tv Varney Company FOX Business August 10, 2023 11:00am-12:00pm EDT
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>> 200 a day are showing up in a city of 11 million people. these insane border policies are destroying our country and biden's asleep at the wheel. >> inflation is still with us. it's not going down as fast as we'd like, but it is increasing at a lesser rate. >> i think we have one more raise. inflation is proving sticky. come down a long way. still have a long way to go. >> i'm a big believer not in the fed but the free market, and i think the bond market will tell us everything we need to know. if yields come down, that's going to tell us things are better. stuart: i got to ask you about taylor swift. >> love her. stuart: yeah, really a big fan. >> i respect her. she stayed true to herself, great music and i've been a huge fan and i love the community.
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stuart: one of my favorites. i better not sing on camera. we've got a rally and it's thursday, august 10. first a fox business alert. virgin galactic launched first ever space tourism flight. it's a space plane, and it's expected to detach from the careerer in roughly 15 minutes. we'll -- carrier and we'll take you there when it happens, live streaming from whatever it's called. the c cubicle, no, module. we'll try to do a live stream from the center. we'll take you there. meanwhile there's a rally. dow industrials up 250 and up more than 400 and nasdaq up over 115 points in the paints and big tech all of them last time we checked, all were up nicely so. meta up 1%, amazon 1%, alphabet
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and apple and microsoft all showing smaller gains but they're still up. 10-year treasury moving umm 4.02%. michael lee is here for the commentary on the market. michael, today's cpi report, consumer prices up 3.2% in the last 12 months and inflation is going up a little, but the market is rallying quite strongly. you want to explain that? >> stuart, look at core month over month inflation and came in at 0.2% and 2.4% annually if you keep up that rate, which is very close to the fed's 2% target. the entire market was on pins and needles that we could get a miss at an acceleration of inflation in that core month over month number. we do not. things looked to be headed in the right direction.
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however this price spike of july and it puts even more pressure on the next reading because have we seen the end of the rate hikes from the federal reserve? and i think if we stay in this 0.2 month over month core inflation, we have. we don't know if inflation will re-axel late and last time 30, 40 yearsing a and super rates and jerome powell was determined to avoid that. this market is taking it very well. stuart: in the immediate future or till the end of the year, relieve our anxiety, please. you don't see with inflation news like this, surely you don't
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see a major selloff before the end of the year, do you? >> well, if we stay on these numbers, no. no. it's a possibility for the economy and it's not a probability in the next few months. the other thing -- [inaudible]. stuart: what about china. they're slowing down quite dramatically. could that affect us and our market? >> that is good on the inflation front; right. less demand for commodities worldwide from china and massive importer of all commodities and their lack of demand frees up supply chains and i'd say that in the near term because the inflationary pressures to me are the number one threat to our market. i think that's going to be
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inflationary pressures for china. stuart: today going up tomorrow and in the future. what is it? >> okay. truist financial is not one of the big too big to fail banks but just below. they're a mass ick bank and the stock peo on that is 7 and dividend payout is 6.5 precious and trading at book and historically about 1.2 times book and re-soups to that and price to earnings multiple about 12-13 and more along the historic lines and if they don't make anymore money. if their earnings stay flat and nay just go back to normal valuations and looking at substantial price appreciation in truist getting a 6.5% dividend while you wait and the stock crushed in the silicon valley bank collapse and hasn't recovered whatsoever and it's a bit overdone and they operate in a lot of the southeast and it's
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a merger of sun trust and bb&t. these are good banks. they're big enough to where i can't see them going out of business. they simply survive and return to normal valuations, you'll see substantial price improvement on that. it take as couple years. there's a 6.5% dividend yield. stuart: that's what got my attention accident 6.5% dividend yield on truist. thank you, mike lee. peter doocy pressed president biden on his claim that he never talked business with his son. you've got to watch this. >> there's this testimony now where one of your son's former business associates is claiming you were on speakerphone a lot with them talking business; is that what -- >> never talked business with anyone. i know you'd have a lousy question. >> why is that a lousy question? >> because it's not true. >> thank you, mr. president.
