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tv   Varney Company  FOX Business  August 1, 2014 11:00am-1:01pm EDT

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he could find value. there is the place to get 5% or 6% yield on the equity investments. capital appreciation, as the market improved. maria: that is the bottom line. thank you so much. maria: that will do it for "the opening bell". it is 4 "varney and company". over to you, have a good show. stuart: the buildup was intense. the job number was going to knock it out of the park for wall street, didn't happen. good morning. disappointing job creation. the unemployment rate edged up. millions of people want to work but can't so the stock market did not fall out yet. watch us. if things change you will know first. foreign crises that won't go away. the cease-fire broken, vladimir putin still in expansionary mood. justice ginsberg brings gender to the supreme court. mail justices she says have a
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blind spot and employers should be forced to do what obamacare tells them to do. one last one. 109,000 tickets in michigan tomorrow. you think the world cup? "varney and company" is about to begin. ♪ stuart: not good enough. the economy added a disappointing 209,000 jobs last month. that was 90,000 fewer than the month before. wages went up only a tiny fraction. check the big board. huge sell-off yesterday because the economy was supposed to be bounding ahead. great worry about today, what happens if that was a strong jobs report, it wasn't a strong jobs report. the dow is down but not much, 35 points, 16-5 is where we are.
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interest rates this morning are falling. the yield on the ten year treasury is down to 2.51%. that is quite a drop and that is having more of an impact on the market than anything else. ed butowksi, many managers to the rich and famous and wealthy is with us. no follow through on yesterday's big sell-off. do you think you will get some buyers coming in now and the dow closes higher? is that possible? >> there shouldn't be because the market is weak. the jobs number, we talked about it many times, that number that came today was 40% of what we needed which makes you question the gdp number because there are no statistics to support the idea that the economy grew at 4% in the second quarter. we need to do a little forensics on that. do i think the market will follow through and sell-off even more? i do. do not see a fire into this
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market, don't get sucked in. we are going down 10%. stuart: down 10% from here. give me a time frame. >> within the next week to months i think we had 1750 on the s and p. you are full to say that on television but that is where we're going. stuart: that would take it down to the 14,000 level of you are right. >> 10% on the s and p, 10% on the dow and i don't see why anyone would buy this market. there's nothing to tell you to buy stocks right now. stuart: we are going to get back to you in a moment. three big-name stocks are moving big time. so much for the free advertising we gave them. go pro, quarterly loss, its costs, it had a great run down 10% today. tesla spending a lot of money, it would boost the output of
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cars to 60,000 vehicles. investors kind of like that one. this company reminds me of amazon. all the money back into expansion and the market love them, up 2.5% and then linkedin given a strong forecast helped by its expanding hiring services and a lot more people using the corporate network site to find jobs. they have 370 million worldwide users and that stock is up 10%. ed butowksi still there. we heard you loud and clear. you are cool on all stocks. you don't like any of them at the moment but i know you. there is one stock that you would buy and you are going to tell our viewers what it is. >> if i was going to buy stock right now it would be facebook and i like linkedin because the real company with earnings growth with huge complex, the markets are so big and the advertising they can do on those sites is enormous and almost limitless so those are companies
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i would buy today. stuart: thank you very much. mary kissel with us from the wall street journal editorial board. i want to comment on the state of the economy, this jobs report and there i say the fed? >> the market is confused and i disagree a little bit. six months of 200,000 plus job growth is okay. is not where we want to be but not disappointing. stuart: it is down 90,000 from the month before. >> the market has conflicting signals. you are worried about the fed, how long they will keep this monetary policy, what distortions' does that create, looking at gdp, where inflation is, wages are flat so you will see volatility increase in this market. stuart: in the stock market. >> volatility everywhere. as the market sorts out the signals. stuart: good to have you back with us this friday morning. let's get to the other big stories of the day which would be the crises overseas. fox news analyst ralph peters
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joins us. to russia first. there is a lot of talk we have had on this program that vladimir putin will start pressuring the baltic republics. would he do that? >> prius, invade no. vladimir putin is a long-term strategic thinker, far from perfect but he has clear goals and is ruthless in how he gets there. a real problem in dealing with him is we think quarterly earnings reports, he is about retirement. when you really look at what he is doing the big question is will he be able like vladimir putin and retaliate for the imposition of sanctions or will be back off a bit? whatever he does in ukraine, he is tempted to move troops in to rescue the separatists he created and continues to sponsor but in the baltics, more out of
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harassing them, annoying them, cyberattacks, implicit threats. the same thing because vladimir putin, if he truly believes that russia is morally, historically, profoundly and titles to regain all the land of the former russian empire whether we agree or not is irrelevant, that is what he believes that he acts on that belief. stuart: this is a financial program which i am listening carefully to what you have got to say because the situation with vladimir putin and his neighbors is important to where stock prices go. if you are right and vladimir putin brings in or uses russian troops to back of the russian separatists in ukraine that is an event which will take the stock market down and most of what i heard on vladimir putin. i want to move on. >> that is still f. stuart: if that hangs over the market it hangs over the market. dan henninger come wall street
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journal, star columnist said yesterday in his column there are parallels between now and what was going on in 1914 pre world war i and pre 1938, 39, pre-world war ii. a pretty anxiety creating parallel with you ask me. do you share it? >> not in the least. in 1914 and 1939 you had military buildups. military buildups on all sides, generals wanted to use their toys. there is a profound change in european thinking legions of worrying about wars they're worried about their pensions. i do not see the military buildup. i don't seem the flame the -- the same complex web of alliances. what i see i have been saying for 20 years, i see constant conflict, back burner crises is small to mid scale brushfires
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everywhere but not one massive conflagration. i see the future of conflict as snakes in a plane, not armageddon. stuart: israel, 72 hour cease-fire was broken within hours of it starting. again we are investors here, we are looking for is that situation overseas which could move that market. breaking of the cease-fire, israel, hamas, is that an event we should take notice of as investors? >> to a degree. to me the big issues here are the interrelated nature of energy supplies. look at where you have the crises now. russia, we imposed sanctions on them. iranian nukes and bubbling up in the persian gulf, iraq has come apart. so if you look at where it the oil and gas supplies are in the world, that is something to watch and also as a strategic
