regulatory changes. mark, quick,? >> i mean, there will definitely be regulatory changes. you have a bunch of people colluding to artificially increase the price of a stock and that's the problem. maria: mark, dagan, rate to be with you. thank you. thank you. have a good day. "varney & co." starts right now take it away, stu. stuart: good morning. called this the return of that market frenzy, yes, it is happening again. gamestop and some of the -- i will call it frenzy stocks, again shortly-- showing enormous gains with retail investors organizing on social media. it's a whole new market. the reddit crowd is back. we have bitcoin still hovering around $50000 a share, 51 at this moment, no huge rebound.

same story with tesla holding just above $700 a share, 724 to be precise, no huge rebound. lets me show you the picture this thursday morning. dow jones set an all-time high yesterday closing close to 32000. at the moment it's fairly flat at least at the opening bell. look at the nasdaq, way way down. money seems to be coming out of big tech and here's why, the yield on the 10 year treasury, another when you're high in this morning it's got a to 1.46%. a one-year high, higher rates, not good news for big tech. however, we have a lot of good news on vaccines and it's all positive. visors vaccine, 94% effective in a study of over a million people in israel took pfizer will also study of vaccine booster shot. moderna will start testing a vaccine in which he believes will be effective against virus variants on that

stock is up nearly 4%. the picture, the sharp downtrend in cases, down 35% right now and it doth down 16%. that downtrend continues. the virus is in retreat. we have news on a school closures. columnist nicholas kristof of the "new york times" calls at the democrats, administration listens to the "new york times". this is a milestone that we look forward to mr. trump's speech sunday afternoon. will he attack, will unify? that will set the course for his political future and for the republican party. at thursday, february 25, "varney & co." is about to begin. ♪♪

stuart: go, johnny, go. chuck berry. you might well say gamestop go because that's what's happening this morning. i'm going to hear the latest quote on gamestop up 69%, 155. susan, you have covered this from day one. what's going on? susan: looks like a meme mania is back. aren't sure where money is coming from. we saw wallstreetbets going crazy into overdrive for the price spikes in some analysts say it might be institutional money buying and meeting hedge funds of big money managers and not just the average guys pick the timing was also significant because it took place really in the final hour of two trading halts for gamestop in the final 60 minutes, up 100% at the close ended then it trades up another 50% in after-hours. other reddit favorites amc, no caps, also spiked yesterday

checking that short interest in the stocks and not as much as it was last month because obviously they learned their lesson from the short squeeze. gamestop only had 30% at close and it's a short compared to the 140% during the meeting must stop mania. checking the volumes, looks a lot like a lot of people are binding so that means that stock saver, some of the seven of the 10 heavily traded stocks in the premarket so i think there may be fomo going on and maybe people are rushing in to make money as we see the price spike. stuart: a whole new market place all over. that's what's happening now. more from you in a second. i want to bring in ed yardeni, again, ed this is a whole new market place with-- are retail investors here to stay? is it like this from here on out? >> it's a new and old, i mean, it's a limit déjà vu all over again here

that tail and a bull market especially when there is so much liquidity around. you get speculative excesses and that's what we are seeing with the gamestop game and that's what we are seeing with the blank check company's: that's what we are seeing with bitcoin. there's just a tremendous amount of cash out there. depending on which monetary aggregate you look out, they are up something like four to 5 trillion dollars in the past year, the system is just awash in liquidity and people are bored and playing games. stuart: you and i are pretty much the same generation do you think we are being left behind by the millennial's because they seem to be dancing to a different drummer from people like you and i. they put a valuation on a company in a very different way from the way we would value a company. >> well, i don't know that they are focusing on anything that i know of as valuation.

i mean, the reality is fundamentals don't matter in the way these stocks are trading in valuation, valuation certainly doesn't matter so it's really just a consequence of social media. social media has this ability to create flash mobs in flash mobs have come to wall street. i don't know it's radically different stock market. i think it still on the edges, i mean, the market is still driven by earnings and still driven by valuation based on interest rates and inflation rate and it still driven by fiscal and monetary policies which are basically out-of-control stimulative. stuart: you have four or $5 trillion chucked into the economy just like that. >> and there's more coming. stuart: and there's more coming, exactly. think you. appreciate you being with us. we are going to be covering gamestop and the shorted stocks all the way through the program, guaranteed.

you are looking at sixth avenue, new york city, 9:06 a.m. and there's not much going on as you can see. that's completely different in florida, as you know. florida is open for business and that's where we find pete hegseth. is at a diner in orlando. you have been talking to diners all morning. are there any transplants there, people from new york or new jersey down there, stuart, is there anything but transplants here? i mean, crowds and even santa claus was here earlier. that's where he stays with his not the north pole. everyone has decided on this estate because it's open and universally there is praise for the approach governor ron desantis has taken is saying we are going to protect the most vulnerable. we will let you make a choice, but otherwise our schools will be open, churches will be open, businesses will be open and we will let the customers decide and you

have cemented in this café because some people are wearing masks and some people aren't. as a result, they have their own personal chose to process so florida's a whole other world especially if you have many connecticut, new jersey, new york or california this entire time, it's open and it's open for business and a lot of people are coming here as you alluded to because of those policies, not just the sunshine. stuart: you are in orlando, cpac conference starts there today here president trump speaks sunday. have you talked to anyone in that diner about what they want from president trump? do they want him to lead the party be the nominee in 2024? >> almost universally with the niners we spoke to hear, they said if he wants to run in 2024 it's his to have and they are very excited to hear from him because of him being banned on twitter and they haven't heard from him so there interested in hearing up-- hearing his take on opening up the country.

that's top of mind for a lot of people and there's also frustration with the border policies of president biden with the exact of orders of president biden. how will the president wayne and on that as well, so they expect a fiery speech they would like to get a sense of whether or not he will run in 2024. a lot of people have changed travel plans because usually people leave on sunday cpac. e speaking at 5:00 p.m. and a lot of people said i needed an extra night for a hotel room at a different flight because i am staying to here president trump. stuart: one of these days you will set up in a diner on the upper west side of manhattan to see if you can get anyone who supports president trump, highly unlikely. thank you. let's-- you have to look at this. it's an op-ed, the title of an op-ed in the "new york times", school closures have failed america's children. nicholas kristof wrote that and he blames the democrats.

this is in the "new york times", good lord. you'll get "my take" at the top of the 11:00 o'clock hours. looking at gamestop because the reddit treater seem to be back in action. $157 a share, up 71% premarket. we will talk about this throughout the show. look at futures, main point again from this, nasdaq down almost 1%, down again. we will back. ♪♪ among my patients i often see them have teeth sensitivity as well as gum issues. does it worry me? absolutely.

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all the frenzy stocks are up and second, as you look at the nasdaq you can tell there is real pressure on technology stocks. let me show you the big tech as of now, premarket: quotes, apple, amazon, facebook, alphabet, microsoft on the downside. limited back to gamestop, currently up 85% at $170 a share. we bowled ceo, anthony denier is with us now. is the retail investor organized on social media and i want to know how powerful this new forces in the marketplace. >> as we can see in the price is going on in some of these reddit names extremely powerful retail investor only a couple years ago represented a tiny fraction of the volume in the market and now the retail investor is taken upwards of 20% of the total bind the trade of the market and specific names more than not so quite a big force. stuart: what about stocks and companies outside the reddit

brigade? i mean, what i would call ordinary stocks, do they have any influence their? >> of course they do. them a lot of influence and not only in the moves that individual stocks take, but in the way that the stocks are talked about on social media and that influences the company of themselves so retail investors always had a huge impact, never have we seen the call for the financial literacy and social media can together like we've had over the past several months. of course most famously in the last couple of weeks. stuart: how would you define the difference between someone of my generation, a baby boomer, and a millennial when it comes to investing? what's the difference between these two generations? >> quite a big difference. the tools you had when you were starting out on your financial journey are completely different than the tools today's

millennial type investor has. the technology has changed, access has changed and most important education on how the markets work. it's completely different. typical boomer would have given their assets to someone else to manage and pay them a fee now is the way it was kind of always done. like you guys aren't smart enough, we are the smart ones and we know is going on, give us your money. that's turned on its head and now, we tell investors have the same information that institutional investors have. may have access to the markets like never before and they control that. stuart: they also have a lot of spare cash, i mean, we just heard from ed that you have four or $5 trillion just floating around out there. it has to go somewhere and some of it's going into the millennial's pockets and into these stocks, i mean, with this we happening if we didn't have so much cash floating around? >> that's hard to speculate, but obviously with the stimulus and the stay-at-home economy

people are spending less money on travel and leisure. they have more time on their hands salon moore's going into the market we also have a federal reserve system with interest rates at nearly zero, select is the point of putting your money in a savings account to get zero interest cracks we see the stock market making new all-time highs for the last 12 years straight. you are missing out on wealth creation in this new generation says we are not missing out anymore they're getting involved in the market. stuart: how do you put a value of stocks like gamestop, though? in my generation, looks to the company in this underlying business, is there value their, the current generation, millennial's, they seem to look at gamestop and say everyone wants to buy it so i will invest. had to establish real value here? >> i think everyone kind degrees that fundamentals have kind of walked out of the gamestop story. this is more of a trending scenario.

