tv Varney Company FOX Business June 30, 2021 9:00am-12:00pm EDT
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maria: thank you today can mcdowell and brian brandenberg, see you again tomorrow. >> 95, 96 in new york city, you can take it. good morning, everyone. we are at the halfway mark 6 months into the year 2021. for investors it has been a great first half, value of all stocks gained $5.9 trillion since january 1st, record highs from major averages, today, the
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last trading day of the first half, we are in a holding pattern. the dow is down a little, s&p down a little, nasdaq down a little. bitcoin at 34,600 this morning. not that much change. some it all up the financial world fairly quiet this morning but mcallen, texas will not be quiet today. donald trump arrived to check the chaos at the border. vice president harris paid a short visit and did nothing to stop the migrant surge. trump will demonstrate the failure of the democrats open border policy. he fixed it but they broke it. in new york city election chaos. the mayoral election upended last night when the elections board had to withdraw preliminary voting, they tried to sort out ranked choice voting where voters rank their preferences for its 5 candidates.
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the incompetent elections board won't have a result for weeks. crime surging, the mayoral election is a mess, another embarrassment for a great city. we will be covering england's win over germany. by the way, look at prime minister boris johnson's hair this morning, all must up after the giant national celebration yesterday. that is his usual style but it was particularly intense this morning.ney and company" is ab to begin. ♪♪ tonight i'm going to party like it is 1999 ♪♪ stuart: it is sunny but it is going to get real hot in new york city. 95 is the forecast.
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straight to your money, not that much action on the markets this morning but we are in the last trading day of the first half of the year. the first half has been fantastic. come in, shaw gilani. how future is the second half of the year going to be? >> i think it is going to be as good if not better than the first half which was spectacular. you've seen how much wealth has been created in terms of market rising as beautifully as it has. i see it being better. already we have earnings coming out for the second quarter. our companies are already raising earnings guidance. their guidance is ahead of analyst expectations was that bodes well for what we see looking at the second quarter, the market will look forward to the economy continuing to grow, we are getting it under control
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and things certainly opening up everywhere and companies are making great profits. stuart: give me a number, 34,000 on the dow, where are we going by the end of the year? we have forecasts for 40,000 on this show. >> don't know if we will see 40 by the end of the year. i don't think we have enough juice, taking so much forward, the good stuff is baked in. the dow could get to 38,000, 40 is a bit of a stretch. even pace higher. equities are the place to be, the same story, no yield in the bond market, bond markets acting well, supportive of equities. we will see rates rise in the
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second half, would not surprise to me to see the 10 year at 2%. i don't think the markets will worry about that as long as there is no policy shift, we want to see bonds arise in terms of the yield, the economy is what we want to see. stuart: you have been right, we simply hope you are right about the second half. look who is with me for the rest of this entire hour, no less than mark tepper. you are a good man. what is your prediction for the second half of the year? >> i am bullish but in the
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second half. the market will trade sideways, already done in the first 6 months but i expected it to do all year and when you look at the market, the markets making all-time highs every day but underlying stocks are not doing quite as well. the forward performance, the worst-performing three months in july. may be a snooze fest for the market, don't take an apps, the next year and beyond over the next three months. stuart: we have two ipos coming to market. we got clear, secure, price
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shares raised $4.5 billion, this is a potential competitor, clear, secure, priced above the range of $31 a share. we paid them off the and the arduous boarding process. this is the year of ipos. this has allowed people like me and other investors to be involved in new technologies. it has been a great year. >> you start with prince's 1999, there will be more ipo dollars this year than in the biggest year of the tech boom which was probably 1999 so perfect song to start the show. the ipo markets have been on an absolute tear but i am concerned it might be frothy as it surpasses the biggest year ever. you look at a company like dd in particular, there is concern
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with americans getting involved because there have been bipartisan talks about blacklisting a lot of these chinese companies. it is great that more companies are coming to market and the investment universe for investors is expanding. but these ipos are scary. stuart: i take your point entirely. the biggest ipos of previous year started out well and then came down. it took a long time to recover. i'm thinking facebook, can't remember the price it came out after but went up and then almost immediately came way back down again, took a long time to gain steam and get to the level it is now. i want to talk about the real estate market. you get mortgage applications down 17% compared to a year ago. seems to me the housing market is beginning to cool. what say you?
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>> you expect mortgage demand, home prices are up 15% year over year. my personal experience is buying a home is supercompetitive. if you want your bid to move to the top of the list it better be an all cash offer, which means no mortgage and then people waving the appraisal contingencies, they are doing all this stuff because they are the winning offer on that house. it is super competitive. the housing market has been on fire. for those people trying to buy homes right now it is probably good. stuart: is that what happened to you? a buyer or seller? >> i had to help out a family member. he was trying to buy a house and needed short-term financing in order for his offer to become the winning offer. personal experience 2 or 3 months ago.
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stuart: things are beginning to cool down a little, so few homes on the market and you do have mortgage rates rising a little but the absence of homes for sale is the problem at the moment. stay with me please, you are here for the hour. check futures please. we are going to be down across the board but not by much. the new narrative from the left. they claim republicans are the ones who defunded the police. maybe they forgot about this. >> not only do we need to defund but we need to dismantle. >> we can't rely upon the police. >> a moment to reimagine policing, what we also want is a reconstruction of how we achieve public safety. stuart: how do they defend that? donald trump heads to the border today. congressman chip roy will be with him and he will join me next.
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crypto plays, stocks in companies that move in tandem with bitcoin. right block chain marathon digital, all of them on the downside today. check the airlines. want to check them because most of them are down. not much movement. the airlines are getting real worried because sydney, australia, just returned to full lockdown. mask wearing is back in israel and written, mask wearing is back in southern california specifically los angeles. this delta variant discourages travel especially business travel, and most are under pressure recently because of the delta variant.
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they are in mcallen, texas. grady trimble is there already. will you see the former president standing at the wall? >> the rio grande valley is the epicenter of the border crisis, they are visiting a stretch of the wall in the rio grande valley and this comes as the level of migrant crossings reached a multi-decade high. and how busy those border patrol agents, crossings continue, rain and shine, day and night as several migrants who told us they were from el salvador. this is what border patrol is dealing with on a regular basis. republicans were critical of vice president kamala harris and where she chose to visit in texas which was not the rio grande valley. if you're going to come to texas and see the border crisis
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this is the area you need to see. >> one thing that is important is come down to visit the rio grande valley, visit the ranchers, what is taking place. >> you haven't seen that from the federal government. >> that is correct. >> reporter: immigration officials in mexico shared this picture of the 2-year-old boy abandoned on the side of the highway separated from the group of migrants also from el salvador brought more through mexico. they apparently were in a hot truck and banking to get out of the truck. the heat is a major problem on the journey up. also rain is something migrants will be facing as they cross the border. all of this, the backdrop as the former president comes to the border wall today.
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stuart: it will be the major political event of the day, great report. thanks for joining us. one congressman who is going with the former president of the border today is chip roy from texas. he joins us now on the phone. congressman, what do you think the former president will achieve by his visit to the border today? >> reporter: thanks for having me on. sorry to be visiting by phone but i'm en route to the border driving from my hometown of boston, texas. i think the former president is going to achieve what the current administration refuses to do which is give some hope to the people of texas that there are people who care about the actual crisis. when vice president harris could only find time to make a pitstop en route to los angeles and el paso for a photo op she missed the mark by 750 miles. mcallen is where the crisis is. that crisis exists because the policies of this
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administration, the former president knows this. he knows what was working before. i am glad to be here with governor abbott and a bunch of my colleagues because in texas it is reaching critical mass. we have an actual emergency, and existence a crisis because the amount of fentanyl, narcotics, human trafficking and the power of cartels with operational control of the border. we will make sure the world knows how important it is to fix it. stuart: make some noise and we will follow your progress today. thanks for joining us. a strange question to be asking now. have you been outside yet? i ask because it still is a scorcher. adam klotz hopefully has good news on when the heat wave will end. he will join us shortly. as for the futures, we've got 10 minutes before the market opens, reporting just a little south. we will be back. ♪♪
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points at "the opening bell". david lefkowitz joining us wednesday morning. we had a great first half of the year. is there anything you see out there that could really stop this upward momentum into the second half of the year? >> there are a couple things. we remain constructive on markets, they will move higher because consumers have a lot of savings they are deploying and businesses are investing again in order to meet the higher level of demand but if the fed got very hawkish and started to tighten interest rates sooner than expected that could be something that upsets markets and we have to keep our eye on the pandemic. we are seeing a small increase in cases in the us probably related to the variants that are more contagious. there are things on the horizon
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we need to monitor but there is more upside for stocks over the next 6 or 12 month. stuart: you don't sound very worried. i find this amazing because we have had such a long and powerful bull run, $45 trillion is the value of all quoted stocks, up nearly $6 trillion in the first half of the year. i'm sitting here, i interview analysts and pundits every day and i'm amazed how many of them say it is going to continue. you are in that camp. it is going to continue. i don't know what to say. what do you tell your clients? it can't go on forever. >> has a gun too far? things don't grow to the sky, i totally get that. this will end at some point but
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the factors that usually end a bull market, we are not seeing those. what you have to see is a much more hawkish fed where the fed is raising interest rates pretty aggressively to slow the economy we are not there yet. the most important factor. we still have some runway to go. stuart: we've never been in this situation before, have we? the fed prints by the trillion, congress spent by the trillion, money is being distributed to hundreds of millions of people in this country. we've never seen this before. we've never seen a flood of money role into the market and the economy like this. it is a unique situation. >> that is totally fair. the other thing we have to keep our eye out for, are there any imbalances developing in the economy? at this point the news is still pretty good. imbalances, consumers taking on too much debt, corporations taking on too much debt. we are seeing the government
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taking on a lot of debt. we can't sustain this trajectory forever but i do think there is still enough cushion that it is not going to be a problem anytime soon. that is also something to keep in the back of our mind. stuart: we shall indeed. sorry to press so hard on the continuing bullish feeling that i have to. mister lefkowitz, see you again soon. appreciate it. one item on the corporate front, president biden is considering a new executive order that would restrain big business. the administration wants to limit dominance in certain industries and create more competition. the president could sign this order. i don't know what is in it but he could sign it as soon as next week, i don't know the details. mark tepper, you are still with me. do we need to reign in big business? do we need to do that?