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analyst, not an economic analyst i look at economies. you got to. you can't look at military problems in isolation and the interrelated nature of today's global banking industry also is cause for concern. there is no one huge conflagration but you have argentina going in default, one off, puerto rico defaults but you also have the sanctions and the russian banks. to me as an outsider, i am an investor who invests solely for retirement. i'm not a day trader but i see this web of conflicts that again, not a world war. the constant uncertainty and the biggest problem to me is the leadership vacuum. president obama is not present for duty and when america doesn't lead nobody else does in the west and you have someone like vladimir putin running rampant, islamic state running
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wild, so like it or not, you don't have to like it, american leadership in the world is essentials and we don't have it. stuart: colonel ralph peters, lieutenant colonel, there's a difference i believe. >> there is indeed. stuart: which is higher? >> full colonel is higher, lieutenant-colonel is called half colonel in the british army i think. all those ranks are great but the best one was buck sergeant, just enough responsibility, not too much. stuart: lieutenant-colonel ralph peters. >> or sergeant. stuart: when you are a good guy, we appreciate you being with us. i left you out of that and you have a lot to say. >> respectfully disagree. vladimir putin is not a long-term strategic thinker. he take opportunities when they are there. dan's point is we had world wars, we didn't have a strong
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deterrent and don't have a strong deterrent now because the u.s. is leading. stuart: we cover this stuff because it might have a dramatic impact on the market. lieutenant-colonel peters, we are discounting is that, you are not. >> biggest surprise of that column was dan reminding us neville chamberlain was sheared, touted as the hero when he signed the agreement, we use the same language out of our diplomats today. stuart: back to individual stocks because the market is losing more ground, down 70 points but we have a winner and it is expedia. is that a new all-time high? a 52 week high. nicole: looking at a new high for expedia, 6.1%. they came out with a number, everybody goes on line, hotels, hot wire.com, corporate travel business. guess what? hotel bookings are up 23%. air tickets that revenue, 22%.
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isn't that great news with expedia? with that all the analysts start of trading the stock and that is how you see it on a day when the vix is higher, the dow ideas in the and the nasdaq are lower, there is nervousness in the market but not in the studio. stuart: that is an economic indicator too. >> isn't it amazing how you think pockets of strength in this economy and other areas that are so weak. stuart: ruth baited ginsberg making controversial comments about her male colleagues. judge andrew napolitano was so fired up the has broken his three day weekend to weigh in on that. we will get to him in a moment. another great musical act at fox and friends summer concert series, trace atkins played to a huge group of fans outside our studios. ♪
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when folks think about what they get from alaska, they 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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stuart: we are down but it is
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not as huge sell-off, down 68 points but we are at 16,400. we lost 6600 points in two weeks. we had a new all-time high two weeks ago with 600 points below that as of now. what is the price of gold? moving up. $12 higher, $12.95 per ounce, oil dropped below $100 an ounce going down further, $97.26 as we speak. here is a standout company. proctor and gamble has been a bourse stopper but not today. is leading the dow. it reported profits up almost 40%. for companies that size not bad. nearly 4% up. justice ruth beta ginsburg sat down with katie couric and made some controversial comments about the male supreme court justices who voted against tehran hobby lobby. >> do you believe the five mail justices understood the
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ramifications of their decision? >> i would have to say no. i am ever hopeful that if the court has a blind spot today its eyes will be open tomorrow. >> you do in fact feel these five justices had a blind spot? >> in hobby lobby? >> yes. stuart: nearly fell off the chair when i saw that. let's bring in judge andrew napolitano who is with us, quick reaction to what you just heard? judge napolitano: good morning. always nice to be with you even if i am not physically with you. i nearly fell off my chair as well because justice ginsburg's violated a number of unwritten rules of etiquette of the court. one is that you confine your criticism of your colleagues to your criticism of your colleagues's work, not to their brains and not to their understanding but to the
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rationale that they put down in opinions with which you disagree. the second is when the case is over, most respectively, it is over. you don't go on national television attempting to undermine it because that undermines the moral credibility of the court. she totally misunderstood this case. this case is not whether or not women or men are entitled to reproductive services from the health care insurance companies provided by their employers. this case is about whether a bureaucrats in the department of health and human services can order companies to do that when the congress expressly declined to do so and the answer is the bureaucrats cannot. stuart: have you ever seen a case like this before where a justice speaking outside the supreme court brings in gender or any other e motive issue and sticks it into the heart of the court and suggests that employers should be forced to go
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against their religious principles? i can't remember anything like this ever before. judge napolitano: no. first of all, in large measure because of what you and our colleagues and i do for a living varies cable news and justices have begun to recognize that. as recently as 15 years ago you would have never heard a peep out of any justices but when the justices go outside the court to speak they normally confined themselves to theoretical areas of the law, not to the intellectual understanding of their colleagues and to attack them collectively because they are male, happen to be males who are married, who have children, who have daughters, who have lifetime appointments like sheep, to attack their collective understanding of the female psyche is utterly reprehensible, totally violative of the concept of collegiality and will undermine her own
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credibility in the legal and judicial communities. stuart: thank you for wrapping it up. please go back to that three day weekend. you deserve it. thanks, judge. mary kissel, wall street journal has an editorial on this today suggesting katie couric's questions trapped justice ginsburg into those answers. >> justice ginsburg could have declined to answer the question. is notable katie couric did not ask anything about the legal underpinnings of the case. add to what judge andrew napolitano said, these were sexist comments and be fitting someone sitting on our high court. it politicizes the court, undermines the court's authority. i think it was absolutely reprehensible. can you imagine one of the male justices saying the women just don't understand us. imagine the reaction. of the one you could not say that. mary kissel, thanks very much. we are down 70 points on the dow
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industrials, down 300 yesterday. card be a follow-up to a big sell-off today but we are down 70 and that puts us below 65. who says we in america do not care about soccer? 100,000 fans from all around the country are heading to michigan this weekend for a friendly game between manchester united and rail. it is a friendly -- i you tried to tell me the world cup had no impact? we will be back.