i don't see how long it will last, but it's in the news and it's happening now and momentum is momentum and you don't fight that. stuart: what to do you say to the idea that sooner or later the little guy, the retail investor, gets left holding the bag and loses, what's your response to that? >> we hear that a lot especially in our business and i think that kind of is shortsighted. what these new retail investors-- and we call the new because we just haven't seen this before, they are getting educated on how the markets work with her stack of it plus two were talking about fundamentals of a company or dividend reinvestment programs. these are things that my generation, 10, 15 years ago nothing about and now it's getting learned , so if there is any sort of bubble burst or some sort of crash and people like you say in upholding the bad, they get to walk away with a great education and we have been doing

that in the university system for the last 200 years. stuart: you got that right. anthony denier, come back soon please because you a lot to teach me. thank you. then there's this, you remember charlie munger, of course he is still around i think he's in his 90s, important like, billionaire and warren buffett's right-hand man. he said he would not touch a bitcoin period, wouldn't touch it. he's known for saying fiery thinks. what else are two i think rat poison square, remember that infamous warren buffett quote on that coin. charlie munger says he's still not interested. >> the medium of exchange for the world, it's too volatile to serve well as a medium of exchange and it's really kind of a artificial substitute for gold and since i never buy gold, i never buy bitcoin.

susan: also saying bitcoin reminds him of what oscar wilde said about foxhunting. he said it was a pursuit of the undefeatable by the unspeakable. deal like that cracks that also means people are fearful of missing out on the money trying to chase bitcoin with the fomo trade. he didn't know if it was tested at billion or bitcoin out of thousand he's also not familiar-- find out spac. >> enterprise with not even a founder picked out yet is a sign of irritating bubble, it's just that the investment banking will sell [bleep] as long as [bleep] can be sold to. susan: meaning not great, crap, how about that cracks he says it reminds him of the late 1990s.

he said it will end badly and he doesn't know when. stuart: i think that was the classic example of the generational difference. i'm a bit younger, generational shift here in investing. is fascinating to me. thank you. lets tell our audience what's going on in the overall market which opens at about six and a half minutes. downside, play close attention to the nasdaq and big tech, on the downside. we will be back. ♪♪ ♪♪ ♪♪

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you have more stimulus, seems like a new vaccine coming out every day and the reopening play so we likes all caps. we think those will do well even let-- even better than large caps. stuart: every day we reported a number of new cases and that the number of deaths and it's consistently come down and come down sharply. seems to us the virus is in retreat. that's what you are banking on his net that the vaccine will help solve the virus problem and get us out of this thing? that's weekend forecast relies on? >> it really does. we never like to look through the rear-view mirror, it's not pretty as well now, but as you look through the windshield i think things look bright so we want to be involved with those that are tied to the reopening in the recovery of the economy and i think the second half of 2021 will be extremely bright so we went to be involved in those names. i'm still as you know

the last several times i've been on your show i've been a bit negative on large caps. large talk technology stops, think are overpriced and s&p 500 is chock-full of those. we like the russell 2000 and individual stockpicking and we think that will do well for the second part of 2021. stuart: if i'm not an individual stock picker, and i went to invest in say the russell 2000. what's the easiest way to get the big picture investment in small caps stock? >> you can buy any of that exchange traded funds that are representing the russell 2000 and when you buy that index, you could be overexposed to things like financials, consumer discretionary, industrials and maybe more offensive side of the market and probably underweight defensive name so keep that in mind. as interest rates go up financials should do well as the banks can make more net interest margins, so i think that will be a better play

than being in the very tech heavy s&p 500, so that-- if i were to try to get diversification, you could try to buy the russell 2000 index. stuart: okay. we hear you. sandy villere, thank you of the market opens in exactly one minute. i have time to talk to susan. susan, we talked a lot this morning about the generational difference here but it comes to investing in gamestop and you and i for example. susan: i have noticed it. [laughter] stuart: how do you put a value on gamestop? susan: great question. i think people are looking at this new maybe the transition in its business because the fact that they kicked at the cfo which is some indicate, the cofounder is now on the board gamestop in pushing this company maybe into the next generation come away from brick-and-mortar and two downloadable games. money has to come from somewhere so if you have

money chasing the game stops of the world, that means money is coming out and rotating where you have made a lot of money and it's also going to value play had no, we talked about the pipeline and younger generational gamestop, but think of the dow jones which is up about seven out of eight sessions. stuart: that is your out to. the market has opened this thursday morning and we are off and running. down a fraction on the dow industrials. that was expected. off 13 points, 31949. pretty close to my 32000. s&p also opening i believe a fraction lower. down one third of 1%. what i'm interested in is the nasdaq. there are two features in the market today. when the frenzy stock went straight up, retail guy piling and so we believe in a big tech coming down reflected in the nest egg down .6%.

can we see in the early for big tech? there you go, not huge losses some of the continuing losses and big tech. bring us up to speed susan, gamestop looks like it's the stock of the day. susan: new era in investing, so cfo leaving usually results in the double of the stock, no. you couldn't make the thought that gamestop smartly tradition into online. ceo forcing much needed changes. look at the tweet from him yesterday, it might have rallied the retail traders and member edit brigade. you are looking at a mcdonald's ice cream cone and markets.com. interpreted that that he would fix gamestop mcdonald's fix their ice cream machine work get that? stock markets overshoot in both direction and they're so much money out there in the stimulus, federal reserve, money printing and no one wants to give

up a big move and that's why you see a lot of chasing with this fear of missing out. stuart: i find it very hard to invest in a stock on the basis of a mcdonald's ice cream cone, but what do i know. susan: i understand because even me who's a bit younger than you, even i have questions as to how you can chase a stock based on one tweet of an ice cream. there's a lot of reading in between the lines which i'm not sure translates into solid gains. stuart: the producer just came in might hear and said you are just a little bit younger than me. [laughter] twitter, look at this, it's a 10%. what's the story? susan: they came out with a really bullish target. twitter is aiming to almost double the monetize will daily active users in three years. right now they have 100 or-- 190 million or so visiting the platform

and they want it to be 315 million in less than two years or so, by the year 2023 and also aiming to double its annual revenue. doubling your revenue and sales in two years is incredible this is the first time twitter set out these long-term goals, revenue and daily users and he comes ahead of the country's analyst data that will take played-- take place later this afternoon. stuart: so you ban president trump forever on twitter and the stock damn near doubles. susan: you heard from jack dorsey and he said during earnings the platform is bigger than one user and the fact they are trying to double monetize of all daily users, i think that shows you can get by with manning one person. stuart: well it just hit $80 a share right there. thank you. another story of the day is what's happening with the vaccines. moderna, for example, it says it's vaccine for that second variant is ready for human testing.

biotech and pfizer will be announced also plan to test their vaccine booster that targets the south african variant of the dow stocks up a little. now, the world's largest chip maker had a blowout quarter, so what was it about the earnings call? what was it, blowout quarter and then the call, what was on the call? susan: before i get to that, gamestop is in its first trading halt of the session. remember it had a trading halt twice in the final hours of trade yesterday and we are already on our first. back to nvidia, the world's largest chip maker and it's a ceo just-- he said on the call yesterday at bitcoin mining will not grow extremely large in his words, surprising. in might be conservative guidance because to keep

chief expectations low to overdeliver, that's a game on wall street for the past few years. nvidia, block buster quarter two in 2020. firing on all cylinders whether it's selling chips for video games, cloud, bitcoin money, self driving and now it's white said the biggest, wall street loves this stock with price target hikes up to make $800. the biggest risk is $40 billion acquisition of arms holding which design chips that going to the apple iphone and ipad and it might give by china or the us. stuart: got it. let's look at tell us talk. i think a lot of people have been using that service as a virtual's doctors appointment. i'm sure they have done well, but the stock is not doing well. give me the story. susan: better than when it was of the after hours yesterday. down 8%. losses were 10 times bigger than anticipated.

it blames the losses on its 18 and a half billion dollar merger with a health monitoring company that they bought in the fall. guidance in-line, nothing to write home about, but when stock has more than doubled over the past two years you have to justify the high valuation. accelerating that trend and it is a big beneficiary. stuart: me of game stock still halted at $137 a share and i presume the halt is because of volatility. of the 50% and holding. we have some earnings reports that came out this morning. first of all, let's look at way fair, up 4%, an online retailer. it's a pandemic winter, up it goes. then there's best buy. that was a pandemic winter, but sales growth slowed compared to early days of the pandemic and mess taken steam out of stock, down 5%. let's take a quick check of overall, where are we

after six and half minutes with the business? down 10 points on the dow industrials. we came close to make 32000 yesterday and we're still close to it. dead flat as we speak. 10 year treasury yield, this is the story of the morning if you're in the bond market and it's affecting stocks. 1.45%, a one-year hybrid interest you earn on a 10 year treasury. price of gold is still really going nowhere, stills 1783. bitcoin as time we checked we were about 51000. that's where we are now, 51200. oil, powering ahead again, $62 a barrel meaning the price of gasoline keeps going up. the national average for a gallon of regular $2.68, straight up on gasoline.

let's tell you what we have coming up, big show : scenes are looking real good for new york governor cuomo. he's facing another scandal, this times its allegation of sexual harassment. will any of this hurt his reelection in 2022? we are on it. near attendance nomination in jeopardy. her past meets coming back to haunt her. dan henniker on that. oklahoma's decision to open its economy led to a budget surplus. remarkable. in the governor joins me in our 11 a.m. hour. ♪♪

