maria: a big thank you to dagen mcdowell and lee carter. thank you. "varney & co." begins right now. take it away, stu. stuart: good morning. now, we've just been reminded that the power of america's technology has the frenzy starting with little underlying profit or value dies down, we are seeing the stellar performance of microsoft, apple, facebook and google after they reported some of the most path-- spectacular results in history. these companies make enormous profits. they sit on hundreds of billions of dollars of cash in the lead in the new economy and of their founders, bill gates,

mark zuckerberg and the rest are some of the richest people in the world. we have a tale of two groups, big tech and shorted stocks, what a difference. i'm going to start with amazon and google as they reported late yesterday. look at the stock price this morning. big gains, jeff bezos is going to step aside as ceo and amazon is still way up. i have more in that moment. here's the contrast, the so-called shorted the stocks, gamestop, amc have come down to earth. they are up a bit this morning and gamestop hit a hundred dollars a share again, but amc low levels, $8 a share. overall, no retreat this wednesday morning after recent gains with the dow jones up a fraction, but look at the nasdaq, i'm telling you big tech is off to the races again with the nasdaq up

about two thirds of 1%. investors get nervous, senator elizabeth warren will join the senate finance committee and she has made a new call for wealth tax, confiscation of your money. democrat senator joe mansion hester and a wrench in the democrats plan of the relief package. he does not approve of raising the federal minimum wage to $15 an hour. of that could make it difficult for senate leaders schumer to push through the relief package on a straight partyline vote. is joe mansion now the most powerful senator of them all? we will discuss. today, big show, moments from now dave-- dave portnoy, he lost $700,000 in the robinhood debacle. what is he doing now? call and breyer is on the show, he was jeff bezos right-hand man and he has insight into the man who built a

$200 billion fortune. wednesday, february 3, "varney & co." is about to begin. ♪♪ stuart: they have it, six avenue, they have cleared the streets. virtually no traffic or people. it is cold in new york city. i'm going to show you a tweet from barstool sports dave portnoy's and it's receiving a great deal of buzz. i have officially sold all my mean stocks, i lost 700,000-dollar -ish , flag and company stole it from me and should be in jail. dave portnoy joins us now at the top of the show. dave, there is some

confusion of what you still actually hold. are you out of all of these heavily shorted stocks are wet? >> i got out of them at the time of the sweep. i bought back a little this morning because i saw amc going back out, but when i tweeted, i got out with a $700,000 loss. stuart: are you done with robinhood in this kind of investing? >> you know, it would take a lot for me too do it. we have spoke before the main issue i had was i didn't know they could pause trading like they did in trade up the price and i was jumping on the train trying to make quick money. i will still do that if the opportunity presents itself, but is certainly opened my eyes to what could be done when the little guy starts to get the hammer. stuart: have you thought of changing course and going towards the stocks that have really strong profits, strong growth, organize, well-maintained companies?

have you thought to make me switch based on fundamentals? >> i think that's the misconception. i own a lot of those company. i own amazon, shopper five, i have taken a gambling stocks, so i have stocks that perform long-term holdings and i also have the short ones so i do both. it's not like i'm just looking for mean the stock so to speak. stuart: while we're on the subject, what you say about jeff bezos stepping aside as ceo of amazon and new guy, andy jassy coming in? >> that caught me off guard, but jeff bezos is a swinging guy so maybe he just was to have more fun with his life. stuart: you just made a headline there, dave. the lab 10 off, the robinhood ceo, he will be hauled before maxine waters house committee. that may mean you will see some regulation coming down the pike on

wall street, trading, do you want to see any kind of regulation? >> yeah, i certainly do, i mean, what happened a few days ago should not be allowed to happen and that is the majority of people did know the rules could be changed on a whim. yes, i think there should be legislation. i always thought there should be legislation out of this, so i think something has to change because the overall feeling that the market is tilted towards the big guy, should it be the case of hopefully they can do something to make that every day trader feel like they are not getting screwed over. stuart: okay, what about new taxes? i suspect the left will use this as an excuse to raise taxes on the rich. how do you feel about that? >> here's the problem, i am rich sawyer would rather that not be the case. stuart: do you think it might be >> yes, i think it could be because obviously with congress and what

it is they are always looking to raise taxes on the rich. to be honest, it's a good lever to say hey, look what these guys are doing with high-frequency training. that doesn't really affect me, but i'm not a liar, stuart. i would rather have more money than less. stuart: you don't normally get into politics, but do you swing to the right on this one? >> yes, i-- when people ask, social, liberty, financially conservative, so yeah. stuart: you lost $700,000, but you got bit-- back in a bid to the shorted stocks. you have amc right now, do you have any gamestop? >> i never had gamestop. i always thought i was too late, but amc and if i look now, amc is running, of 15% premarket, so that's a good. on up about 60 grand. i put 700,000 in amc

this morning and it is already up 4%. stuart: when are you going to get out? >> i don't know. like i don't trust anything. i'm very curious to see what happens at 9:30 a.m. it could have another run, but the question is that stock has been restricted and today i don't think it is, so it's a bit of a guessing game what will happen. this is just watching the ball bounce black or green right now, black, red or green. stuart: robinhood has announced this morning that you are now allowed to buy fractional shares in the gamestop and amc. that brings the little guy back into it, doesn't it? >> it does and buy fractional they have been doing that, but one share, five shares, so i don't know how many-- and also they are liable to stop it if it goes nuts again like they did before, so it's hard to

predict. at least i know the rules can change on a whim, at least that is my-- is in my favor this time. stuart: they are enough. i can't let you go without raising the issue of the super bowl. i understand i'm taking a left turn. in 2019 i believe the super bowl you were arrested and kicked out. we have a video. are you going back to the super bowl this year for another dose? >> stuart, i'm a patriot fan, diehard. tom brady is the reason i got arrested. if the patriots aren't in it, i'm not in it. it's tough and i'm conflicted watching tom. stuart: who do you think willie -- who do you think will win before we leave? >> i will take the chiefs. but-- i will take the chiefs. i'm not proud of it. [laughter] stuart: thanks for being with us. trend, always a pleasure come again assume the.

>> absolutely. thanks. stuart: the other big story today, jeff bezos is stepping down as amazon ceo. come on in, susan. what he make of this? susan: dave portnoy calling bays of a swinging guy so we know basis says he wants to focus on new products in early initiatives. think of the washington 's post in his space venture. in his letter he said 27 year cents amazon founding with amazon $1.7 trillion company more than tripling in value since the ipo making jeff bezos one of the richest on the planet worth close to my $200 billion and needs handing the reins over to amazon cloud boss andy jassy, not a huge surprise as he has been with amazon since 1997. cloud also the biggest moneymaker for amazon accounting for nearly 70% of amazon's

operating profit jeff bezos going out on top after amazon's first $100 billion sales quarter and it's not like things will change given jeff bezos has taken a backseat in day to day operations anyway reports said workers haven't really seen him at the seattle headquarters for some time. stuart: i mean, i can believe that amazon stock would go up like this nearly 2% if investor spot jeff bezos stepping aside would make a big difference. susan: i think it has more to do with some target price, but we will get into that when the bell rings. stuart: yes, we will. next subject is alphabet. i always call them google. of nearly 7%. and they got their earnings report out. with the big take away? susan: huge retouched-- recovery in advertising revenue. reported yesterday on their earnings and she said record quarter was reflective of the increasing advertiser activity so unlocking a budget that was paused

earlier in the year due to covid and also breaking out google's cloud for the first time amazon stock surged and went vertical today first broke out encoding 2015 so google says here it is with over three half-million dollar in cloud to sales, but the problem is they are still losing money on the business. they lost over a billion dollars in the quarter, $5 billion for the year in way behind amazon microsoft in the cloud division but its core business of advertising, big recovery and you look at the price hikes this morning as the reason why call that google will drive the game. stuart: of nearly 7% on alphabet right there. thank you. looking at teachers. looking particular at the nasdaq. is powered by big tech of another 1.6%, 80 points. nasdaq will be around 13500. senator elizabeth warren is getting ready to make her dreams of a wealth tax a reality and by the

way, you have been warned. watch this. >> we have to ask those at the top to pay a little more. make them pony up. stop playing defense and get on our front hood and go after it, disrupted. it's time for a wealth tax in america. stuart: her first order of business now that she is joining the senate finance committee, a wealth tax. a democrats are moving forward with their covid relief bill, but they have lost a joe mansion. he doesn't like the 15-dollar amount federal minimum wage. we will deal with that next. ♪♪

