so all i say is just let's focus on americans, americans first. >> you are a super hero. thanks for all you do. appreciate it. >> take it away, maria. maria: phenomenal panel. have a great day. "varney & company" begins right now. stu, take it away. stuart: good morning, maria. good morning, everyone. right from the start, let's be clear. in a market like this, expect some wild swings. in other words, the way stocks open this monday morning is not necessarily the way stocks close this monday afternoon. impeachment, whistleblowers, oh, yes, all coming at you today. let me start with what is assumed to be a big problem for investors. the chinese have taken some issues off the table for this week's trade talks. when that news broke overnight, the algorithms read the headline and the word was sell. so where will we open this morning? only a little lower. remember, the dow was up 370 on friday. it will be down maybe 50 at the open this morning. a bigger loss for the nasdaq.

that's likely to be down about .33%. let's see how they close. let's get to hong kong because today, we see china's clout. the general manager for the houston rockets, basketball team, tweeted support for hong kong. beijing immediately objected very strongly. the tweet was immediately withdrawn. lots of criticism for the nba this morning. they caved to the communists, to preserve basketball's appeal in china. hong kong itself, i'm going to say it's virtually shut down as violent protests returned over the weekend. next case, what have we got for you? joe biden. he says he will beat the president like a drum, end quote. the general motors strike takes a rather ominous turn. and amid very visible security, "joker" hits the theaters and wins big. "varney & company" is about to begin.

stuart: you know, this could be the stock of the day, maybe the week, maybe the month. general motors, down 1%. it's back to $34 a share. when the strike started, it was $37. now, talks with united auto workers union broke down i think late last night or certainly over the weekend. the reason? susan: because gm wants to increase production in mexico, where it now builds trucks, pickups, small cars and also two suvs. according to a lot of the forecasters, it looks like gm is the largest u.s. manufacturer in mexico, 833,000 cars are made there last year. about 22% of their production. that's more than ford, more than other car makers as well. so basically we are in the fourth week of a strike, right, and apparently according to the uaw, they can't get any production commitments from gm saying we will make these cars in the u.s. instead of mexico. that is one of the big snags

right now in this four-week ongoing strike involving 49,000 workers and costing gm about $80 million a day. stuart: longest strike since 1970. back then it had a huge impact on the economy because they got 340,000 workers. today it's way down there. susan: also, they have a backlog of 70 days in terms of supply, car supply, that they knew going into this. stuart: that makes a difference. thanks, susan. moving to the box office over the weekend, "joker." okay, it's not the joker. it is "joker." broke records. the debut of this movie, however, has not been without controversy. lauren simonetti, one of our producers went to the movies this weekend. before getting into the door, there was a line of police officers. before you could walk in. lauren: beefed-up security at theaters throughout the country, especially in major cities. bag checks. there was one theater here in new york where there was someone watching the movie and he kept laughing at all of the murderous

scenes so eventually he was escorted out because that made people feel uncomfortable. despite feeling uncomfortable, we went to see it. record october debut, $93.5 million here in the u.s., $234 million worldwide. what does that tell you? i was reading something from the director. he typically produces comedies. he said i can't do comedy anymore because somebody always gets offended and millions of people blow up on twitter. it's not worth it. he did this instead. this is more controversial than any comedy, if you ask me. stuart: joker was made by warner brothers ash brothers, a unit of at & t. if there's any stock reaction, look at at & t. fascinating. i've got to break in for breaking news. president trump reportedly lost a court fight in new york to keep his tax returns secret. what's that? ashley: he's been ordered to turn over eight years' worth of tax returns to the manhattan d.a., cyrus vance. a federal judge this morning rejected the argument from the trump administration, well,

president trump himself, the sitting presidents are immune from criminal investigations. the judge disagreed and now has subpoenaed the president to turn over eight years' worth of tax returns. both on the corporate side and on the personal side. stuart: i just wonder if the president can appeal that. ashley: they will appeal. stuart: okay. hang on, as they say. ashley: it is going to be appealed. stuart: i thought this was an ominous headline from the "wall street journal." dim earnings outlook poses peril for stocks. dim earnings outlook, peril for stocks? let's bring in jack hough, he's senior editor at barron's. let's suppose there is no significant increase in profit in the current reporting period over last year. no significant increase. does that put a cap on the stock market? >> i don't think so. i'm with the dim part of this

but not with the ominous part. the quarter is going to be dim. the expectation is for a 4% decline year over year in earnings. you have to remember, you know, it's like if you have ever seen the old "price is right" game show, the showcase showdown, you get the price but you definitely don't want to go over. that's what analysts do when they guess earnings for companies. you almost always get companies beating those expectations. you will see that this quarter. you will probably end up with pretty flat earnings for the third quarter. i don't think it matters that much for stocks because investors are forward-looking and this is the last lousy quarter for earnings. going forward, expectations get a little bit easier in the fourth quarter and much easier next year. stuart: because the third quarter comparison with last year, where we were very very strong. >> booming earnings. so if you look forward next year, wall street is saying 10% earnings growth, don't count on it. they always guess too high about distant forecasts. i would not be surprised if you see something mid single digits,

maybe 5%, 6% earnings growth. that would be good enough to keep the stock market moving. stuart: you said that for a long time. the stock market rally keeps on moving, gradually, slowly, but it will keep going. >> i think so. i wouldn't expect gangbuster returns from here but still, when i look at the things developing, you can buy stocks, they're the best bet in town. stuart: we like that as a way to open on monday morning when you have ominous headlines in the background. thank you, sir. next case, macy's. i've got a number on macy's. they plan to hire 80,000 people for the holidays. i don't know how many they hired last year for the holidays, whether it's up or down, i don't know, but 80,000 is a big number. the stock is at almost $15 a share. hsbc, that is a bank, they plan to cut 10,000 jobs. they are trying to cut costs. the stock is virtually unchanged. to syria. let's report on that. u.s. troops have started pulling out ahead of an expected invasion by turkey.

this is a reversal -- ashley: complete reversal. ironically, the u.s. has been with about 1,000 or so troops in this region have been training and providing weapons to the kurdish fighters, who the turks regard as terrorists. so the u.s. and the trump administration has decided to pull out, saying this is now no longer our fight to fight, which clears the way, essentially, for turkey to go straight on in and take on the kurds and also the syrian defense forces, who have been friendly to the trump administration. stuart: i distinctly remember seeing advertisements by the kurds right after the invasion of iran and the downfall of saddam hussein, in which the kurds were saying we're friends, we're proud american allies. ashley: they led the fight to get isis, to wipe out isis. they were the spearhead of that. stuart: geopolitics hard to understand. ashley: a big part of this, the administration wants turkey to take hold of the thousands of

isis fighters and their families, take control of them. stuart: that's another sidebar issue. ashley: it is. stuart: it's involved. ashley: it's involved. stuart: back to the market. we are still down about 50 points. that's the way futures are pointing at the opening bell. the nasdaq will be down about .33%. take a look at lyft. there's a stock that's down roughly 50% since going public. its public offering price earlier this year. coming up, we have a guy who says that stock, lyft, is going up and you should buy it here. we will let him make his case. house democrats think they have the 217 votes needed to pass articles of impeachment against the president, and the president is daring speaker pelosi go ahead, hold the vote. will the democrats do it? we will answer that question. joe biden trying to make a comeback, writing an op-ed saying trump won't destroy me and he won't destroy my family. we will deal with that in a moment. here comes "varney & company" on a monday morning.

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stuart: all right. look at this. on your screens, walmart stock, doing nicely this morning. roku's on the screen as well. it's actually down two bucks. the two companies have just announced together a new projector and it connects to the internet, projector? okay. you can hang it from your ceiling. it projects streamed tv on to your living room wall as well as the roku wireless subwoofer, i don't know what the devil that is. ashley: loud bass. stuart: walmart has this way of getting movies on the wall of your house. that's what it is. this is coming in coming weeks. what is this, it says sold for $129 each? what? what sold for $129 each? susan: the experience. more people are streaming. stuart: the projector. susan: it's the experience, entertainment. it's a consumer story.

ashley: deep breath, stu. stuart: they've got a projector. walmart sells it. is it roku that makes it? you can get a movie on your wall. ashley: 129 bucks. stuart: now i understand it. with me, sports fans? let's move on to amazon. here's something, i understand this one. they have announced new kindle kids edition and a fire hd-10 kids edition. bottom line here is, amazon is coming out with these new products for kids just in time for the holidays. amazon's stock, in a relatively down market, down six bucks. the headline from joe biden this morning in "the washington post" is this. trump won't destroy me and he won't destroy my family. he's doing his best to bounce back with that opinion piece and by the way, new polls do show that he's got a big lead still in south carolina but his lead in wisconsin has been narrowed and in other states, he's trailing elizabeth warren. fox news contributor jason chaffetz with us now.

can he come back from all that's afflicting his candidacy? >> good morning, stuart. he's going to need to start answering questions. the vice president biden has really in essence been in hiding and where is hunter biden? he's been at the center of this, really answering no questions. i saw that this was put together in writing in an op-ed, his defense, but he has not been acting as if somebody who can actually answer these questions -- stuart: jason, i have read the editorial, the op-ed, as it is, twice. nowhere is hunter biden mentioned. nowhere is the conflict of interest, the obvious conflict of interest, mentioned. it's just pound on trump and then he closes it with saying in november 2020, i will beat you, donald trump, like a drum. i don't think that works. i just don't think it works. >> no, the best thing he had going for him was this approach

to his fellow democrats saying i'm the one that can really take the fight to donald trump, i'm the one that can beat him, but i think joe biden ends up, you know, a distant sixth place at this point based on the performance that he has. i think conventional wisdom has somebody like elizabeth warren, bernie sanders having his health problem but that socialist end of the party is really got the strength in numbers. scary for the economy. i think it's scary for wall street that one of those two could potentially get the nomination but that's where the left side of the party is going in the democrats. stuart: i'm surprised to see it but the media this morning is saying elizabeth warren scares a lot of democrats. let me move on, talk about impeachment. the democrats say they've got the 217 votes that they need to pull the trigger on impeachment. my question is, will they vote on it? >> well, the very first thing they need to do is vote to proceed with it.

nancy pelosi can stand up and bloviate that yes, it is a formal impeachment inquiry but it really isn't until they actually have a vote to proceed. they don't want to do that, though, because it gives the minority rights. they don't want to have people like doug collins, the ranking member on judiciary or devin nunes in intel, to actually be able to have a fair fight and call a witness. i think most of america recognizes that that fairness and due process is necessary if you're actually going to try to impeach a president but she doesn't want to do that. stuart: i think all this toil and turmoil about impeachment actually covers up the mess inside the democrats' presidential campaign. that's my position. jason, thanks for being with us on this monday morning. i'm glad you agree with me. you can come back next monday as well. thanks very much. we will see you again real soon. hong kong protests, they flared up again. you're looking at live pictures now. that's hong kong, 9:17 p.m. there. they are 12 hours in front of us. we will monitor what's going on

there again. we will bring you any updates as the morning progresses. now then, look at futures. still down about 50 on the dow come the opening bell. remember, we were up 370 on friday. take a look at general electric stock, ge. it should be moving today. it plans to cut its pension plan deficit by around $8 billion. we will tell you how they are planning to do that. premarket the stock is barely moving. paypal's co-founder theater thiel is backing a company that makes drones for the military. good story behind that one. this is the age of expression. but shouldn't somebody be listening? so. let's talk. we're built for hearing what's important to you, one to one. edward jones. it's time for investing to feel individual. the♪lexus es... ...every curve, every innovation, every feeling... a product of mastery. lease the 2019 es 350 for $379/month for 36 months.