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stuart: just when you thought we were done talking about soccer i have another story for you. man you will take on madrid tomorrow afternoon in michigan. not only is the game totally sold out to the tune of 109,000 tickets but officials say the stadium could see its largest audience ever. here is wall street journal sports editor matt fetterman. i think soccer has taken off and i think it is because of the world cup. do you disagree? >> is not something that is exactly related to the world cup. this thing has been growing for ten years. stuart: in michigan? >> absolutely. that is the kind of audience you have. we had a big company, a lot of
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people from different countries and it is a very sophisticated thing. they understand to the big teams are in the world, they understand if they are here they are not here all the time, they won't be here for the next 12 months. this is their chance to see him, they will travel and the c m. in the one they have 50,000 at yankee stadium. >> these are friendly. >> it is the international champions cup, the new tournament they are trying to build, would rather win and lose. this is mainly preseason, trying to get in shape for the season that is going to start in a few weeks. stuart: i see a couple huge winners, nbc, they have a contract to bring premiere the english soccer starting aug. sixteenth. number 2 fox sports, they bring the champions lead from europe to america and they have the
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world cup. number 3, this international tournament that is taking place tomorrow, this is getting big. >> does it transferred to the u.s. league which is major-league soccer? or does -- do they get the interest or is the american's fourth thing getting to the point they just want to see the best players in the world's? they look at major-league soccer and they say he and know what? those guys are good but they are -- may be the sixth best league in the world. stuart: that is what you think. >> is a real challenge for major league soccer and has always been a challenge. the biggest competition is not baseball or hockey or the nfl. the big challenge is competing against the u.s. interests in
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the premier league in an increasingly globalized world where we can wake up sunday morning and see every premier league game. stuart: your colleague mary kissel is here. this is a golden opportunity for her to throw cold water all over the theory soccers taking off in america. >> would you get more than the one hundred thousand fans in michigan if the game was being held bearing nfl season? what else i you going to do in michigan? right now? they want to see what does that. >> travers city, mich. a nice vacation spot. i think there are a lot of other things to do in michigan on a summer weekend. i think these people are choosing to spend their money on a big game, and -- >> they get the same attendance if it was held -- >> on a sunday afternoon in the
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nfl season? it would be a little harder television why is. people probably wouldn't tune in like that but why measure yourself against the nfl? stuart: mary wrong yet again. welcome back, great to see you. you just -- how many viewers in michigan, for have an's a? >> i'm sure we will hear from them. stuart: is there nothing better to do in michigan? >> you can go fishing but if you want to watch sports. stuart: you want to run off the set. thanks, the national labor relations board issuing an opinion that could have devastating effects for parent companies of franchisee companies. we have the labor lawyer on next to break it all down for us. many of my patients still clean their dentures with toothpaste.
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stuart: less than two months
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after a primary loss, former house majority whip eric cantor announcing he's going to resign from congress august 18. he thanked his constituents saying serving the people of virginia has been a highest honor of his professional care career. bottom line, his getting out early, not serving out the entire term available to him. i'm going to call it a disappointing jobs report. not many in my personal opinion. stocks continuing a modest decline after yesterday's big selloff. perhaps a little bit more important news, the yield on the 10-year treasury is coming down. it is down surprisingly sharply down to exactly 2.5%. mcdonald's and franchisees now jointly liable for labor and wage violations according to the national relations board. paul, i read this as bad news
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for the parent company of all franchise operations because now the parent company is liable and lawyers are going to go after them. >> first this is just a preliminary decision as to whether the complaints go forward, but you are right in terms of the open outcome. both sides are all in on this. mcdonald's certainly does not want, it could impact franchise to franchise depending on the element of control the franchise has in the business of the franchise itself. stuart: it is a long time before you see this imposed, are you talking years? >> if they don't settle, i guarantee you there will be no settlement here, the union onces this finding in their favor and mcdonald's does not.
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stuart: we have a big election coming in november, it is quite possible the republicans sweep of the size and increase the majority in the house, it is a republican congress. with that make any difference they politicize decision? >> in terms of politics and i'm here crying kind give you my view, but the fact is it depends on who is on the board because the board will make the ultimate decision here. the point is sure, back at have an absolute impact. it is very important to them to get this decision as soon as they possibly can. it will absolutely impact not only in congress, that is why they were picked, but potentially a heck of a lot of other franchises. stuart: the writing is on the wall. >> they're trying to expand their membership, that is what
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they do. >> it doesn't matter if this is imposed down the road or not. lrb is a front for a labor.t. 30 years of legal precedents and it is not just the nlrb. the department of labor has it out for franchises. this is an unprecedented decision, lawless. stuart: it is based on politics. >> this is an unconscionable decision, they have it out for a certain kind of business model, that is all this is because of big labor. >> all i am saying is from the standpoint of legal issue it is determining whether the control exercised is such interfered with hiring, wages, benefits. >> absolutely absurd. >> in this case it appears
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mcdonald's went a little bit above and beyond, the more control the franchise exercises the more risk involved. >> changing the law by fiat. >> then you win. stuart: paul, thank you very much for joining us, we do appreciate it. next, the freedom to worship is under siege. americans will still be here. she will break down her editorial in just a moment.
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we never thought we'd be farming wind out here. it's not just building jobs here, it's helping our community. siemens location here has just received a major order of wind turbines. it puts a huge smile on my face. cause i'm like, 'this is what we do.' the fact that iowa is leading the way in wind energy, i'm so proud, like, it's just amazing.
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>> i am nicole petallides live on the floor the new york stock exchange with your fox business brief. taxing onto yesterday's big losses. down over 300 points yesterday, further losses the doubt now down 72 points, a loss of nearly half of 1%. the movers on the dow jones industrial average, pfizer and procter & gamble, those are some of the winners. american express and chevron coming under pressure down 1%, jpmorgan down 2.5%. take a look at linkedin seeing revenues higher than the estimate, the stock up 10%. more hiring revenue coming into the company. tesla came up with some numbers
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pumping out hundreds of units. up 3%. looking at freedom to worship coming up on "varney & company." so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i would make money doing what i love. we created legalzoom to help people start their business and launch their dreams. go to legalzoom.com today and make your business dream a reality. at legalzoom.com we put the law on your side. when the world moves, futures move first. learn futures from experienced pros
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with dedicated chats and daily live webinars. and trade with paper money to test-drive the market. all on thinkorswim from td ameritrade. stuart: look at the "wall street journal" today, there's a piece called global religion crisis. the journal calls u.s. state
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department annual report on international religious freedom bleak. summarize what your editorial says about freedom around the world. >> this is the best report they have done. i will use their words, we have seen over the last year the largest displacement in the recent memory. you're talking about government led religious impressions, these are perennial, but a big upsurge, something colleagues are writing a lot about. it is important to up and speak about these things. a lot of people contribute to it around the world, it is really a service.
