tv Varney Company FOX Business August 29, 2023 9:00am-10:00am EDT
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morgan, john, look at the futures, 30 minutes before the open, nasdaq down 22, s&p down 3. while we were on the air. >> there is not much of an upside for stocks going forward. very low unemployment rate, full employment. it's difficult to continue to grow the economy at an acceptable pace without paying the price of higher price inflation. maria: morgan, markets are focused on the jolt report after an hour but we will be watching the 13 goldstar families in the roundtable today. >> thank you my heart goes out to the parents and family members, to know they lost their child somewhat unnecessarily. we appreciate them. maria: thanks for being with me, have a great day, see you tomorrow. "varney and company" picks up. stuart: good morning, everyone.
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with investors waiting for important inflation and job numbers, politics take center stage, look at this. voters from all parties said the president is too old for the job and his physical and mental decline becomes more apparent, voters are noticing it. separately, the investigation of hunter biden reveals his father used pseudonyms in 5,400 e-mail emails when he was vice president. he is robin ware, robert l peterson, jr, why the secret? did it have anything to do with hunter's business dealings. the house oversight committee wants all the documents. donald trump faces a daunting court calendar that seems designed to to keep him off the campaign trail. he will be sitting in the defendant's chair in october in new york, january in new york, march and georgia, may in florida. all the way through the presidential election. will voters consider that fair?
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on the markets, a lot of wait and see. big deal friday with the jobs report. we will find out the number of unfilled job vacancies which expect it to be 9. 5 million. the dow down about 40, nasdaq down 20. not much movement at this point. bitcoin, 25,600, $26,021. the volume of crypto trading has dropped to the lowest level in four years. interest rates, start with the two year treasury, the yield about 5%. the 10 year coming at a yield of 4. 23%, that yield is going up a bit. on the show today watch the drummakers. the admin's ration announced 10 medications the will be subject to price negotiations, part of the inflation reduction act. the admin's ration wants to bring prices down. we will tell you about ozempic, the popular drug used for weight loss. making so much money it is responsible for almost all of
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denmark's economic growth. we are following idalia a, category one storm and likely to strengthen. tap airport suspend all flights, severe storm surge expected in part of the for the gulf coast which governor desantis left the campaign trail to deal with it, declared a state of emergency. tuesday, august 29, 2023, "varney and company" is about to begin. ♪ stuart: good to be alive, very appropriate. here we go. the headline makes it clear, overwhelming majority believes biden is too old to carry out a second term. spell out the numbers.
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>> 77% say ages a reelection problem for the president, being older, acting older, politicians and his same age if not older, bernie sanders. so much if you watch political shows over the weekend, the mainstream media is calling biden's supporters out on why the president seems so old. look at the numbers among democrats, 69% think he's too old to be effective in a second term. what do we do about it? age limits are suggested, so our competency tests but that's controversial. stuart: it's up to the voters. how they perceive this presidency and what they will do about it. it was pretty clear, democrats, 69% of democrats think he's too old, republicans, dependents, 74%. white house press secretary karine jean-pierre responded to concerns about biden's age.
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>> and open end question, the response has to do with how old he is. white house officials plan to demonstrate that, do the job at that stage. >> appreciate the question. i get it often. what i would say i say many times, the president says this. if you see what he has done the last two years, the president had a historic administration. stuart: the president appears to be in cognitive decline. do you think he will be the democrats candidate? >> voters are saying please don't make us vote for this guy, the democrat voters hard and fast but when karine
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jean-pierre says if you watch him, when he is given an opportunity to be presidential like commenting on maui fires, no comment which he can't string it together. you talk about his economic policies which are a disaster and he can't explain those for anything worth its salt but two things here. one, donald trump is not far behind him. this is not just about the number, his age, this is about his ability to get up and do the job. then this opportunity for millions of people last week to see what the young slate of candidates look like with the gop primary debate. it was invigorating to see what the future could look like. i heard from independents and democrat friends who said i don't know if i will vote for a republican but i appreciated that energy at level of discourse which we do not get from president biden. those are the factors people take into account.
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stuart: 69% of registered democrats think he's too old, two out of three. how to democrats get him out? they disapprove of him because of his age, how do they get rid of him. >> this is them shouting from the rooftops saying put somebody else in. i don't know if there will be a moment it deemed he's not ready for it, he pulls himself out. there's a lot of ego that comes with politicians. the president is no exception. i don't know if that moment will come unless there's a healthcare but people like gavin newsom are trying to show he can be the guy waiting in the wings. stuart: if you move the president to the side in whatever way you are left with president harris. is that acceptable to american voters?