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stuart: will cain joining us now and things are not looking good for the president and in my opinion, he was caught in a lie again. what say you? >> i agree. it's not provable yet but every bit of common sense and evidence leads us in the direction that is a lie. devon archer testified he was on speakerphone 20 times with hunter and bunter was with business associated like burisma and archer testified they stepped away and don't know what they talked about and you got the spin from guys like dan goldman and congressman from new york and democrat said they talked about the weather, stuart. i'm sure that's what they talked about, the weather. that's what you do when you're in the middle of the business meeting and want to check in with your dad and defies common sense and that's another lie and for what it's worth, not a lousy question and actually the essence of journalism speaking truth to power and asking tough questions to someone that doesn't want to tell the truth. stuart: snapped at him frankly. that's a dumb question. okay. i've got to move onto this because i want to talk about the wild fires in maui.
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36 people have died, thousands evacuated. i understand that you have family there. may i ask if you've heard from them? >> yeah. last night for the first time, stuart. my mom and her husband are still in west maui so they're about two or three miles from lahaina, which you're seeing all the football gamessage from. no power and cell service virtually nonexistent and got through last night and my mom and her husband are safe. you've got to evacuate and all authorities are asking everyone to evacuate that side of the island. it's truly devastating. stuart, look, i'm a texan and will always be a texan. since the 1970s, my family has gone to hawaii for much of the summers and i grew up running around the streets of lahaina. people have lost their lives, their livelihoods, there's a lot that's been lost. there's history to that town. it's been a big part of the story of hawaii and america since the 1800s, stuart. from missionaries to the capitol and the kingdom of hawaii to the
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whaling industry, buildings and trees, the biggest tree in america dating back to the 1800s and from what i can tell online, it's all gone. simply all gone. it's truly devastating. stuart: that is extraordinary stuff. will, thank you very much for sharing that with us. we do appreciate it and please, pass along our very best wishes to your mom and her husband. thank you, will. >> thank you very much. stuart: you got it. see you soon. still to come, there's a huge show. we've got social media star logan paul, he's going to join me. i want to know his response to the claims his energy drink is harmful to children. logan paul is coming up. calling all hackers, the white house needs your help. they just announced a contest to find ai-based national security solutions. we have liftoff. virgin galactic launched its first ever space tourism flight and you're taking a live -- or you're going to take a live look inside the space plane. it's expected to detach from the carrier at any moment. we'll bring it to you live.
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stuart: all right, virgin galactic launched first ever space flight and the first private flight to space. take us through the launch, kelly. reporter: that's right, stuart. i've got exciting news, we're about 2.5 to 3 minutes away from detachment and that means the mother ship, which is taking these spacecraft up will detach and then that will start the whole process of that craft actually going into space so yesterday i was able to get a chance to play around in the simulator so i want to give you
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a sense of what the astronauts are experiencing right now and what they'll experience over the next 10-15 minutes. so, once we -- once it detaches, that's where the fun begins and the rocket engages and the astronauts feel a huge g force behind them as it moves forward and h hits mach 1 and tips visiterically and then they'll hit mach3 and enters space. once that happens, the as gnats will detach and have three to five minutes of weightlessness they'll experience. i mentioned in the last hour one of the astronauts paid $250,000 and folks are now paying $450,000 and do the math, about $150,000 per minute of weightlessness they're paying. there are windows all around the spacecraft so everyone basically get as window seat, which is good for how much they're paying and on the way down, it's gonna take about 10-15 minutes. this is the part that i found
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super interesting. in other aircrafts -- or in're spacecrafts, mission control basically fly it is the whole way down. not so much in vir begin galactic. it's a 50/50 and the pilots are incredibly engaged and i experience that had yesterday and the ship has wings. it's kind of a feathered structure so on the way down, they're gliding but using that design in order to make sure that they hit the runway with precision and they're going to land this spacecraft as you would an other airport, and i will leave you with this tidbit, the pilot that i was talking to, they have drills where what if everything goes out in your cockpit and you're not able to see anything about your altitude or the wind, they've actually trained them to fly it based on eyeballing it from space. imagine taking your aircraft down all the way from 100,000 feet and hitting the runway. we did that yesterday. it was very impressive. we are now about a minute or so
