maria: have a great day. thank you for being here pick thank you to the dagen mcdowell and nancy a great to see about. have a good day, everyone. "varney & co." begins right now. take it away, stu. stuart: good morning. this is the second day of the february as this month has started well for investors, but not so great for the retail guys who piled into the heavily shorted stocks and that's the state of the play this morning. i'm going to start with gamestop, down again with trading restrictions still in place. that's what took it from $500 a share down to 125 as of now, that's down another 44%. robinhood which first imposed these trading restrictions will be

hauled in front of the house financial services committee chaired by democrat maxine waters. wall street's fight limit to congress. look at the rest of the market, going up just like yesterday with a strong rally, actually with the dow jones up another 200, s&p up 33 points and the nasdaq huge gain yesterday up another 115 as of now. we will see how they open at the opening bell. big tech doing well, apple, facebook, microsoft building on the gains from their strong earnings reports. amazon, google issued their reports "after the bell" this afternoon. this begs the question, is the investment frenzy cooling down? we will try to answer the question and we will look at the catastrophe otherwise known as public education in our big cities. in new york, chicago, los angeles and elsewhere public schools are near collapse and i will editorialize that

the teachers union is at least partly to blame. this is a big deal. then there is the blizzard, much of the northeast in digging out from under up to make 2 feet of snow in some places and in some places the market by the way, it's a groundhog day and a punxsutawney phil predicts another six weeks of winter. "varney & co." is about to begin. ♪♪ stuart: new line there at times square, do declare stills snowbound. this winter storm is expected to continue today. that is a sixth avenue by the way, new york city. it will continue today in overnights, almost a

70 million people under a winter storm warning. could at this, dangerous road conditions are to blame for this crash and a dramatic rescue. of those guys jumped into freezing cold water to pull a guy out of the back of his truck. 660 crashes of snow related reported in new jersey. what a day-- what a night is has been. janice-- janice dean joins us later in the show. money, look at the stocks, down big again, down 44% down one over 100 bucks, 124's the price. lets get to robinhood, raising more cash. susan, you know more than i do, how much cash and why the need to raise at? susan: $2.4 billion so adding a billion raised last week and that's a total of 3.4 billion, more than what robinhood has raised since its founding eight years ago. limits in gamestop

another stock favorites have been loosened so far this morning so now you can buy 20 gamestop shares instead of just a handful yesterday. robinhood would say they are raising money now to ensure they have enough cash to clear these traits with a record trading volume may have seen. the cash raise is more about a cushion and they talked about the sudden demand for clearing houses last week with 10 times more collateral virtually overnight and social media and the reddit brigade blame robinhood for shutting down trading to benefit the hedge funds that pay robinhood for order flow so they can get their shorts out at lower levels but i was looking at the short interest in gamestop, down to 50% by the way, not 140% of the entire float up gamestop share so there has been a reduction in closing of the short position. stuart: in the top guy at robinhood will be hauled in front of the house committee i believe in february. we will get to that later on. look at the rest of the market, the rest of the

shorted stocks i should say with gamestop down 40%, cost down 26, and see down 31%, naked brands down 19%. a lot of big-time losers in this shorted stocks today. gary kaltbaum is with us do you think this investment frenzy is over or is it a temporary cooling off? >> i think it's a darned good chance it's over. last week i was on tv and radio saying these stocks are going back to where they came from when all is a set in done, but it's happening quicker than i even thought the unfortunate thing about this is so many-- they talk about the little people getting screwed by the hedge fund, no, i think they got screwed by the reddit step in telling everyone to hold on the stocks were going to make 10000. i was in airport this weekend and people were saying you are the fox guy, what you think of gamestop and when i said

i thought it was it going lower they got mad at me and one was about to curse me out so i think a lot of people are stuck not bought in the 400 unfortunately and i think gamestop his going back to $20 and i think the rest are going back where they came from. stuart: okay. is there any sign the overall market, not these shorted stocks, but the overall market, is there any sign we are near a high? >> i don't see it. in fact, yesterday really strong support held in we started ripping to the upside. i think we'll have the bottom and i think the financial bottom here, •-middle-dot-- semi conductor bottom and i think we may have a leg up in the market and i think it's a broadening out in a big way and i think today is indicative of. i wouldn't be surprised to see some real fireworks in the next two, three months to the upside. stuart: is that by big tech? >> everything.

broad-based. i see oil prices break it down to the which means oil stock, i see interest rates backing up which means financials go higher and as far as text, it's held up like a rock. i did like some of the reaction it now: facebook, but great reaction in things like microsoft and a few others and i just think tech-- if we go higher tech will be part of the game. stuart: have the you ever been through this before, gary? you go to an airport and people recognize you and curse you out? >> one or two times because you know we tended to say what we mean, but the big thing was one of the people that came up to me owned gamestop $410 and did not want to hear me say that is going back to where was because valuation will eventually matter. i just got one of those looks and i had to walk away because i was worried they would jump

at me. i think look, people losing money is very emotional and i think a lot of people got caught up thinking this thing was going to go to the moon and it had already gone to the moon they didn't understand that. hopefully, people learned the lesson of stopping out with a small loss. stuart: it will end in tears is my opinion. gary kaltbaum, thank you for joining us despite the cursing out at the airport. we will get back to you later. talk about bitcoin. where is it? $35000 per coin. some people are saying that bitcoin could be the next gamestop. i guess they mean by that that accomplish just like in stock plus. susan: that you think it's the other way around that gamestop became the new bitcoin. the reason they called bitcoin the new gamestop is the short interest has been built up in bitcoin's apparently according to an analysis hedge funds are short

bitcoin by a billion dollars and pretty volatile since we saw last week was when elon musk tweet and moved bitcoin 20% and $5000 in just an hour. in getting back to what you talked about with gary on how this will end in tears or do you think it's the case, maybe for some, but we are only talking about a hundred billion dollars in stocks traded during this whole gamestop frenzy and that's not exactly systemic compared to 45 trillion-dollar stock market. stuart: no, i'm just talking about for a few, some of those retail investors who plunged in with their money buying gamestop at 400 or 350 or wherever. i think it ends in tears for them. susan: more contained, not like a big stockmarket meltdown. stuart: no, it's not your coming if it had been contagion and the whole market had come down,

because people were trying to raise cash to cover their shorts, then i would say yeah this is across the board this ends in tears for everyone, but it doesn't look like that will happen. i think it's restricted to that area and those few investors. i hate to say it will end in tears for anyone, but i think that's what's going to happen. let's look at silver. silver was a way of yesterday and it's come a bit today, 6% lower, that's physical silver, physical silver where you have to take delivery of the contract expires and that's down a little. silver stocks with the shorter plays come into play here, silver stock down this morning after a big rally previously. let's wrap this thing up. look at futures. we are going to be up all across the board this morning. dow jones up about 200. on going to say later in the show public education in our big

cities has almost collapsed. i use the word deliberately. i will tell you why in "my take" at the top of the 10:00 o'clock hour. it's an educational disaster. stop what you are doing and listen to this. roll tape. >> i think you are going to see an explosion in young male depression and i think a lot of it will be reverse engineered to ask that convince you you are part of a movement. stuart: that's why you, professor, galloway has been on the show and that's not all he had to say. we will dig into it after this. ♪♪

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stuart: we are going up this tuesday morning across the board with dow jones of 200, nasdaq about 100. .net february rally and asked for big tech they are all up. that's what's helping to power both the dow jones and the nasdaq. apple, amazon, facebook, alphabet, all nicely higher end amazon and google report "after the bell" this afternoon. they are up in advance of the report. next, robinhood ceo will be hauled before maxine water house committee. susan, i think he's going to get beaten up. susan: you think? february 18 robinhood ceo will appear before congress to figure out why it robinhood prevented customers from buying gamestop last week. you can buy the stock, but-- part of me you when you can buy the stock it reduces demand

and helps the hedge fund together short positions and at a cheaper rate and maxine waters says she's she's concerned robinhood restricted trading after colluding with big hedge funds that pay robinhood for order flows including citadel in particular which also bailed out melvin n-uppercase-letter we know they lost 50% of its fun in january on that bad short gamestop trade or. stuart: it will be an excuse to go after wall street in general, i think. susan: but seabass the right ask the right questions, first. stuart: let's see. i think that is in doubt, frankly. back to the nyu professor scott galloway and what he said about young people investing through robinhood. watch this. >> the biggest loss of capital here will be the human capital of young men who were sitting and staring at their phone watching the price of bitcoin or the price of amc and ask yourself

would you be better off taking out one, two or three hours a day and working out trying to form relationships, i think you will see an explosion in the young male depression and i think a lot of it will be reverse engineered to apps that convince you you are part of a movement or physically addicted to your phone. stuart: well, let's bring in luke lloyd and he joins us now. do you think young people should put the phone down and stop investing? >> i think nyu professor is flat out wrong. there are more 20 euros and 30 -year-olds involved in the market than ever. the thing everyone is missing is it's not about making or losing money for these beginners through the only way to learn is to start get your feet wet. beginning investors and traders learned lessons along the way, but the best way to generate long term wealth is learn from your mistakes it teaches things like risk management,

