maria: have a beautiful day, everyone. thanks for joining me. "varney & co." begins right now take it away, stu. a. stuart: good morning. today the crypto world opens up. maybe bitcoin's get some respectability. coinbase goes public it's in exchange you can buy and sell crypto quickly and easily and it's possible it could be worth about $100 billion, perhaps more and that would make it by far the biggest public offering of the year. it's a measure of the importance of this newly investment world. talk about instant creation of billionaires, you will see that today, maybe some

billionaires. another new high for bitcoin and another gain for the other leading crypto's dogecoin by the way actually doubled last night. bitcoin now at 64, 450. we don't know when we will get the first trade in coinbase, but if it's before 12 noon, you will see it here. what we do see now is the first earnings reports of the new season. big banks come out first and investment-- investor seem to like what they see. goldman sachs, j.p. morgan, huge profits, huge revenue. more on that moment. overall, the markets dominated by the start of trading in coinbase with the dow down a fraction, s&p down a fraction. we have vaccine news, european regulators are about to rule on j&j's vaccine end of the controversy over blood clots. u.s. put that vaccine on pause, that's contentious. will it make more people

hesitant to get any kind of shot? j&j stock down again. meanwhile, pfizer says it can increase its vaccine production by maybe 10% to make up for any shortfall or problems with j&j. moderna says its vaccine is still 90% effective, six months after the second dose. pfizer, moderna on the upside pair. another night of riots in minneapolis is out of control as the police officer who mistakenly, accidentally we are told, used a gun on a black motorist instead of a taser may face charges superior president biden has not so far appealed to the rule of law or due process. we have a big show. twitter is at it again, censoring conservative opinions. brett favre says get politics out of sports and he just wants to watch the game. don't we all? wednesday, april 14, 2021, "varney & co." is about to

begin. ♪♪ stuart: it's a nice day in new york with the empire state building there. still a bit chilly but nonetheless the big story today is coinbase. largest crypto currency exchange goes public today. this is a direct listing , it's different from your regular ipo. susan, good morning. susan: good morning. stuart: bitcoin hit a new high this morning. to give me full story. susan: nice day to go public for the world's largest crypto exchange. great to test for the first listing of its kind and reference rate $250 apiece valuing the company at roughly $65 billion and

change, less than a $90 billion or so that coinbase shares are trading out in the private round a few months ago, that still much higher than the $8 billion the company was worth in 2018, so with today's debut coinbase founder brian armstrong officially crowned as one of the worlds richest of people starting coinbase in his small tiny san francisco apartment in 2012, and 10 years ago and now it's 20% stake could be worth more than $20 billion at the end of the day. it's a great capitalist system we live in. this will be the gnostics largest ever direct listing, not an ipo so no new cash raised, it's more of an exit point for early investors and employees to cash out. if the past listings any indication, recently roblox, spotify, usually at 35% jump on the reference price, that 250 is kind of low, i would

say, especially since coinbase last exchange sharers in the private round at three under $50 each. timing is everything when it comes to listing and of course coinbase timed that as bitcoin prices are at record highs. stuart: the last time we spoke yesterday morning, we were talking about a whisper number four coinbase, maybe worth $150 billion. what happened because you are talking about 65 billion. susan: in the direct listing reference rates is usually set pretty low, usually goetta pop above that so if we are looking at 300-- 350, that's a hundred billion, crypto evangelists are thinking $150 billion for evaluation for coinbase pic i think it will be a test to see how it does. stuart: crypto evangelists, i know a few as a matter of fact. [laughter] time to bring in shah gilani.

would you advise any of your clients to now get into bitcoin or other crypto's using coinbase? after all, it's very easy likely, easy to do. are you going to get into equipment i think it's time. i have been behind the eight ball and haven't invested in it and i honestly regret that now appear i think coinbase direct listing legitimizes the whole bitcoin and space, the whole crypto currency space bar if the fcc is going to approve a crypto currency exchange i think investors will look at the space and say if regulators approve it what will the government do to stop it , probably nothing in. there is nothing but clear skies ahead for a lot of these crypto's. stuart: so, you think crypto's themselves will go up in value? >> as long as there is an place to exchange them and i think we will eventually see a breakdown and regulations as far as the u.s. goes.

canada has the first etf bitcoin base and regulars have been pushed by the likes of van eck sponsor, other sponsors to actually allow them to flow etf's faced on bitcoin and other crypto's and i think they will eventually get that, so this whole space is expanding and i think that bodes well not only for coinbase but investors, whether it's bitcoin or ephraim or any of the other crypto sapir. stuart: crypto's have arrived and they are respectable. shah gilani, how about that, thank you for joining us. look who's next. pete hegseth, put them on the screen. peaches at a diner in georgia and we are going to talk about george in a moment, but first you are a bitcoin guy. you have to be happy as a clam and by the way, i expect you to buy all the patrons in

that diner breakfast because of your bitcoin success. reporter: stuart, i wish i owned it as much as i talk about it i am a crypto evangelist and i believe it's the future. i agree with your previous cost. i'm checking the bitcoin price on the coinbase wallet right now and ultimately i was having a text exchange with a friend of mine, big fan of your show, by the way. he is skeptical, remains skeptical and thinks it's a bubble. he understand it, but is skeptical about the veracity over time. we had an exchange about that, so there are still a lot of institutional investors and traders sitting on the sidelines because they were waiting for the government at large or the fcc what they would do with crypto peer crypto has arrived. it's playing well well in some spaces with regulators and ultimately it isn't an entity with which-- bitcoin

for example, it's not a person, it's not a company, it's not a place and it's tougher to stop then you would think and that finite supply in a world of printing money is powerful so today's coinbase direct offering is a huge step, but it's just the tip of the iceberg. one half percent of people are invested, wait till the institutional investors felt confident the jump and. stuart: you really are a crypto evangelist and that serve as a factor i have to move on to minnesota, 60 people arrested in the third night of riots following a police shooting of a black man at a traffic stop. the mayor of brooklyn center now says he doesn't think police always need to carry weapons peer hold on a second, let the audience listen to this. roll it. >> i don't believe that officers need to necessarily have a weapons, you know, every time they are making a

traffic stop. there are many other jurisdictions even around the world where that is not, you know, necessarily the case, it's not needed. stuart: pete, you are from minnesota and use all the comments from the young mayor. what do you say? reporter: i know a lot of cops still serving in minnesota. i would like mike elliott to go out do ride along's come and not just for a day or night but for days and weeks and months and wait till they get in that one situation where uncertainty is so high he doesn't know if he will walk out of that situation. it's unfortunate because you get so often leaders with no connection to the difficulty of the job dictating to police officers, pull your gun out, use it, don't use it, that was a tragedy what happened and sounds like it was an unfortunate accident from a veteran but ultimately there was a warrant out for aggravated assault-- or aggravated robbery from the person who was stopped in a

bad decision was made in a quick moment or a mistake was in the people who have retired because of this have been calling for due process peer due process as if that's a novel concept. the mayor and the governor are not helping in throwing fuel your policing is hard and the solution is not easy. stuart: the president, governor, and the mayor should be demanding due process because that's america peer pete hegseth, thank you. we will see you later. good luck to bitcoin. big banks kicked off the earnings season today early this morning. susan, how did they do? susan: fantastic peer goldman sachs will add roughly 40 points to the dow jones game with record sales and profits in the first quarter of the year for goldman. you can thank gamestop and spac frenzy so far in 2021 and that boosted goldman sachs trading division. stock market frenzy boosting trade at j.p. morgan in fact they made almost $2 billion more from their trading

division than wall street anticipated because j.p. morgan seen more as a retail lender and they did double out more cast, $5 billion more from its emergency reserves that j.p. morgan saved up during covid just in case for any bad loans and jamie diamond reiterating he thinks the u.s. economy will boom for the next few years and maybe till 2023. also wells fargo, the weakest of the big three. they did come out ahead of forecast and yes giving out a billion dollars more from this emergency fund. wells is still struggling to recast and yes giving out a billion dollars more from this emergency fund. wells is still struggling to recover from numerous scandals including fake accounts in 2016 and it was the only one of the big six lenders forced to cut its dividends last year for the federal reserve. here's a no, when banks do well, they are a proxy to economic growth and what they are telling us is that we are recovering very fast out of

the covid. stuart: got it. thank you peer here's what's coming up for you, our audience. football hall of famer brett favre once politics out of sports. watch this. >> i know when i turn on a game, i want to watch the game. i want to watch players play. stuart: former nfl star, jack murray will be here my bet is he agrees one 100% with brett favre but. we will find out in the 11:00 o'clock hour. doctor macquarie says johnson & johnson's vaccine should not have been paused turkey will explain why he thinks that in a moment. he's on the show next year one more look at futures with a mixed bag. we are waiting for coinbase and bitcoin peer more "varney & co." after this. ♪♪ ♪♪