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out from detachment. oh, we just detached! stuart: we've got detachment. reporter: we just detached. there we go. stuart: i don't see it but any moment -- there you go. the detachment happened. that's terrific video. right out of space. look at that. i want to bring in astronaut now. john, you flew on spacex dragon capsule. what are those people feeling right now after detachment? >> well, i can tell you right now, their hearts are in their throats and having the time of their life, it's what they've been waiting for. stuart: do they have weightless feeling right now? weightlessness? >> oh, no, not right now, probably the opposite. right now they're beginning to experience the approach to maximum gs for this magnificent ride and about to go vertical
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and get to the top of the ride. it's excellent. stuart: trying to look inside that capsule if that's the right word to use and looks like extraordinary experience and that video looking backyards down to earth is truly sensational. do some astronauts get seasick up there? >> well, you know, we don't get seasick. it's space sickness but not particularly at this moment. you know, after you've been in microgravity for a little while, we take time to adapt, but it can happen. stuart: i'm looking at the young lady there on the capsule and the hair is all over the place. looks like is that weightlessness or heavy duty gs coming out? >> nope, they're in microgravity right now. they're in a weightless condition, they're out of their seats and they're starting to get to exactly what they're looking for today. stuart: the first time you experienced weightlessness, what was it like? >> well, you can't shut up. you're excited, you're -- the first time you're just truly
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thrilled and it's a wonderful feeling and all the training and work to get there and simply marvelous. stuart: i believe the astronauts on this particular plane, they paid, what, $450,000 to be on board. you want to make space tourism more affordable. how do you do that? how do you get that asking price down? >> you get more people going and increase frequency and scale it like any business. it's here now and here to stay and only getting broader and accessible by more and more people. watch this space for the next ten years, it'll be thrilling. stuart: i find it fascinating to see folks with hair all over the place and weightlessness floating around. that must be one extraordinary sensation, but what's it like when the weightlessness stops and you kind of are back to gravity? do you get a shock?
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>> it's not shock but you want it to continue and can't believe it's over. they get four or five minutes and it's a wonderful feeling and you want to go back. stuart: could you go back? >> absolutely. tomorrow morning. my bag is packed. stuart: would you go on a moon mission? >> yes, sir. stuart: just takes money, that's all. i'm fascinated on the pictures switching just a little. that's extraordinary. what's happening right now. can you tell me, john? it's an odd angle. what's next? >> well, the spacecraft unity is pitching over and wings are feathered to the decent position and cobb up and creates an atmospheric drag to let it fall like a shuttle cobb. it's being pulled back to earth and will stay and continue in microgravity till the pilots
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come in back to a flight position and lower the wings and fly back to a landing just like an airplane. stuart: all this is reusable, the plane, module and everything? >> that's right, even the people. you can go as many times as you want. stuart: thanks, john. appreciate it. see you again soon. >> wonderful to hear. enjoy. stuart: got a look at the market. you'll like this anyway and dow up cat lack escalade and escalade iq and starting price is $130,000 and hits the market next summer. gm down a buck. ashley, come on in, please. what do we have?
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anymore airline or airport problems today? >> yes, from space to airlines cutting flights to airports in new york city and dc. the carriers say there's not enough air traffic controllers to keep up with the big band. they're extending for another six weeks till the end of october. ashley: meantime back on the ground, people are driving more and using less gas than before the pandemic and, no, it's not because of electric cars but because our vehicles are more fuel efficient and it works. the department of transportation says we drove 239 trillion miles in june. that is a record. and now, to the ocean. reports say there are 154 ships waiting to pass through the panama canal and average weight time is 21 days. why drought conditions are
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causing them major delays and not enough water and water levels are down and they'll warn it's only getting worse before it gets better and 40% of u.s. container traffic passes through that canal every year. stuart: average monthly rent in new york city hit a new high, up 30%, average rent in the city, up 30% from 2019. we're going to give you the eye popping number in just a moment. a school district in california wants to stop suspending and expelling all students who misbehave. instead, they're offering a rest robin loutive justice class. sounds woke. lee terrell is a former teacher in los angeles and takes it on for us. ♪
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every day, more dog people, and more vets are deciding it's time for a fresh approach to pet food. they're quitting the kibble. and kicking the cans. and feeding their dogs dog food that's actually well, food. developed with vets. made from real meat and veggies. portioned for your dog. and delivered right to your door. it's smarter, healthier pet food. get 50% off your first box at thefarmersdog.com/realfood i got into debt in college, and no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with low low fixed rates, and borrow up to $100k. sofi get your money right. stuart: the tourists are returning to earth. kelly o'grady is there.