discipline and a investing mentality and as long as you don't lose that month rent i can go for it. i look at this dock market like a sport or to those that disciplined focus and can do very well and will win. as a kid did you know how to play baseball right away or did you need to learn how to play? practice makes close to perfect and this is practice for most people stuart: you have to be worried a mean you don't like the trading restrictions or interfering with basic capitalism, i got that, but when the ceo of robinhood is hauled before maxine waters committee they will use this as an excuse to impose some kind of restrictions on either hedge funds or wall street in general. you have to be concerned about that because if a politician's takeover on this one, the ordinary everyday investor may lose. stuart: definitely a concern and there will be something that will come from this but like i said restricting stock trade is

against the fundamental basis of capitalism, un-american, on capitalistic peer to free markets are supposed to be free. anytime freedom is restricted it creates long-term issues and set that horrible precedence. there is always a winner and loser in that creates competition. competition is good and creates efficiency, competition creates innovation and that's how we have gotten here in the first place with the invention of robinhood and the commission of free trading. capitalism will win in the long term. capitalism creates incentives, not just the risks incentivized but also middle-class american they want a piece of the pie. let the free markets work. stuart: okay. blue, you are a young guy. have you invested or told people to invest in any of these heavily shorted stocks? >> no, i would not say invest in these stocks at these levels. when they come back to earth eventually someone will be left holding the

bag as we see gamestop down 70, 80% from the top and it comes down to momentum. once momentum is lost, you don't want to be the one holding the bag. holding is not a strategy. when you are on the right side of the investment with large paper gains, take some money off the table and play with the houses money. i think that's where many will learn from their mistake in the long run. stuart: we will see. luke, thank you for joining us. you know, the popular rated page wall street bets says it's been hit with a lot of bots. with set about, susan. susan: right now you saw the page now it's a million community members and that's almost quadrupling in the past week and there's concern a lot of the stock recognitions on that page that's posted are computer-generated and not

authentic users so wall street that's page person described the path activity as a recent and they are doing their best to remove the content, but one analysis suggests 97% of the content in the post is bots generated, not sure who's behind it and who's doing the posting, but it's dangerous when the page has proven it can have a big influence on the stock market and they can have a big impact on trading and actual stocks. stuart: that's a new element into the equation, the use of bots to manipulate a stock and what people see in a stock. susan: and let's trading that they follow as well and what it means for the wider stock market. stuart: wilk, apart from that, apart from the shorted stocks which are mostly down this morning, look at the overall market as we are going up this tuesday morning. dow futures show a gain of about 200 points of moving up, nasdaq futures up over 100 points, that's a rally. more on that after this.

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stuart: the story of the morning is the selloff in the shorted stocks. looking at gamestop, $135 a share, down about 90, a 40% drop. jason katz is with us, our market guy. adjacent, is that invests their frenzy running of steam? >> good morning. clearly the boom is to some extent coming off the rose. silver shorts did knock it steamrolled. at "the big short" 2.0 is fading, but retail investors i think have a seat at the table, no two ways about it. the ability to act on it is very unexpected, it's not for free and social media enable people to in some cases act first and think second, but this constituency is better informed than ever, but the market is very well-informed. regardless of the individual or professional, the

collective wisdom of the market sniff out inefficiencies and eventually we get a reap-- recalibration and that's what we have today. stuart: but, those retail investors probably want to pile back in to the game stops of the world, but they can't because there are trading restrictions. those restrictions may stay in place and if they are lifted they could be reimposed the. that really doesn't work well for the retail investor, does it? >> look, no one likes to be handed limits, but with a lot of people commenting on this and a pining, a little over their skis, regulatory issue with respect to capital requirements, so whether it's the robinhood's or other platforms we are all abiding by similar rules as far as individual investors whether you are new to the game, trading on an online platform or someone working with an intermediary and a financial advisor like myself. stuart: look at the rest of the market, the big picture here

are. what do we need to see to make sure or to make sure the rally continues, what you looking for? >> i'm glad you asked because a lot of this noise around what's happened with silver, short squeeze, it's taking away from the big picture and that's number one we have to have this vaccine rollout successful. that's one of my four month. the economy eventually has to reopen, without a reopening its offer not and three, all this pent-up demand we have been counting on, the analysts and economists have been forecasting has to come to pass and lastly, greens need to grow into valuation speared 23 times earnings valuations are full and fair so earnings needs to grow into them, but the spark north of 50, 60% of companies reported, 80% of which this quarter beat earnings by nearly 20% beat, so i'm a high degree of confidence in the latter part of this year that we will see of

major uptick in gdp, a major surge in earnings and i think the vast majority of the earnings will you will enjoy this year will be second half 2021 event. stuart: fascinating. jason katz, thank you for joining us. right as the market begins to open, 9:30 a.m. eastern. groundhog day. ) the get-go we have the dow industrials way on the upside, looking at a gain of 250 points on the 30400 dow industrials. about .9%. s&p, same kind of gain up .92% and the nasdaq, a strong gain with the big text doing well up over 1%, 13500 on the nasdaq. let's start with the shorted stocks. how are they doing now that trading is over? gamestop is down 30%, big loss for amc and

also naked brands. most of the shorted stocks are down big-time this morning. big tech on the other hand, we have a proven track record of earnings and market share on up side. by the way, we have alphabet, google and amazon reporting after the closing bell today and they are up in advance of that 1%. susan: that tells you that wall street is expecting a huge quarter from both amazon and apple. let's start with amazon because we anticipate a record to three months for amazon to finish the last three months of the year. that coupled with christmas, black friday and guess huge for amazon turk of the stock has rallied into the earnings report telling you how wall street believes amazon will beat the estimates. as for alphabet and we learn this from facebook last week we expect a huge recovery in ad revenue and also youtube in terms of how many people are on social

media so tech continues to recover after the selloff last week and it tells you numbers will be big when it comes to their bottom line. stuart: i think so too. thank you. ups, very much a company sign of the times with the delivery economy look at them go, ups up 4% at 162. they reported strong earnings, record revenue and a lot of new shipping orders from medium and small sized companies. they did not issue an out as most companies do , no outlook from ups, but the stock is up 4%. susan: i went to note that with ups that they did take 5 billion-dollar charge in the quarter, pension charges and cost of the sale of the overall business model did well. stuart: didn't hurt the stock, up 4% still. how about version-- virgin galactic? up another 4% gain.

susan: second day rally after announcing its restarting its test flight and also it's been a short squeeze favorite more than doubling over the past month and because it it doubled over the past month it added 1.8 billion to richard branson's fortune. that if the test flights out of the way to get the space test this quarter so they are behind schedule. it looks like short squeeze play and short squeeze favorite is dominating over what they are doing with their business. stuart: yacht, i can see that now. bifurcated market this morning, overall average up small-- strong, nasdaq doing extremely well. of the shorted stocks are on the way down slight recovery for some, but basically they are on the way down. now look at square, square's payment obviously is gaining users as investors leave

robinhood. the stock is up 3%, anything more. susan: came out with a note saying the prime beneficiary of the problems that robinhood and concerns about how they do business and clamping down on the small got is helping square which is jack dorsey's other company. you can, by the way, trade bitcoin on square. robinhood was restricting crypto exchanges and that probably had a big benefit for square and cash out, square, according to their analysis it's picking up where people are concerned they can't do easy trades anymore on robinhood itself. stuart: here's another one for you, susan, alibaba reported this morning and i'm sure they are all about cloud computing, mi right? susan: for the first time they reported they are making money when it comes to the cloud business. they are doing in ahead of schedule. also, look at what's

happening with sales coming out way ahead. analyst forecasts-- in terms of financial arm that had the record-breaking ipo squashed by beijing, they either released numbers posting 2.3 billion double-- forget about the pressure from chinese regulators or questions, alibaba continues to-- make a ton of money in china. stuart: if you are just joining us, the work from the stock market is overall big picture the dow jones is up, s&p's up, nasdaq is up and we have a strong rally on our hands. dow jones up 350 now, better than 1%, same with nasdaq and the s&p. a very strong rally if you look at the big picture. back to penn national gaming, they are up this morning. i think they have a couple new price targets would we talk about? susan: gamestop is halted by the

way on volatility again. this is the first of the day. last week during wednesday the prime day when you saw all the activity in gamestop, halted 19 time so we already have our first one of the day five minutes into the session and getting back to penn national gaming getting price target hikes from jeffrey calling it a $91 stock. that's pretty strong given that we have the super bowl coming up this sunday so you imagine there's going to be a lot of sports betting the our studio manager tells me the line is-- looks like right now kansas city chiefs have a three-point favorite, which could be an opportunity to bet into that. don't forget we have sports betting and more states online allowing making it legal possibly including new york since. stuart: would you make a bet on the super bowl? susan: i would bet on the kansas city chiefs. just a three-point favor, i see them beating tampa bay

regardless of tom brady -- no offense to fans, but they are pretty strong and i would think probably a 10-point lead. stuart: whatever you say, susan. i'm not going to contradict you. left hand side of your screen gamestop halted, the first halt of the day because of volatility, $130 a share and that is gamestop as of now. can you show me pfizer because i know they reported earnings earlier with the stock down to have%. any reason why? susan: i think i'd is may have been weaker than anticipated. with anticipate to sell about a 15-dollar coronavirus vaccine doses this year and that's a huge number. they also gave guidance of $3 and that was probably a bit lighter than anticipated, still strong sales, strong profits and i guess it could be a case of high expectations on the stock market. stuart: i went to go back briefly to the shorted stocks.