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stuart: the protests are back and so is the scuffling between protesters and the police. you're watching it right now, live pictures, 9:22 p.m. in hong kong. it's dark. these protests have been going on on a daily basis. confrontations on a daily basis. we will keep you up to speed on it. trump supporter peter thiel, he's helping to fund a company that makes military drones. okay. now, that company is run by the guy who created the oculus virtual reality headset back in his teenaged years. he was with "mornings with maria" today explaining more about what his company does. watch this, please.

>> we are able to detect drones over military bases and other critical infrastructure and able to send our own counter-drone to go out and knock it out of the sky. it's really important that the u.s. has this kind of technology. we can't allow the skies over our military bases and our critical infrastructure to become the wild west. the same goes for a lot of the bases and critical infrastructure of our allies. we need to make sure we can protect our air space from these threats because you are already seeing attacks in saudi arabia and afghanistan, other things that are not necessarily public yet, and this trend is only going to accelerate. stuart: wait a minute. that's silicon valley working with our military. they don't like doing that. but now they do. susan: well, they are doing a very good job of it, because as you heard, they developed the interceptor which basically is a robot that kills drones. you know, the pentagon has been looking at spending years looking for a reliable way to combat consumer drones that have been reconfigured and turned into reconnaissance aircraft and bombers. they have been able to do that. this company is valued at $1

billion right now. they raised $120 million over the summer, including from peter thiel but also, one of the famous vc funds, and this company and palmer lucky, by the way, was a teenager when he discovered and came up with oculus and sold it for $2 billion to facebook in 2014. but he is known, some would say he was kicked out of facebook because of his support for president trump and his donations back then. ashley: can't do that. stuart: i wish him well in his company. susan: partnership between the two. stuart: anduril. got it. check futures again. we are going to be down maybe 70 at the opening bell. again, we have no clue how we close in these volatile times. stay with us, please. big show coming up for you. we will take you to wall street after this.

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stuart: this is a story everybody is talking about. basketball. the general manager of the houston rockets tweeted support for the hong kong protesters. then the nba really distanced itself from the tweet and it was recalled, so to speak. what are politicians saying this morning? susan: senator cruz jumped into this controversy and says as a

lifelong houston rockets fan i was proud to see him call out the chinese communist party's oppressive treatment of protesters in hong kong. also representative hawley made allegations of human rights abuses in china, including the repression of weaker muslims. this set off a huge controversy and firestorm in china which is the largest international market for nba and their next great hope for making money, so the chinese basketball association disapproved of that tweet. also, you have a $1.5 million streaming contract with tencent, one of the largest conglomerates in the world. they said we might be taking a second look at this. a lot of other companies in china saying you know, we're not sure we want to work with the houston rockets or the nba should do something about this. this was a big, big deal. stuart: on your screens now, that's a live shot right there from hong kong. you can see this is another confrontation between protesters and the riot police. riot gear right there. and the nba has backed away from

any support for those protesters. ten seconds to go. they are clapping and cheering, the bell is ringing. they will open trading literally in just a couple of seconds. we are expecting a minor league loss for the dow industrials and the other indicators when we start trading. we have started. here we go. the immediate reaction on the market is a downside move, 60 or 70 points for the dow industrials. i'll tell you this. for our radio listeners, left-hand side of the screen, i can see a lot of red lines there because most of the dow 30 have opened on the downside. 70 points lower for the dow industrials. how about the s&p 500? in percentage terms, exactly the same as the dow, down abo about .25%. the nasdaq composite, i think it's down a bit more than that, about .25% down. so all across the board, we have opened slightly lower. i want to show you general

motors stock. that could be the stock of the day. because it's down to $34 a share. gm and the union, their talks broke down, they're in their fourth week. the stock is at $34. when the strike began it was at $37. more on that in a second. joining us this morning, jeff sica, susan li, ashley webster, all together now. all right. we've got all kinds of worries on the table here. china trade, earnings coming up. i'm going to turn to my colleague, jeff sica, and say look, it's monday morning. don't give me a string of negatives. tell me something really good, really positive, that you like right now. >> listen, i love being on the top business show on tv. that's one thing i love. but i would say -- with the best host and the best guests. susan: wow! >> what i would say is the one thing i honestly feel that president trump is not going to back down. i think he's going to take on

the chinese and i think there's going to be some progress with intellectual property. that's the best that i can do. i think there's a lot of headwinds but i think he's not going to back down. stuart: that's a reference to the chinese dropping some issues from the talks which will take place later this week. okay. okay. it's all speculation. we don't know what's going to come out of these china trade talks. we do know there will be some headlines and that will move the market. beyond that, you sdwrouvejust d know. we have opened 85 points as we speak. paypal dropped out of facebook's libra cryptocurrency experiment. where's the stock this morning? facebook is at $179. susan: we had 28 groups, group of 28 members in this initial launching of libra, including paypal and now paypal says they are not included in this. we have mastercard and visa rethinking their participation as well, after a lot of politicians around the world,

central bankers, say this could be misused, how do we regulate it, and should we start our own cryptocurrency anyway. stuart: i don't think all of this background noise makes any difference to the stock price, until such time as facebook starts to make less money. ashley: yeah. you know, to susan's point, they have been under so much pressure, all these individual financial companies, oh, libra, that sounds like a good idea. all of a sudden, the politicians and lawmakers have got on top of them. stuart: it's still $179 on the stock. jeff, go ahead. >> look how poorly facebook did at protecting our personal information. i think paypal did the right thing in doing this, because money laundering, there's a lot of things that could go wrong if facebook doesn't ramp up their ability to protect their information and that's going to cause a big stress and most cryptocurrencies -- stuart: hold on. i have ten seconds for this. i would guarantee that many people in our audience hold some shares of facebook. would you sell them?

>> i would not sell them. no. stuart: that's the whole thing. would you sell them, no. got it. check the big board. we are down 79 points. a marginal loss for the dow in the early going, down abo about .33%. look at uber. that stock got an upgrade from citi. that rescued it from $29 a share, put it to $30. it's up just 75 cents this morning but that is 2.5%. it -- susan: $45. now below $30. amazing. stuart: carnival cruise lines got a downgrade from hsbc, the bank, and is down 1%. macy's plans to hire 80,000 for the holidays. i don't know whether that's up or down hiring from last year. it's a big number. the stock is up 18 cents at $15 a share. we always like to check beyond meat because they have been doing so well. they are down a bit this morning. nothing to sneeze at. $144 per share. let's check bitcoin real fast. where is it today? $8,100. the price of gold, where is it?

is it up or down from $1500? $1504 to be precise. price of oil, i bet you it's $53 a share. yes, it is. a barrel, that would be. the ten-year treasury yield is around 1.53%. steady as she goes across most markets. apple will sell a smaller, cheaper iphone early next year according to a new report. susan: right. stuart: a smaller cheaper iphone. susan: well, the td securities analyst has a pretty good track record of predicting apple moves and says apple will release a lower-priced iphone next year. this will be cheaper, probably about 50 bucks cheaper. it will be like an iphone 8 but run on the chip in the iphone 11. it's a bit of an upgrade. don't forget, this is about selling in emerging markets, those that don't have a huge income per capita. they have had to reduce their pricing in china because not a lot of people can afford a $1,000 smartphone so they

right-priced it to get more people to buy. that's pretty big for apple. stuart: you don't actually buy these phones, do you? susan: yes, you do these days. the phone companies were losing money on it. stuart: if i wanted an apple iphone 11, i have to shell out a thousand bucks? >> what's been happening, people have been holding on to their phones because the prices keep moving up. so that gave them this idea to offer the lower priced phone. this is going to really impact their momentum. stuart: if any of our viewers own apple stock right now, would you sell it? >> no. i would not sell. stuart: that's the question. susan: would you buy? >> no, i would not buy. susan: wouldn't buy? >> listen, i think apple keeps rolling out new versions of old products. this is the first time they have ever done something different than offering a higher priced phone so this could work but i

wouldn't take a chance right now. stuart: here's a big name company that is attacking a big-time problem. that is the pension problem and ge is going after it. it's got a solution, cutting costs to their pension -- ashley: pension debt. yes. they are going to freeze pensions beginning in january of 2021 for some 20,000 employees who are salaried. they will freeze them. they will also offer a lump sum payment to those former employees who hadn't yet begun collecting their pension. this does not touch those who have retired and are collecting their pensions. by doing this they say they can save themselves up to $8 billion. stuart: the stock still at $8.53. thank you, jeff sica. good stuff today. check the big board. we are now down 100 points. that's about a third of 1%. now, hold on a second. take a look at the stock price of lyft. that stock is down roughly 50%

in the past six months since it went public. ivan fineseth is with us now and will tell us why he likes lyft at this price and why we should buy it. this that's a bold statement. go ahead. >> two reasons. first, the overall ground transportation market in 2018 was $1.2 trillion. that is growing. lyft and uber in 2018 were at less than half a percent of that total -- the total revenue together was half a percent. their penetration into that growing market is going to continue to increase. transportation as a service is going to become a major part of the ground transportation market and both companies will benefit. however, i think lyft will benefit more. they are smaller and they are gaining ground -- they are increasing their market share as well as getting a greater market share of a growing market. those are two parts of a recipe for success. stuart: i'm sorry to interrupt you but i have limited time.