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stuart: i think i am right in saying president obama hasn't said a single word. >> we had a taste of how president obama would treat religious freedom very early on in the first term. he was walked out the back door with the trash. remember that? stuart: packed with people, a very large sign holding it up, it was gross the anti-somatic. i will not repeat it, but it w was. i was just appalled to see this, in the very center of america. >> you should see the signs wasted in paris and london. it is absolutely unconscionable.
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this public, up there, it is a wonderful important update and i am so glad, congratulations to be state department people who do this. stuart: i want to bring to your attention the stock market, we are down 300 yesterday, 78 plus far today. yesterday's trading session so far today, we did have a disappointing jobs report, so that mitigated the selloff, but we're now down close to 80 points. former labour department's of staff is here, giving us his take on the disappointing jobs number.
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stuart: down a little more, now it is 89 points, we are back below 16,500. keep a close eye on this, it is friday, of course. would you own stocks right before a weekend? might be an extension to sell. where down 90 right now.
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expedia up 4.7%, that is a nice gain. procter & gamble an exception to this rule, it is up 53% at this point. here is the dow, they are down. my opinion, that is a disappointing number. as in the former labor department chief of staff under george w. bush, disappointing. >> disappointing numbers that are still probably pretty anemic compared to where we need to be. this is the new normal, we are not yet at the ideal, 350,000 jobs directly see a dent in the labor force participation rate in the unemployment rate. stuart: still generational lows and another quick point, wages
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takes up barely, one sense, that is all you have got. disappointing, where do we go from here? >> keep an eye on the next quarter how does the economy do? the hardest hit sectors continue to be young americans trying to find their first job or move into the second one nearly 40% of those unemployed right now our millennials 18-29. the job growth in the different sectors we're looking at is anemic, in addition to manufacturing. to really get people off the sidelines and off the long-term unemployment numbers, have the economic expansion so as we go into october, taking a look at this quarter, it will determine how the impact is for the elections and whether or not you see a change in policy for washington as a result in the
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change of votes. stuart: you talk about the new normal, i say it is not good enough, 2.5% growth, 200,000 jobs per month. that is the new normal. i have the "wall street journal" here, what do you say? >> we need to allow jobs to be created. bipartisan deals on things like the keystone pipeline, energy is driving a lot of the growth, you have trade deals cost freeways that the president is that instead in moving them forward. stuart: are you in agreement with my characterization? 2.5% is not good enough. >> i am a little more upbeat than you are. however concerned about wages. as you see it takes up as it inevitably will, if you don't see wage growth, it will start
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to feel like a recession because people are not going to feel like they have more money in the pocket. stuart: started to feel like a recession. your comment please. >> they got an extra penny, they don't even have enough money to give their $0.02 worth. the bipartisan consensus in the energy sector, the call center, other things like that are very real for the problem is the executive branch. from west virginia, 6000 workers, union workers saying the epa was impacting up to 60,000 jobs, that is executive ranch policy.
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stuart: the stock market falling a little bit more, now we are down hundred 9000, excuse me, 109 points. we saw the 200,000 jobs came out, withou we thought it mitige stock market and little bit. i know you're not a stock analyst but can you plan was going on now that we are down 112. >> we had a couple of months in the high two hundreds for job growth. people will see is is another indicator? we have had stop and start. the concern is if it is pivoting or not. is this a sign that this is a fit we went through, we are not headed in a positive direction? every new job is a good thing, every person went to work is a
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good thing but whether or not it is a sustainable number is crushed. stuart: i just wonder if disappointing news on the economy is now disappointing news for stock market investors. it kind of look that way at the moment. always good to have you on the show, thank you for being here. >> thank you. stuart: do you have a last word? >> there are cost freeways, and when the president talks about poverty the best ways to get a job, so if he is really serious of solving problems the country has, why didn't he signed some of these bipartisan bills in congress creating jobs? stuart: you got it. coming up, new at noon, "the new york times" making a big push for legal marijuana nationwide. the woman who runs the beverly hills cannabis club, she is going to be on the cover of "the new york times" magazine, by the way. also, mike huckabee will be with
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us. does he think it was morally right to send those illegal immigrant youngsters back where they came from? we will get his take on a variety of topics including all the sports headlines. speaking of sports, 109,000, that is common in people will attend a soccer match in michigan tomorrow be at one fox producer who is driving to the stadium from new york city. another hour starts in two minutes, but first more from trace adkins appearance on "fox and friends" this morning. here he is. ♪
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in new york state, we're changing the way we do business, with startup ny. we've created tax free zones throughout the state. and startup ny companies will be investing hundreds of millions of dollars in jobs and infrastructure. thanks to startup ny, businesses can operate tax free for 10 years. no property tax. no business tax. and no sales tax. which means more growth for your business, and more jobs. it's not just business as usual. see how new york can help your business grow, at startup.ny.gov
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st. away. it hasn't quite. the jobs number was disappointing, the unemployment rate went up. stock market sell-off is still with us. becky sheridan targeted, persecuted by the irs, demand the central prosecutor. i have to deliver the bad news. the new york times goes all-out for legalize pot and the beverly hills canada's club will be on this show today. we will ask mike huckabee if he would be comfortable sending children and teens back across the border and we will ask you if you would be comfortable keeping american ebola patients out of this country. would you believe our producer is driving new york to michigan to see a soccer game. would you do that? welcome to our second hour.