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what's happening there right now? reporter: it broke the sound barrier and now coming back to earth. it'll take 10-15 minutes and earth surface is coming at you and that's what the astronauts were experiencing when that happened and i saw it myself in a simulation and made my stomach jump a little bit. then it levels out and the whole process roughly 10-15 minutes is more of a glide. the feathers report wings of the spacecraft, they move out wards and then the pilots, it's really, really precise. they're using the controls just like an airplane pilot would going for the runway and using the wind direction to make it back exactly landing where they took off.
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the sonic boom happened a couple of minuting a and expecting them back on the runway within the next 5-10 minutes and i imagine we'll get great reactions and everyone looked like they were having a blast in weightlessness. back to you, stuart. stuart: you got that right, we saw it. thanks, kelly. now this, the population of new york city dropped 400,000 between june 2020 and june 2022. down 400,000 and midtown sky scraping office buildings are less than half full. how do you explain this: the average rent in the city is $5,588 a month and that's an across the board average of all apartments. that's astonishing. okay, there's a lot of airbnb, in the city that take rentals off the market, i got that. and current owners are reluctant to move with mortgage rates so high. but $5,588 a month, there must be well healed renters coming to the city.
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on the day the rent news broke, mayor eric adams was adding up the cost of the migrant surge. the city needs $12 billion over three years. again, that's astonishing. who pays and what's going to stop the flow? the flay your is building -- missouri mayor is build tent cities to house the migrants arriving daily. elite renters looking down a from apartment tower at what amounts to a third world scene. that is not the way this city or any city can make a comeback. all right, that's my piece. that's my take. the market in new york, let's talk about the market on wall street. the dow industrials holding onto a solid gain, up 250 and nasdaq up nearly 100 and s&p up 31 points. a california school introducing alternatives for suspension and expulsion and it'll focus on conflict resolution and learning rather than punishment.
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leo terrell joining us. leo, you're a former teacher if los angeles. question, are you able to discipline a class under those guidelines? >> absolutely not. thank you for asking that question, stu. i have my teaching license. it's impossible. basically what this school district is doing, they're basically declaring suspensions and expulsions as systemically racist. they're taking the criminal justice system like we have in california, no one stays in jail, and they want to have conflict resolution, could you imagine you're assaulted by a student and he assaults you and then you've got to sit down and try to resolve it? you're intimidated. why do you try to resolve a situation with a bully. it does not work, but the school district has gone woke and they basically believe any form of discipline, real discipline like suspension and expulsion is race schistasis temporal integrationically discri discriminatory.
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systemically discriminatory. stuart: if you leave them in the classroom, they'll be disruptive to the learning surely. >> makes no sense. it's like the criminal on the street, let him back out on the street and he comes out and commits more crimes. if you let that kid stay in the classroom, he'll gain the system and intimidate and control every student because he knows that he doesn't have to leave the school. he becomes a giant bully endorsed by the school district. stuart: this is all about race. the whole bottom of this thing is race. >> yes and the organization that promoted this to the school district, they believe in critical race theory and 1619 project. i want people to understand this. they think putting people away for disciplinary issues is racist. that's a lie. that's a big lie. kids that want to learn are going to be suffering because they'll be intimidated by the bully.