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>> great question. i love pro-business policies and this is non-pro-business policies on this administration. they will added to their playbook alongside climate change and social and racial equity, but at the same point in time i think we all witnessed how much power these big tech companies have earlier this year and caused a lot of us to rethink the power of big tech. you look at amazon's aws kicking out parlor along with apple. you look at twitter and facebook banning accounts including donald trump. they have a lot of power and if you are not on the good side you are in trouble because the consumer, other small businesses don't have anywhere else to go. i am all for pro-business policies, supporting small businesses as well but they have a lot of power. stuart: this they do and that makes some people nervous. i worry about breaking up the crown jewels of american business which is what some on the political left and right want to do. it will be a long time in the
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coming and that is a fact. less than 30 seconds the market will open on the downside but it will be a huge selloff. don't know how we are going to close that we will open on the downside. big tech, this is premarket all on the downside even though the yield on the 10 year treasury is one.46%. normally when the yield comes down big tech as well. not apparently today. a retreat from all-time record closing levels. the market is now open. we are down a little of "the opening bell". not all the dow 30, they opened now, there's a preponderance of red meaning most of the dow 30 are indeed on the downside but the industrial average is only down 20 points. the s&p same story down a fraction, 0.06%. the nasdaq same story on the downside but not by much, down 0.09%.
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big tech has opened. the only winner, i've got facebook, 352 on facebook. apple one dollar and $0.36 was microsoft reached the 270 level yesterday and is holding that level yesterday. the dow went down 230 points. bed, bath and beyond first-quarter sales climbed 50%, they raised for your revenue outlook. this used to be a meme stock. look like they are investing in fundamentals. >> this is a dying company who benefited from the meme stock mania. consumers are flush with cash but the issue with bed, bath and beyond is they had no proprietary product so it makes them a commodity. there is no differentiator.
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anything you can buy from bed, bath and beyond you get from amazon. in order for these old-school brick and mortar retailers to survive they have to do something special, something different and i don't see that with these guys. stuart: move on to constellation brands, this is a gigantic liquor company, i think it is the largest in the world, stock is up to a half% -- numtwo-halfmac%. they saw decline 22% year-over-year. this goes back to the early years of the pandemic when we were drinking like fish. beer sales, grow 14%. you're not a beer guy, are you? >> i like beer, and my vodka, that is my guilty pleasure. when you look at constellation brands, the seltzer trend, they
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have a corona seltzer. stuart: the stock is up to and a half%. how about general mills, earnings and sales decline, more people bought less food for home but stock is up a tiny fraction. how about version galactic, bank of america downgraded them, took them down to notches, underperforming stock. the good news providing the launch of tourist into space has been factored into the market, virgin galactic is down, where do you see the opportunity for investors in the new private space industry. >> limited people can afford to go into space on these trips. look at virgin galactic, it went up to 55, mid 40s,
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euphoria has worn off. bank of america believes more competition is on the way. we know that is the case with space x and from valuation standpoint you have a $10 billion company in version galactic and they are expected to do revenues with 3 million this year. that is a steep valuation. stuart: that is a steep valuation to attend billion dollar company. let's check the about -- the dow winners, 30 stocks in the dow, walmart at the start, 2.3% higher at $140 a share. proctor and gamble, at 52. the top stock is it oil and gas, walmart is on that list, we will have a story in a moment. pioneer natural resources,
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mixed bag, the top story, advanced micro devices, more on that in a moment. advanced micro devices is one of the top pics from mark tepper. what do you see that is so good about amd? >> these guys have been beating up and telling taking market share for years. they have better technology, they execute better and now they have a deal that was approved so that gives them a better competitive advantage. wielded for a while can increase our position last week, great play in the chips. stuart: you are looking at six flags. you like them. where are they going? >> summertime, regional amusement park time, everyone is doing that right now and it seems like everybody around me seems to be heading out for weekend trips.
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like i said earlier consumers have a ton of cash, they want to go outside. that bodes well for these amusement parks and this thing in particular trading around the 280 moving average, that is a pretty good entry point. stuart: you may have turned the market around on that. it was down when we started this and it is up $0.07. shift, i don't know what they do. i want to know why you like them. >> small little company, $1 billion market. they make the chassis for delivery trucks. think amazon, fedex, ups, it is an e-commerce play. there is a shortage of delivery trucks and there is a shortage of truck drivers, so much so that there are delivery companies who have job postings out there. no overnight days, local delivery, 60 your jobs. this is the place you want to be. stuart: before we leave you i want to ask you this. when you go back home or back to the office and you are
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managing money, what are the key indicators you look at every morning? >> when we are analyzing individual stocks there are three things we look at. the first one, they have to have a great management team. they really have to have an interesting growth story for us to get behind and they have to have a reasonable valuation. we are never ever willing to overpay for any company no matter how much we might love it or they love management or we like the growth story, we do not overpay, the price has to be right as well. stuart: that was good stuff. i want to see las vegas sands, the stock is up 2%. reports are the border restrictions, huge gaming center, likely will loosen by mid july. travelers have to quarantine
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for 14 days, the stock is up on vegas sands. dow industrials are up 66 points 34,300. the 10 year treasury was 146, it is 145. the first monthly drop since 2016. gold is all the way down to $17.57. quick check on bitcoin, quick check of oil, $74 a barrel, 7343. the average price per gallon of gas keeps creeping up. the average is $3.20 a gallon. i know you are in cleveland. how much are you paying? >> i want to say it was 369 yesterday. it is pricey. it is expensive.
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stuart: that takes premium gas. you are not going to buy premium gas at $3.20. >> you've got to use 93 for that bentley. overall, gas prices, a drain on consumers, the same point in time every single individual has gotten $3,000 plus in stimulus money. we talked in the past, inflation is an issue. don't know how transit or it is going to be. i hope it is just transitory but we are seeing gas prices go up. stuart: historically $3 a gallon adjusted for inflation is not expensive gas. that is cheap gas really. you are not out of the woods yet. you have another seconds to go. sit tight. talk about embarrassment for new york city, their mayoral election is in complete chaos. the new ranked choice voting
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system turns out to be a disaster. we cover that in my take at the top of the 11:00 hour. did you see vogue's north korea? a first lady for all of us? what about milania trump? she never graced the cover. i wonder what lara trump thinks about that, she is on the show. president biden brings back his whisper to the folks in wisconsin. role tape. >> to give ordinary people a tax break. the wealthy are doing fine. stuart: he was in wisconsin to purchase infrastructure program. i will ask brian style what he thinks about the infrastructure program. ♪♪
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stuart: we opened lower, now the dow is up 80 points, nasdaq down 20. walmart, this is dow stock. it is up 3.6%. that adds 34 points to the dow industrials. walmart is pushing the dow's rise this morning. during his visit to wisconsin president biden pushed for his infrastructure deal and called a job creating economic boom. watch this. >> i think it is time to give ordinary people a tax break. the wealthy are doing fine. this is a generational investment of modernized infrastructure. creating millions of good paying jobs that position america to compete with the rest of the world in the 21st-century. stuart: congressman ryan stiles joins us, republican from the
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state of wisconsin. you are a republican from wisconsin. i would imagine you are very much in favor of this trillion dollar infrastructure deal. it would be good for wisconsin. >> i'm in favor of targeted infrastructure investment, the biden administration tying the investment to over $5 trillion of additional liberal government spending. we are not seeing what the paperworks are. the biden administration working with nancy pelosi are going to work to raise taxes on all-americans. stuart: you support the element, the roads and bridges stuff, you support that in the trillion dollar plan but you are worried about how you are going to pay for it and you are worried that the left will force through another multi-trillion dollar plan that is basically socialism. that is your concern at the moment but i have to put it to you the odds of us getting a $4 trillion far left plan involving the green new deal and all the rest of it the odds are slim to none, aren't they?