they are all down that i see, gamestop halted, amc, blackberry, silver, the usual suspects way way down. quick check of the big board because that's the other side of the fence, up well over 300 points, better than 1% gain. 10 year treasury yield is 1.11%, going up this morning, not sure what that tells you about the stock market, but the treasury market prices are going down with yields going up. the price of gold, 18.34 browns, down 30%. bitcoin about $35000, 35100. here's the surprise, the price of oil, way up today at $55 per barrel. there goes my cheap gas. apparently the oil market looking towards a strong economic rebound around of the world and in america. next more executive orders on the way today and today's focus is on

immigration. president biden undoing president trump's immigration policies with the stroke of a pen speaking of president buying, i think it's fair to say he's not a fan of direct questions from reporters. watch this. >> how do you expect to work with republicans if they won't even acknowledge us president-elect to they will, come on, give me a break man. you. stuart: okay. there is a that the president's team wants to know reporters questions in advance. that means prescreened questions for the white house briefings. my, how times change. more "varney & co." after this. ♪♪

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stuart: talk about ending in tears, look at gamestop as it has resumed trading and it's moved further down, off a 54% at the moment and threatens to go below $100 a share, that's the state applet with gamestop forward and google, they has signed a six-year deal for what's called in car connectivity and cloud services. ray wang is with us. by the way google hit an all-time record high in advance of the earnings. ray, is this google forward-- forward deal such a big thing, what will google do with those cars. is a strategic deal and when we were in the press briefing yesterday mcclellan basically said they are looking at it from everything from their 11 billion-dollar transformation plan to thinking about's going on with procurement and

manufacturing and getting google play in the car, using google assistant, mapping technology and also thinking about the joint venture and it's worth hundreds of millions of dollars in knowing google and their projects and when they go strategic they loan out their phd's and their expertise in terms of thinking about problems and that's what makes it strategic. stuart: okay, well he got ford to make $11 a share. want to talk about tesla, an investment company says they are worth over a trillion dollars per tesla worth 800 billion at the moment and they have a price target of $1200 a share. its 860 at the moment. what you think about? >> you know, i think they're looking at something we could be missing, but i think it's really about electrification and you go around the world and you see these forced mandates that getting rid of the internal combustion engine meaning there will be a huge demand for cars.

i'm going to call clubhouse sunday night with the long talk about the fact that even if they could just 1% of the world's auto production and replacement it's still a big number so they are looking at replacing numbers and i think that could be within his forecast. it's a big number when you think about tesla's capacity. they will be able to produce a million cars by the end of their factories. if you look at going forward with that means this they will try to get to 2 million, 3 million cars per year. stuart: you think $1200 a share is realistic? >> i think 1200 realistic for a couple of reasons it's also the electrification, what's happening on the solar side, battery technology and of course some of the newer investments they are looking at. believe it or not, elon musk revealed they haven't capability in germany where they can actually produce vaccines and mrna capability and deploy them in lipids which is interesting. stuart: i will say.

ray, hold on. we have amazon and google reporting after the close of trading today. start with amazon. i think the market will pay close attention to their expenses and they are building out their infrastructure. is that their magic number to look at? >> that's definitely one of the areas to look at. they added 400,000 employees, spend $10 billion plus and i think the prime membership growth will be important and more portly you are looking at a growing category called ads. they have gone from nothing to 13 or 14 potential billion dollars on ad revenue challenging google and facebook which are they'll one and number two leaders and also on amazon it's a hundred billion dollar quarter and it will be looking at the break out in cloud growth. they have gone from 12 million to almost 48 billion in cloud revenues in five years.

that's the fastest growing category. stuart: same thing with google, though. everyone will be looking at their cloud revenue this afternoon; right? >> google as well with the recovery and as we saw with facebook's revenue and of course what's going on in youtube and the google cloud numbers will be interesting to watch. the partnership we talked about earlier with ford will continue with other industries whether three tell, utility, other areas like government, we will see more and more and healthcare going forward as google goes into deeper partnerships in each industry. stuart: bullish ray wang, thank you for joining us. we will see you soon. let's turn to space x because they have announced they will fly the first all civilian crew into space later this year. susan, this is a contest you to enter a contest for a seat.

susan: if you donate to saint jude which is a charity so one out of the four seats available are offered in a raffle to any state jude donator. he will be the first on board and his whole entire private space flight. another female healthcare workers say jude has been selected but the final seat will go to an employee at isa commands company. by the way, is the first private space flight for average folks, not astronauts and he already is apparently in training. the crew dragon capsule will launch into orbit around earth later this year. it's a whole new era in space flight, average folks exploring the new frontier so we also know other billionaires paid to go to the moon. it's only for the rich. stuart: i thought you were going

to ask me would i take a flight on the space x. i will ignore the question. i would, i would go on it if i could, absolutely. unique experience. susan: we should raise some funds to get you out there. stuart: coming up at the top of the 11:00 o'clock hour you will hear "my take" on gamestop. yes, i believe it ends in tears. show you philadelphia, usually show you time square or sixth avenue new york, that's silly, still struggling with the snow. by the way, punxsutawney phil, it's groundhog day and he says six more weeks of winter. janice dean is next. ♪♪

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stuart: we really have to talk whether with more than 70 million people under winter storm warnings of one kind or another and here's janice dean. janice, more snow to come, would you say. janice: we still have the potential for more snow especially cross northern new

york and new england and look at some of the snow falls total's, new jersey 32 inches and central park 17.2 and still the potential for a burst of snow throughout today for parts of new york city and long island, connecticut as well. is a slow-moving storm and although we aren't getting the really heavy snow that we got yesterday, there will be the potential for an inch or two over the next few hours and the wind gusts in excess of 35 miles an hour along the coast, so that will pick up some of the snow on the ground am blowing snow will be an issue on the roadways. that's why it's good to try to stay off the roads then let the plows do it they do best. although the system will move offshore, move into atlantic, canada, temperature's will be called in the snow will stick around. what happens next week next because we have a storm track that will allow for several systems coming out of the west. this one a bit too warm

for snow, but this one on sunday and monday, this could be a potential big weather maker so we are in this pattern where we see these storms to move into the west and then they move into the plans and then the potential for snow short-- snowstorm in the northeast. the coldest air so far of the season is coming this weekend and next ekwend at ail a s aet s morororororor snow s s en you glaou youdd ddkeddke? stuart: uaahuarighuarit. eior wor uithith is morni,ningan je. je. j j j j done to tve sleep?? weilwe sl youeegaoueeouee soon.. s gg-- sgg--wgg--he a a a h weavrian kilanadilil danen daninanic a on e hoe comwgomom u it a's s bhow, s promisemi . ♪♪♪

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hurry and take advantage of this special tv offer. ♪. stuart: yeah. start me up. yes, please. the don't get me out in that snow. good morning, everyone, 10 a.m. here on the east coast. new york city. let's check those markets. look at that, the dow is up over 400 points and the nasdaq is up 144 points. that's a rally by any standards. big tech is leading the way, look at it. apple is up 135. amazon's up, et cetera,

et cetera. you can go through them yourself. have a look on the little computer there. because big tech is up. look at those heavily-shorted stocks, that is what we're calling them these days, heavily shorted stock. wow, they're in a mess. gamestop was $109 a share. the high was 500. koss down 37%. amc is back to five, look at that five dollars a share on amc. the rest of them way, way down as well. susan, gamestop trades, i think they're still limited on robinhood. what's the latest on these trading restrictions. susan: limited but you can buy a few more today. 20 shares instead of just four yesterday. higher limits on other popular favorite stocks, blackberries, amcs, nokia. gamestop, down 65% over the past two sessions. one trading halt already this morning on volatility.

hedge funds they have lost around 13 1/2 billion dollars in the short squeeze plays so far this year. latest data shows most of the hedge fund short positions in gamestop has been closed. there is only 50% of the stock float being shorted at this point. that is way down from the 140%, more than stock available at the peak of the short squeeze, right? it is interesting we're seeing declines. it makes sense that the shorts have already been closed off. stuart: yeah i can see the point. what we've got this morning is gamestop threatening to fall below $100 share while the overall market goes straight up. go ahead. susan: gamestop $500 we saw that in the premarket on thursday morn, $500. stuart: 500 then. 113 right now. thanks, susan. now this. let's get real.