for people like me who want to get into this brand new industry, that's what i think it is, vast brand new industry, the place to go is lyft? >> yes. stuart: that's the stock to concentrate on? >> yes. stuart: buy it? >> absolutely. stuart: i have to move to netflix. there's a stock that's really taking it on the chin recently. the chart doesn't look great. you say you are not a fan. you think it's going to go down some more? >> yes. absolutely. stuart: why? >> i think there's more downside in netflix, as the streaming wars begin. on november 1st you have the launch of apple tv plus and on november 12th, you have the launch of disney plus. i think disney will out-netflix, netflix. disney will become the largest streaming service i think within three years, they will easily surpass the current about 160 million subscribers that netflix has. stuart: hold on. are you saying people will cancel their netflix subscriptions and go with disney instead? >> what will happen i think, you will see the growth of netflix

slow, netflix is going to have to cut prices and they will lose some subscribers. i think people will have a group of streaming services somewhere between -- as low as two and as much as four. people will average three streaming services. i think netflix will probably be one, but disney plus will definitely be one, and you have two more streaming services launching next year. you have hbo max from at & t and you have peacock from comcast. stuart: so when it comes to lyft and the ride sharing, lyft is the way to go. >> yes. the key reason -- stuart: when it comes to streaming, go to disney. >> yes. stuart: got it. thanks very much indeed, ivan. right to the point. we love that stuff. thank you very much, ivan. let's see. conscious capitalism. clearly on the rise among some in the corporate world. they want a softer, gentler form of capitalism. i think it has a lot to do with the rise of socialist candidates

bernie sanders and elizabeth warren. i will give you my take on that coming up at 11:00 this morning. more millenials are indeed leaving big cities like new york, chicago, houston. where are they going? why are they moving? we've got the story for u. next, though, talks between gm and the uaw take a turn for the worse. i think it's because 20% of gm vehicles sold in this country are actually made in mexico, and the union doesn't like it. got more on that coming up for you. a programming note. fox business has added a new show to the lineup. barron's roundtable hosted by barron's editor jack otter. catch it friday nights at 10:00 p.m. eastern. ♪

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stuart: an update on a story we broke for you earlier. president trump has now filed an emergency appeal related to his tax returns. he lost a court fight in new york to keep his tax returns secret. the update is he's filed an emergency appeal to stop them being made public. got it. a new low for the dow for this day, that is. it's monday and we are down now 117 points for the dow, .4%. we are at 26,400. take a look at general motors stock. i believe it's back to $34 a share. the strike is entering its fourth week and talks with the united auto workers union have broken down again. curtis ellis is back with us. this is his area. he's the labor union liaison for the trump transition team, or at least he was back then. i think the sticking point is very simple. 20% of general motors cars and vehicles sold in the united states are made in mexico. the union doesn't like it. >> you hit the nail right on the

head, stuart. look, this is the big part of the entire globalization industry -- of the auto industry, and you look at the new u.s./mexico trade agreement, what the unions were pushing for was the ability for mexico to form labor unions so they could be on an equal footing with american labor unions. now, on the other hand, what we're seeing for gm is that their most profitable line of vehicles, the silverado pickup truck, is made in mexico but now it's idled because they can't get the parts from the united states because of the strike. so it's playing both ways here. stuart: i don't see how this could be resolved. it's an absolute sticking point, isn't it? >> yeah, and it's a game of chicken right now. so gm is losing a lot of money. the globalization of the industry is a tough nut to crack but i hear that there's some movement over on the usmca, u.s.

mexico trade agreement. the labor unions are happy with some of the enforcement mechanisms. it's a matter of money in the mexican budget to enforce the agreement, and there's pledges being made to make sure mexico has the money to enforce this deal. stuart: you are big into the trade situation here. you're saying there is indeed progress with the new nafta. >> with the new nafta. stuart: will speaker pelosi bring it to a vote in the house? >> in a way, the impeachment raises the temperature for her to get something done other than trump bashing for those swing state members. stuart: that's a positive for usmca. >> yes. counterintuitive, yes. stuart: let's talk china trade for a second. the report we got this morning was that the chinese are apparently taking some issues off the table. >> right. stuart: for the end of this week. is that a deal breaker? >> well, look, president trump's made it very clear unless he gets a good deal, he will get no deal at all. china is being unmasked for being very totalitarian. they just broke ties with the

nba. stuart: they put the nba down. >> they took "south park" off the internet in china because "south park" came up with an episode criticizing china. everybody knows china is a bad actor. everybody except maybe a few private equity funds on wall street, that china is not our friend and we have to stand up to them. president trump is not in a position, not in any mood to cave to china. stuart: very interesting, especially with that going on in hong kong. we have been running video this morning, live video, what's going on there now, the protesters have returned. the place looks like it's at a virtual standstill. there's the shot. there you go. that's hong kong as we speak. >> amazing. stuart: it is. that's a problem for xi jinping right in his own backyard. >> that used to be his portfolio before it became leader for life, whatever he calls himself. he was in charge of hong kong. so he should know better. this really is egg on his face, you might say. stuart: all right, curtis, thanks very much for joining us.

see you again soon. check the dow industrials. down 148, a sea of red. we've only got two of the dow 30 on the upside this morning. next one. one woman went from drinking a dozen cans of diet coke per day to starting a company that focuses on sugar-free flavored water and her business is growing big-time. she's going to tell us all about it and how she did it, after this. ♪

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stuart: look at amazon's stock. it is down about .66% this morning. the supreme court has turned away an appeal by amazon. the company wanted to avoid a lawsuit that would force them to pay workers for the time it took to get through security clearances. the supreme court says they are not -- they are declining to hear the case and that is not good news for amazon, down ten bucks. next case. we really like to bring you stories of success, entrepreneurial success. we found one, another one, i should say. hint, h-i-n-t, that's the name of the company, flavored water, they make. they are trying to break into a very crowded soft drink market. actually, they have broken in. i should tell you that now.

joining us is cara golden who founded the company. welcome to the program. >> thanks for having me. stuart: am i right in saying that 14 years ago -- >> yes. 14, a 14-year startup. stuart: you were drinking a dozen cans of diet soda a day? >> sometimes the fountain drinks as well. but yes, about 12 a day. i was a soda addict. stuart: what turned you off? >> i really realized that i wasn't as healthy as i wanted to be. there were a few different issues, energy, i had gained a bunch of weight, my skin was terrible, and i really focused on looking at the food first. stuart: i'm not surprised. that's pretty bad. >> i wasn't having 12 cupcakes a day. stuart: let's deal with the flavored water for a start. how did you break into a very crowded market? because when i go to the supermarket or grocery store, i look at the refrigerator, there's a hundred options for soft drinks. >> correct. hint does not have sweeteners in it. in addition to being flavored water, as you mentioned, that's really the core difference. so people are looking for

options to help them drink water, and there's a lot of things out there that sort of claim health, whether they are diet drinks or vitamin drinks, but people are really looking and they know to drink water so that's where hint falls into place. stuart: that's your standout market. >> yeah. no sugar but also no stevia, none of these other sweeteners in it. it's fruit-based with water. we have a carbonated version and now a kids' box version. stuart: let me tell you, as the father of six children, nine grandchildren, i can tell you juice boxes are very very important. because it's not juice, is it? >> no. it's not juice. it's hint. stuart: a lot of parents don't want to give their kids juice. >> it's great. give it to your kids when they get home. it's terrific. yeah. that was really the key thing that we saw in the market that was within the last year. stuart: you are a private company so you don't have to tell me how many bottles of this stuff you have sold, but can you tell me your sales growth in the last year? >> so we are doing over --

stuart: you are hesitating. why are you hesitating? >> i'm hesitating in telling you that we have had over 50% year over year growth in the last couple of years, but in addition to that, people are estimating us at over 100 million. stuart: really. estimating your total sales? >> yes. stuart: estimating total sales over $100 million. >> exactly. stuart: really. that's all you'll give me? you don't have to tell me. >> that's all i'll give you. stuart: you are tantalizing me with $100 million in sales by when? when? next year? this year? >> yeah. stuart: this year? >> absolutely. stuart: you are hinting to me, you don't have to, but you are hinting -- >> it's a hint but that's what -- that's all i can say. stuart: that's a lot of water. congratulations. >> thank you. stuart: if you are anywhere close to that i will say you are a success story. that's great. hint is the name of the company. h-i-n-t. >> drinkhint.com is the website. we sell about 40% of our business online. stuart: really? >> yeah.

stuart: okay. i'm learning a lot. >> it's a whole new world out there, right? stuart: it sure is. thank you very much indeed. >> thank you. stuart: take a look at starbucks. why not. getting caught up in the hong kong protests. tell me more. susan: it may sound surprising, an american company being defaced and caught up in the hong kong protests but its partnership with maxim group is what's causing all this controversy and the vandalism that is taking place in a lot of starbucks cafes across hong kong. so they work with maxim and maxim's founder's daughter has basically made some controversial remarks, saying the protesters don't represent the city and that the police are justified in using rubber bullets and tear gas to control the crowd. and that means that starbucks as a result has been targeted. they have 200 cafes across hong kong and macao. stuart: that's a good story. thanks very much. interesting indeed. yeah. all right. forget impeachment. it's not president trump who is in trouble. this is my opinion, okay? i don't think it's president trump that's in trouble. i think it's the democrat presidential hopefuls who are facing real problems.

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stuart: for democrat presidential hopefuls it's a monday morning mess. that is my opinion. there is mounting answer sight that none of the candidates can mount a campaign that will beat donald trump. of course as you scan the news of the day you think the world turns on impeachment. you think the trump presidency was on its last legs. that is the media's never ending obsession. look beneath the screaming headlines and it is the democrat presidential campaigns are in real serious trouble. this "morning joe" biden is trying to break out of his rut. he writes in "the washington post" quote, trump won't destroy me and he won't destroy my family. come november 2020 he writes i intend to beat you like a drum. he does not mention hunter

biden. he does not mention how his son made a lot of money while his dad was vice president, and yet we have to hear why joe allowed to glaring conflict of interest in the first place. he never told us why he allowed it. try as he may he can't walk away. donors are not donating. that is a danger signal for any campaign. meanwhile bernie sanders is recovering from a heart attack. he won't reappear until next week's debate. we wish the senator well. but voters have to be at least a little skeptical that a 78-year-old can return for a year of exhausting campaigning. now it is true that senator warren has been surging, yes she has, but that has alarmed democrats who do not buy her far left policies. in today's "washington post" again some top donors say anonymously that they will sit the election out if she is the nominee. no wonder. warren propose as wealth tax, a lobbying tax, a corporate profits tax, a higher

social security tax on the rich, a higher income tax and a higher tax on gunmakers. simply put the calmer voices in the democrat party understand that senator warren is probably unelectable. if you go further down the list of 2020 hopefuls, it is hard to find anyone breaking into the top tier. kamala harris only gets 8% from her home state california democrats. only 8%. moderate tim ryan is he trying to raise money in los angeles and new york but he is polling way down there in the single digits. mayor pete is raising a lot of money but he too is way behind in the polls. so the top three all have their troubles and the rest of the pack has failed to break through. wouldn't you think that with the president unimpeachment threat that candidates trying to succeed him would be powering ahead but they're not. it is mr. trump who is raising the most money. it is the trump base that is united. i will repeat eight days before

the next daydebate, it's a mon morning mess for the democrat hopefuls and the second hour of "varney & company" is about to begin. ♪ let's get straight at it. rachel with the conservative institute. do you think the american people will remove him from office on the basis after phone call and a couple of whistleblowers? >> i don't think so. we have the information. we have the transcript. we have the whistleblower's report. it's a bunch of secondhand information and press clippings. the american people are rightly suspect of allegations but they want proof. the democrat have nothing but allegations and press spin. they can't even put it to a vote on the house floor because they don't have the votes. how are they exposed to convince the american people when they

don't have the votes themselves? stuart: i understand that. highly unlikely that the president will be removed from office however he will face several months of constant investigations. i suspect they're trying to slime him as much as possible? do you think they will malign himself so the president loses in 2020. what is your answer to that one? >> i think the best indication how this will go, the recent news that president trump's approval rating is highest it has been in 2019. thank you, democrats. their ideas are not winning. biden is a constant swampdweller with his son's shady dealings. warren and sanders are running on a platform of getting rid of private health insurance and throwing open the border and don't forget beto o'rourke wanting to take your guns. their ideas are not winning.