[announcer] durán catches leonard with a big left. ♪♪ you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down?

or. do you find, somewhere deep inside of you, the resilience to get up. ♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪ stuart: check that market. the nasdaq has come back very nicely. when we went on the air,

nest egg futures pointed to a loss of over 100-point and now, we are down just 16. let's look at gamestop, halted moments ago and then they resumed trading. they were halted at 137 and now it's 129. that's the situation on gamestop and big tech down. we have downgrades of big-name companies? susan: verizon bidding $45 billion to buy broadband space which is crucial for mobile network and it depends on how path-- fast users can download if you have more, but analysts think verizon may have overpaid so you are getting downgrades. often heimer downgrading at&t who they think also overpaid for their 5g spectrum, t-mobile is going in the opposite direction, rallying because it paid the least, under $10 billion so they save t-mobile probably got the best deal. stuart: got it.

thank you. tesla, reportedly shutting down model three production in california. susan, is this because of the chip shortage? susan: look, tesla did say there would be a temporary impact on the global chip shortage, no word on why they're halting production pretty didn't say it was a chip shortage, but one model three production line plant will be shut until march 7, according to blurb-- bloomberg. no reason given in. that's the biggest tesla production line in the world said they need that up and functioning, but other carmakers like gm, volkswagen and forward have said they will be impacted by the global chip shortage, but we know they have been trying to address this and things are getting better. i want more and tesla because it's very much in the news has been for a long time answering that is again.

rob maurer is the host of a podcast called the tesla daily turkey joins us now. does tesla's recent decline have anything to do with its purchase of one and a half billion dollars with a bitcoin. >> thank you for having me. you know it's tough to say if we look at test. we know tesla has fallen 30% since the purchase. i would say it's probably not related to bitcoin. we have seen ships in the market. doesn't seem to be isolated, ev makers are down 9% and 18% since that. neck of time. one and at billion, only about a percent of tesla's cash, without 0.2% of the market caps so not all that impacts all from perspective. i spoke yesterday or couple days back with its-- he said he has had no calls on tesla or related to bitcoin so doesn't seem to be

weighing on tesla had all. as for the recent volatility and tesla-- go ahead. stuart: look, i'm interested in tesla's performance of the car company going down the road, not so much stock performance because they can never get a handle on that. i'm interested in the car company's performance. what should i look for? for example the berlin factor, should i be looking at output, should i be looking at the battery output in fremont, what should i look out for in tesla's future? >> i think it's probably a mix of three things, the fact-- the factory in berlin in the factory in texas, the two big things investors are focused on. we have seen with the factory in shanghai with alaska blears how quickly tesla has ramped that up starting production to read of 250,000 vehicles per year in terms of output in less than a year. what analysts are doing is using that as a benchmark. we will see the exact same thing here and as tesla rams those up it

will set the benchmark protest over the next decade and that will be critical to watch other progress happens. tesla's internal battery production, they are starting to manufacture their own self. dead battery day in september. they have a pilot line going in fremont and the hub to ramp that up to 10 gigawatt hours, enough for hundred 50000 vehicles a year but next year they look to take it to make 100 gigawatt hours, enough for about a million and a half vehicles. we have to watch that closely. the third major thing i would say and i will wrap it up is just that to look at pattani because tesla's evaluation me now is not related to them just manufacturing cars. there's a technological component and a time he plays a major role in that. that's doing things like handling roundabouts, unprotected left hand turns and roads without laying markings so we

have seen a lot of good demonstrations. stuart: look, europe given us three items there that make tesla look pretty good as a car company down the road or do you think it will be reflected in the stock price? i mean, are you looking for significant stock price and for tesla from $700 where it is now? >> we have seen a runoff of i think 15 over the last year so it would be normal for some consolidation. my investment horizon is long in tesla. when we speak about production shutdown over the next couple of weeks i think investors should be focused on tesla for the next couple of decades rather than the next few weeks even if there is a shutdown for some time. tesla has plenty of cash to work through that. they will get through it and continue to ramp up production faster than anyone else in this space. stuart: you can look down the road a couple of decades,

someone like me perhaps cannot. nonetheless, thank you for being with us. come back soon. i'm going to call this much watch or must see tv. president trump's first major speech since january 6. it will be at the cpac conference sunday about 5:00 p.m. eastern. what do republicans want in-- him to say? i'm trying to figure it out in "my take" coming up at the 10:00 o'clock hour. cancel culture, it's actually targeting pipeline, the dakota access pipeline. jeff explains it all in a live report next. ♪♪

stuart: the frenzied market has returned and gain stop has been halted, treated, halted again and now it's trading with gain stop 112. amc, naked brand, express all actively traded with halts here and there. right now you are still showing huge gains for gain stop and for express, but naked branches down all over the place. that's the future the market today. and then the council culture, can you believe

the next target is the dakota access pipeline. jeff flock is in gary, indiana, with her report. jeff, you close that pipeline and you'll surely raise natural gas prices across much of the country. am i right? >> and that's why i brought bill out here to talk with me. first, i asked him to come out here to this location because it makes the point about you know pipelines versus rail. this is the scene of a derailment. they have been cleaning this up for two months, huge derailment in gary, indiana. you know, moving oil by pipeline is safer than on the trains as well in addition to the cost. >> it really is if you look at the numbers from the federal government, they say they expect at least 10 derailment involving oil and ethanol every year so it's a known risk where taking here in gary, indiana. we are lucky that we

didn't have the railcars we had a few years ago that exploded a few years ago that white two things out. >> just to be clear for our viewers, by the administration has canceled the keystone pipeline. this has been operate-- the dakota access is like a thousand mile pipeline, 500 some odd barrels a day and has been operating safely for what, three years? >> yes and it's 99% on private land and the other less than 1% is on federal land, so the sioux tribe that is against this really doesn't have a stand. >> speaking of standing, a lot of celebrities are on the side of the folks i would like to shut this down, stuart. in the 11:00 a.m. hour we will come back and tell you who is standing where. they are really putting the pressure on the biden administration. of course, a lot of those folks voted for him and they say cancel those pipelines. stuart: they don't have to worry

about rising home heating oil or natural gas prices going up. they live in hollywood. >> they will build a fire. [laughter] stuart: do you have a permit for that? still ahead, my cup-- mike huckabee, betsy mccoy, brian brenda, dan henegar all coming up in the second hour of "varney & co." ♪♪ at fidelity, you get personalized wealth planning and unmatched overall value. together with a dedicated advisor, you'll make a plan that can adjust as your life changes, . u before you trade.ay personalized advice. unmatched value. at fidelity, you can have both.

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♪. stuart: oh, not quite. we would love to see the sun. we may get a little bit of it in new york city today, but i love the beatles. here they go. good morning, everybody, 10:00 on the east coast. let's get straight to the markets. kind of wild so far this morning in. the nasdaq is really recovering big time t was down well over 100. now it is down 60. minor league losses for the dow and the s&p. look at the yield on the 10-year treasury. we got as high as 1.46. now it is 1.47. almost 1.48. that rise in yields really hurts big tech stocks. that is why the nasdaq is down so much. the reddit rally is book with a

vengance this morning. i call them the shorted stocks or the frenzy stocks. gamestop had been as high as about 150. now it is 119. koss still up 65%. amc up 8%. you got a a lot of movement in these stocks all over the place, got it. we like to cover the housing boom. the latest indicator in pending home sales? susan: down in the month of january. down 2.8%. economists were looking for a flat read, zero. looks like higher interest rates, higher mortgage rates are biting into the home sales. down in the month of january. stuart: is that down compared to december or down compared to january the previous year? year on year one is -- susan: it is down compared to economists forecasts and previous month from what i see yeah. stuart: i'm look for the year on

year number. let's see if it continues. >> the fact that it is down already tells you something, right, about mortgage rates biting in. stuart: it wasn't that big after rise in mortgage rates but hold on a latest on mortgage rates. we got it from ashe. good morning, ash, fresh in palm beach. what are the mortgage rates. ashley: put the tab on the "varney & company" bill. expect a surprise next month. to susan's point rates are going up. freddie mac 30 year fixed up 2.9%. almost 3%. up from 2.8% last week. lack of homes, higher prices. now you add rising mortgage rates, it will have impact how much house a homebuyer can afford. the rate is going up on optimism of economic recovery. so that is the good news. but the bad news, borrowing is getting a little bit more expensive, still, historically low though, stu.

stuart: ash, let me chime in for a second. you're in florida. you've been reporting from florida. ashley: yeah. stuart: i don't think there are many homes for sale. that is declining number of pending sales. what is there to buy in florida right now? ashley: not a lot. there are butting wars come up. if you want to settle home, now is the time to do it, realtors are cold calling people. telling them how great the market is. they want to put the property up for sale. that is pretty desperate on that end of things. stuart: i hear a lot of that. ash, thanks very much. mortgage rates back close to 3%. and now this. mark this on your calendar. late afternoon, sunday, february the 28th, about 5:00 p.m. eastern. that's when donald trump addresses the conservative conference known as cpac. it will be his first major

speech since january the 6th. big deal. so what will he say? his trademark style is attack. recently he attacked establishment republicans. he called mitch mcconnell, a political hack. he could stay true to form and return to his attacks on the election result but if he takes that approach, yes he would satisfy his base but probably not expand his base, and, the republican party would have a battle between pro and anti-trump candidates in 2022. i hope he goes the other way. that is, unite the party around his own successful policies. promote what he did so well and attack what president biden is doing so badly. all republicans and quite a few democrats are appalled at the ongoing school closures. this is a direct result of biden's alliance with the teachers union, attack. there is unity in opposition to the new open border policy which is already producing chaos.

