run. final thoughts? >> i think mueller is what we suspected, there will be no new information and skilled interrogators won't have a chance in this format to get anything out of him. maria: that will be a shame. great show, you guys. have a great day. "varney & company" begins right now. stuart, take it away. stuart: good morning, maria. good morning, everyone. this is "varney & company." the mueller hearings billed as the most important since watergate. you are going to see democrats looking for dirt on the president. you will see republicans looking for dirt on the investigation. in my opinion, it's the last gasp of russia, russia, russia and obstruction. i think it's a political bust for the impeachment brigade. we'll see. a spectacular day in the world of money. you will see that unfold as these hearings proceed. disappointing results from boeing and caterpillar, both dow stocks and way down. a big win for texas instruments,

chipotle and snap. all of them, up big. facebook and tesla's numbers come out later this afternoon. both down in advance of the official numbers. the overall market, that will open lower in large part because of the downside move of caterpillar and boeing which are dow stocks which are taking a large number of points off the dow. we will open down about 100. look at that nasdaq, down about a half percentage point. unless there's a big surprise, again, this is my opinion, the hearings are not likely to affect wall street. "varney & company" starts right now. stuart: they started. you're looking right now live at the mueller hearings. joining us, judge andrew napolitano and liz peek and david barnson will chime in as well. we've got him on camera. first to the judge.

okay. they started at 8:30. 31 minutes ago. you have been listening. what have you heard so far? >> that bob mueller is a good marine and he's going to follow the instructions from the department of justice and basically not talk about ongoing cases, not talk about the deliberations that led to the report, and not talk about anything outside the report. now, that's bad news for both sides. the democrats want to go into his thinking. isn't it true that if donald trump were a private citizen, there's enough evidence here to indict him. bob mueller's not going to answer that. the republicans want to go into the origins of it, isn't it true that this was started by fraud and trickery and entrapment of a witness at a bar in london, and the whole thing was an fbi scam before the fisa court. he's not going to go into that. so far he has basically pleased the questioners. he's basically said to chairman nadler you did find some evidence of conspiracy but not enough to indict, isn't that true. yes. you did find evidence of

obstruction of justice, the president himself tried to interfere, he didn't successfully interfere but he tried, yes. and you can't exonerate the president, yes. then congressman collins, did you find that the president committed any crime, no, we didn't make that determination. did you find that there was a conspiracy between the president and the russians, absolutely not. that's the first volume of the report. so the bottom line, is there anything new, no. if there is nothing new, this stays a flat line. the democrats can't win unless they pull a rabbit out of the hat. stuart: forgive me for making almost a personal comment. robert mueller seems frail. he does not seem really sharp and in line with answering the questions. yes or no is what he's been giving. >> this is robert mueller's 89th time testifying before a house or senate committee. he's not as sharp as in the previous 88. stuart: he turns 75 on august

7th. >> let's not talk about age, stuart. stuart: that's good, judge. a note of levity at the right moment. well done. liz peek, let me turn to you. talk to me about the politics of these hearings. at the top of the show, i said i think it's going to be a political bust for the impeachment brigade. what say you? >> i actually think the worst of the hearings go for president trump. that is, the closer they get, so forcing robert mueller to say yes, there was obstruction and i couldn't charge him because he was a sitting president, which is what they hope for him to say, basically, the worse it is because then what do they do? then they actually have to move forward with impeachment and democrats don't want to do that. polling shows the american people don't want that to happen. in a way, i actually think the democrats are way out over their skis here and could end up in an incredibly difficult position. stuart: interesting. stay with us, please. will want more commentary on this. david, you handled the financial

side of this. i don't think that these hearings will have any, any impact on wall street whatsoever. what say you? >> not only are you right, that has been the case since the special counsel was appointed in the spring of 2017. we are now over two years of the market not caring about all of the ebbs and flows of this report as the thing peters out and eventually gets left on the ash heap of news drama, the market does not care. they care about earnings. they care about the fed. they care about the economy. they don't care about this distraction. stuart: what was that expression, the ash heap of what? >> news drama. this whole thing now, it is drama that is not in the democrats' favor. stuart: i'm going to steal that line and use it day and night, i'm telling you. let's get to pure money, shall we? this is a very big week for big tech. let's check the stocks. we check them all the time. you have to, because that's where the money is. the justice department is opening a broad antitrust review of the big tech companies. now, i'm questioning whether or not the big techs should be

worried about this. what do you think, liz? >> you know -- stuart: look at that, the stocks are down. >> i think this is sort of a big surprise that you get at christmas where you are kind of opening it up, seeing what pops out in terms of new toys. what are they really looking for? are they talking about privacy, about antitrust? it's sort of all of the above and it almost seems to me as though the ftc and now the justice department and democrats in congress, they all are aware this sort of negative attitude americans have about big tech even though they are our biggest and most productive companies, but there is this backlash and they're not quite sure how to address it. antitrust is a pretty weird thing because there really is no evidence of harm from google occupying such a massive position in search. it really is no harm with facebook being by far the biggest platform out there. so really, this is really sort of a new territory, new frontier, it seems to me, in terms of how does this sort of

generally investigate a big productive industry. i don't think they know what they're looking for. susan: there are a range of options at the doj in terms of how to conduct this investigation but they are more focused on specific company conduct, they say, how do they silence voices at social media sites and do they have too much control when it comes to google who oversees 90% of search. stuart: of those stocks on the screen right now, the greatest liability is with amazon, facebook and google. they are the ones under the greatest scrutiny, it would seem to me, as opposed to apple and certainly not microsoft. i don't think microsoft features in this, does it? >> not especially. stuart: you're laughing because i've got a little bit of microsoft. >> you love microsoft. >> the other reason apple and microsoft are not necessarily as connected to the problems here is their pes are somewhat reasonable. the problem you have is this can

go on for a long time and compresses valuation and you have a very expensive valuation with at least facebook, amazon and google. >> and apple yesterday came out and said antitrust, how can you charge us with that when they, in fact, have in their biggest product line, cell phones, enormous competition. it's the app market, though, where i think you go after apple. stuart: let me deal with one of the big techs in particular, facebook. they have been slapped with a $5 billion fine. this is about privacy issues. the "wall street journal" says mark zuckerberg will have to sign off personally on privacy protection. okay. let me deal with the fine. $5 billion. that's a drop in the bucket for facebook. >> drop in the bucket because they had already written it down, taken those reserves against earnings. stuart: the stock is up this morning. susan: but they make three times that in this quarter alone. $5 billion for a company that's worth close to $1 trillion or at least more than half a trillion dollars, drop in the bucket. it's also a slap on the wrist

when it comes to personal liability for mark zuckerberg. he didn't have to sit for an interview with the ftc. in fact, he has no liability himself personally in the cambridge analytica scandal so they think this is a victory for facebook and its ceo founder. >> i think that's kind of shocking that the ftc did not interview him. he has sort of skated along here and by the way, he had made commitments and promises in the past which clearly, they have not abided by. yes, they are supposed to be tightening the noose a little on mark zuckerberg, making him personally liable. what does that even mean? stuart: what does that mean. look, the stock is at $202 a share as we speak. despite the fine, zuckerberg, the privacy issues, all the rest of it, all the terrible pr, $202 a share. know why? because when they report, i think it's in the next 24 hours, if they make serious money like they usually make, serious money, that's what the market, that's what investors look at. >> it was $230 a year ago.

it's down 15% in a period the market is up 15%. so $200 is a big share and $800 billion is a big market cap but it's down substantially relative to the whole rest of the world over the last year. stuart: all right, all right, all right. susan: but to get back to the antitrust review, when you have 1.5 billion daily active users on three very powerful platforms, 2.5 billion globally around the world, that is a powerful company business to have. they are trying to monetize when it comes to business spending and advertising on whatsapp and instagram. >> and libra. the possibility of a cryptocurrency like libra coming out based on this two billion user platform, it just gives you an idea of their potential. stuart: well said. let's wrap this up overall. we open the market in 19 and a half minutes. we will be down for the dow, down for the nasdaq and down for the s&p. but we are still within a half percent of all-time record highs

for all three of those indicators. that's not a big loss. let's get to caterpillar. lukewarm forecast for the future, if that doesn't work down 5%. big loss for them. there are problems with the engine on boeing's new plane, 777x. down a buck. that's it. tesla reports after the bell. they are down a dollar just before trading begins today. there you have it. we'll be back in a moment. your daily dashboard from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity.

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stuart: let's see, now. that there, if you can see it properly, that is ten downing street. not a very good view, but that is downing street. the official residence of the prime minister of great britain right there, number ten as it's called. theresa may, who is the outgoing prime minister, she's going to be speaking momentarily. it will be the last time she speaks publicly as prime

minister. we are going to take you there. we want to take you there to see exactly what is happening. mean while, on this side of the pond, as one might say, the dow industrials will open 90 points lower. the nasdaq will be down about 40 points. also obviously as you all know, happening right now, the mueller hearings. hillary vaughn is with us. give me 30 seconds on what you have seen so far. reporter: stuart, two exchanges. congressman doug collins questioning special counsel robert mueller, asking him if he is contradicting his own report that says essentially that collusion and conspiracy are synonymous. earlier in mueller's testimony today, he said that collusion is not a legal term so that is why his report did not make a determination in that account, but collins brought up his own report, read it back to him and showed that the two terms are interchangeable. mueller admitted that that is the case and says he will let his report speak for itself and

just moments ago, congressman radcliffe questioning mueller said that the president should not be above the law, but he should not be below the law and says that mueller's report did not find -- or found a determination on a lot of things that the report couldn't back up. stuart? stuart: thank you very much indeed. personal observation, if i may. so far, what i have seen is lengthy questions from the congresspeople and very short answers from robert mueller. maybe that will be a factor throughout the day. we shall see. let's get a dunk in, shall we? it used to be dunkin' donuts. susan: when you are making 180% on beyond meat so far, since its ipo in may, this is the stock of the year so far. du dunkin' and beyond meats are

getting together. these are two stocks that performed well this year. they will offer the beyond sausage breakfast sandwich going forward. dunkin' has seen the success of what burger king, white castle and also red robin as well, but this is a big market that should expand to around $140 billion over the next decade according to barclays and i think in terms of money matters, maybe it's not mueller but in terms of money matters, it's interesting to look at. >> very good idea for dunkin'. stuart: what's wrong with it. >> this is sort of a new fad. it may last, it may not, but what's the downside. stuart: what is the downside? what is it? i don't see it. >> people are gaga about non-meat. stuart: hold on. david barnson is here. he's looking none too happy. you wouldn't touch that kind of stuff with a ten-foot pole. >> i would. it's not just because they don't pay a dividend, they can't pay a dividend when they are doing $80 million of revenue and a $12 billion market cap. every year of my life, we have had a fad that turns into a bubble that ends in utter tears.

this is a growing company, it's impressive product for that segment of the market. the valuation is so far ahead of its skis, it couldn't possibly reach this valuation if they meet all their targets for the next hundred years. stuart: hold it. i've got to repeat that. $80 million in sales, is that right, for beyond meats? >> $12 billion valuation. stuart: the company is worth $12 billion. >> it's trading at a negative 371 price-to-earnings ratio. susan: what about a company like snap? snap actually reported yesterday. it's up 200% on the year. >> what is it since it went public? susan: what do you mean, in terms of how it performed? it's increased, $13, wasn't it, when it ipo'ed? >> over three years, the company at one point was down 70%. it's now down only 20% over a three-year period. >> it's a concept. this plant thing is a concept. >> there is always opportunity

to trade on speculation and bubbles. my point is in this case, investors need other people to keep believing the stock can go higher. stuart: fascinating, the discussion of beyond meat looks more and more like the mueller hearings. >> i think we have more energy here than they have there. stuart: absolutely right. we will open the market in 11 minutes precisely. the dow will be down, not that much, about 80 odd points. the nasdaq will be down 38. stay there, please. a lot more for you. the mueller hearings as well. we'll be right back. (indistinguishable muttering) that was awful. why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills.