so wonder they're trying to make impeachment happen. the cherry on up of this all them is trump's approval rating, the highest it has been all year. stuart: do you think people are upset with the president because of his style, tone, demeanor and language? there is a strong feeling that we've never seen anything like this from a president before. a lot of people, independents, included, don't like it. >> i think it is fair to say we wish he didn't have to do this. i think it's a situation where you have democrats that have no morals on these issues. they are willing to be underhanded, they are willing to lie. so you have a president who is fighting back. i think the american people wish it wasn't this way. they wish the rhetoric was not as hot as it was but they're willing to see a president who punches back instead of taking it on the chin and doing nothing. stuart: what will you do if president trump loses to a socialist in 2020? >> i will try to make sure the rigors of socialism will never come to the this country.

i will be the noble opposition to that effect. stuart: it is noticeable to point out, if a socialist wins, bernie sanders or elizabeth warren or whatever, if a socialist who wins, he or she really couldn't get anything done this congress or the next congress or any congress. congress can't do anything anyway? >> that is a good point. congress has incredibly low approval rating of 11%. that goes to the impeachment inquiry. how will they get public support for impeachment inquiry when they have themselves have a approval rating of just 11%? stuart: rachel bovard not leaving for canada in the event of a socialist win. >> thank you. stuart: let's get to the markets. we are down but not as much as we were. we were off 140 points i think it was at the low of the day. now we're down 60 at 26,500. scott shellady is with us this monday morning. scott, i want to talk profits. prediction profits this quarter will be down about 2% compared

to the same period last year. if that's the case, or if there is no appreciable increase in profits, i would suggest that the market cannot rally from here. what say you? >> well, i wouldn't say exactly it could not rally but i would say this looks to be the low ebb. we forecast things that were worse the first and second quarter and they came in better than expected. so, this could actually be better than expected. and, we, we've gotten negative news out there already. we dumped down all the headlines. so i don't see, the market will slowly but surely grind sideways to a little better. things we're waiting for what you talk about you will at type, usmca and china. but the u.s. economy, stuart, on its own, i mean you could argue that we don't need to be cutting interest rates. if you take europe and asia out of the equation. it is because what is happening globally. their slow down is starting to catch us. that is what is happening. on its own the u.s. economy, look what we got last friday,

stuart. i'm still very, i'm still very bullish on the u.s. economy. i don't think that will in make the stock market skyrocket but healthier than it would have been. stuart: what do you think the best area to invest in right now? our viewers are wondering can we go much higher for the dow? can we go much higher for the s&p? has the stock market rally run its course? where would you suggest our viewers, had are investors, where should they focus on now to put their money? >> first thing i would have said stuart, hopefully they're invest the in the market. you could have bought the high any year since 1929 and been a billionaire. this market slowly surely keeps going higher. we introduced new people, stocks are to invest in. i would like number one to be invested in already, as they get older they are more bonds than in stocks. as far as the area goes i still like a balanced mutual fund

portfolio you have something in everything and watch that go for you depending what your time frame is. it comes down to time frame, when you talk about sectors, it is really time frame. if you have the time frame, stay balanced. stay in, keep watching as it grows. stuart: very important, well-said, scott. well-said. you're talking to me. >> every now and again a blind squirrel find as nut, stuart. stuart: i heard that one before, stuart. scott, thank you. >> see ya. stuart: elizabeth warren wants to tax the rich. our next guest says however not just the super wealthy should be worried about a warren presidency. he says the middle class should be concerned as well. he will be on the show to make his case. millenials, yes, they are, leaving big cities. we'll tell you why they're leaving and which cities they're going to. rudy giuliani fiery exchange with fox news howard kurtz.

kurtz was shushed by giuliani in the live interview and we have howard kurtz coming up. this is the second hour of "varney & company." ♪ great riches will find you when liberty mutual

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stuart: we're coming back a little bit. we were down well over 100 points. now we're down 66 points after 43 points worth of business. senator warren has indeed unveiled her plan for a wealth tax. joining us now is brandon arnold, national taxpayer union executive vice president. brandon, just look at the wealth tax for a second. are you saying that the wealth tax just by itself hurts the the middle if you're saying that, tell me how it hurts the middle class. >> it absolutely hurts the middle class. it will reduce the capital stock

in this country and produce very little revenue to the treasury. we'll see projections fall short in terms of revenue. we'll not get the $2.75 trillion elizabeth warren is promising us. we'll see a flight of capital as millionaires relocate overseas and their assets. that is what happened in europe. nine out of 12 european countries repealed wealth taxes the past 20 years. the reason france did so last year, because they lost 42 millionaires due to this tax. when the millionaires left, so did jobs and businesses they supported, that they ran. it's a huge problem. it affects not just the wealthy, it affects everyone up and down the economic ladder. stuart: got that. there is a whole raft of other taxes which a president warren would want to introduce. those taxes, those extra taxes include an excessive lobbying tax. a real corporate profits tax, an increase in social security contributions for the top 2%, a tax on gun manufacturers, and

the repeal of the existing tax cuts for businesses and for individuals. i take it that you wrap all that lot up together, you explain to me how that hurts america's middle class. >> absolutely. obama when he ran for office he said he wouldn't tax anyone under $200,000 of income. elizabeth warren, bernie sanders, these other candidates completely set that aside. they're in some sort of an arms race who can tax the american people more than their competitor. it is concerning at a time we took steps positive in terms of rolling back taxes in 2017. that the pendulum would swing dramatically in the opposite direction should someone like elizabeth warren or bernie sanders find themselves in the white house. stuart: if you take vasts amount of money from rich people, corporations, take it from private enterprise, give it by force to the government, the middle class is in the middle

and gets hurt, that is your argument? >> sure. when you're talking about the wealth tax in particular, a lot of people that are going to be hit are private business owners. these people created large, successful businesses. they may not be flush with cash. they are rich because of their assets, their holdings. if you end up taxes them it will hurst their businesses because they may have to take out loans to pay these taxes. they may have to draw down money they would otherwise invest in the business themselves, creates jobs, sustains the middle class. that is why taxes like this are extremely problematic. they just don't hurt people being taxed. they hurt a lot of people in this country and they should be rejected. stuart: brandon, thanks for joining us. we'll see you real soon. >> got it. stuart: the big picture is this, china has a problem with the nba. that follows the general manager of the houston rockets who tweeted support of the hong kong protests. that china immediately said, they don't like that, withdraw it, and it was withdrawn.

susan you tell me what american politicians are saying in the aftermath? susan: they are criticizing the nba. they apologize for something deeply offensive to the chinese citizens. immediate response from u.s. politicians including beto o'rourke. he says it is an embarassment what the nba is doing. senator ted cruz says that the nba is shame fully retreating. it's a bipartisan issue as well. we heard from democrats. new jersey congressman says china was using economic power to censor speech by americans in the u.s. josh hawley, senator from missouri making references to allegations of human rights abuses. this is a big deal. you know why it's a big deal? the nba is the most watched professional sport in china. streaming alone, 600 million people. ashley: that is why they apologized, right? susan: it's a money thing. they don't break out the amount of money the nba breaks out in

china but event organization makes 4 billion each year. think how much the teams and players make. this is huge deal when you're upsetting watchers and fans in the largest, most important international market for your sports league. stuart: nba went for the money and caved on the political side of supporting hong kong protesters. that is the business decision they made. susan: everybody including the the houston rockets owner, fertitta says that doesn't mean -- the chinese players organization is run by yao ming who used to play for the rockets. stuart: extraordinarily. harley-davidson, i believe it is down 2%. the company is struggling to get orders for its electric motorcycle. harley at 34 bucks a share. a new survey says the majority of americans agree one million dollars is enough to on

which to retire comfortably. how far it will go depend which city you choose to retire to of course. we'll tell you where a million dollars goes furthest. can't guess. i have no idea but it is not new york. check netflix, last week disney announced it will ban netflix ads from most of its tv networks. the latest shot fired in the streaming wars. we're on it, and there will be, i promise, more "varney" after this. ♪ ♪ (nationwide jingle)

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stuart: all right. down 84 points. that is 1/3 of 1% on the dow jones average. 26,400 is the level. a new survey from td ameritrade, the brokerage people. a majority of americans say, yeah, one million dollars is enough to retire on. come on in lauren simonetti. let me ask you this one, if you start with a million how long does it take to work through all of that in different cities? where does it last the longest? >> it will last you nearly 32 years if you want to go right by the border in mexico in texas. 32 years for a million dollars. stuart: i take it, means you divide it, take a little bit out every year. >> looks where does the money go. health care and housing. stuart: what do you need to live on in these cities. >> texas, tennessee that really tops the list. one million will last longest. you also had richmond, indiana. here in manhattans, lasts the

shortest. ashley: two days. >> los angeles and san francisco. if the look at average 401(k), record $103,000. you need a million. 103 is the average. median balance, the difference between the high and low is $24,000. stuart: 24,000 is right in in te middle. 50% lower than 24,000 in the 401(k), 50 more have 24 in the 401(k). that is not enough. >> ashley saying 50,000 is not you have. when you look at reality of situation, people can only help for a million dollars. stuart: notice, tennessee, texas, featured big in the cities where it lasts longest. >> housing costs are so low. annual housing in harlingen, texas, is $55,000 where in

new york city, $400,000. stuart: tennessee is rapidly becoming the retirement capital. >> memphis, knoxville. stuart: you used to live there. ashley: i lived in nashville 10 years. you can tell by the accent. beautiful state. no state income tax. incredibly cheap homes. and nashville is a great city too. stuart: is there an estate tax? ashley: i don't think so. stuart: like florida, no estate tax. the die, the state doesn't take a piece. >> over and over again showing you surveys where people are leaving the big cities going south to tennessee and the like. good story, lauren. >> thinking of moving? stuart: we better look at facebook. i don't think the stock is affect the at all. it is 179. the digital currency libra running into whole bunch trouble. they have regulatory woes in europe and lost backing of

paypal. what can salvage libra or facebook? we'll ask the question. general motors at 34 bucks a share. it is in the 22nd day of the strike. union saying negotiations with gm have taken a turn for the worse. stock is down 1%. programing note, fox business added a new show to the roundup. "barron's roundtable," hosted by "barron's" editor jack otter. friday's 10 p.m. on this network ♪ oh, wow. you two are going to have such a great trip. thanks to you, we will.