let's tell it how it is, shall we? public education in our largest cities has collapsed. i use that word deliberately. the fuss on wall street pales in comparison to the educational disaster, new york, chicago, los angeles, and other parts of the country too. to put it bluntly the teachers union won't teach. local authorities are scared to death for offends them. of course they are. the teachers union holds the keys to city hall. offend the union, you're out of office. this is compounded by minority parent unwilling to send children back to in classroom learning, whatever reason. where the choice is offered many more white students go back to school than minorities. what a mess. literally millions of students have already lost a year's worth of education, a year's worth of learning, a year's worth of the invaluable direct contact with their teachers. it is not an exaggeration to say that the teachers union, out of

its own self-interest has abandoned the education of our children. the solution? i think it has to be radical and this is the moment for it. deunionize the public schools. i don't know the mechanism which that gets done, and i know the biden administration would never go for anything like this. the look the teachers union played a big part in the president's election, but nothing short of deunionization can hope to fix this mess. don't hold your breath. the teachers union holds enormous political power. as this disaster plays out the pressure will grow. hold the teachers union accountable. it is the least we can do for our children. this disaster is only just beginning to unfold. second hour of "varney & company" about to begin. ♪. stuart: all right. i'm pounding the table there.

scott shellady is not pounding the table yet. he is a chicago guy. i'm sure he heard what i got to say about deunionizing the teachers, public schools, you tell me first what is going on in chicago right now? >> well, there is a two-day cooling-off period. they were supposed to go today. today and tomorrow the union and students will take a cooling-off period because they can't quite get their act together having been out since last march what is happening in chicago with teachers using science to stay away but denying science coming back has really, really hurt these children. to your point, you made great points, stuart, during hurricane katrina kids were off one year in new orleans, when they came back, that equated to three years being off. just not one year we'll lose, she is kids, over 50%, i'm being modest there are not logging on

and not going to the zoom classes. what is going to happen when we finally get the kids back together? it is unconscionable what these teachers are doing. stuart: let me go back to money. i wanted to sound off about the educational crisis. i think it is extremely important point for the long run. get back to money. what is reaction to today's market movement. first of all the gamestops in this world, all the way down, what is your reaction to that? >> look, when i was on last week there is going to be, some people are going to get burnt, right? even on since last time with you, i heard about a guy taking $10,000 out of his 401(k), people taking money they can't afford to lose putting them in these stocks. that is the problem here. those people will get burnt. i say it all the time. we always forget about the other side of the equation. that is what i'm here to represent. it is easy stuart, to have coordinated entry, everybody is happening, stock is going up, shorts are getting squeezed.

when you talk about the coordinated exit, that is the problem. it is messy, people get hurt and you're watching it unfold because you can't coordinate an exit and that is happening right in front of our very eyes. the broader market, we have so much money, we're setting records of investable cash on the sidelines. that will continue to drive the market higher in broader terms. that is worried with inflation and pulling this demand forward but these smaller stocks these guys are playing, remember, folks coordinated entry, easy, fun, happy, a coordinated exit? ain't happening. stuart: nicely put. scott thanks for joining us as always, we'll see you soon. that's a promise. update on the market, right-hand corner of the screen, the dow is up pretty close to 500 points. gamestop is down to what, 120 bucks. there you have it. i want you to take a look at this headline. let's go back to that a second. catholic schools are beating

covid. who wrote that? bill mcgurn, "wall street journal" guy and he joins us right now. i just editorialized about the dire straits of public education. tell me about the catholic schools, what they are doing right? >> well they're kind of doing what you, what you want the schools to do. they're opening. i mean what's fascinating now the cdc just last week i believe came out with a statement with dr. fauci, people should be back in schools. we've known it is not a major source of transmission. also there are ways to cope with covid. the catholic schools with far fewer resources than the public schools has largely managed to stay open where they're allowed. you know, my own daughter's in a catholic high school and they moved heaven and earth to keep that school closed. i know some of my friends whose kids are in the public school, they certainly don't feel the same way. if the school -- teachers don't go back to work what do you do if you're a mom and dad with two

or three kids and you're home? it's a real dilemma. a lot of ordinary americans with kids in public schools are being left in the lurch right now. stuart: what do you make of my call to deunionize the public schools? is that remotely possible and would it be a good thing? >> it would be an excellent thing because we see the teachers unions are really the ones making the decisions. we see that in new york with de blasio and we see that in earth places so it's a great thing, if we do do it. i've been a proponent of choice. that way you give parents a choice, they will choose. if the parents have the choice it wouldn't matter if the schools are unionized because parents would presumably be happy with whatever choices they made. choice is not a panacea. we have choice in restaurants, right? we have choice in restaurants. doesn't mean there are not bad restaurants. you just don't have to eat

there. stuart: i would just like to see the public schools without the dead hand of the unions stalinist bureaucracy overpowering any good ideas. i have sounded off. so have you. bill mcgurn, thanks for joining us. always appreciated. get back to the market. right-hand corner of the screen, the dow 500 point gain. left-hand side of the screen, shorted stocks. some of them coming down dramatically. look at that. gamestop down almost 50%. 40% on koss. amc down to 7 bucks a share. wait a minute. elon musk taking a break from twitter? susan: he said last week he was taking a break. last week was hectic. he led the gamestop retail charge to to kill the hedge funs to kill the short position and hyping up his berlin factory.

tesla recalling over 134,000 cars this morning model ss, model xs, between 2012 and 2018. the problem with the cause there are concerns over the touch-screen. what that could mean for safety in the model ss and model xs, when it comes to the car functions. that 134,000, less than the 158 that nhtsa originally asked for in this recall. stuart: okay. doesn't seem to be hurting tesla's stock. susan: no. stuart: it is up there 860 bucks a share. you still got the price target from piper it is going to 1200. let's move on, amazon, alphabet, sales force, they're all investing $28 billion in a company to process large sets of data. this is news to me. come on in ashley, good morning to you. what is going on here? ashley: yeah, good morning, stu. it is a startup software company

called data bricks. it has raised another billion dollars of fresh cash, yes, indeed with a impressive list of investors including the top three u.s. cloud providers. amazon web services, alphabet's capital g venture arm and sales force ventures are all buying in as well as an early backer in this company, microsoft. databricks software helps companies process very large sets of data and prepare for analysis. similar to snowflake, another data software company. the latest transaction values databricks at a mere $28 billion. yes thing boys are investing in this company. it is looking pretty popular right now. stuart: it is all about data, i understand that they know everything about everybody on the planet so use it. wait until artificial intelligence comes along. ash, thank you very much indeed,

sir. let's talk -- look at that. that is new york city as of monday. it doesn't look that much different from today actually. we have still got snow, lots of it. this powerful storm slammed the northeast. it is not over. we have a report on that. president biden used to taking softball questions from the plain stream media. take a look at this, please. >> how can you assure americans that reheave will come and come soon? >> you all ask the most interesting questions. if that is okay. >> you can ask about ireland, anytime you want. stuart: well, his team, the president's team wants the press to give them their questions in advance. brian kilmeade sounds off on that. a dine hears been an institution in brooklyn more than 80 years but she says governor cuomo peace policies are killing her business. the owner of that diner will be with us shortly.

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and from medium, small sized companies. they're a pandemic winner. they didn't give an outlook. that is unusual but it is not hurting the stock. it is up six bucks, 4%. how about uber? i will call that a pop. that is definitely a pop. 9% higher for uber. susan, what have they done. susan: 10% is pretty impressive. what uber is doing they're buying alcohol delivery company doctor. drizzly. it will be integrated with uber eats. this acquisition that uber is entirely focused future on delivery. they bought up postmates for a billion dollars but selling off self-driving units and taxis. they're focusing on ride-sharing, its core business, still recovering from covid. food delivery as we know has been explosive. they're adding drizly and alcohol to this. it is always dangerous to ask you about pop culture over the last 50 years. have you heard of "wayne's world"?

stuart: yes, i have heard of "wayne's world," what about it. susan: uber eats are coming out with a super bowl ad this weekend and bringing back "wayne's world" for a 30 second spot which will cost them a few million dollars. stuart: is that the ones with the headbangers. susan: with queen. stuart: i get dizzy thinking about it. susan, let's get serious for a moment here. new york's governor cuomo, he told people, hey, stay off the road during the snow emergency yesterday. then he drove to new york city. this guy is getting a lot of bad press, ashley. tell me the latest. ashley: he is. "wayne's world." "wayne's world." new york governor andrew cuomo declared a state of emergency over the blizzard urging people not to travel. yes, promptly jumped in his car, drove himself from new york city from al ban by, 150 miles.