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♪ stuart: 209,000 jobs created last month. that is disappointing but the stock market continues its slide from yesterday. that we are down 100 points, that adds to the 300 point loss we had yesterday. 108 to be precise, 16 for 454. the key barometer in interest rates, falling, falling fast. down 2.8%. that is a big decline. something going on here. tres knippa, a huge drop in my opinion in interest rates. a continuing sell-off on wall street. what is happening here? >> i have been in studio, and it
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is improperly, and some pretty weird cross currents here. i am the first guy who will tell you the fed will keep interest rates too low too long. the track record proves that is a bad decision. if imus in interest rates will stay too long too fast, look at the action of crude oil. this is july, the summer months, when crude oil should be acting good. any time i see a growth estimate from the fed, the imf, we could go on and on, they are -- that concerns me and that is what is showing up in crude. those crosscurrents bother me but let's go back again. bad news is good news.
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stuart: we turned this around. bad news on the economy is bad news for the stock market. we turned this around. look at oil, indicates weakness in the future, look at interest rates. that indicates weakness in the future. at all that up and we have a market that is down 110. we reversed course. bad news there is bad news here. >> i have to disagree with you. a reduction in interest rates and strong bond market indicates the fed will be here forever and it will be the fed that drives market prices. is it possible to drive stocks higher in a zero growth environment? we have proven it for the last four years. why can't that continue? stuart: trying to make sense of contradictory indicators. tres knippa, thank you. lois lerner's latest e-mail's shows she has some choice words for conservatives. the e-mail was written after the
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2012 election. you use as an obscenity and terms like crazies to describe the gop and tea party groups. welcome. >> good morning. stuart: you know what was in those e-mails. the obscenity, calling people crazies. do you think that moves us closer to getting a special prosecutor from the justice department? >> not sure it moves us closer, but again shows us targeting that took place at the irs was definitely politically motivated. we have e-mails at our position that the department of justice has compromised, in cahoots with the irs to manufacture evidence to criminally prosecute people who applied for these 501 c 4s. they cannot do a fair job investigating this and as more
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evidence comes out in the future and we see how deep this close we will come to a place where they can't not put up a special prosecutor. stuart: i don't know about that. this is at the discretion of their colder. he says yes or no. can't believe he will say yes, get out there and get a special prosecutor. i can't believe he would say that. >> i am an optimist and i believe in justice and we have so much evidence the american people will demand use discretion and appoint one. in the meantime if we don't get a special prosecutor we need to go forward with our four your request with judicial watch has been a fantastic job. so much evidence has been uncovered from those requests and our civil case needs to go forward and move on to discovery and these two things will continue to lead us to justice. stuart: what everybody wants, what inquiring minds want to
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know, we want to know was there a link between the irs people and the white house and/or the campaign to re-elect president obama? if there was any kind of link, if those two entities saying go out and harass those conservatives, if you discover that links, it is ever made public you got yourself a watergate but my point would be are we going to get to see all but e-mails, a you going to get to see what you want to see before the current elections this year and even before the election in 2016? >> great question. we will stand by and what she. the scandal goes so deep and the fact the we don't have e-mails, treaty is of a missing e-mails, e-mails did not disappear on the hard drive. they are out there. we will get to them. it will take a long time.
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e-mails don't just disappear. stuart: you got a report of the overwhelming majority of our viewers and there found it -- fired up about what happens to that election and our country and they really do want some answers. becky garrett, thank you. back to that market because the sell-off, the one yesterday, it does continue. now we are down 109 points on the dow industrials, triple digit decline, back to 16,454. we are down 700 points from the all-time high and closed at two weeks ago, we dropped 700 points most in the last couple days. a couple individual stocks we spending time with. let's deal with gaming stocks. what is happening with the gaming? >> gaming and slot machines, scientific games up 4.6%, valley technology up 30%, a new high,
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scientific gains made the slot machine and buying their larger rivals in this deal and is a $3.27 billion deal if you include the debt even more so at $5.1 billion but both those stocks have of arrows so putting them together streamlines the company's and you have financial advisers, bank of america and deutsche bank, jpmorgan. the states of the economy and the resulting action on the stock market but there's another big story too, the new york times called for the legalization of marijuana at the federal level. they add that hotbed, big the booming voice over the weekend. it has been 40 years since congress passed the current ban on marijuana in fixing great harm on society to prohibit a substance far less dangerous than alcohol. the federal government should repeal the ban on marijuana.
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we are joined by cheryl with the aptly named beverly hills cannabis club. i understand -- you just had your picture taken and you will be on the front of the new york times? >> nice to see you again. the new york times magazine, how do you feel about the new york times magazine? almost fell off my chair, three days with us, invited him to one of our cannabis tastings with the beverly hills cannabis club that had him meet all the people we are working with and he loved it. stuart: the guy from the new york times in charge of the front cover of the new york times magazine flies out to see you in the beverly hills cannabis club and goes to the tasting? did he get stoned with you? >> no. what was interesting was he
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observed everyone. i thought it was really cute when he looked over and said everyone is medicated except for you. he got to meet the chef and the high-profile members of the club and followed this for three days from the dispensary to the tasting and was great. stuart: the new york times got this push on a national basis, and legalize it all over the country and you are in favor of that. you don't want to operate the budget you could be prosecuted by the fed's. you are in favor of this too. in california not long ago there was a referendum, statewide vote legalizing this or not and california said it no. even in california you got an uphill struggle. >> california is still the wild west. and getting from canada,
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uruguay, israel, all these companies and countries, california is the wild west, and their recent proposition 19 failed which you addressed earlier is because it was heavily favoring oakland to become the new amsterdam and a lot of rowers didn't like it. >> if you're going to get full legalization will be republican, kind of a republican libertarian who will lead the way, not a democrat, not a leftist if i can put it like that. would you agree with that? >> i have to say lately i would agree with you. i was hoping obama would sign an executive order when they left, sitting in our office, at echelon capital group, and looking at republicans, you might be onto something. stuart: we look forward to seeing you on the front, cheryl, i am sorry, i keep calling you
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beverly. cheryl schuman, thanks for being with us. i will look on the front of the new york times magazine. i will stay on the pot story for a second. san bernardino california, the city attorney has an idea to raise some money, open medical marijuana dispensaries. i got the story here from lauren. >> cleveland, tax it and you will bring in many bliss and bernardine no halted production two weeks ago and citing a city the fifth of the size of them. they have a 10% tax on medical hot sales. that would be $2.5 million for san bernardino. stuart: they regard it as the tax revenue business. they don't take a moral position, they want the money. >> we have a bigger populations and these other places that are bringing in money. it is at their discretion
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because according to california state you can have medical marijuana, the state's broad and $1 billion in medical potts sales. stuart: okay, thanks very much. facebook appears to be done for some users. does that mean -- okay, sorry. they can log on. some users can't get into the facebook system. try to go on line, that is not good news for the stock, is down 1%. $0.84, $71.81. we will update that. loren is here trying to to do that, you can't get on. >> something went wrong, we are working on getting it fixed. stuart: stocks down. new polls show hillary clinton is pulling ahead of some of her potential republican challengers in the next presidential race.