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stuart: look at that.

back to london, that is. that's not ten -- yes, that is ten downing street. theresa may is about to speak for the last time as prime minister. that's ten downing street. that's the front door. they come and go out of that door. soon, you will see theresa may come out of that door, make a speech for the last time as prime minister. we will take you there, too. the market shows a loss at the opening bell which is about seven or eight minutes from now. in part, this loss for the dow is made up by boeing, which in premarket trading is down. that is a dow stock and that's hurting the overall dow. look at it, down $1.78 now. here's what treasury secretary mnuchin said about it moments ago. roll tape. >> the president has no view as to whether the 737 max, what they should do other than they need to fix it if they're going to fly it and get approvals. i think as i said, the president likes the 757, he thinks it's a great line.

whether they want to do that in addition to, that's up to boeing to decide. i think the most important issue is boeing is a very strong company, they got a lot of cash flow. they got to fix this issue so that we are sure that it is safe. stuart: yes, indeed. jeff flock is with us. he's been looking at the latest boeing earnings statement. my question is, what is the impact of the max jet problem on boeing's earnings? reporter: huge. huge. maybe it's steve mnuchin's comments there that are helping keep the stock, look at it, this is a massive, massive loss in terms of revenue, in terms of what was expected, and look at the stock. a you're looking at the number there. it's almost flat. i don't understand that. here's the numbers. we were expecting earnings per share to be actual earnings of $1.87 a share. they lost $5.21 a share. that's, you know, crazy.

they lost almost $3 billion for the quarter, worse than anyone predicted. the amount of revenue taken in was supposed to be about $18 billion. it was instead about $15 billion after revenue last time of about $24 billion. any way you read this, it's worse than expected and the stock does not seem to care in the premarket. maybe everybody is watching the mueller testimony. i don't know. nobody's trading. stuart: i don't know about that. jeff, thanks very much for that report. i'm going to turn to you, david. how can -- i don't play the expectations game, i detest it. how is it possible for this expectation to be so wrong? >> because boeing completely guided on all of this last week. everything that was -- stuart: now they come out with this a week later? >> no, they guided, what you found in the report this morning was guidance, what they gave last week. so when i'm reading it before i came here to the studio, i was thinking this looked a little

better than we were expecting. obviously the market is taking it completely in stride. the stock is up $13 since they announced it last week. it's flat this morning. the stock is up 16% on the year. the fact of the matter is this has been well discounted and the disconnect is something that is a permanent kind of challenge for us that invest in the stock market. we want to think of stocks as responding to news and they don't. they anticipate news. the pricing is what they believe about tomorrow. so when you forget stocks are what we call a discounting mechanism, fancy term for pricing in what they believe into the future. there's bad news that's happened for boeing this year. but that bad news has been fully discounted. more bad news could come but my point being that i'm not at all surprised that the market's taking today's news in stride. stuart: okay. we have the dow industrials opening lower this morning, down about 100 points. that will be roughly four minutes from now. remember, please, the mueller hearings have been going on now

for almost one hour. there's been some rather hostile questioning but absolutely no impact at this point on stock market trading. we will take you to wall street after this. jardiance asks: while managing your type 2 diabetes- why think about your heart? because with my type 2 diabetes, i'm more likely to have a fatal heart attack or stroke. lower a1c helps, but type 2 diabetes still increases my risk of a fatal cardiovascular event. because type 2 diabetes is more than a1c.

stuart: breaking right into london, ten downing street. theresa may. listen. >> -- to form a new administration. i repeat my warm congratulations to boris on winning the conservative leadership election. i wish him and the government he will lead every good fortune in the months and years ahead. their successes will be our country's successes and i hope that they will be many. their achievements will build on the work of nearly a decade of conservative or conservative-led government. during that time, our economy has been restored, our public services reformed and our values defended on the world stage. of course, much remains to be done. the immediate priority being to complete our exit from the european union in a way that works for the whole united kingdom. with success in that task can come a new beginning for our country, a national renewal that

can move us beyond the current into the bright future the british people deserve. to serve as prime minister of the united kingdom is the greatest honor. the heavy responsibilities are outweighed by the huge potential to serve your country, but you achieve nothing alone. and as i leave downing street, my final words are of sincere thanks. to my colleagues in government and parliament, to everyone in the building behind me and across the civil service, to the men and women of our armed forces and security services, and to the public servants in our schools, our nhs, our police and the other emergency services, all are inspired by the noble wish to serve their country in the national interest. i also want to thank the british people. everyone who loves our great

country, who works hard for their family and wants their children and grandchildren to enjoy greater opportunities than they did. thank you for putting your faith in me and giving me the chance to serve. this is a country of aspiration and opportunity, and i hope that every young girl who has seen a woman prime minister now knows for sure that there are no limits to what they can achieve. finally and most of all, i want to thank my husband, philip, who has been my greatest supporter and my closest companion. i think the answer to that is i think not. i'm about to leave downing street but i'm proud to continue as the member of parliament for

maidenhead. i will continue to do all i can to serve the national interest and play my part in making our united kingdom a great country with a great future, a country that truly works for everyone. stuart: i would have to say that was perfect timing. theresa may said her gracious good-bye just as the market opened here on wall street. yes, it is 9:30 eastern time. we are off, we're running and we're already down triple digits. that is a loss of about a half percentage point for the dow industrials, down 122 points as we speak. so we're off, we're running, that's the dow, down triple digits. show me the s&p 500, please, broader indicator, where's that? it's down about the same, a fractional loss there. down actually about a quarter percent. a bit less of a loss than the dow. the nasdaq, same thing. down about a quarter percent. quickly, interest rates. the ten-year treasury yielding 2.05%.

quickly, the price of gold, still well above $1400 an ounce. $1427 to be precise. oil, yeah, $56.90. that is your price. all right. who's with me? i need help on a day like this. market watcher david barnson, liz peek and susan li. all right. i'm going to ask the same questions i asked a half hour ago. having seen an hour's worth of testimony at the mueller hearings, do you think it will have any direct and immediate impact on the stock market? >> i do not and if i did believe there was going to be any impact, it would be positive. this is sort of a stretch. i think the market would prefer that president trump be re-elected to one of the democratic candidates and i think if anything, this hearing is likely to help lose president trump's re-election prospect. if there's any market impact i would try to connect dots on, that would be it. here today, as the judge said earlier, short of a rabbit being pulled out of a hat, that looks like a non-event in the markets. stuart: i'm going to tell you this. the dow is down 125 but 70 of

those down points are accounted for by boeing and caterpillar. both reported early this morning. both stocks are down. both are dow stocks. so that loss on the dow, down 120, is not as bad as it might look. susan: china proxy plays as well. they have been hammered because of u.s./china trade tensions and boeing paying that $7 billion charge, they are taking on the 737 max. as david pointed out, it's already been priced in. we are still down $50 billion for market cap, boeing at least for the year. stuart: liz, same questions i asked of david. any impact on the stock market from what we have seen so far and what we are likely to see from mueller? >> from what we have seen so far, absolutely not. in fact, i was just checking twitter. looks like people are, a, bored, not impressed and considering robert mueller unprepared and rather fragile. i didn't see that coming, that people would be sort of questioning his ability to get through these hearings and to testify in a forceful way.

he is not doing that, apparently. i think democrats are going to be somewhat disappointed because if it's boring and if he's just reading from the report which is apparently what he's doing, people aren't going to watch this. stuart: boeing and caterpillar on your screens, both down sharply. they now account for 80 of the dow's down points. let's take a look at big tech. you have to. there's news. the justice department is opening a broad antitrust review of big tech companies. i think they are mostly looking at amazon, facebook and google. i think that's their focus. i will ask the same question again, liz. should they be really worried about the future with an antitrust -- >> this is such an amorphous type of investigation. we don't know if they're looking at anti-conservative bias or whether they are really going to be looking at antitrust issues or whatever. i think big tech definitely is feeling pressure because this is a response to the fact that public is increasingly worried

about the power of these companies. but at the end of the day it's going to matter what facebook reports in earnings today and what the companies look like financially going forward. this is a hiccup. i don't think it's enormous. stuart: then we've got this $5 billion fine that has been hit on facebook and the "wall street journal" reports that mark zuckerberg will have to sign off personally on privacy protection. the stock has now dropped below $200 a share. that's not much of a loss when you have a $5 billion fine and the ftc is all over you and all over zuckerberg. that's not a very strong downside reaction, is it? >> no, it isn't. i pointed out earlier, i think a lot of this has been hurting facebook for a full year now. we've got to think about the reputational issue. it's not just the literal governmental sanction that could come or how zuckerberg has to sign off on something and all that. reputationally from both right and left, i think facebook has taken on a lot of water in the last year. stuart: dow industrials now down just 118 points.

again, 80 of those points are accounted for by just two dow stocks. i'm sorry. i want to update that. now it's 86 down points accounted for by boeing and caterpillar. a big chunk of the loss is just two stocks. at & t, their profit down, not much, but down on the time warner merger costs. the stock actually is up 2.25%. i bought that on your recommendation, by the way. you said it could yield 6%. >> we talked about this last time. it was verizon we are recommending. we sold out of at & t. this is a wholly different company. we owned at & t a long time, sold it over a year ago. it's a very leveraged company now. stuart: most indebted in the world. >> more indebted than most countries are. stuart: it pays a 6% dividend. susan: it does. remember that holdup with cbs, it went dark basically at 2:00 a.m. on monday. apparently this negotiated deal, cbs is back on dish for dish

subscribers. stuart: that's right. by the way, verizon yields 4%. >> 4.8. stuart: i bought at & t. >> but verizon has 50% better coverage than at & t. we shall continue the conversation. >> is there a bigger picture here and a bigger story which is second quarter earnings so far have mostly beaten expectations? they were supposed to be an armageddon of a quarter and not only have they beaten, admittedly somewhat lowered expectations, but the guidance by and large has been pretty positive. the imf yesterday came out with a revision on gdp growth in the united states, substantial revision from 2.2 to 2.6%. stuart: really? >> absolutely. stuart: i didn't know that. >> what's amazing is every single liberal news organization, bloomberg, "new york times," they had an entire story about this saying trump trade things lower global growth which is .1% lower, never mentioned the u.s. on trade. stuart: ridiculous.