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>> that may not be the case. they just pastoral $1.9 trillion covid bill they didn't have a lot to do with covid. i'm not holding my breath that we are not going to see a large liberal reconciliation bill come through the senate and the house later this summer. that is what we are looking at the shop biden showed his hand, pelosi showed she wants it and they will work hard to push that through. we wanted you watch president biden's performance yesterday? we noticed a couple stumbles and that whisper again. what do you think of his performance? >> the media pretty much covered what he got for ice cream rather than how he is going to pay for this one trillion dollars in new government spending. i think the biden administration has left a lot to be desired including how he negotiated last week and immediately flipped on his deal that he made regarding infrastructure. stuart: congressman brian steel, republican wisconsin, always appreciate it. goldman sachs reportedly in talks to open a large campus in dallas. if they do it, it would be the
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second largest new york headquarters. mark tepper, why am i not surprised. if you are a high paid executives why on earth would you want to live in new york city? you would surely want to go to texas. wouldn't you? >> you are continuing to see people flee new york, flee california, and florida and texas have been huge beneficiaries, a higher quality of life for employees because cost of living is lower and see people move towards those states and if you are goldman sachs you can hire people at a discount, and that is what is going on. stuart: change the subject the second, gwen barry, turned back on the flag, she explains why she did it.
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>> i never said i hated the country. i respect my people enough to not stand or acknowledge something the disrespectful. stuart: she insists she will still compete for team usa in tokyo. did you notice a few smiles on my face earlier today? that is because england won. although i am now an american i still cheer for the home team. you know we are going to talk about this. ♪♪
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beaches good work from him. and now in greenland. those demons -- stuart: a very excitable commentator and very excited crowd after england beat germany knocking them out of the euro 2020 championship. i want to make a point. i was walking around manhattan during that game and i went to jersey, walked around there. i saw a few sports bars. every single one of them was
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glued to soccer and not baseball. i think you've got to watch for soccer is a mover and shaker. what say you? >> i agree. you have big competitions every year, the world cup, those are huge events. i more of an american football guy myself but here's what stands out to me. i think it is amazing how passionate and patriotic these soccer players are when it comes to representing their country whereas here we have olympic athletes turning their backs on the flag, turning their back on the national anthem. i would love to see our athletes become more patriotic and passionate rather than moping and crying to politicize sports. enough is enough. stuart: good to see stadiums packed with people like wimbledon. how about this one? i am sure you saw it. college athletes could soon
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cash in on their name and image. you are and nfl players association advisor. how do you feel about opening the door to paying college athletes? >> i think it is about time. the ncaa has been making money hand over fist on these athletes for years and years. if you are a d1 athlete you can't hold a job. you are either going to class or practicing. 's into kind of weird that a 13-year-old tick-tock star can make $1 million a year but a star college athlete can't get a free tattoo or state dinner? enough is enough. the athletes monetize their personal image, likeness and brand but it doesn't give universities a chance to pay them and doesn't allow boosters to pay them so i think it makes sense that he keeps everything fair. stuart: we have come to the end of our tenure for the hour but thank you for being with us. >> have a great morning. stuart: see you soon, tepper. good luck to you.
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bob doll says american households are flush with cash, we are doing well so why aren't we hearing about it. colorado congressman ken buck wants to break up big tech. martha maccallum on the big embarrassment in the big apple, pure chaos in the mayoral election and lara trump. what does she make a vote finding over first lady jill biden but rejecting milania trump which i will ask her, second hour of varney is next. ♪♪ ♪♪ ♪ you say ♪ ♪ i got a crack in my windshield... ♪ uh - uh, lisa, maybe less heartbroken? geico lets you file a claim online, over the phone or with their app. ♪ that makes me wanna say... ♪ . .
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♪. stuart: all right. good morning, everyone. it is 10:00 eastern. le's have a look at your money. there is not a lot of price movement in stocks so far this morning. the dow is up 60 points, sorry, 70 points. fractional loss for the s&p. nasdaq down one quarter of 1%. there is not that much price movement in stocks. interesting, we have the yield on 10-year treasury falling again. we're down to 1.45%. just in, something of great importance for the real estate industry. numbers for the pending home sales for the month of may. good morning, lauren.
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lauren: this is such a surprise, and such a beat. they a rose 8%. we were expecting a decline. we got a 8% rise to level of 114.7 in the month of may. these are signed contracts that haven't closed yet. they're awaiting closing. if you were looking at cracks in the housing market, because of supply and demand imbalance and price going up, this shows you the housing market is still superhot. stuart: mortgage applications were down 1% compared to a year ago. that was trending lower. lauren: right. stuart: trending home sales pending up. lauren: go figure. i was reading a 1/5 of builders out there, what they're doing, they're building less because they're trying to control costs. there could be imbalances and noise in the system as they're trying to figure out what can we actually get for homebuyers, get to them, something they can afford. stuart: i'm balances in the system, absolutely right.
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all over the place. that is the truth. no impact on the market though. the dow still up 70 points. now this. dueling border visits. vice president harris versus former president trump. we've already seen the harris visit. it was very short. she didn't see kids dropped over the border by the cartels. the flow of illegals, about two million a year. she accomplished this is my opinion, accomplished nothing. today trump goes to mcallen, texas, right where the throw flow of illegals is greatest. he will meet the governor. he will demand action. finish the warm. this demonstrates the basic problem. harris doesn't want to stop the flow. i'm cynic about this, they are counting migrants for future democrat voters. how else do you account for lack of action on a unprecedented surge and lack of controls the
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day biden took office. mr. trump will expose this. he reduced the migrant flow to a trickle, against hateful opposition he got a handle on the problem. he will stand on the border, bear witness, abject deliberate failure of the biden, harris, open border policy you will see it today. second hour of "varney & company" getting started. ♪. stuart: i want to get to this. this is important. gwen berry is speaking out after turning her back on the american flag during the national anthem. explaining why she did it. roll tape. >> i never said that i hated the country. never said that. all i said was i respect my people enough to not stand or being acknowledge something that disrespects them. if you know your history, you know the national anthem, third
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paragraph talks about slaves in america, our blood being slain and pilfered all over the floor. it is disrespectful and it does not speak for black americans. stuart: it has been revealed she is sponsored by, quote, color of change. that is a left-wing group that advocates defunding the police. with us tw shannon who joins us this morning. do you think she should be barred from the american team and tokyo olympics? >> stuart, thank you, first of all thank you for having me. she should be barred. every single american should stand for the national anthem. that is what we honor the sacrifices of american and women died, many of them were african-american by the way. i don't understand how anybody cannot stand for the national anthem. i get emotional every time i hear it. miss berry said she didn't disrespect the country or hated country but reality she turn her
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back on the her country. what country does she turn her face more. black people live freer around better than most people in the world. black americans, if this country separate as their own country, african-americans would be the 13th wealthiest country in the world. i don't know what her problem is with america. certainly there are things that could be better. that is not the place or the time at an olympic event toe stage a petulent childish protest t wasn't a protest, frankly t it was more of a tantrum. stuart: would you apply the same rhining to the kneeling during the national anthem we saw in the nfl? do draw the same standard involving politics in sport of any kind? are you in the same position for all sports, all demonstrations? >> i absolutely believe every single american should stand for the national anthem. i don't understand where this marxist idea of teaching people somehow america is systematically racist. again i said it before.
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america is not the home of systemic racism. america is the home of systemic opportunity. that, i'm a living example of that. this world that the marxists are trying to paint where people like oprah winfrey and meghan markle and michelle obama are somehow oppressed i think it is almost laughable. many of them earn more collectively than many countries around the world. i'm troubled by this. i think the olympic team should take action against 24 young lady. there is no way she should be representing america, because she doesn't stand for what is best about america. stuart: what bothers me, foreigners, looking at this kind of thing and concluding, yeah, there they go again, americans are a bunch of racists. that is exactly what they're saying. i know it. that really breaks my heart. it does. tw, i'm afraid we're out of time. we love to have you back. very articulate person. we appreciate that. >> thank you, for having me. stuart: back to the markets.