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♪♪ >> 67 degrees in jacksonville, florida. florida, open for business. no clear trend at this point, down slightly, s&p, dow jones , up slightly for the nasdaq. looking at bitcoin because that is the center of attention today 64800. i think that's a new high. coinbase goes public today. now the cdc holding on emergency meeting about temporarily halting j&j's vaccine peer dr. marty makary is with us this morning.

doctor, you do not agree with this pause for j&j's vaccine. why not? >> i believe in giving people information and letting them make a decision with her doctor said. if they use the criteria they are using now to shut down the j&j vaccine for other medications, we wouldn't have penicillin. we wouldn't have oral contraceptive pills that kill one into under thousand people. this complication has killed one in 7 million people. i do agree with the pause, but it should have been limited to the subgroup of the complications are happening if they want to do something. that would have been reasonable to pause and women under 50 peer by making this massive overstep in counseling these appointments when people are supposed to get there j&j vaccine who are probably out low or acceptable risk it to them, we have really made-- it's been a big setback and will affect delivery to rural

communities where this thing is going peer member one in 7 million is the death rate from the j&j vaccine verses one and 600 from the infection itself. stuart: extraordinary thing. it's really a catastrophe for europe as well because they rely on j&j's vaccine. i went to move on to florida, which is now seeing single digit increases in deaths. they have been open for business for months and yet you have a vast reduction in the death rates peer what does that tell you, doctor? >> florida has over 80% of feet-- seniors vaccinated as does most of the country, so we are doing a good job at protecting those at risk and remember those 20% of seniors not vaccinated about half have natural immunity so we are protecting the vulnerable with deaths and hospitalization plummeting and florida is going down by about 15% per week each of the last few weeks, but you also see cases go up a little bit. you may wonder if you are

looking at the same state because the numbers are so diversion to, but this is what the month of may will look like in late april. we will see death and hospitalizations plummet as cases persist because they are mostly in young people where they are simply last in the vaccine lineup. we don't have to guess what this will look like peer look at the uk. look at israel. they are ahead of us and once you get about 50% of the population of adults vaccinated and about two weeks for the immunity to kick in you will see numbers plummet . we are at 47% adults vaccinated today. stuart: you said previously we would reach herd immunity in america in april. okay, it's april 14, today are you sticking to that timetable, herd immunity, doctor? >> i'm optimistic. april has 30 days in parts of the country will hit herd immunity in april and other parts and may. it will be regional. if you look at mission-- michigan it's different from

new mexico where they have 50% almond% of adults population vaccinated. in north and south of it decoded they are basically at herd immunity. no one has died in a week and both of those states, so what do you call it when no one is dying, hospitals are empty but you still have infection in young people? is that a health emergency? is in a reason to close the country down? i don't think so. stuart: doctor, always a pleasure. thank you peer appreciated peer. next, the ceo of pfizer says they will ramp up production. this after the pause and j&j's job. pfizer says it plans to deliver 10% more doses by the end of may, 20 million doses more than previously agreed on. finally pfizer moves out of the $35 per share range, it's had 37.22 peer then we have moderna which says new data

shows its vaccine is more than 90% effective against the virus, six months after the second shot, so they are closer to fighting-- filing a request for full u.s. approval this is important because once he gets full approval it can sell shots directly to consumers and private companies. moderna moving up again 2.5%. overall mixed picture for stocks, most concentrating on the likely first trading coinbase, that goes public today. brett smith says this could spell the end for gold. gregg smith is on the show next. first we will take a look at what's called the emerald city, very early morning in seattle , but blue skies, no rain. ♪♪ ♪♪

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stuart: futures to show a mixed picture and had no clear for stocks this morning. dow jones, s&p down, nasdaq up a fraction. the real story is coinbase and gregg smith has a thing or two to say about it. welcome back and good to see you.

you think-- i want you to make your case here. you think by going public this exchange, coinbase, will raise the price and the value of crypto currencies themselves. why so? >> good morning peer it's no surprise we are witnessing bitcoin make new highs today. i think the analysis is coinbase will do to bitcoin another crypto's exactly what beyond be-- beyond me ipo did for plant -based eating popularizing the notion of plant -based diets and i guarantee if we could be invisible a flow in-and-out of homes of millions of americans this evening and to sit around and stock what conversations are ahead over the dining room table, i guarantee they won't be talking about covid, will be talking about what happens on the southern border or how great "varney & co." was this morning, but we will hear spouses turning to one another saying, do we own any of this crypto stuff and

maybe we should buy some so it will begin to mark what people believe is that crypto's should be part of the construct of the modern-day portfolio , so-- stuart: let's remember coinbase is the exchange. you buy shares in coinbase. you are not buying shares in bitcoin or a theory them or anything else. you are buying shares in the exchange. >> correct. >> i went to turn to apple. apple has been big tex worst performer this year. what's wrong with it and why do you think it will hit new highs? >> i think we have witnessed tech and the stocks in particular have a challenging two months and i feel like with interest rates stabilizing, which everyone has been looking and that's been key and sort of an inverse correlation with tech , big cap tech like -- they are getting ready to storm the beach at normandy, some

have broken free with facebook making highs. i don't understand why apple is that trading more at 150 and i think the time has come. we had a risk off environment over the last two weeks, a big compression and i think it's time that investors will come back and tiptoe back into the waters. stuart: we will see what happens, gregg smith, thank you. the bell is ringing and in three or four seconds we will start trading. here we go, often running. don't expect much price change on the exchange are the indicators i should say. at least not in the early going. the main focus today is on coinbase and bitcoin peer by the way, i should tell you that the dow jones opened 16 points higher. goldman sachs is adding 25 points to the dow jones. they are a dow jones of stock and they had a blowout earnings report so they are helping the dow jones achieved some green this morning peer s&p 500 is down a fraction, virtually no

change. nasdaq composite saw very little change up .04% peer how about big tech? apple on the upside this morning. microsoft losing a few cents. $258 per share, almost worth $2 trillion. keep your eye on big tech today. the yield on a 10 year treasury, 164 this morning. that helped big tech peer look at bed bath & beyond down nearly 13%. they had a bad earnings report. susan, you know more about bed bath & beyond than ideal. susan: isn't that where you buy your bath soap or bars of soap from whatever you call it? stuart: do you want to continue your report. [laughter] susan: we have bed bath & beyond in the process of remodeling stores, launching private brands and that is the silverlining because they hope it will drive shoppers

to sales in the coming years and still in the transition and here's why stock is down is that they saw double digit drop in sales turning to transition the stores so they did reaffirm guidance for $8 billion in sales this year at least as people shop online at bed bath & beyond looking for cleaning supplies, kitchen supplies and gas bars of soap as well, stuart. stuart: i just want the blue discount coupons. susan: in the mail. stuart: i have to talk about apple. they have given a date to unveil some new products, so what is the data was the new products? susan: april 20. we don't know what the products are because they are secretive, but there's a lot of discussion, will it be a new ipad, maybe new air pods, earphones, a new home pod, maybe to compete with the elect six speaker or possibly out virtual headset, but i think that's unlikely since apple takes time to ramp up in relation products, but as

you heard from gregg smith apple has underperformed this year, so the markets looking for something to spur sales ahead of may be the new iphone tour-- iphone 13 in the fall peer apple was added to the tactical outperform list under just a few minutes ago amazon announced echo earbuds so they have a lot of competition. stuart: yes, they do. let me see tesla, please fear again, this is your story susan. up again, 768 is the price. is this because tesla a owns a lot of bitcoin or has elon musk been tweeting? susan: yes to both and it's nice to see a tesla rally again. tesla holds around one and a half billion dollars worth of bitcoin and as bitcoin prices go up that means they make more money out there bitcoin holdings. web bush saying tesla will

make more money off the bitcoin stash than selling cars last year, that's incredible. in terms of their actual business, elon musk as saying they will bid up their collision repair capability and that something to address, some of those i guess two dozen or so cases we know that's being investigated when it comes to crashes of tesla cars. stuart: got that. 's tesla 765 right now peer show me the vaccine makers on your screen. cdc hold an emergency meeting on j&j with a shot on pause after six women became ill with a rare blood clot conditions within two weeks of getting the shot peer one has died. pfizer rapid in production 10% in response to j&j's problem. moderna jumpy and. they say they are vaccine is more than 90% effective against the virus, six months after the job-- shot. come back in again, susan.