surely unity in the opposition to the paris climate accord, iran nuclear deal, endless lockdowns and economic disruption. the country is fed up. we all want to move forward but president biden is dragging us back with the failed policies of the past. this is where mr. trump re-establishes his leadership at the republican party and his own political future. unify around successful policy, and attack president biden's failures. i see the speech as an opportunity. where is conservatism going. sunday afternoon mr. trump will tell us. we will all be watching. second hour of "varney & company" about to begin ♪. stuart: governor mike huckabee will be speaking at cpac, i believe along sunday night along

with his daughter sarah. saturday night. producer corrected me quickly. thank you very much, producer. what are you expecting from the president sunday night? >> you know, i think what you just admonished him to do is great advice. if i was writing his speech, the first thing i would have him say when he walks out on the stage, miss me yet? the place will go crazy because yes we miss his policies. we miss them a lot. what we're seeing is an incredible contrast. i think your advice for the president to show the contrast between his policies and joe biden's exactly the direction to go, remind not just republicans why they supported him in record numbers, despite what liz cheney might think. but they also supported him because the policies and principles he put forth transcended just conservative republican policies. stu, they were just good for america. they were good for everybody, no matter who you were and boy, oh, boy, are we missing that. better energy prices.

better employment. better innovation. manufacturing coming back. a realigned middle east. deregulation where small business owners could live. this is the trump legacy and it's a good one. stuart: do you think the republican party wants to reunite or unite, i should say around the man, the persona, the style, as opposed to policy because there is a big difference there? >> i think there is a part of the persona that they like. the fight, republicans for a long time just surrendered every time the democrats jumped up said boo. jeff flake wing of the party would run to hide in an elevator. we don't want to go back to that. do we want all the tweets, all the personal attacks? maybe not all the time you got to take the whole package. i think president trump has a great opportunity to focus on the policies that made america a

stronger country, great country, economically on fire. maybe tone down some of the things that caused some of those suburbanites and other people to maybe not be so fond of him. i like him. i like his personality. i like the authenticity. a lot of people don't. his personality is not my personality but, it's who he is and i respect that. stuart: i predict massive tv ratings across the board. >> yes. stuart: must-see tv. i hope your ratings are just as good on saturday night, governor. i hope you get 10 or 20 million people watch good stuff. >> only because my daughter is with me. her ratings will be good. mind, i don't know. we'll see. stuart: you're an honest man, governor appreciate it. see you soon. >> thank you, stu. stuart: back to the markets. we have movement here. the dow is down over 100 points. but we got the nasdaq sinking

back down again, down 126. we have a sell-off in progress. meanwhile a frenzy in the marketplace for those shorted stocks, gamestops of this world. dr barton with us this morning. you know what worries me, dr, the big tech stocks which are down pretty much across the board this morning in line with the rising yield on 10-year treasurys. i will ask you the same questions i've been asking you for years and years and years, would you buy this big tech dip? >> i am looking to buy this big tech dip. it might not be today, stuart. i think we're seeing a little bit of a reduced pullback. this will be back seven today. [inaudible]. we've had pullbacks through five and seven days, multiple times. one 15-day pull back.

those pullbacks were to be bought. as long as we're getting amazon -- [inaudible] we are getting -- [inaudible] opportunity for a buying of pullback. stuart: dr, i have to stop you right there. we have a problem with your audio coming back to us. i have to move on. thank you for being here albeit briefly. appreciate it. get back to gamestop. it is indeed surging. it was up more than that earlier. up 44% at 132. i saw it down at 118 a few minutes ago. susan, the market frenzy is back. retail investor is -- susan: what do you think is hitting the stock markets today? i was thinking pending home sales, mortgage rates going up. indication a yield will cone at this to go higher here. you think that is a drag on investor sentiment right now.

stuart: i think what is dragging the big techs down is a continuing rise in the yield on 10-year treasury. you're pretty close to 1 1/2%. we have not been anywhere near that. >> yeah. stuart: the bond investment is attractive as an investment in the big tech stock which pays about the same in terms of dividend yields. susan: that's right. stuart: microsoft, it yields 1%. i can get 1 1/2 on 10-year treasury. susan: same thing for apple. much apple is 1 1/2% yield. nobody buys into the technology stocks for the yield. as for the s&p 500, you're right, on average most of these companies yield 1 1/2%. if you can get easy, guaranteed 1 1/2% in treasury bonds, why risk it if you already made so much money in stocks, right? especially on the s&p 500. but i want to get back to the people stocks. we had a headline crossing.

citron research. andrew left comes on the program. he got burned by the gamestop short squeeze. he was shorting gamestop. got caught on the wrong side of that trade. he says gamestop should buy esports entertainment. i think that is it interesting. that is an online gaming country. andrew left, citron is no longer publishing his short calls after that gamestop experience last month but this is more of a long call on this stock. may be strategic for gamestop to do. not a bad idea, given synergies between the gaming business, right? we're trying to figure out this gamestop meme stock rally today. a bit of a clue yesterday, gamestop saga, with chewy's cofounder joined the board with buying a big chunk of gamestop. wall street traders are excited maybe he will make much-needed changes to gamestop. look at this tweet from ryan cohn yesterday.

this might have rallied and frenzy among the reddit traders according to one. it is the mcdonald's ice cream cone. right? that interpreted cohen as fixing gamestop like mcdonald's fixed the ice cream machines, making it faster, more efficient. i don't know if that is necessarily the case. that is one example, one reason people are pointing do as we're seeing round two of the meme stock frenzy. stuart: ice cream cone as an indicatetor gamestop. susan: that is social media, generational divide how people view the markets. i think there different trends at play. stuart: my generation wouldn't dream of touching a stock with an ice cream cone. susan, have to move on. we're out of time. new york's embattled governor andrew cuomo now facing sexual harrassment allegations

something he is quick to attack other politicians for. watch this. >> all they got was a deaf ear from president trump in washington but new yorks pad the strongest sexual harrassment law in the united states of america. stuart: always get the anti-trump thing in there. does cuomo survive all of this? i will ask former new york lieutenant governor betsy mccaughey. what is the big payoff in space? the man between the ufoetf. how you can make money making space stocks. bat bell of billionaires. musk and bezos on bitcoin. ♪. ♪ ♪ (upbeat music) ♪ ♪

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>> there is disrespect for woman that this administration chronically exemplifies. after the "me too" movement, they did absolutely nothing when it came to sexual harrassment. they have always diminished the charges of women. always. consistently. stuart: okay. that was governor cuomo back in 2018. obviously attacking then president trump. well, now, cuomo is facing allegations of sexual harrassment himself. that is on top of calls for him to testify under oath on the nursing home scandal. betsy mccaughey is the former lieutenant governor of new york and joins us now.

cuomo is up for re-election in 2022, and i think he might win re-election despite all of this, what say you? >> it is doubtful now. as you can see things are really turning. i never been much of a believer in the "me too" movement. i believe in the presumption of innocence. it is ironic to see the "me too" movement come after the love god himself. i recall how he insisted the accuser of supreme court nominee brett kavanaugh be believed even though there was virtually no evidence. he is facing similar kinds of calls for a lie-detector test, for example. but stuart, if he is impeached, it is doubtful that the votes are there to remove him, if he impeached, it will be not because of these accusations about sexual misconduct. it will be because of the nursing home scandal and the coverup, the lies to the public, the families of the victims, to

the justice department and to the state lawmakers. stuart: so the point here is that the republicans are calling him, for him to be subpoenaed. if you subpoena somebody, that means you got to testify in court under oath. that's the problem? >> that's true. stuart: that is the problem for governor cuomo, correct? >> we're talking politics here and in politics you have to count the votes and new york is a one-party state. to remove a governor from office you require 2/3 of the senate plus the top judges in the state. it is called the court of impeachment. you must have 2/3 -- stuart: what about re-election? what about re-election in 2022? he is running for another term. i say he could win? >> his chance of fourth term is looking less an less likely t would have been a record-breaker. the fact is the public opinion

is changing very rapidly against cuomo. stuart: okay. we'll follow that one up. betsy, thanks for being with us. we'll follow it as we said. thank you very much. betsy mccaughey. >> they should strip him of his emergency powers. stuart: at the least. we'll see. >> that is only majority vote. let me say emergency powers are dangerous things when they go on for 11 months, even in states with honorable governors, 11 months is too long. stuart: all right. we hear you, betsy. thank you very much. now remember yesterday we bought you the battle of the billionaires? yesterday it was musk versus bezos. now it's gates versus musk. apparently this is over bitcoin. susan: clubhouse last night which is another new silicon valley hot startup. so gates says unless you're as rich as elon musk you probably shouldn't be buying into bitcoin. the meaning musk can afford to lose money. maybe not the case for anybody