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the dow is up 60. nasdaq is down 20. virtually no change at all for the s&p. it is kind of a go nowhere day thus far this wednesday. bob doll is with me. he will liven things up. we agree. i read your stuff. that america is flush with cash that we're doing very, very well actually. how come we don't hear much about it? >> the complaints are always voicable. when you look at corporate results, you look at spending patterns, you talk about housing a few minutes ago, these numbers, stuart, are off the chart. we're having an economic growth pattern longer than we've seen in decades. the united states indeed is doing very well. stuart: so, the second half of the year for traders begins tomorrow. the first half was terrific. as i understand it, we added $5.9 trillion worth of value to all listed stocks. so, how do you see things going in the section half of the year?
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>> i think we'll be up but certainly by not as much. people know the good news that you and i are talking about. the market knows it as well. markets love when growth in both the economy and earnings are accelerating and as you know, stuart, we're hitting peaks now. second-quarter earnings are likely to be up about 60%. stuart: yeah. >> analysts have them up in the third quarter 25 and 15 in the fourth quarter. so they're still good numbers but they're decelerating that takes the edge off. doesn't mean stocks are going down. just means the easy money has been made. stuart: how do you handle your clients? this is not a personal question, how do you handle clients in general when you have this long-run in the bull market? you must have a lot of clients saying it can't go on forever. it can't go on forever. when do i sell, what do i do? you have to answer those questions every single day? >> the good news about this
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business it is not black or white. it is not i'm in or i'm out. my counsel to the person, if you have a lot of stocks want to take money off the table, that's okay. still leave a bunch of money because the stock market will outperform other things. you will do better than cash. i think almost certainly will do better than bonds. therefore instead of the tina argument, there is no alternative. you can't sell out of stocks if you have a long term time horizon in my view, stuart. stuart: good. a lot of hand-holding on your part. you did a good job. thank you, sir. >> all the best. stuart: you got it. thanks so much. some stocks are moving significantly. lauren has the story. lauren: they're leading the dow and s&p 500. no news besides cheaper insulin they announced yesterday. we like it. it is up today. micron is up. bmo raising the price to 110
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from 90. will customers push back on any planned chip increases by micron? amd is up. the name of the company is ammo. pal is the ticker. i don't know why they make ammo. strong earnings, they raised their out look. last week they announced a contract with the dod. they're up 5%. stuart: go to the country, go to gun shop, you asked to buy ammunition. lauren: they're still out of it. stuart: not exactly out of it. extremely short supply. i have seen lines around the store. lauren: prices go up. stuart: prices go up. there is a concern that the administration is going to tax ammunition and tax guns as well. they run to get ammunition. lauren: stocking up. stuart: happens every time. we got two big ipos today. can you start with clear, the airport, they're not a security company but they get you through the airport fast. they go public today. lauren: they can you.
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biometrics to identify who you are. they go public today. not only popular at the airport, they have special lanes at health care facility. this is a 2021 stock. because we'll have health passports soon, right? your biometric will be usinged to validate who you are, and if you have the vaccine for instance. that is probably where we're headed in the future. this is a very trendy company. so we're watching them. they priced at $31. they will trade on the new york stock exchange. the big one is dd. this is china's ride-hailing company. this is the biggest ipo of a chinese company in the u.s. since alibaba in 2014. shares priced at 14. valued at $67 billion. there is lots of comparisons to uber. uber has a small stake stake in didi. they made a profit in the first quarter. a company that makes a profit.
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so many ipos. a hot week in new and different type industries. when you have a great quarter, first half of the year, the vix is low, a lot of companies say let's get in now. investors can take advantage. stuart: a great opportunity for investors invest in brand new industries and brand new technologies. you're taking a flyer but you can get in on of the ground floor. something new. lauren: legal zoom, cybersecurity, certainty nell 1, some of the names ipoing this week. there is krispy kreme donuts which makes me laugh. it was a public company. now it will, do we still eat doughnuts? letstuart: let me tell you thisi tell you before, invite a krispy kreme representative own the doughnuts how great the doughnuts are, they arrive with a couple hundred doughnuts. lauren: i'm a sucker cream filled glaze. all-time favorite. are they coming on this week,
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krispy kreme? stuart: i will invite them. from seattle to boston the u.s. getting hit by a heat wave. temperatures will feel above 100 degrees for millions of people. we'll tell you how long this heat waive is likely to ask. democrats claim republicans defunded the police. only problem we have the tape that proves otherwise. roll it. >> yes, i support the defund movement because this is about the investment in our communities which have historically been divested. >> not only do we need to defund but we need to dismantle and start anew. stuart: all right. who is buying the democrat's blame game? anybody? we'll get into it. former president trump heads to the border today. congresswoman lisa mcclain will be with him. she is on the show next. ♪.
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♪. stuart: bed, bath & beyond up 21% right now. remember their sales were up 50% in the latest reporting period. they're not acting like a meme stock any longer. looks like investors are investing on the fundamentals. the stock is up 22%. today president trump tours the southern border. with him will be the governor of texas, greg abbott. grady trimble is already there. he joins us from mcallen, texas. grady, mr. abbott, governor abbott wants to finish the wall. i guess mr. trump's visit will help with that, right? reporter: presumably yes, stuart. the state of texas is filling the gaps where governor abbott says the federal government has
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fallen short here on the border. the state of texas is spending 2 1/2 million dollars every week to conduct operation lonestar with a thousand troopers on the ground, aerial units, assisting border patrol absolutely overwhelmed and the wall trucks as well. we shot the video in la joya, texas, you can see the wall construction has completely stopped. come to a standstill, materials and equipment left behind. governor abbott shared this video on twitter. clear crews are clearing crush for the wall state of texas wants to build. abbott allocated $250 million to resume. we've been talking to law enforcement on the border, one thing the federal government can do to stem flow of migrants he over the border is resume the construction of the wall.
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>> walls, barriers, those help along the border. that disrupts criminal activity t can shift the activity to another area. that is where you can focus your assets. the state is putting up temporary barriers on property, to send the message across, if you come across, you criminal trespass into the state of texas, you will be arrested, and prosecuted forecriminal trespass. reporter: we saw more migrants being apprehended by border patrol agents. these five said they came all the way from el salvador. at the border wall, rain or shine, day or night, the flow of migrants continue ahead of former president trump's visit to the border. stuart. stuart: grady, got it. let's bring in michigan congresswoman, lisa mcclain. congresswoman you will be with the former president at the border. what is the point of the trip? what will this trip achieve? >> i think this trip will achieve again heightened
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awareness of policies that used to work and with a stroke of a pen those policies being completely in ruin now. the border is not secure. we all know that. yes we have people coming across the border but we also have another issue which is the opioid and illegal drugs coming through. this will highlight again and bring attention to the crisis we do have at the border. stuart: what is your role here? what's, why are you going? you're from michigan, way up north 1000 miles from the border. why are you there? what is your interest in this? >> everyone should be interested in it because in michigan at the, in our town of albean we are receiving unaccompanied minors. we have a facility that holds 200 unaccompanied minors coming to my state, to your point, 1000 miles away. but i am also concerned about this from the drug and opioid
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epidemic because the border patrol agents cannot deal with the amount of illegal immigration that is coming across the border. when they're dealing with that, that leaves holes for the cartels and drug smugglers to traffic all of these drugs across the border. fentanyl is up 300%. that is not just going to stay in the state of texas. stuart: who wells will you be meeting with down there? >> we have a delegation from the republican study committee coming down that will actually help work on policy. president trump obviously is coming down. we're going to do a round table with governor abbott. so hopefully we can begin to put the politics aside and actually deal with the issues of securing the borders again and make america safe, not just for us, but for our children as well. stuart: do you favor finishing the wall? >> 100%.
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i've been down here. where the wall is people don't cross. where the wall is not finished, guess where they're crossing. stuart: got it. one last thing if i may, congresswoman, you mentioned in michigan there is a facility receiving very young children coming across the border. who pays for that? >> we do. we do. stuart: the people of michigan? >> while we're on pay, on one thing i questioned the department of health and human services was there a crisis at the border. he said no. i asked him if there was a pandemic crisis. he said yes. i asked him why if we have a noncrisis at the border are we diverting two billion dollars of covid funds and stockpile funds from a pandemic which there is a crisis to a non-crisis at the border? cause and effect. doesn't make sense. stuart: excellent. congresswoman, thank you very much for being with us today.