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>> there are a lot of overpriced consultants trying to figure out a way forward for democrats. it is an unenviable position. someone who sits on the republican side i can't imagine what we would do if we were in the position of having two highly unlikable people at the top of our ticket and it is because of their incompetence in the job. that's what really is what is driving people to give this answer in these polls and is most concerning for democrats. stuart: a dramatic poll. thanks for joining us, see you again soon, thank you very much. president biden's reelection team is launching in wilmington, delaware. biden's staff want to the headquarters to be in philadelphia, pennsylvania where they were in 2,020 but biden is a delaware native who wanted to be based in his home state and he will. we have the latest case-schiller report on home prices. we want to remind everybody this report is two months behind the times. tell us what you've got. >> reporter: home prices fell
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from last june but 1.2% modest, the fourth consecutive annual price decline but looking may to june, month over month number rose by 0.9%. stuart: check futures, where are we this morning? mild losses, mild case of red ink, down 30 on the dow, 14 on the nasdaq. david nicholas joins us. how are you playing this market? >> a big week, the jobs report on friday, a lot of questions for this week but this will be a make or break week, we are looking for dividend players, stocks that will pay us. stuart: i want two dividend payers. the stocks pay a 4% dividend. what have you got? >> stanley black and decker, not close to 4%, 3.6%, from a
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technical standpoint, looking at volume, momentum, welcome strength, this hit at its covid lows and bounds, a dividend aristocrat, and for 54 straight years, and treasuries, it is yielding 4.6% with 98% of the portfolio and treasuries to put money to work. stuart: that's a strong payoff for 6% interest? >> has a financial planner, you don't pay state income tax players but you get the state income tax. stuart: 6. 6% yield, no state income tax.
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and if trading volume is so fall down. in the crypto market. >> is crypto a hedge against inflation or is it more of a growth player, what i see is crypto is a play when you're bullish on markets. it is so predictable, we have a selloff for the month of august, crypto coming down, it's a risk on type of trade with crypto down, not good for markets, with a bullish out book. stuart: you don't invest in crypto. >> we did when the government was thrown and bit coins were rallying, we are not touching that. stuart: we will see you again soon. if you are not in the office at
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least three days a week, the ceo of amazon warns workers that, quote, it probably won't work out for you. importer, employees, remote work, employers do not. who wins that discussion? national archives has 5,400 e-mail showing president biden using a pseudonym during his vice presidency. what the significance of that? anything to do with the biden family? i will ask georgia congressman barry loudermilk next. ♪ ♪ the biggest ideas inspire new ones.
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stuart: speaker mccarthy is moving towards impeachment of president biden but another government shutdown may be on the horizon. chad pogrom, if we get a government shutdown what does that do to the impeachment investigation. >> kevin mccarthy says it would be the natural next step but also warns the government shutdown would hamper impeachment investigation. and an interim spending bill. >> he wants us to extend that. we will not be distracted by a shiny object, we will not be able to pursue the impeachment inquiry. >> they will have the votes to launch impeachment inquiry,
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it's about the math. they scored a four seat majority in the house a dating republicans represent districts president biden won in 2020. mccarthy faces pressure from the right. >> memory of the freedom caucus are going to allow him to mouth the words impeachment at not do anything about it. because they are seemingly firm about having an impeachment inquiry into president biden and if they don't get what they want they are going to stay on mccarthy's back. >> congress is only in session a few days in september before the government runs out of money, the house only approved one of the annual spending bills to fund the government, the senate 0. >> refer to congress on the government shutdown, should be no reason for congress to shut down the government. that for congress to answer. they should not have a shutdown. >> coalition of democrats and
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republicans could support a temporary bill to avert shut down, and to suspend the debt ceiling earlier this year. stuart: i call it a mess. 5,000 emails contain pseudonyms biden used while serving as vice president. he is three pseudonyms including with his son hunter. georgia congress and barry loudermilk. what's the significance of using pseudonyms? >> thanks for having me on with you. it has been a while but these pseudonyms are important because they indicate vice president biden was trying to hide his identity. to make think -- make you the he's involved in some? shouldn't be involved with. as you are talking about we are on the cusp of launching an impeachment inquiry.