this is for you. stitch fix. i know it's an online styling service. i do know that. why is it down? susan: i wonder if you have ever used stitch fix. the founder and ceo is stepping down as the ceo. she founded this online styling service a decade ago and she took the company public in any 17. she will be succeeded by the stitch fix president elizabeth spalding, not a new face and she will take over august 1 appeared like we'll stay on as chairman but stitch fix has had to labor-- lay off about 1600 employees and it's been tough during covid especially when people are working remotely, so they don't need as many close to look good in the office as they used to. stuart: you just need a top, that's all they see of you on zoom. [laughter] that pandemic has huge effects. susan: we don't need to know

what you are wearing underneath because it's just the top, suit, tie and a shirt. stuart: that's true of everyone on zoom. down to single me out, please say. dow jones of 52 points with a list of dow jones winners 257 ongoing. goldman, disney, chevron, caterpillar are the other dow jones winners with us of the, harley, i see a lot of energy companies right there. the price of oil is up. nasdaq winners, united airlines back on track, $58 a share on united. susan, what else is moving? susan: talking about airlines, snap, look at the stock up 5% rated outperform by web bush where $75 in their view, $10 more upside peer web bush says snap is what they call uniquely positioned as a video centric platform and they see

opportunities for snap when it calms to augmented reality and social commerce appeared draftkings also announcing a new deal, every day it seems like there's a new draftkings deal peer today signed one with the pga tour in arizona after arizona maryland being the two latest states to legalize online sports betting. that makes the total 26 states across america that has legalized it. jetblue and the airlines getting a boost from j.p. morgan, worth $25. spirit is a whole. southwest they say is worth 66 in spirit worth 54 so i think that's probably more upside than spirit airlines according to j pm. stuart: hold on a second. i have this coming out as, the federal bureau of prisons says bernie made off has passed away in february of this year. his attorney appealed for his early release saying he was dying of kidney failure. he pleaded guilty to

orchestrating the largest ponzi scheme in history, bernie madoff was 82 years old. here's what's coming up, we have to discuss the above, chaos during tuesday's press conference in brooklyn center minnesota peer watch this. >> stop racially profiling. that's all i'm asking. >> one at a time, please. stuart: that was supposed to be a press conference, but it was attended by a large number of black activists who looked to me like they created chaos. the town is bracing for a fourth night of rioting peer for most civil rights bob woodson says stop using race as a weapon. he's on the show a little bit later today peer president biden accepts speaker pelosi's invitation to address congress april 28. he has a long time to prepare for what's going to be a long speech peer brett bear on

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stuart: i will tell you something good, it's early morning in phoenix, arizona, 6:40 a.m. with blue skies. welcome, phoenix. love to have you aboard. used vehicle prices expected to hit record levels each month this spring. susan, give me the latest numbers and you tell me what's driving the price up. susan: how long did that take for you to write that pine. up 26% and prices in the

month of march from last year, 26% of the record values for used cars and in terms of acceleration up 5% in march from february so talk about month on month acceleration, that's incredible and the reason is covid and chip shortages have cut production especially for the entry price lower price vehicle so there's not as much supply to buy and also estimated covid economy means people have less to spend, so why not buy a car that's cheaper. of the average age of these cars worth-- are 10 years old according to one analysis and franchise dealers say there is competition for newer models with cars that are just one or three years old so maybe what's old is more valuable than what is new these days a. stuart: isn't that incredible, that pandemic had all kinds of impact peer the story of the day which we will follow his coinbase. we are waiting for the first

trade-in that crypto exchange. coinbase goes public today. the ticker symbol is coi and, coined peer fran chaparro is with us and he knows about all things block shane peer is it worth a hundred billion dollars that's been talked about as at least, is it worth that amount of money when it only makes money from the transaction, the commission it makes buying and selling crypto, fran chaparro? >> thank you for having me on the show. that's probably the most important question of the day and a question that coinbase will have to field from a lot of would-be investors, about 90% of its business is transactional or coming from trading and custody. obviously, those fees they get from the business they will compress and they have been compressing and not bold enough to remember when coinbase could make more than a hundred basis points from its custody business, that's technically zero today, but the story they will tell is

not one of a sleepy custodian or crypto brokerage, that's just the bread-and-butter business they are making money off of now. it's of a high-growth technology company that through the use of block chain technology will revolutionize various industries from nsg to cbg and of course trading peer. stuart: the block chain technology which underlies the coinbase exchange, is it the future source of revenue for coinbase, is that what you're saying and i want you to make it clear to our audience that if you buy shares of coinbase you aren't actually buying any crypt goes-- crypto's? >> you are not, but there is an important story and that question which is to an extent a lot of crypto companies that trade publicly and there are a few others in addition to coinbase offer investors a source of exposure to the market that they can't get because there is no bitcoin etf here

through traditional security vehicle, so that is something that the cfo is talking about last night. there is a segment of the investment community that sees coinbase as an avenue to get exposure to bitcoin, which as you have seen and your viewers have seen has been on a breakneck terror over the last week. we are at like $65000. many lost readers think if i can buy the single bitcoin now myself, i can hold or story, i can buy coinbase which offers a degree of that exposure, not direct exposure to your point, that gives me exposure to the market. stuart: you are the director of block news. you deal in block chain technology. do you suddenly find yourself becoming respectable-- i'm not being silly i'm just saying 10 years ago you guys were considered lunatics and now you're going mainstream.

you are respectable. >> i think my mother would still say i'm a lunatic, but if you look at the space for morgan stanley to goldman sachs they are finally looking to offer a bitcoin exposure to their private wealth management clients. this would have never happened just six years ago but six month ago when i was asking them about that, they would not return my calls and now they are doing webinars with us. we had bridgewater the largest hedge fund in the world on our podcasts so there is a degree of respect in this space and coinbase which started in 2012 as a scrappy way for retail mom-and-pop investors to buy their first bitcoin, now i think sees over $100 billion worth of assets on the institutional side as they help firms like tesla acquire bitcoin. helping firms like micro strategy acquire bitcoin and there's rumors about other fortune 500 companies that they are shepherding into the market and so we look at the business of the brokerage one

and that might make hundred billion dollars valuation or hundred $15 billion valuation which we see in synthetic shares trading off shores seeming rich but if you look at the long-term picture of a company that is first to this market that you have see grown incredibly fast, that might be cheap. stuart: frank, $100 billion, very respectable peer fran chaparro, thank you. are president biden and vice president harris afraid of confronting those riders on the screen? after three nights of riding in minnesota, where is the call for the rule of law? here that in "my take" the 11:00 o'clock hour peer texas demanding the administration bring back trump border policies. dream on peer we have a live report from texas coming up next.

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stuart: texas and missouri suing the administration over the border crisis. rich is with us from texas. they want president trumps remain in mexico program reinstated. is there any chance of that happening? reporter: doesn't seem likely when you listen to what the biden administration is saying and has said about the remaining mexico policy. is a controversial policy, one that republicans in texas and washington d.c. are pushing the ministration to reinstate. texas attorney general as part of the suit calling the biden administration decision to reverse that policy, they say is the result of this arbitrary and capricious decision that's been a huge surge in central american migrants including thousands of unaccompanied minors passing through mexico in order to advance meritless asylum claims that the u.s. border. migrate surge has inflicted serious costs on texas.

trump administration implemented the remaining mexico policy in early 2019. that meant migrants who came through mexico to claim asylum at the u.s. border had to stay in mexico while the u.s. government evaluated their claim peer the bryden administration ended that and return to the previous arrangement where migrants could wait in the u.s. while courts decided their case. department of homeland security says quote this system to process individuals is the first phase of the program to restore safe and orderly process at the southwest border. physical presence at a port of entry is not the way to gain access to this effort. border remains closed. no one should believe smugglers or others claiming otherwise. yet, the issue remains. last month there was a 20 year high in apprehensions at the southwest border, in particular this spot the rio grande valley which is seen at 242% spike this year

compared to last year in apprehensions peer. stuart: rich edson, thank you. i just don't see how this border is actually close. checking the market because you are looking at a new all-time high on the dow jones industrial average. we should tell you goldman sachs is helping that record high for the dow jones adding 65 points. it had a terrific blowout earnings report. that's helping the dow jones surged to 33800-- we are still awaiting coinbase, still awaiting the first trade and that coinbase exchange for crypto's. still ahead, bob woodson, bret baier, martha maccallum, jack brewer and twitter is add it again censoring opinions they don't like . i will explain the latest example. "my take" coming up. for you.