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a have youable trip, a valuable visit to the border. wish you best of luck. >> thank you. stuart: sure thing. it is nearly a week since the florida condo collapse. 12 bodies recovered. 149 still missing. now we learned that the condo, that particular condo was facing 15 million-dollars worth of repairs. that was before it collapsed. ashley webster is in sunny isles beach nearby. i presume this collapse is prompting inspections of almost all condos, anywhere near where you are now? reporter: absolutely, stu. those are five stories or taller around 40 years of age or older. i'm on the roof of a 24-story building that was actually built in 1972. so by my math around 49 years ago. the maintenance is continuous. yes it is very expensive. let me bring in jenette, the former vice mayor of sunny isles.
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thank you so much. >> thank you. ashley: it is not cheap to maintain the older buildings, is it? ultimately condo owners themselves have to pay for assessments? >> that's correct. it goes with the territory when you buy into a condominium and especially older conned minutes, you have heavy-duty costs to maintain the building. the trick is have a board that is conscious of that. doesn't wait until it is critical mass and able to piece out expenses. ashley: sometimes you get a board that tries to keep maintenance fees lower so there is no big reserve. all of sudden you get big repairs on the backburner. >> that is correct. one way to mitigate that. what our building did, five-year-low interest, long term loan added on to the maintenance. you pay that over a five-year period. it lessens the blow of bottomed
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line number down the road. ashley: a lot of nervous people after we see what happened at surfside, looking at every crack in every wall an appointmenting it out. >> it is really interesting. comes down to the responsibility of the board of directors. it is important when you get into a condo, people that are intelligent, educated, can anticipate problems and that are ethical. that is a really important factor. they need to stay on top of that, so that something like this doesn't happen again. ashley: jenette. thank you very much. stu, by the way president biden will be here tomorrow, we know that. before i throw it back to you, i want to point something out, keith, swing it over there. i want to point out a building with blue glass. i don't know if you can see that. that is the new headquarters of billionaire carl icahn was one of the first to get out of new york to come here to lower taxes. he moved into that building the first six months last year. there it is in sunny isles, where it is pouring with rain. stu. back to you.
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stuart: thanks very much indeed. ashley: sure. stuart: from florida, coming up to new york, the new york city mayoral race is in absolute chaos. 135,000 test ballots made it into the count. they shouldn't be there. the numbers were withdrawn. chaos, we have got full details. first, republican congressman ken buck wants to break up big tech. i want to know why. i will ask him next. ♪ ♪ introducing schwab stock slices. for as little as $5, now anyone can own companies in the s&p 500,
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stuart: all right. we're getting a handle how much oil was used. what was the demand for oil. we have the latest numbers from lauren. lauren: flying and driving again, right? the economy is back, a down increase of 2.7 million barrels of last week. the question is, opec plus meets tomorrow. are they going to pump more oil? is the biden administration continue to handcuff the drillers, right? stuart: right. lauren: the ban on federal lands. we need more oil in the system. i don't like spending almost 60 bucks to fill up anymore. stuart: we are drawing down a lot of oil out of storage.
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we're using a lot of oil. over 6 million barrels in the latest week. that is a big draw down. lauren: number one sector for the market today, energy. stuart: that's oil. that is the oil supply. that is the oil demand. the price of gas by the way, 3.11, 3.12, but it is going up. look at big tech. mixed picture in terms of their stock. but i want to bring in congressman ken buck, republican from colorado. congressman, you want to break up big tech. you want to break up america's crown jewels of business. why do you want to break them up? >> actually i don't want to break them up. what i want to do is create competition in the marketplace to make sure these monopolies don't get away with business practices illegal, unethical business practices they have been engaged in. we had a 18 month investigation. we looked at each one of these companies. we got millions of documents, emails, other documents from them. we heard from their ceo's, the bottom line these companies are acting in a way that crushes
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competition and hurts consumers. stuart: but you will not get a antitrust case through the courts. so what exactly -- you say you want to create competition. how do you create competition for facebook with two billion daily users? >> what we do for all four of these, apple, amazon, facebook and google, is we, for one thing, we allow portability of data. so in the 1996 telecommunications act, your cell phone number can be move the from verizon to at&t. your data should be able to move from google, bing, facebook, competitor. you own your data. not the companies. the idea the people can move their data, take that to another company creates competition. we're not talking about breaking them up. we're talking about creating competition. stuart: do you object to the censorship we get from facebook and google? do you object to the power being wielded by apple and amazon? which is it, censorship or
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heavy-duty power you object to most? >> i object to both. sense sore ship is a critical issue for conservatives and the way to deal with censorship one is through section 230 which is in the energy and commerce committee jurisdiction. two, breaking up monopolies, i shouldn't say breaking up that is your term, is creating competition. the great thing about cable news we have a choice. the great thing about newspapers we have a choice. we don't have a choice, when google changes the algorithm hurts donald trump and advantages joe biden we don't have that choice. that is something google did to change the political landscape. we want to make sure there are five or six different googles so people have a choice where people go for their searches. stuart: that would be good. ken buck, republican from colorado. we appreciate that. >> thank you. stuart: now this, democrats say republicans are the ones who pushed for defunding the police. hold on a minute, lauren. we've been playing the sound of
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democrats that proves otherwise. we played that in first hour of the show. take us through the story. lauren: the mantra, defund the police, that was progressives rallying cry in 2020, wasn't it? let's listen. >> yes, i support the defund movement because this is about the investment in our communities which have historically been divested. >> not only do we need to defund but we need to dismantle and start anew. >> why use the word defund, why use the word defund? this is the word coming from the street. >> the reality is we can't rely upon the police to provide public safety. lauren: okay. you heard it. that was the tape. so why are some democrats now blaming republicans for what was real, is really a democratic policy? that is the question. i think i have two answers. i tried hard, this is deflection. this is the crime wave across
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the country can hurt them politically t has hurt president biden's approval rating. they're passing the blame. the way they're doing that is administration's american rescue plan, $1.9 trillion, there was a part of that that was used for local police departments. you didn't really hear about that but since no republicans voted for that rescue plan, democrats can now say we had a measure in there for local police departments and no republicans gave it support. you voted to defund the police. stuart: that is a very thin read in my opinion. lauren: i tried hard. stuart: very hard. not good argument. jersey shore, i know it well, will see a surge in visitors this holiday weekend. you know we have the shortage of workers. can businesses keep up with what is likely to be very strong demand? we'll take you to the beach for a full report. temperatures in the northeast and northwest, so hot, some roads are actually buckling. when will it end? weather guy adam klotz has the
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♪. stuart: hot, hot, hot indeed. you're looking at boise, idaho, the temperature will reach as high as 102 degrees today. boise, idaho, hot. 60 million people unweather advisories. adam klotz, when will the intens heat let up? >> stuart, the west coast has been dealing through it since last weekend. maybe the peak has hit. these are the actual forecasts. you see 110,17 degrees.
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you saw the heat over the weekend. it has shifted into the interior. we have heat watches and warnings in the afternoon. you need to be in air-conditioning especially if you have respiratory issues. you see things have cooled off. a lot of heat into the interior west, things climb up into the triple digits at least 80s, 90s, last couple days. this is 30 degrees above seasonal average. not just the west coast. east coast we have advisories and warnings through virginia and maine. you add in the humidity with it. a whole lot of spots up into the triple digits. that is fairly widespread. when is it building? there is cold front working in this direction. it will bring showers overnight for a lot of the east coast. it will rain on thursday that will cool down in a big way forecasted highs on both thursday and friday.