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♪. stuart: i need me mine. breakthrough song 50 years ago. you could say that, can't you say that about millenials, i need me mine, all about me? as they take selfies. >> you remember that song as if it were yesterday. [laughter]. stuart: i have to tell everybody, when you get old, you can remember 50 years ago with clarity. what you did yesterday is a total blur. >> how is it that you know this? ashley: he is old. stuart: we're staying on the british theme, invasion theme, i guess. new book out from elton john he claims queen elizabeth slapped her nephew in front of him, elton john. ashley: yes he did. stuart: i don't think so. ashley: that is what the book claims. stuart: tapped on the cheek. ashley: maybe. the nephew, viscount lynley.

his grabbed mother is queen. the elton john said the queen told him to look after his younger sister because she wasn't feeling well. he said no, i don't want to go. eventually the queen slapped him across the face, and slap, and slap, and slapped the queen. stuart: define slap. it was this? it was this. a light touch. ashley: apparently she made her point, because he took it to heart and went and looked after his younger sister. stuart: she is the queen. telling him get out and do it. susan: this sun royal behavior. stuart: no it is not. you are the monarch. you are the monarch. what you say goes. i mean, we have the judge. susan: no, no, no, no,. stuart: this nonsensical use of the word slap. ashley: i think it was. stuart: tap on the cheek. >> order.

ashley: order. ask me what i think, okay? >> check the big board. get me out of here. we're back to 26,500. before we get to the judge, let's deal with this. disney announced, yeah it is going to ban netflix ads on its network. our next guest is not surprised by that, he says disney will be very aggressive right from the get-go in these streams wars. ryan patel, drucker school of management. let's get back at this thing. do you think disney beats netflix in the streaming battle? >> well you better get the popcorn ready, stuart, this will be one fun battle to watch. i think they will be able to bring everything and they will lead this charge and netflix will have to continue to do the original content t hasn't even started. disney plus launches next month, disney comes out straight banning all their ads except for on espn which was a throwaway

for netflix. to me that shows, if that is not a tipping point for anyone watching what disney is doing. they're putting a lot of money behind disney plus. they have identified their target, and their competitors netflix. they let hbo, the big players, peacock from nbc and comcast, they didn't ban them. they banned netflix's ads. that tells you something right away this better be something we're all watching. stuart: lays down a marker. come on, you're from the drugger school of management. you tell me if that is good management that will win them the game? i say winning streaming wars emerges number one, most subscribers, most parts of the world, most interest in your streaming service, custodies any win? >> yeah. i think disney is going to win this, between netflix and disney. what will be hard to forecast there will be mergers and acquisitions in this place and just be clear, it is not just

disney and netflix. you can't discount what amazon is doing with prime and with apple. the reason why i say that, why netflix is disadvantaged going forward, disney, amazon, apple have different businesses. they have not just content but directing consumers to their hardware. netflix if they have to stay in this fame they need different partnerships, other verticals to stay competitive. obviously right now this is a money-rich system in live streaming. people are throwing money at all kind of content. we'll see that not changing over next six months or 12 months. there will be a battle behind it. stuart: got it. i want to move on to paypal. because they're withdrawing from facebook digital currency, the libra. a lot of problems for libra. it is clearly in trouble. ryan, here is the obvious question, is libra dieing? is it headed for absolute death? what do you say? >> not yet, facebook obviously

has a lot of money and still a long ways to go. it's a long challenging road. this is not good news. they did not want paypal to take a step back because it hurts the legitimacy when they decide to launch it next year? stuart: if it is launches, the cryptocurrency from facebook, if it gets off the ground, is it a game-changer for facebook? >> here is two-ways i look at it. it will be a game-changer but depends how it starts, stuart. it could be a soft launch. it could not really be backed by too many other countries and businesses and it is just there versus what i think they needed to do have all this like mastercard, visa, paypal all the big firms and companies behind it so they can lead with a bang from the start to get-go. talk about a game-changer, there is no going back when all the companies are supporting it.

stuart: 2.6 billion possible users i find that interesting. ryan, thanks for joining us. see you soon. got it. put apple on the screen. reportedly will start selling a cheaper iphone next year. susan? susan: smaller cheaper iphone called the se-2. this is from apple. they have pretty good track record launching new devices. he thinks they will sell 36 to 40 million more inexpensive iphone 11 models. don't forget apple tried this 2013. they had the cheaper iphone 5c. it didn't really sell that well. the iphone se-2, which will be cheaper than the iphone 8, 449. that something around $400. that will help in emerging markets that don't have high income. chinas, indias, they can't afford a 1000-dollar smartphone all the time. stuart: first quarter of 2020, that is not that far away.

susan: no. stuart: it is october 7th. first quarter of 2020 is literally 10 weeks, three months away. susan: something like that. stuart: rest of october, november, december, it is almost here. 2020 is almost here. susan: missing holiday period for the cheaper phones. stuart: i am too. let's not forget that. macy's they have reported and we're reporting they will hire 80,000 people for the upcoming holiday season. i want to know how that compares to hiring last year? ashley: exactly the same 80,000 last year. back to you, stuart. back in 2017 they hired 87,000 but this is i would say pretty much in line. 30,000 of those new recruits as you say will be going into fulfillment centers. they have service centers. hiring 1000 for the macy's day parade to help with all the different bits and pieces there. they're having a national hiring event later this month. stuart: i got to tell you, in my opinion this holiday season will be the ultimate season.

ashley: we heard that from our guests, online sellers. susan: every year is always online. stuart: especially because i'm going to do it myself. >> varney effect. stuart: headlines, sports fans. >> raise the gross domestic product [laughter] stuart: you may wonder why the judge is laughing with british royalty and everything else. he is actually on the show to deal with the general motors-uaw strike. so come on in, judge. the strike is in its fourth week. >> right. stuart: and i want to know what impact from the investigation of uaw leadership? i mean the fbi is all over them. what impact from that on the strike itself? >> so the fbi filed a lengthy, detailed criminal complaint against numerous uaw officials. stuart: have you seen it? >> yes. it is a public document. stuart: what do they say they did? >> robbed the union itself of millions of dollars in cash and

lavish vacations which they took and charged to the union. some of these people are named. some are unnamed. the most unique individual is this fellow vance pierson, who was participating in the negotiations after the criminal complaint was filed, after he had been arrested and then bailed out. however, this is very unusual, the criminal complaint is a-month-old. he hasn't been indicted yet. that tells me something is going on in the case. that some of these people are about to flip and give more evidence against their present and former colleagues. stuart: union is in a very difficult position. >> it is. stuart: the leadership is being investigated by the fbi. stuart: yes. we've seen the criminal complaint. >> yes. this is not a political in my view, investigation. this is not an investigation timed to weaken the union's negotiations with general motors. this is an investigation that is

real, serious, corruption. based on information that recently came into the hands of the fbi and their investigators in the department of labor. stuart: does it make it more difficult to maintain leadership if they're under investigation? >> mr. pierson walked out of the investigations. a reporter from the detroit newspaper said, are you vance pierson. he said no, ma'am. he kept walking. he didn't want to address attention to himself. he is not participating in the negotiations anymore, which again signals to us something is about to happen. why would he suddenly, summarily leave the investigation and take a leave of absence from his position as number two in the union? stuart: the stock is down. >> a lot of wonderful blue-collar people in this union but much of the leadership is very bad and has taken, has robbed them. stuart: judge, thank you very much indeed. >> you're welcome.

stuart: appreciate it. next case, millenials, yeah a lot of them are leaving big cities. they're going for cheaper housing and better schools elsewhere. we'll tell you which cities are losing the most millenials. that's interesting. a new exchange that will let you invest your money in private companies. it's in the works. it is called carta. it will be disruptive. we'll tell you about it in the 11:00 hour. we'll update the market for you. down 79 points. gotcha. we'll be back. ♪ imagine traveling hassle-free with your golf clubs.

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stuart: early this morning, we have an update, early this morning a new york court said mr. trump you have to reveal the last eight years of your tax returns. the president tweeted about it,

immediately threatened to appeal. he has lodged that appeal and a higher court said we accept and listened to that appeal. so, bottom line, doesn't yet have to reveal his tax returns. look at that big board, we're off but by not that much, 74 points. here is the story about millenials. they are leaving big cities, especially new york and chicago. robert moran, brunswick group partner with us. robert, why? let's deal with this first of all why are millenials are leaving this city? i thought it was about taxes but you've got another reason for us. >> a lot of this is actually driven by housing affordability. we've seen this in other cities as well. we did a tech worker survey, where we found 41% of tech workers were looking to leave the bay area because of housing affordability. your audience should know this is the fourth year in a row that

big cities have lost residents between 25 and 39. so it is happening across a range of cities. it is about housing affordability. new york is a great example. in 2018 new york lost 38,000s residents net between 25 and 39 years old. >> occurs to me millenials are behaving like previous generations. you get to your 30s. you may have started a family. if you have, you want a house. would you really like a good school for your children to go to. that is why you leave the big cities. there is no difference between millenials and any other generation really, is there? >> not too much in that regard. people are actors in the market, trying to maximize their utility. i think where the younger families are going is really interesting though. they're largely going south and

west which is the story of american migration here since the invention of air-conditioning in the '60s and '70s but they're also very specifically going to dallas as one. l.a., phoenix, san antonio. so those are some of the hotter cities that you're seeing people move to. and also tells you a little it about what the stronger markets are as well. stuart: can we say this to wrap this up, is this exodus, this migration, is it speeding up? >> well, that's hard to tell. i think there are a couple different things going on here. there's, when you look at millenials what they're doing, largely driven by housing affordability, i would assume that it is accelerating, in part because the tax law actually may be accelerating it. the other interesting thing to look at is the outmigration generally from the state of new york to the state of florida. there has been a lot written on

that too. that is, that could be driven heavily by taxes. because it is state, not just new york city. stuart: that really is an exodus. new york state to florida, it's a flood, i will call it that. >> it is. stuart: robert, thanks for joining us. appreciate your research always. thank you, sir. >> thank you. stuart: mr. trump's personal lawyer, rudy giuliani, he got into a fiery exchange with fox news's howard kurtz. giuliani shushed kurtz and called him pathetic during the interview live and we have the tape and we have howard kurtz next. a new report in the journal says black market vape production products in china are giving the whole industry a bad name. what does an early juul investor think about that? we have him on the show and he is is on next hour. ♪ what do you look for when you trade?

