project. the google driving car or glass. it enables people to have an
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infrared sensor. it would also have multiple cameras. give you 3d rendering images. now this is being taken one step further. a tablet environment with just a larger screen. stuart: do i need the glasses to look at the 3d image? >> no. think of the implications. i think that 3d is gimmick. a way for them to get you off the couch and into movie theaters. you walk into a ball and now with this touch of a button, i know 30 steps to get to my favorite store. i can navigate around this water fountain. or i am a realtor. i am able to see the exact square footage of a room. it is using depth perception. stuart: i point the 3d camera out there. walk into a room and i immediately know the square
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footage. >> exactly. because you are a contractor. how will i reposition this loadbearing wall. there you go. right in this tablet. stuart: just imagine where they will take it. i never see that. >> you are right about it. thinking about 3d television. no one is sitting there with those glasses on in their living room. if they are, they have serious problems. stuart: we will have more on that in a minute. with those virtual reality headsets, have they fixed the seasickness problem? i will ask you that. more on that later. back to the big board for a second. the market closing down for the next three days after this
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afternoon. i should tell you news about the housing industry. inventories came in at a three-year high. lots of new homes out there if you want to buy one. we will talk more about that in the halftime report coming up a little bit later. here are some big names that we are watching. hewlett-packard. company handing 6000 jobs on top of the 34,000 it has already announced. 50,000 jobs going. serious cost cutting. investors love it. aeropostale is down 23%. we have more money at game stop. things to demand for game consoles. xbox. playstation four.
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nicole: i think they hit old game stop and footlocker with my grandparents. both higher today. take a look at what is happening with footlocker. this was for the third consecutive year. what is going on? they are talking about further demand. further growth. sales on the rise. historical numbers coming in. stuart: we will take that. thank you. good stuff. then we have uber. 550 employees at uber. it is a taxi app. let's not forget. it is valued at $12 billion. ted is still here. right now we will talk about
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uber. does that surprise you? >> nothing surprises me anymore when i think about the value of snapshot or what's app. nothing surprises me anymore. we are in a whole new era. i thought it was surprising when instagram went at a billion dollars for facebook. if you went to a hotel in san francisco to get a cab late at night, look around, you could not find a cab anywhere. all of a sudden the work comes along. shake things up. i know exactly how well this taxi will perform. they will be on time. the driver is courteous. he will get me there on time. suddenly, taxi cabs start showing up in lining up in front of these hotels again because they want the business. stuart: you seem disruptive.
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i have a video of vandalism against the equivalent of who were over there. they were vandalized by the taxi drivers. they represent something really, really new. not just disruptive, but new. you can share your home. now you are sharing rides with a taxi driver. >> the internet has a enabled this. five other people have stayed at this person's house on their couch and they are a great tenet or they are a great landlord. i can just crash on this person's couch. i will not be there anyway because i will be on the fields of britain. the same thing with relay rides.
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on the weekend, maybe one of our cars is not being driven. put it up on this. pay me $200. come pick up my car. we know from a user review that they have done it five other times. this is a sharing economy. stuart: stay there, please. this is fascinating stuff. i have to move overseas for a second. putin, his arch enemy. he is a pro-democracy leader. he gave a keynote as assessment this week. he talked about capitalism and putin's aggression in ukraine. kelly jane torrance was there. she joins us now. what this guy is saying, he is
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pro-democracy. he loves capitalism. >> probably the world's greatest chess player. certainly, you know, it is just him and fisher. you have to be a natural born american citizen. i have not heard anybody talk better about what he called traditional american values. >> are you promoting him? >> one of the leaders. he has a good chance. some people are concerned.
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honestly, he actually said that free market capitalism is more important than democracy. he cannot go back to russia right now. if he goes back, he will not be allowed to leave again. stuart: he was speaking at the cato institute. >> yes. his words on capitalism definitely got a great response. so many great lines. a natural born chess player, also a natural born politician. he said if david cameron and barack obama would have been in
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power, he would still be playing chess with the soviet union. stuart: really? very critical of barack obama. >> he gets to the point better than any republican politician working right now. stuart: what does he have to say? >> he was electrifying. i am working on a book project right now. what is funny about that? so many people talk about freedom and democracy. he says how many times was democracy mentioned? not once.