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indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo ♪. stuart: the best day of my life. i'm not sure which one is was but i had a few good ones. good morning, everyone, 10:00 eastern time. straight to your money because the s&p, the dow jones average just hit all-time record highs. the dow is closing in on 34,000, nasdaq above 14,000, s&p at

4150. good lord. how about bitcoin? a new high there, ahead of the big coinbase trading debut. we're waiting for the first trade in coinbase. haven't got there yet. when we get there you will know it real fast. and now this. here we to again twitter censors opinion its woke employees don't like. the suppression of free speech is getting to be a regular thing, isn't it, but twitter doesn't care, oh, no. they have got friend in high political places a few days ago the "new york post" reported that patrice cullors spent $1.4 million in a wealthy and white part of los angeles. jason whitlock a sports commentator, a critic of black lives matter. he sarcastically tweeted, she is with her people. that did it. whitlock was put in the penalty box, banned temporarily from

tweeting. why? twitter says he violated its rules on releases private, plummably his tweet linked to other articles that revealed cullors address. seems to me twitter was looking for an excuse, anything to block, even mild sarcastic criticism directed at black lives matter. you can't do that. perhaps cullors deserve ad little sarcasm. she is a marxist who thinks capitalism is evil. yet she spends millions on houses in los angeles and elsewhere. black lives matter says, the revelation of cullors real estate buying spree, quote, continues a tradition of terror by white supremacists against black activists. say more, whitlock, you're out of here. this isn't going to change. the woke crowd runs the show. they will shut down the debate. no matter what jack dorsey says, twitter and its woke employees do not believe and they do not

practice free speech. the second hour of "varney & company" is about to begin. ♪. stuart: liz peek with us this wednesday morning. the woke crowd runs the show but, lids, i got to tell you, i see absolutely no pushback whatsoever. do you? >> that's the disturbing thing, stuart. only 34% of the country has a positive view big tech. what is happening to rein in this reign of terror of three cops that dominate the social media, want to control what the country has to say. it is unbelievable to me. we can't wait for congress to go act because there are tremendous divisions how they should act. they talk about section 230. talking about regulating the

companies as utilities. time for the people of america who are sick and tired of this censorship and authoritarianism from these three companies basically decide we're going to show we matter to these companies. i would propose americans take a day off twitter, google, facebook, one day, not a long term statement, show we do matter. if 74 million who voted for president trump who was kicked off of twitter and facebook don't forget, actually just decided on the 15th day of next month to to stop using these platforms. maybe they would get the idea everybody is not on board with this. in fact half the country is not. i think it is an outrage and i don't really know any other way its going to stop. stuart: well-said, liz. i before we go i hope you don't

mind if i ask you about bitcoin and coinbase. you're an investor. would you ever consider dabbling in bitcoin? would you consider dabbling in bitcoin when coinbase guess public? you're smiling. will you tell us? >> i don't dabble in bitcoin, stuart. i don't know how to value it. i think the blockchain mechanism behind bitcoin and other cryptocurrencies is a real valuable situation but i worry they are get in on currencies, like bitcoin and coinbase as a protection sy for investing in these currencies. they are thinking they are on the ground level of some big new revolution that may be true, but it is also the case these pioneers in the groundbreaking technologies are often ones that don't succeed in the long term. like you, i'm kicking myself for not having bought bitcoin years ago but i would not be a buyer here.

stuart: i'm kicking myself because i didn't buy tesla, i didn't buy bitcoin. there is a long, long list of things to kick myself for. liz, thanks for being with us, being so honest about bitcoin. we appreciate that. thanks very much. >> thank you. stuart: by the way we're waiting for the first trade in coinbase which is the crypto exchange. look who is right there, mark tepper, the man who has more life in him than anybody else on television just about. all right, mark, what is your strategy on coinbase, not cryptos, but coinbase, the exchange? >> stu, look, i like coinbase a lot. typically my strategy with any new issue is to wait six months, wait until the dust settles. i might make an exception to that rule here. look, i consider myself to be a crypto realist. i'm not off your rocker kind of bull. i buy a little bit of bitcoin and ethereum every week. the issue as liz mentioned, people don't know how to value

it. with coinbase, there earnings, you carnival you it. it gives people concerned about valuation it gives them a option to get into crypto. is the valuation a little bit rich? maybe. maybe not if the thing is growing into triple digits. stu, i like it here. stuart: you're talking about something called silver gate capital. i never heard of it, to be honest with you, it's a crypto bank, you're telling me. what is this thing, why do you like it? >> normally like i said we wait six months to get into new issues. silvergate capital, i bought it back in the beginning of december. it is 4-x. they work with all the big crypto players to coinbase, kracken, finance. the key is the silvergate exchange network. all the issuers use silver gate to mint and burn their new

tokens. that is over a lot of people's heads. vans per from one user to another or from one wallet to the next, from coinbase to finance for example. it us a bank. if you're concerned about crip toy, regulatory headwinds, all that stuff, this one already has regulation. it's a bank. it is kind of a way to meet them in in the middle here. stuart: the point is, this is a whole new investment area, the crip toes, and it is rippling through the entire economy. it is rippling through all kinds of major corporations which have taken a piece of bitcoin and cryptos themselves. i put it to you, that this marks the arrival of cryptos, respectability for crip toes. last 20 seconds to you. >> i agree. i think you're seeing cryptos become more and more adopted. when i look at both bitcoin and ethereum, bitcoin for me personally. i buy a little bit every week. that is my currency alternative. you look at etheorum.

there is all the talk about nfts, ethereum is the technology that backs that up. when you look at cryptos it boils down to the blockchain technology which is here to stay. stuart: got it. mark tepper, thank you very much indeed. we'll see you real soon. now this. bernie madoff the largest mastermind of the ponzi scheme in history has died. what do we have. susan: 65 billion-dollar fraud of bernie madoff detroited thousands of lives and livelihoods. bernie madoff died in a federal facility in north carolina according to federal bureau of prisons. he was 82 years old. he served out a 150 year sentence behind bars. last year his lawyers tried to get him out early from prison rejected by the courts. madoff was caught in the ponzi scheme back in 2008 unraveling in the global financial crisis. he was using new money from

existing investors to pay out existing once, not making any money. the courts recovered 13 billion of the estimated 70 1/2 will dollars put into madoff's business. younger viewers, stu, they may not remember or no who he is and what he did. there are countless books and tv series based on the incredible fraud, how he managed to get away with it almost two decades, with so many people literally lining up to give him money. his story will go down in infamy probably as a cautionary tale. stuart: by the way, madoff was arrested on december the 12th, 2008. i remember trying to cover this story at "the wall street journal" i think had broken it. we were trying to get to grips how on earth this man could walk away with so much money, tens of billions of dollars. then the story became the victims because people were wiped out because of this story. susan: thousands of lives,

livelihoods. people that lost everything in this process and some of them were so distraught they took their own lives. i mean the, fallout was wide and large. the collateral damage. stuart: it was indeed. bernie madoff dead at the age of 82. susan, thanks very much indeed. elsewhere the cdc will hold an emergency meeting today over j&j's vaccine. this comes after they recommended a pause. ashley, come on in please and good morning to you. could they permanently pause j&j's vaccine? ashley: well they could. the meeting, which will be publicly webcast by the way is expected to conclude with a vote about whether the vaccine should continue to be used, how it should be used going forward or how many people who develop blood clots of the result of the vaccine should be treated. a federal recommendation to pause use of the j&j recommendation was made as we

know after six people who received the shot were diagnosed with severe blood clots. approximately 6.8 million people in the u.s. have been given the j&j vaccine. so the occurrence of those blood clots very, very small. however, in the meantime to help fill the potential gap pfizer says it is ramping up production of the two-shot treatment. it will be able to deliver 220 million doses or 10% more by the end of may. stu? stuart: yeah. pfizer's stock still bumbling around 35, 36, 3dollars a share. i don't get that. maybe suite get a guest on to explain it to me. ashley, thank you very much indeed. nfl legend brett favre says he just wants to watch the game without the politics. roll it, please. >> i think both sides, for the most part want to see it just remain about the sport, not

about politics. stuart: yeah. former nfl player jack brewer couldn't agree more and he is on the show just ahead. the mayor of brooklyn center calling to disarm police during traffic stops. watch this. >> i don't believe that officers need to necessarily have weapons, you know, every time they, they are making a traffic stop. stuart: now we've got a live report from minnesota after yet another night of riots and arrests that will be next for you. ♪

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♪ [shouting] stuart: 60 people arrested in the third consecutive night of rioting in minnesota. this after the shooting of 20-year-old dante wright. steve harrigan is in brooklyn center where the action is in the last three days. steve, the former police officer involved in this could face charges today, is that accurate? reporter: that's right. kim potter, the woman who fired the shot, the single shot that killed wright could actually be facing criminal charges. she resigned from the police department. they're actually guarding her house. they put fences up around it to try to protect the house, now that the former chief of police said it was an accident. she intended to use a taser. he is the former chief of police has resigned as well as pot

hears resigned the acting police chief said the operation is in complete turmoil. here is the acting chief. >> there is a lot of chaos going on right now. we're trying to wrap our heads around the situation, trying to create some calm. reporter: about 2000 people out on the street last night. they were throwing bricks and bottles at police trying to storm the fence. they were dispersed with flashbangs and some chemical agents, a pattern we've seen over the past three nights. police actually had a press conference around midnight to show some of the things that people were hurling at them. >> fortunately there were those that decided to come out and throw bricks, a light here, alcohol bottles, cans, and other items at law enforcement

officers. reporter: at the time of the shooting the 20-year-old wright had an open warrant out on him for attempted robbery. stuart? stuart: steve harrigan, right in the middle of it, steve, thank you very much, steve. i want to play a clip from the press conference by the mayor of brooklyn center and the newly minted acting chief of police. just watch this. >> i don't believe that officers need to necessarily have weapons you know, every time they, they're making a traffic stop. there are other, many other jurisdiction, even around the world where that is not, you know, necessarily the case, it is not needed. stuart: that was just part of a chaotic so-called press conference which was largely attended by activists rather than bonafide journalists. the gentleman on the right-hand side of the screen, bob woodson, former civil rights activist.