>> you go back and look at the stories. i find this fascinating. susan: what was it last time the imf was right anyway? >> it was a positive note. stuart: they still cover up and not report the imf assertion we are going to grow better than they thought. >> that's big. by the way, they lowered china .1%. the point is i think generally compared to expectations, things are going pretty well. stuart: i want to see some winners and i'm going to show them to you right now. how about chipotle. look at it, highest sales growth in two years, the stock has been on a tear. the company is pushing into online sales. susan: mobile digital sales make up 18% of sales. stuart: look, up $29. susan: what's important in this story is the fact we have same store sales beating 10% in the quarter, more than the 8% expected and also the loyalty program they launched in march.

looks like they signed up from what i see up to five million members. brian nichols doing the right thing, steering the company in the right direction. record high for the stock. >> costs weren't up as much as people thought. up 1%, right? people are eating so many avocados. who would have thought. susan: especially with the mexico threats. >> exactly. stuart: i remember investing in avocado farms in california 30 years ago. you got the most fantastic tax breaks. >> you were ahead of your time. stuart: put in a buck and deduct ten. those were the days. dunkin' will start offering beyond meat breakfast sausage. now, we covered this at the top of the show. i don't want to be too repetitive but david, who was sitting next to me, wouldn't touch beyond meat with a ten-foot pole. would you? >> no, and again, there's a better likelihood i will buy their shares than i will buy their product. susan: really. >> i love steak, i love the real thing. i think that's sort of obvious

as you look at me that i probably eat a little too much regular meat. i appreciate you joking about it. but i would love to see beyond meat be a successful company. they already are an incredibly successful enterprise. this is a classic case of a disconnect between a company and a stock. they've gotten equity financing, it's very cheap capital, and they are going to use it to grow and they are going to continue to grow. the problem is, they are starting from such a low denominator of a base and have already priced in a $12 billion market cap. come up with any number you want of earnings, they are going to lose about $100 million on the year but assume into the future they are making $500 million which would take them a hundred years at this rate of growth to get there, they are not going to be able to justify this market cap. susan: you are paying, it's up to 200% since the ipo price, you are paying for their market share of a growing industry. >> exactly right. and they are first to market.

susan: hoping to expand the meatless market to $140 billion over ten years. you are paying for growth. >> it's a concept stock. just like tesla. tesla has more probably legitimacy than this but -- >> to stuart's question why we wouldn't buy it, it's not that i don't think the stock can't go higher. i just peopthink people have to understand they are taking unbelievable risk in buying something this speculative. that's all. stuart: beyond meat just dropped one cent below $200 a share. you did it. you did that. overall, the market shows a loss of 133 points. that's the dow industrials. 85 of those points are accounted for by just two stocks, boeing and caterpillar. how about that. mueller on the left. market on the right. we'll be right back. -all ground personnel... ...or trips to mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity

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expedia. a cockroach can survive heresubmerged ttle guy. underwater for 30 minutes. wow. yeah. not getting in today. terminix. defenders of home. stuart: we are down 139 points, half a percentage point, but

that entire drop, that entire decline, is accounted for by just three stocks. they are caterpillar, boeing and united health. they are, as you can see, they are down sharply. that's taking the dow down a full 130 points. without those three stocks we would be dead flat to slightly higher. look at coca-cola, please. i think this is pretty close to an all-time high. $54.41 per share. much better profit. now we are going to get to the mueller hearings. listen to this exchange between congressman doug collins and robert mueller. roll tape, please. >> you choose your words carefully. are you sitting here today testifying to something different than what your report states? >> what i'm asking is if you can give me the citation, i can look at the citation and evaluate whether it is. >> you chose your words carefully. are you contradicting your report right now? >> not when i read it. >> so you would change your answer to yes, then? >> no. >> so the report says yes they are synonymous. out of your own report we can

put to bed the collusion and conspiracy. stuart: judge napolitano, i need help on this one. interpret that exchange for me. >> bob mueller is attempting to explain whether or not there was any communication between the russians and the trump campaign, and if so, whether that communication rose to the level of criminality. there was, he said, some communication but it did not rise to the level of a crime that he could charge, prosecute and convict. he said it using words differently than he used in his report. then congressman collins said well, we thought you weren't going to deviate from the report. then mueller said well, let me find the report. okay, the report is actually more accurate than what i just said. are you contradicting yourself. this is actually very astute on the part of congressman collins trying to undermine the credibility of bob mueller. i don't think it successfully did so but he tarnished him a little bit. stuart: i think this goes right over the heads of most people. >> i think you're exactly right.

for lawyers, this is a field day. this is in the weeds for the public. stuart: totally so. >> democrats are doing a better job of getting their message across that the president did all these bad things. the republicans are more trying to undermine his credibility as if this were a courtroom. stuart: we have more from the hearings. come in, hillary, please. you got an exchange i believe or give me a quick report on this. the steele dossier came up this morning. reporter: that did, stuart. as mueller stated in his beginning remarks, he did not want to comment on it. he repeatedly said it was outside of his purview. he was asked about the steele dossier and who, where it came from, fusion gps. mueller says he's not familiar with that, he did not want to talk about that topic, and the congressman raised the point a lot of things that were left out in this report, the steele dossier, fusion gps, were things that tended to favor the president. we also heard mueller moments ago admit that he and james comey are friends and he also wouldn't say who wrote his

nine-minute good-bye remarks when he closed the special counsel's office and investigation. he gave nine-minute remarks to the press but he wouldn't say that he was the one that wrote those remarks. stuart: thank you very much indeed. the judge listening in. your analysis, please. >> you know, he seems to be like a lot of witnesses, giving the questioner what the questioner wants to hear. so when republicans are questioning him, he's making the president look bad. or excuse me, he's making himself look bad. when the democrats are questioning him, he's making the president look bad. it's hard to believe he did not know who owned fusion gps. everybody knows it was glenn steele. i think he's giving a technical answer, we didn't investigate this because this happened before we got on the case. stuart: it's boring. boring. i can barely understand what's going on. >> let me put it this way. "varney & company," i'm watching you both, i'm more drawn to you.

stuart: that's good, because we talk about money and that's very important as opposed to lawyers discussing legalisms amongst themselves. no disrespect. >> fully understood. you never disrespected me as far as i know. stuart: simple as that. all right. back to the market, please, because we are down but not out by any means. the three averages, the dow, s&p and nasdaq, they are still within a half percentage point of all-time highs. even though the mueller hearings are now on for one hour and 27 minutes, i don't believe there's been any impact on stock prices at all. i think it's a political bust and has no relevance to your money whatsoever at this point. of course, i'm going out on a limb with that one. all of the loss on the dow as we speak, all of it, the entire 112 point loss is accounted for by three stocks, boeing, caterpillar, united health. we'll be right back. e safely.

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stuart: let's put up that split screen. why not. left-hand side, robert mueller testifying now for one hour and 21 minutes, but no revelations thus far. i don't think i've learned anything new in the last one hour and 21 minutes that i didn't know before these hearings started.

and i don't think it's had much effect on the market. right-hand side of the screen, the dow industrials down 90 points. as we have been telling you perhaps far too frequently, that loss is accounted for by three stocks. that would be boeing, caterpillar and united health. let's move on to tesla. they report their earnings, whatever it is, after the bell. the stock by the way is down 20% this year so far. right now, it's at $258. wait a minute. tesla is down 20% this calendar year? susan: that's right. >> it was over $300, went below $200, now it's at the midway point. stuart: you don't touch it. they don't pay a dividend. they are not going to increase their dividend. >> there's a real consistent theme here. buy companies that make money. we buy companies that share some of that money with us. sometimes we miss out on great stock growers on the way but we manage a lower risk profile. stuart: that's why i listen to your advice. susan: we are expecting a loss today for tesla. gross margins should be down but the bright side is they had

record quarterly deliveries above 77,000. i think the most important number in this report will be cash on hand since they are also cash-starved. negative cash flow, as david would like to say. if we get the thing around $2 billion i think that's probably the mark we are looking for. i think better than 2.2, great. stuart: okay. one of the dow stocks which is really taking it out of the dow is united health. we have been trying to find out why is united health down, and it is down, what, 3%. so we are going to bring in deirdre bolton. she's at the new york stock exchange. you have the reason why this thing is down. tell us. deirdre: -- which is a competitor this morning, as part of the slew of earnings that were released premarket. beat on the top line and bottom line but here is what is dragging down the entire sector. the company talked about costs going higher in the second quarter, elevated medical costs, i'm quoting directly from the press release, in medicaid, in some states. so even though anthem was able

to manage those costs, the trend that most analysts seem to agree on is that those costs are going to move higher and higher, and take away from the profitability of all of these insurance companies. so united health care certainly not immune from that. you have between united health care and you said this earlier, boeing and caterpillar, those three stocks alone account for all of the dow's losses. as an addendum, both unh, the one we have been talking about, and anthem, are, many analysts saying, competing to buy another company call magellan so the calculation is oh, if your costs are going higher, is it really the right moment to be fighting over magellan. back to you. stuart: good point. at this moment in time, should you be doing that. ups, how about this, they are introducing sunday delivery. in other words, they will be delivering packages seven days a week. is this -- the stock's up 7.5%. that's a nice gain. susan: it is. stuart: but they are really taking on amazon with this, aren't they? >> i think this whole industry is in upheaval, right?

because consumers want immediate gratification, so everyone in the industry is trying to figure out how to make that happen, and really, it's all preliminary to drone delivery. we are going to get to drones. we are. there's no question about it. now everyone is trying to figure out how can we get there faster, et cetera. they are partnering apparently with ups, that's going to be good with the postal service, going to be good for them, too, probably, and with all these retail outlets which i find absolutely fascinating. stuart: look, you think that's an economic indicator, ups and fed ex, both doing very well today. susan: they are seen as a proxy to trade and how well packages move around the world, and the economy, yes, and they are taking up with the usps but it's also a play on digital sales, retail sales, going online. amazon is going online so everyone else is shopping there. if you don't have the service -- >> to stuart's point, what has been really the strength of the economy is the consumer. the consumer surprises us, it's resilient over and over again

which is a tremendous testament to the jobs picture and the rising wages and what impact that has. stuart: i still haven't gotten over the imf raising its forecast for economic growth in the united states and it goes unreported by the major outlets. that is astonishing. here's where i need help. snap. not sure i know all about snap. but they came in with record user growth. shares are up 170% this year. they are up 14% right now. susan, i think you've got 30 seconds to tell me what's going on. susan: what snap does, recently they have gone into gaming as well so posted a smaller loss than expected. people are looking for something like ten cents. guess what, they actually grew their daily active user base, something they haven't done, they have been losing users. it looks like two or three million each and every day for the quarter. that's positive, especially for a social media site like this. stuart: this is where the message disappears. susan: correct. stuart: but you can take a screen shot of it, can't you?

susan: i haven't tried and you shouldn't either. stuart: got to go. dow industrials down 80 points. accounted for by just three stocks. mueller on the right -- on the left, i should say. we'll be back after this. . . (vo) the ant mindlessly marches on. carrying up to 50 times its body weight. it never questions the tasks at hand. but this year, there's a more thrilling path to follow. (father) kids...