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his issue of the american dream is very specific. fifty-three points higher for the dow industrials. now this. samsung. announcing it will release a virtual reality headset. clayton still here. a headset. like a helmet. you wear it. you see the stock going up. i have seen these things before, but they never solved the seasickness problem. >> are you shocked? suddenly, samsung has a watch. it is a shock. samsung loves to make a subpar version of a product so they can run out there and say first. we got there first.
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said billions of dollars to acquire this thing. probably the leader in virtual requirement technology now. in their new development, they have solved what they say is a motion sickness issue. every time you put it on, phase one, basically, he got seasick. they are saying that they have stopped the erratic movement of your it makes you believe that your i was still moving. now in the software and comparing it with hardware. stuart: i want one. >> i do to. >> this is the game experience we all wanted. stuart: wait for this. a new update to the facebook app. details on that in just one
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minute. ♪ (mother vo) when i was pregnant... i got more advice than i knew what to do with. what i needed was information i could trust on how to take care of me and my baby. luckily, unitedhealthcare has a simple program that helps moms stay on track with their doctors and get the right care and guidance-before and after the baby is born. simple is good right now. (anncr vo) innovations that work for you. that's health in numbers. unitedhealthcare.
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new app update that uses your phone's microphone to identify different sounds in the room. now we are learning that they stick elegy baby used to listen to your private conversations. if i have the app on this here smart phone and i put the smart phone down, you and i have a conversation. they can listen to that. >> technically, yes. it will note that i am watching "varney & company." based on the number of channels, it can only catalog a certain amount of television channels right now. >> it uses the same technology that shazam does. i love that song. shazam will figure out based on 5 million songs that it has in
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its catalog what's on i am listening to. i can even hum the song. it is picking up content that they have specifically in their catalog did 5 million songs. television shows. i can post a status update. they cannot tell the subtleties of our conversation. facebook says it will not be storing any of the audio. the feature in the app is off by default. i have to enable this. what they want is to make status updates easier. they have already had 5 billion status updates where i can tell you my mood and what relationship i am in. stuart: it still worries me. stuart: maybe four of my friends are watching "varney & company."
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the fear is there. facebook has always turned the stuff on by default. they have learned their lesson. they are turning it off by default. no one is forcing you. stuart: it will turn a lot of people off when they hear this stuff. >> they keep doing these things yet nobody gets turned off by it. stuart: 55 points higher. it has been there for the last hour. not much changed. tom sayer lodging for fledged political campaigns that are key to democrats. he has created a super pack. congressman kori gardner is a target. he joins us now from denver feared you are running for the senate. now you have tom sayer coming
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after you because he labels you a climate change denier. i would have thought that in the state of colorado, which allows fracking, i would have thought that he would lose his shirt going up against you on this particular issue. >> it is very clear that the democrats have cut out the middleman. the people of colorado are very familiar. he was involved several decades ago in a colorado water grab trying to mine water. taking water away from a very precious part of colorado. let's see who is the extremist in this issue. stuart: i would not have thought that a climate change that i would have done that well in colorado. that would be my outsiders opinion.
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>> wasn't it the governor, a democratic governor of colorado that drink a glass of fracking fluid to demonstrate that there is nothing wrong with fracking. >> there is a big wedge in the democratic party right now. just a couple months ago stiers did money. there is a big divide right now. refusing to take positions. refusing to stand up for colorado working families. i think there is a big argument that will take lace over the course of the next six months. stuart: will it be a staple of
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your campaign? the natural gas that is under the turf of colorado. i want to do it. will you be that explicit? >> there is no doubt doubt that senator has refused to take a position on a hydraulic fractionating van. if there is a band, it would result in 100,000 jobs direct and indirect being lost almost overnight. $1 billion worth of tax revenue going away. money that is funding our schools. our highways. almost 30% of downtown denver has utilization of this. instead, standing with san francisco billionaires who are involved in colorado water grass. stuart: we will invite him on the show. thank you very much. we will see you very soon.