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stuart: we are going to be on the up side at the opening bell, not the dow jones, but the nasdaq in for a gain. here is why the nasdaq is doing well, big tech, almost across-the-board with the exception of facebook, microsoft. those stocks are up, especially google and alphabet. look at gamestop and amc. amc particular, it's up 11%. remember earlier this morning moments ago dave portnoy said he lost a $700,000-- he moved $700,000 into amc. by the way gamestop is hiring matt francis, the engineering to that amazon web services and he will be the chief technology officer at gamestop. the stock is up 60% higher, 104 is the quote. anymore news on robinhood? lauren: the ipo we were talking about the could have been

shelved because of the fiasco with the restricted trades, materially it is on and reports as a robinhood will become a public company sometime in the second quarter, so next quarter. public debut will help them bring in fresh capital as they battle this widespread criticism in the wake of restricting of some trading to meet higher collateral requirements. that campaign will come into focus sunday, super bowl sunday. robinhood will drop five and half-million dollars for a 30 second super bowl commercial and the point of the commercial is to remind people of their mission, what they stand for helping anyone to invest. there is a tough twitter crowd out there against robinhood, but they still add users, i think a million last week and now with the super bowl campaign maybe they can turn it all around. stuart: that's quite an investment to make. let's see if it's worthwhile. look at the rest of the shorted stocks.

i noticed game stock-- gamestop is up 17%. there is a rally in the shorted stocks right before the opening bell. let's bring in economist stephen moore. we are hearing calls for a wealth tax, stock trading tax, if these taxes were imposed, what you think would be the impact claimant by the way, someone should tell he was bit more and we already have a wealth tax in america, stuart. it's extremely high and we have a 40% tax in the us and by the way president biden was to increase that death tax get rid of something called the step up bases that debt which means that next generation has to pay massive taxes on the wealth passed on from their parents and grandparents. wealth taxes have failed everywhere. show me anywhere in the world-- i should ask

that question to elizabeth warren, show me where wealth taxes have worked because the wealth disappears, goes to other countries, goes to offshore bank accounts and all it does is leave-- leads jobs leading of the united states, very misguided. stuart: is not designed to raise revenue. it's designed to beat up the rich and show the temper tantrum of many people against the billionaires. let me move on. $15 an hour federal minimum wage is the proposal. senator mansion doesn't want it to does that kill the $1.9 trillion relief package? >> i wish it did, but it's not in by the way there is a trillion-- did you know, there's a trillion dollars that has not been spent from the previous covid bill in these morons in washington want to spend another 1.9 trillion on top of the trillion that the agency has not spent

joe mansion is the second most important person in washington because he has key votes and he will and that and unfortunately though pre-massive spending bill. he will get some of his own way, but can you imagine a 15-dollar an hour minimum wage in west virginia? you would put half the people in the state out of jobs. it's one thing to have $15 an hour in new york, but it will kill states like arkansas and alabama in west virginia may be that's the intention. stuart: wealth tax will not work in the $1.9 trillion stimulus package or covid relief package will go forward. stephen moore, thank you >> maybe not 1.9 trillion, maybe 1 trillion. stuart: trillion, take your pick on the numbers. got to go. i want to talk about the housing boom. it continues and we had the latest on mortgage applications. that's an indicator.

what you have, lauren. lauren: the bottom line is these low rates are lighting a fire under homebuilders with applications for the week up one point%. there up 16% from last year. refinancing popular, up 11% last week, 59% from a year ago. while prices are high, supply is low enough so frustrating to many, they are still drawn in by low rates and that desire for space and to live somewhere else. stuart: i understand it all. thank you. quickly to the futures, see how we will open, a tiny drop for the dow jones, but a big game for the nasdaq and big tech. moron that-- more on that after this. ♪♪

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stuart: two and a half minutes till the opening bell and look at gamestop and gate-- amc. by the way, dave portnoy at the top of the show said he put $700,000 into amc. it was a quick 50 then and now it's up 14%.

may be dave portnoy moved the market. bring in mark tepper. i thought this frenzy was winding down, but it appears to be winding up again. isidore or not? >> tour, i don't know if it's over, but i don't think it will end well. i think it's probably closer to over than anything. look, i mean, valuations can differ from the price of a stock for a long. at some point that have to come back alignment. the stock is not worth 10 billion, not worth 20 billion, these are not buy and hold stocks. these are strictly trades and a lot of people have made a lot of money. if you were one of the architects of the trade you made some money, but you look at this wall street bets community and they are all about holding the line, don't sell and for the people that stay into long they will overstay their welcome potentially get

hurt. i think it's probably closer to the end of than the beginning. stuart: so, there will be tears in the end. i think it's more important to move on to amazon. as you know jeff bezos step being down as the ceo later this year. what does that mean for the company in your opinion? >> not much, i mean, it's the natural progression of any company just like bill gates with microsoft. in fact, i mean, probably better because now jeff bezos gets to do what he does best, both for himself and amazon stakeholders. he gets to innovate. he can figure out which industry he will disrupt next. no need to waste time being a manager of the-- coming through p&l's and there's definitely no need to be distracted fighting the antitrust fight coming down the pike so let him do what he does best. andy jassy has been running their most profitable division for years and that's

basically a fortune 50 company inside amazon on by itself so unlike the move. stuart: these big tax are just amazing. mark tepper thank you for joining us. they are ringing the bell. here we go. it's 9:30 a.m. futures show a loss of about 80 points. but see how that translates into actual trading. down 70 in the first few seconds. dow jones-- we will get that board to work sooner or later. s&p up one third of 1%. i'm interested in the nasdaq and i believe there's a strong gain. .8%, 100.7 for the nasdaq. big tech mostly to the upside. alphabet to look at that as it's now up 8% in the opening of trading, all time high, well about $2000 a chair.

quickly, gamestop and amc, going to repeat this, dave portnoy told us a few minutes ago he put $700,000 into amc. he may have moved to the market because it has moved up from there. gamestop, amc on the upside. looking at apple, they are investing serene half-billion dollars in the korean car company. this is a trend. a big tech getting into car companies. susan: electric cars in particular. there are reports and continued rumors of an apple car and this is reported in a local korean newspaper and they are quoting sources inside kia. kia bounced 14% on the back of this report, but it looks like according to this they are targeting a 2024 release of the apple car and it will be built in the us in the state of georgia,

looking for 100,000 cars to produce each and every year, but again you have to caveat this because apple did not respond and kia backtracked on some comments and apple is very secretive when it comes to new products and i'm sure they are going to be happy with these leaks. stuart: susan, let's talk about amazon. i can see the price currently around $3400 right there at $3400, but i believe there is new and higher price targets. susan: what you think of 5200? that's a street high for amazon stock. i counted so many investment coming into raise their target hike and price targets for amazon. it's a blowout quarter, $125 billion plus in a sale's first 100 billion-dollar quarter and forget about jeff bezos of stepping aside because i think it's been that he has cut that from day to day and andy jassy with the

amazon cloud amazing profits out he's a capable custodian. another point is that the electric van investment testing delivery in la and you interviewed jeff bezos over the years, so look at it from books to cloud to electric vans, i mean, this is a company that is textbook when it comes to iterating. stuart: he started amazon 27 years ago i believe about that time and i interviewed him 25 years ago. he smiled a lot in those interviews, but no one ever guessed at that time that he would move it from books into space and the rest of it in the cloud. we had never heard of the cloud back then, but that's what he did. 5200 price target on amazon. that's astonishing. street high, still astonishing. i'm going to talk about chipotle mexican grill as they are down this morning 1% lower, same-store sales up 5%,

digital sales almost tripled, but they didn't provide an outlook for the future and there is some profit taking. it was an all-time high yesterday so that accounts for the loss this morning. we have kraft heinz reportedly in talks to sell its planters snack brands to carmel, the spam people, that's worth about $3 billion and could be announced next week. not much movement in those stocks. spotify is down. i thought they reported a strong growth in the latest quarter. susan: sales were strong, but the early loss was a wider than. sales were pretty good in those three months in a number of premium sub-- subscribers that pay for the service jumping up 24% and that's better than expected, 155 million paying subscribers but it could be the case that the stock running up so much in anticipation of higher numbers that maybe it's

a bit of a profit taking story. stuart: i knew you would say profit taking. susan: there you go thought. stuart: got it. show me electronic arms, down 5%. again, susan, i thought they reported a strong quarter. susan: they raise their annual sales forecast because people are stuck at home during covid and that they have been gaming and i think it feeds into the short-term idea that maybe gamestop is actually a short-term story. people are buying their xbox series that gamestop. we saw games do really well for eaa and gaming will be a continued gloom story throughout 2021 and beyond. stuart: you got that right. show me alibaba. i think they are on the outside. 3% higher. they have a deal with the chinese government.

susan: remember the financial arm of alibaba had a record-breaking ipo killed by beijing, but looks like they have reached a deal so they will have to meet some capital requirements. they are similar to banks, think of more oversight and regulated like a bank and that pleases the authorities of china and allows the financial arms to operate and possibly ipo again. alibaba raising $5 billion in debt, all in all recovery in stock after yesterday coming out with strong numbers and making money on call for the first time. stuart: big feature of the market in the early going this wednesday morning is the volatility still in those shorted stocks with gamestop that just dropped below $100 a share. real volatility again in those stocks. overall, the big board shows a minor loss, 50 points down. 10 year treasury yield is 1.11%. price of gold this

morning, still floundering around in the $1800 level, 1839 to be precise and silver at a pop recently close to my $30 an ounce and now down $27 an ounce. bitcoin $36000, up nearly 2%. oil, this intrigues me. oil reached $55 a barrel and i believe it touched 56 earlier with quite a rally in oil and that's pushed the price of and we have the average price per gallon of of gasoline up to to $2.43 a gallon. here's what we have the rest of the day, liz peek says it only took 10 days to expose president biden for the fraud he is, those are her words. she will explain next hour. get this one, chicago's mayor lori lightfoot said president trump is to blame for the chicago public school mess. listen to this.