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about 20 degrees cooler than with we're seeing here on this wednesday. a little bit of receive, stuart is just around the corner. stuart: just around the corner. we're waiting for that, adam. we appreciate it. good news. >> yep. stuart: some places the heat is so intense it is causing rolling blackouts, lauren? lauren: in the pacific northwest because it is brutally hot. it is interesting, almost half of residents don't have air conditionings. they don't need quite frankly. so a local utility in the area is cutting off ac and electricity to those customers that have ac. about 9,000 vista utilities. stuart: is that in the interest of equality? you have air-conditioning. we're coming after you. lauren: they don't want to trip the transformers. they have to schedule rolling blackouts they make sure everything is okay. they need to save power what they're doing. think about it. if you live in a part of country that doesn't see that, you're not prepared for that temperature. you don't know how to react to it. if you don't have ac, my
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goodness. stuart: especially young children in the house, no ac, 105 degrees outside. can you imagine it. lauren: my son, 95 outside where we lived yesterday. mj, did you run through the grass? you have no shoes on. stuart: child abuse. lauren: nanny abuse. i wasn't home. i got pictures. stuart: thank you, lauren. lauren: i know. stuart: there is historic drought in the west. william la jeunesse joins us from los angeles. is it right, some towns are actually running without water? reporter: well that's right, stuart. it's a perfect storm facing these western states. you have the excessive heat. you have drought. you have the rolling blackouts. you have water shortages and of course wildfire. for instance, i'm in the santa monica mountains. it is bone dry here. you can see what it is like, right? so fire came through about two years ago and wiped out 1000 homes. so the fire department came through about three weeks ago and cut all of this grass so it
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doesn't happen again. right now in the u.s. and western, 11 western states you have 47 fires, the highest number year-to-date in a decade. those high temperatures mean fires burn faster, more intense. unless firefighters jump on it earlier they get out of control quickly. another issue, this is the worst drought on record. the first time more than 90% of the west in is a drought. rest reservoirs in the western states, 50% below capacity. lake meade, lowest level since it was built. >> so far this year i issued two executive orders declaring a statewide drought emergency. we had a few welcome rainstorms this spring, it is simply not enough to fill our reservoirs. reporter: consumers face mandatory cutbacks. self cities are hauling water. farmers are getting almost zero
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water from the state and feds. there are hundred of thousands of acres are not being planted. ranchers cannot feed the cattle. so now they sell their stock. >> we just want it to rain. we fasted, prayed, several things last several months. >> it is crazy we can't produce crops we need to grow for feed for our animals. it is really challenging. reporter: so the president is meeting this morning, stuart, with the western governors. they're hoping to come up with some kind of a blueprint to fight these fires, some preventative measures, training the military, using satellites for early detection those kind of things as we enter peak fire season. stuart? stuart: dire situation, that is a fact. thanks so much, william. before we go on i want to point out we're up 150 points for the dow jones industrial average. 140 to be precise. that is a stand out average today. didn't have a great june for the dow but we're coming on strong towards the end. this is the last trading day in
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the month of june. 34,400 right there. next case, did you see this? "vogue" giving first lady jill biden, the cover. that is not all. the piece fawned her. how come melania trump never landed the cover when she was first lady? lara trump is here to take that on. look at this facebook post from a professor in wilmington, north carolina. blow up republicans. that professor is still teaching in the fall. where is the backlash? the story ahead. ♪ when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute
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that is up 25% over the opening price. you see them at the airport. biometrics, that's right, you read it, they're in. got it. up 25%. something completely different here. a professor at the university of north carolina at wilmington posted this on facebook, blow up republicans. that professor will continue to teach this upcoming semester. damian sanders a student at the school, a campus reform correspondent. damian, you have several examples of this. tell me more about professor adams? >> thank you for having me today, stuart. campus reform posted recently about this story, dan johnson a professor at our university, posted a blow up republicans. it is clearly violent. the post has since been deleted but our university has yet to act. that lack of action shows me that as long as you're attacking
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conservatives, no matter how violent or hateful may be it is okay. how are students supposed to feel safe on campus going into his classroom as a republican, with him being the one who grades them, he wants to prothem up. stuart: fair question. what about professor adams who i believe suggested removing the women's studies department from the college. is that accurate. what happened to him? >> yes. so regarding the situation this past year with professor adams, he was once in a lawsuit in 2014 which he won for free speech. just recently he posted that we should remove women's studies which some may not agree with, some may disagree with, but he was forced into early retirement. many people came on campus came up against him. not only him, chancellor started a rally, said all lives matter. a petition was created asking him to resign from the petition. that goes to show the continuous double standards, conservatives versus liberals are facing. stuart: do you see any changeses at all?
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we've been running this story for several years now, the, conservative students being suppressed basically. i'm asking do you see any change whatsoever? >> well we have one university member, woody white, i thank him very much for his efforts what he is doing. he is standing up for us. he is standing up for what is right. he is calling for an investigation and hopefully we'll get that. i don't know if the university will actually go through with that. i don't see why not unless they're loonies from the left but i hope we can get change. we'll continue to stand up to fight against this. i stand up for free speech as much as other americans do in our country. i don't think that calling people to violence, blowing up republicans is a safe story, stuart. stuart: sunlight is the best disinfectant, exposing this stuff is best way to stop it. damian, you're doing a great job. thank you very much. >> thank you. stuart: one of the factors in inflation recently has been the huge run-up in the price of lumber. well the news this morning they
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have dropped more than 40%. that was in the month of june. that is the biggest monthly drop on record. that is sum per prices for you. we just got this coming at us robinhood agreed to pay $70 million to resolve regulatory allegations. lauren, they didn't admit or deny doing anything. what are they suppose towed have done? lauren: no. they are getting the books in order for the upcoming ipo. that is 60 million in fines and 13 million goes to harming investors. that robinhood didn't do their homework. that security systems did not pick up accounts shouldn't have been approved. they were approving novice traders for risky invests. they're getting this behind them. fin a authorities are sending a message. innovation is here, and we welcome it but we will put parameters around it because we have to protect the investor in the end. stuart: that is robinhood.
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we have a big show in front of us. martha maccallum, chad wolf, larry elder, lara trump. plus the new york city mayoral election in absolute chaos. it is a warning for the rest of the country. i will explain in "my take" after this. ♪. we are thrilled we finally found our dream home in the mountains. the views are great, the air is fresh. (sfx: branches rustle) it is bear country though. hey boo-boo! we hit the jackpot! bear! bear! bear! look, corn on the cob! oohh chicken! don't mind if i do! they're hungry. t-bone! that's what i call a smorgasbord! .. we'll take the cobbler to go! good idea, yogi. i'm smarter than the average bear! they're gone, dad! for bundling made easy, go to geico.com.
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>> on not holding my breath that we are not going to see a large reconciliation bill come through the senate and house later this summer. change is good or better than the first half which is absolutely spectacular. we will see late divides in the second half. back at one.75 or 2%, we want to see bonds rise in terms of the yield. that says the economy is growing but decelerating. >> take the edge off, doesn't mean stocks have gone down but your money has been made. >> factors that usually end a bull market, we are not seeing those. you have to see much more hawkish fed where the fed is raising interest rates. that's one of the most important factors. we still have some runway here to go.
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stuart: 11:00 eastern time, wednesday june 30th, the last trading day of the month, signifies the first half of this year. the markets showing a nice day for the dow industrials but not much else, the dow is up 153, 34,400 is your level, the yield on the 10 year treasury all the way down to one.43%. it is down 10 years in a row, so much for the inflation scare. clear signs all over the place at the airport to get you on board faster. they -- the stocks just opened, first time trading up 34% from the asking price, clear, secure at $41.65 and now this.
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another chronic embarrassment for a big city run by the far left. in new york's mayoral election is in chaos. that isn't good for city struggling to get back to work in the middle of a crime surge. the election is in chaos because the city is using the new ranked choice voting system voted the pick up to 5 candidates and rank them according to their preferences. then the wildly incompetent local elections board has to balance out the choices. weeks later maybe come up with a winner. last night, one week after the vote they put out some military numbers. the numbers were wrong. they counted test ballots. they withdrew those numbers. absolute chaos. it will be weeks before a winner is declared and after we wait for the results you think we might see a few lawsuits or charges of racism and sexism, marginalization? it is bound to come. this is a warning for the country.
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the city took $1 billion out of the police budget and we are in the middle of a crime surge. it is the republicans who defunded the police. that is nonsense. mayor bill deblasio got elected with anti-police campaign. now what was once a great city can't even hold a mayoral election. that is what happens when the left takes over policing, taxing and elections. the big apple is now the big embarrassment. the third hour of "varney and company" just getting started. stuart: martha maccallum joins us this wednesday morning. i say new york is a warning for the whole country. you with me on this? >> it is heartbreaking. i come back to a conversation with a new york city detective last year when they disbanded the undercover police ranks, you watch what is about to happen over the course of the next year in the city and that
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was seen as unfair somehow because they were wandering around in plainclothes capturing kernels and taking them off the streets. essentially times square and washington square park have turned into these zones where the police don't want to go. deblasio says he will lead 50 police officers 2 times square. they have had retirements because no one wants to do the job anymore not because they are not getting paid enough, but they feel no one has their back. they are not supported in any way. the mayor has been in the forefront of trashing the police. what does anyone expect? it is a tragedy. this is the biggest city in the world. i love this city and it is so sad to see this happening to it. there are a lot of layers to how it can be fixed but -- stuart: now we have an election, we don't have a result, confusion and all the
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rest of it. >> they left the test votes in the machine. to his credit the lead candidate noticed the numbers add up to more people than the vote that had voted which is problematic. stuart: don't know whether to laugh or cry. a once great city and now it is a mess. i will raise another issue. president biden tried to pitch his infrastructure deal in wisconsin and couldn't get through it without quite a few blunders. troubling subject. watch this. >> the bipartisan breakthrough is a great deal for the american people not just for cities or red states but for everybody. this job, in another job, couldn't be crazier. the blue-collar workers. stuart: this is difficult to
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talk about. the president of the united states, he is the president and he find it difficult to get through reading the prompter and almost impossible to answer impromptu questions. it worries me that the president comes across looking like that. i don't know how to approach this subject but it worries me. >> be honest. we cover what is happening, right? this is happening. there is no not noticing it. it happens almost every time. there is also a lot of indications he's in good shape, seems very agile the way he moves around the question, lack of familiarity that is apparent in what is reading on the prompter, looks like he's just getting a look at it for the first time, there were similar comments about donald trump throughout his presidency those questions were raised and no one said they shouldn't have
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been raised. gave substantial reasons for why he was doing quite well but this is a story that needs to be covered by anyone who calls himself a reporter, facts we can add up, look at and evaluate and determine whether this is an issue. stuart: i have trouble reading the teleprompter on occasion. >> no you don't. the difference is you are familiar with it. you are in the scripts. when something looks to me like the prompter glitched. it didn't go forward but the fact of the matter is if you know your material that's not going to throw you out, talking about jobs and how they are created by the program you're doing you are not going to be completely stopped in your tracks because it is so in you and so familiar. stuart: the fact that he has to be on teleprompter. >> the billing to go off the cuff does not seem to be there.