else. gates, as you heard from the comments he is not really a fan of bitcoin. he joins charlie monger, warren buffett's partner yesterday said he would not buy bitcoin, even as hedge, too volatile as a store of value. stu, there is generational divide in thinking musk is a lot younger than bill gates and charlie monger. musk has been a bitcoin evangelist, dogecoin and like. the single biggest rally for bitcoin and crypto the past two months ago. stuart: there is a generational difference when it comes to frenzied stocks, when it comes to gamestop and amc. there is different perception how to invest and value between baby boomers like me and millenials. like you, younger people in general. i think there is a demographic clash here. that is what is going on. susan tell me more about coinbase. susan: yeah. stuart: that is, bitcoin, the largest bitcoin exchange

operator. i think they're filing for an ipo on the nasdaq. what -- susan: direct listing on the nasdaq. they're not raising any cash here for the world's largest cryptocurrency exchange. going direct. they're give be opportunity for early investors and employees to sell out and cash out. no dates on this listing just yet but we have expected it for sometime. if coinbase values itself at roughly $100 billion which many expect they will, coinbase would be one of the largest companies to go public since facebook in 2012. it will be even bigger than uber when they went public. that is more than 10 times. at 100 billion-dollar valuation, that would be 10 times what coinbase raised cash back in 2018 when they were only worth $8 billion. so what a difference two years makes. smart timing. a lot of people in the markets would say that. bitcoin ethereum, dogecoin record prices and coinbase makes money. how usual is that in the unicorn

silicon valley startup crowd and sales more than doubled last year. these are great numbers to go public on. notable details in the s 1 filing i want to pass along with you, payout of ceo brian armstrong, of $60 million last year. that is a lot. stuart: that is a lot of money, susan. change subject here. the investigation into tiger woods' car crash continues. we have the latest on that for you just ahead. plus more migrants on the mexico side of the border being allowed in our country as of today. my next guest california congressman tom mcclintock says it's a new crisis of president biden's own making. he is on the show next. ♪

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the picture the frenzy the marketplace is back. it is a new feature on the market. it has been around couple months but it is back as of today. we're following it for you. dow is down 100. customs and bored protection says there is an uptick of minors crossing the border under this new administration. in fact in january alone 5871 unaccompanied migrants under the age of 18 crossed the border. big number. congressman tom mcclintock, republican from california is with us now. congressman, a lot of migrants are going straight to your state, you welcome them with open arms. you are, what is the expression, a sanctuary state. the whole state. what can you do about this? >> we're a state without borders which basically makes us an international territory. unfortunately that is what the left is planning for the rest of country as well. what can we do about it? vote against gavin newsom in the hopefully upcoming recall

election. who just signed legislation to give $600 to illegal immigrants currently in the state of california. beyond that there is nothing we can do 20 months until the next election. the american people will have to ask questions, how are americans helped with flooding market with illegal immigrants? how is schools improved flooding classrooms with non-english speaking students? how are hospitals helped with flooding emergency rooms for emergency care? we have seen a double much illegal crossings since the administration took offers. they will not stop until the policies are changed that will not change until the politicians are changed. stuart: i got that, congressman, what is the feeling in california? you've been a sanctuary state for a long, long time. you've been locked down for a long time. the economy is not doing very

well. what's the feeling about immigration and sanctuary state in california. what is public opinion? >> i think people are getting fed up. by the way i people i found who are angriest about illegal immigration are all the legal immigrants who paid all of our laws, who respected our nation's sovereignty, who did everything our country asked of them. they're watching millions of illegal aliens cutting in front of them. stuart: do you know if there is a line to get into california at the mexico u.s. border? >> well, i know this, there is, census data is telling us there is a line of people to get out of california. we're seeing increasing domestic out-migration of california as a result of the conditions that these policies are creating. and, as i said, this is a question of policy. the policy is responsibility of politicians. and that's our job as voters. and the good news is, i think

people are awakening. you see conditions all around you now in california. rising crime, rampant homelessness. sky-high taxes. things can't go on this way much longer in the state without people finally awakening, setting things right. stuart: do you think, if governor newsom is forced out with a recall, do you think that a republican candidate to win statewide office in california? >> the way the recall is structured, yes, i think it's a distinct possibility. people are fed up. it is no longer republican versus democrat. it is policies that work and policies that don't work and the policies the left brought to california and tying to impose on the country just don't work. they suppress workers wages. they cause rampant american unemployment, homelessness, all the social and economic pathologies that you see in california are common to other jurisdictions where the left takes control. one important part of that is the left's fixation on open

borders. stuart: okay. congressman, thanks very much for joining us this morning. i'm sorry i kept you to that one subject. that is on the minds of a lot of our viewers today and we like your presentation there. >> thank you. stuart: congressman mcclintock. thank you for joining us. now this, we're getting more news on the investigation into tiger woods' car crash. ashley as i understand it woods himself does not remember the accident? ashley: no recollection at all apparently. that is according to the l.a. county sheriff. in fact the deputy who first responded to the crash said tiger woods was remarkably calm apparently unaware of the severity of his injuries due to adrenaline and shock. he has no recollection. he is facing a long road to recovery, including lengthy physical therapy and even more surgeries we're told on his shattered right leg. that part of the recovery is physical. they say 50% will be mental as

well. no timetable how long it will be, take before he gets back to any normal function, let alone play golf. as for the accident investigation itself the sheriff calls it, quote, pure live an accident. no criminal charges will be filed with no evidence of any impairment but, investigators don't know if he was distracted on that steep stretch of road. they are going to analyze, they say the black box within the car to see if there anymore clues as to why this accident happened. but as for woods himself, has no recollection apparently. stuart: got it. ash, thanks very much. this could be a path forward, out of the pandemic. we're going to tell but the real world study that shows just how effective, very effective the pfizer vaccine is. as if kids have not suffered enough during the pandemic, now one state education board is requiring, quote, culturally responsive teaching that

prioritizes political and social activism. can you believe that? live report for you coming up. ♪.

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stuart: there is plenty of red ink on the market this morning. look at that we're down 170 on the dow, 174 on the nasdaq and one of the main reasons for this selloff, especially in big tech, is this, the rise in the 10-year treasury yield. you're now, up 10 basis points. that is a very big move in the bond market, almost 1 1/2% on 10-year treasury yield and that is a one-year high. now the other big sector of movement in the market is the so-called shorted stocks, all over the place this morning. gamestop at this moment is up,

46% i think it is. you've got, koss is up 60%. amc up 7%. the action is back in the shorted stocks. how they close out this afternoon, haven't a clue but there is real volatility this morning. not quite sure who is doing the buying or the selling there. we'll get to that later. you have got to listen to this. the illinois state board of education passed a new rule. it requires all public school teachers to teach liberal political views. grady trimble is in chicago. what is going on, grady? reporter: so this new set of rules, stuart, it is spoused to make teachers more socially responsive as they put it. it just passed and all teachers k-12 have to learn it, republican lawmakers fear as you mentioned, all it does is put left-leaning ideologies into the classroom. here is one example of one of the rules. teachers must understand and

value that multiple lived experiences exist. there is often not one correct of way of doing understanding something. what is seen as correct is most often based on our lived experiences. some of the other guidelines use faces like social advocacy and unearned privilege. >> we feel that this rule goes a step far. it uses language concerning to us. a lot of buzzwords that you know, have us thinking that these are very progressive buzzwords. they're also very vague. what exactly do you want the teacher to teach when you're talking about being culturally responsive in your classroom? reporter: republican lawmakers who opposed these rules were outnumbered by democrats so it passed but those republicans argued the rules do nothing to help students improve in subjects like english and math where here in illinois more than 60% of students have fallen behind. there is also a teacher

shortage. some of those republicans fear teachers won't want to go into that industry, new students, won't want to go into teaching because of the rules they might have to follow. nonetheless these rules will go into effect and be implemented in all classrooms here in illinois by 2025. stu? stuart: you got to shake your head. grady, good report, thanks for being here. appreciate it. let me get back to a subject where i know i'm talking about here and that would be money. look at the markets down 150 on the dow, down 160 on the nasdaq. you have some big movers for us, susan. >> twitter just hit a record high this morning. up over 8% it was, close to it, after it published long term goals for the very first time for the social media platform, ahead of the analyst day which is taking place this afternoon. very optimistic targets here for twitter. they're hoping to double uses and revenue in just two years. they're aiming for 350 monetizable, making money off the daily users by the end of

2023, sales should double during that time as well. that is bullish, best buy, let's track the retailer here down, after the sales growth slowed and the electronics retailer expects the pace to weaken further this year, as people shift their spending away from building out their homes. verizon is down today. deutsche bank downgrading the telecom stock after it paid $45 billion for more space on the new 5g networks. the more you have, fastter the download speeds for users. but investment banks think pfizer overpaid. moderna is rallying after a scary new york variant of covid has been discovered. it might make vaccines less effective preventing coronavirus. finally american airlines, profit-taking here after airlines rallied more than 10%. runaway best performers the past month. american itself is up 13% in the past week or so of trade. stuart: okay.