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up next, my take on memorial day. i will tell you how i plan to celebrate this holiday weekend. can't. a huge climate change that is a bonfire. ♪ can you start tomorrow? yes sir. alright. let's share the news tomorrow. today we failrly busy. tomorrow we're booked solid. we close on the house tomorrow. i want one of these opened up. because tomorow we go live... it's a day full of promise. and often, that day arrives by train. big day today? even bigger one tomorrow. when csx trains move forward, so does the rest of the economy. csx. how tomorrow moves.
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congress says it passed a bill that protect your privacy, that couldn't be further from the truth. the bill has no teeth. ladies and gentlemen, memorial day weekend, i am ready, i am willing, and i feel like breaking out. it is the ron winter. early spring has not been great. haven't you had it up to here with scandal and malaise? yes you have. the national mood is not exactly positive. a few hours from now i am piling into chrysler town and country and driving out of town, ignore the price of gas, couldn't care less. it is the wide-open american road for me. by sundown barbecue are fired up. i will ignore the price of beef,
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it is rabbi for me and steve bonet tomorrow and the dogs will chew on the bones. the bonfire will be blazing, we build very big, huge bonfires. so yes, i ignore my carbon footprint. if might emissions cause a weather change somewhere, sorry. you get the point. i think america is fed up to the back teeth with tax to death deceive byron government and looking more and more like pagan europe every day. i am ready for a breakout, aren't you? the national dynamism of america has been suppressed for too long, those bureaucrats sitting on us pushing us around regulating the life of the country, enough. my family has a long history of military service. i shall remember them as this weekend and i shall indulge in all those fine american memorial day traditions. for the rest of this year i am hoping for a change. when does your work en
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does it end after you've expanded your business? after your company's gone public? and the capital's been invested? or wn your compan's bought another? is it over after you' given back? you never stop achieving. that's why, at barclays, our ambition is to always realize yours. [ male announcer ] tora bora fallujah argonne khe sanh midway dak to normandy medina ridge the chosin reservoir these are places history will never forget but more important are the faces we will always remember.
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the numbers are impressive. over 400,000 new private sector jobs... making new york state number two in the nation in new private sector job creation... with 10 regional development strategies to fit your business needs. and now it's even better because they've introduced startup new york... with the state creating dozens of tax-free zones where businesses pay no taxes for ten years. become the next business to discover the new new york. [ male announcer ] see if your business qualifies. stuart: no surprise here google has been rated the top employer in terms of pay and benefits. >> this survey is the first from last tour. they raise their employer base
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on pay, 128,000 for the average pace by software engineer at google. costco. and the average pay for cashiers' is $16 an hour. 12 of the my tech companies. apple is not on a list. what does that tell you? stuart: i would have thought apple would have been right up there, he established a reputation especially for perks and ons on the side. >> when it comes to pay and benefits and moving forward, apple did not make this first-ever list and that really surprised me. you have adobe and microsoft, sales force. stuart: there is a move in congress to tax those perks. if you are provided with they care, google provides day care
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or hair cuts or free food, there's a move in congress to tax it. >> the work life balance, we are working around-the-clock these days. you need those perks if you work harder. stuart: why does clayton morris look so surprised? >> i am ticked off they will tax-oshs. >> that sounds fair. stuart: you don't have that deal? we better -- >> we'd better tell google. >> some of the perks i don't want to tell you about. stuart: i got to look at the big board. we have been up 50 odd points for an hour. it hasn't moved, barely budged. that tells me the long great getaway on friday afternoon has begun. let's go, boys, here we go. something serious. congress says it has a bills reform the nsa making it harder