>> this is a very difficult situation and we are in it still because of the incompetence of the previous administration. stuart: okay, you will hear "my take" on that at the top of the 11:00 o'clock hour. we will be back. ♪♪ - i'm norm. - i'm szasz. [norm] and we live in columbia, missouri. we do consulting, but we also write.

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stuart: wednesday's trading session with the dow jones down, but a reasonable game for the s&p. nasdaq up a 53. it's come back a little bit. here's a big winner, scotts miracle grow. they made their first-ever quarterly profit. they will hear their first ever super bowl commercial and his stars and i suspect that stock is up because people are growing there own

flowers at home. the stock is up nearly 4%. let's get back to heavily shorted stocks. they are on the upside, minor-league minor-league bounce, not that huge, but they are up. nevertheless, the little guy we are told has lost a great deal of money in a few days. how much money are we talking, lauren? lauren: $167 billion from bluebirds looked at the 50 stocks that were originally on the restricted list from the end of last year to this week. these are up still and some drastically for the year, but they got killed recently and if you are an investor in your bot high, you suffered losses this week. you are looking at gamestop shares and if you look at monday and tuesday they fell 70%, cost almost 90% in two days alone. the lesson here is i think the lesson on new traders learn, you know,

if you buy something high that's not worth its perceived value, you will get hurt and a lot of people did so some small guys learned a valuable lesson in her cashier in investing. some guys knew what they were doing like dave portnoy. stuart: $167 billion, now blows me away. lauren: i know. stuart: show me gamestop again, please. it had reached 120 and now it's 99. the gentleman on the right is andrew smith. andrew, you bought gamestop at 12.50 and sold it at 38. are you going to get back into it and if so why? >> most definitely, so we looked at the company in december and felt the fundamentals made sense. the short squeeze we saw

very imminent in december manifested in itself so we think that tailwind still makes sense we just wanted to mitigate the crazy volatility happening so was the price gets back down to where we think intrinsic value will grow again, we will reenter our position. stuart: where do you think the stock for the company has intrinsic value, how far down does it go before you buy? >> quite a bit more. we have been looking at models between 25 to $35 for share price so it's got quite a bit more to go down. again, a company that has been riddled with a lot of issues and we know the short squeeze is behind us, but there are a lot of things they have to publish going forward and that we think they will accomplish with the new xbox, the ps five as well as new games coming out and they are the only brick-and-mortar store that offers secondhand game purchases and that's important given the pandemic and how expensive games are for the branding models.

stuart: the only guy who's been on the show who's buying gamestop for its intrinsic value , but only guy, but good luck. living race this, dave portnoy earlier this morning said robinhood people should be in jail. what do you say to that? >> i definitely agree with dave. i think the fiduciary responsibility of any broker is to keep your clients informed especially when your clients are trading on margin, trading options. of the conversation with no liquidity at the brokerage house that require them to restrict their share purchases should of been communicated immediately so the mere fact it took for five days to get clear messaging to clients is egregious and it shouldn't cause people to be angry. stuart: andrew, you will get back into gamestop if and when it gets to $35 a share and it's currently around a hundred so i guess you aren't back in yet. thank you for joining

us. again, you are the only guy who values gamestop on fundamentals. interesting. let's talk space x. they had a test flight that ended in-- look at that, fiery explosion the. susan: take a look. another fireball bear. that is space x starship prototype again exploding as it tried to attempt landing. remember the fireball in december, same prototype line. it was successful. even space x admits may be landing is a bit tricky and something they may need to work on these starships will launch cargo and people to the moon and mars in the future. yesterday you said you would go to space on space x. do you still think that

way? stuart: maybe i'm having second thoughts. susan: i was canvassing around the office and i think it would be easy to raise money here to launch stuart varney into space. stuart: really? is that which you want to do with me? second thoughts on that one. let's move on. florida's governor, ron desantis is going after big tech calling for a fine of $100,000 a day for d platforming political candidates. we are on it. it's only been two weeks since president biden's press team pledged to this. watch this. speedup when the president asked me too serve in this role we talked about the end importance of bringing truth and transparency back to the briefing room. stuart: truth and transparency, transparency is interesting. as we've been telling you there are new reports here that they are now asking for clenches-- questions in advance.

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stuart: it's time to talk cryptocurrency. on your screen theory am chris is back with us. first of all, welcome back. good to see you. i know you like ethereum -- do you own much of it and is it the new bitcoin? would you say? >> well, thank you, stuart for having me. we do zero in the sum and it's making all-time highs. at about a third of the market of bitcoin. bitcoin was the first cryptocurrency digital asset, then nomenclature does get confusing as people talk about digital assets, block chain, cryptocurrency interchangeably but bitcoin was the first one, most popular. a cerium-- that coin is like digital gold, it's

not a smart asset. ethereum can be programmed so it's very popular growing fast and it's hitting all time highs it's a volatile, but it's becoming popular and on monday june 8 group will launch futures on the theory am -- a cerium-- ethereum stuart: what i don't understand is you say it can be programmed. what is that mean? >> it's an amazing technology development that on the block chain ether, this virtual currency or digital currency or cryptocurrency can be programmed under certain conditions the money will move, so contracts whether they are written contracts where money moves for settlement of buying a property or whatever, ethereum can be programmed where the money will move under

the conditions of said in the software, so it can be programmed to be smart money, if you will. it can think quote unquote. stuart: so it is a form of money, a medium of exchange rather than bitcoin, which i tended to associate like a store of the value like gold. have i got it right? >> close. good question. it's more like an instrument of exchange than bitcoin. bitcoin doesn't do anything and it's more like gold them like a currency, the ether also under the commodity futures trading commission is a commodity and they will open futures on monday so it's still a cumbersome outset to be used on your phone all the time as an instrument of exchange, but it's better than bitcoin and to have smart money, it's got capabilities that are kind of breathtaking.

stuart: i find it interesting that they have the futures contract starting next monday. i wonder what the margins will begin i wonder if the margins will change because that's a way of regulating the price movement. i'm sorry i am out of time care. thank you for being with us. christopher hehmeyer, we will have them back. big show still ahead. liz peek, senator marsha blackburn, bret baier and martha maccallum all in the second hour of "varney & co." ♪♪

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♪. stuart: don't stop me now. 10:00 here on the east coast. 10:00 eastern that would be. let's get straight to your money. overall markets kind of mixed a strong gain for the nasdaq. up 2/3 of 1%. 13,700 is your level. big tech, start with amazon. they had a blockbuster quarter. of course jeff bezos is stepping aside as ceo. more on that in a moment.

google hit an all time high. they're up 8%. that is a huge gain for google. it tale of two markets. the shorted stocks, relatively low levels. nowhere close to their highs even though they're up a little bit. look at big tech on the other hand going to the upside. robinhood, david bahnsen, sorry to do this to you. forgot to mention you. let's see what have we got here. tale of two markets. there he is. we were not quite sure you were on camera get. mr. bahnsen, it looks like it has ended in tears. we're told that the little guy has, bloomberg says $167 billion. you saw this coming. >> of course. i hate to say it. i don't think it is done. i think there are plenty more tears to be shed. what happens in these type of

situations people see big drops, okay, i'm getting a second chance, a second bite of the apple to come in. i can't say exactly where fair value is, let's say a lot of these names are likely lower than where it is still. yet there are some people holding long positions because they came in speculatively. they found out that there is no such thing as free money. stuart: can you deal briefly for us, with amazon? a change at the top? can you tell us what that means for amazon? i know this is not your field but it's a big story? >> no, but i mean i've been following high-profile ceos that have left their positions for my entire investing career. i've seen interesting events with stocks prices out of succession. this was a bit of a surprise because it wasn't telegraphed and planned for years and years. so you look at like the general electric transition when squawk welch left about 20 years

ago. it was very well-planned. it was very methodical. there were high-profile people. they picked someone. the company itself came out of a really, really high valuation and struggled for years. a lot of people looked at jeff immelt, you haven't really performed. in reality jack welch left at a very high point. part of me wonders if that is the situation. i suspect innovator of cloud services at amazon is the right guy to lead going forward. is a bezos leaving at time valuations are tip tiptop so something investors need to watch. stuart: david, come back please. breaking in here. we have information, data, i should say on the manufacturing sector. it is the ism, no the non-manufacturing sector. what is the number, please, ashley? ashley: that is the services sector, very important, coming

in at 58.7 for january, much better than expected. it was 56.8 was the estimate. also beats what was a stronger than expected december. this is a good sign for the economy, stu. services accounts for about close to 70% of gdp. so some encouraging numbers from the services sector. stuart: no immediate response on the market. the dow still down just a fraction, 26 points. nasdaq holding to a gain 3/4 of 1% gain. ashley, thank you very much indeed. now this. anyone who has built up their savings and investments, anyone who made a few bucks, your attention please. get nervous. the left is going to use what it calls the wall seat crisis to hammer the whole investment world. they will never let of a crisis go to waste. it is ominous. warning signs are out there. far left senator, elizabeth

warren, the scourge of capitalism, will join the powerful senate finance committee. she renewed her demand of a wealth tax, the seizure of your money. representative ro khanna is all over the media these days calling for a stock transaction tax. treasury secretary janet yellen called for a meeting of regulators about robinhood a h about the stock market frenzy. we're hearing the siren song of the left, tax and regulate. use robinhood the excuse. wait until vlad tenev appears before maxine waters committee. it will be televised theater, robber-barons of technology and of course the wick askedness of capitalism. looks like investment frenzy surrounding gamestop is we'll winding down a little. so what? the left will keep it alive. it is another opportunity to beat up the rich, even though

the rich, the elites are democrats supporters. they're quite capable of killing the goose that lays the golden eggs. get nervous, everyone, the left is running the show right now. the second hour of "varney & company" roping forward. ♪ stuart: i've got a headline for you, biden's first 10 days. here's how he infuriated half the nation in record time. liz peek wrote that. she joins me now. liz, you say that president biden is a fraud. that's your word. that is a very strong word. why do you say that? >> well, stuart's let's remember joe biden campaign was all about bringing the country together, working across the aisle around how joe biden was the moderate amongst all the democrat contenders. what have we seen in the first