let me get back to gamestop. still all over the place. the latest count is, it is up 54%. do we know who is doing the buying here? susan: no, we don't. i think that is the question right now because you saw the wall street bets and reddit page was overloaded yesterday in that final hour of trade. hence people couldn't get on it. latest here, we're looking at short seller losses. this time around is different from what happened in january when it was so tilted on the short side of. so that was a short squeeze. this morning the latest data in terms of how much short sellers lost in that you are recent gamestop spike is not all that much. $818 million were lost yesterday on the short bets according to ortex research who tracks this type of data. so far today i counted three trading halts in gamestop so far. 23 million shares exchanging hands in the first 15 minutes of trade in the session. now the stock is on pace for its most active day since it peaked

last month during the height of the gamestop mania. everybody is trying to figure out who is buying in right now. is it retail investors like roaring kitties who doubled his holding to 100,000 shares or is it the institutional money that is buying in? i tell you there is a lot of volume trading in these meme stocks today. premarket, nokia, amc, gamestop, koss, sundial, seven out of 10 most heavily traded stocks before the market rang the bell. stuart: it could be that organized groups are getting together on platforms outside reddit, discussing amongst themselves the target of the day. susan: yeah. stuart: we're not privileged into that group but that may be what's going on here. susan: yeah. stuart: not just read reddit, invest what reddit says, there are a lot of groups on other platforms. susan: where? stuart: signal for example. signal? susan: yeah. telegram, is that what you're saying? okay. stuart: yeah. all right. let me put out some really good

news. cases down, deaths down. this is an ongoing story. i call it good news but ashley, he joins us with some really good news on the vaccine front. what do you have on that? ashley. we do lots of good news, raising hopes of an earlier end to the pandemic. lots of optimism. let's begin with the food and drug administration declaring johnson & johnson's new single shot vaccine to be safe and effective. it could be approved by this weekend, very good news. moderna says it manufactured a new version of its vaccine tailored to treat the south african variant. pfizer biontech also in talks to test a modified vaccine aimed again at that south african variant. good news out of a study out of israel involving half a million inoculated people, two doses of the biontech shot were 94% effective across all age groups.

lots good news on the vaccine front. stuart: the virus is in retreat. ash, thank you. ashley: yes. stuart: anything you ever said can and will be used to come back to be used against you, might even ruin you. case in point president biden's budget pick neera tanden. "wall street journal" dan henninger is here on that story next hour. what's the big payoff in space? the man behind the ufo pure play in space, it is an etf. that man is here. how do you make money in space stocks, next? ♪. ♪ limu emu & doug ♪ hey limu! [ squawks ] how great is it that we get to tell everybody how liberty mutual customizes your car insurance so you only pay for what you need? i mean it...

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stuart: there is plenty of red ink on that market today, look at this. the dow is down 160. the nasdaq is off close to 200 points, close to 1 1/2% decline. it is a selloff this morning. next, look at this, the procure space etf, okay? done pretty well recently. not necessarily today but recently it is doing okay. it billed itself as a pure play

in space stocks. the ceo is andrew chanin and he joins us now. how does a company a space company make most of its money? launching tourists or launching satellites? what's the moneymaker? >> well, so far sending people to outer space for space tourism has not really been a large business. if you look at the commercial space industry from the previous space foundation report roughly over 1/3 of commercial revenues from space have actually come from communications, satellite broadcasting and telecommunications and broadband internet have been one of the bigger pieces of the space economy. stuart: which stocks are in your etf? i'm particularly interested in like, is tesla in there? i mean, you know, they're connected to space. is amazon in there? bezos is connected to space. are they in your etf? >> they're not and one of the

big focuses of ufo is actually focused on companies deriving a majority of their revenue from space related activities and businesses. some companies might do a little bit in space or say they're doing something in space but at least 80% of the underlying index from ufo is on companies deriving 50% of revenues from space. also realizing some of the diversified airspace defense companies are major in the industry. 20% of the portfolio is allowed to go into these names. companies doing rocket, satellite manufacturing and operation. ground equipment manufacturing that is dependent upon satellite systems. you have hardware, space tourism now, military and defense is also an increasing area of the space economy. all those areas are representatived with ufo. stuart: last one, 20 seconds, how big do you think the space economy is going to be in say five years? >> i'm not allowed to make

projections but companies like morgan stanley have projected a one trillion dollar industry by 2040. bank of america has predicted 2.7 trillion by 2045. so a lot of research houses are now starting to look at the space industry. ufo is a way for investor to get global exposure from company around the world doing things in the space industry today. stuart: maybe i put ufo into my grandchildren's accounts, maybe. thanks for joining us. we appreciate it. interesting subject. come again soon. >> yes, sir. stuart: another big hour coming up for you. we have the governor of oklahoma, kevin stit, he produced a budget surplus in the middle of a pandemic. we'll ask him how he did it. hen hen is dan henninger has a new piece on the show, death by twitter. jason rantz and more, brian brenberg. when "the new york times" publishes a critical piece of

democrats you know something must be going on, i will tell you all about it in "my take" which is next. ♪ my retirement plan with voya keeps me moving forward. they guide me with achievable steps that give me confidence. this is my granddaughter... she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement. your doctor gives you a prescription you could use free 1-to-2 day delivery from cvs... but aren't you glad you can also just swing by to pick it up, and get your questions answered. ..

>> there's a tremendous amount of cash out there. the system is awash in liquidity. >> the second half of 2021 will be extremely bright. we like the russell 2000 and individual stocks do quite well for the second part. >> tesla's valuation, there's a psychological component to that. unprotected, the concept of financial literacy, what it had. ♪♪ here i am

♪♪ baby ♪♪ stuart: sixth avenue new york still deserted and this is thursday, february 20 fifth. it is 11:00 on the east coast of the united states. straight to the markets. a bit of a comeback with major averages, the nasdaq is down 160, dollars off 133. the 10 year treasury yields, the highest in the year, it is 148, the redit rally, is back. it costs nearly 30, 61%. $10 a share up 12%. that is volatility back in the shorted stocks. when the new york times

publishes an opinion piece deeply critical of democrats you know something is up. i have been banging the drum about this but this article, school closures failed america's children, that is a milestone. one new york times columnist to write about, nicholas kristof says, quote, the blunt fact is democrats have presided over one of the worst blows to the education of disadvantaged americans in history. he even points out the opposite to opening the schools increased among democrats at precisely the time when trump called for reopening. trump wants it's a democrat hated and the kids suffer. at least he is coming clean but it doesn't stray too far from the biden administration was nowhere in the article does he mention the teachers union but this is an important development.

the new york times is the democrats bible. they dance to whatever tuna times is playing. the administration will have to listen. jen psake will be asked again about it. the administration is clearly embarrassed by the educational disgrace we are suffering at the hands of the teachers union, president biden's most consistent supported. ironic the ultraliberal new york times should be questioning the ultraliberal educational policies of a democrat administration. the third hour of "varney and company" is about to begin. stuart: you are a professor. i think this is a heavily political question about opening the schools. what say you? >> that is an understatement,

when i read it, the first thing i thought, where was this 5 or 6 months ago when it would have made a difference to millions of children. it is nice that nicholas kristof is there. nice that the new york times is running this. we needed this months and months ago if we are going to make a difference in kids lives, this is what i am afraid of. schools and teachers unions get pressure from people like nicholas kristof and the new york times and they open up, nothing changes. nothing in the system that gave us this, nothing in the system that put teachers unions right at the top with all the power nothing changes. we don't do anything to help those catholic schools who remains open, don't do anything to help those homeschoolers or private schoolers who want their tax dollars back. we go on with the status quo. schools have reopened.

stuart: you are right. the teachers union which wrecked public education over the past year will be rewarded with $129 billion which is included in $1.9 trillion rescue package and none of that money will be spent until next year and the succeeding 5 years. they get their reward, for heavens sake. >> it is going to be spent through 2028, a giveaway to the existing system. if we are not happy with the existing system understand that is what the money is going to. nobody who stepped up in this moment is getting any money and nothing will change for them. the teachers unions are the biggest opponents to school choice in this country. they will not let the money follow the students. if we make a change the money has to follow students. stuart: got it. thanks for joining us. we will keep pounding the table on this one.

let's get to some really good news, plenty of it if you look at the pandemic and retreat. cases down 34%, death down 60%. this is a long-running story, real improvement in the pandemic situation. david, you are on the financial side of things, you say this economy is going to open up a lot sooner than we think, make your case. >> the data is demanding a, 34%, cases are down, that is from a couple weeks ago, down 70% from the high level. hospitalizations are down 50%. mortalities are collapsing. when you look at studies in the uk and israel and see how far things are dropping, the efficacy in the vaccine not just in keeping people alive which i thought the goal of all this was but stopping transmission.

there is no negative news unless people dig for it, look for go into this new tool which is so bizarre to me which is a theoretical of everything is a lot better but there could be some new thing that comes along and gets us social let's stay locked down anyway. things are going to be coming back to normal because i know human beings. humanity is demanding freedom, demanding activity, meant to be in community with one another. the kids are meant to be in school and by the way you are meant to be in your office. stuart: thank you. before you go, i like to get stocks from you, strong and probably going higher dividends. coca-cola, kimberly-clark, make your case on all three. >> notice all three have one thing in common, consumer

staples type companies, they make products that people have to buy all the time. they are not economically sensitive. people don't buy less diapers or less potato chips, dishwashing detergent when the economy is bad. that is why we call them staples but also another thing in common, they have been paying more growing the dividend for decades. recessions, economic recoveries, good times, bad times, inflation, deflation, these companies are growing their dividends for a long time but then finally, these companies, unlike my beloved energy and financial names, unlike anybody else's beloved, saying in technology names, these names have not been rallying the way so much of the market has. everyone is looking to see if there is value out there. this is an underrated sector that offers great fundamentals and compelling entry point.