what he said, i want new yorkers to hear me loud and clear, stay home and off the roads, unquote. new york city banned non-essential travel. cuomo said he didn't want to be sitting at home while telling essential workers to be on the job. when challenged about his decision, life is options. only for the governor apparently, not for the rest of us. meantime the governor said a call for restaurant workers to be given priority for a vaccine shot, is quote, cheap, insincere discussion says the gov. cuomo says adding a group would mean removing another because of limited supply of vaccine. no shots for restaurant workers, stu. stuart: okay. i got it. new york city, not the state, now, new york city, is going to reopen indoor dining but just at 25% capacity and they won't do that until valentine's day which is what, about a couple weeks away. the owner of the famous

kellogg's diner in brooklyn says, her restaurant will be dead by valentine's day, dead by then. irene is the owner of the diner. you've been around more than 80 years, now are you looking to really go out of business? >> stuart, we're destroyed beyond measure. okay. he said we needed two weeks to get organized. i'm going to tell you right now we were ready the day before that. we don't need two weeks to be organized. we are ready right now. my workers are ready right now. 25% capacity, we'll take it. we've been through this road before where we have 25% capacity but it is still not bringing my workers back. i cannot possibly bring back all my workers back at 25% capacity. who are we kidding? he is acting like he is doing us a favor over here and praising himself. he's crazy. stuart: i don't want to press the issue here but are you very,

very close to just closing up shop and walking away from this thing? >> i don't have anymore money. i have completely used all the gofundme money. that was keeping me. our gofundme page, the people, helped me stay afloat. why can't we open right now? why 25% capacity only and not 50 like the rest of the state? why is it always the city gets slammed but the science, doesn't, you can't positive that with the science that they're in. okay? our governor is not a solution-based man or leader. period. he does not know how to lead. stuart: i think, now you filed suit. i don't know whether you filed suit against governor cuomo in particular or new york state in general. what are you looking for? okay, are you looking for money? are you looking to be restored, have them pay you money to

restore you where you were? is that what you're looking for? >> stuart, i am in debt since march over a million dollars. that is all i have to tell you. of course i'm going to sue. stuart: good lord. >> yeah. okay? we're suing governor cuomo and the state of new york. since march only. forget what i had from before. we bought this diner for millions. i have notes. we are destroyed beyond measure, even the 25% is too late. the damage has been done. okay? he has betrayed the citizens of new york. he betrayed us. he does nothing to help us. he didn't embrace us. he didn't find solutions to help us. his decision destroyed us. that's what they did. they destroyed us. and it's, it's too late. stuart: irene -- >> unimaginable. stuart: we are saddened, i mean every single one of our viewers

is no doubt saddened to hear your news. very much on your side if i could say that. >> listen, i'm angry too. i'm very emotional. i can't be any other way. i can't. it is just -- stuart: i understand. >> he destroyed us. i'm sorry, he destroyed us. he needs to pay. stuart: irene, we're with you. we feel for you, so do our viewers. i have to leave you there. i'm out of time. thanks for being on. appreciate it. >> thank you. stuart: i want to be back to the markets. gamestop saga, and netflix, $108 a share. they're going to make a movie about this we have details. president biden's executive order blitz continues today. several immigration actions today. arizona congressman andy biggs, he just returned from the border. he will tell us what he saw down

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look at this, the dow's up 520 points as we speak. that is 1 and 3/4%. a huge gain for the nasdaq. look at s&p. that is up 1 1/2%. okay, they're all up. now show me gamestop, taking a huge hit. it is down to $103 a share. we're going to leave it there, because that thing may drop below 100, but, susan, what is this about portnoy taking a hit on this stock. susan: dave portnoy has just tweeted he officially now sold out of all of his meme stocks. he lost $700,000. vlad and company stole it from me and should be in jail. remember, stu, i was trying to do the math quickly. remember dave portnoy on the show friday said he lost $200,000. that was on friday afternoon. if he was long these meme stocks, they went up, spiked again on friday. you would have imagined he made money on friday. he took most of his losses if we

do the math correctly on monday. how he went from $200,000 to 700,000-dollars losses in the span of 24 hours? stuart: i guess when he was on the show, gamestop had bounced a little bit. susan: yeah. stuart: so his loss was just 200,000. he cut a couple million in. and at the time on the show, he had, his loss was 200,000. it has gone way down since then. susan: yeah. stuart: evidently he was holding on to it. now it is down to what, 102, 103? look at it. all the way down. that is why he lost $700,000. susan: in market we look at inflection point, whether this is the market peak and top in the market. if portnoy is selling out this, indicates, the lead crusader is tapping out. this might be the end of the gamestop frenzy at least in this round. stuart: look at it now, $101 a share. that thing could drop below 100.

that is a pivotal point. we have to move on. news is flowing thick and fast. biden target as trump's immigration policies. he has a series of executive orders today on immigration that he is going to sign. blake burman in d.c. what is in these latest executive orders, blake. reporter: three different executive orders the president will be signing this afternoon. stuart, let me tick through them for you at the top line level, create one of them a new task force to reunite families. the biden administration says the biggest challenge of the task force to identify children that have been separated. another executive order will call for a review of the migrant protocols program. that, stuart, as you know remain in mexico policy. the actions will look to assure asylum-seekers those from central america have legal avenues to come to the u.s. additional executive order will also call for the implementation of the task force on new americans which of will look at trump immigration

policies and whether or not they are consistent with the policies of the current administration. here is what senior administration official said in the lead up to this. in part, quote, president biden has been very clear about restoring compassion and order to our immigration system and correcting the divisive inhumane and immoral policies from the last four years. the former acting customs and border protection head, mark morgan vehemently disagrees with these actions saying in statement, quote, with another stroke on the pen biden is doubling down on open border strategies, encouraging illegal immigration and the next crisis that will reach our borders. back to you. stuart: blake, thank you for that report. while you were on the air, gamestop fell out of bed again. bottom right-hand corner of your screen, gamestop is 95, $94 per share. i can tell you other major league shorted stocks, like amc, like blackberry they're all way,

way down as well. this is a huge selloff in these shorted stocks. it is in progress. follow the bug, right-hand corner of the screen. 91 on game symptom right now. let -- gamestop. let's quickly go to republican andy biggs, from arizona. you have been down to the border. what do you see down there bearing in mind what the president will do today with his executive orders. >> we saw effect of fencing. where all the new fencing is we've seen a decline in illegal crossings but the president biden is going to issue these executive orders. some of them won't have any impact on the number of folks coming but when you start talking about asylum and provide lures for asylum-seekers, you will be back in the situation that we were before. we saw all, all the construction on fencing, stuart, has stopped. that is a real shame. all those folks lost their jobs. the equipment is sitting idle.

and we have things that, where, it is just stopped, dead stop. stuart: yeah. congressman, i'm terribly sorry to do this to you but you understand the needs of live television when we got a market rally on our hands for gamestop. forgive me congressman. come back to see us soon. >> yes, sir. stuart: get back to gamestop, these heavily shorted stocks. when i say falling out of bed i mean it. this is a new low for gamestop. $90 per share. it is off 60% from yesterday's close. that is a sell-off and a half. i noticed amc is down to $6 a share. i for get the high on amc but it is way, way down this morning. here are the shorted stocks. gamestop is at 91. koss at 18, it is down 48%. amc is at 6 bucks, down 50%. susan, we're talking about a pivotal point. i think the pivotal point is now when you got these stocks

falling so sharply. susan: yeah. stuart: you're right, susan, you're right, it is a pivotal point. this is a moment in the frenzy on wall street which is a very important moment. i don't see any sign of them coming back at this point. susan: this market move kind of makes sense. just about at the top of the hour we had s 3 analytics coming out with the latest data how many gamestop shorts are being put on. how much of float, actual stock traded has been shorted. from what s3 sees short interest five billion, much less than what we've seen over the previous three weeks. what that means when you have short interest falling, down below 50% of the daily float. there is nobody else to take the other side of the trade. does that make sense? so it can only go down from here. stuart: it does. susan: we have gamestop down almost 100% in the past few days. it makes you wonder where this money is going. it is probably going back into the big techs as we saw the

selloff on friday. that mostly came out of apples, amazons of the world. hedge funds were raising cash to make up for short losses. if you take out money for gamestop where is the money going to? big tech stocks rallying 1% at least. stuart: that is interesting, amazon, google, they report after the bell today. look at the strength of the rally even before you got those earnings reports. that suggests they're look forge a nice earnings report. susan: big earnings report. rally into it yeah. stuart: okay. one more check of the big boards big rally. gamestop at6 by the -- 86. the dow is up 500 points. public schools in chicago set for another virtual learning day today. teachers refuse to return to the classroom. one parent sounding off on the

dire consequences. listen to this. okay. sorry, we'll bring you the sound bite when it is relevant. look at the bottom right-hand corner. 86 on gamestop as of now. the big story there. more on all of this just ahead. ♪

♪. stuart: there is a 500, there was, now 494-point rally for the dow industrials. 1 and two third as percent. that is still a rally. nasdaq is 150 points higher. here is the big problem for the shorted stocks. gamestop, all the way down to $85 per share. down 62%. extraordinary stuff. now look at the other heavily shorted stocks, which are all the way down, very much in line

with gamestop. koss down 47%. amc 49% and the list goes on. susan come into this. there is lot going on with portnoy's tweet. there is a big response. susan: this is big response. this is the first time we've seen gamestop trade below $100. there are limits how much you can buy not just on the robinhood but cash app. you can only buy 20 gamestop shares and 20 options. same thing for the popular eight meme stocks as well. the cashout, owned by square, which is jack dorsey's other company, another place these popular gamestop trades have been taking place, the clearing broker are not processing trades when it comes to amc, nokia. part of these very popular options trades on these eight stocks. portnoy, if you can bring up this tweet, acknowledging he is

now tapped out of these particular names. he sold out all of them, his positioning. he lost $700,000. vlad and company at robinhood stole it from me. they should be in jail. correct me if i'm wrong, you put limits in how much you can buy if these stocks, whether on robinhood or cashout that does have an effect on the price which goes down. stuart: sure. if you can't actually buy the stock, you can't get the price to go up to kill the shorts. so your trading strategy is gone. you're stopped from pursuing normally would be the trading strategy. the only direction, so you can sell. you only sell. down 82 right now. >> might be a tired trade at this point, we know a lot of short positioning has been closed. down from 140% down below 50%. dropping at this point. so if those positions get closed there isn't much to cover anymore. stuart: 84 on gamestop right now.