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for the government to snoop on your phone calls. our next guest says not so. before it passed, the bill was gutted. holly geiger is senior counsel for the center for democracy and technology. that is a strong word, gutted. there is no change for the nsa can snoop away after at will? >> even though the bill was gutted the fact is the house of representatives did overwhelmingly passed a bill that does place some limits on mass surveillance of americans and that is the first time that has happened in many decades. the bill was gutted. when it was first introduced the u.s. the freedom act did include an effective lead on mass surveillance of americans but at the last minute last stop before the bill hit the house floor for a vote a key provision in the bill was significantly weakened and caused many civil liberty groups and tech companies to pool their support of the bill and when it hit the floor finally what came out was a bill
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that place a limit on nationwide surveillance of americans but still allow unacceptably broad surveillance of people with no connection to a crime or terrorism. stuart: the nsa still requires a court order to check and individual. is that correct? >> yes and no. the nsa would require a court order to check millions of people, a single court order can lead to the surveillance of millions of people. stuart: what would you say to someone like me? this is my opinion. i am worried about the future of nuclear terrorism, i think we will be threatened by in the near future. i don't mind if my government's new john merrick and their phone calls in order to stop a nuclear terror incident before it happens. in my opinion snoop away. i don't have a problem. what do you say to people like me? >> i share your concerns and i want to ensure the united states
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days secure. no one is saying surveillance should be going away entirely. the point is to change from mass surveillance to targeted surveillance and no one with any credibility says targeted surveillance should not exist. absolutely the government should be able to listen in on phone calls or czech phone metadata with due process and if they are targeting an actual threat but what we have here is the government is collecting sensitive information about the whole nation. although you may trust the government today the fact is we do not know what the government will be like in another generation or two. stuart: point taken very well indeed. 9 understand that. you say tech companies have withdrawn their support and what does that mean? does that mean they will not comply with a court order that
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looks at this particular personal group. >> the tech companies and civil liberties organizations have withdrawn their support of legislation meaning we no longer think because of the last-minute change we no longer think it is an effective limit on mass surveillance of americans. the bill now heads to the senate and that is the best place, the best chance for changes, significant improvement to the bill so i urge listeners to call their senators. stuart: interesting debate. i am going to follow this through. we had a significant libertarian factor within our audience. very interested in this as are all americans but libertarians in particular. thanks very much, appreciate it. the dow is up 57 points. there is the news of the day. looks like it will stay for a while, 15-6 is where we are. the taxi service, it is an apps
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called uber valued at $12 billion. only employs 550 people. concentrating wealth, we discuss next. i'm m-a-r-y and i have copd. i'm j-e-f-f and i have copd. i'm l-i-s-a and i have copd, but i don't want my breathing problems to get in the way of hosting my book club. that's why i asked my doctor about b-r-e-o.
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once-daily breo ellipta helps increase airflow from the lungs for a full 24 hours. and breo helps reduce symptom flare-ups that last several days and require oral steroids, antibiotics, or hospital stay. breo is not for asthma. breo contains a type of medicine that increases risk of death in people with asthma. it is not known if this risk is increased in copd. breo won't replace rescue inhalers for sudden copd symptoms and should not be used more than once a day. breo may increase your risk of pneumonia, thrush, osteoporosis, and some eye problems. tell your doctor if you have a heart condition or high blood pressure before taking breo. ask your doctor about b-r-e-o for copd. first prescription free at mybreo.com >> cvs care market looking to expand its presence in latin america the company reportedly
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in talks to acquire brazil for a change, and cvs offered $2 billion to acquire the company but gps has rejected that offer. cbs is said to be weighing another proposal and black rock, wants uber -- astrazeneca to resume talks, black rock rejects the rejection of the latest offer by the final $118 billion bid, expires on monday, that is under u.k. rules. black rock with foundation the masters and point -- stay right there. the real halftime report coming next. (mother vo) when i was pregnant...