10 days? 30 executive orders, a whole slew of executive actions, basically not only overturned everything that donald trump did but also infuriate any republican. canceling the keystone pipeline. canceling immigration policies that slowed the flow of caravans coming north. all kinds of policies which are very divisive around joe biden knows this. here's the biggest test though maybe. who is tweeting positive things about joe biden's first 10 days? ilhan omar and the head of the justice democrats. their view is, he could not have made progressives more happy. so i think that really says a lot but the biggest test is what is going on with this $1.9 trillion covid so-called relief bill. joe biden met with 10 moderate republicans. that was a nice photo-op. then he went right back to basically signing on to

democrats pushing through the whole $1.9 trillion measure via reconciliation. which is possibly the most partisan way to achieve any kind of legislation. so my view is, yes, joe biden is a fraud. i don't know if joe biden is driving this bus. it seems to me like chuck schumer around nancy pelosi are kind of in charge but i tell you, it is a very bad sign to have this first 10 days more divisive than i could have imagined. stuart: but can he get all of this $1.9 trillion covid relief package, can he get it all through reconciliation when you've got senator manchin saying i'm not going for 15 bucks an hour federal minimum wage? >> well the minimum wage is not part of what can go through reconciliation anyway because that is not a budget item. only budget related items can be used in that reconciliation process. but the answer is, is joe manchin really going to stand up

and confront every other democrat that's basically calling crisis? you said in your earlier segment something about a crisis going to waste. what is even worse democrats are manufacturing a crisis. our economy is bouncing back. the cbo says no. a lot of economists says so. the pmi for the non-manufacturing sector that you just talked about comes in the heels of a manufacturing pmi that is equally robust. stuart, the economy is in good shape. yes, there are sectors that need help. the people who are unemployed need help and small businesses need help. that's what the republicans 600 billion-dollar plan was supposed to confront or to solve. but i think what we're seeing is this unbelievable spending spree that will result in a 4 trillion-dollar budget deficit this year. and basically, helps all those blue states that are gotten into

trouble because of their outrageous union contracts will be spending money on schools and other things, other groups that have supported joe biden. it is an affront to americans. and what really makes me angry, they're lying about the necessity of it. if we had a real honest debate in this country what we need to help the economy we would not end up close to two trillion dollars. stuart: liz, got it. thank you very much. we'll see you real soon. >> thanks, stuart. stuart: let's get back to the markets here. we got movement especially in the nasdaq. how about big movers of the day? what have you got for us, lauren? lauren: looking at some of the pandemic winners. look at sony. they hiked their full year outlook by a third. people are stuck at home, playing videogames. sony's new consoles are sold out. they cannot build the playstation five fast enough. that is a good problem to have.

look at zoom. they're looking into the future, they're saying we'll have hybrid workforces. how do we help companies make people feel comfortable in a conference room for instance? they're adjusting their features to adjust to the new work place, match is the online company. investors are concerned about what they said about their outlook. once again, google, it hit a all-time high. it is above $2000 a share for the first time. huge recovery in ad spending. we're working from home, shopping from home. we're using youtube at home. did you know youtube reaches more users ages 25 to 49 than all of cable networks combined. it is crazy. if you ask me with little kids, it is a major problem. stuart: i'm not surprised by this. i see it in my own children and grandchildren, actually. youtube is where it's at for them. they can see what they want to see. all right.

lauren, let's move on, the robots at boston dynamics. you see these. they're famous for their dance moves. watch it again. ♪ ♪ do you love me ♪ stuart: stay tuned to this program, please. that's not all they got. they got some new tricks. we have the full video just ahead. i find that stuff amazing. white house press secretary jen psaki phasing criticism mocking the u.s. space force. watch this. >> wow. space force. it's the plane of today. it is an interesting question. stuart: okay. she is trying to fix her comment. we'll tell you what she is saying. plus we've been telling you about jeff bezos stepping down at amazon. my next guest is being called jeff bezos' shadow. because he worked alongside him for so long. he joins us next with some insight into his former boss.

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can it help me fall asleep faster? yes, by gently warming your feet. but, can it help keep me asleep? absolutely, it intelligently senses your movements and automatically adjusts to keep you both effortlessly comfortable. will it help me come out swinging? you got this. so, you can really promise better sleep? not promise... prove. and now, during the ultimate sleep number event, save 50% on the sleep number 360 limited edition smart bed. plus, 0% interest for 24 months on all smart beds. only for a limited time. stuart: all right. markets, dow is down, nasdaq is up. that is the state of play this morning. you have got to show me spotify. they're taking a major hit, 8.7% is a major loss for the company, despite what i call strong subscriber growth. strong subscriber growth but they didn't give an outlook. they gave an outlook but it wasn't very strong outlook.

that has gotten to spotify. you don't see that kind of a drop very off the ben but you have in spotify. that stock is down about 30 bucks. amazon down 12 bucks a fraction of 1%. jeff bezos is stepping down, andy jassy replaces him as ceo. author of the new book, working backwards. he is a former vice president of amazon. he is, was, chief of staff to jeff bezos himself. all right, colin. welcome to the show. what is jeff bezos going to do now? >> well, we'll have to see. he said he was going to focus on of his either endeavors, blue origin space, day one fund and climate change initiatives. he will also be involved in amazon on new initiatives, what we like to call one-day doors, decisions that you make that are hard to reverse. he will still be involved in amazon moving forward, just in a

different role. stuart: okay. you were with him for many, many years. you were very, very close to him. his right-hand man, his shadow, what people were saying about you. when he came into enormous wealth, i think rather suddenly, did that change him? >> you know, it didn't from the very first day i met jeff when i started working at amazon in march of 1998. he told me that his goal was to build earth's most customer centric company and from that day i met him he really stuck to that mission and vision no matter what the gyrations of the stock price over that ensuing 20 plus years. so you know, obviously some of the things he can do now and capabilities are quite different of both jeff himself and amazon as it has grown to scale but at its hart building customer, earth's most customer folk discussed company that has not

changed since the day i met him. stuart: was he a good boss? >> he was. i consider him my friend. he holds everyone including himself to incredibly high standards. he won't compromise on the customer experience. he has a unshakable conviction the long-term interest of customers and shareholders are perfectly aligned and he is willing to be misunderstood within and outside the company and cannot be taken away from that conviction and i think that one of the things made amazon an enduring company moving forward. stuart: does he hide from the public? i asked the question because i've not seen much of him. he rarely appears. is he to some degree in hiding? >> he is not in hiding. you know, when i was working with him, so i spent, you know, about 10 hours a day working with jeff in the 2000s and he spent most of his time energy inwardly focused on the company. really focusing how to build an

enduring company. that is a lot of work that under the tip of iceberg people outside of amazon don't get to see. i think perhaps one of jeff's, amazon's biggest legacies. amazon created what we call an invention machine which is a set of principles and repeatable and scalable processes that allow any organization, small or large, to build a customer focused, long term thinking innovative company that takes pride in their operational excellence. when jeff goes to the press he is willing to be the company's spokesperson especially in tough times. with fire phone, it was not the success amazon hoped. jeff was front and center answering questions, fielding questions, saying hey, i hope we're working on bigger failures in the future. there was a an incident back in the, about 10 years ago when kindle e books, two george

orwell books, 1984 and animal farm, i believe, illegally sold on the kindle and amazon handled that incorrectly, instead of doing what is right for the customer. he set front page on the amazon homepage. we're sorry. we made a mistake. we're going to fess up to our error. it did not achieve our high standards. we'll make it right for the customer to move forward. so when necessary jeff has no problem going in front of the customer and the press and talking about the company but most of his effort is focused internally. stuart: last one, 20 seconds, please, does he revel in his enormous wealth? >> no. he revels in invention and focusing on things that are going to delight the customer. that is where i've seen the joy and laugh come through with jeff. i expect that to continue, but discuss in a slightly different format moving forward. stuart: colin bryar, great to