stuart: might get a strong dividend and the capital gain to boot. that is my kind of stock. last word to you. you have 10 seconds within you. >> anecdotally on coca-cola, one dollar and $0.68 in 1986. the dividend is one dollar and $0.68 every year. it is 100% cash on cash over 35 years and stock is up 3000%. stuart: i think you made your point. thanks for joining us. in a market like this which has come back especially the dow, is down less than 100 points. there have got to be some big movers. >> one of the drag this tesla, down one%. tesla is down on reports of shutting one of its mobile 3 production lines in fremont, california only temporarily, no reason given by tesla

officially but analysts believe it is due to the global chip shortage which impacted carmakers like gm, volkswagen and forward and blowout earnings to end 2020, the first $5 billion sales order, the stock is down because it's ceo tempered wall street expectations by saying big coin mining demand using the fast chip will not grow extremely large in his words but that could be conservative guidance. they lost 10 times more money than estimated in the final quarter of last year. blaming it on their $18.5 billion acquisition of the health tracking company which will be a big callous for the company and its business in the future and the moment of truth this afternoon for the highflying uniforms. air b&b, door theyaash, they have to prove it. are they worth 100% up on day one?

the world's largest crypto currency exchange going public on the nasdaq. a lot of interest already bloogealotofinterestalready -- they want to present that. that would be -- that would be based on how much they value their company at and raise money in the private round, they go public at $100 billion, would be one of the biggest companies since facebook did in 2012, they would be bigger than uber when they went public a few years ago. very smart time given we are looking at record valuation for crypto currencies. stuart: i have a hard time wrapping my arms around an ipo

with $100 billion. >> they were worth 8 billion, three years, they have grown ten times and their value. stuart: i wish i had seen this coming. how about this? donald trump expected to make what might be a come back on sunday afternoon. will kick off his 2024 campaign? we will get into that question. oklahoma open for business and the state has low unemployment and a budget surplus in the middle of a pandemic, attracting business from all across the country. i will ask the governor who was on the show after this. ♪♪

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got another update from school. how's that...is that better? ♪ well we have a safety net. we'll be ok right? ♪

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♪ liberty. liberty. liberty. liberty. ♪ stuart: i love this story. you know about new york heavily restricted. how about oklahoma? wide open and that state has a $1.2 billion surplus. look who is here. the governor of that state is a republican and joins us now. i take it this is because you opened up. that is how you got the surplus. did you get a spike in new cases. >> if you had taken a balanced approach, my goal is governor,

a top 10 place for business, in the height of the pandemic, we knew we couldn't make a decision based on one isolated set of facts. and and and in june 1st last year, 90% hospitalization down, stuart: how many new businesses have you attracted? give me a number. >> we have companies from california, high taxed states. schools are shutdown. we have parents, wanting to move to a state like oklahoma open for business, schools are open.

hundreds of companies are calling and reaching out, we never had more appetite to move to oklahoma. stuart: you should get more publicity, florida gets an enormous amount of publicity they are getting all the new yorkers getting down there. we should get more publicity, i want to ask about tulsa. i understand tulsa, the city, is paying remote workers, 10,$000 to move to tulsa for just one year. can you tell me how many people are cashing in on the offer? >> we have thousands of applications and that started several years ago. because of covid and remote working it is a fantastic program, we are a very flat organization, 4 million people in the state of oklahoma. we are getting those folks plugged in to the state

government, the local government having grading cube a where they are plugged in with other like-minded entrepreneurs. a great success. we are looking at legislation to do a paper success program to replenish the foundation that sponsors that program. stuart: how do you feel your state, taxpayers in your state should be actively bailing out the badly managed state of new york, new jersey, illinois, and all that. you don't think of that? >> i'm in on the call with the colleagues, that is a bailout for the liberal states. states that punishes oklahoma, states that fully reopened. states like new york that have schools or businesses closed down, close to a year now. new york has a $10 billion budget deficit. oklahoma with a much smaller budget than new york, we have $1.6 billion surplus, low unemployment in the state of

oklahoma, we dealt with the same set of facts of everybody else in this covid pandemic, which is to keep our businesses open safely, keep kids back in school safely as well as protect the health and lives of oklahomans. stuart: congratulations, governor, that is a fine performance, come back on the show, thank you. record number of new homes for sale have not even been built yet. not sure i understand that. how does that work? >> it is fascinating and speaks to the lack of existing homes on the market and the desire of people moving out to the suburbs have their new homes built. according to the census bureau, 307,000 homes were on the market at the end of january but just 42,000 of them have been completed, just 13.7% of

the listings, the lowest percentage on record. on top of that nearly twice as many listings, 81,000, or 26.4% were offered before the ground was broken. the headline, homebuilders who were struggling to keep up with demand from homebuyers are increasingly selling homes that hadn't even been built yet. such is the demand. stuart: that is a fascinating story, such is demand and such is the lack of supply as both sides are active in that. i will put on the screen the streaming stocks on the left-hand side. seems to be the streaming wars are heating up. tell us about that. >> paramount plus debuting in june at $10 a month, global streaming subscribers and cbs all access and other outlets at 30 million at the end of last

year so the world is a streaming world and that is the future for entertainment. marvel is the hit maker, the avengers universities debuting loki, only 6 episodes in the first season. these 2 already in the works. another avengers spinoff, the winter soldier will debut next month. the mandaloriand, 1 million described in 14 months. it took netflix nine years to get to that number and less than a year and a half. stuart: i picked up on this, netflix is going to spend big bucks for korean content. >> have $1 billion is what they are spending, netflix, close to 4 million subscribers and international growing faster than domestic for netflix, less than half of netflix is 200 million subscribers are north american.

the opportunity in foreign country content, 13 to $14 billion in content alone for the entire world and netflix, that is how you survive in the streaming world. the stuff people want to watch. stuart: you have a global marketplace that appeal to people globally. that is a good strategy from what i see. >> have you watched any of the avengers? stuart: i haven't. >> i'm not surprised. to anybody. stuart: you want to talk about t.j. maxx? sales make a big comeback, this is for ashley. this is all about revenge shopping. what is that? ashley: revenge shopping is the theory that once the pandemic is over people will go out and

spend loads as revenge for being restricted for so long. this is the owner of discount chains t.j. maxx and marshall's believe, according to global data retailer it is playing out in china where there has been a surge in spending on luxury items and the national retail federation is predicting retail sales will grow from 6.5%, 8.2% to more than $4.3 trillion this year. that is a big number in anyone's book and that would mark the fastest growth since 2004. it is all about the revenge. stuart: revenge or pent-up demand. you better take a look. of seattle homeless shelter

giving out free heroin pipes to drug addicts and use the taxpayer will foot the bill. we have the story for you. president biden's pick for white house budget director under fire for her past tweets was near a tendon, the lady in question, death by twitter. dan heninger joins us shortly. at fidelity, you get personalized wealth planning and unmatched overall value. together with a dedicated advisor, you'll make a plan that can adjust as your life changes, with access to tax-smart investing strategies that help you keep more of what you earn. and with brokerage accounts, you see what you'll pay before you trade.

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do you believe donald trump should speak at cpac? >> yes he should. >> reporter: i don't think he should be -- stuart: there is a stark split. kevin mccarthy, liz cheney clearly split over whether donald trump should appear and what he should say on sunday. dan heninger, wall street journal guy, with us now. when donald trump speaks sunday night will he attack establishment republicans or try to unite the party around his own successful policies? >> i would guess more the

latter. the former is entirely possible. it is donald trump's instinct to attack his critics and there may be some of that but the question going forward is people are looking at trump as a potential candidate four years from now or whether he is a kingmaker, whether he would endorse someone else was the other thing i will be looking for in that speech is whether there is any discussion of as you suggested what his presidency represented, what his policies were. one of the biggest debates inside the republican party is what is the meaning of trumpism. iran on the idea of make america great again but that's not a public policy. that is a sentiment. sentiments do matter in politics. will he elaborate on what his presidency represented?

i think one of the biggest thing that represented was the economic boom it produced, the extraordinarily low unemployment, lower taxes and deregulation. will he talk about issues like that are will he talk mainly about himself and losing the past election. stuart: you will have 70 or 80 million people watching to see what he has got to see. the ratings will be astronomical. i want to refer to your op-ed this thursday, op-ed in the wall street journal. neera tanden's death by twitter. i take your point. seems to me everything you have ever written or ten or spoken in the past 50 years can come back to ruin un this is the case in point. what say you? >> i am almost fascinated how people on social media act as

if no one is noticing, as if it is an underground club they were belonged to. the most amazing thing is in preparation for her nomination she deleted 1000 tweets of the total 88,000. how do you do that? that aside, the larger issue raised by senator manchin is her relationship with the senate is damaged. people forget when she was the president of the center for american progress they are the ones who published the founding paper on what became barack obama's pen and phone authority, another way of saying they reduced congress, the senate especially, to a nullity. neera tanden has no use for the senators but the senate itself. her job was use executive authority to go around the congress. that is the important point to

be made here about defeating her nomination. congress, the senate, senators manchin and portman reasserting prerogatives of the senate to have a coequal role with the executive branch. stuart: note to aspiring politicians, don't say anything in public, never go on twitter and never get yourself on video tape. you can't have much of a politician, pretty good rule. dan heninger, thanks for joining us, always a pleasure. let's get back to education and opening the schools. this experiment to get kids back to school five days a week, get them back in the classroom, 6 schools taking part, edward lawrence is at one of those schools. what is the experiment? >> reporter: the experiment is fantastic.