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stuart: bang, right there, precisely 10:00 eastern time. happening now, robert mueller testifying to the house oversight and government reform committee about his findings in the russia probe. we are listening to it. monitoring it. we'll bring you any news that really breaks. so far, not much. for the markets, we're down 78 points for the dow industrials. as we keep saying three stocks are dragging the dow down. first of all you got boeing, they reported a nearly 3 billion-dollar loss. the stock down a fraction. that hurts the dow because it's a dow stock. caterpillar posted disappointing results. that is also a dow stock. that is dragging the overall

average down. on the flipside, chipotle a big winner there, a big surge in sales. i will call that a comeback stock. that is up nearly 5%. snap, is that a comeback stock? susan: yes it is. stuart: susan says it is a comeback stock. up 13%. texas instruments doing a stronger earnings report. that is up 7%. that is a huge gain for a company of that size. also happening theresa may meeting with queen elizabeth at buckingham palace. that is the mall, that is not mall. >> it's a mall. stuart: that is not a mall. there is no mall leading up to buckingham palace. it's a red line. it is called a mall. this is the final meeting of prime minister theresa may, former prime minister with queen elizabeth. we hope shortly boris johnson,

he will arrive at the palace because he is the new prime minister. this is what you might call a transfer of power, very peaceful amongst the brits. johnson is expected to speak sometime in the next two hours, okay? there is the royal update. >> mall. stuart: came to us, new whom sales. not existing home sales numbers. new home sales. what have we got, susan. susan: new home sales make up 10% of the housing market. a slight miss compared to estimates. still pretty positive. we're looking at 646,000 homes sewed in the month. that is a little bit less than what economists were calling for. stuart: annualized rate. susan: that is the annualized rate, yes. want to get particular about it. stuart: i do. susan: slight miss, still better than the previous month. we're looking at new home pricing at 310,000. stuart: what is that the median price? >> 310,400, versus june or in

june versus what we saw. stuart: new home sales figure as bit more positive than existing home sales figures that came out yesterday, which were not showing great stuff for the housing market. >> down 1.7% for existing home sales. stuart: yeah. back to robert mueller. we got to do it. testifying before the judiciary committee. liz is with us. rnc spokesperson. you're coming from the republican side. bear that in mind, dear viewers as liz harrington tells us what she thinks of the hearing so far. go. >> you said it, stuart. you said we have learned nothing new. the only opportunity for to us glean anything new from the testimony from robert mueller today would be questions about the origins of this investigation, and questions about the dossier. yet robert mueller refuses to answer questions, claims he is unfamiliar with fusion gps. we know that is not true. claims that it was outside of his purview. his literal mandate was to

investigate russian attempts to interfere with the 2016 election. the hillary clinton bought and paid for dossier was based off of russian sources claiming ties to the kremlin. that is his mandate. when democrats like to talk about coverups, this is your coverup. stuart: we hear you, liz. would you please stay there for a second. i want to play an exchange between robert mueller and congressman steve chabot. i think that is the correct pronounce syization. this is the about the steele dossier. >> the hearing today is last best hope, to build up ground swell across america to impeach president trump. that is what is all about today. now a few questions. on page 103 of volume two of your report, discussing the june 2016 trump tower meeting you reference quote, the firm that produced steele reporting. the name of that firm was fusion

gps. >> this is outside my purview. >> the owner of fusion gps, that did the steele dossier that started all this, he is not mentioned in there. stuart: out of my purview. not quite sure about that. judge napolitano, what do you make of it please? >> look he started out by saying i will comply with the doj regulations and only talk about the report. and the report does not address the owner of gps. that is almost inconceivable he wouldn't know who it is. i'm sure he does in fact know who he is, but giving a technical answer the owner of gps and gps and the steele dossier are not something we investigated. stuart: okay. >> i don't know how this plays. this does not move the needle in the direction of the democrats. it doesn't move the needle against his credibility. this is a neutral technical answer even though it is not a believable answer because he must know who glenn simpson is. stuart: liz harrington, come back in again, please, liz. i can't follow this.

i found it very difficult to follow the names, the places, who said what to who. i'm completely lost. i suspect most viewers are too. that is why we're not broadcasting it full tilt. are you as confused as i am? >> it is very confusing that the democrats continue to beat a dead collusion horse, claiming that there was some sort of conspiracy with russia and donald j. trump when it was a lie. so the american people have long since tuned out. zero percent of likely voters according to a cnn poll would say russia is their top issue in this election. so this is going to backfire for the democrats like it always does. we know what this is about. it was a political hit job that failed. they're beating this dead horse, to their own detriment. because the american people want them to get back to working for them. fix the border crisis. fix infrastructure. pass usmca. instead they're off in fantasyland with their russia conspiracy hoax.

stuart: you think this will resonate with the nation? i mean, this is on virtually every tv channel. it is wall-to-wall coverage across the board here. does it really resonate, liz? >> no. because the american people know exactly what happened. president trump has been so consistent about this. he said there was never any there there. you know who also said there was never any there there? peter strzok, two days after robert mueller was appointed special counsel. we've been through enough. there has been two years. $35 million. now the democrats are wasting our time, wasting our taxpayer dollars on the sham hearing where we can't even ask the real questions, how this whole sham investigation got started in the first place. stuart:ly harrington, thank you very much indeed. judge napolitano back with me again. there is a whole side of the russia, russia, russia story which we'll not find out today. >> correct. stuart: we have to wait until the inspector general's report. >> correct. we have to wait until john

durham, the u.s. attorney in connecticut, who has been charged by attorney general barr with investigating the origins of this investigation, whether he issues, whether he gets a grand jury to issue a report, or whether he gets a grand jury to issue indictments. that is the what the rest of us are waiting. that is what liz is speaking about. i don't think the democrats pulled a rabbit out of the hat, i think they need to do that if they will justify the full day i'm out in the hallway watching. each side seems to be getting concessions out of him. the republicans, i don't know, i don't remember, i don't want to talk about it, the democrats are getting, we found out bad stuff about the president, we gave it to bill barr. it didn't go anywhere. stuart: hold on judge, new news about facebook. the department of justice filing a new lawsuit against facebook, this is just coming at us. do we have any details. susan: the day settled with the

ftc with the five billion dollar fine. the u.s. government, plaintiff here is the consumer protection branch of the doj is filing a new lawsuit against facebook. this is basically alleging that facebook violated a 2012 order from the ftc that prohibited the social media giant from misrepresenting how it protects consumer data. looks like the doj is looking at civil penalties, an injunction, other equitable relief according to this filing. >> i have to jump in on this. stuart: go. >> the same thing facebook agreed yesterday to pay five billion dollars for. so if their lawyers did not get an agreement from the government that the five billion is the end of it, the government is not going to get another bite out of apple for the very same offenses for which they paid the five billion. susan: just to note, that was an agreement with the ftc this is new filing from the doj separate branch. >> correct. still the federal government. when the federal government comes after you for money, you

basically want to know is anybody else in the federal government will come after us. we want a universal set meant. that is not what facebook got. stuart: can you say that is relatively good news for facebook? >> that is bad news. they may end up with another five billion. >> the government can go after them in number of different ways. >> correct. stuart: look at the stock. down two bucks, still at $200 a share. >> because earnings are coming up. stuart: earnings are coming up. new money, market share, new subscribers paying into the system maybe your stock will go up because of all the bad publicity. susan: the regulatory story is growing gloomier, now this doj filing apparently, a new lawsuit, that started with cambridge analytica. seems like there are a lot of bad headwinds there. stuart: david? >> let me give you a analogy why it is the a big deal. the financial companies out of the financial crisis, some of them went about five years the

stock prices didn't go up at all. the first investigation led to big fines, there was another, there was another. there was constant getting hit by new york attorney general, california, the feds this, once that train starts it doesn't always stop. it held citigroup, bank of america, wells fargo, jpmorgan. kind of performed through it but my point that is the issue with facebook. this is just early innings i think they face as kind of society al revolt against a lot of their business model. >> i think that is exactly right. not just in the united states. >> europe. >> this has been a harbinger of bad things to come, taxes, regulations, et cetera. stuart: we'll wrap up the first block of our 10:00 hour show with this, the dow industrials are down 70 point. that's not much. most of all of that loss is accounted for by three stocks. what we should be telling you is, profit reports thus far this season have been good, much

stronger than expected. we should also tell you that the imf, is saying that america's economy is going to expand at 2.6% rate, this calendar year. they have upped their forecast for our rate of growth. it is not been reported properly. now, the mueller hearings, left-hand side of the screen have had no impact on the market thus far today. we'll take a break. please stay with us. because after the break, we have some fireworks from the mueller hearing. jim jordan. can't wait for that. we'll be back.

stuart: we have fireworks from the mueller hear egg. republican congressman jim jordan going after robert mueller. watch this. here we go. >> when the fbi -- he lies three times yet you don't charge him with a crime. you charge rick gates for false statements. you charge paul manafort for false statements. you charge michael cohen with

false statements. you charge michael flynn, three-star general for false statements but the guy who put this country through this whole saga, three years we lived this, you guys don't charge him. i am curious why? >> i can't get into it. we can't get that charging decision. >> when the fbi interviewed him in february, fbi interviews him in february, when the special counsel's office interviewed miss feud, did he lie to you grice to. >> can't get into that. >> did you interview misfud. >> can't get into that. >> you charge 13 russians no one ever heard of, no one ever seen, no one ever see them, hear them, you can charge them, can charge all kinds of people around the president with false statements but the guy who launches everything, the guy who puts this whole story in motion, you can't charge him. i think that is amazing.

>> i'm not certain, i'm not certain i agree with your characterizations. >> i'm reading from your report. misfud told pap do louse. papadopoulos tells the diplomat. the fbi opens investigation july 31st, 2016. here we are three years later, july 2019. country is just put through this. the central figure who launches it all, lies to us, and you guys don't hunt him down an interview him again and don't charge him with a crime. here is the good news. here is the good news. the president was falsely accused of conspiracy. the fbi does a 10 month investigation, james comey when we deposed him a year ago told us at that point they had nothing. you do a 22 month investigation. at the end of that 22 months, you find no conspiracy. what do the democrats want to do? they want to keep investigating. they want to keep going. maybe a better course of action, maybe a better course of action is to figure out how the false accusations started. maybe it is to go back an actually figure oust why joseph

misfud was lying to the fbi. here's the good news. here's the good news. that is exactly what bill barr is doing. thank goodness for that. that is exactly what the attorney general and john durham are doing. they will find out why we went through the three years saga and get to the bottom of it. >> time for the gentleman has expired. in a moment we will take a very brief -- stuart: that was quite an exchange, was it not? i knee some interpretation and analysis from judge napolitano. >> okay, so joseph misfud, the person, jim jordan's whose voice you heard claiming lied to the fbi is professor in europe who many believe is an american intelligence asset. he is the one that runs into george papdopoulus in a bar, and says by the way do you know that the russians have all this dirt on hillary? you work for the trump campaign. maybe they should know about that. and that is what starts the whole thing rolling. apparently when mueller's people interviewed professor must have

sudden, he misled them -- misfud. jim jordan said you indicted roger stone, you indicted that one, why didn't you indict this guy? answer we're not allowed to discuss why we don't charge. sub rosa we didn't clark the president. you don't want us to talk about that, the rules say we don't talk about why we don't charge. jim jordan was making a very good point. the whole thing started by a professor who probably was an intelligence asset, wanted to get this started. you won't explain this to us. stuart: that is what the republicans wanted to get into, how did this thing starts, on whose word? >> they will get into this it. not through this forum, not through bob mueller, through the inspector general, the fellow jim jordan referred to, durham, with the u.s. attorney with the power to indict those who lied and started the investigation. stuart: judge hold on. i will get a lot more from you. i want to get back to facebook. i want to clarify the report on the lawsuits which we brought to

you. susan: just more clarity on the headline that crossed at 10:01 we were talking about. looks like it is part of the same case, settlement, five billion dollars for facebook, a private committee within facebook itself. looks like by way of doj, that is how you file on behalf of the ftc for civil penalties. looks like you have to rely on the department of justice to basically get that fine. so, but it doesn't, it doesn't of course include that antitrust review that the doj says they're looking at. stuart: i'm not a lawyer but i did not spend last night in a holiday inn express. seems to me that this opens up facebook to more lawsuits and more fines. is that correct? is that the bottom line? >> as i understand it, i'm not getting the same emails than susan, she is far better connected than i am. this is technical procedure for

the doj to make lawful the agreement, because of violation of privacy. my own editorial, who the heck federal government to go after privacy, when nobody violates it more than they do? stuart: yeah. president trump tweeting with report on fox news chris wallace. here is the tweet. this has been a disaster for the democrats and a disaster for the reputation of robert mueller. chris wallace, fox news. all right. more "varney" after this. this was me before liberty mutucustomized my car insurance, so i only pay for what i need. and this is me now! any physical changes to this man's appearance are purely coincidental. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ don't miss your gto experience our most

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wallace. how about that? a delegation, a u.s. delegation, including trade rep robert lighthizer and treasury secretary steve mnuchin will travel to china for trade talks. john layfield, come on in please. that seems to me to be a reasonably positive development in the china trade story which has really taken a back seat these days? >> yeah. i would disagree with that. i think we've been working on this since last march. this has been a year-and-a-half we went into this trade war. every month the president comes out says we're close to getting a trade deal. they're just getting back to negotiate again. they're starting over all from scratch. i don't see a deal i am men. i wish there was. president xi and president trump are trying to figure out a way to let the other one declare victory to get out of this trade war. i ace positive sign. i'm not too hopeful for this. stuart: it has indeed dragged on a very long time. it is no longer in the headlines. you don't get many headlines

about it. you are sure they start from scratch again, really? >> that is what they claim. they claim they're starting back on almost square one. chinese said they would do things and not followed through. what i'm saying they're starting over with negotiations against once they go back to beijing. i hope they start getting it done. the world taking notice, mueller investigation, the brexit with boris johnson is front and center. thankfully the economy is strong in the united states. thankfully we're weathering a lot of this, hopefully we get out of this soon. stuart: john layfield. i know it is short. giving you time to get back to the beach in bermuda. i tell a lie. he is with is the rest of the hour. you will stay with us, john. sorry about that. down 86 for the dow. robert mueller still testifying as we speak. we'll be right back.