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cutting 10,000 jobs. they're trying to cut costs. the market not reacting very much. up five cent, 37 bucks a share on hsbc. now this, something very different, rudy giuliani appeared on howard kurtz '"mediabuzz" and it got really heated. watch this. >> donald trump like hunter biden says. >> forget the whistleblower and we have transcript on the call. >> before you interrupt me howard, i want to defend it so bad. >> i don't want to defend anything. i'm asking questions. >> it is pathetic. listen to me. just listen to me one second. stuart: wow. there you have it. howard kurtz is with us. good morning howard. >> good morning, stuart. stuart: fresh from the fray so to speak. can you tell me what this is all about. >> i don't take it personally. i've known rudy 35 years, he told me had gotten too wound up. he just kept on talking and i

had to interrupt to get a few questions in. he accused me of cutting him off. it is interview. you don't get to come on to give a 10 minute speech. what rudy giuliani was trying to do shift focus to joe biden, his son hunter and introduce allegations against former vice president's james biden profiting family name. those are allegations in a lawsuit. hunter biden says he didn't make money in china. he said you're defending him? no, i'm not defendhim. i'm committing journalism. giving context to the audience. stuart: i do sympathize, howard, can be very difficult doing interview on the remote. you're staring into the camera. the guest is staring into the camera. you're not looking them in the eyes straight off. it is difficult to interject, with any guest who is determined to make their point of view but essentially i see this as a contest between the impeachment drive about ukraine and

president trump and the biden spillover effect, if you will. rudy giuliani wanted to talk about biden. you wanted to talk about the trump impeachment, have i got it right? is that basically the difference here? >> partially. because i wanted to talk about his role as the president's lawyers dealings with ukraine. i was happy to have him talk about the biden and biden family members. i think there is appearance problem here at the very least the press needs to focus on. he got really wound you. he sometimes raises his voice. this is his style. it's a debating tactic. sometimes you're told 10 seconds to hard break. hey, i got to go to commercial. you can sympathize with that. stuart: i've been there many times, howard. look, what have we got next? sorry, howard, i'm out of time. getting conflicting orders. howard, thanks for joining us. >> good to see you. stuart: growing number of executives including facebook's

mark zuckerberg and sales force's mark benioff calling for a shift to a gentler form of capitalism. they say making money shouldn't be a company's only motive. in my opinion that is kind of a pr move to appease bernie sanders and elizabeth warren supporters. i will explain it all in a moment. the general manager of the houston rockets facing backlash for tweeting his support of hong kong protesters. american politicians now calling out the league, the nba, for hypocrisy. details on that. "joker," a big box office winner for the weekend. the movie is mired in controversy. we'll tell you all about it in the third hour of "varney & company" which is about to begin. at fidelity those zeros really add up. ♪ maybe i'll win ♪ saved by zero

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form of capitalism, one that is not just about making money. what's this all really about, and why is conscious capitalism gaining favor now? i think it's got a lot to do with the rise of socialist candidates bernie sanders and elizabeth warren. they are the scourge of capitalism and it looks like they have succeeded in pushing the whole democrat party into the anti-capitalist column. executives are hedging their political bets. they want to look kinder and gentler. just in case the left wins. it's a smart move, it's an image polishing move. call me crazy, but i see the same thing happening with fake meat. countless food companies are jumping on board before there's real proof that there is massive demand for plant-based burgers. actual sales don't really matter. they're going with a fake meat option, allowing companies to look virtuous, we're doing our

part, saving the planet through diet. what we are talking about here is virtue signaling. look at us, we're doing the right thing, don't beat us up. we're good people. personally, i would like to hear more about the virtues of profit and how it expands the economy, provides jobs, higher pay and encourages innovation, and i would like to hear more about america lowering carbon emissions more than any other industrial country. i'm not holding my breath. that's the kind of virtue we don't hear much about these days, but we should. the third hour of "varney & company" is about to begin. stuart: now, larry kudlow, who is the president's top economic guy, just spoke with fox news. i've got some bullet points about what he said. he is concerned about a manufacturing slowdown. he said general motors strike

and boeing's halt on manufacturing has not been helpful to the economy. he says he sees possible progress being made at this week's trade talks with china and he says the u.s. is open to whatever the chinese delegation brings to the table. he also says de-listing chinese companies from american exchanges is quote, not on the table. i believe that may have brought the market back a little bit because we were down 50, 60 points a few minutes ago. now we're down just 20. okay. my editorial. i want some reaction to it and who better to react to it is charles payne, host of "making money." i don't know whether you saw what i've got to say there. >> sure. stuart: you probably do. it's on the other side of the building. nonetheless, i think this is almost pandering. this is caving to the socialists. what say you? >> it's interesting, i have been talking about this conscious capitalist thing for a long time. i zeroed in on the container store because its founder is the godfather of this whole conscious capitalism movement.

when he went public, he declared milton freedman was wrong, his company had a yummy, that's what he called it, yummy approach where he was the first person i heard in business use the term stake holder rather than shareholders coming first. it was a lot of fun, the stock opened at 35, huge ipo, went to 43, now it's $4 a share. it was always my cautionary tale about trying to put the so-called stake holder before profits. but i think there's a massive sea change in the american public, and you got to go item by item. something like plant-based burgers, i mean, if you are burger king you give it a shot. stuart: i have no objection to corporations putting out a kinder, gentler image to soften the image of rapacious capitalism. but i have every objection if they follow through and insist the profits be distributed to all and sundry including the global community and climate warriors and heaven knows who else. i've got a problem with that. >> i'm with you on that. i just don't know if you and i

may end up just being on i won't say the wrong side of this debate, but that this is the locomotive that's leaving the station, you know. this morning i found something interesting, i read this piece and it said out of 150 million people in india, know how many want electric vehicles? 8,000. then you think about how often have we looked in the morning and some automaker says we will plow billions of dollars into electric vehicles, even in this country? i looked month by month. there's no demand for it. since they reported numbers last week, the stock got hammered. there's no demand for it. to your point, does a company, you know, why are they going down these paths, why are they willing to spend billions of dollars of something that there's no demand for? it's one thing if they would get rid of plastic straws. that's low-hanging fruit. it's another when you say to shareholders we will take $7 billion and build an electric vehicle plant and at this particular point, there's zero

demand for what we are going to be building. stuart: let's take this a little further. senator elizabeth warren is asking business roundtable people, the business roundtable executives, hey, rally behind my agenda. she's making a deliberate call for that. i can't see any senior executive of an american corporation going with elizabeth warren's ideas for capitalism. >> but it's a brilliant stance on her part. i did an editorial, my take, if you will, just a few weeks ago on this same thing. when the business roundtable said no longer are we in business for profits, it's been pretty simple, from day one with the business roundtable, yeah, companies are out to make money. that's what we want, period. when they say they made a change, i'm also asking how, because you know, i juxtapose it with this whole fight with china. when you have these businesses who are just adamantly opposed to this fight with china, how do you say on one hand we're for human beings first, we're for diversity first, but we don't

want to push back against a country with one million people in reeducation camps, we don't want to push back against a country where they have destroyed christian churches and taken out pictures of jesus christ and put in pictures of president xi. we don't want to push back against a country where hong kong is adamantly afraid and intimidated of being a part of it. they live there. they understand what they're dealing with. so if you really have changed the business roundtable, how, show us. stuart: real fast, general motors. the strike's in its fourth week. the stock's down to $34 per share. you are all about making money. would you buy general motors stock at $34 a share? >> no, i would not. i would not. it's not just the strike. they have too many cars in their fleet. people are buying pickup trucks, suvs and crossovers. they have made some -- they have had some business mistakes i think are costing them a lot. and maybe they are trying to rectify them through these negotiations and so far, the

union's holding tough. not sure how long they can hold out at 250 bucks a week. stuart: on earnings, we are just entering the earnings profit reporting season. we are told to expect maybe a 2% drop in profits compared to last year. if that's accurate, this market doesn't go up very much and you are smiling. why? >> because we were told to expect negative earnings for the second quarter, they came in really good. in fact, the fearmongerers had to use a different set of data. instead of using the thompson number, they started using factset. the bottom line is we crushed it last quarter, we will probably do well this quarter. only 21 companies have reported so far, we are doing okay but listen, further out, i think we are going to be pretty good. we are going against record-breaking numbers from 2018. the comparisons are tough. valuations have come down a lot. people should not let that be the reason to get out of this market. stuart: by the way, since you started talking, charles, since larry kudlow was talking on fox

news channel earlier, we turned the market round. it's almost positive. >> i gave a speech thursday morning in san antonio. the market opened down 300 points. in the middle of the speech someone said charles, the dow just turned around 200 points, the cp effect even when you're not in studio. stuart: when can i see you on tv today? >> 2:00 p.m. we will rock and roll. stuart: charles payne, "making money" thank you very much. new numbers from the national retail federation claim, suggest, that shoppers are ready to spend billions, spend big-time this holiday season. going to show a pretty healthy economy if they are right. we will deal with it. joe biden trying to make a comeback, writing an op-ed titled "trump won't destroy me and he won't destroy my family." he says he intends to beat trump in 2020, actually he says i'm going to beat him like a drum. how about that. will that turn his campaign around?

we will ask the question. biden's ukraine problem, bernie's health issues, warren's hatred of the rich. sure looks like we could see another four years of president trump. that's just my opinion. stay with us. third hour of "varney & company" rolling along. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

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stuart: now, the market has come back significantly. at one point we were down well over 100 points this morning. now we're down just 16. i think larry kudlow, the president's top economic guy, had something to do with this. speaking to the fox news channel, he said he's open -- we're open to anything that the chinese bring to the table at the end of this week in the trade talks, open to anything they may bring to the table

including, he would be interested in a short-term deal, short-term, long-term. the president's top economic guy said open to whatever the chinese delegation brings. ashley: that's a lot easier to achieve than the whole thing. stuart: yes, it is. it has apparently had some effect on the market. down just 19 points as of now. now then, let's get to the basketball situation. the manager of the houston rockets tweeted support for the protesters in hong kong. china immediately demanded that that tweet be deleted and withdrawn, and it was taken down. deirdre, why is the nba obviously caving to the chinese? deirdre: 1.5 billion reasons, for starters. $1.5 billion, that is the size of the contract that tencent which streams a lot of the nba games in china, that is the contract between the nba and tencent and i think it's worth just noting here, basketball and american basketball is huge in china. so i'm not even talking about

merchandise sales, other streaming rights. that's just one streaming company. so the nba, part of its key strategy has been growth in that country, it's been amazing, to your point. the gm of the houston rockets did delete that tweet, he apologized, he said that he opened he didn't offend anybody, that he had weighed in on obviously a very sensitive topic. i want to note as well the owner of the team really distanced himself from the gm saying listen, he's one of the best -- actually he says the best gm in the business, but we are not a political organization. he does not speak for the houston rockets. so this incident for the nba is a lot like what the nfl had to deal with with colin kaepernick. it's a political issue coming into sports. stuart: sports has not been afraid to get into politics, but this time, they are afraid -- deirdre: a lot of money's on the line. stuart: because of money on the line. deirdre: bipartisan leaders weighing in saying it's disgraceful on both ends.