i just want to go elsewhere for a second, susan. i want to talk about snow pummeling the northeast. bring in aishah hasnie. she is in new york city. are we ending up with two feet of snow here, ashiah? reporter: hey, stuart, good morning to you. we actually could. i'm in central park right now. i want to show you how much snow felt here in the park. i will stick my boot in the snow. that looks like a good foot, maybe more. more than a foot of snow in central park. if we look around we can see, it looks like it is pretty much cleared out. not really snowing anymore. the good news is none essential travel, that ban has now been lifted here in new york city. the trains and subway lines shut down yesterday they resumed service this morning. but it has been a pretty rough 24 hours. at least one person is dead in pennsylvania as parts of that state got two feet of snow. parts of new york, new jersey, connect cut and pennsylvania,

still under states of emergency this morning. in new jersey, 661 crashes reported so far since the storm began including this jackknifed tractor-trailer in hackensack. towns on the jersey shore were under flood warnings. high tides left streets completely submerged. in connecticut, emergency crews rest rescuing people from a truck sinking in a icy lake. here in new york city the airports are trying to get back up and running. more than 300 flights have been canceled today already, stuart. stuart: that is a serious situation. ashiah thank you very much indeed. we cut ashiah short there, we have astonishing stock movements. up 500 for the dow. gamestop, in the right-hand corner, gamestop in danger of dropping below $80 a share. more on the markets after this.

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(woman) i don't want to look like this anymore. (man) what is happening to my body? (woman) why can't i lose weight? (announcer) you may be suffering from insulin resistance. measure your waist. females measuring more than 35 inches and males measuring more than 40 inches may have insulin resistance. to learn how to reverse insulin resistance and lose weight effectively, go online to golo.com. once again, that's golo.com. stuart: this is a very big market day. a couple of reasons for that. first off, couple sides to it i should say. the dow is up 500. the nasdaq is up 167. that's a rally across the board. all kinds of market sectors are

doing very well today, big tech included. the other side of the coin is gamestop. look at it, down to $85 per share and falling rapidly. down 140 bucks today alone. 62% today alone. and the other heavily shorted stocks are on the downside. here you go, 10:51 exactly. that means it is time for brian kilmeade who joins us now. brian? the story we're following here is that the little guy, hose who rushed into gamestop and other shorted stocks. they're getting killed. they're left holding the bag. they have lost a ton of money including dave portnoy. do you have a few on gamestop and the market at this point? >> well i just know a couple of things. you know, in talking to a guy you know quite well, charles payne a short while ago, they bet against the market, went beyond the market to something they didn't even exist. that is shorting the market to a degree goes beyond the stock that is issued is the main

issue. the other thing it brought to line what is happening in the market. i don't think people like it. you deal with it on a daily basis but the average american is not day trading. they wonder how the multibillionaires become multibillionaires some earn it. some are smart about it. i understand it. some are brilliant analysts. other times they're playing the game. they're not creating. they're playing the game. the david in this case as opposed to goliath is not equipped to win this fight. stuart: what i worry about is when the ceo of robinhood gets hauled before maxine waters committee in the house, the financial services committee. i imagine with the little guy taking a beating, the politicians will be all over this, demanding retribution against the rich guys, the hedge funds everybody else. do you have a position on this, brian? >> yeah, i do. stuart: i'm asking you questions you're not necessarily a market

player here but do you have a position on this? >> i do. here is my position. almost when big tech comes to washington there are no experts there. they talk in generalities about something they're not experts. i don't necessarily fault them. they need experts around them. outside of elizabeth warren, hates people, people that live on market, she scares everyone be asking questions. the people will be making speeches against other people but they're not going to know what they're talking about. david perdue knew what he was talking about, he obviously is a big trader. they are financial experts. they will talk in generalities about greed. also to the wall streeters. stop voting for democrats if you're upset when they haul you in front of court. most of wall street downtown new york city reportedly societied for joe biden. now this is a situation where people are equally outraged on both sides. stuart: i don't expect the president to get serious questions on gamestop because

the white house press secretary is basically saying that they're going to, they're going to vet reporter questions before they are asked. that is not a free flow press discussion where you can ask about gamestop and the market. that is not going to happen, brian. >> "daily beast" has a story, anonymous reporters covering the white house, offend that the white house is asking ahead of time before their press conferences what questions they are, and will choose which ones to answer. they have come back and said, we don't want to look like we're avoiding questions. we want a head's up what you're interested in. i'm not buying it. they want a head's up to get the answer to decide what they're going to answer or not. especially early on every network takes it. can you imagine if trump was doing this how they would say it? in the past i saw this one deputy press secretary, we did that a little bit with the obama administration. they did it, this is not unusual. it was trump people that made

this whole thing unusual. why are the white house core respond dent the up by it i ask? stuart: we're getting forced into that narrow band of opinion. you can't stray outside of that. you will be canceled if you do. you will lose your job. you will lose your reputation. this is a very serious thing. it is basically, it is censorship. i think it is out of the question. last word to you. >> my last word is this. they're all on the same team wearing the same jersey but you have an ability to stand out as a washington correspondent. you don't me need to say it. not being aabrasive, not asking terrible hard questions, being polite, delivering since sear and wanting answers. don't do the job to be famous. do it to cover the story. you can be direct and not get canceled. and i think we're seeing that now. stuart: yep. >> the way they were so rude to the press secretaryies and trump

in particular is not indicative of office which they hold and position which they are in. i think you got to be direct in the white house. there is a lot of pride in there. my sense, if you want to show courage, put your name on the complaint in "the daily beast." don't be anonymous. put your name, i'm tired of pre-screening my questions. stuart: well-said. brian, thank you very much indeed for joining us today. sorry i threw stuff at you may not have been ready to go at. you did great, man. you did great. >> get emstuart. stuart: exit left. all right, looks like the reddit trading frenzy will end in tears, for the little guy. that's my opinion, that will be "my take" at the top of the hour. after this. ♪ turn on my tv and boom, it's got all my favorite shows right there. i wish my trading platform worked like that. well have you tried thinkorswim? this is totally customizable,

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expand even further. time is now for golden independence. >> a don good chance, game start going back to $20 and the rest of them going back where they came from. >> ed to have coordinated in 3 but when you talk about coordinated exit that is the problem and it is messy and people get hurt and that is what is happening in front of our eyes. blake said this is against the fundamental basis of capitalism. let the free market work. >> the latter part of this year

we will see a major uptick in gdp, major surgeon earnings and the vast majority of earnings we will enjoy this year will be second have to thousand 21 event. ♪♪ stuart: always a good time. not if you're in game stop. it is 11:00 on the east coast, tuesday february 2nd. it is groundhog day and punxsutawney phil center 6 more weeks of winter. left-hand side of the screen, game stop dropping below $100 a share, 94 right now. it had touched 80. look at the other heavily shorted stocks, they too all the way down big time, costs down 44%, down 46%, we will show you the list of the left-hand side. the broader market indicators, averages are straight up.

that was up 500, nasdaq is up 156, s&p up 57, that is a rally for the overall market, a selloff in game stop. now this. is this going to end in tears? the little guy los at some point the game stops and amcs will return to valuation based on their actual business, that means returning to earth. the process has already begun. game stop and others tumbled and investors at those lofty levels father money evaporate. we can argue all day long about whether restricting trading was legal or the right thing to do. was it bailing out the hedge funds? was at rigging the markets? there are valid arguments on

both sides but the fact is they did it. they interfered in the market. they bust the bubble. game stop the 500 last week, it is at 93. in contrast the giant technology companies whose value is based on their underlying value the profits marched steadily higher. look at apple, facebook, microsoft. i was there in 1999 when the dot.coms exploded, their inflated value is based on the number of eyeballs looking at their websites. the best came in early 2000, $1 trillion whiteout. seems like once in a generation investment mania takes over. every generation has to learn the lesson all over again. a bubble is a bubble and all bubbles eventually burst. the third hour of "varney and company" is about to begin.