welcome to the show. the mayor there saying no weapons at traffic stops. is that the answer to this? >> no, it is really ridiculous and the question is, where is the president and vice president? they're very selective in their outrage against urban violence. they haven't said a word about what is going onolice here are being used as scapegoats. the progressive left really doesn't care about justice for blacks. they care about using the race tension in america as a weapon to destablize this nation. the real, the cost is being borne by low income black communities. stuart in, easter sunday at the epicenter of the civil rights in birmingham, alabama, 1000 black people were having a picnic in the park. six black thugs fired over 100

shots, killing a 32-year-old woman who was the daughter of a pastor as well as five other young people, some as young as four years old. two days ago in syracuse, new york, a man pulled up on a woman and shot her and her 11-month-old child and a four, two-year-old. we don't know about this. no attention is given to the violence that is within because all the attention is riveted on the police. we want to generalize about the action of all police based upon the actions of one but nobody is ready to generalize about the actions of these black men shooting and killing one another and generalize about all black men. so we really must redirect our attention. corporate america's hands are dirty in this because they're paying black lives matter to permit this violence. stuart: can you explain this to me?

why is it that in this day and age everything, i mean everything, is about race? can you explain it? >> well, first of all the press gives attention to those who celebrate our differences and our birth defect of slavery and jim crow but if you look at the numbers, 82% of blacks polled do not support defunding the police. we have a group called, voices of black mothers united at the woodson center and they are supporting of the police and are supporting neighborhood-based efforts to control violence. 60% of blacks polled indicate that racial discrimination is not a principle barrier to their -- who is the left representing here? obviously not representing black america. stuart: it's clear, it is just an extraordinary development, it really is. bob, thank you very much for being with us today, to help

explain what is going on, to give us a true picture. we appreciate that, sir. come again soon. >> thank you. stuart: bob woodson, the man, yes, sir. all right, with not reluctance but i want to get back to the markets. that is a gripping subject and it is gripping america but right now the dow industrials at a new high, 33,836. nasdaq is up 14,000 and the s&p also new high, over 4100. we really waiting now for coinbase, the first trade in coinbase. i should tell you that the first trade is indicated to be around $350 for coinbase's nasdaq debut. that is above the reference prices it is called, $250 per share. so, now looking at 340. let's see what happens when that first trade occurs. you will know it, as soon as it happens. a sign of the times literally. take a look at this sign, spotted at a mcdonald's

drive-through. the last line reads no one wants to work anymore. we've got the story behind that for you. the housing market so hot, most homes are selling in under two weeks. how long is that going to last? i will ask mitch roschelle after this. ♪.

♪. i'm own vacation, every single day, because i love my occupation ♪ stuart: well, maybe somebody is on vacation. i hope they're in daytona beach which is what you're looking at there in florida. looks okay, a little cloudy but we'll take it. that brings us to this, office buildings remain empty in many big cities across the country, however, some real estate developers are moving in and turning those empty spaces into, affordable housing. edward lawrence is here. he got to tour one of these renovated apartment complexes. he will tell us all about it. what have you got? reporter: there you go, yes. i hear you.

stuart: okay. ladies and gentlemen, we're having audio -- hold on a second. put me on. we're having audio problems. edward lawrence cannot hear me at this point. he didn't hear me introduce him about taking a tour of apartment complexes which have been renovated from office buildings. looking on the monitor, i think he may have gotten the audio now. is edward lawrence with us? he is not with us? we're still trying. this is where you have to tap dance. this is what happens in live television. yes we've got him. if you hang on long enough it is okay. edward, give us your report on an apartment complex renovated from an office building. reporter: the trend is more affordable living in inner-cities to convert these commercial buildings, commercial space into apartment buildings. this used to be a old coast guard warehouse. it is river point. near where the washington nationals played baseball. in order to convert this the

owner had to take 125,000 square feet out of the building. it used to be a square. now it is an e. in order to bring light inside. listen exactly what he said to do all of this. listen. >> it wasn't particularly difficult. it is just expensive. one of the most expensive things we did, we cut 25% of the floor space out of these buildings to create these courtyards. that opened up the interior of the building for light and air and people using the water. reporter: the director of the d.c. planning office says that covid accelerated this trend of making commercial space apartment space. he believes that it will be replicated in every city in the u.s. >> the demand for office space is continuing to change. i would say it has accelerated what we were already beginning to see in terms of, you don't need as many, as much space per person, especially as there is

more opportunity to telework, i think there will be still be a presence, still be the need for office space but maybe not as much. reporter: for this area on the anacostia river where the potomac comes, the owner is very happy with this space. you can see national airport. that is where the river comes in. there is a boat marina. it could be worse for us. a nice pool deck up here, stu. stuart: a few office buildings in midtown manhattan could use renovation. they're empty. ed, we'll take you later. look at this, according to redfin, that is a real estate company, 59% of homes on the market, went under contract, sold within about two weeks. better yet, 42% sold higher than asking price. that is an extraordinary situation. mitch roschelle is our real estate guy. when does this calm down, cool down, if ever?

>> i think it is geographic. so you have two things happening at the same time. we talked about this before. you have the folks who were in cities moving into the suburbs. which will happen like crazy this spring. then you have the folks that are in high-taxed states moving to low or no taxed states. for the latter, this does not end. i've spoke to 10 brokers in florida in preparation for this. 10 for 10 they said this does not end until the state and local deduction is repealed because the buyers going down there are motivated by less taxes. right now people are paying their taxes, rather doing it in april, in may, depending how you pay taxes. when they write the checks for new york, new jersey, connecticut, california, they want to get out, going to low tax or no tax states. that is the driver. it is destroyed from fundamentals, stu. stuart: there is clearly a public, if you want to call it that in florida, no question about it. anywhere else in the country where you could say there is a

bubble real estate situation here? >> yeah. i would like at parts of texas. austin is a great example. i would look at nashville, tennessee. parts of it. the difference is with that and perhaps austin and nashville, is that in austin, nashville, people will move farther out from the city just to get there. in that, you have geographic boundaries. you have water on one side. you have the everglades on the other. so you really can't make as much land in florida as you can in some other places. in nevada you have got the desert. florida is highly unusual because there is finite amount of supply and geography is one of your problems. stuart: you think that repealing salt, if people in high-tax states could actually deduct their state and local taxes against their federal tax return, if that came back again, you would think it would make a real difference to the flow of people out of the northeast, out

of illinois, out of california? >> i can speak from firms hand experience. literally yesterday i paid my estimated taxes. i looked at the check that i was writing to the state of new york. i turned to my wife around said, you know what this would pay for in florida? so, i'm not alone. i think people are doing that. i did a segment over the weekend talking about folks from california moving to florida. i got a lot of hate mail on twitter because they were saying you know californians are also moving to nevada. i don't see this ending soon but the backstory for all of is the state and local deduction, stu. stuart: hate mail about where people are moving to. that is extraordinary. mitch roschelle, you're our real estate guy. you nailed it every time. we appreciate it. >> stu, thanks. stuart: i will go back to the markets, because we have the dow industrials up 200 points. new all-time high. 33,876 is where it is right now. look at this sign t was at a mcdonald's. nobody wants to work anymore.

that was posted at mcdonald's. it has gone viral. come back in again, ashley. do you know the background of this thing? ashley: yes, that sign, we are short staffed. please be patient with the staff that did show up. no one wants to work anymore. very short, sharp, to the point. a tiktok user brittany logan shared footage of the note. my, oh, my, triggered a lot of the debate. many other restaurant owners chipping in, also complaining they can't hire enough people. many of them said the big problem is the people are making more money staying at home thanks to stimulus checks and other government benefits. several users who work in the food industry also chimed in with one reply, it is sad because it is true. we've been trying to hire people at our restaurant and no one wants to work. therefore, these fast-food restaurants asking customers to be patient. they don't have fully-staffed restaurants. it is taking longer to get

so-called fast-food out the door. stu. stuart: i've heard exactly the same thing about uber drivers. they don't want to work. getting emergency pay coming in. ash, thank you very much indeed. change the subject here, sabotage not stopping iran from pursuing its nuclear enrichment goals. so what would stop them? kt mcfarland is here on that subject. vice president harris just said she will visit central america. we'll tell you which country she is going to and bret baier will analyze after this. ♪.