senator ted cruz and democratic hopeful beto o'rourke as well. stuart: all opposed to what the nba did. deirdre: they are pro-democracy. stuart: got it. thank you. the national retail federation says it's going to be a real good holiday season. we will spend $730 billion this holiday period. if that's the case, it's up about 4% from last year. matt shea with the national retail federation, the president thereof, joins us now. matt, the story here surely is the rise of online selling, because as i understand it, i'm looking at your numbers here, online selling's going to go up 11% to 14% this year over last year. that's huge. >> stuart, nice to be with you. that continues to be a really growing component and real bright spot. obviously it doesn't represent the entire picture because it's a relatively smaller piece of the pie so it's growing at a faster pace on a smaller base. i think the real story, you

alluded to it, is the strength of the consumer. in this environment, consumers are very confident, they are out there spending. we are forecasting growth of between 3.8% and 4.2% this year over a year ago. last year it turned out to be rather lackluster. we only had growth of about 2%. we had the interest rate increases, we had government shutdown, we had some other surprises. so this year we look like we're set up for a very strong healthy year and we're looking forward to it. stuart: what exactly is the holiday season? back in my day it used to be the day after thanksgiving, used to be called black friday, i think, used to be, at least, and went all the way through to new year's day. what is it now? >> the way we look at this, we measure sales from november 1st to december 31st. so there are a number of different forecasts out there. they measure different things over different time periods. ours is november 1, december 31 and we exclude automobiles, gasoline and restaurant sales. so we include everything else. online, offline, in store,

off-store, that convergence, we capture all of that in our 60-day period. stuart: if we did get a 4% increase in retail sales in that holiday period, wouldn't that be one of the best performances in years? >> it would be very good. as you point out, it would be an excellent year. retail sales for the year are up a little better than 3.5%. they grew 4.6% year over year in august. the five-year average is 3.7%. so if we get to 4% or into the high 3s, it's going to be a very very good year and consumers are set up to deliver it in spite of some of the uncertainty and the noise out there, they look like they're really ready to go out and consume and shop. stuart: we keep hearing oh, there's a recession coming, we got political trouble, et cetera, et cetera, but an increase in holiday sales like that, would suggest that we really do have a very strong economy. >> we do, and you just referred a minute ago to larry kudlow's

comments on your sister network there and i think he's talking about the things that we're seeing, so certainly consumers are feeling the effects of a very low unemployment rate, wage increases, some mobility in the workplace, a lot of confidence although it's been a little up and down but overall, very high consumer confidence by any measure over the last 50 years, certainly the last couple of decades, and that's translating into their behavior. so they are aware of, i think, in terms of the survey responses. they know about the conversations on tariff and trade. we certainly would like to see progress on the conversations later this week but consumers keep spending and we have every reason to believe they will do that through the end of the year. stuart: matt, thanks for joining us. see you again soon. let's see. look at macy's, please. speaking of the holidays, they are trying to hire 80,000 seasonal workers. they will be holding a hiring fair later this month at all

their stores. they hired 80,000 last year. they will try to hire another 80,000 this year. another high profile hit to facebook's digital currency. the libra. paypal has now pulled their support. didn't give a reason but in a statement, they said they are focusing on expanding their existing businesses. facebook's stock actually up, back to $180 per share. to the box office and "joker." it's not "the joker." let's be clear here. no definitive article there. it's "joker" breaking records. the debut not without controversy, though. concerns about possible violence at the theaters putting law enforcement on edge and very visible at the theaters. did that stop you going this weekend? i don't know. we will deal with the story after this. ♪ the world is built for you. so why isn't it all about you when it comes to your money? so. what's on your mind?

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call, click, or visit a store today. one small thing. >> yeah. >> when you bring me out, could you introduce me as joker? stuart: that's part of the trailer for that new movie, "joker" that hit the theaters this weekend, brought in some big numbers monetarily. hold on a sek. deirdre, you give me the big numbers. i think the real story is about

the security. deirdre: well, both equally important, in my humble opinion. $93.5 million opening weekend, that's huge. i don't want to ignore the business angle. this is a huge win for warner brothers. biggest october opening weekend ever. it beat lots of others like "justice league." it's a point worth making. but to your point, tons of security concerns so in theaters all over the country, people were not allowed to wear masks, they were not allowed to bring toy weapons and you remember that unfortunate shooting that happened in 2012, "the dark knight rises" so because this movies so dark and twisted, tons of police presence, tons of precautions. stuart: in new york city, i believe, someone was in the movie, watching the movie, laughed loudly at the murder scenes. other people got nervous, some left. he was escorted out. that's sort of the anxiety. deirdre: everybody is on edge. they want to go but they're on edge. stuart: no face paint or masks

permitted. on edge. got it. a recent episode of "south park" has been removed from the internet in china. ashley: it was offensive. it's very popular. it's about just china and its censorship. it makes fun of hollywood changing its movies to suit chinese censors. the episode is called "banned in china." that's b-a-n-d because it's a story about a band that has a movie made about it and they make fun of all the changes that have to be made for the chinese market. look, beijing has responded, deleting all clips, all episodes, any discussion in china of this particular show. stuart: verboten. got it. do take a look at peloton, please. several weeks ago they went public at $29 a share. okay. they are up 4.5% as we speak, but they are only at $24 a share.

we are looking for the reasons as to why they're up 4%. we will find it for you. promise. last hour, we told you about millenials leaving big cities, trying to find better housing and better schools for their kids, as they get into their 30s. we have a market watcher who says this shows that the real estate is looking solid for the next couple of years. he will join us after this. announcer: fidelity is redefining value with zero account fees for brokerage accounts. and zero minimums to open an account. at fidelity those zeros really add up. ♪ maybe i'll win ♪ saved by zero

stuart: i think larry kudlow may have helped the market a little bit. speaking to reporters last hour, he said the administration's open to a possible short-term trade deal with china. stocks came back a little bit after that kudlow statement. now we're down just 16 points. let's get to real estate. we have guests on our show all the time saying that millenials, they used to say millenials are not interested in buying real estate, they haven't got the down payment and are loaded down with debt. now we hear millenials are moving out of big cities precisely because they want to buy a home in some place where they can afford the house and send their kids to a good school. market watcher david nicholas is with us today.

are you saying that it's now a good idea for those millenials in their 30s to get out there and buy something? it's a solid investment? that what you're saying? >> i do. you know, the title of hysturbia sounds like a new netflix program. after world war ii, americans were coming home from the war, starting families, there was a huge growth of suburbs out of the city. we saw a shift towards millenials going into the city but that's changing. so what we're seeing is millenials, it's defined by one word, walkability. they want to be able to get out of their house on saturday morning or on taco tuesday night, walk down to the city square, walk into a coffee shop, where the barista knows their name. it's really about that. with interest rates at historic lows it's a great time for younger investors to look at real estate as an investment that will pay off. stuart: i agree entirely. it's the best investment you will probably ever make in your life.

for most people, the first house is their best investment. the best tax break they ever get. but we were always told wait a minute, these millenials, they're way down with consumer debt, with college debt, they don't think it's a very good investment because of the housing crash ten years ago. what changed? what changed? i know what changed. they grew up. that's what happened. >> yeah, got to mature sometime, right? i will say, though, to give some defense of millenials, it's becoming harder and harder to find entry level homes. this is the issue right now for real estate. after the recession, what happened, a lot of institutions went in and they bought up large retail -- residential real estate, they held the real estate up until now so it's getting harder to find lower entry homes. i think the market needs that. it's not able to find that. there are cities like san francisco where you are paying $3,000 a month to share a two bedroom apartment with someone else. it's harder in these big cities to find it. but i think in something like

atlanta is the perfect area, locations where there's a city square, where there's affordable housing, it's booming. i had a buddy tell me he's number six on a list to have the opportunity to buy in one of these areas that have affordable housing. it's just the demand's there. hopefully we will continue to see more of that. stuart: by the way, the dow did just turn positive, literally seconds ago. this may be something to do with what larry kudlow had to say on trade, it may be a reversal of sentiment from earlier this morning but let me ask you this. do you think the performance of the economy justifies higher stock prices right now? >> absolutely, stuart. but we're not seeing it. that's the problem. if you look at the s&p, the economy has been, i mean, fantastic over the last 12 months. unemployment at all-time lows. earnings are solid. but the s&p has done almost nothing in the last 12 months. that tells me investors are still concerned. i think there's a lot of uncertainty about the elections for next year. i think that's going to weigh on

stocks. i think we will continue to see volatility in the market throughout the end of 2019. stuart: so should i shift some of my money out of stocks? maybe into real estate? >> i actually think real estate is a great play right now. again, with yields being where they are, if you are looking for consistent steady income, there's a few different funds. nuveen has a real asset funds, dividend of 5%. real estate right now, if you are looking for a place to park cash, there's multiple different real estate funds you should look at for quality dividends and a non-correlation to the overall market. it's a great play. stuart: okay. i shall bear it in mind. david nicholas, thanks for joining us. appreciate it. okay. a big apple -- analyst of apple, as opposed to big apple of new york, analyzes apple, okay, he says the company's next move is a smaller, cheaper iphone. deirdre: yeah. i should say, this guy has a fantastic track record. he's been quite on target with what apple is going to release.

he's from td international securities and he says in 2020, apple's going to release a smaller, cheaper phone so it's going to have the design and the hardware of an iphone 8 but a processor of the very latest and greatest iphone 11 model. he says this will appeal to a lot of people. iphone 8 selling right now for about $450 so he's saying it could potentially be offered basically more power but you pay $50 less. if it hits as such, then apple is probably going to get a pretty big boost. i want to mention, the stock is trading at a 52-week high today. if you compare it against the fangs, it's outperforming all of them. stuart: apple this calendar year is up 40%? deirdre: i have 45%. stuart: 45%. 5% here and there. okay. that is interesting. 40%, 45% gain in this calendar year is really remarkable for a company that size. deirdre: we heard from nikkei,

remember that news released last week, anticipating in any case their production was going to be up by 10% this year. so a lot of positive indications for apple. stuart: fascinating. it really is. apple is up. the market's up, too. los angeles international airport now banning curbside pickups for taxis, uber and lyft rides. ashley: no curbside pickups from the end of the month. why? because it's undergoing a massive renovation. $14 billion worth. because of that construction, the lanes have been reduced. it's an absolute nightmare to get in and out. you could be trapped in there for days. the way around this, you are going to have to get off the plane and either take the shuttle or walk to another parking lot to the side where you can then pick up your cars and all the rest of it, but you cannot do it on curbside. this is going to make life a little more complicated getting in and out, certainly when you arrive in l.a. at lax. stuart: i don't know about you, but i always tried to avoid lax. at all costs.