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stuart: see we got the picture? yes we do. boris johnson arriving at buckingham office. he will ask the queen to form a new government. that is the change of power taking place in great britain. the dow is down but accounted for by three stocks. weekly oil inventories, now without getting technical, this is how much oil we have in storage, how much we used or added to storage. it might make a difference to the price. susan? susan: it does. more than twice what we expected in a drawdown. stuart: so we're using a lot of oil? susan: we used up 10.83 million barrels. stuart: whoa. susan: economists were looking for a drawdown of 4.1 million barrels. that is more than twice what was expected in the supply draw down. crude prices we were sitting at

four-week low. a bit of a bounce-back. there is less supply. with less supply, equal demand boosts up prices. stuart: price up a little bit. still at $57 a barrel. your comment on this please, mr. bahnsen. >> there is supply element how much more was used but that comes out of a demand story. demand for oil is extremely high. high demand is a by-product of growing economy. i'm a supply-sider as you know. we're generating more production of oil in the u.s. we're using more. more is used around the world. i think this is long term secular story. the united states will become a net exporter of oil. it will be the great growth story of our country the next 10 years. >> by the way the demand side, you're totally right, where everyone gets it wrong almost every quarter. it is amazing. it really is. stuart: john layfield, i hope you have not left for the beach. i hope you're still there in bermuda. i want your comment on oil. here is mine. here is my editorial. you're at $57 per barrel for

oil. you have all this trouble in the gulf. you have all this heavy demand for oil and it is $57 a barrel. tell me, it would not, we couldn't be doing this if it wasn't for our frackers pumping out oil big time in america? >> yeah. first, stuart, i would never leave your show. too exciting to be on. the highlight of my week. you are absolutely correct. my old friends, my neighbors in west texas helped america so much. so has the tax cuts. george mitchell through a tax cut help find out how to horizontal drill. because of that drilling in west texas we're not at mercy of the middle east. you're absolutely correct. oil would be $100, and go significantly higher, if it wasn't for fossil fuels emergence in the united states. it is an incredible story. stuart: whopping great big drawdown. big usage of oil in america. the price barely budges. you're up 74-cent, $57 a barrel,

extraordinary. let's go back to the market. we have a loss, not huge. 73 points down, again all accounted for by three dow stocks. david bahnsen, still with me. you wanted to say something about the trade, you had said trade negotiators are starting from scratch and you contest that? >> well i certainly do. what they are saying, what they have said for some time now, they're 90% of the way there but they're starting from scratch on that 10%. that is the part they're accusing president xi of reneging on previously. that final 10%. the substance of it is stuart, kind of a chicken or egg. they want us to get rid of tariffs president trump put on last year. if china misbehaves on i.p. theft, then put them back on. we're saying no, no, we'll leave them on. you behave, then we'll take them off as a reward for good behavior. they're kind of trying to decide around that, what to do with the legacy tariffs. they have agreed not to go

forward with the other tariffs. there is awful lot of substance. there is 157 pages in a trade deal that was done, ready for signature. they still have 10% to go. that is different than starting over from scratch. stuart: that sounds pretty good to negotiate. not the end of the world. >> the problem the 10% held us up two differ times. stuart: maybe that is more of a problem than i thought. the justice department is opening a broad antitrust review of the big tech companies. i think they're geared towards amazon, google and facebook. i think they're in the target three big techs, am i right? >> you are. we talked a lot about this morning about the idea, is it about privacy, censorship of conservative media or about antitrust? if it is about the final category, antitrust. i have two comments n no reasonable, shape and form can a reasonable person believe these companies are a monopoly.

they have so much competition, talking about snap with record user growth today, another social media competitor to facebook. how do you have two companies potentially antitrust. twitter is one of the names that get hung out there. i believe their bigger liability will be on privacy protection. i think there is more concern in the public square and more bipartisan support, not in monopolistic antitrust. >> although i would argue on the antitrust side, what you could end up with some sort of an agreement facebook can no longer gobble up potential competitors. think i that would be a significant guideline for the justice department to use. stuart: on the left-hand side of your screen, nasdaq composite. 8269. that is an all-time high. up a quarter of a percent today, 18 points, 8270. thousand about that? news on facebook's messenger, it allowed children to talk to strangers. susan: they launched messenger

kids, under the age of 13. for those users you have to get approval in terms of who you can chat with. in the messenger kids function. they had a group chat. how the group chat worked one kid would call another one and they would add their group. but when they added another user you don't necessarily have the permission to talk to the rest of the people in that group. so that enables you to speak to complete strangers in some cases. also people you're not preapproved to talk to. stuart: okay. susan: there is a online child private protection act as well that they need to be careful. stuart: it's a minefield but look the stock is only down a buck. that's it. >> goes to david's point about privacy that is the number one thing that has gotten the french irritated, people all over the world. i think as susan said earlier, the regulatory overhang for this company is going to be profound. it is going to be around for a long time. susan: don't forget the doj is looking into a probe into google

has been open. because they dominate search. 90% of search goes through google. that's powerful. youtube has 1.8 billion momently users. >> first of all, mitchell, said did i, graham, my kids, if you're listening put down facebook messenger. second of all one thing gets everybody riled up is with our kids. >> by the way this happened before. there has been a different facebook story having to do with kids privacy. >> that's right. >> facebook, children, what could possibly go wrong? everything. stuart: i want to say one thing, my problem with big tech companies their power. >> exactly. stuart: they know everything about everybody in this studio and everybody in our audience. i don't know what they're going to do with that power and it worries me that a handful, two or three or four, multibillionaires have this knowledge about every person on the planet. we think they will be so benign. >> did you see where new york,

today or yesterday came out with some kind of ordinance, google maps should no longer determine where you are all the time f you're in new york that automatically has to go off. i don't know how they will enforce that. i don't know that if it is actually a proposal yet. that is kind of interesting. in other words, people -- by the way some people want this they want to walk into macy's, have macy's know they are there, so they come at them with advertising. it is all very complicated -- >> it gives you option to opt in, opt out on location. i want to bring it back to the investors. stuart: that is a good point. i can barely turn the thing on. >> i will help you anytime you need help with that stuff. susan: that will take a long time. >> none of these things we're talking about will get settled next week, next month, next year. we're in the early innings of our society answering questions about the new technology. the point to investors these things are trading at 30, 50, 80 times earnings depending on the company and so you don't have a

lot of wiggle room as these things get resolved. the valuations probably have to compress. that's the problem. susan: doj big tech, antitrust review, they say they don't have any end goal definition just yet. it is a range of options that they're looking at. so yes, they are looking at it, but will they eventually enact anything? i mean that is a high hurdle to cross. >> by the way, the government will now be investigating things that they're doing now. this industry is evolving so quickly that we don't even know what they will be looking at a year from now. we don't know what all this information that stuart is upset about, how it will be used. you're not alone. a lot of people are upset. stuart: that's very true. >> we have no idea where it is going. stuart: we have 30 seconds. i will reintroduce a story twice fake meat. getting into it. i do this, look beyond meat. look at the price. $203 a share.

david, who was with me for the last 90 minutes, you point out, what have they got sales of 37 million, is it? >> on quarter. on track of 100 million to be generous. stuart: the company is worth 12 billion. >> that's right. stuart: i think that is a little high. >> do you? stuart: i do. i have a feeling about it. susan: you have to get in front of a trade. you don't buy it already worth that much, right? >> why we have a p-e ratio. you have a ratio to buy growth, reasonable ratios. 120 times sales is perhaps on high side of buying growth. susan: netflix is 800 times. that is reasonable to a lot of people? >> netflix went down $40 in one day. their p-e ratio came down to 120 times earnings. stuart: i didn't know we would have such a lively show. i thought we would go to the mueller hearings jo what does that mean? >> i get emotional. this is a big topic for me. stuart: dow industrials down

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stuart: we're down 75 points. 27,273 as the mueller hearings continue. take a look at microsoft please. 139.74. i bring this to your attention because microsoft is one big tech which doesn't have any real serious negatives in terms of its public image. amazon, google, facebook, even apple have been attacked publicly for various reasons but microsoft just steams on through. they are awfully close to an all-time high. yes i do own a little bit of it. look at boeing, they reported a nearly 3 billion-dollar loss this morning. they have some problems with the engines on their new 777x plane. come back in, john layfield. would you buy the stock at 369?

>> absolutely not. i love boeing as a company. i think the company is going to survive. the problem is growth going forward. only growth that will happen in the aviation industry besides replacement issues in north america and europe will be in africa and asia. because of what the caa, the aviation administration in china, how they went after boeing before there was even evidence to say this was a problem with the 737 max, i think china is putting itself in leadership position in asia and africa. i think the growth prospects of boeing growing forward will be hurt significantly. i think boeing will be fine. i think the valuation, stay away from it here because of this trouble but i worry about the growth going forward because the growth that is coming, boeing does not have a foothold in asia and africa. stuart: let's move on to chipotle. highest sales growth in two years. the stock has been on a real tear. the company is pushing to online sales is apparently paying off. now, david, you don't buy this

kind of stock, i know that, but does it look at all attractive to maybe somebody who invests for difficult reasons? >> it is possible people could really like the growth story. i have not studied enough to know if i buy into that. i think it helps tell a better investor story. back in 2015, chipotle was 770, about where it is now, mcdonald's was 85. mcdonald's was taking off a lot of heat for selling off interest in chipotle. mcdonald's was greatest free cash generator out of the dining food sector in in history. up 82,000% since it went public, real number. here we are four years later. chipotle is back to where they were. completely treaded water where they were, and mcdonald's $220 a share. one of the great dividend sector growers. susan: mcdonald's was yielding 3, 3 1/2%.

stuart: mcdonald's is a remarkable story. susan: get back to chipotle. remember during the e.coli crisis, the stock was trading half these levels. it hit a record high today because of a huge quarter. 10% of same-store sales. don't forget digital sales are growing 99%, making up 18% of their overall sales. their loyalty program signed up five million members. this is how you get people to engage, really? five million is pretty good. susan: launched in march for couple month. stuart: by the way, david, mcdonald's has dividend yield of 2.1%. >> that is purely because of its $220 stock price. they have grown the dividend 19 times sips the financial crisis. >> i want to get to snap. record user growth. the stock is up 170% this year. that is this calendar year, 2019. again, you wouldn't touch this kind of thing with a 10-foot pole, i know you wouldn't, david? >> i wouldn't. you know what is fascinating,

great quarter, user growth, they lost less money. look at numbers quarter over quart other hundreds of millions of dollars lost cash flow every quarter since they went public. this quarter the free cash flow was lower than last quarter t was a bigger negative number than last quarter. just they spent less on cap-ex. susan: gross margins are up 43%. >> gross margins if you lose mon. susan: actually you do, profit margins, gross margins. stuart: i don't understand a word you're saying. john, would you buy snap at 1dollars a share? >> no i wouldn't. it's a great company. like david said, they are losing money. i would rather buy a tech company that is making money. i would wait for the doj dog an pony show before i step in to buy stocks. stuart: it started 8:30 this morning this is the mueller hearings. we're following it all the way through. not many fireworks. we have a couple of comments how

the democrats are not doing well in these hearings. chris wallace of fox news actually says it was a disaster for the democrats. trump has tweeted that comment from chris wallace. but it had no impact on the market, none that we can see at this mope. maybe the fireworks over there, who knows, but it is not affecting wall street. right now the dow is down 91 point, 1/3 of 1%. we'll be back.

