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tv   Varney Company  FOX Business  October 14, 2022 9:00am-10:00am EDT

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>>wipe yesterday 8.2% year-over-year inflation embedded in the economy fed raised rates it is not showing yet the impact i am saying because the fed started raising rates late administration kept spending. >> very late to game fed spending trillions now a crisis that keeps american people saying inflation 2% no, it isn't mr. president it is 8.2%. >> not only the government spending, fueling inflation it is also government regulatory policy as relates to energy as relates to labor, trying to get rid of -- gig workers. jackie: thank you for joining us happy anniversary to fox business, thank you so much joe concha john lonski "varney & company" next ashley: thank y. i'm ashley webster. stuart will be here today and you'll see him later this hour
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and he and lauren and some fox business stars are ringing the bell, the opening bell at the nasdaq in honor of the fox business network's 15th anniversary. can you believe that? they will then run back to the studio, be out of breath, but will be here for the 10:00 a.m. hour to talk about their experience. good stuff. now, let's get down to business. inflation we know is running hot but president biden doesn't quite see it that way. he sees record inflation and it's progress and he says if republicans win in november, inflation will only get worse. really? we'll take that on. turning to stocks, yesterday we saw one of the most dramatic reversals in years, down then up, stocks open to steep drops then in a huge way and finished more than 2% higher. dow up 300 points and and p up more than -- s&p up more than 1%
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and dow is down more than eight basis points at 3.8%. also the banks reporting this morning, we're going to bring you the highlights of that, it's a mixed bag and we'll get into that. then this, a protester interrupts aoc at a town hall. he calls her her liar. after the january 6 riots and we'll get into all that on this friday, october th. "varney & co." about
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ashley: stuart varney will be ringing the bell 30 minutes from now at the nasdaq to celebrate the 15th anniversary of fox business and being celebrated in time square. get to the big banks and we mentioned they reported earlier this morning. come in susan lee. how are they doing? susan: judging by the market reaction, better than expected for some names and start with the biggest, jp morgan and jamie dimon beating on profit and made more money off the loans and thanks to rates and higher offsets and the economy turns and for jamie dimon for a place with recession in the next 12 months and morgan stanley missing on earnings and the investment bank navigates a difficult and uncertain environment they say. you have to remember that morgan stanley could stand to lose hundreds of millions of dollars on the financing loans that they're underwriting and that elon musk twitter takeover. things are not going the right
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direction and wells forgo making more money thanks to rates going up and more than $2 billion in costs and charges and past scandals at wells and fake accounts a number of years ago and the citi profit dropped by a quarter sales to beat and fixed income trading missing for citi group and this is a play since it's the worst performer amongst u.s. banks this year. that stock is down by almost 30%. ashley: all right, bit of a mixed bag. susan, thank you very much. take a look at futures and as we say, pointing again to a higher beginning at the start of the session, dow up 265 points now in the premarket. let's bring in kenny p p pulkarr good friend and how much it the
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banks putting aside and the losses and jamie dimon says the economic outlook is darkening, what say you? >> i agree with jamie dimon and it is darkening and i believe the extent of which has gone negative and one way or another, we are entering kind of a darker period and everyone knows that and can't see it are clearly missing the boat and one thing investors should be paying attention to and jamie dimon made was the building of long lost reserves in anticipation of what a lot of these banks are going to view as tougher times ahead for the consumer with bigger defaults and i see that with jamie dimon or someone else indicating combined with a $1 trillion level with loan loss reserves put aside by the banks in general and it's a fairly big number.
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ashley: how do investors play this market and yesterday was a classic example of extreme volatility and algorithms and need certain phrases and words and boom, we're off to the races up or down. how do you navigate that, kenny? >> well, listen, it's difficult to navigate for sure and strategies and algorithms whip the market around and as a day trader, it's great because you love the noise. as long term, stick to the plan and stay focused and look at portfolio and know why you own the stocks that you do. and then when you see days like yesterday, get ready to take advantage of the chaos that's created because of the moves that we saw. look what happened yesterday, the market filled up 500 and held down there and i thought it was going to be capitulation and when it didn't break, then you could feel that they were coming after it again and in fact they did.