have you on the show at this particular time. look at your book, "working backwards." we appreciate you being here. colin, come back again soon. >> thanks for having me, stuart. stuart: sure thing. big story of the day on your screens, google as in alphabet. they must have had a strong fourth quarter, susan to be up 7%. susan: what would your wealth look like to stu varney? stuart: i didn't hear that? say again. susan: what does reveling in your wealth look like to stu varney. stuart: well, jeff bezos has 160 million-dollar place in los angeles, a 40 million-dollar place in d.c., a 90 million-dollar place in manhattan which he is renovating by the way. i would call that reveling in his wealth. come hundred didn't bring it out there but that is what i would call reveling in massive real estate. susan: bezos taking a step back. but also if you look what happened at google and alphabet, the two cofounders have also taken a step back as well. seems like there is this natural

transition in technology especially with bill gates back in 2000. i was speaking to alphabet's ceo, ruth porat yesterday about the record fourth quarter. because the stock is it up seven this morning. she puts it on huge recovery which is a good thing. huge recovery of ad dales. companies are reopening budgets after covid. they're taking a page out of the playbook, breaking out cloud the first time. remember when amazon did that in 2015, their stock went vertical after that. for google cloud, they're losing money. $3 billion, five billion for the entire year. advertising is what is moving the stock. that's request analysts are bullish. look at the price target hikes all above 2000 and the cloud number shows us they're still far behind amazon and microsoft. it makes sense why andy jassy has been chosen to amazon in the

future. stuart: i not forgot enwhat you said in the last hour. susan: what is that? stuart: high price target for amazon. 5200 a share. that is amazing. i have not forgotten that. i want to talk about apple, they're investing 3 1/2 billion dollars to i think develop their apple car. can we call it that at the moment? susan: so eyaw rallied 14% on the back of this local news report. this hasn't been confirmed by apple. kia hasn't confirmed this. according to the sources spoke to this keyian newspaper, apple will spend 3 1/2 billion dollars targeting a 2024 release. they're looking to produce 100,000 cars a year in the state of georgia. you know apple doesn't talk about future projects. they're very secretive when it comes to development. analysts say there is a 50/50 chance of a apple car coming out. given tesla dominating this market. it is multitrillion dollar

opportunity. apple might have a better chance getting in than expected. stuart: we've seen a lot of big car companies partnering with big tech companies, apple, kia, would make sense if it is accurate. susan: yeah. stuart: all right. stock's down a bit. president biden is defending his record use of executive orders, 47 so far. he will sign a few more. watch there. >> there is a lot of talk with good reason about the number of executive orders that i have signed. i'm not making new law. i'm eliminating bad policy. stuart: i got to say i find it hard to listen to the president when he got a mask on. not a great form of communication. we got the full story for you though. that is a promise. plus the short squeeze saga, getting started on capitol hill or it will. the ceo of robinhood is expected to testify in just a couple of weeks. senator marsha blackburn is here to discuss that. the senator is next.

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♪. stuart: we opened pretty much higher across the board. let me see the markets, please.

i will get to gamestop in a second. overall the markets are all now pointing south. the dow industrials off 120 points. we have the s&p on the downside. we have a minor loss for the nasdaq. this is quite a turnaround from an hour ago when those most of those indicators opened higher. down 120 on the dow and falling. get to gamestop. $89 a share. sorry, $90 a share. virtually unchanged. there is late news on gamestop. what is it, susan? susan: gamestop did a smart thing. they hired away amazon cloud's engineering lead, matt francis to become game stop's new technology officer. that ties into the two biggest stories of the day. smart move, still down 70% since friday. pretty volatile trading. no trading halt a day with which is unusual. 1600% rally in the stock since january.

robinhood allowing to buy fractional shares of gamestop since they are so expensive in the short squeeze. limiting shares up to 100 from 20 to start the week. yesterday robinhood's ceo writing a blog post, blaming, pointing a finger at clearinghouses, we need real time settlement of trades, instead of two-day settlement, so they know how much capital they need to set aside that means they don't have to surprise investors by limiting share purchases all of a sudden as well. stuart: he will be hauled in front of congress next couple weeks. we'll see what he has to say about that at that time. gamestop up 91, up one dollar. senator elizabeth warren, set to join the senate finance committee. she will use robinhood to call for a health tax. she will definitely demonize wall street. senator marsha blackburn, republican from tennessee will join us now. where do you stand with the

demonization of wall street which i think is coming down the pike at us? do you think we'll need any regulation? >> i tell you the message from wall street from republicans is this, we long favored a deregulatory environment. i don't think we should be micromanaging what is happening with the hedge funds. likewise, to main street i would say this. if a app that you're using tells you that the service is free then you use might be the product. but we want everyone to have equal access to the marketplace. when it comes to gamestop and what has transpired, you know, stuart, i think they are going to be plenty of potential heroes, villains and lessons in this. it's too early to know who was at fault or if there was fraud committed but the sec is investigating as are the house and senate committees. janet yellen is going to convene a meeting of stakeholders and we

will see what this yields us as we move through this process but again, let's make certain that everyone, main street, and wall street, have the access to the marketplace. stuart: do you favor any new taxes as a result of this investment frenzy, like a wealth tax, like a stock trading tax, what do you say? >> to this i say, and i know you're pointing at elizabeth warren going to the senate finance committee on that. i think if she had her way with new taxes, that the finance committee would eventually become the poverty committee because they're looking to redistribute wealth. and what we want to do is make certain there is a level of playing field, that individuals have the opportunity to be successful in their businesses. as you and i have discussed time and again through the years, we

know that when you lower tax rates you increase revenues to the federal treasury. and this ties into the whole discussion about budgets and priorities and making certain that the federal government does not become too expensive of a government for the hard-working taxpayer to be able to afford. stuart: you think you can hold off the tax increases which the democrats will propose? can you draw the line -- can you say, no new taxes? >> i'm always willing to say no new taxes. lower tax rates. and make certain that we are striving for efficiencies in the government. make certain that programs that have outlived their usefulness are going to be pulled off of the books. you know, when you look at covid relief, we want to make certain at that it is targeted, that it is temporary. that it is timely. that it is going to the people,

targeted to the people, that lost their jobs through no fault of their own. businesses that were shuttered through no fault of their own. that is called being smart. and that is what we want to do, be good stewards of the taxpayer dollar. stuart: yes, please. senator marsha blackburn, thanks for joining us again. i'm sure we will see you real soon. >> absolutely. stuart: we got president biden defending his executive order signing frenzy. ashley what exactly is he saying? ashley: basically anything trump did is bad. back to you, stu. no, saying look, at last count president biden signed 45 executive orders since january 20th or in the 13 days since he took office. some are aimed at addressing the coronavirus pandemic but many dismantled the policies of former president trump. the late of the being a series of orders rolling back the trump

administration's hedge shun on immigration but the president says he is not making new laws. take a listen. >> there is a lot of talk with good reason about the number of executive orders that i have signed. i'm not making new law. i'm eliminating bad policy. ashley: okay. with regard to those immigration policies he says that 99% of the trump administration's strategy were counterproductive he says to security and counterproductive to who we are as a country. but former immigration officials say under biden's new directives, asylum fraud will now be rewarded. that many incentives for illegal immigration will be reinstated. stu. stuart: i think it is hard to communicate forcefully when you're wearing a mask. doesn't really work for me. got it. you know, that is the way it is. all right, thanks, ash. how about this, vice president kamala harris suggests

west virginia coal miners can get jobs in, quote, abandoned landmines. listen to this. >> all of those skilled workers who are in the coal industry and transferring those skills to what we need to do in terms of dealing with reclaiming abandoned landmines. stuart: landmines, i think that was inappropriate, unfortunate use of that expression but we'll cover it for you. plus democrat senator joe manchin breaking ranks over the 15-dollar an hour over the federal minimum wage. bret baier spoke with the senator. bret joins us next. ♪

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♪. stuart: democrats trying to fast

track their $1.9 trillion covid relief plan. blake burman in d.c. how much can democrats get done by themselves, blake? reporter: they're certainly walking a tightrope here, stuart. the 50-vote process has already been initiated by democrats but there is still a long way to go especially if you listen to the comments from senator joe manchin yesterday. a democrat from west begin who is up for re-election in 2022. he told bret baier two very interesting things. first off the 15-dollar minimum wage president biden wants including in the $1.9 trillion plan. manchin says he does not believe they can do that procedurally. he takes issue with the 350 billion-dollar price tag for state and local funding. listen to manchin, potentially the key to getting all of this, 50 votes plus one, when asked yesterday by bret if he would vote right down the party line. watch? >> i made it very clear from the president of the united states to all of my colleagues, we're

going to make this work in a bipartisan way. my friends on the other side are going to have input. we're going to do something we agree on. i'm not going to do it just down the lines of saying party-line vote. reporter: not going to do it down the lines of party-line vote, stuart. you remember over at the white house on monday night there was big meeting in the oval office between president biden and 10 republican senators. afterwards yesterday i asked the white house press secretary-general saki if $1.9 trillion is still the number that the president wants and the press secretary told me, quote. it is. for now, they're still sticking with that plan, stu. stuart: we hear you, blake burman thanks very much indeed. bring in the man himself, brett bair. he did the interview with senator manchin last night. it would seem to me that if senator manchin is not going for the 15-dollar an hour minimum wage the democrats will not get the entire $1.9 trillion relief package. is that accurate?