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dow industrials up 186 points. getting a nice boost from goldman sachs which is a dow stock. goldman up on the strength of a very strong earning point and goldman is adding 84 points to the dow industrials. new high, 33,864. yes, we're still waiting for the first trade in coinbase. when we get it you will get it too. now this, vice president harris says she plans to go to guatemala to meet with leaders there. that is in central america. she says our government must address the root causes of migration. let's bring in bret baier for this. bret, i get the feeling the vice president was kind of pushed into this. what say you? >> stuart, good morning. i think the evolution of the definition of what she is doing overseeing the crisis at the border has been interesting. she said today to reporters she was not in charge of the u.s. border situation. that that's homeland security secretary mayorkas. she was told by the president,

she says, to handle the root causes. that means the northern triangle countries and the economic situation in those countries. so she is going to guatemala. she will meet with leadership there, talk about what the u.s. can do to help the situation. listen, the trump administration did similar things and had some success with northern triangle countries. in fact they were making a lot of progress along those fronts. the biggest root cause though of the increase of the flow along the border is, most people on capitol hill will tell you is the words and messages coming out of the candidate biden and then president biden. so it is interesting to see that there is going to be an event in guatemala and not an event at the u.s. southern border. stuart: fascinating, is it not? bret, i have this coming at us, you may be aware of this. republican congressman, kevin

brady, republican from texas, will not run for re-election. kevin brady was the man who had a lot of input into president trump's tax reform proposal. what is the significance of him not running for re-election. he was house ways and means. he steered that tax proposal. he had a lot of things on the burner but obviously is not in control. when you are in the minority it is not as fun, stuart a lot of people choose to take the time and make money in business. perhaps that is his choice. but it is significant. it is likely that his seat is not in jeopardy although texas has been shifting red, to at least purple. stuart: speaker pelosi invited the president to address a joint session of congress. that will be april the 28. that will be 98 days since his inauguration, making it the longest event of a recent president to deliver their first address. is there any significance in

that very, very long delay? >> you see 28 days, roughly around a month, president trump at 39. 98 from a pr perspective this, is teeing up the 100 days of president biden in office and you know, they are obviously going to have a lot of messaging what has been accomplished. we'll see by the time we get to april 28 where things stand. infrastructure will not be done by then but they will have had this massive plan that they pushed through with the stimulus relief, the spending bill, that was done with democratic votes. expect a lot of hoopla around 100 days. that is why they're putting the pin right there. stuart: you are going to have a very full show tonight on "special report" on the fox news channel. >> we always do. stuart: i know -- >> we always do. stuart: yes you always do. that's the truth. bret, thanks very much indeed.

we'll watch 6:00 tonight, fox news. >> all right, stuart. stuart: thank you, sir. susan come back in again. let's to back to money. you're looking at big movers. i take it you got to be looking at financials. they're doing well. susan: you have to. as we said goldman contributing 80 points to the dow. earning season officially kicked off usually with a big bang. the big ones announced this morning. blowout first quarter for goldman sachs, jpmorgan, and even wells fargo did better first three months of this year. banks are seen as proxies how well the u.s. economy is recovering, being when they do well, that shows the u.s. economy is doing well and recovering faster. i want to show you moderna as well. higher today after it announced its vaccine, its covid vaccine is still protective six months after the second shot. finally we have the bitcoin play. tough take a look at them. tesla holds 1 1/2 billion dollars in bitcoin. square has $150 million.

paypal, microstrategy, blockchain. that is interesting because these names actually reversed. we were up around the hype surrounding coinbase and its debut today on the nasdaq. stuart: coinbase is going to start trading. do we have any further information on the indicated opening price? >> last indicated open price is $350 a share. so that is up from the reference rate that we talked about, about 250 issued last night by coinbase. that is pretty much in line with the price of coinbase and coinbase shares were exchanging hands at in the private market as few months ago before this listing. wall street calling the coinbase listing, a watershed moment for cryptocurrencies. coinbase, yes, the world's largest bitcoin exchange. they hold over 750,000 bitcoins. that is more than the second largest crypto exchange on the

planet. binance in asia holds 400,000. gemini, kracken are the top five. coinbase goes out at that level maybe higher. we're looking at a valuation of 90 to $100 billion. that is long way up the 8 billion it was valued at in 2018. timing counts for these listings. it gets tricky, i don't think we'll see it before the afternoon session. meaning it a direct listing not a ipo, it is pure price discovery. you don't have the stable price discovery and liquidity for ipos when they raise cash. judging what happened from palantir and spotify it, took opening afternoon to get trades. those were much smaller companies, roughly 1/5 to a third of size of coinbase which is significant at 90,

$100 billion. stuart: respectability at last for the cryptos. i think it arrived today. susan: i think it arrived a long time ago. stuart: yeah, you're younger than me. mining metal for electric vehicles right here in america. we'll take you to north carolina where one lithium mining company just

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act now! stuart: all time highs for the dow industrials. look at that, 33,890. all-time high for the s&p, look at that, rorure of electric cars depends on a lot of things including lithium. you have to have lithium to make the metal for the batteries. that is the metal in the batteries there is a lithium mine in north carolina. grady trimble is there i want to know, grady, can we catch up with foreign miners. reporter: that is the goal of this company, piedmont lithium. right now if you look at the numbers, most of the lithium is produced in australia and south america. then it is shipped to china where 80% of it is processed. the goal of piedmont lithium is

find lithium here. that is what this is. this is a drilling rig. they're taking core samples from the earth here in north carolina and looking at lithium content to pinpoint the most dense areas can be as accurate as possible when they eventually start mining. keith phillips is the ceo of piedmont lithium. you want the supply chain to be here in the u.s. for u.s. automakers? >> absolutely. 83% of the world's lithium chemicals right now come from china. that is a problem from security of supply perspective. we're here in north carolina, gaston county, we can supply all the material here. reporter: interesting to think why we go to china for products usually because more cost effective. but you say you can produce it here for less money. >> we're producing chemicals here, we ship them from the local supply chain. we don't have to ship from australia or chile to convert

it. that is big cost savings. reporter: this looks like a hillside. these are lithium rich hills. >> this is one of drilling rigs five years. we drilled five years. we have a definitive mineral source. we'll have feasibility study by september. finance the project in the fourth quarter and building in 2023. reporter: they have a five-year deal with tesla to provide leg yum for them. already the biggest electric automaker in the country that wants this lithium. stuart: good. they're off an running. grady, thanks very much indeed. we have audi introducing a new electric car. they want to take on tesla's entry priced model y. susan, how much is there, i repeat very important here, how much is their entry level electric vehicle? how much? susan: such predictable question from stuart varney any. talking about $55,000 for the basic model.

you get 300-mile range. compare that to the standard tesla model y crossover that costs 50 grand and 326-mile range. they're pretty much in line. tesla has to watch its back, car companies like audi, and the parent company volkswagen are trying to grab market share especially coming to electric and crossover suvs. morgan stanley and bloomberg intelligence both predict volkswagen and its manies many subsidiaries will be the winner of the electric car race in the future. bloomberg says that will happen in two years. stuart: okay. susan, thank you very much indeed. another big hour for you and it's coming up here. we have martha maccallum, kt mcfarland, jack brewer and more. plus after a third night of riots in minnesota you think the president might say something to calm things down? that is my take next. visor, you'll make a plan that can adjust as your life changes,

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concerned about valuations to give them into crypto, valuation a bit rich, maybe but maybe not as things grow in triple digits. i like it here. >> it is going to recognize various industries and trading. ♪♪ ♪♪ here i am ♪♪ something like a nice man ♪♪ stuart: there you have it, sixth avenue new york city still relatively quiet, a year and 3 months since the pandemic. it is 11:00 on the east coast of the united states and it is wednesday april 14th. to the markets, dow jones new high, up 200, the s&p new high, 4146, fractional loss for the nasdaq. 63, we are waiting for coin

based to start trading in exchange for the cryptos, waiting for the first trade. it would value coin based at $90 billion. is the president afraid of confronting the rioters. after a third night of streetfighting in minneapolis and elsewhere you might think the president would step in. he made a quick comments two days ago, we don't have call him. we have violent anarchy. the mayor of brooklyn center, mike elliott, his town has endured 3 nights of rioting. the news conference with the extent of the chaos, masquerading as journalists. they forced the newly appointed police chief to walk out.

mayor suggest traffic stops might be handled by an armed police and we find the police officer mistakenly used a gun rather than a taser to shoot a black motorist subject to criminal charges. the city has lost control. perhaps democrat leadership is afraid of rashida tlaib who tweet or demand that policeing should be stopped altogether. democrats should really be afraid of the voters. the spineless surrender to anarchy is not going to go down well. soon the verdict will be in in the chauvin trial. citizens across the country worry about the reaction. that is the problem. with depressing regularity the rioters emerge whenever there is a black white confrontation. it is an embarrassment for the whole nation and that is why this president who leads the great nation should step up calling for rule of law and due

process. that is what a president who believes in unity would do. the third hour of varney and company is about to begin. ♪♪ wednesday morning, martha maccallum is with us this morning. it was a bit of a rant but where is the president? >> you can ask that on a number of fronts. we watched during the presidential campaign the m o of the campaign was to be as low-key as possible during the pandemic and we see that continuing to this presidency. one of the things you touched on in your take is something, what is unfolding right now in minnesota, the question of due

process, the city manager in brooklyn center stood in front of that room full of reporters, and activists, and wrestling that for him. and any police officer in this sort of situation, tragic, tragic situation, a police officer who by all accounts when you watch his video acted mistakenly and devastatingly took the life of this 20-year-old man. deserves the due process, fundamental to the process of terminating an officer. the fact that people can't accept that that is the way this country is run, that any one of you, deserves the process to play out but look at

derek chauvin. everyone saw that horrific video but what is happening in the courtroom right now is what every american believes will happen if they are accused and that is process. otherwise why have a jury? i have a council that reviews these? just show the videotape and let the people in the room decide. what kind of world will we be living in if we find ourselves in that kind of situation? it is not american. stuart: well-suited indeed. we are going to switch gears because we have a development here. vice president harris says she's going to mexico and guatemala to meet with leaders there. she believes our government must address the root cause of the illegal immigration. i want our viewers to see this. >> too much, planes and the work to go to guatemala as soon as possible.