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ashley: they're up and always there and guess what, more work has to be done to fight inflation she says. what does that mean, susan? susan: that's a great question and not a whole lot of specifics in that statement but janet yellen like president biden, they both agree that more work needs to be done to bring down prices and that could mean solidarity with europe when it comes to energy. meantime, you had jared bernstein who's white house council economic advisers on fox news and he was more specific and says they need to work on supply side of the economy meaning supply chains, shipping costs, air freights and shipping goods at a speedy time like they were shipped before covid especially heading into the holiday shopping season and the interest rates, there's a blunt inteinstrument and really tackls
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the demand side of the equation and a lot of people on wall street believe that it'll lead us into recession at some point in the next 12 months. ashley: right. very good. it's not good but you're right. susan, president biden visiting california yesterday. he attended a fundraising event with house speaker nancy pelosi. how much were tickets to get into that event? >> speaking of high inflation. $5,000 ahead and a top spending paying $50,000 and the fundraiser was handed out and many others and biden will continue on the west ward journey and heads to orange county later on today to discuss lowering costs for american families and that fundraiser is part of biden's four day long western u.s. campaign tour, which will also include colorado, so cal, southern california, oregon and noticeably absent from the president's campaign stead yule
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are stops and -- schedule are stops and stays to the midterm senate races in the psychoand will that's nevada and arizona. many are puzzled because if you're going out west, might have well go to help campaign for the democratic candidate. ashley: yeah. but they don't want the help. susan, thank you very much. yeah, there are just 25 dais by the way until the mid determines. president biden warning that if republicans win, he believes inflation will get worse. listen to this. >> republicans are going to make you working middle class folks pay higher taxes for the biggest corporations by the way and every single piece of legislalegislation i've gotten t with the help of people here, we're not raising tax on anyone making less than $400,000 a year. not one penny. not a single penny. i mean it. republican wince inflation will get worse.
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ashley: charlie, inflation is on the line and john pointed out earlier on fox business, it's also regulation on things like the energy sector, i mean, is this the pot calling the kettle black? >> oh, at the very least. that's a very nice way of putting it. i guess we should take some solis in realizing president biden is admitting what all ameramericans has known for yeas ask the second he took office, inflation started spiking exactly because of what you're talking about regulations and also because of all of this incredible, insane spending. this president pushed for. it's hard to pick out a single
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word of it that isn't a lie. he's -- obviously this is campaign season, politicians always sort of shade things this time of year, but these are just flat out lies. everything he's saying is a lie and probably the most egregious is when he says that inflation is at 2%, no, sir, it's not. it's at 8.2%. it's not at 2%. but, you know, they're lying, they are no longer the party the republican party moved in either direction and the party of the working class and in 2016 and republicans are going to absolute chicago roll these people for now.
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futurespointing to higher start on wall street. coming up, now this, congresswoman alexandria ocasio-cortez was heckled by a group of activist during a town hall. roll the tape. >> you've done nothing. tulsi has shown guts when you somehowed cowardness. i believed in you and you became the very thing you sought to fight against. ashley: wow, okay. we'll tell you what. the sounding government says the white house requested to delay cutting oil production by one month to come after the midterms. but the white house is denying that report. we'll have the full story for
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you next. ♪
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ashley: all right, takes a look at futures for you and pointing higher again picking up on the end of yesterday's session and the dow up 268 points right now. now onto this story, saudi officials are accusing the biden administration of requests a delay of oil production cuts up 'til after the midterm elections. susan, come back here and has the administration responded to the saudi accusations? susan: well, they're just toeing the line after what they said
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about the opec cuts and saudi arabia urged the immediaten administration to cut military sales to saudi arabia, which is america's top weapon's buyer and they're also urging the passing of antitrust legislation that would go after opec and other cartels. in a statement released by saudi arabia, you had the biden administration asking the saudi kingdom to delay the cut of oil by a month and would have delayed that opec cut decision till november 10 and the saudi said all opec decisions based on economic forecast and needs and not on politics. if you read between the lines here, that 2 million-barrel cut per day largest since 2020 but the pentagon spokesperson john kirby accused the saudis of helping fund the russian invasion and their aggression in ukraine.