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stuart: thanks for being with us. watching at 3:00 eastern the story and now try to read the teleprompter. let's see if i am in real trouble. thank you very much. look at the markets please, dow industrials up 100 points but not much movement in the s&p or the nasdaq. our dividend guy, david points us to stocks that pay a high dividend and a growing dividend, popular segment on the show. start with the apollo group. what do they and why do you like them? >> you read that teleprompter brilliantly and teed me up. apollo is a wonderful private equity company similar to blackstone. tons of the revenue, they bring
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in investor money, private equity, generate great returns but collect a lot of fees and pays a big dividend. it shows 3.5% but for the full year it is over 4% going up and down quarter by quarter which is unusual. apollo group is a great name. >> you like stocks and companies that pay an increasing dividend. will apollo increase from where it is now? >> it increased its dividend every year it has been public. every single year including the pandemic year of 2020 so we believe it has all the flowing free cash flow to grow the dividend. that is what we do. stuart: how about new mountain financial? i don't know them. what are they paying? >> they are not far from the studio you are sitting and it
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is a wonderful interesting company but they provide a lot of debt capital to companies that might be too big to borrow from their bank but small to go to the bond market, they aren't publicly traded, the first lender, their top position very low default and they collect a nice income. you manage the financials around, the yield is 10%. it has come all the way back. people are worried about defaults during covid and they didn't happen and they are paying the big nice dividends. neil: if i buy new mountain financial i get an almost 50% dividend. >> it is very correct and that was not on the teleprompter. stuart: that was brilliant stuff. this is a popular segment. a lot of people watch these high dividend paying stocks. thanks for joining us. see you later.
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now, it is not on the teleprompter, we say good morning to susan lee who is with us. >> what about capital gains? stuart: that wasn't on the teleprompter. you can't do that to me. >> that would be a great dividend stock for capital gains. >> i don't have capital gain if i don't receive a dividend. >> i'm talking about the stock increase. stuart: if you buy a stock and the stock price goes up you made a capital gain and have to pay the tax on that. if we are in agreement nothing about that on the prompter. bed, bath and beyond. >> 25% after the earnings call and did you see the numbers? delivering on the bottom line but sales almost doubled from a year ago and doing better than anticipated for this year.
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stuart: bed, bath and beyond was a meme stock this morning. >> it has been mentioned since the game stop. stuart: i was thinking because it was a value play, sales up 50%. >> we have proven it and delivered on the bottom line. i want to show you cruise lines rallying, upgraded royal caribbean, norwegian worth 34 and royal, walmart boeing looking at a 5-month gain for the s&p, interesting goldmans tracks -- goldman sachs strategy. stuart: goldman sachs -- >> an effort -- >> you can keep it. >> if we don't get to higher interest rates by the end of this year. stuart: what was i doing last night? celebrating. >> quarterfinals.
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stuart: this is how you see the state of the market, most of them are up and the dow is up 102 points. first lady jill biden lands on the cover of vogue. one new york post writer says it is so finding it embarrassed north korean propaganda or was it just a snub for milania. more than 1 million migrants apprehended on the southern border since october. how much would a border wall really help? we have a report on that as donald trump had to texas at the border. ♪♪ an air force veteran made of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way
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stuart: about an hour from now donald trump will tour the border with texas governor greg abbott. grady trimble is already there. are they going to plan more construction on the border wall? >> yes and they are doing as we speak. there are temporary barriers in areas where construction of the border wall stopped, and other places where there is no wall, crews are clearing the way for a more permanent structure. all of this because the governor of texas, greg abbott, decided we are going to put 250 million of our own dollars to help build this wall. you can see areas where the construction stopped at a standstill and huge sections of the wall sitting out there with
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equivalent as well. the state of texas spending money on operation lone star, the texas department's way of helping border patrol who are completely overwhelmed. hundreds of troopers on the border helping, directing them to border, lieutenant governor dan patrick talked about how much this is costing the state of texas. >> somewhere in the neighborhood of 3 billion of our tax dollars to do the job the government, we have 1300 troopers down here, 12 air assets, 10 boats on the water. we are doing most of the work. >> mexican immigration authorities shared this picture of a 2-year-old boy abandon on the side of the highway
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separated from a group of migrants who came from el salvador being brought north through mexico, the truck was filled with people and extremely hot, just one of the conditions the migrants faced through mexico in central america, the sweltering heat and as they arrived the past two days in texas they have been met by rain the has been with us along the border. stuart: a 2-year-old child? i bet we are the only network to show that. i guarantee it. let's bring in chad wolf, the acting secretary. what will mister trump's borders visit accomplished? >> the visit is about bringing attention to the crisis going on on the border. fox talks about this extensively but we need to shine a light on a dangerous journey you just mentioned about that 2-year-old.
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the border, are really sparing a lot of the illegal activity compromising communities on the border and elsewhere. stuart: the harris biden, can we carry it further, for the president's visit. >> governor abbott taking concrete steps to build that physical infrastructure, the state of arizona, this is to ensure residents, enforcing the
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law, the infrastructure to do the job, they provide that. stuart: any sign from any quarter that suggests the flow of illegals slowing down? >> i don't believe so. what you will see in january, july, and august is numbers dip a little bit because of the extreme heat, these will be extraordinary numbers. we will see if they rise, that is a high number if it is 160,000, historically high number, nothing the biden administration is doing to stop, and concrete action taken to stop the illegal behavior. >> i made a comment about the 2-year-old boy abandoned at the
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border. other networks don't show that. you expect them to show it? >> i was on another network talking border security. what can be done to secure the border to stop the human trafficking? stuart: the left does not want to stop the flow. >> there is some element to that. they don't believe in immigration enforcement, have a legal reason to be here, that
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is not the law, that is what congress passed and they are trying to do what they can to get around that. stuart: not the way it was when i came to this country. thanks for being with us, appreciate it. check those markets holding onto a triple digit gain. look at general motors. they launched a climate equity fund. this money will be used to help people get access to electric vehicles, regardless we are told of their socioeconomic status or race. we are still waiting for the first trade, the answer to uber. >> $15, $16, they price their ipo raising $4 billion with this, it will take a why you all, dd is going to cap off the first half of ipos and that is the largest single 6 months,
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could be a record-breaking year for ipos since 2007. it is profitable, they made money in the recent corridor. large unicorns like this a different concept. huge sales growth, the leader when it comes to that, they won the market over uber in 2017. stuart: clear, secure, 3855. >> we have fentanyl one, cyber security company raising 10 billion itself in market cap and this week a huge week for ipos showing liquidity. stuart: all good in my opinion. ordinary investors to get into brand-new industries. that is what the stock market is for. >> these companies coming to market as well.
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stuart: we just got one step closer to flying cars and we will tell you where air car is being tested. take a look at this headline from the la times. put your masks on and don't whine about it. some california cities mask up because of the delta variant. larry elder, california guy. i want to know what he think about masking up all over again. nicorette knows, quitting smoking is freaking hard. you get advice like:
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i've got to get this clear. there is a new travel site that lets people pay dogecoin. >> attractions and tours for the us. it is not smart, to transfer them. >> if you get to control one part of the equation we have other trial companies, virgin galactic and air baltic,yourguide.com the dog mass court for dogecoin. stuart: it looks like more crypto crackdowns coming.