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and get the right care and guidance-before and after the baby is born. simple is good right now. (anncr vo) innovations that work for you. that's health in numbers. unitedhealthcare. stuart: friday before the memorial day weekend. this is the real halftime report. >> you wasn't paying attention. nicole petallides on the floor of the exchange, in sunny bermuda, cheryl casone is already here. uber is a taxi apps worth $12 billion. an awful lot for an apps. >> it is an awful lot. we will see revenue numbers
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coming forward by phrasings this thing for an ipo. the problem is these late round fundings are higher and higher valuations because there is so much demand for these things, we wonder if they're paying a fair price. i don't think anybody doubts consumers love this company. the question is about the are you nation. stuart: it is a disruptive, $12 billion got to raise eyebrows on that one. what else are we watching today? is hewlett-packard, the stock is up because it is covering a lot of jobs. nicole: we are already on that one. we will take a look, stocks of 7%. they started on the turnaround and going from 27,000 when they started the restructuring in 2012 to 34,000, now 50,000 so more jobs cuts are necessary to streamline the operation, we are
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seeing good growth from hewlett-packard, stocks that date to the summer of 2011. stuart: new highs, back to you, we had jb.com debuting this weekend waiting for ali baba to go public, is the market making too much of these ipos from china? >> yes, 15 times oversubscribe, without outside its range on the high end. a few years ago companies in china were so opaque they had inventory that wasn't there. there was not a lot of standards in china, ali baba will come out with $250 valuation. and 15 years ago, that is almost double what amazon is. we are making a bid too much, this is an incredible co. but
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all the incredible buys are what we are talking about. stuart: when you sound skeptical. clean, x box and p s 4 are helping game stop's bottom line. the gaining market had all gone to download. >> a lot of gamers said we want the physical copies of these discs because we want to play them in three days which a lot of gamers do and they hand them back out to someone else to play them and the prius and the market is enormous so game stop is not going to let this lie and a lot of gamers were excited that microsoft walked this back. it will be digital restrictions. they walked it back and deegan hardware sales doing really well and turning a nice profit for sony for the first time not taking a loss. stuart: game stop is the top performer of 500 stocks in the s&p 500. new home sales down a little
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year over year, a ton of new homes available for purchase, that is the inventory level. that it all up, is that a black eye for housing? >> because of a year over year number we are talking 4% down year over year. everyone celebrated once again to they like they did yesterday, month over month, remember, the horrible weather, the fact that you have builders trying to build multifamily units, speaking of multifamily stories when it comes to housing, not single-family homes, and these are rentals people are not buying. we are seeing the same story with existing home sales and new home sales only a fraction of the market, 15%, 85% existing, at the same time it goes in line even though builders tell me they are building projects, they are very hesitant, not confidence, this does not convince me the housing recovery has picked up steam.
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stuart: you heard the expression sell in may and go away, five days left to do that. do you think we should be doing that? going away and selling now? >> most people would like you to go away in a. this market has been terrible to invest in. all your momentum plays of left and there is no conviction. look at this market and there's not a direction for this market either up or down and getting a lot of indicators with housing, not really good but not really bad either. this is a wait and see and i don't see much happening over the summer. stuart: i have this question for you and everyone else will blend in. just a few moments ago this weekend, memorial day weekend, i will light a giant bonfire on my farm. are you allowed to like giant bonfires in bermuda? >> i don't think you are. there are only 20 square miles. i am not sure what you are allowed to do here.
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i would think not. stuart: how about you? nicole: what? am i invited to your bonfire? they la light bonfires in manhattan? what is the question? stuart: how about you? >> i will watch and see you sending me smoke signals whether any to come and refill your heineken bucket. cheryl:-going to honduras, i can like whatever went in honduras. stuart: i am the only guy among all you americans who is going to light a bonfire and have a barbecue. >> we cannot allow to have a big fire in new jersey in our neighborhoods. >> i will be working this weekend, he is that dedicated to his career. stuart: america has changed. you americans i tell you what. thank you one and all for appearing on the real halftime report. have a great weekend, everybody. intrigued by amazon's fire tv but not sure you want to buy up hundred bucks to buy it, amazon
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to try before you buy, you have details in a moment, the dow is up 56 points. are the largest targets in the world, for every hacker, crook and nuisance in the world. but systems policed by hp's cyber security team are constantly monitored for threats. outside and in. that's why hp reports and helps neutralize more intrusions than anyone... in the world. if hp security solutions can help keep the world's largest organizations safe, they can keep yours safe, too. make it matter.