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ashley: it's a bit of deflection and christian is now joining us. christian, the administration is not really responding to what the saudis are accusing oturu administration of doing and we thought joe biden was going to basically beg the saudis to pump more oil to bring the gas prices down. that's what the saudis say exactly happened but the administration says oh, no, not at all. what do you think? >> it's amazing how they've maximized the downside of the interaction of saudi arabia and got nothing in return and came into the office and president biden calling it a saudi state and realized he needs them and going hot in hand and botch is the crowned prince that runs the country and now you see there's no good will left in it and will not lower the price of gas and it would hurt u.s. production and will accuse them of being a
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partner and nothing in here is going to lower gas prices for u.s. consumers except possibly a recession, which would do that. ashley: yeah, yeah, you know, we'll have to move on because i could go on all day. pausing production after the u.s. imposed new export restriction but taiwan semiconductor and samsung are both being granted exceptions. do we know why? >> yeah, also the other south koreaen big chip manufacturer and that thornhill tore is the administration saying they don't want to disrupt the supply chain of semiconductors and has this new level of export control that we can apply the export controls to other countries as long as u.s. tool is made in the fabrication of the chips, which almost inevitably it is and it's a little weird to say, we're going to get tough on china and pick up where the trump export controls left off and the
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administration left off for people like bill hagerty and rick scott and said for more than a year and a half, they'll come up with a china policy and you get tough and wish all these restrictions and what it means is more restrictions on u.s. companies while you're giving foreign competitors away and we're not seeing a coherent china policy here. ashley: quickly, i wanted to get this in before we have to go. putin says he has no plans for further mobilization in russia. what does that mean? >> there's domestic pressure on him and there's been tremendous sloppiness by russian standards and again in this war in gear and previous mobilization would be big and 300,000 people and that's the size of the ukrainian military. ashley: yeah, does it not. christian, thank you very much. number of subjects covered and we appreciate it. now the average cost of a gallon of regular gas is now $3.90.
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heading back towards the dreaded $4 mark. at least it's not $5 but however, susan, did president biden say anything about how expensive gas is? susan: in california where he was speaking, he note that hadet inflation is too high and hurting american families but not a whole lot of specifics. listen for yourself. >> the price of gas is still too high and we need to keep working to bring it down. i'll have more to say about that next week. susan: and we look forward to that. i heard two different editions this morning point the finger at killing of keystone pipeline and that's one of the first initiatives and the biden signed when he went into office and he said that this keystone pipeline would have been ready today to help funnel oil and gas from canada and also refining capacity limitations with the historical lack investment there and also of course leases on land et cetera. ashley: yeah, maddening to say the very least.
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all right, susan, thank you very much. again, let's take a look at futures ahead of opening bell and about 7.5 minutes from now, according to a positives ty pos, the dow received close to 7% and the fox business team ringing the opening bell next. don't miss it, we'll be right back.
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ashley: the dow, nasdaq, and s&p are up before the opening bell. mark is here with us. mark, does gig workers make the stocks a buy or not? >> i think it does. i think that was a false move on part of the stocks and traded up about 10% and the secretary of labor said -- announced some guidance to change the classification of workers.
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there's no federal legislation pending on this issue. states have already stepped in and the most momentos was california about 2.5 years ago and gave independent contractors and that's probably going to be the law of the land and i don't think we'll have that. it was a possible move before the market and both of the is to bees and tough to own in this kind of environment and the interest rate environment and i continue to like them for long term investors. ashley: very good. i wanted to get into netflix, the company just announcing pricing for their ad tier service. i think it was $6.99 a month. what do you make of that? >> this is a huge move. i think is the biggest catalyst i can identify across consumer tech and a well known is up scription asset and this is leading screaming company worldwide period. they're layering a new offering for consumers and it's been
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rising price sensitivity and price increases and that's how they put themselves into a premium price corner and this is how they get themselves out of that. stocks rallying on that and it should. something like this could allow revenue growth to reaccelerate and it's not a stocks valuation and i upgraded it about a month ago precisely for the catalyst and it's a top pick, netflix. ashley: all right. let's talk about your tech guy, at least that's the title we give you. what do you make of meta and amazon, beginning with meta, quickly. >> these are my top three picks. meta, amazon, and netflix. amazon is extremely macro-exposed and that's your challenge. if there's cost inflation in the world. amazon will see fuel, labor, shipping or whatever. those costs will get better going through the back half of the year so i like amazon. ashley: okay. we're going to leave it right there, mark, meta up half a