all right. game stop is now at 95. that i was up 500. the gentleman on the right-hand side of the screen is david nicholas. i say this market frenzy is already ending in tears. what say you? >> you may be right. i have never seen anything like this in my life. you look at these traders that are buying game stop amc, they are not, millions of these investors not buying solely for the purpose of making a profit but buying for the secondary purpose of not the first purpose of sending a message, they are willing to lose everything. there is a group called one share game to share game meaning they will buy one or 2 shares of amc or game stop and if they lose everything that is okay because they feel something greater than themselves sending a message, i watched one user says his dad

lost everything, but by buying one or 2 shares he introduces everything and feels he is sending a message to break the back, this is not rational. this could end in tears but readits buyers might be okay with that. stuart: you give advice to your clients. what is your responsibility to your clients? >> good question. we are fiduciaries and most consumers don't understand the difference between a accredited fiduciary. we have to put their interest first and that is disclosing what is involved in trading and risk in buying stock. stuart: what do you think when robin hood's ceo goes before

maxine waters's house financial services committee. do you think we end up with come -- some kind of regulation? >> whatever side of the aisle, republican or democrat, what happened is wrong. the reason the price dropped so dramatically, the limits they put in place, only by four shares of some of these companies and that is ridiculous. you are a broker, their best interest is not to their user, there is blood in the water, brokerage firms really hurt a lot of investors. stuart: appreciate it. robin hood's ceo going to washington and appearing before that committee, the ceo's name is vlad tenev. what will happen when vlad goes

before maxine waters? >> you are going to have another kind of crazy hearing where you don't get a lot of answers we need to get in this situation. tech ceos go in front of congressional committees and you see a lot of members that don't understand the difference of different issues at play. use it as an opportunity to grandstand, movements to share across social media and the like but there is a need here for further investigation, everything that went into this. one of the things we are saying is a treatment of investment more like gambling, legalized gambling, the apps used for playing on real sports and fantasy sports. getting involved in something like that does feel like you

are taking on the house, the hedge fund but the thrill of trying to do that a lot of these people lose cash to be part of something they feel is a cultural movement as opposed to one motivated by profit. stuart: i'm intrigued by the biden administration and how far left they are going. that's not separate from the game stop story and wall street story. it seems to me president biden is moving way out there on the left, far more to the left than we thought before the election. what say you? >> a lot of people thought joe biden would be a centrist, more moderate member of the democratic party but left out how much the party shifted left in the past several years

moving to a point where biden is at the center but moved significantly where he used to be. not just the flood of executive orders targeting energy jobs, engaged in culture war issues, hot button things. in his rejection of this group of republican senators who went to the white house with a more modest covid relief package. understanding we just throughout a lot of money, billions of dollars in december toward a lot of different things and biden basically said thank you but next, i don't need you. really telegraphing rather than trying to reach across party lines even in nearly days of his administration, biden is sending a message that he's willing to go it alone with his own party in a model partisan fashion. we saw how that approach backfired when president obama

tried to use it in his second term. we would like to see how washington deals with it in this context. stuart: a swing to the left would not be good news for wall street. thank you for joining us, appreciate that. the dow is up 600 points. >> we were back above $100 a share, robin hood lifted their trading restrictions just a bit, buying game stop, robin hood was limiting traders at 20 shares, they raised the limit to 100 shares and bounce off of the $80 levels back to triple digits, mark cuban talking about game stop, the question and answer period he is going to wall street traders and asked why game stop is going down, it is a question of supply and demand when you have robin hood and other trading platforms restricting the

amount of shares, and unnatural limit on stock and falling today, the short squeeze play, and whether people are selling game stop shares in this type of environment, here's the advice from the graphic here, should be holding game stop as a stock. he doesn't on it but this is what he would do in this environment, why is he giving this advice as a goes lower, helps them, they cover their shorts at a cheaper price. he anticipates more hedge funds put in more shorts as game stop shares grow to those $500 levels. stuart: it seems to me the trading restrictions placed on game stop and other stocks dictate the price of that stock. if you open it up and let

people buy it goes up. if you say you can only buy one share it goes down. therefore you could say the market is rigged. >> that is one way and on social media, lost 100,000 because of robin hood and ceos putting a limit, restrictions, how much you can buy on game stop and that benefits wall street and as you hear from mark cuban, they will be buying, the game stop stock is used to fall because it put on more shorts and made up for the losses they put in the first time. stuart: a unique situation. i can't ever remember sitting at this chair talking about the financial markets in a situation like this. it is absolutely unique. it is new to me. i should point out the dow industrials are up more than 600 points. what you are looking at their

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what do you say? >> we did not expect to have a deal yesterday. wanted to make it clear there were members of the republican party who would consider targeted and specific additional assistance in this pandemic. we want to make it clear dollars we are putting out as many we are borrowing and second of all at some point somebody has to pay it back and in addition to that we want to be talking about the same facts driving this in the first place. a lot of proposals with regard to specifics in the pandemic were very close or equal to what their recommendations were. and some of the areas concerning the economic impact we did believe with regard to the number of dollars we are putting out we could make the same thing worth less, as would have impacted 70% of american families with regard to the proposal we offered concerning

stimulus. stuart: bottom line seems to be the president wants to spend money. >> $15 an hour. >> i was not there in person but i told the president one of the things i would have done was shauna mister millis check i personally received and that was from the last week in december and i didn't think that was what our intention was that members of the united states and qualify stimulus checks, and very honestly he was open to a discussion who should receive those. there some hope we would find common ground in some areas. we decided we wanted to be at the table or on the menu and we thought it would be good to be at the table.

stuart: good stuff too. sorry to cut this short but an extraordinary movement in the stock market and i will cover it for you. thanks for being with us. game stop just halted, i guess the reason is volatility, at $119 per share, quite a bounce. a few minutes ago, it has bounce to 119 and gotten halted for volatility. i will bring in susan and ashley. do you think more regulation is coming out of this? ashley: that is my fear. a lot of board gamers planning together to artificially inflate the stock of a company outlandishly being shorted by hedge funds. that is their prerogative. it is a free market. two things bother me. you mentioned is now we have

robin hood managing the spigot deciding can they loosen the spigot to buy more of the stock or should we tighten it and stop you from being able to do that? that i do not like even though it will end in tears, probably already has but that is the way we operate. now we will get congress involved, the head of romney good node, and interfere with the markets. it is scary when you see these massive price hikes, you win you lose and it should always be that way. stuart: do you think regulation is coming? >> asking for more regulation in this robin hood controversy when you see occupy wall street protests, it harks by the 2008

and the original occupy wall street movement brought in, elizabeth warren, that meant more oversight, more overreach when it comes to regulating what financial firms did and what the consumer did as well. mark cuban has a good point, at the end of his statement, holding game stop shares, wall street, what we need to cover, you have options up there. this is a free market, fantastic free-market capitalism we live in, they trade game stop, amc and blackberry, a lesson to be learned from this, look at interactive brokers and td ameritrade. >> we should look at silver

stocks, and where are the silver stocks now? >> silver is down, silver prices touching an 8 year high on monday, they are driving people into these short squeeze plays and goldman sachs came out with a note last night i found profound, there is no way to short silver given that underlying stock, dig it out of the ground and that is hard to do. not to control most of the market for silver. stuart: you don't remember the short squeeze in the 1980s. i was there. they tried to take over the silver market, the price was going straight up, $50 an ounce at one stage. it is different. >> you are trying to short

something that goldman sachs is, not easy to do. stuart: very very true. silver stocks down after a big run-up recently. my next guest says the robin hood trading frenzy affect every buddy, the middle class, even his grandmother. he will make his case. take a look at that market, that is a rally of 2% for the dow, 30,700. more varney after this. ♪♪

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stuart: small technical problems. i can't actually show you game stop. it is at $137 a share. game stop is trading at $137 a share. that represents one extraordinary bounce. just a few minutes ago it was at $80 a share. you have gone from 80 to 137 in 15 minutes. that is extraordinary. robin hood has allowed you to buy up to 100 shares of game stop. in other words they have lifted

some restrictions and people have got back in their. the overall market, i can show you that the dow jones average of 160 points at this moment, one.8%. there has got to be some big movers in this. >> reporter: game stop has been halted for volatility, tesla is up today, recalling 134,000 model-s, model xs for touchscreen problems they say, these touchscreen problems could mean safety issues for the car but we have tesla trading higher because a lot of money coming out of game stop and no kia going back including tesla. ali baba reporting result, they say they are already making money from cloud computing, their financial, the record-breaking ipo of the year posting $2.3 billion in profits

and that might be a case of high expectations. after its competitor impossible foods is cutting prices by 20% in grocers to reduce the price difference for me like beef and pork, harley-davidson, hog is down 18% an efficient, disappointing earnings, shipments fell for us for 6 straight year, by motorcycles and hogs during covid. >> tesla is at 874, up $34 a share and i know you like percentages, tesla was up 4%, looking for $1,200 a share. >> they said 2000 a lot of. and we are only going to go higher from here so we will see.