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hillary vaughan has this. >> tried to assuage lawmakers concerns, the director of research for coin center, 3% of crypto involved in a recipient and told lawmakers it is not fair, anyone who uses it is involved in terrorism or tax evasion, they have law-abiding constituents and enjoy trading crypto in the block chain technology crypto was based on was also floated as a way to shore up financial institutions to guard against future potential hacks but there are still doubters.
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we heard from congressman brad sherman crypto currency's have the political support of patriotic anarchists rooting for tax evasion. i hope we shut it down. there has been a lot about what potential regulations are needed for the crypto industry and there's been a lot of talk, the ftc to define the crypto, security, currency or commodity for consistent regulation for chairwoman maxine waters, she wants to know if investors are able to get insight into how much hedge funds in the witnesses and experts on the panel today said there is no way for investors to know whether or not a hedge fund is only invested or how much they are invested in crypto currency's and that is the problem.
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stuart: thank you very much indeed. california just added five more states including florida, they will not sponsor -- they will not allow state sponsored travel to any place on your screen because california says they have anti-lgbt q laws. what was this about? >> it is about california be leaving male transgender athletes ought to compete against female athletes in complete violation of common sense. this is policy differences state have between each other, we have a lot of relations in california that are stupid if not illegal which a federal judge struck down california's so-called assault weapons ban in violation of the second amendment. it is a violation of the fourteenth amendment that went
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into effect in january. and one person from the direc january of 2023. this is why so many people want gavin newsom recalled, it may be as soon as the 30 first. stuart: you sound exasperated. you will become more exasperated with for this one. the headline in the la times, put your masks back on. don't whine about it. people are being told to wear masks indoors. where does it end? >> it is completely -- this tyrannical government. i saw on fox doctor marty mc
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harry said with no medical need for this many of the rules and regulations the state has clamped down becoming the most are tony lockdown state in the union have no basis in science, crime out of control, the oakland police chief held a press conference yesterday crime out of control in la year-to-year 90% in terms of homicide, the price of housing, 50% higher but forward to give us regulations, the state is an absolute mess and they have time to ban travel? i am fit to be tied. i'm pulling for this recall election and i think democrats and republicans have had it and going to rethink wholesale about this governor and supermajority democrat state has been run for decades. stuart: you are exasperated but what about all the votes in california, they are not upset about this, the video we just showed, plenty of people walking around outside fully masked up.
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>> this is california, i don't think people realize the unfunded pension liability that makes it uncompetitive against states like tennessee. k-12, the worst in the union, i don't think people realize the ridiculous rules and regulations allowing them to get in state tuition, and they once medicare for all, this is outrageous, one% or 2% of californians responsible for 50% of the state income taxes and when they leave the state finances get into trouble. we need to rethink all of this. some of these ridiculous things governor gavin newsom is doing galvanizing the average californian to rethink their assumptions. stuart: you made your views very clear this morning and we appreciate that. no equivocation from larry elder. thank you very much.
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i enjoyed that. >> we got a state. stuart: yes you do. any moment now, donald trump at the border wall. we will ask lara trump what she things of this ahead of the actual visit. first, beach towns facing big staff shortages ahead of the july 4th weekend. some businesses say even cash incentives are not bringing people back. a report after this. some say this is my greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;)
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stuart: ocean city, new jersey is what you are looking at, 86 degrees and it is going up from there. a lot of people going to the jersey shore for the july 4th holiday weekend and the pandemic is over and people are getting out and about. however there is a labor shortage. not sure all the hotels, beaches bars and restaurants are fully staffed. we sent lydia who to point pleasant beach. is there a worker shortage? >> the mayor tells us yes, they are having trouble at their establishments to meet the growing number of tourists they are seeing ahead of the holiday weekend. they don't have enough employees to answer the phones. the phones go unanswered. the lines are longer. you can walk on the boardwalk at point pleasant beach and see sign after sign about job openings, the mayor talked a while ago about this ongoing challenge.
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he had difficulty, he offered $24 an hour to pick up litter. that is double the state minimum wage. he was only able to fill the spot after his facebook post lamented lack of interest went viral. >> that extra $300 a month we are seeing in new jersey is creating a problem for seasonal businesses. by the time it expires at the end of the year in september their season is past and they miss out on those lost dollars. >> reporter: businesses believe workers will come back after they boosted unemployment benefits and that doesn't happen until september here. this is a seasonal destination. between memorial day and labor day returning workers, doesn't help the business here. it is a frustrating position for them to be in. stuart: that is exactly right.
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it looks jampacked behind you. >> very busy. stuart: thanks very much. i want to talk about dd. it is about to open. >> indicated open, 1575 to 1625. that is the implied open 14% higher. it is a mega ipo. it is $70 billion that could come to market this year. robin hood, the largest we will see on the stock exchange this year. stuart: that is legitimate because dd is a gigantic operational ready and profitable. it is china's uber. >> stock bank infested in it. uber is the second-largest shareholder, after losing and the --
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>> take a look at this. i'm going to show you the flying car now a reality. this air car just made history completing the first ever flight between cities. the carmaker is klein vision, it flew for 30 minutes over slovakia in eastern europe when it eventually hits the markets. that is an air car. show me the dow 30, the state of the drug market, quite a few gains, dow is up 146 points, 438. vogue made jill biden their newest cover girl. the piece is so finding it would embarrass north korean propaganda. we will ask lara trump about that next.
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house. it is 91 degrees, extremely humid and the temperature is going up from there. that is his job and that is where he is. first lady jill biden on the cover of vogue. an op-ed in the new york post slammed that saying jill biden's covers so finding it would embarrass north korean propaganda. lara trump is with me. vogue snubbed, why did they snub milania? >> too bad we didn't have the first lady it was fashionable who they could put on the cover, we did, it was milania trump. the reason this happened was
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these people are so obsessed with hating donald trump, they are so woke they couldn't bring themselves to put an incredibly beautiful woman, i would say the most beautiful first lady we ever had and probably rivaling jackie kennedy's fashion sense on the cover of the beauty and fashion magazine. it used to be they would put a first lady on the cover of vogue, on the cover of multiple magazines, but because she is married to donald trump, they hate him so much, it really hurt them, the people see their bias where they stand now and i am going to say they lost quite a bit of readership to the fact that they've taken a strong political stance. stuart: your father-in-law, have you spoken about his visit to the border today? >> i haven't spoken to him
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today but i know, looking forward to going down there. the reality is we needed somebody to take charge of this situation as we have a president at a vice president for derelict in their duties at the southern border, letting people flow over the southern border. kamala harris went down for a photo op, almost 1000 miles away from the epicenter of the problem. donald trump is going to the rio grande valley to a place where they have a majority of people crossing the border because he wants to bring light to this problem. the media is giving a pass to the biden administration. donald trump might be the former president but still loves his country and still wants to see the right things happen in the right thing, protect our southern border and bartlett thousands of people we see coming over, we've seen
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2400 people come over in one border crossing area, he will go down to draw attention, and make sure people know what is happening as we have to fix this problem. stuart: donald trump will expose the failure of the open border policy. that is my opinion. always a pleasure, thank you for being here. quick look at the market, dow is up 135 points. show me gap. wells fargo thinks the easy brand with kanye west could bring $1 billion in sales in its first year. the stock is up. i love this story, already
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worth $8 billion, made his money and working with tom brady. >> it is nice to be 8 billion and change, one of the largest and fastest growing exchanges in the world where they clear $10 billion in daily trips. yesterday he made an announcement that tom brady and his wife gisele have an equity stake in ftx. very interesting twitter conversation, $8 billion, tom brady on the line going sam for a few minutes which i found funny. it is interesting exchange. they didn't disclose the amount they will be getting in this deal but they are being paid in unspecified crypto which you want, think of the applied growth in the future. stuart: worth $8 billion. i am interrupting with a
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question. wednesday, how many types of apples are there? 800? 5500, 7500? i will guess on this one. the real answer when we come back. my name is douglas. i'm a writer/director and i'm still working. in the kind of work that i do, you are surrounded by people who are all younger than you. i had to get help somewhere along the line to stay competitive. i discovered prevagen. i started taking it and after a period of time, my memory improved. it was a game-changer for me. . .
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here is the answer. 7500. yes indeed. that is the correct answer. 2500 are grown in the united states. but the only apple which is native to north america is, the crab apple. now you know. market check, do you is up about 134 points. nasdaq just pointing south a tiny little bit. neil cavuto. my time's up. it is yours. neil: how many types of prime rib are there? just curious. you have a very healthy-minded staff. they didn't look into that, did they? stuart: end cut or not end cut i guess. neil: exactly, there we go. stuart, thank you very, very much. we're following a lot of developments as you look at the corner of wall and broad where the markets are racing. as expected we did get confirmation a while ago, the trump organization and the ceo alan weiss berg will be charged
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