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percent in the premarket and amazon too. thank you so much, mark. we have to take -- look at this happy bunch. it's a fox business team. we have lauren similar net tee, kennedy, liz claman and stuart varney and charles payne and fox business around 15 years gone in a blink of an eye. it's a big day for us celebrating 15 years on the air and there's stuart varney doing his very regal we're number one wave. fantastic stuff. ring that bell. there you go. oh, up close and personal we saw stu pushing the button and confetti flies and how fantastic is that. love it, love it, love it. what a bunch of happens those guys are. take a look at big board and
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we'll keep this picture up and the dow 30 stocks as we can see the dow is up 129 points and we're going to stick on this picture right here. how exciting is that? love it, love t love it. don't they look like a happy -- what a good looking bunch i have to say. that was fun. take a look at s&p if we can, up six tenths of a percent, up 22 point points on s&p and the nasdaq and the gang hitting the bell at the nasdaq and the nasdaq is up. there you go, a bit of fox business magic up over 100 points and up 1% on the nasdaq and take a look at big tech if we can at the same time and see how the big tech names are doing and they're all positive as you can see. not bad at all. big tech up across the board, alphabet, microsoft, the big gainers there but let's head to the uk, prime minister liz truss is reworking some of her tax cuts proposals looking at big board here. it's not gone down well and give
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me the details if you can, susan. susan: obviously, add context and the back ventures work and working in the uk so what's happening with liz truss, new prime minister and only be there for a few weeks and sacking the ex-chancellor and bringing in jeremy hunts, this is a new name as new treasurer and a u turn on tax c cuts and that was expected as pm truss, she's expected to hold a press conference and we've been waiting for several hours and the market reaction, it's been all positive so uk guild or equivalent of u.s. treasuries are surging with this tax turn around. remember that the pound plunge, stock markets sold off around the world after the uk so they would cut income taxes, business taxes which would then flood the market with more money when inflation was running at 40 year highs around the world and the central bank of the uk was trying to tighten like every
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other central bank in the world and some say liz truss only has a few days, 17 days to prove that she's the right person for the job or there could be as you know a no confidence vote, backed by a coup to get her out of the job we've seen in several times throughout the decades. ashley: it's remarkable because there's still support for boris johnson even though he's already resigned and it's a real mess and caused real chaos in the markets over there but now the chancellor has been replaced. interesting stuff. susan: politics in the uk with the boos and nays and high drama in such a historical place. ashley: it's great watching on tv too. by the way, it's never a dull moment. go back to the big banks on this side of the pond. what more do you have, susan? susan: we have to take a look at this because this is how well the u.s. economy is doing and judging by the market reaction, some of the banks are telling us that the economy is doing better than expected including jp
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morgan, jamie dimon forecasting a recession at some point for the next 12-18 months and jp morgan had a fan ick quarter and made more money off their loans thanks to higher rates and going up at the fastest pace in 40 years and helping offset some of the deal making and the lack of deal making with the worst start to the stock markets since the great depression. and that's hurting morgan stanley and bank of america and even wells had a pretty good report card in the summertime. ashley: all right, very good. let's move on and some big merger going on in the supermarket industry. this is kroger, officially now going to buy rival albertsons. this is a big deal. susan: why, we're looking at stock market reaction like this is as know you buy on the rumor and sell on the news. it's official that $25 billion deal mostly cash mind you and this type of slowing growth and
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higher rate environment is pretty great and the largest grocer is with wal-mart and the largest seller of grocery by volume and kroger second largest and albertson fourth behind costco and this environment with food inflation surging up 11% from a year ago and just in september, you need size, pricing power and margins and profit so this combination makes sense for everybody. ashley: okay, take a look at netflix and talking about this with mark maheny and netflix adding new supported tear and stock up half a percent. how much will it cost? susan: i think it's $6.99 for ad supported tier and canada and other countries around the world and not high resolution and full $15 a month package gets you and there's a limit to library and i saw the selection, it's a lot that you can watch, especially the netflix, the netflix
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proprietary series like stranger things and 4 to 5 minutes of commercials per hour and not a whole lot. the speed of introduction was shocking to everybody and took seven months to make this introduction and ahead of disney's ad supported tier and expected in the first week of december. disney+ charging $7.99 for ad supported tier and jp morgan saying netflix will attract $200 million in ads in their first year and that's a lot. and attract about 7.7 million new subscribers and that's why netflix is one of the best performers over the summertime. this stock has recovered about 30% of selloff in anticipation of this new ad supported tier. ashley: very interest. you're right. came out very quickly too. quickly, i want to get to the airlines. who's bullish on delta?