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stuart: sorry, leo, we're looking at virgin galactic capsule returning safely to work and landed there right now. democrats in washington dc are suing to prevent dc from infusing ranked choice voting. get this, leo, would confuse black voters and those people who live in low income areas. isn't that insulting, leo. >> black people do not think alike. we don't act the same, we don't talk the same, we don't dot same thing. you know what, these -- this is being promoted, stu, by black liberals who have the mindset that black americans need help. we need help. we can't stand up. that is a lie and that is being promoted by the left. it is offensive to assume that
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black people are confused. sounds like jim crow 2.0 again. we can't get a driver's license and it's one of the most offensive statements you can make and more importantly it discouraging young black americans. we always are going to need help but, stu, the reason they do this is for power and control. it is very offensive. stuart: leo, thank you very much indeed and transferring attention to people on board that space capsule and they've landed and looks like they've had a good time. we were showing you them in the air weightless and hair all over the place and back on land and normal gravity proceeds and they look rather exhausted, don't they? i think they've had a good time. ashley, any comment? ashley: yeah, well, you know what, i'd love to do it and i can promise you my hair wouldn't move. my hair hasn't moved since 1978 but i would love to really enjoy that experience. it's pretty -- over pretty quickly for the amount of money you pay though.
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stuart: yes, but looked like they had a good time and they'll exit the capsule shortly and when they do that, we'll show you them on land. now this, social media star logan paul returning to boxing this fall and not convinced his opponent will show up to the match. there's a lot of money on the line. logan paul will be on the show. the government is pushing for a cashless society, pry seizure disorders advocates sound the alarm and ashley has that story, next. ♪
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inviting everyone toises use artificial intelligence and flaws in the digital infrastructure and contest lasts for two years and participants could win up to $20 million in rewards. ed h >> 95% mobile payment apps and 3-5% of point of sale trans-accounting standards boards are paid for by cash. same story in sweden. ashley: cashless society encouraged by law and merchant can legally refuse cash payments. more than 98% offsides own a debit card.
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privacy advocates that point to digital currency as a means to control dissent. here's presidential candidate ron desantis. >> they want to go to a cashless society and if you have central bank digital seizure disorders and stypes things are proposed by policymakers that are kind of like a wolf's in sheep's clothing and more. ashley: that's double the number from five yearsing a so that's the trend. what are some of the pros and cons of going cashless? on the downside, yes, every transaction is traceable and a
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digital footprint can compromise your privacy and leave you open to hackers and identity thieves. as, some people could be left behind and especially the elderly that maybe not very comfortable in a dick emberdal world. on a plus side, significant reduction in crime and people are handling less cash, bank robberies, burglaries, corruption drop. digital currency is less easy to exploit and can be shut down quickly if it false into the wrong hands -- falls into the wrong hands. going back to the uk in the last couple of would he bees, i didn't see anyone using cash and everyone taps and goes and takes debit card or credit card and tap the machine and off they go. no cash. stuart: what did you say about elderly people uncomfortable with elect electronics. ashley: stu, you can handle it and others maybe not. stuart: that was good, and a
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speedy re-erer sal. you're all right -- reversal. see you soon. a look at dow 30 and a lot of green. yeah a lot of green. there's only one loser and that's caterpillar that's been up nicely recently. the other 29 are up and the dow's up close to 250 points. new york city grocery store chain pulling prime energy drinks off the shelves and say it's dangerous for children. some lawmakers calling for fda investigation. well, logan paul owns prime. and logan paul is here next to respond to this. we'll be back. ♪ ♪ ♪
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a little. ashley: up 3.3% and 2.3% year over year or something. the consensus was 3.3% but you know what, the core july cpi was up 4.7%, which is still showing it's sticky and however, we've been waiting all week and the markets believe with softer or less inflation growth that the fed may think twice about what it does with the rate hiking policy. does it hold pat. that is what we're looking at. every week we seem to think about what will the fed think about this and what will the fed think about that. that's basically where we are. used to be the good news was bad
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news and all that rubbish, but i think this market right now reflecting the fact that inflation did come down even though ever so slightly. stu. stuart: went up ever so slightly but not as much as expected and it's complicated stuff. ashley: yes, exactly. stuart: you're all right. thank you for that. space tourists are i believe about to get off that space plane. we were showing it to you earlier. they have returned safely to earth. kelly o'grady. what can you tell me? reporter: that's right. we're waiting for them to come out of the spacecraft and i will say i watched the flight land and a lot smoother than the flights i've taken and we'll see their family and we'll get their live reaction. stuart: thank you very much indeed, kelly. i want you to look at something here. our audience i'm talking to now. on the left side of your screen
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is the prime hydration drink. left hand side. on the right hand side is the prime energy drink. they are very similar in appearance. the energy drink has been pulled from some grocery stores because children are confusing the two beverages. logan paul is with us and owns prime and he's with us right now. how do you respond to the idea -- how do you respond that kids can't easily distinguish the difference? >> well. right off the rip, i'd say that preposterous. one is in a can and says energy drink on it. the other is in a bottle and says hydration drink on it. one is 18+, the other suitable for all ages, and we believe we've done as good of a job as we possibly can differentiating our products. stuart: do you think the high energy drink is full of cough phenoand full of kids.