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i think this is very damning for president biden, and i think this is very significant. stuart: trump's federal trial date is set for march 4th in washington dc. that's the day right before supertuesday. he's going to be tied up in court throughout the election season. is this fair, congressman? >> it is not fair. everything about the investigations into trump have been politically motivated. investigating donald trump is like crack cocaine to the democrats. they can't stop themselves from doing it. if you look when nancy pelosi was speaker recently, everything was around investigating donald trump. they are not in charge anymore. they are going to the courts to do. as the investigation is going into president biden they are
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calling we need to stop investigations, this is entirely politically motivated, it is all about stopping donald trump running for president again. stuart: we have an aging president, many voters don't think he's capable of that and a challenger, donald trump tied up in court through the election season. how does this play out? >> you compare the two parties and the candidates. look at the republicans, we have a deep field of qualified, very good candidates. as you are speaking about earlier, democrats are struggling to find somebody acceptable to the far left base, electable to mainstream democrats, not an embarrassment to your party, if they were to become president. the contrast, we have a deep field, they are scrambled, stuart: how do they move him aside? how do they move him to the
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side. without president harris? >> president harris would be a disaster for them worse than they've seen so far. i think as we get closer you will see more democrats start to turn on president biden. they will realize, detrimental to the empire party and politically for the next election, they are seeking to remove him. i do not doubt someone at some point will invoke the 25th amendment but a plan to keep vice president harris from proceeding to the oval office. stuart: it is a mess but we have idalia officially strength into a cat 1 hurricane making its way from florida into your state, georgia. do you think this storm has anything to do with climate change? >> i'm not a scientist, but it is amazing that anything that
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happens that is bad the first thing many want to do is blame it on climate change. if you look, we are on the anniversary of katrina today, one of the worst storms in history. if it was climate change, if it is continuing to get worse, then would you not see a worn -- worse and worse, generated by the heat of the waters of the gulf, they are reportedly being about average for august right now. whether it is climate change or not, i think that is something that the democrats love to throw out there to put more regulation and more bad policy on the backs of american citizens. what we need to focus on is making sure everyone is prepared, hurricanes are a part of nature, going around since the beginning of time since genesis 1:1. we know how to deal with these, we need to focus on saving
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lives and protecting property. stuart: we wish you and your constituents well. thank you for being here. check futures, we've got 6 minutes to open the market on tuesday morning. not much movement, a little bit of red ink. we will take it to wall street for "the opening bell" next. ♪ (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different.
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stuart: on the futures market, the dow down 30, nasdaq down 20. ray wong with me now. you are our tech guy. i i will ask you this which is google ahead of marco soft and artificial intelligence and if so, how and why? >> great question. at the beginning of the year the answer was no. when microsoft declared war on ai, the last nine months, they caught up and confused in infrastructure and chips, the database and workspaces and what they are doing in terms of future applications and infrastructure. they have caught up and succeeded. the google cloud, making those
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types of announcements, databases, security clouds will pop up. it also looks like market share. microsoft took advantage in market, sitting at 2. 4 trillion in google sitting at 1.6 trillion and you can see a lot of catching up to do on the market side. stuart: where did microsoft go wrong? >> wasn't that microsoft went wrong but google was seen as slow, not getting their act together and this was the galvanizing moment for google to focus in on ai. they had a lot of research, microsoft research, google research, two of the top companies in the world and patents and research but google caught up and it was the galvanizing moment to have a competitor. blue on our google's ai engineers in the united states? >> google has a lot of ai engineers but also engineers outside as well. stuart: in china?
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>> i don't think so. don't know for a fact. stuart: last week, tuesday or wednesday, nvidia came out with a terrific report. why didn't it lift the overall market? >> the overall market was held down because of jackson hole. trading volumes, looking at interest rates, people worried and a lot of people feel that tech is overrun. we are talking 28% gain in the nasdaq since january and people still in disbelief that tech, has been in a high-powered one. stuart: thanks for joining us, see you again soon. let's look at the markets, we are opening trading this tuesday morning. the backdrop, inflation numbers coming soon and jobs report friday. there's an unwillingness, 9:30, the market is open and we open
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ever so slightly lower. the dow off 10 points, tiny fraction. all the dow stocks, 50/50, two thirds of one third down. not much price movement. the s&p opening, got it wrong, upside. dead flat. lauren: the s&p has not moved 2% in either direction in six months. it's relatively calm. stuart: this is the summer doldrums. the nasdaq composite is down a fraction. i will call these exchanges basically flat. look at big tech come out about on the upside, amazon up, apple, microsoft, meta-all down. some earnings came out before the bell including best buy. what do they say? lauren: stocks up, cheaper tvs and laptops because of discounts, deep promotions to
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get customers back in the store and also compete with amazon. who had their prime day in july, discounts on the electronics, best buy competed, revenue fell 7% but better-than-expected. the ceo pointing to stabilization in the industry, one point on strength. they say theft. people coming in whether it is organized or grabbing stuff, seeing an increase. i'm pulling this from what the ceo said on the call. front door asset protection, using more floor coverage and more employees in their stores in general to combat it. stuart: over the weekend i bought a 19 inch color tv. i was joking. it is in color. lauren: didn't you purchase 1-for-1 kitchen? stuart: $60. a beautiful tv.