if you can. deirdre: john wayne airport. ashley: orange county. that's where i go. deirdre: that's where most people go. ashley: burbank is great. great little airport, no problems. stuart: when i fly to australia or new zealand to see family, i used to go through lax. ashley: me, too. stuart: now united has a terrific flight from newark to houston, down to auckland and sydney. avoid lax at all costs and i shall. couple of markets, we always report on them whenever we can. look at bitcoin, back to $8,174 per coin as of right now. price of gold, still hovering right around $1500 an ounce. it's actually down seven bucks this morning, $1505. the priece of oil around $53 pe barrel. the average price of gas, $2.65. a new exchange, it lets you invest in companies well before they go public. the man behind it will explain how this thing works.

joe biden has a new op-ed defending himself and his family from attacks against -- from attacks. biden says he's going to beat president trump like a drum in 2020. coming out swinging. will it work? we are on it. ♪ with time, comes change

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they published this in barron's, saying they are going to go down further and a lot of it is because it's just difficult to distribute. ashley has been up in canada and saw this one company, canopy growth. constellation brands has a 35% stake in this company, had to cut its earnings this year by nine-fold so they can grow it, they are processing it properly, it's just hard to get it on time to the places where it needs to get. stuart: oh, so distribution, simple as that. deirdre: simple as that. and you know, still legal headwinds in the u.s. stuart: you can't get it to the marketplace, is that it? deirdre: it's clunky distribution for the moment. ashley: good work. stuart: the black market never seemed to have much trouble in distribution. ashley: no. stuart: okay. very good. very good. our next guest, big investor in a new platform, new marketplace, i'm going to call it, called carta, c-a-r-t-a.

carta is working on a new kind of exchange that lets you invest your money into private companies before they go public. gregg smith is back, evolution vc partners. he's the early investor in carta. let me see if i've got this right. let's just suppose i've got it right. i start a new company, doing well, i want to go public but i'm not sure i want to go with a big flash like on nasdaq. so i come to carta and i can have my shares listed in carta and other people can invest in what is still a private company. is that accurate? >> so let's see, carta is the most exciting -- stuart: okay. okay. am i right? are you trying to replace nasdaq? >> carta in my opinion in the next three years will be the next nasdaq. today, they have 13,000 private companies listed on carta. they are doing something that sounds so boring but it's going to sound so exciting. they basically manage the stock certificates for these 13,000 private companies. these could be series a, b, c, d

companies, managing the stock certificates. here's where this goes. if you think about their platform and their marketplace, they have a million shareholders on the carta exchange. these could be funds like fidelity, sequoia, or high net worth investors that might be shareholders as well as their employees. then they have 13,000 companies. eventually in the next several years if one of those companies wants to raise capital, they might be able to do it within the carta marketplace. also, they will be able to give liquidity eventually when this launches, it's not launched yet, they might be able to give liquidity to investors in those private companies. stuart: okay. >> and allows retail investors to buy shares. stuart: okay. step number one, private company, listed on carta, on the carta platform. i'm an investor in that company. my shares in that company are now -- >> carta account. stuart: other people can buy into that company even though it's still private? >> when this launches, you will have the ability to list your shares. you can either sell your shares

or you can try and buy them. of course it will be for accredited folks. this is not launched yet. but if you think about where this is going, again, you have the ability to displace nasdaq because these 13,000 companies, which by the way, there's only 3600 public u.s. companies listed on our exchanges left today. down by more than half in the last 20 years. there's fewer and fewer public companies. private companies are staying public -- staying private longer and raising far greater sums of capital in the private markets than you even see in the public markets. stuart: people don't know that. >> no. stuart: the number of shares, listen, the number of shares available for public companies, by half. down by half. >> carta can democratize access to private company investing when this launches to a greater audience. they should cheapen cost of capital for issuers. they will provide better price discovery, especially in light of how poor these ipos have been performing in the last several weeks. you look at peloton, smile direct club, the underwriters are either for the most part underpricing or overpricing them.

and it's not good in terms of -- stuart: real fast, you are an early investor in carta. got that. you are an early investor in juul, the vaping people. now we have this report saying black market knockoffs from china are giving the vaping business a bad name. >> of course. of course. stuart: not much you can do about that. >> it's going to be there. we got to shut off the black market. some of the initiatives that are being done by the government in terms of trying to think about banning flavors are going to push people into the black market, which is exactly what we don't want to do. we want to make sure that the regulated companies are here, they are inspected and overseen by the fda and we have legitimate product on the market. stuart: you have money in carta? >> i'm an investor. stuart: lots of money. >> i think it's going to be -- stuart: you staked your future on carta? >> i have not quite staked my future but i think carta is going to displace nasdaq in the next three years. stuart: you got the commercial in there, lad. gregg smith, thank you, sir. appreciate it. i'm going to check a few stocks for you. railroad names.

slowdown in manufacturing hitting them hard. quarterly shipments have dropped by the largest margin in three years, down 5.5%. that's why the railroads have had a tough time of it recently, although we do have kansas city southern, csx slightly higher today. joe biden trying to stage a comeback, wrote an op-ed defending himself and his family, promising to beat president trump quote, like a drum. in 2020. and he's beating both warren and sanders in some states, according to new poll numbers. you will get it. should president trump be concerned about a biden comeback? we will deal with it momentarily. ♪ obvious. sometimes, they just drop in.

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stuart: u.s. troops have indeed started pulling out of syria ahead of an expected invasion by turkey. ashley, that is a reversal of american policy. ashley: a huge reversal, because the u.s. still has troops there training and weaponizing the kurds who led the effort to get rid of isis. now they are pulling out, allowing turkey to go after the

kurds who they call terrorists. so when you say reversal, this is a massive change of direction. stuart: it is. and the president is tweeting about it momentarily, just moments ago. i'm going to say what he says. as i have stated strongly before and just to reiterate, if turkey does anything that i in my great and unmatched wisdom consider to be off-limits, i will totally destroy and obliterate the economy of turkey i've done before, they must with europe and others watch over the captured isis fighters and families, the u.s. have done far more than anyone could ever have expected including the capture of 100% of the isis caliphate. it is time now for others in the region, some of great wealth, to protect their own territory. the usa is great. ashley: that's a big issue, the number of is is fighters, 12,000 of them being cared for and looked after, 58,000 family members, and part of this deal is turkey takes over the administration of those people. stuart: we let turkey go into

syria and push out the kurds, in return, turkey has to take care of and keep those isis fighters and family members. that's the deal. ashley: that's the deal. stuart: okay. next case. joe biden has been largely silent since the ukraine story reared its head but he's just published a new op-ed in "the washington post" and i quote the headline, "trump won't destroy me and he won't destroy my family." he ends the piece by the way saying he's going to beat president trump like a drum. end quote. go pac chair is with us right now. you think that's going to -- i don't think we're seeing much of a biden comeback, quite frankly. i think there's all kinds of things dragging him down. think he can come back with this? >> two sets of numbers that have to be concerning to the biden campaign. one, their double digit lead in the early states of iowa and new hampshire and nevada are all shrinking or nonexistent. some polls even have elizabeth warren up. and the fund-raising pace that he set early on, he's not been

able to keep up. two indicators that support might be softening or is softening for joe biden. stuart: you know, i'm looking across the scope of the media this morning, and in "the washington post" they are quoting some leading democrats who say you know, he's got trouble, he's got real trouble here, they don't see him making his way all the way through to the convention and the election. do you think he's done for? >> the question is does -- is he still in the race after the iowa caucuses which of course is the first contest amongst the democrats. the momentum right now is with elizabeth warren and her campaign. there is still time to go, though, and it will be interesting to watch these next couple weeks. and then you have to factor in now with bernie sanders' health condition, what kind of campaign is he going to be able to wage in these next couple months. stuart: i think it's a democrat presidential race mess, frankly. i don't see joe biden coming back strongly. that doesn't seem to be happening.

i sigh ee elizabeth warren surg but major donors seem to be sitting this out if she's the nominee. kamala harris has only 8% support among democrats in her own state, california. the media is consumed with impeachment and whistleblowers but under the surface, i think it's a monday morning mess for the democrats. but look, that's where i'm coming from. how about you? >> elizabeth warren will ensure president trump gets re-elected, and the challenge for everybody that's not elizabeth warren or joe biden right now running for president on the democratic side is all of the talk nancy pelosi and adam schiff want about impeachment drowns out the message those contenders try to get traction for their campaign so all the talk is about impeachment, so those democrats can't get any attention, thus it's a benefit for warren and biden. stuart: sucked all the oxygen right out of congress and the room, i should say. thanks for joining us. we appreciate it. there will be more "varney"

to wrap up the show after this. ♪ announcer: fidelity is redefining value with zero account fees for brokerage accounts. and zero minimums to open an account. at fidelity those zeros really add up. ♪ maybe i'll win ♪ saved by zero to bring all of these stories thatity i've heard to life. i wanted to keep digging, keep learning... . .

>> let's see what they bring. i will add to this, we are open to a number of ideas. some may be short term, some making long term. it is essential that the structural issues we talked about for two years since i've been around, the i.p. theft, forced transfers of technology, the cyberspace hacking, the espionage, the trade tariffs and non-tariff barriers, that stuff has got to get solved. stuart: that is the president's top economic advisor. that is larry kudlow, who was speaking to reporters earlier this morning not too long ago. when he started to speak the dow

was down 100 odd points? certainly 80 or 90 point. after news what he had to say came out and it sounded rather positive on china trade, the stock market turned around. we're up 20 point. this also helped. item in "the wall street journal," that appeared a few minutes ago. headline, china is buying soybeans again as trade talks resume. ashley: that is positive. we're open to whatever they want to bring to the table so that was conciliatory. in some respects he also said right there, maybe we can get a portion of this done which is what we've dubbing the varney strategy something rather than nothing, even if not whole ball of wax. >> that is our biggest agri export full stop. stuart: positive headline on trade which moves the market. it happens all the time. >> especially ahead of the meetings. stuart: big tech is not

necessarily in the news. apple is up again reaching 229. amazon up a little bit. facebook, despite more bad publicity $180 a share and the dow turned around, up 23. neil, it is yours. neil: there was a time when the markets pounced on it, it would represent an about-face of the administration, indicating represents a partial deal. you don't get everything done in one agreement. we're only going on larry kudlow's remark as few minutes ago, but when he first said them 10:49:00 eastern time, the marked rebounded a little on that. wall street's view on this, partial deal beats no dial.