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when folks think about wthey think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to america.
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promotion for the fire tv, letting a select group of customers try the new streaming box for 30 days before takeoff of any money. free trial of fire tv, what is fire tv? >> apple rolled out their box, the answer to the rope to box and other devices you attach to your television and watch netflix and other apps you can download, watch amazon contents which is what they want. stuart: it is the box, one clicker on remote control. >> it has voice control built into an sewed gary busey ads where he says show me any shows gary busey is in they pop up. so it is the fastest of the boxes i have been testing, wicked fast. there is downside to it. it lets you search through amazon contents but doesn't let you search through third-party apps. they give a 30 game promotion
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for some select customers. if you and amazon customer you will receive an e-mail. stuart: cable-tv coming can i get that through the firebox? >> no. stuart: if i say give me fox business i can do that. what about the commercial? california department of motor vehicles has given the green light to bring himself driving cars into the state by 2015. we are going to see it. >> we're seeing this with google, driver later not because the bird flew in your way. stuart: the lawyers will keep it out. >> they want the money from ambulance chasing, were you injured in an auto accident? calls stuart varney. this is the issue. these cars if you take human error house, testing has been fantastic. >> california announced rules the i lawyers.t ce
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drivers will be held responsible and whos held resnsle if aautomated rraes, the's malfctioof echnogy,anufture are the rst linof defsend e drivers a nbe2. thisis cifornia where dvi is aboutivg,t ot about ain ic uartthe standardf manuctur. thometaar for the rive anotr te. >>heyon annoue unt nuar of 2015 ahais a lot imbetwn nowndhe debatehat this is ing iverfeyome tu trust the techno this point? >> those variables when a tree branch falls in your road and the swerve into another car whose fault is it? if you take control of the wheel, whose fault? stuart: almost out of time, dow up 55 and your take is next. hi, are we still on for tomorrow?
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quick look at the weather. nice day, beautiful tomorrow. tomorrow is full of promise. we can come back tomorrrow. and we promise to keep it that way. driven to preserve the environment, csx moves a ton of freight nearly 450 miles on one gallon of fuel. what a day. can't wait til tomorrow. starts at 6:30 a.m. - on the (vo) rush hounose.und here but for me, it starts with the opening bell. and the rush i get, lasts way more than an hour. (announcer) at scottrade, we share your passion for trading. that's why we've built powerful technology to alert you to your next opportunity. because at scottrade, our passion is to power yours.
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stuart: a few hours from now i am piling into the chrysler town and country and driving out of town, ignore the price of gas, couldn't care less, the wide-open american road for me. by sundown the barbecue will be fired up. i shall ignore the price of beef. it is red-eye for me and steve bonet tomorrow and the dogs will chew on the bones. one other quick point. we brought you a 5,000-year-old sculpture, 5,000 years old were $300,000. we could hold it, we could touch it. i want you to explain why that is only worth $300,000 and a contemporary art work with two boxes is worth $84 million. >> when i first saw it in the greenroom i thought was a big potato you have on a stick. i was hungry. >> art is always a subject him
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thing. it is what someone is willing to pay for that piece of art. is in the eye of the be holder. stuart: totally wrong. dierdre bolton, it is yours. dierdre: if i come of with $84 million on will not try to bayou black fire. thank you, enjoy the long weekend. a busy hour for you on risk and reward. google, intel, adobe settling a lawsuit for $300 million, one that states they allegedly conspired to keep salaries low in silicon valley. uber may be worth $12 billion but numerous caddy unions are against the service coming to their cities and the short list coming away. banning the use of instagram, thailand threatening to block facebook and twitter. more on how both governments
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