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susan: second day in a row and after looking at delta numbers and delta outperform in their view and b buy and delta joining the likes of american airline and saying travel is booming and had a fantastic summer and record sales for delta and ceo of delta saying this boom will continue through december and that's helping all airlines despite jet fuel costs at highest in a while and jet fuel accounts for about 50% of their cost outlays. ashley: it does but the whole sector up in the early goings. susan, great stuff. again, thank you very much. coming up, president biden stop in california for a fundraising event. how is his reception? californian steve hil hilton ise on that and i know what he thinks about it. then this, fighting words from nancy pelosi and new footage shows the speaker threatening to deck donald trump. watch this. >> if he comes, i'm going to
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punch him out. i've been waiting for this for trespassing on the capitol grounds. i'm going to punch him out and go to jail and i'm going to be happy. >> going to punch him out to make this stuff up. ♪
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ashley: it's been a solid start to the session in the early going and been open about 10 minutes and dew occupy 210 points and nasdaq and s3&p up more than half a percent. good news, food retailers are rolling out new deals.
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madison alworth has the story. what type of deals are we talking about? >> reporter: ashley, we're talking discounts and free samples, those free samples of bite sized taste of a product that the retailer is hoping will bring more people into the store and buying not just that product, but everything around it. you know, despite what the white house says, inflation is bad. like 40-year high bad, but it's not all bad news for those consumers because of discounts and deals like this. we went inside the trader joes behind me this morning, and they were getting ready for their free samples. they're doing free samples of the cider just in time for fall, and you know if you have a kid yourself or ever been a kid, dragged along to the grocery store with a parent, you know how great the free samples are. it's something nice for the consumer and then for the store for trader joes, they're hoping that that kid and that parent are going to not only like that product but like everything around it like i said. it's not just trader joes doing
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this, we're seeing discounts as well. dominoes offering different specials including 20% off chicken wings and this despite the fact that chicken in particular soared in cost year over year and all these brands are battling for your bucks and costco holding onto low prices despite increase in operation cost, people love the row tis reigns leading chicken and -- rotisserie chicken and hot dog, $1.50. arizona iced tea, this tea has been on the market since 1992 and since then it has been 99-cents. the ceo doubling down saying we're going to keep it at 99-cents despite the increased costs because it's something that customers rely on. what they're doing seems to be working. this company barely does any advertising, it's all just word of mouth, and they're still here. they've made some changes and changed the top a couple years back to make it more cost effective but the product has stayed the same and the size stayed the same and the price stayed the same. not all bad news for you on this
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friday, ashley. ashley: as we know, madison, no one likes a free sample more than stuart varney, but i have to meaux on. move on. great stuff, madison. thank you very much. we got the latest read on september sales and perfect person is here to talk about it. gerald storch here to talk about it. any signs of slow down and retail sales were flat. we're expect ago very slight bump and we didn't get it. what does that tell you? >> the report shows the consumer is continuing to slow. this report was worse than last month's on virtually every line you can throw away two tens here and two tens there and when every line is worse, it's slowing. as you say, it was stagnant month over month and year over year people say it was 8% and sales rep 8.2% and year over year with the same month and that's exactly the rate of inflation this week and people are spending more and getting
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nothing more. ashley: nothing more indeed. you know, what's the psyche right now? we heard a report from madison alworth that companies are trying to get the discounts and free samples in to keep the consumer obviously in their business. that's got to hurt the bottom line though; right? >> it kind of depends on the sector you're in. certainly retailers are worriedd and a lot have mountains of inventory left over from early in the year. people are spending on necessities and groceries and on building materials and big increase l. look at home depot's stock and we saw a nice increase in gasoline of course. prices are still up 20% and see a 21% increase in gasoline spending year over year. look at electronics or department stores, those are the worst performing categories and discretionary categories and they are by the way christmas spending categories so it doesn't bode well for the consumer psyche or where we are going forward.