stuart: happening now, the new prime minister of great britain, boris johnson, addressing the crowd in front of 10 downing street. listen in. because he speaks in the same way as our president. watch this. >> invited me to form a government and i have accepted. i pay tribute to the fortitude and patience of my predecessor, her deep sense of public service. but in spite of all her efforts, it has become clear, that there are pessimists at home and abroad who think after three years of indecision that this country has become a prisoner to the old arguments of 2016. and in this home of democracy, we are incapable of honoring a democratic mandate. and so i am standing before you today to tell you, the british

people, that those critics are wrong. the doubters, the doomsters, the gloomsters, they are going to get it wrong again. the people who bet against britain are going to lose their shirts because we're going to restore trust in our democracy. and we're going to fill repeated promises from parliament to the people and come out of the eu on october 31st, no ifs, or buts. we will do a new deal, a better deal, that will maximize the opportunities of brexit while allowing to us develop a new, exciting partnership with the rest of europe, based on free trade and mutual support. i have every confidence that in 99 days time we will have cracked it. you know what? we are not going to wait 99 days, because the british people have had enough of waiting.

the time has come to act, to take decisions, to give strong leadership and change this country for the better. and though the queen has just honored me with this extraordinary office of state, my job is to serve you, the people, because there is one point we politicians need to remember, it is that the people are our bosses. my job is to make your streets safer and we'll begin with another 20,000 police on the streets and we start recruiting forthwith. my job, is to make sure you don't have to wait three weeks to see your gp. we start work this week with 20 new hospital upgrades and insuring the money for the nhs really does get to the front lines. my job is to protect you, or

your parents, or fear of selling your home to pay for cost of care. so i am announcing now, on the steps of downing street that we will fix the crisis in social care once and for all with a clear plan we have prepared, to give every older person the dignity and security they my job is to make sure your kids get a superb education wherever they are in the country. that's why we have already announced we are going to level up funding in primary and secondary schools and that is the work that begins immediately behind that black door, and though i am today building a great team of mean and women, i will take personal responsibility for the change i want to see. never mind the backstop, the buck stops here. i will tell you something else. my job is to be prime minister

of the whole united kingdom and that means uniting our country, answering at last the plea of the forgotten people and the left behind towns by physically and literally renewing the ties that bind us together so that we have safer streets and better education and fantastic new road and rail infrastructure and full fiber broadband. we level up across britain with higher wages, a higher living wage, higher productivity, we close the opportunity gap, giving millions of young people the chance to own their own home and giving business the confidence to invest across the uk. it is time we unleashed the productive power, not just of london, and the southeast, but of every corner of england, scotland, wales and northern irela ireland. the awesome forces that are incarnated in that red, white and blue flag who together are so much more than the sum of

their parts and whose brand and political personality is admired and even loved around the world for our inventiveness, for our humor, for our universities, our scientists, our armed forces, our diplomacy, for the equalities on which we insist, whether race or gender or lgbt or the right of every girl in the world to 12 years of quality education, the values we stand for around the world. everyone knows the values that flag represents. it stands for freedom and free speech and habeas corpus and the rule of law and above all it stands for democracy. that is why we will come out of the eu on october 31st because in the end, brexit was a fundamentally decision by the british people that they wanted their laws made by people that they can elect and they can remove from office. we must now respect that decision and create a new

partnership with our european friends, as warm, as close and as affectionate as possible, and the first step is to repeat unequivocally our guarantee to the 3.2 million eu nationals now living and working among us, i say directly to you, thank you, thank you for your contribution to our society. thank you for your patience and i can assure you that under this government, you will have the absolute certainty of the right to live and remain, and i say next to our friends in ireland and brussels and around the eu, i am convinced we can do a deal without checks at the irish border because we refuse under any circumstances to have such checks and get without that anti-democratic backstop and it is of course vital at the same time that we prepare for the remote possibility that brussels refuses any further to negotiate, and we are forced to

come out with no deal not because we want that outcome. of course not. but because it is only common sense to prepare, and let me stress that there is a vital sense in which those preparations cannot be wasted and that is because under any circumstances, we will need to get ready at some point in the near future to come out of the eu customs union and out of regulatory control, fully determined at last to take advantage of brexit because that is the course on which this country is now set, with high hearts and growing confidence, we will now -- stuart: that is the new prime minister of great britain. we thought we would bring you his opening statement. it's a little more interesting than what's going on in d.c. at the moment, the mueller hearings. we brought you boris as he's affectionately called. he's going to get the brits out of the european union, so he says. good luck, sir. good luck indeed.

it's 11:00 on the east coast, 8:00 in california. two big stories on your screen. left-hand side, the markets. right-hand side, the mueller hearings. by the way, facebook, there's action there and we will explain that in a moment. i'm going to -- during the break in the action last hour, chris wallace of fox news called the mueller hearings, he called this for the democrats a disaster and for mueller's reputation. we are listening to these hearings and bringing you any news as it breaks. look at this. that's president trump quoting chris wallace on fox news. this has been a disaster for the democrats and a disaster for the reputation of robert mueller. now, we also have this news on the ftc, federal trade commission, announcing that $5 billion fine against facebook and there are other details about the settlement over privacy violations. facebook's stock is only down 43 cents, even though zuckerberg is

going to be made personally liable for privacy. big deal. let's see now. we got that tweet from president trump quoting fox news contributor katy pavlich. let me show you this. mueller was asked whether or not the investigation was impeded in any way and he said no. in other words, there was no obstruction. come on in, charles payne, host of "making money." i also have david barnson with me. everybody is looking at the mueller hearings and wondering what the devil's going on in relation to wall street. there is no connection to wall street. charles: there's no connection, no constitutional crisis. chris wallace probably has it right. the biggest crisis perhaps right now is mueller struggling after that tweet went out and after chris wallace made that observation, i was watching some of it and he didn't know who cory lewandowski was. there was one democratic congressman who went at him about certain rules of law, he had to look in his files. just kind of things that you

kind of generally would think he would know, being up on. of course, jim jordan hit him really, really hard. hit him hard. so the spectacle is not working out i think the way the democrats want and it's not affecting wall street at all, whatsoever. stuart: hold on for me a second. i have breaking news on boeing. first of all, show me the stock. i think boeing's stock has just taken another dip to the southland. yes, it's now down 2%. the ceo hinting about the shutdown of the max jet assembly line. jeff flock, come into this, please. i want to make sure i've got this right. the ceo of boeing has hinted at taking, stopping the production line of the max jet, and that is why the stock is down. have i got this right? reporter: you have got it exactly right. that is the first time to my knowledge, we have been covering this all along, that the ceo has mentioned this as a possibility. he said first of all, he expects the plane to be back in the air in early fourth quarter, that

would be early september, but he said today if for some reason that estimate is wrong, i quote him now, we might need to consider possible further production rate reductions or other options including a temporary shutdown of max production. they're making 42 a month right now and they're not delivering any. they have been continuing to make these planes. this is the first time he's talked about a shutdown. that's got to be the reason that you see what the stock is doing right now. stuart: jeff flock, good stuff. thank you very much indeed. i'm going to ask the same question to our two market guys who are with me on the set here in new york city. that is, would you buy boeing, a truly great company, beaten down as it is, would you buy it at $366? first to david. buy it? i know this is not the kind of stock that you buy -- >> i own it heavily. holdings are up 350% since -- stuart: sorry, didn't know. you going to buy any more? >> we absolutely are. boeing is the biggest dividend

grower in the dow since the year 2000, one of the dividend, 16% per year. earlier they said we will hold off on stock buy-backs while we get through this but continue growing our dividend. they are committed to three years of paying out 100% of free cash flow to shareholders and boeing is the biggest dividend payer of cash out to shareholders of any company. we are absolutely buying boeing at this level but there's going to be hurdles along the way. stuart: charles payne? >> it's in my portfolio even further back than that. it's an absolute screaming buy. even today with these numbers, free cash flow was $1 billion better than anticipated. they have other businesses, defense, operating margins to 13.7 from 6%, services margins went higher. if this happens, it will be another ding to it but i think what we are setting up right now are a series of positive news events for boeing. when they get these airplanes back, okay, xyz airlines says they will be back by november,

up. another airline says they will be back on before christmas, up. we are going to go from 42 planes to 57 planes, up. we now are set up for a series of positive news events on boeing. stuart: let's remember, please, boeing is a dow stock. when it goes down 2%, it takes the overall dow average down with it. we have two other stocks losing ground, united health and caterpillar. you couple them with boeing, and that's why the dow is down, what, 137 points as we speak. if it wasn't for those three stocks, the dow would be flat, actually, to slightly higher. look at the nasdaq, please. it hit an all-time high earlier this morning. 8,200 something or other. right now, 8,257. how about that. that's the nasdaq composite. record all-time high. next company, caterpillar, down sharply. charles, i think you have gone through it. what's the problem with caterpillar? >> caterpillar, believe it or

not, has been the energy part of their business also outside this country, europe, africa, middle east, 4% asia pacific. north america strong, up 11%. $7.3 billion. construction firm, even resources not too bad, up 11%. by the way, the management says this will be another record year and hinting that everything will be back online late this year. we'll see what happens. the street not believing it so far. stuart: that's hurting the dow. one more time, your take on mueller. i think you have been watching. >> i have been watching. i got to -- you know, listen, it's tough. it really is tough. obviously both sides, both political parties trying to score political points here but not getting a lot of true insight on this. i thought there were some real tough questions on the origins of this, you know, who was prosecuted, who wasn't, and also i think he does look a bit befuddled and that's not helping either way. it's casting a sort of

interesting pall over the event. i think when it ends, if it goes the way it's going right now, it will be a political dud and will raise more questions as to the origins of this, you know, the folks that he had working on this. attorney number two, whoever that is, these people had animosity toward president trump that might have seeped into their jobs. stuart: those questions about the origin of this, the mueller investigation, how it got started, who got it started, you are going to get some answers to that not from mueller but from the inspector general's report that comes out in september. >> the doj and fbi will have more on that coming up shortly. but he still could not answer certain questions as to, you know, if someone lied in the beginning and you base certain actions on that lie but didn't prosecute that person, it's not unfolding the way i think a lot of people thought it would. stuart: we are following all kinds of great stories for you here on "varney & company." we've got the market, we've got the mueller hearings, we've got boris johnson newly installed as the prime minister of great

britain. we've got stories about beyond meat. we've got stories on facebook. we've got stories about the government going after some big technology companies on antitrust grounds. we got it all. you will get it all right here after this.