stuart: didn't donald trump do this? didn't he tried to stop it at the source? isn't she just repeating trump's policies? >> there are a number of levels, when is her response which is a bit odd. she's vice president of the united states elected by people of the united states. the agenda and plan for travel, it is a bit of a nonresponse. on the other level, mexico and guatemala, the president of mexico called president biden, the migrant president, the president of guatemala says something similar, the reason people are leading my country and going as the door has been opened, for them to come.

it is a bit embarrassing to come down there and meet a few months after the prior president and say you know the planet was in place before? we need to re-discuss that. we eliminated it on day one but now we have a real crisis on our hands. stuart: taking a lot of money with her. i am glued to you at 3:00 in the afternoon on fox news, hope you don't mind. and don't get unglued, see you again soon, see you this afternoon. back to bitcoin, the coin is down a little bit. just earlier in the day what we are waiting for is the coin based trading to start, debut performance today on the nasdaq and that is what we are waiting for. michael lee is with us. i would love to see you again, strong guy, i like your politics.

coin base, we have indications that it will open at $340 per share, a valuation of $90 billion. isn't that just a bit rich for the exchange which relies on commissions only for its current income? >> that is a great way to put it. the other side of the analysis is they are first mover, made it easy for people to download the apps and to buy and sell all sorts of crypto currencies, used it before and now the first ones to be offered to the public and just from a business standpoint if there is a gold rush instead of being a speculator or somebody going out there to find the golden is better business to be sitting with pickaxes and saying i don't need to have the gold,

just sell the access so that is good business and there is so much unknown as to what the future of bitcoin holds in the government printed 7 or $8 trillion and trillions more printing along the way along with other currencies throughout the world, this is a pretty good business to be in to be selling pickaxes at the moment and lack of growth in the world so anything that comes out that is new, exciting, profitable and growing fast will get insane valuation. stuart: you are bitcoin kind of guy. we will leave it right there but i want to talk about jpmorgan chase, goldman sachs, they came out with their earnings and they were really really good. do you think opens the door for very strong profits that will boost the overall market?

>> this earnings season for banks and next earnings season will be gang buster well above and beyond the street's expectations and a few more tomorrow. when you have a steep yield curve, when short-term interest rates are low and long-term much higher that is earnings nirvana banks. add to that improving economy, they set aside can be repatriated as profits, massive trading in a bull market, both stocks and bonds and this boom that is creating massive amounts of investment banking fees you have a perfect storm for things to look good for banks. what i would say in terms of stock performance is a lot of this is banked in, the financial that 18% in the first quarter so typically the market moves in advance of these and financials make a big move higher, typically the first move for the rest of the market so that is. signal not only for the banks

for themselves as institutions but also for the overall market and overall economy however i don't know how much better the stocks will do save wells fargo which has lagged. stuart: never recovered from that fraud charger couple years ago. dow is close to 34,000. michael lee, times up, thanks for being with us. the overall markets show a nice game 33,905, that is the dow industrials but susan is watching the cruise lines. >> reporter: helping the dow jones industrials outperform, the cruise lines look at the rally and the recovery today. we heard from norwegian cruise lines, they are petitioning lawmakers to start an itinerary in july, you could get on a cruise once again. airlines, jpmorgan upgrading their view on a few airline

names, they are calling jetblue a buy worth $25, spirit with $54 and you can hold your southwest airlines stock. carly davidson of bank of america with coverage as well and they approve of the strategy to elevate and iconic brand and let's talk about tesla's china competitor unveiling the second sedan model and it comes with mute self driving features so tesla has competition in the world's biggest car market. stuart: in nice design. i can get behind these things. now this. a new survey shows voters want duane the rock johnson to run for president and the rock is responding.

football legend brett 5 speaking out against politics in sports. watch this. >> i know when i turn on a game i want to watch a game, i want to watch players play and teams win and lose, come from behind. stuart: former nfl star jack brewer agrees with that 100%. iran ramping up uranium enrichment to its highest level ever. what does that mean for these new talks. k team at farland ways in next. kt mcfarland

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thousands of people out of their retirement funds, livelihoods and others.

the estimated $17.5 billion, funneled into bernie madoff's funds and there might be an entire generation of younger viewers who may not remember the scandal because it all unraveled in 2008 during the global financial crisis but we have seen countless movies based on his life, books, tv series and incredible how he got away with it for almost two decades with a ton of money and people literally lining up to give them their cash. that would go down in infamy, with investors. stuart: he was arrested 13 years ago and i remember it distinctly.

next case, iran, it is believed to have been an attack on his main nuclear facility. kt mcfarland back to us this morning. this may be an attack attempt increasing the enrichment level of uranium. where does this leave president biden? >> i can't hear you. i hope we will do it another way. stuart: is there any way we can get to kt and leave president biden's attempt to reopen the nuke deal with iran. can't you hear me? maybe not. this happened earlier in the show. all of a sudden you find that your guests cannot hear you, they can't hear the question. that is live television in the age of remote broadcasting. just happened with kt. i don't think she's been able to reestablish contact with me.

on the way out, kt can't hear what i have to say. welcome back. i will rephrase the question. increasing the uranium enrichment in iran, an attack on the nuclear facility, where does that leave the president's attempt to revive the nuke deal with iran. >> with the iranian's are doing is they're going to ramp up iranian enrichment, if they have to give up something, my guess is what happens now is the biden administration will be so desperate for a deal with iran like the obama administration, got played by iran. iran is not going to stop its nuclear program and the biden

administration negotiating now, they have a crisis on the mexican border, crisis with the russians in the black sea, a crisis with the chinese so the biden administration will do what obama people did before, they won't get anything for it. stuart: do you think we have a crisis for afghanistan where the president says we will withdraw all troops by september 11th of this year. >> we should of gotten out of afghanistan 15 years ago. republicans, democrats, bush, a biden, there is no al qaeda left in afghanistan. they've moved on, they don't like afghanistan either. the idea that we were there trying to take one of the most primitive parts of the world, people who have no interest in democracy and trying to nation build, build roads and schools

and democracy and they wanted none of it. they want our money but they wanted none of what we were peddling and if it was such a great opportunity, for 20 years we should have been focused on china, we weren't. we were focused on the middle east. what do we have to show for it? trillions of dollars lost, infrastructure not built in america and thousands of american lives and blood and treasure lost. stuart: when we started this interview, you couldn't hear what i was saying but you did the right thing intelligent terms, you smiled was the worst thing you can do is lose your temper. i used to do that 30 or 40 years ago but i learned my lesson. you smiled. you were absolutely excellent, come back and see us again soon. taking everything in stride, kt mcfarland. we have a whopping gain for the dow jones industrials up 210 points, 33,800. show me netflix. according to a survey more -- morgan stanley survey, netflix

has the best original content of all streaming services. stock down $14. next, dwayne the rock johnson responding to the survey the shows people want him as commander-in-chief. what is he saying now? >> he's not ruling out a run in the future. >> i do have that goal to unite our country. i also feel if this is what the people want, then i will do that but i am passionate about making sure our country is united. a united country is at its strongest and i want to see that. >> the rock topping a recent social media poll among americans on who they would vote for as president and the rock johnson said he would do it and run if that is what people want. not the first time the rock has teased a run. he said previously he would do

so and also tom hanks's vp on saturday night live and young rock which is based on his real life, run for higher office in the future. would you vote for him? stuart: i don't know about voting for him but we did put out a nice thing about his tequila brand, he is sent me a nice note in response. i would like to get the man on the show. and open invitation, mister johnson, come on the show anytime you like. the nfl just took the strongest pro-vaccine stands in all sports. more than 60 people under arrest after the third night of violent riots, we have a report from the scene after this.