>> i think it is, stuart and manchin was pretty adamant. i asked it about five different ways whether he was going to go with this down the line to get 51 votes. first of all he said 15-dollar minimum wage in his view does not fit it under the rules of budget reconciliation. kind of in the weeds of rules of congress under the byrd rule by the way, senator byrd from west virginia. it wouldn't fit in according to manchin. two he has 350 billion for states and cities, feels it is too widespread and needs republicans to sign on. unless he was blowing smoke, last night, i don't think he was, democrats have a real problem with the manchin vote and getting to 51. stuart: not going to get 1.9 trillion it looks like. we'll leave it at that one. i want to talk to you about gamestop. forgive me raising a financial

issue here but it is relevant. earlier this morning dave portnoy told us the little guy gets hit every time when they get involved in the market. watch this for a minute, bret. >> the main issue i have i didn't know they could pause trading like they did and crater the price. i was jumping on the train making quick money. that is what i was trying to do. i will still do that if the opportunity presents itself but it certainly opened my eyes what can be done when the little guy starts getting the hammer. stuart: it sure looks like gamestop, wall street, you name it, is figure to get hammered when gamestop hearings appear in the next couple weeks. do you think it could result in some kind of a new regulation, bret? >> it is very interesting, stuart. there are two sides to this issue. as you know but on capitol hill lawmakers are kind of not sure which side to come down on. they want to fight for the little guy and they want to be the populist, yes, take it to

wall street but they also don't want this kind of atmosphere where it's out of control. and eventually the little guy gets hurt. you know, having a discussion last time i was on with you, enlightened me. i had done a few segments on it since and it is obviously an issue that a lot of people are really interested in because gamestop is not going to be the stop. there will be many other, whether it is silver or other stocks that this happens to. stuart: you know, bret, you really should do a financial show. forget the politics. you should do a financial show for heaven's sake. that's a fact. hold on a second. i do want to raise this with you, i believe you are hosting, it is an all-star panel, to benefit the children's national hospital. i think, this is february the 13th, 5:00, tell me more, bret. >> yeah. it is all-star panel event.com. thanks for bringing it up. raises money for children's national, the hospital that

saved my son. amazing work around the world. it will be nationwide. free, all-star panel event.com. go there, register, we have an auction goes online wednesday the 10th with amazing things. jim nance will do your voice mail message, hello friend. zoom with greg gutfeld. all kinds of things. we'll rope you in next year down in naples in person. stuart: if you're not careful i'll be there. bret, thanks very much. we very much appreciate it. thanks, sir. see you later. >> thanks, stuart. stuart: now this. white house press secretary jen psaki facing criticism for mocking the space force. watch this. >> wow. space force. it's the plane of today. reporter: [inaudible] >> it is an interesting question. stuart: all right. we'll tell you what the white us is saying about that now. we'll be back.

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♪. stuart: look at gamestop this morning. it rose to 120 bucks a share

earlier. back to exactly 100 bucks now. how about amc? here is another stock in the news. dave portnoy put 700,000 bucks into this stock. it did bounce but back to 8.50 per share. there you have the shorted stocks. next, do you remember this? the robots from boston dynamics. they were dancing, that i think they were dancing to the song, "do you love me? ". watch pour of it. ♪♪ stuart: well that is just a little freaky if you ask me. i'm told that they can do a whole lot more now. what new tricks do they have, lauren? lauren: it is freaky because they're good at it. i think they packed on must sell stu. he can lift up to 11-pounds. he has this arm we'll show you, that can open and close valves,

even jump rope. amazing. he can self-charge. all these features will help companies complete work, for instance in a dangerous environment like an oil field or a nuclear plant. and the human workers can stay safe somewhere else, operating spot remotely. it's a good idea. comes with a heavy at this price tag. cheaper than paying for injuries and the like. stuart: heaven knows what they can do five years from now. i don't want to think about that. lauren: i know. scary stuff. stuart: let's get serious shall we? white house press secretary jen psaki facing backlash over her comments on the space force. you know what she's been saying. tell us again, ash. ashley: not only what she says but the snarky, mocking sarcastic attitude perhaps when she was asked about an update on the future of the space force by a reporter. take a listen again.

reporter: whether the president made a decision on keeping or keeping the scope of space force? >> wow, space force. it's the plane of today. reporter: no this is -- >> it is an interesting question. i'm happy to check with our space force point of contact. i'm not sure who that is. ashley: very mocking isn't it. republican mike rogers of alabama, ranking member of house armed services committee calling on the white house press secretary to immediately apologize. saki later tweeted this. we looked forward to the continuing work of space force and invite members of the team to visit us in the briefroom anytime to share an update on the important work. you know what? no apology. stu. stuart: yeah. wasn't much of a comeback either thanks, ash. big hour still ahead. look who is on the show, martha maccallum. senator rick scott plus many

more. plus president biden has a big problem. i think it is called the teachers union. i will explain that in "my take" which is coming up next. ♪

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>> a biden is a frog, very bad sign to have this first 10 days more divisive than i could have imagined. $1 trillion hasn't been spent the previous 5 covid bills. when the agencies still haven't had. >> it is closer to over than anything, valuation can't get her to the price of stock for a long. >> shouldn't be allowed to happen. there should be legislation because the overall feeling the market is tilted towards the big guy shouldn't be the case. >> i don't think it is done. there is plenty more tears to be shed, and they found out

there is such a thing as good money. ♪♪ i feel better than i have ever been ♪♪ feeling like a little bit ♪♪ stuart: new york city cleared the streets of the snow. is very cold. 11:00 eastern time, wednesday february 3rd, check your money, the dow is down, and as a couple little, the s&p is up a little. big tech, that is where the action is. amazon, a little bit down today, that is the news on amazon, google hitting all-time high, look at google. a 7%, huge gain for that stock, this woodstock, game stop, 120,

back to 99. amc at $8.57, up 9% but this is nothing like the highs and share prices a few days ago. disorder stocks part a little. president biden has a problem in his -- call the teachers union. the biggest issue facing tens of billions of people is going back to school for in classroom learning. people have to be back in the classroom, the teachers union, especially big cities are standing the way. mayor lori lightfoot is begging the unions go back to the classroom and they have refused and they want more money and teachers to go to the head of the line for vaccinations. in california, governor newsom demand return to the classroom

but the union says no, he offered $2 billion to schools that reopen and they still refuse to go back. it is a most pressing issue, that is what he is doing. at a press conference jen psake was asked about the cdc study says it is safe to go back. jen psake dismissed that. just a small study that does not reflect all school districts. we all thought, that he would base policy on science. the sciences it is okay to go back. back to school is the issue. it is the issue that requires leadership on the top, we are not likely to get it because teachers union has been thoroughly democrat and tireless support of left-wing causes. and tens of millions of people,

and at the teachers union politics rather than education. that is what he wants, the time for president action is now. the third hour of "varney and company" starts right now. all right, look who is here. martha maccallum. i think opening schools is number one issue. i am pounding the table and this. >> reporter: every step of the way. i was listening to michael bloomberg, former mayor of new york city. he says this is the moment joe biden needs to stand up and push back against teachers unions. reminded me of a moment during the debate when joe biden, at

the time candidate, was pressed on how progressive he would be, how left-wing he would be as they president and he said this is my democratic party. if i win i am the leader of the democratic party. he is finding himself in a difficult position. there is not one thing so far he has stuck his neck out on answered this is how i feel about the situation. keep in mind joe biden, the first lady is a lifelong teacher and has supported the teachers union by and large on this issue and put that up against the catholic schools across the country that have been opened, thriving, tons of kids enrolling in some who are not catholic, and they want to be in their classroom. the argument that this isn't safe is becoming more untenable and the impact, the generational impact on learning in this country is going to something i believe will be felt for decades.