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we will give you numbers in a moment.
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stuart: you don't often see this, i have ever seen it and don't understand it. a baseball game, detroit tigers, the manager runs on to the field to talk to the umpire. moments later detroit center field davis leaves, exit to the dugout, runs on to the field to replace austin jackson who at that moment has just found out he has been traded to the seattle mariners. as jackson x's the field the fans give him a standing ovation. brian kilmeade is here, hardest working guys and american television, big guy in sports, and christine that before. >> can't remember, such an impact faulting, he is an astounding center fielder who goes to tampa, david price comes up to detours, they're in contention, you're telling tampa bay or no longer in contention that you're getting a heck of a center fielder in response and gets the opportunity to give an opportunity for the tigers fans to give him a standing ovation, he hugs all his --
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stuart: that is not the point. the baseball game was interrupted by a trade and a guy finds i have just been traded so i got to love the fields. >> it is the point. stuart: i have to teach you sports and everything? >> you usually see that behind closed doors in the locker room but as he gets words they put it on the big screen and all the fans find out. they know why he's leaving the game. they stand up and they go into the dugout and he essentially goes in and cleaned out his locker and finds his new team. >> didn't finish the game? >> you are not on the team anymore. stuart: couldn't keep playing because he is not on the team at that moment in time. >> you got it? >> originally supposed to be a yankee, traded for curtis greer anderson, jackson was -- now has
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a new team. stuart: a koren of the act paul, hillary clinton leads all the prominent republican presidential hopefuls for 2016. ohio voters back hillary clinton over john k. sec, 47-affordably she talks former florida governor jeb bush, 48, 37, she beats out rand paul as well. not sure of the numbers but here is the author of clinton being, the authors daniel hopper and joins us now. do you think hillary clinton by the time 2015 rolls around when we getting into the primaries do you think she can overcome her russian reset problem and the benghazi problem? what does it matter? she can overcome that? >> politicians always do better in polls when they're not in politics. hillary clinton what turtle numbers to rise she should say she will never run for political office, herbal numbers would shoot through the roof. regards to your russian question she can overcome that.
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biggest problem is embarrassing, and humiliating, humiliating from the start, and the russian foreign minister didn't even say reset, misspelled reset and it has always been embarrassing for her, she is trying to back away by saying vladimir putin has always been -- i was always more skeptical of vladimir putin and the rest of the obama administration, who will believe that after that vote? stuart: what is forbidden problem? >> internally current political structure. she is not a good politician, she is not a good candidate. she has her husband bill clinton who is a massive asset and a massive liability. her daughter's emergence in clinton income. a letter daughter is a problem? how could that be a problem? >> chelsea clinton joined the family business and like any family business when a family member joins she outranks everybody else. stuart: when you can't say that. chelsea clinton now ranks hillary? that is a problem? >> not in the public's mind.
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in her own organization, this corporation, the clinton corporation. shi'ite ranks everybody else, she is calling the shots. >> she is one of the persons calling the shots but her parents are not able to say no to her. one told me when your daughter catches you with your pants off as chelsea caught her father with his pants off you can say no to her for ever after. that is a problem she is facing and the whole infrastructure is facing. stuart: when she exists that kind of influence in the family? >> absolutely. the aid that are running scared that are pushed out because of her. you got to read the book. stuart: a former president, two term former president who is a very popular guy, talking to former secretary of state, former first lady and you are telling me a thirtysomething young lady, the daughter, out ranks these two seasoned,
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polished, professional politicians? >> it is a big problem. this is what i discovered in my reporting. stuart: is she making mistakes? >> they are concerned she's making mistakes and doesn't know how to run a national campaign on a presidential level. you are creating an organization that touches 50 states, multimillion-dollar creating a from scratch and all of a sudden has to be competitive on national stage. they are afraid she is not the one to do it. it is a hard business, politics. she is not a seasoned professional. stuart: is chelsea getting the blame for the mess that hillary walked into with the money she made? when she left the white house? >> not broke now. the first problem is hillary clinton's own campaign in which is not very good. chelsea, tells a story that chelsea was sitting with close aides with bill and hillary clinton starting their own consulting business, chelsea in this private meeting, only five people, two aides, and chelsea clinton, her husband, and her
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father bill clinton, she asks the aid for equity in the company. that is outrageous. when a big event company. the secretary of state, we want to be a multinational company. the aid on a longer as close to bill clinton. that is what i mean by unsettling the family business solution comes in and people are being moved out. it is unsettling what is going on. stuart: will chelsea get into politics and run for office? >> possible. >> she hasn't done anything. what has she done? she is a failed correspondent on a network because she started at the network, she already accomplished something the >> this is concerning the aids. doesn't know what she is doing. she comes in running the show and to is she? a 34-year-old -- >> you cross the clintons and you are did to them. there is no reconciliation. >> it has happened to aids and journalists and a number of
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people, stephanopoulos and -- stuart: i will read the book. i will read the book. thanks very much. we appreciate that, thanks very much. the deadly ebola virus is coming here. and american aid worker infected with ebola is being flown to atlanta to receive treatment. i say there is no reason to panic and no reason to keep this person out of america. that is the nature of my take and it is next.