it is a proven stock in tesla. stuart: i have game stop on the air, onscreen, 137 is the price right there. let's move on from there. we have, move up a little bit? i want to bring in adam gillett whose accuracy in media, i got your name pronounced right. is that right? >> that is exactly right. it is still more pronounced differently. stuart: i will take that. does this robin hood trading frenzy, all the way to 137, does that affect everybody do you think? >> it really does because the media loves to vilify hedge fund managers as if they are the source of all evil in this world but think about hedge fund themselves. as you understand it, as i understand it, middle-class,

working-class americans are invested in hedge funds because pensions invest in hedge funds so all these redditers love to laugh when they see a billionaire loses money but what if your grandmother, retired teacher who has a pension, is it so funny when she loses money? i don't think the red about it folks our heroes for coffee middle-class americans to take a huge hit in their portfolio. stuart: what has got me thinking about it gives if they are portrayed as evil and they are, what is going to happen? you ask for a political response that rains them all in and hurts everybody. >> that is exactly right, you see it all the time, the media loves to hype up any crisis because they know the 1-2 punch will be delivered, the meteorites the crisis, politicians step up to solid and politicians generally create problems, they don't solve problems, politicians

break your light, give you a crutch, and save not for us you couldn't walk. they love when the media hype something like this up so they can step in and claymore political control over our lives. we don't benefit from that. stuart: you are with accuracy in media. listen to psake when asked about donald trump's twitter ban -- >> has this made your white house job any easier? >> we don't spend a lot of time talking about our thinking about donald trump here. i can't say we miss him on twitter. stuart: weight a minute. that is outrageous with our former president, donald j trump, has been silenced, banned from the social media he made famous. what do you say to that? >> biden went on to speak about the need to remove, quote, hate

speech from the internet and the left loves to define any speech they disagree with as hate speech. the way i view it they simply hate speech, they want a culture with the same ideas and no marketplace of ideas, no open discourse. it is totalitarian and terrifying. the best solution to bad ideas is to have more good ideas on the marketplace, not to censor. stuart: what is the solution? as a system of censorship is in place which means you can only have one opinion, one set of opinions and if you stray out the lines your canceled, your silenced. what is the solution to this? >> exactly right. one of the steps we are taking with our organization is supporting the divest movement so our tax dollars are not spending our own money on twitter, facebook, google, with the bds movement, the first big

step. >> thank you for joining us. moving away from politics, moving away from money and i am talking being fined for not wearing a mask on public transportation. as of today you got to wear a mask on planes and trains and buses. edward lawrence is at reagan national airport in virginia. who enforces the mask rule. >> it is going to be the airport police. if you are going to travel, you always had to wear a mask, the man -- you mandate it if you want to get on an airplane but now you have to go to the tsa checkpoints. they say they have fines or

possibly banning or barring from entering past the checkpoints. the tsa in a statement said, quote, federal requirement reinforces those efforts and passengers without a mask, they made be denied transport, failure to comply with the mask requirement can support and civil penalties, however the significance of efforts in this order is to obtain voluntary compliance to maintain the spread of covid. and to have a big issue, to handle it. there have not been a lot of people coming through. there is a snowstorm in washington dc plus covid has limited travel, february 1st the tsa says 629,000 people went through their checkpoints, 2020, 2019 on february first, 2.1 million people went through

checkpoints that this mask mandate not only affect the airport, the tsa, buses and trains, something you have to wear, not a lot of people wore masks anyway because companies required it. stuart: masked or not i never saw reagan national dessert it. back to game stop it has been halted again and this is the second or third holes in trading. when game stop opened it shot up just 137-138 and then plunged, not exactly plunged but came down to 129, halted at that level for the last few minutes. more varney after this. ♪♪

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stuart: game stop is still halted, 129-98, that is down 42%. that was an extraordinary balance with a half hour ago game stop was just above $80 a share. it opened and went to nearly 140, down to 129 and they halted it all over again. if you look at the dow industrials, up 600 points, big gain for the nasdaq as well. there have got to be some big winners. >> a lot of the money rotating going long on these stocks, the amazons of the world shopify is an e-commerce player, 6.5% going back above $1,200 levels, we are anticipating amazon

after the bell today and the record quarter, prime day shifted coupled with christmas and black friday and expected to be blowout, high-growth as opposed to clouds so people working remotely through the cloud, this is an electric car play. talked about technology playoffs that they have been signing up for and they challenge the life of tesla going for. general motors going electric by 2035. the streaming plays, disney getting a lift up for an a half and overall wouldn't you say this too? a lot of this is rotation, the game stops and blackberrys and going back into the fundamental plays, a lot of earnings and a lot of profit. stuart: the money came out of

the big names where investors had to liquefy the big-name stocks to cover short positions and short losses and now that they have gotten that those stocks go up again. game stop has reopened. it had been halted at 129. it has reopened and is up 133. a huge move just yet. >> the biggest short squeeze in 25 years and relocation of capital going short, pulling back on that. that is a push pull affect in the stock market and portfolio pulled up short, raise cash to do something else. stuart: a unique moment in the market. there will be tears in a lot of places. i will go to governor cuomo in new york. he will run again in 2022.

he has been getting terrible publicity, his handling of the pandemic and yesterday he jumped in a car and drove in the emergency for snow having told people to stay off the roads, terrible pr. betsy mccoy with us, briefly. my dollar says if he runs again in 2022 he will win because you can't beat a democrat in new york state. take me on. >> the democratic party has become a power in new york state, nevertheless getting another term will be tough for andrew cuomo and he has shamed himself so badly during the pandemic that that will make it even tougher to win the next term. several public health officials in new york with this week. public health officials care

about patients and they have had it because the health department in new york state is a captive of the healthcare industry, one of the biggest contributors to the democratic party. it is not something you can prove but it is right out there. connect the dots. for years the state department has allowed one store nursing homes which are infection pits, desperate to operate year after year, allowed hospitals to have above-average infection rates even though new york is the hospital capital of the nation so this last episode of the pandemic and the lives we were told by the governor and his health commissioner were too much for public health officials to care about. stuart: we have a fair share of outrage.

sorry it is so short but we have a wild marketplace for you. the tale of two areas here. dow industrials are up 600 points and game stop is down $96, 43% lower. a lot more on this after this. at t-mobile, we have a plan built just for customers 55 and up. saving 50% vs. other carriers with 2 unlimited lines for less than $30 each. call 1-800-t-mobile or go to t-mobile.com/55.

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stuart: we have been talking about possible regulation of wall street bearing in mind the game stop situation and now we hear senator elizabeth warren is weighing in on robin hood. what is she saying? >> he is asking robin hood if it had talks with citadel and their ties to large hedge fund. how it works with robin hood is they send, basically what their traders are doing, to citadel which controls the flow, the market makers and they pay them for the order flow to give that money and volume into the stock market so what does citadel doing this situation? do they say clampdown on these trades given they lost money in capital which is the short position they had in game stop?

she wants answers and is questioning robin hood about whether they were influenced by citadel. stuart: i rarely agree with senator warren but she is absolutely right to question what citadel and robin hood talk about before they booked the money in. that could amount to a rigging of the market in favor of the hedge funds and against the little guy. >> what about the future of the road commissions. some people say you are the product if you're not paying many silver to facebook and social media. in this case if you think about it, who actually pays robin hood if you don't pay commissions to make trade? citadel does for those orders. it is transparent to them, what people are buying or shorting, they can take the other side of the trade and volume because if you put in more volume into the stock market, citadel get more money from the volume trade. stuart: do you think the future of free trading is at stake?

>> i think it is especially when you have houses demanding more collateral. this is something robin hood and others sustain when they raise 3 and half billion dollars in a matter of days, more than what they raise for the entire 8-year history of the company. there is probably a rethink in terms of 0 commissions and how long that is sustained for. stuart: is a completely new situation we've got to get used to and organize our response to it and we are nowhere near there yet. susan, guess what? i am going to change the subject all over again. president biden killed thousands of jobs with the stroke of a pen, he canceled the keystone pipeline. this fallout in new mexico, grady trimble is there. what is the fallout? >> he put a pause on new leases for drilling on federal land. this oil, just about every pump as far as the eye can see in new mexico, is on federal land so the oil and gas industry

here is extremely concerned this might lead to an outright ban on drilling on federal lands. read livingston with mac energy corporation, your extreme the concern not only what this would do to your company but also to your entire state and potentially the whole country. >> this is very true. it is the lifeblood of the new mexico economy. currently makes 33% of our budget and we get $1 billion a year from federal leases in the state of new mexico. this help teachers, first responders, highways and school systems lightly important. >> reporter: $1.4 billion goes to schools and it comes a rep from the oil and gas industry. what what are been on federal lands do. more than half of your pumps are on federal land. >> that is correct. of the federal government continues, it will make oil and gas, look at investing in other places. what this does is export new mexican jobs and comes with import.

>> reporter: if you look around here, a lot of pumps, a lot of oil comes from this part of the country. we have essentially become energy independent in the last couple decades which they worry, could be reliant on foreign oil again and i want to close with the flipside of this argument, that the biden administration says green energy would create 2 million jobs but those in this industry argue these jobs in the oil and gas industry are here right now and are on the line. stuart: we should point out new mexico voted for president biden or candidate biden in november 3rd election. they knew what was coming or should have known. thank you very much. check the market again because we now have the dow up 600 and game stop is down $102 a share, 123. more varney after this.

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stuart: all right. moments ago, gamestop halted again at $114 a share, heading south rapidly. susan seems this is pivotal moment for the markets. we've got new technology, social media, and we don't know how to adjust to these new factors. last word to you. >> what about dave portnoy selling out of these meme stocks. that might reflect a top in the market. mark cuban talking about unnatural limitations if you have robinhood restricting how many shares you can buy.

gamestop dipped to 80. bounced back up to 130 after robinhood lifted restrictions up to 100 shares for each trader. stuart: brokers have become the new regulators. susan, i should point out amazon, google report after the close of trading today. straight up. time is up for me. neil, it is yours. neil: stuart, thank you very much for that. we're closely following close what happened to gamestop. it has ad three stops. new york stock exchange halting it waiting for additional information. from its height it slid 2billion dollars in market value. made up five billion of that. very confusing. the stock at $114.58 a share. monitoring that closely. quick thanks toe jackie to jacke