stuart: you are gearing up for these hearings when robin hood will be pulled in front of congress, a house committee, we have senator warren joining the senate finance committee. are we looking at a festival of demonizing wall street with new regulations and new taxes? n regul regulat andat n taxes artaxes are a giin a bidin esidency felt tax reforax reform was done underne under t teahedersh do nalddo t and pauan whenn s wpeaker opeaker ofhe houhe hh ey manthey manago have saw w saw wery broad ad renath try, spetry, speg money onoseth equi pm t and mat and machy thy haven't beven't ben ye iarcas u of dciatciiola regulatigulaons thats the s th, of aofme arican busin buness ae y and youd wyoue e at ck ockn e only reasy onre i sai y sas it iwa was

prom ispred, the wae s a lot o pushbapuckba to elizabeth warrs treasury secretary because of her progress and financial perspective on things but she will have a strong role on the senate finance committee and i expect her to have a heavy hand with all of this. stuart: i want to talk about the white house screening reporter questions. the white house is responding to criticism of that with this was our goal is to make the daily briefing is useful and informative as possible for reporters and the public. your reaction to that? >> go back to the fact, the history, look at the history of president biden when he was candidate biden through the period of the campaign. he took very few questions, very little open exposure to questions thrown at him. peter doocy deserves credit for occasionally getting that thrown in question answered at

least partly by the vice president. this is nothing new. we have a very programmed response from this white house. they what you want about donald trump but he took questions all the time. he would stand in the line at the helicopter for 25 minutes just fielding questions. you knew where he stood and we see absolutely none of that transparency and ability to engage the press in an open and honest way we got used to over the last four years. stuart: it is the good old days. you can always rely on donald trump to look at the microphone, look at the camera and say what he thought, you know where the guy was coming from. weekdays 3:00 pm, fox news, thank you, appreciate it. show me game stop again. game stop is $97 a share. taylor is the ceo of quantum

vest. you say game stop is going to $1,000 a share. that is very interesting. before you get to your reasoning on that, how much game stock do you on and how much did you pay to buy it. >> $13.52. we have around i would say -- don't want to give a rough estimate, but right around, i would say, 31,000 shares, holding a good portion of game stop. it will continue to go higher. going to 700 to 1000, the setup that we had. always forming a tenet on monday. the formation broke down.

i like it's technical setup which is a descending wedge and does have a gap act as a magnet for price actions. it will fill the gap we saw happened tuesday when it opened down and the gap will fill. stuart: i didn't realize you were ray technical analyst, what if game stop short starts to rise but what is to stop the brokers saying can't pay more than that but stepping in. game stop like it did before, that is going to happen. >> i don't think they will repeat what they did previously. it was wrong to change the rules of the game.

700 and went to 1000 because they did change the rules. and with hearings coming up, pull one of those in. stuart: would you consider your self one of the leaders of the redit crowd? are you one of the leaders in this? >> i believe investing was trying to change. investing like traditional investors in the past, the way these new investors are thinking is to investing a tesla. a lot of people believe in elon musk and that is the reason they on the company. they believe in elon and the company. now it is more value-based. stuart: value-based.

we haven't got time. one of the new investors on wall street, thanks for being with us. come on and tell us how it works out. i've got to check the markets for you. we are on the downside slightly higher. other indicators. the big movers please. >> amazon after its first $100 billion order and jeff bezos slipping back as ceo. most comparing this to bill gates in 2000 when he stepped down as ceo of microsoft. microsoft back then was $600 billion and that is worth $1.8 trillion, amazon representing $1.7 trillion. look at the value creation for both companies over the past two decades. let's check the technology trillion dollar company, huge recovery and advertising revenue and that is why we are looking at 7.5% gains.

ea sports, electronic arts down despite big sales, ali baba is rallying after a circuit deal with beijing on its financial arm, that record-breaking ipo canceled for china but might be back on and ali baba raising $5 billion in bonds. when we don't talk about is it was down 60% if the covid vaccine wasn't responsive and initial tests. stuart: it is $11.60 a share, down $11.67 a share. 50%. we've got a big, brand-new study which shows the nation's top earners will get thousands of dollars under president biden's relief plan. the numbers will go to shock you and we've got it for you. millions of dollars worth of

fake super bowl swag around tampa bay. that story for you as well. florida governor ron desantis racing for a big fight with big tech. we will tell you about that. big show coming up. ♪♪ i have the power to lower my a1c. because my body can still make its own insulin. and trulicity activates my body to release it, lowering my blood sugar from the first dose. once-weekly trulicity responds when my body needs it, 24/7. trulicity is for type 2 diabetes. it's not insulin. it isn't for people with type 1 diabetes. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, changes in vision, or diabetic retinopathy. serious side effects may include pancreatitis.

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change big tech has come to look like big brother with each passing day but this is 2021, not 1984 and this is real life, not george orwell's fiction. stuart: let me spell this out.

the governor wants to find big tech companies 100,$000 a day if they the platform political candidates. senator rick scott, republican from florida joins us now. we heard from the governor, what do you want to do with big tech? >> what you want is big tech to be fair. they've got to follow their own rules, they can't censor conservative and let the ayatollah say get rid of all the jews and xi from china say he is taking care of all leaguers in prison camps and madero brag about genocide. they need to follow their own rules and if they are not going to follow their own rules why do they exemption from lawsuits. it doesn't make sense to me at all. stuart: you would repeal section 230. when you get rid of it? >> that is an option but why not follow their own rules, you

might not like everybody's views. i presided on the senate floor and what democrats are saying every day, you don't get to say you don't get to talk anymore and that is what twitter and facebook are doing, if you are a conservative you don't get to talk anymore. that is not right. stuart: absolutely not exactly how do you make them obey their own rules? >> get rid of the 230 exemption. let people sue them if they are not applying the rules, say these are my rules, the consumer has a right to sue me. on top of that, personal data, what right do they have to so people information about me.

a conversation about their right to sell information on each individual in this country. it is my personal information like it is your personal information, they shouldn't have the right to sell that. stuart: democrats i think would really love to repeal salt, state and local state deductions of the federal level and a really big bailout for these democrat run states. i think they have the power to get one of those. you may disagree with me but one of them is likely. >> the head of the budget committee is bernie sanders. all the things bernie sanders believes in is going to happen but democrats want to give a tax reduction to the wealthiest people in these liberal states. they act like they care about the poor but they don't, they want to give tax deductions to the rich. it is a payback for biden to

pelosi, schumer, kamala harris and jpmorgan put out a study that state revenues are not down but these states want to spend more money, california raising a budget for california to get ready for more tax increase. newsom rating the budget 12% and cuomo is consistent, raise your taxes and he wants to raise his budget by 8%. these guys just spend spend spend money. we have $27 trillion of federal debt right now and democrats act like no problem. it is fine, let's borrow more money. if we go to interest rates, the last 50 years on federal debt, the interest expenses from $350 billion to over $1 trillion, who is going to pay for that, these democrats are in left field.

stuart: you are more animated on this issue than i have ever seen you before on this program but we welcome it. can i do one last one for you. the fight over reopening schools, florida, schools are reopened. what are you doing right and what is chicago, new york, california doing wrong? >> we have to reopen our schools, the only ones who don't are senate democrats and teachers unions. kids need to get back in school, you can do it safely. cdc put out that you can do it safely. open the school. when i was governor people want a job, they wanted their kids to get a good education and be in a safe community. open the school so kids can learn, the dream of every family, the future of their kids. stuart: florida is way out front in so many things. thank you for joining us. now to the super bowl.

bob kraft got a big surprise for healthcare workers. watch this. >> what are you doing this weekend, would you like to go to the super bowl? going to the super bowl. stuart: mister craft will use the team's plane to fly 76 vaccinated workers from new england to tampa bay. the feds are also in tampa bay for the super bowl but for a different reason. what is that about? >> a huge area for counterfeit, so far tens of millions of counterfeit merchandise confiscated under operation team player. 150,000 items, by the customs enforcement homeland security investigation. these are new pictures, in the last 7 days.

super bowl rings and clothes including jerseys. >> we see this counterfeit jersey being sold, the quality of the jersey is subpar. >> that is one of the ones that you are fighting, 85 to 90% of all counterfeit came from china or hong kong. coming into florida from the port of miami flown on fedex and ups. you see the video by immigration and customs showing innocently line of opening package after package of fake merchandise. ice says they sub -- scare customers into subpar items and steals money from legitimate

companies that make them. stuart: stop it now. edward lawrence, thank you very much. a beauty influencer claims she was dropped for being a christian conservative. we have got the story. justice california starts to reopen a new strain of the virus threatening to shut things down all over again. question, how would republicans deal with the crisis if they were empowered in california. i will certainly ask that question to someone who has an answer. we will be back. ♪♪ might have opened the door ♪♪ to your heart ♪♪ ♪♪ 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, so you focus only on what you want. okay, it's got screeners and watchlists.

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stuart: the number of virus cases in california is droppin state. i want to bring in jessica patterson, chair of the california gop. i want to know if republicans were in power in california right now, would you open up, like florida, let people choose their own level of risk?

>> you are mentally right on that and it can work in places like florida and the governor has done an excellent job in leading. we've seen here in california failure after failure when it came to the response of this coronavirus literally on we were cheering on the governor. we wanted him to be successful because if he was successful we would all be successful and he has failed that every single term whether it was shutting down businesses or closing our schools or now the vaccine rollout which has been another failure in california. he has failed on every single level. stuart: if there were a recall and he is recalled and there's a new election would the republican candidate stand on both single issue, with a stand firm on if elected we reopen now? would you do that q >> i believe that is the case and we've seen where it works all over the country.

we have seen where you can have a successful economy, checking out your risk and people assessing on their own. we've even seen here with our schools, we have private schools that are open, that have been open september and october, the governor himself sent his children to a private school in person. it shouldn't be a choice of whether or not you can afford to send your kids to school or not. when we see children in los angeles sitting outside the taco bell because they need to get the wi-fi, what we are doing in california isn't working and that is why this recall has gotten such high marks for people. this isn't something that has been pushed by republicans in california. these are regular californians of all political stripes who are absolutely fed up with black of leadership and failure of this governor.