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[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: early this morning bitcoin reached 64,$000 a coin, and we are waiting for the debut, opening trade of coin base. the price target might come in

around $355 per share. that would put a value on coin base of $100 billion. no first trade yet. please just this and to this. listen to this. stuart: you can't call that a protest. it is a riot. police arresting 60 people during a third night of riots, this follows the shooting death of daunte wright. steve harrigan in minnesota. antifa involved in those riots? >> crowds have not gotten any smaller as the attention has

grown, new people coming in, some of them prepare for violence with earplugs, gas masks, they are ready and experience to fight the police so we've seen this finally grow not just because of the bad weather. the real question about the crowd is what is going to happen with kim potter, the center of the police force who fired a single shop and killed onto a right. will she be charged with criminal charges? the police chief at the time said she fired accidentally, he quit, she quit, her house is being guarded by police, the fear the house could be attacked. we saw 60 arrests overnight, some people were trying to breach the fence into the police station and police showed what they are up against at a midnight press conference, what people are hurling at police. >> unfortunately there were those that decided to come out and throw bricks, a light here,

alcohol bottles, cans and other items at law enforcement officers. >> the mayor has suggested that in some operational stops it might be wise for the police not to be armed. here's the mayor. >> i don't believe officers need to necessarily have weapons every time they make a traffic stop. >> we are learning about the 20-year-old, dante rice who was shot and killed, there was an open warrant for his arrest for burglary at the time of the shooting. stuart: thank you very much. now i want to bring in jack brewer, former nfl star. i don't know what you think of those riots but where is president biden?

>> where is president biden? where is the logic behind this mayor? the leaders are meeting our young black men, this is not the way to do it, terrible this man got shot, i feel terrible for his one-year-old son who doesn't have a father. we have to stop a resisting arrest. you cannot resist arrest. that was my son, resisting arrest like that he would have to deal with me. the lady making that mistake that can't happen, can't confuse a taser with a handgun. police officer should be well enough trained for that but to resist arrest and jump back in your car, this is the key, he has been known to carry guns, inside his screen, was

convicted, this kid had a warrant for his arrest for burglary. the police need to have guns when they pull over some people. we try to make everything about rest -- race but this goes back to respect. if a female officer pulled me over or pulls any man over you should respect them just because a woman is pulling you over. have decency and respect for people but to resist arrest and jump back into your car is causing that evilness to come upon you. i am not going to make excuses for behavior like that. we need to get -- take a stand, particularly black leaders who can influence these young black kids. we have to do our jobs as well. stuart: i hear what you are saying, politics or out of sports. watch this.

>> i want to watch the game. i want to watch players play. and teams win, lose, come from behind. the important parts to the game, not what is going on outside the game. stuart: politics out of sport. what says jack brewer? >> brett is a great man, my favorite quarterback, brett is right on. it has gone too far. every time you turn on the tv. i had to cancel my nfl sunday ticket and i'm a lifelong nfl fan. i played the game and for me to feel so disgusted, disrespecting the flag, bringing political views onto

the field, i don't want to watch it which is why i don't want my son to watch it which is the main reason why i turned it off my tv screen. i don't want those men to be role models for my kids which is why i took it off my screen and that is what brett favre is saying, let's look at to our athletes as role models, i need to hear your political stances. if you feel there's an issue you can speak about that outside the game. stuart: i am with you 100%, privileged to have you on the show. don't be a stranger, see you soon. in california some students are back in school but their teachers are not. they are teaching on zoom. got the story. real estate developers cashing in his big cities empty out, hoping to turn vacant hotels and office buildings into affordable housing.

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stuart: i love that song, something to talk about, a brand new kind of taco bell. i know what you are going to say and i will preempt you, a special taco bell because it is digital audio. i can't -- what i want to order. i got to go online. is that it? >> use one of the kiosks. digital and see -- no more

analog. the kiosk, and mobile orders. the golden interests, and others are preordered and pick up your actual tacos, and alcoholic drinks, beer, wine and signature twisted freezes. stuart: understand my frustration. i am a member of a generation that does not handle technology very well, and to be presented for the taco bell store where i have to order online you know where i am coming from. >> whip up the dollar bills which they take as well. >> susan has me pay for something with cash which is unusual in this world.

come into this, not the taco bell story but this one. grocery stores, i know they were pandemic winners but they are opening back up again. will they ever see sales like we saw in 2020? >> can't believe you pay for something i'm trying to come to terms with that but to answer your question, no, i don't think we will. last year was historic in so many ways, it is hard to replicate what grocery stores experienced during the lockdown, the pandemic forced restaurants to close, supermarkets and grocery stores were spared because they were deemed essential, sales gentleman% in 2020, triple the growth of the previous two years, pandemic winner you could say but the tide is turning with more people feeling confident enough to go

to restaurants, anticipating a sales if as the recovery recovers, counterintuitive but true and online competition between supermarkets who really heat up as consumers have become as we are used to ordering on line. interesting dynamics. >> some of us are getting use to that. i will put real estate developer stocks, homebuilder stocks. real estate developer and far actually turning vacant office space and hotel space into affordable housing, and lawrence renovated the office space in washington. >> exactly. it is what happened, so

expensive to live in a city that dc planners, to make it more affordable, and other places are converted into apartments. this is a coast guard warehouse or was and offices, the coast guard moved out long ago, helping the developer to make it an apartment. >> the downtown in many major cities in the us, mid twentieth century has been a single use district predominately 9-to-5, eight two six area. washington dc worked to make it more of a 12 to 18 hour district, you need people waking up early in the morning and staying out or being entertained at night. >> this is expensive because

the developer had this built into in e shape out of a square, moved out of that because they had to get light into the different apartment areas and they are finding people, kids have moved away looking for places near where the washington nationals play. that is what they are finding. >> seems like a good idea to me. parents call it zoom in a room. kids are back in school, teachers are working from home. in california this is. how would he get the teachers back to work in the classroom? he is on the show next and i will ask him. ♪♪

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host: no $5,000 host: too high $3,500? host: oh, too high. eargo's are affordable and retail for about half the cost of traditional hearing aids. unfortunately nobody won. johnny tell our contestants about our lovely parting gifts. johnny: it's a peruvian pan flute. host: well that's all the time we have for now. we will see you next time, bye bye i heard that we're here and ready to help you with your hearing loss. with free remote hearing checks and consultations by our licensed hearing professionals. give yourself the gift of good hearing again. and if you're an active or retired federal employee you can now get eargo at no cost to you. act now! stuart: failing our children, more schools in california are reopening, some teachers are not showing up, children looking at empty classrooms watching teachers over zoom,

ridiculous. kevin falconer is a candidate for the governorship. i want to know if you got elected how would you get those teachers back in the classroom? >> great to be back with you. i would start with a premise it is absolutely essential to have teachers back in the classroom. we have a governor -- you are seeing the growing frustration of california parents across the great state of hours, a governor who steps up and says we have to get teachers back in the classroom. including looking at funding, back in the classroom, i will tell you, there is no substitute for a teacher teaching our kids not, i repeat not, over a computer screen. stuart: given the power of the

governorship, you think you use executive order for some back into the classroom. can you do that? >> not only that but the power of the public to get out there and say this is what we need to do but our governor has not done that and the fact that private schools have been open for months in california, kids are safely learning. public schools that ultimately report to gavin newsom, for no good reason at all, it is not just as candidate for governor, two kids in public schools who absolutely know this is back in the classroom full time. stuart: is it accurate to say the minority kids in the los angeles school district having been out of school, minority kids are 3, 4 years behind their counterparts. is this accurate?

>> absolutely see the impact community impact disproportionately. one of the biggest travesties, but disproportionately, the fact we are so slow. to open in california. and parents across the state sign this -- that's why we are going to have a recall this year. >> appreciate it in that forthcoming election. how much do you give your kids for all hours? that is the trivia question on "varney and company". what is the average weekly allowance for children? the answer a couple of minutes away.

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♪. stuart: we asked you before the break what is the average weekly allowance for children. the answer is, good lord, $30 a week? that is inflation, sports fans. that is 120 a month. 1400 bucks a year on average. i have got six kids. i would be bankrupt. enough of this, move on to the serious stuff of the day which is, coinbase of the, going public today. what is the latest, susan? >> indicated open is 365 a

piece, stu. roughly 46% up from the reference price of 250 last night. makes you wonder why they priced it so low. we know in the private round, private markets, coinbase shares were changing hands roughly 350, in the 100 billion-dollar valuation range. some of the metrics they're debuting at pretty strong. do you know they grew sales 260% this year? they are indicating sales will decline, the growth rate will decline next year at 37%. i think there is a give-take here. may be great timing for them to list. neil: i'm surprised. a lot of people we had on the show today, think coinbase going public will raise the price of cryptos like bitcoin. here we have a very high value for coinbase and bitcoin is actually going down 130 bucks to 63,000. i'm not sure what the explanation is there. it strikes me being slightly out

of whack. >> yeah. stuart: forgive me, i have to interrupt. i have to get this in. a programing note of great importance. tomorrow on this show in the 9:00 hour, senator ted cruz republican from texas. a very important interview. hope you can be there 9:15 tomorrow on this show. time is up for me. but, neil, sir, it is yours. neil: thank you very much, stuart. we're following not coinbase here. this is one of those that is really hard to figure. certainly not an initial public offering here. it's a direct listing. so the company is looking at existing shares rather than offering new ones. it is price of those shares that proved to be a bit of conundrum today. coming out the gate we were looking $250 something like that. now $355 if you want to do the math backwards that would assume a valuation to this marketplace for all things digital currency in the vicinity of $100 million. which by the way was worth more