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. stuart: emory university hospital in atlanta will treat an american citizen who's been infected with the ebola virus. that patient will be held in a very secure medical facility. here's my take. what surprised me was the response to this news. ebola is coming here! bringing ebola to america! the tone was near panic. and although few said it outloud, the unstated question was, why are we importing a deadly virus? our own production team on "varney & co." reflected precisely that. there was concern about the dread disease making its way to the united states.
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donald trump tweets, the u.s. has enough problems of its own! let me tell you where i'm coming from. i think the american should be flown here for treatment because, a, that patient is an american. are we going to put out the welcome mat to guatemalan teens and shut the door to a sick american? i think not. and, b, nobody has better facilities to deal with ebola than the emory university in atlanta. are we limited facilities available in west africa? i think not. at the heart of all this is fear. we don't know much about this mysterious and frequently fatal disease. it's only natural to be afraid. here's what we do know, you can't catch it from coughs and sneezes, it's not airborne, you get it through very close personal contact. that means isolation in a quality medical facility prevents ebola spread.
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. stuart: big name, you know it, look at this.
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tesla. the company's going to produce over 60,000 vehicles or so it says, in 2015, that's a big boost to production. investors love it. it's up nine points, that would be 4%, 232 on tesla. toyota looks like it's moving towards a hydrogen fuel cell powered car. lauren, what's that about? >> bye-bye electric vehicles. hydrogen fuel-cell cars. what you need to been hydrogen is what you need to know about electric cars. there is the concern we don't have the fueling stations, this and that. the guy behind the prius at toyota. sales were up 300% is behind this car this year. it's $69,000. more than double the cost of the prius, they're launching it early next year in japan and then in california where there will be fueling stations. here's the best part about it, one tank goes 300 miles. stuart: miles of what?
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>> hydrogen. stuart: really? you have a hydrogen tank in the car? >> the cost of that is 54 cents a gallon versus $1.43 for electric versus 3 bucks for regular gasoline. stuart: 54 cents for 300 miles? >> yes, yes. stuart: toyota stock i don't know if it was up or down. >> down a fraction. stuart: not much. not much. >> just for the record, it was up. you weren't paying attention. stuart: you're still here, are you? >> i apologize. stuart: be quiet for a second. >> the question is, are we a little nervous, i'm sorry to drive cars we don't know when we can fill them up. stuart: 54 cents for 300 miles, i'll take it! let's get to main event, shall we? the guest. the latest border crisis. a report from the department of homeland security, those unaccompanied illegal immigrants are giving federal
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agents infections, lice, scabies, tuberculosis, chicken pox. here's governor mike huckabee, he is with us this friday morning, thank you. >> i have chicken pox, i'm going to give it to all of you. stuart: just like. >> you to give you an infectious disease. stuart: hold on. >> i knew there was a follow-up. stuart: you think this is a financial program, and it is. i got to ask you a moral question. would you be comfortable sending the youngsters back where they came from? >> not because they have infectious diseases, there's not a legitimate reason for us to be taking people that we really aren't prepared to receive. there's got to be a process at the border. we don't have a process. we don't have a border! >> you know as well as i do, governor, if we start sending them back, have you videotape of a crying child being draggedton a plane to go back to central america. that's not going to go down well. either pr-wise or morally. >> one thing we should be doing
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is let's say honduras, how much money do we give honduras every year? we let the government know every time we spend on kids from honduras or anybody coming here illegally, that is deducted from the money they would have received in aid. they need to decide how do they want it spent, on our side of the border or their side of the border? that's one way we would get their undivided attention. i don't think we have the guts to do that. we ought to put it in motion immediately. stuart: you would put them on a plane, send them back and not be uncomfortable doing that? >> i wouldn't send every person back without knowing is there galloping terror from which they are escaping. if it's just because they want to be here, there are times i want to be in disneyland, i don't jump on the plane and let them purchase the ticket for me. is it un-christian to say you're not welcome? no. there is an obligation to
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cesar, and obligation to god. moral obligation as a christian to help people who are hungry, who are poor, orphaned and i want to do that as a christian. but as a government. the government is not a charitable institution. the government is an entity created for the purpose of redistributing other people's money in the way that a government sees. i give generously to church. i'm not sure it is the government's responsibility. they have one, and it's to secure the border and make sure we have a border, we don't have one right now. stuart: reverse the entire situation here, there is an aid worker, west africa who has contracted the ebola virus, going to come to america, go to the hospital in atlanta. some people are saying don't let that american in, don't bring ebola into america. where do you stand on that?
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>> he's an american, you bring him back. we have the capacity to give them the treatment they need and deserve, and if i'm an american somewhere and trying to help people and i get in trouble, i'd like to think that my country would bring me back rather than say good luck bud gee donald trump says we've got enough problems of our own? >> we do have enough problems of our own. one of the problems is we don't understand why not take the american in trouble, who's paid taxes, who's bee trying to helpful. bring him back. if we take tens of thousands of the illegal people from whom we don't have a governmental obligation, this is an easy call for me. we're not bringing it back on a commercial airliner sitting around 15 people and letting them go through the line on jfk. he's coming in on isolation pod on private airplane. he's in an isolation pod in the hospital. stuart: brian, where do you stand on this? >> it hurts, i was not in
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arkansas on your reign. one thing, your comments make 100% sense, i don't think there is anything wrong with saying my obligation is to americans first. we have unbelievable apparatus doctors flying around helping people out. doesn't mean we have to let everybody in. i was staggered by george will's comment. we can take 20 a county. really? as opposed to everybody else we're not handling, the $18 trillion debt, we're not paying down. here's our compassion and country. help people where they live. stuart: george will saying we are a great society, we are humanitarians, take them, that's what he was saying. >> we have a great society. america is a loving country, a welcoming country, but we've got to have common sense. and the point is if we say anybody, anywhere at any place who feels like they're in danger can come to america and we'll pay for it, stuart, it's
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not realistic. we can't do it. what brian said is the answer. i don't mind shipping aid to people. i've been to rwanda with the campaign. i've seen what happens when you spend 8 bucks on a mosquito net. i'm all for that. i'm not indifferent to the plight of the people around the world. i'm not indifferent to the plight of the people in the mississippi delta who don't have running water or flush toilets and say they dont matter? of course they do. they are part of our citizenry. >> stuart, good booking there. >> good booking? >> he's in the building. >> i came for free. that's why i'm here. >> i saw the invoice by the prompter guy. stuart: this is a financial program. we'll see you at 8:00 eastern on saturday and sunday nights on the fox news channel. >> thank you, stuart. stuart: thank you, governor. maybe viral advertising doesn't work as well as we thought it did. go pro stock taking a dive
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today. first earnings report came out. down goes the stock despite all our free advertising. we'll deal with it in a moment. [bell rings] ♪ time and sales data. split-second stats. ♪ its so close to the options floor, you'll bust your brain-box. all on thinkorswim, from td ameritrade.