stuart: kayleigh mcenany is with us, trump 2020 national press secretary. kayleigh, i can just imagine you sitting there watching these hearings and taping the republicans and coming up with a whole bunch of sound bites, especially from jim jordan, sound bites which you are going to use in the 2020 election. am i right? >> you're right. are you spying on us here at the trump campaign? that's exactly what we're up to. stuart: i'm a mole. >> yes, you are apparently. we are quite thrilled with how this is going. democrats are turning up short in their desire to create this

elaborate movie, as they said one source, one democratic source says. there was no obstruction, no collusion, but there's a whole lot of refusal to answer questions about how this corrupt investigation into the president began and the steele dossier and robert mueller all the times citing that's beyond my scope, beyond my jurisdiction. well, it was not per the special counsel regulations but he chose to ignore the democrats' side of this and focus on the president and came up short and found nothing. stuart: representative al green, democrat from texas, he says he hopes the house is inspired, his word, inspired over the mueller testimony. i take it you don't agree with that. >> i think i speak for america when i say that robert mueller's testimony today is less than inspiring. if anything, it's muddled, it's unclear, just as his report was unclear. you know, you saw congressman radcliffe there at the top say it is not within a prosecutor's

job scope to exonerate someone. nowhere in regulations is the standard exoneration but nevertheless, this is what robert mueller did in his effort to try to do the bidding work for the democrats. the president is innocent here. democrats are really scrambling to continue their conspiracy theory. stuart: what you're up against is the democrats who will continue trying to slime the president and using the word impeachment. they're not going to walk away from this. they're going to have their own sound bites, which they are going to use. that's what you're up against. >> yes, that is what we're up against and we're ready for that task. polling already shows that nearly 60% of americans say they're tired of this and they want to move on, but democrats continue to drag us in the mud and every time they do it gets worse and worse for them. when you had robert mueller today asked had anyone in the history of our country's jurisprudence system been treated the way president trump was with this exoneration standard, he answered no.

so there's one standard for president trump and there's another standard, innocent until proven guilty, for every other citizen of this country and that is a catastrophe for democrats and it's one the american people saw play out and we will certainly be echoing here at the trump campaign. stuart: kayleigh mcenany, thank you very much for coming to us right out of the place there where you are getting all those sound bites together. thank you very much indeed. i knew you would do that. all right. charles payne with us. i'm with charles now. charles is our market guy. i want to talk profits, because it's getting no publicity with the market down a little bit, the mueller hearings, boris johnson. how are earnings so far? >> they are phenomenal. they are absolutely phenomenal. listen, we knew the bar was low so the idea that these numbers could be beaten was sort of a given, although the big talk particularly from bears who have been on the network over the last six months is we will have earnings recession, back-to-back quarters of declining earnings. keep in mind last year was a record. last year was a tough

comparison. it was absolutely phenomenal. looks like maybe the second quarter's not only not going to be a recession or a negative, but could be robustly to the upside. we were looking at last week maybe 1.5%, now it's feeling like 3%, 3.5%, and it's from a variety, stuart, coca-cola, sherwin williams, stanley black & decker, hasbro, chipotle mexican grill. texas instruments leading the nasdaq to a new all-time high. the ceo of texas instruments says the trade war did nothing to our business. all the things we were bracing for, we had a major ceo say earlier in the week they were bracing for the worst and it just did not materialize. stuart: we also have the china trade news which is our guys are going to be face-to-face meeting with china's trade guys, and we hear there's only 10% of the deal left to finalize. most of it's done and agreed to. 10% is left. okay. so there's some major sticking points there. but i would call that pretty

positive. >> not only is it positive, but trying to underscore the fact meeting in shanghai, another major olive branch. china wanted us to have the meeting there. there's a big event going on. it means a lot to president xi that we do that. in addition, huawei, we will still have some companies doing some business with them so bottom line is it feels like both sides recognize, also on monday we heard from the chinese media, they have been in contact with soybean producers in america, they are on the cusp of putting in a gargantuan order. we have pretty positive news going into next week with the fed meeting. stuart: i didn't know that. >> yeah. stuart: didn't know they said wait for it. >> wait for it. wait for it. stuart: don't you love it. thank you, charles. thank you very much indeed. we've got the dow industrials now down 115 points. do not despair. all of that loss is accounted for by three stocks. but look at that nasdaq. would you look at that. 8,264. new record high. technology's doing well.

we'll be right back. we're the slowskys.

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a video has been cut and it will be a quick exit. release of announcement is in play. tell me more. jackie: after days of protest, this is finally coming to sort of a head here. we have been covering it, you can see those pictures there, people really calling for this. of course, the governor has said he would not run for re-election but that he wasn't planning on stepping down. this was earlier. so more pressure coming on him to do so and it seems like that announcement is going to come today. that should relieve some pressure. of course, it does, you know, open pandora's box to a certain extent and say who's going to take over for him. that's an open question at this point. stuart: part of his being forced out is because of some recordings which surfaced of insensitive comments from his inner circle. that's one reason. the other reason is essentially, puerto rico has had a corrupt government for some time. what's the chances of replacing the current administration and a lot of other politicians, too, with a less corrupt regime?

that's what they're hoping for, isn't it? jackie: that would be the hope, certainly. you're right, the governor of course with those text messages, homophob homophobic, mysogenistic slurs, people within the government. i think people are hoping for the future to be a little brighter but it's a tough situation. who are you going to get who's going to stand up and do the right thing? we have to see how this plays out. stuart: yes, you will, because the economy of puerto rico is a real mess. it was badly hurt by the hurricane, they got a lot of bailout money but it's still a mess. jackie: still needs to be turned around and it's still part of this country. it's definitely after the hurricane, we saw misappropriation of funds, we saw damages not being corrected properly and as quickly enough in terms of the relief the country was getting -- sorry, the state was getting, it sdwruvent sort of all play out the way it was supposed to. stuart: very true. jackie, thank you very much indeed. here's what's coming up for you. more on the mueller hearings, still going on. they will take a break fairly soon but they are still in progress as we speak.

we will get professor dershowitz from harvard, going to get his comments on what he has seen so far. we also have donald luskin on the show. we'll be back with that after this. down 128 at the moment. truecar is great for finding new cars.

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stuart: major stories we are following for you. number one, facebook has been fined $5 billion by the ftc and we hear that mark zuckerberg will be held personally liable for privacy. that's a big deal. the stock, though, hanging on, $201 a share. and then there is the mueller hearings, still in progress. there's been some fireworks. how about this from representative jim jordan, republican from texas. roll that tape. >> maybe a better course of action, maybe a better course of action is to figure out how the false accusations started. maybe to go back and actually figure out why he was lying to the fbi and here's the good news. here's the good news. that's exactly what bill barr's doing and thank goodness for that. that's exactly what the attorney general and john durham are

doing. they are going to find out why we went through this -- >> time of the gentleman has expired. stuart: that was one of the highlights of the morning. with us now, alan dershowitz, harvard law professor emeritus who wrote the introduction to the published mueller report. before we get into the discussion here, i want to show you a tweet from president trump this morning quoting fox news' chris wallace. this has been a disaster for the democrats and a disaster for the reputation of robert mueller. chris wallace, fox news. he said that. professor dershowitz, your thoughts, please. >> well, i think it's a sad day for robert mueller, who has had a very distinguished career and i knew him when he was in the height of his career. this showed him as somebody who was really not in charge. it showed him as somebody who was not particularly familiar with the contents of the report. he used every possible excuse not to answer or just to refer to the report.

he didn't do it because he was instructed by the justice department. he did it because he seemed confused by the questions that he seemed incapable of giving coherent answers to complex questions. for me, the bottom line is we should no longer call this the mueller report. this now deserves to have the title the staff report. it's very clear that mueller didn't write this report. it's very clear that this is a product of staff members and that the usual role of a special counsel, as for example in the starr counsel, is really to go over every word and make sure everything is his product. there's every reason to doubt that this happened in the instance of the mueller report. so i'm very concerned about who really was in charge of the mueller investigation and the mueller report. it does not seem like robert mueller played that crucial and important role. stuart: if you look further into this, we are told that many people on the mueller team, the staff who wrote the report, were

vigorous anti-trumpers. some of them were never trumpers. i don't know whether that's accurate or not, but if you're suggesting that mueller didn't actually write much of the report, it was the staff that did it, you have to look at the staff's motivation, right? >> absolutely. it becomes more and more essential. i hope some of the questioning later on will deal with that, about how the staff was selected. i know several members of the staff. i dealt with them when they were lawyers in government practice, and the question is why did he select so many people who seemed to have an animus against the president. his answer is going to be we don't have a political test, it's just coincidence that so many of them turned out to be very very active in efforts to prevent trump from being elected president, but when you have a weak head of the commission like robert mueller apparently was, it's so much more important to have a fair, balanced, equal

staff and i just don't think we had that. i think the other headline is that mueller, despite his statement he would not go beyond the report, did go beyond the report. the report itself doesn't say categorically that were it not for the office of legal counsel rules saying you can't indict a president, were it not for that, we would have charged the president. the report just doesn't say that. yet he seemed to be implying that today in answers to both congressman lieu and congressman nadler. there's a very strong contradiction between what mueller said today and what attorney general barr said some months ago, where he said our determination was made without regard to nor based on the constitutional considerations that surround the indictment and criminal prosecution of a sitting president. so we have a stark conflict between the attorney general's interpretation of the report and

robert mueller's interpretation of the report. that became exacerbated by today's testimony. stuart: the testimony has gone on now for three hours. i'm sure you have seen it. after these three hours and what you've seen, do you think that president trump thus far in the hearings walks away unscathed? >> no, i think it's a tie, basically. because mostly what we've heard is views of the congresspeople and the democrats obviously make the argument against the president, republicans make the argument for, so i would call it a tie. i think that just repeating some of the negative conclusions and evidence in the mueller report which is unfair, because it was never cross-examined, it was never subject to an adversarial process, does suggest some negatives about the president and then the republicans come back and suggest negatives about the democrats. in the end, i think it's a tie.

in the end, i don't think the american public has learned very much in the first investigation. there will be another one this afternoon. we'll have to wait and see whether anything relative comes out. right now, nothing new has emerged. stuart: we need your help on what i think of as a legalism. i want to play you a sound bite from representative steve chabow asking robert mueller about the word collusion, perhaps the definition of collusion. roll tape, please. >> this hearing today is their last best hope to build up some sort of groundswell across america to impeach president trump. that's what this is really all about today. now, a few questions. on page 103 of volume 2 of your report, when discussing the june 2016 trump tower meeting, you referenced quote, the firm that produced steele report, the name of that firm was fusion gps. >> this is outside my purview.