this is part of the friendship school program in washington dc. with kids in person learning, they've done it successfully through masks, 6 feet separation and testing. in the past 6 weeks, 261 tests and 0 students came back testing positive. they have taken what they learned back home. the communications director for the system says not only to parents need kids in school, kids need that interaction. >> what we found is a fraction of students, the virtual learning, they thrive but we do understand that the vast majority of students need that face-to-face instruction. >> reporter: two national testing program sounded 5 million kids in grade first through a great identified at

low grade levels for growth from 2019-2020. if you have a class of 22 kids, 7 of those tested at the low level in 2019, 12 of them in 2020 of the low growth level, exactly the reason the people at this school wanted to get back in person. that fifth day is a massive cleaning of the school. stuart: the whole point here is to show face-to-face in classroom learning works and it is safe. that is the whole point. that is how you get kids back, follow this spirit and. that is in a charter school, not a normal public school. >> exactly, they are dealing with the kids, the kids understand what is going on and they take the lessons back. they stood 6 feet apart, there were no problems from the children, they understood, they lower their mask, got the test

and moved on. they are taking their lessons home with them. to keep the 0 testing and also in the community when they go home a reminder mom, their parent, their dad to put the mask on. stuart: i hope the teachers union take note. thanks for joining us, appreciate it. before i tell you about the rest of the program i will bring you up to speed on the market. the dow is falling again, now we are down 200 points on the dow industrials, sharply lower on the nasdaq down 200 points as well. we got the renewed moved to the downside. the stock prices. i should tell you game stop is at $134 a share up 47%. yet market frenzy is back and a big downside move for the

overall market especially in big techs. let's get to john kerry. remember what he said about taking a private jet to accept the climate award. >> it is the only choice for somebody like me who is traveling the world to win this battle. stuart: the white house stayed silent on john kerry's carbon footprint but they are very concerned about major airlines. we will cling coming up. businesses are moving out of seattle as crime spikes. my next guest says seattle is on life support and is about a flat line as in did, no pulse. jason rants reports after this. ♪♪

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one i'm seeing a lot of red ink, the nasdaq down 224, the dow jones down 227. that is a selloff. this is the reason nasdaq is down so much, amazon is down 34, facebook down 3. the long list, big tech taking it on the chin again today and here's why. the yield on the 10 year treasury as it goes up, big tech comes down. bonds become a more attractive investment than the low yielding big tech, a very low dividend. yield on the 10 year 147. it had been 149. the other part of the market is game stop and the frenzy stocks. game stop is up 45%, 54%, amc up 10%. the frenzy is back. the redit trading from the has returned.

a lot going on in the market. take a look at cpac, a link to its website, twitter for warning label on it. jason rants is a radio talkshow host in orlando, he is there for the conference. did you get a warning? >> i sure did. when you go there, twitter gives you a warning or did yesterday for several hours there were questions why that was happening, maybe something on the back end of the website but when you look and read some of the warnings twitter will give you, one of them is content on this website can lead to real-world violence. go to the website and see some speeches and to buy tickets that will not lead to any actual real-world violence. that jumped at us. i tried to take twitter in good

faith with my criticism but we know that in the past they suppressed websites and certain stories -- stuart: you took it in good faith. conservative across the board. stuart: and exclusive, with heroin pipes funds. it is your story, tell us more about it. >> the downtown emergency service center that is low barrier. these are people living on the streets who are the most chronically homeless, and a lot of addicts making quality-of-life for seattle worse and a 1-way ticket to

inevitable death they don't get treated. it is a harm reduction policy that says meet these addicts where they are. they will be doing heroin or whatever the drug of choice is. they are going to make it safer and that point they spend money, city funds on heroin pipes, you should give it a try to smoke heroin rather than do it intravenously but on top of that they have given tips on duty bumping which allows someone to rectally inject a mixture of water and drug of choice, usually cocaine or meth to get high. when you do it in that method it is safer than shooting up. it is longer-lasting, more intense and presumably not going to make it easier to get someone less addicted to that substance.

stuart: you make far too much sense but i want to talk to you about your statement that seattle is on life support. flatlining, no pulse, did, that is a strong thing to say. can you back it up. >> he is, when you look at downtown seattle alone, 162 businesses permanently closed, they are not coming back. when you talk to business people, wants to pretend them that this is all covid related. covid played a role. when you talk to businesses they are not closing up for good period. justin seattle. they had a company moved to edmonton so they don't have to deal with their employees getting attacked by aggressive homeless people on the streets and last week another company, a startup software tech company said we don't want to leave the neighborhood of pioneer spirit but it is too dangerous. they decided they are not going to renew their lease after the covid crisis and they are

looking for a new home. we don't know where they are going to go but this is part of a trend, a long list of companies saying enough is enough, this is not a city to take the crime situation seriously. stuart: our guy from seattle, currently in orlando for the cpac conference and get a warning about it. the dow keeps on thinking, off 300 points. next, climate protesters want president biden to pull the plug on the dakota access pipeline. that could send the price of natural gas, what you he your home with, soaring across the country. we go to jeff flock in indiana for a report on that. ♪♪

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♪ limu emu & doug ♪ hey limu! [ squawks ] how great is it that we get to tell everybody how liberty mutual customizes your car insurance so you only pay for what you need? i mean it... oh, sorry... [ laughter ] woops! [ laughter ] good evening! meow! nope. oh... what? i'm an emu! ah ha ha. no, buddy! buddy, it's a filter! only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ stuart: president biden canceled the keystone pipeline, climate advocates as they call themselves wanted to kill the dakota access pipeline as well.

jeff flock in gary, indiana, celebrities pushing this drive. is that right? >> reporter: a lot of celebrities sent a letter to president biden urging him to shut it down. let's put up a picture. you know some of these folks, don't need to put their names on, you know their faces. a lot of people. fair and balanced, last hour we talked to you about the negatives of shutting down the pipeline, let's give the other side of the story. here's what the letter in part said from the celebrities to the president. with your leadership we have a momentous opportunity to protect our water and respect our environmental laws and the rights of indigenous people because native tribes oppose the pipeline. this is our moment, say the celebrities. phil flynn -- >> that is want you to pay more for gasoline prices. there moment, telling you they

don't care about gasoline prices. they care about the environment which they should but it doesn't back what they are saying doesn't back up with the fact. if you look at looming oil through pipelines it is traditionally the safest way on the planet earth to move oil from decorated point be and the risks are so minuscule. >> reporter: we are at this location because there was a derailment and that is the danger when you move oil on rail but celebrities point out 76,000 barrels a year of oil is spilled out of pipelines, older pipelines throughout the country so pipelines are dangerous too. >> that comes to infrastructure as well. we have pipelines that have operated for well over 100 years. when you talk about those numbers it is such a small percentage of the oil that moves on a daily basis and the environmental impact overall have been very modest. >> reporter: get rid of all for your, go all electrical wind

and solar and build a campfire if we get cold and we are good. and power there was electricity powered by natural gas i think. >> reporter: he has all the answers, mister varney, back to you. stuart: the hollywood slippery don't give a damn about you or me. just global concerns. that's enough, thanks very much. shelley the airline stocks. we are showing you because the white house is going to hold a virtual meeting with airline ceos tomorrow. what is this all about? what is this meeting about? carbon footprint? ashley: yes, a story dripping with hypocrisy. the white house reportedly set to meet with airline ceos to discuss reducing carbon emissions but apparently ignoring the use of a private jet by top climate change advisor john kerry.

a virtual meeting set for tomorrow with heads of four airlines, american, united, delta, and southwest. which one of them will have the guts to say what about john kerry? private jets have been estimated to emit upward of 40 times as much carbon per passenger as commercial flights. fox news reported john kerry's family racks of 160 metric tons of carbon emissions, hypocrisy. stuart: you got it, writ large. got more varney for you right after this. . .

[announcer] durán catches leonard with a big left.

♪♪ you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down? or. do you find, somewhere deep inside of you, the resilience to get up. ♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪

♪. stuart: three big stormries on the market today. first off the big decline. the dow industrials down 300, nasdaq down 300. the yield on the 10-year treasury getting close to 1 1/2%. yes, the frenzy in those stocks is back. gamestop all the way up again. neil, it's yours. neil: thank you, my friend. i will try to turn this around, man, oh, man, stuart a confluence of events not helping those bullish on the market. the big seminal point, i don't want to get too wonky, bore you to death. i save that for the full two hours. the treasury note had been 1 1/2% very early this morning. here is why that could be a big deal for stocks. the dividend yield, what you sort of get extra bang for the buck on stocks and s&p 500 is