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>> every post on the prime page and it's an entry stapedius muscle darling stoned with 2000 milligrams of energy and gatorade fast twitch and same amount of sells yous and even less, 100 million grams less than bank energy. what we're doing and every other competitor in the market and done as good of a job we can to differentiate our products and next level of scrutiny is to be honest would need to be from the retailer. an example i could give you is, you know, in the u.s., we've deemed alcohol generally as them being of age to buy the product.
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we think if caffeine is as unsafe as people are saying, it's in tea and coffee and soda. if people like chuck schumer cared, why aren't we controlling at the point of purchase. stuart: we'll talk money. you and your brother jake had a terrific winning weekend. i believe you won your wrestling match at the wwe summer slam and jumped on a flight to see your brother win his boxing match against nate diaz. what's next for you and jake? >> yeah, there's a lot going on. i'm proud of my brother. we had the first multisport dual crossover win in history on the same night, but i have a fight, a boxing fight on october 14th against conner macgregor's personal genital warmer and it'll be the first time i've fought in two years since i fought floyd mayweather and looking to get back in there. stuart: am i right saying you're returning to boxing in october
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and worried your opponent will pull out but if he does, he owes you $100,000u doesn't he? >> he's notorious for not showing up for fights but claims to be the real fighter and i'm regretting putting guy on and biggest payday of his life and biggest moment and focused on winning and building prime along the way on the card. stuart: how much is at stake in this future bout? >> i don't know. i don't know. who cares. stuart: it's in the millions, isn't it? or tens of millions? >> i don't know. maybe. stuart: by the way, i want to tell you something, your pal dave port portnoy and he was one show this morning and said because penn entertainment has been taken over by espn, you're, logan paul, your penn stock is
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vested. >> almost completely vested. thank you, dave portnoy for paying my bills. varney, can i say something on the show? stuart: yes. >> i want to make a correction, a false narrative has been flying around about prime. prime is not being investigated by the fda. the fda has not even reached out to prime. every ingredient in our products is fda approved, and if they want to reach out and ask any questions, we're more than happy to answer them because we've retained samples from every single batch of prime off the line and the fact is we're legitimate business and have nothing to hide and we take quality and safety very seriously, but i came on here to correct some of the misconstrued info. stuart: they're not investigating but there's people that want them to investigate. that's where we are. congratulations, logan. you got engaged. your proposal went viral i understand. you want to tell us more? >> deeply in love. i got myself a fiance, i'm super
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adulting, and looking forward to building the rest of my life with the most amazing woman on the planet. stuart: you're a fine man. well done, logan paul. i'm afraid i'm out of time. love to go on about this thing because i'm a very romantic fella but congratulations for all your endeavors and you're doing well and let's straighten out this prime thing. good stuff. logan, you're all right. thanks very much, sir. appreciate it. >> thank you. stuart: we have time for the "varney & co." trivia question, here we go. small businesses employee, what percentage of -- wait. small businesses employ what percentage of u.s. workers? drop the e from employee and we'll be all right. we'll be all right. 32, 42, 56, 52%. the answer after this. ♪ got my fico® score, raised it instantly, i even found new ways to save. all right here. free. and fast. see all you can do with the free experian app. download it now.
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stuart: okay, we asked small businesses employ what percentage of u.s. workers? your first -- you're first, ash. ashley: i think it's pretty high, number four, 52%. ashley: oh, i wouldn't go that high, i'd go with 42%. the answer is, oh, ashley, you got it right again. 46%. ashley: no, wrong. [laughter] stuart: i was wrong. don't forget to send many your friday feedback, varneyviewersfox.com, okay? coast to coast starts now. cheryl: welcome, everyone, to cavuto coast to coast. i'm cheryl casone in f
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