>> the owner of fusion gps that did the steele dossier, that started all this, he's not mentioned in there. stuart: i'm sorry, it wasn't about collusion. it was about fusion gps and how this whole investigation got started. that's what the republicans wanted to get at. robert mueller was having none of it. he didn't want to go there. didn't want to touch it at all. >> no, but let's talk to collusion for one second because he did ask mueller was collusion the same as conspiracy. and mueller didn't really want to get into that. it's interesting because for the first month of the investigation, everybody, all president trump's enemies were talking about collusion, collusion, collusion. i know i was on cnn a lot those days and all they were talking about is collusion. i would say over and over again, collusion's not a crime, collusion's not a crime, collusion's not a crime. all the cnn commentators would say collusion is a crime, collusion is a crime. of course, the mueller report comes out and it says collusion is not a crime. and mueller today says collusion is not a crime.

so we move from collusion to conspiracy and the mueller report concluded not only was there no collusion, but there was no conspiracy. i think the hardest question mueller was asked and he didn't answer it because he didn't seem to understand it, was why did you reach a conclusion about collusion, that there was simply no basis for charging the president with collusion, and then refuse to come to a conclusion about obstruction of justice. mueller's report was incompetent. mueller said well, the reason we didn't come to a conclusion is because you couldn't indict the president. the followup question was you couldn't indict him on conspiracy either but you came to a conclusion there. why did you come to a conclusion on conspiracy but not come to a conclusion on obstruction of justice, and mueller was dumbfounded. he simply could not answer that question. he didn't seem to understand it. but if he understood it, he simply couldn't answer it. that's a key, key question and i hope there will be some followup on that from some of the people in the next session. stuart: professor dershowitz,

thank you very much for being with us this morning on a very important session in congress. we do appreciate it. thank you, sir. >> thank you very much. stuart: let's bring in donald luskin, trend macro cio, a man who comments not only on the markets, but on politics. what do you think? how do you think it's going? number one, donald, i don't think there's any impact from these hearings on wall street. zero. there's no connection. i just don't see it. number two, i don't think it's going well for the democrats. what say you? >> i couldn't disagree with any of that. couldn't disagree with the excellent alan dershowitz. by the way, thanks a lot for having me come on right after alan dershowitz. that's a tough act to follow, man. he's the best of the best of the best. i think he's really put his finger on it, which is that mueller is revealing himself not only to have been a bad choice because he was a buddy of jim comey but a bad choice because he's a doddering old man past his sell date and was simply way

over his head on this. there may have been a time 10 or 15 years ago when cohave done a good job on this but it's obvious he has no idea of the content of his own report which means he probably hasn't read it which means he certainly didn't write it. now, all of the headlines before the markets opened were oh, my god, mueller contradicts the president, he says there was no exoneration of collusion, because collusion isn't a crime. well, so the s&p futures traded down ten points before the open. then as soon as the guy actually starts talking and people realize he has absolutely nothing to say, we go back to unchanged and unchanged is what this whole hearing is about. this changes nothing. stuart: the dow industrial average would be unchanged were it not for boeing, united health and caterpillar. you take those three stocks away, and you've got a basically unchanged to slightly higher dow, a stronger s&p, and we have already got a record high for the nasdaq.

so do you think we are beginning to see with all these good profit reports coming in, do you think we are about to see the next leg up for the market? is that what we're looking at here? >> i think there's no question about it. because one by one, all of the things that have been afflicting the market for the last six to nine months are getting cleared. and a week from today, there will be an fomc meeting where they will cut rates by at least 25 basis points, my prediction is they will cut by 50 basis points and that will take the last sword of damocles away from hanging over the head of this market which is a fed that is just too tight, won't admit it made a mistake in december, they will reverse that mistake next week and it will be off to the races. stuart: know what i like? boris johnson is prime minister of great britain, who would just love to do a great trade deal with the united states of america when they get the brits out of the european union. i think that's a positive, too. last word to you. >> that is a positive. i think if you look, almost everywhere in the world there are people like trump and boris,

you know, actually even kind of looks like trump, who are being elevated to these positions of decision making. there's getting to be a new elite consensus around repairing the global economy and trump and johnson are big parts of that. stuart: by the way, did you see the imf just yesterday saying america is going to grow faster than we thought, 2.6% growth this year, yet that was not reported in any significant financial outlet at all. it was completely covered up. amazing, isn't it? >> faster than we thought. oh, my god, the imf finally admits error. incredible. then the press doesn't report on it. thank you, stuart. stuart: donald, you're a great guest. thanks for joining us. see you again soon. coming up for you, more on the markets, of course. actually moving higher, unless you get rid of three stocks. we've got more on the mueller testimony, i should say, the investigation's over. the testimony continues. they will take a break shortly

but they will be back. we have of course more on boris johnson. or boris, as he's called, by the brits. we'll be right back.

stuart: earlier this morning, we brought you boris johnson, the new prime minister of great britain and his opening statement right in front of ten downing street, the official residence of the prime minister. he had a lot to say. i want to bring in luke coffey, he's with us now, heritage foundation foreign policy guy. luke, talk to me about boris, because that's what everybody calls him in england, boris. that's all it is. like maggie as in thatcher, winston as in churchill. he wants to get the brits out of the european union by october 31st. i know he's got a problem with parliament and the conservative party and jeremy corbyn and all the rest of them, but you tell

me, is he going to get the brits out by october 31st, yes or no? >> yes, he will. thanks for having me on. i think boris actually thrives in this sort of environment. he thrives in this very chaotic, stressful situation and i think he will deliver brexit for the british people. i think it's right and proper that the prime minister is someone who not only campaigned for brexit, but also believes in it. i don't know if you heard his speech in front of ten downing street but it was a very passionate speech that was full of energy, that was just lacking from the previous prime minister. stuart: he's got -- will he be able to renegotiate the exit with the europeans? the europeans say no, we're not going to touch it. but he's a forceful character. he might just get them to break. >> no, he is. and one of the fatal flaws in prime minister may's approach was her unwillingness to truly

commit to a no-deal brexit, just walk away from the table. i think it was made very clear today by boris that he is more than willing to do this if the eu does not become a little more flexible or accommodating to some of the legitimate concerns that many in britain have. my prediction is between now and october 31st, we will see eu bureaucrats performing political gymnastics, legal gymnastics, in order to find accommodations for the uk. otherwise, the threat is real because come october 31st, the uk will be out of the european union one way or the other. stuart: fascinating. you think we've got a new special relationship making here? i mean, thatcher and reagan beat communism, that was pretty good, now we have boris johnson and donald trump. is there a possibility of a similarly productive special relationship? >> i do believe so. if you look at the rhetoric coming from both sides of the

atlantic, from those that are both close to the white house and also close to boris johnson, it is very clear the two get along personally, they both have a certain level of admiration for one another and they both share the common cause and belief in national sovereignty and controlling your own destiny. i think these two are very natural partners on the world stage when it comes to that, and i think that going forward, we should keep an eye on this relationship and look at new ways to cooperate, whether it's a new trade deal or cooperate on big geopolitical issues like iran. i think there's huge scope for increased u.s./uk cooperation. stuart: you are saying the exact opposite of the establishment media in britain and in america. on both sides of the pond, the media, the establishment, really do not like boris and they really do not like trump. but you're saying the exact opposite. luke, last word to you. >> well, that's been the case

for the past three or four years, hasn't it. everyone said brexit was going to happen and everyone said at the time that britain would immediately enter recession, it left 2016 as the fastest growing economy in the g7 and it now has record levels of unemployment. britain will thrive outside of the european union, i have little doubt in my mind. we are talking about the world's fifth largest economy already. britain has its rightful place in the world and it's great for america, too, to have a britain that can have more of an independent foreign policy. stuart: just don't read the "financial times" because they are the worst of the worst. luke, you are a pleasure to have on the show. i hope you can come back soon. luke coffey, everyone. >> my pleasure. thank you. stuart: good man. thank you. the market still shows a loss of 120 points. that's for the dow industrials. but again, there are just three stocks taking it down. without those three stocks, the market's up. ups is going to deliver on sundays. they will deliver seven days a

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that could reveal what your body isn't telling you. i'm gonna tell you that was the best $150 i ever spent in my life. life line screening. the power of prevention. call now to learn more. stuart: it's all about delivery, so i am told. ups says they are going to do sunday delivery. i guess that would be seven days a week. deirdre: that's a big change for

them but there's so much competition when it comes to delivery. ups, you can see is up 8% just on the day because of that beat on the top and bottom line. ups says it saw 30% increase in volumes with a preference for next day delivery. people want their things faster. and they want them seven days a week. fed ex already has said they were going to do it. ups says it's going to do it starting january 1st. but amazon's getting into the shipping game and all of these guys are competing against each other with prime day, saying we are going to get it to you fast or faster, and they are delivering on that. stuart: at the same time, fed ex stock is up nicely. not as much as ups. i take that as an economic indicator. jackie: absolutely. stuart: ups and fed ex is so good, the economy's got to be doing good. jackie: when you look at what's happening with the dow today, it's very interesting, the three laggards are very stock-specific stories. they are not speaking to the broader economy. i feel like when that happens, there's less to worry about when you see a drop on the dow. stuart: what can you tell me about tesla? other than they are going to report their earnings after the

close of the trading today. i don't know what to expect. we don't play the expectation game. what can you tell me? jackie: everyone's eyes will be on tesla. look, it's been a rough period for the stock. i think it was down about 22% year to date. elon musk has put a lot on the table, right. they have closed showrooms, they want to hear about what's going to happen in shanghai with the new plant. they want to hear about if they have an electric truck coming out to compete with the likes of ford, for example. we talked about that yesterday. so there's a lot that people are going to be looking for. they are going to be looking on the gross margin basis to see if they are running their business more efficiently, if they can deliver on units. elon musk has his tentacles in a lot of different baskets and has been in the news a lot but this is his baby. he needs to focus here. stuart: okay. as you walk up to the earnings report it's down 30 cents. i will call that dead flat wait and see. now, here's where i need your help. snap. they are doing well, 16% up. that's an all-time high, our

producer tells me. they are up because they have got a record user growth rate. jackie: 13 million daily active users. i will tell you this, i'm in the same boat as you. i find snap very, it's counterintuitive to me. i find it hard to use. here's one of the initiatives that has been working really well. augmented reality camera lenses, you know, snapchat is all about the pictures and all the faces and all of those things. it's a large part about that. you take those pictures, you send them to friends, they disappear and now they are doing more with their camera lens and those lenses have actually been very successful. so the community is growing here and that's what investors wanted to see. stuart: okay. nice gain, 16%. we'll take that. show me facebook, please. i believe it's holding above $200 a share. yes, it is. there's news here. a, they've got a $5 billion fine. some call that just a slap on the wrist. let's move away from that. the other side of the news is mark zuckerberg will be held

personally accountable for breaches of privacy or problems with privacy. that's a big deal. jackie: you've got the independent committee on privacy and zuckerberg is really going to be responsible for the whole thing to a certain extent because every quarter and yearly, he's going to have to give statements on how they're doing with their privacy targets. if he lies or bends the truth on those statements, he will be held civil and criminally liable for that. that is massive. also, really important to note here, in this fine, it still has to be approved by a federal judge but on top of that, facebook didn't admit any guilt in this settlement, right? they didn't necessarily say they did anything wrong but they're going to do better going forward, and that's really important for zuckerberg as well. but he is at the helm of the company. he will be held accountable. stuart: and their earnings come out, when is it, facebook is tomorrow, isn't it? jackie: facebook is tomorrow. stuart: okay. all eyes on that. what a show. mueller, market, facebook, beyond meat, we got it all.

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susan: i think i have to fess up. get to that in a second. this has been a disaster for the democrats and disaster for the reputation of robert mueller t was chris wallace on fox news who said that. president trump retweeted it. now that i think says it all. a bust for the democrats. that is the opinion of chris wallace, and the president, having watched three hours of these hearings. that is how i see it. a political bust for the democrats. now i do want to make two corrections here. i made two mistakes on the show this morning. first and foremost, representative jim jordan is a representative, a republican from ohio, not texas as i mistakenly said. number two, facebook reports this afternoon, not tomorrow. it is at 4:00 today. my mistake, jackie. i'm very sorry.

i pushed you into that. my mistake entirely. all eyes glued to facebook at 4:00, all eyes glued to the fox business network at 4:00 this afternoon, because we got the facebook numbers for you. i'm ought of time. neil, it is yours. neil: always accept anything good that happens as your doing. anything bad happens is your staff's doing. a word of advice. meantime robert mueller is in front of the house judiciary committee of the as stuart is saying he will soon appear before the house intel committee. as he pointed out it is not going well for either mr. mueller or for democrats hoping to capitalize what he said. it is still early. anything can help with the intelligence committee. if they're looking for something to stick, stick back to the president, it isn't happening. stocks are going down as boeing says the 737 max production could be entirely shut down except for a little while. now they're saying