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weit's not justt we'd be fabuilding jobs here,. it's helping our community.
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siemens location here has just received a major order of wind turbines. it puts a huge smile on my face. cause i'm like, 'this is what we do.' the fact that iowa is leading the way in wind energy, i'm so proud, like, it's just amazing.
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. stuart: friday lunchtime, here is the halftime report, nicole petallides, cheryl casone, brian in new york. we started down slightly and more selling, down 104 points. does the selling continue? >> yeah, i think it probably does. you know if it's a full correction, that would take us to 15,300. i saw your guests on earlier. what was important is oil prices right now. we have a lot of problems in the middle east.
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we have a lot more capacity in north america. we have a lot taking off in places like libya and iraq. oil prices are trending down. that is not good for the overall global economy because i think people see that and see that there are things that in the global economy that are not so good right now. stuart: we may be slowing down, that's an indicator of slowdown in the future. cheryl, tell us about expedia, in a down market, that's a big winner. >> profits of 25% of expedia. who knew the american public decided to start traveling. maybe they bought, and travel later, airline tickets, hotels, big surprise, to be honest with you. got to say expedia under a lot of pressure, you can go to kayak and get a lot better deal than you can under expedia. stuart: whoa! hey, nicole, we gave gopro all this free advertising and the stock goes straight down today. what's up? >> they've been spending a lot, too. people are buying gopro, it's
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not a cheap item. a wearable item. you wear it surfing, skiing, snow boarding. stock is down 15.25%. they came in and did see a bigger quarterly loss than expected. and costs nearly doubled. they've been doing a lot of research and development. spending double, upwards of $34 million. a name we watched so closely, watched it run up since the ipo, taking it tough today. stuart: john, you never liked gopro. you take it you still don't like it and not buying it? >> no, i don't. i think it's a great company, great story and incredible product. but the valuation, i didn't understand twitter at $70 either. the valuation on the stocks at gopro are a lot of hype. stuart: okay, let's get to brian. nothing to do with finance or money. no cursing in the nfl. is that going to work? >> they're talking about you can't get personal going up against somebody. you can't be screaming at the ref. it's going to cost you 15 yards and possibly a fine.
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it's never going to work. you cannot satisfy the game. this is brutal. man on man, you try to get under the other guy's skin any way you can. this is in response to the imminent start of saying he makes the team of michael sam, the first openly gay professional player. they're worried about things happening that are racial on the field or show that you are bigoted on the field. it's going to cost your team, you money and team some yards. i don't think it's possible to bring civility to the nfl. it's a brutal sport! [ laughter ]. >> i love it. i love it. being an athlete, trash talking in psychological games it's part of the game. call your mom and tell her you left the game at home. that kind of stuff. you can try and keep it clean. >> i'm sure we could say that, call your mom, you left your game at home. >> that's clean. stuart: i know the comments on the field are a lot worse than that. okay. got to get john back in again, have you stock picks in a
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sketchy market? >> yeah, worried about until labor day, when the big money comes back. in i own sea drill. if it doesn't come in, and gets rarely below the mid 30s. it's a great stock to own with the 10% yield. stuart: let's get back to cheryl. t-mobile, another bider? >> bon jour! the french have spoken, ilead, if you're john ledger, you're going thank you very much, i will have cheese and wine with the multibillion dollar offer, he's got to be celebrating because this is going to mean they have to up the deal, put in more money. sprint is going to up the bid, and john ledger is the luckiest guy. stuart: you're saying stock is going to go up? >> heck yeah. he's the belle of the ball. he can pick who he wants.
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stuart: that's it for halftime report. thank you one and all. the soccer craze is here. we're going to talk to one of don imus's producers driving 9 1/2 hours. he's going to michigan to see man u take on real madrid. are you kidding me?
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i have a lifetime of experience. so i know how important that is. . stuart: we showed that you video of ravens player ray rice dragging then-fiancee out of an elevator in new york city. he issued a public apology. too little too late? >> couldn't have been more heart felt. the thing that hit him is the light two-game suspension, it's caused more controversy than anything else. if he got six or eight games it cost him $650,000. as i walked into the studio, the commissioner was answering this question live on the nfl network, and he was saying this is done through the criminal justice system, this is what we did. this is how we rendered up. up to ray rice to turn his life around, if you judge him there, i was impressed with what he did yesterday and d
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. >> i don't think the level of play is high nufl in the mls. stuart: the big draw for the guy is the foreign stars. >> absolutely. they get 109,000 for a friendly game that does not mean anything. this is a preseason game. real madrid against manchester united. when i walked through the city people were wearing the jerseys as if they were playing. stuart: absolutely right. alex a good time. >> thank you. stuart: more varney in just a minute.
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. stuart: it's that time. here is deirdre bolton. >> thank you so much. the u.s. economy adding more than 200,000 jobs in july. we zoom in on the tech industry to show you where demand is the
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highest? countries around the world asking twitter to remove content related to users' accounts at a rate more than double the number of accounts reported last year. according to the latest transparency data. big gains, big business from the hobbit to the hunger games, alibaba making a $120 million investment in the gaming company. we are going to tell you why. so fun and games is big business and today's proof is alibaba, announcing strategic investment in cabam, it's going to publish free to play mobile games. earlier this summer we caught up with the co-founder and ceo with the california start-up on why he thinks big businesses are so interested in his. >> vision for the future where gaming is ubiquitous and becomes the primary entertainment for consumers,

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