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ashley: next one for you, gerald, jamie dimo n said inflation has not killed consumer spending yet. he says "one city is now with a strong consumer spending 10% more than last year. they can do that for about nine more months. the offset of that is the future with inflation, which is higher and stickier than people initially thought". is our spending keeping up with inflation? >> jamie is a smart guy and he's a good friend of mine. we were business school classmates and looking at rate of inflation and today's consumer spending report, they're identity cal. we're spending to the rate of inflation and not getting anything more. looking to the future, i very much believe by the way, we've already been in a recession, it's only going to get worse as money runs out and i 100% agree with what he said. ashley: interesting. so the psyche just to wrap this
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up, gerald, the psyche is consumers are being more cautious and tough news for retailers. >> they have no choice. you know, with inflation, they have to spend the money first on necessities, grocery was up 13% inevitably in this report. ashley: yeah, that says it all. yeah. gerald, we have to leave it there. thank you very much. great stuff as always. now amazon's second prime day of the year is over. how did it do, susan? susan: did you buy anything? it was so astute when you said stu loves discounts and samples because i laughed out loud here in studios. we await his arrival at some point. look, for amazon's specked prime day of the year for someone doing a second prime day, analysts say that wasn't great. sales were flat, not blowout like usual prime days each and every year. some analysts say households
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spend 40% less during this october prime day than in july. average order prices dropping down by some 30% by some estimates and sales predictions, look, you had $12.5 billion sold in july in the two day prime event. you're nowhere fever near that this time around and that was a record in july with amazon and number of items sold and makes sense as to why amazon pursued this and thought they could do it again with shoppers looking for bargains and discounts and slowing growth and high infuriation their environment and people shop like stu. they want the free samples and discounts and these times but the prime member number was astonishing. did you know 172 million exists in the u.s. to pay that $1000 plus a year for the membership? that's huge. that's more than tripled since 2015 when they first started prime days; right. ashley: waiting for stu for another nine minutes. susan: ten. ashley: thank you, susan. don't forget to send in friday
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feedback. e-mail your questions, comments, and critiques to varneyviewers@fox.com. major companies like wawa are reconsidering business in philadelphia as crime surges. jeff flock is talking to business owners who have fed up with rampant crime and jeff flock will bring us that report right after this. ♪
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ashley: rising crime rates in big cities are forcing some stores like wawa to close some of their locations. jeff flock is in philadelphia this morning. jeff, how many of these stores have closed near you? >> reporter: in philadelphia, they announced yesterday, wawa, the chain of 7-eleven-like chains and closing one of them. this is one of the two in downtown and it's not a bad, you'd think, crime-ridden neighborhood. we're two blocks from city hall and i don't know if conner can sai see, that big fancy building down there, that would be city hall. here's the quote from wawa saying continued safety and
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security challenges and business factors have made it increasingly difficult to remain open in these two low cases and the city responding mayor kenny, mayor jim kenny saying we're working with wawa and considers philadelphia its hometown but it was just a couple of weeks ago that there was a crazy incident at a wawa in the mayfair neighborhood and dozens of teenagers and kids into a wawa store, threw food all over, stole stuff, jumped up on the counter and reeked havoc and some blame the reasonably progressive district attorney in philadelphia, larry krazner because he no longer prosecutes in a serious way folks that shoplift. you have to kind of steal a whole lot of stuff, $500 worth before they make a big deal out of it. what they're finding is a lot of people come into the store and
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take what they want and walk out and knowing there's no ramification and at this point i can't continue to do business that way. thanks to the expansion in philadelphia and crime, looking at numbers, i leave you with the numbers, ashley. retail theft this year up 54%, armed robbery up 52%, burglary up 48%. had not pretty. ashley: not pretty at all. when there's no c consequences, crime surges and it's not brain surgery, is it? jeff flock, great stuff as always. thank you very much. still ahead, greg, rhonda, steve hilton and joe. look who's back in studio, stuart and lauren, back from ringing the bell, there they are. by the way, stu, i love the royal wave. >> yes, yes, yes.
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very nice. ashley: the 10:00 a.m. hour of "varney & co." is next. ♪ .. a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.
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shingles. some describe it as an intense burning sensation or an unbearable itch. this painful, blistering rash can disrupt your life for weeks. it could make your workday feel impossible. the virus that causes shingles is likely already inside of you. if you're 50 years or older, ask your doctor or pharmacist about shingles.
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stuart: tom petty, thank you very much, the late great tom

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