>> congressman adam schiff is lobbying governor newsom to become the state's next attorney general. what do you make of that? >> we've seen this time and again from california democrats and their ambition. they are so focused on what their next job is they forget to do their own job and so we saw it with this governor who was so focused on being president he didn't worry about the things that were important in this state like the fraud we had at our unemployment department where over $30 billion worth of fraud went through. the same could be said about congressman schiff. he should be focused on what he was just elected to do and that is represent the people of his district. stuart: have you got the signatures for the recall petition? >> the recall movement is well on its way. we've got until mid-march to collect all the signatures.

right now the organization is reporting back but we have collected 1.3 million of the one.45 that is necessary so we are working incredibly hard to do that and i encourage all your viewers in california to go to recallgavin2020.com. send it in so we can get this done quicker. stuart: chair of the california gop, thanks for joining us, come back soon. we want to understand this recall vote. i want to take a look at apple. i will put the stock up for you. apple is down a fraction this morning but the point is they have a new watch and it is to celebrate black history month. tell me more. >> apple is spending money for racial equality and social justice initiatives. their latest apple watch series 6 design, black unity collection for black history month and these watches started

399 but also a big reason ever reported his first $100 billion order during the holidays, record sales for watch according to tim cook doing very well as a gift under the tree and the wearable decision, fortune 120 company and overtook sales for the first time. stuart: it is extraordinary. apple is working on a new feature to unlock your iphone without removing your facemask. i'm intrigued. how would that work? >> you need to buy one of these. i'm not going to get you one. you might have to get me one. you need an apple watch to do that answer on kayleigh mcenany for you had users complaining face id doesn't work where you where your mass, apple made it easier to get the password screen when ice identifies you are wearing a mask but i can open my laptop with my watch right now. the iphone, you need the next update. a matter of weeks, that when

tch, your phone to your watch. stuart: how many people are absolutely desperate to get into their iphone even if they are wearing a mask? is the desperation, can't you slip it off and do that? >> depend on the generation. i'm pretty desperate to get into my phone when i'm wearing a mask and it was really annoying to me, one of those irritated users when i'm wearing a mask to get to the password id and get to that screen. i do enjoy easy use of it. stuart: i will ignore your ageres m and move on. they just unveiled that 2021 f 150 truck. when can i buy it and how much does it cost. ashley: it will be this summer. we do know this year's version

starts around 55,000, goes up to 70,000 with all the bells and whistles. the raptor series was launched a decade ago but the latest version packing a lot of and. the new model will offer a v-8 engine based on the regular f 150 pickup, a lot of performance enhancements. high-tech suspension, massive 37 inch tires. no it on the pricing been able rival the 1500 trx and that boasts a v-8 engine. when you go off road you can do it with a lot of power. stuart: in the last couple weeks i have seen ford stock ago from 8 to 11. not bad at all. not sure i will buy a raptor. that's not in my age bracket. news from new jersey and phil murphy. watch out. that is next. ♪♪

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stuart: the long-suffering residents of new jersey have been locked down, locked out the best part of the year but now breaking news from the governor, what is he doing? >> you feel bad for me in new jersey. starting this friday indoor capacity raised to 35% at restaurants, also signing an executive order to lift that 10:00 pm curfew but the prohibition does say at large. you cannot go out, pack up and indoor bar, late into the wii hours of the morning and the maximum 150 people applies to funerals, weddings and other

performance venues if you will. stuart: we didn't call that breaking news because that's not much of a change and doesn't help bars, restaurants and super bowl sunday. sorry about that. the biden administration wants to create millions of clean energy jobs. grady trimble in new mexico where solar and wind has a foothold but those jobs don't pay that much, do they? >> that is one of the challenges president biden has put out that his climate plan can create 10 million jobs in the bureau of labor statistics does say solar panel installers and wind turbine technicians or two of the fastest growing jobs out of all jobs in the country but on to the challenges, the number of those jobs will still be relatively small in 2026 and

you mentioned the pay. might be difficult to woo those who work in traditional fossil fuels to switch over to renewable energy, look at the price difference between oil extraction workers who making the 50 grand area compared to those who are solar panel installers who make 10,$000 less a year. a lot of these jobs in solar panel construction is construction. it is short-lived, they put up the solar panels and then move on. there are those challenges ahead but the biden administration made it clear green energy is important to them and they will invest in that area much to the chagrin of those who work in oil and gas. stuart: much in that. thank you very much indeed. we have a new study. it breaks down the cost of biden's covid relief plan. how much do families get? >> let's start with the cost. if you are just looking at the

direct checks, $477 billion this year alone comes from the budget model. when you throw in the child tax credit, the earned income tax credit everyone in the bottom 80% gets protected averages $3,000, some in the top 95-99% of earners will also get a check at for those that do it will average $4,265 and that is where republicans are saying we can't afford that, getting people who already have made a nice income, more money, not to mention the study finds 73% of households say if we get the stimulus check we will save it, not spend it. it is all about targeted relief and i'm not sure this plan is targeted. stuart: it is not. the biden plan is not targeted.

it is scattershot. the republican plan is targeted. i am in favor of the republican plan, sorry about new jersey too. just have to suffer through super bowl sunday with the bars closed. a conservative influencer claims she was canceled by sophora because her political views. now she's creating her own makeup line that will embrace all opinions. amanda in sing joins us next. ♪♪ this is the part of me ♪♪ get away from me ♪♪

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>> sophora has cut ties with beauty influencer and youtubeare, she -- sophora defended the decision saying she, quote, shared content on social media that is not aligned with sophora's values around inclusivity. we made the decision to cease all programming with amanda. take us through this please. what did you say or what did you tweet that sophora cut you? >> to this day their legal team gave us no reason as to why.

they asked -- i got on social media, all the tweets and comments they are talking about, saying what is going on. the first comment that went viral was response to a comment from a liberal customer who didn't agree with my political views saying something along the lines of he didn't like sophora before but after support a amanda insingh who is a dangerous image of aga group, i will no longer support you. it was a direct attack on my political views. stuart: is this all about events of january 6th at the capital? what it comes down to is you did not condemn what happened on january 6th and that is why you are out. is that accurate? >> i don't believe that is accurate. a new video on his to graham talks about how now days later,

trying to dig of reasons as to why not to put on my political views, i made light of the situation, went on my instagram, received all the timestamps, everything and they have yet to provide any proof, how you do this, they won't say it. all the opinions are based on baseless facts. stuart: what are you working on? >> my brand is launching later this year and also a project called make aisgreatagain.com, there are so many conservatives who feel they are alienated and terrified to speak about their support for their conservative views, religious views and i want to be inclusive so people feel like they have a place at the table. makeup shouldn't be political. makeup is for everybody.

stuart: you call yourself a christian conservative, supporter of donald trump. >> yes. stuart: you get cut for that. >> since i started speaking in support of donald trump last year all of a sudden overnight i became a target and all these influencers and brands who had no problem using me to sell their products and promote their brand all of a sudden, racist, homophobic, not latina overnight, when i support donald trump. stuart: thank you very much for being on the show, hope you succeed in your next pathway. let's get back to money. the story of the day, check the short stocks. there is some movement but

nowhere near the lofty levels they reached a few days ago, game stop at 95, amc $80.41 per share. spotify is off 9.5%. what is that about? >> the vaccines we are going to get over covid and the company is dialing down its expectations for the year. they say revenue should come in at $11.6 billion, the street says $11.62 billion. not much money but the question is spotify is doing so well, 155 million users arrive at 24%, 345 overall, these are great numbers, they are doing great, the number of hours people listen to podcasts nearly doubling in the past year but as the world opens up and people get vaccinated wall street is not impressed with how spotify think they can change business to get more

users to sign up. stuart: that is it. convoluted logic on wall street. thanks very much. you got it exactly right. netflix is down one% but it is leading the golden globes with the most nominations this year. how many nods did they get? >> 42, ahead of every studio. netflix had 25 nominations in film, 20 in television, citizen kane back story movie led the golden globe nomination with best picture, actor, director, screenplay, the crown, our favorite, had six nominations, the golden globes have been delayed two month and will largely be virtual but this will signify a kickoff of

hollywood awards season. it shows streaming is here, dominating with nominations and nods for disney plus and hbo max. we love the crown, right? stuart: i still love the crown. not sure i have seen every episode. i love netflix. i am glued. show me that big board. it was down, the big borders their industrial are up 26 and we will have more varney after this. ♪♪ going to rock, going to rock around the clock tonight ♪♪ . .

stuart: what's the stock of the day? it's not gamestop. it is not amc it is google, otherwise known as alphabet. it is up 7.7% after a spectacular earnings report late yesterday. microsoft, also new all-time high, 243. time's up for me. neil, it's yours. neil: stuart, thank you very, very much. we'll be focusing on that. also focusing what life is like for amazon now that jeff bezos is stepping down from running the company on a day-to-day basis. we've seen this in the past what life was like after bill gates stepped down from running things at microsoft day day-to-day and passed baton to steve ballmer. these canp rough times. steve jobs at apple. one didn't go well at all. one went pretty well. it may serve as a model for in one. when we look back on bezos contribution not