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lauren: they lured you into a new color tv in 2023. we one neo-down 11%. lauren: a story about china's economy, not the tv industry, there revenue fell 50% first dropping three years time. chinese drivers still buying evs at the pays they used to as their economy slows. stuart: answer is? >> not last quarter but if you look at the outlook, it is pretty decent. they are projecting 75% to 80% increase of deliveries in this quarter versus last year. we won one at the result of the slowdown. oracle doing well this morning, somebody must be bullish on that. stuart: they go to a purchase and shares go up 20% from here, they call it a tailwind and the ai story has plenty of room to run. stuart: i want to talk about artificial intelligence.
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open ai launched chat gpt for businesses. what can this do? >> company's can input their own proprietary data and customize a personal ai model. chat gpt based on company secrets for employees and it is encrypted. we don't know the pricing. it makes sense, they are trying, the company responsible for this is trying to on board companies as fast as they can because ai is moving faster. actio's is reporting senator schumer is hosting mark zuckerberg, elon musk, sam altman of open ai september 13th, big ai summit. let's get together. what do we do about laying the foundation for how to proceed ethically and competitively with artificial intelligence. blue and good stuff. speaking of meta, they are accusing china of doing what?
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lauren: another massive disinformation campaign. they've taken down 930 facebook pages, 7700 accounts. seeing positive posts about the leaders region, disinformation about where covid originated and linking the source of this disinformation campaign to chinese law enforcement. this is prolific, this disinformation campaign was not affected, we are as a whole more wary as americans about what we are hearing about china on social media? more internet savvy in general? did have an effect? stuart: general motors partnering with google, what's this about? lauren: chat gpt services in your car. is this robot to have a conversation with or got a flat tire, send someone right away or what does this new feature do? stuart: it is ai, it will be in your car, you're going to love
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it. lauren: will we be talking to robots doing this all day long if it works. blue one google will sell mapping check to companies with solar products. is that a big moneymaker? lauren: they are projecting one hundred million dollars. i would say yes. they will license their maps to solar companies, real estate companies to utilities. if you put solar panels on your structure this is what would look like. if you transition to solar this is how much money we will save you at the end of the day. bottom line, they are looking to bring in more revenue because everyone is cutting costs and modifies maps which is so popular but maybe hasn't brought in enough revenue. stuart: any idea what is going on with cryptos? lauren: can i say it got boring? there is little retail interest, the trading volume at a 4-year low.
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tight range for most of this year. it is up 50%. in a pretty tight range. the next catalyst for bitcoin, we spoke about the etfs but it will be elon musk, remember paypal came out with stable coin payment system. what if elon musk did that with x? he's talking he is talking to wall street firms about bringing a payment service to x. what if it was for cryptos? just speculating here. stuart: i have no answer to your question. you've got a musk headline for the day. well done. here's what we have coming up. as the summer winds down students heading back to school. president biden told youngsters what is the hardest thing to do. >> president biden: the hardest thing is to come back after three months of not doing any work, any homework and all of a sudden you've got a lot to make
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an upscale part of the hamptons. montauk shores. how much is that going for. lauren: do you know the answer? $4.4 million. look at it. 2100 feet, stones throw away from ditch plains, a hot surfer spot. don't know if it is worth $4.4 million. the seller is banking on that location, they cut the price to half $1 million. stuart: mitch rachelle knows a few things about real estate. that the case of location location location. >> it is land land land. who cares what they built on it. look at the rest of the neighborhood. i could see the ocean. stuart: 4.4, just a little.
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they are stretching it, you want to be near the san. stuart: you know kevin o'leary sounding off about rising interest rates, here's what we want to say. >> we talked about 5 or 6 weeks ago, see chip start to fall. the regionals are not known. they don't know yet what their capital requirements will be. it closed like a turtle in a shell. this gets worse before it gets better and once -- what is he doing to small business? telling it. stuart: mortgage rates are still rising. has that not killed the real estate market but put it on hold? >> not entirely, you saw the case-schiller, the volume of sales has dropped off precipitously but it is not killing the housing market because they are still so much
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demand that those who can afford at this higher price will still purchase it and it's an awful dynamic. those who have a smaller wallet. stuart: dillow seems to think it will get worse, they are projecting home prices up 6. 5% from where they are now by july of next year. that's a significant price increase. you see happening? >> i don't disagree with it because of the supply demand dynamic. i get nervous with real estate brokerage firms talking up their own book but their business and all these businesses decimated, selling two years ago and average on an annualized basis 6 million homes a year and now we are selling 4 million homes, we take 2 million annualized home sales, that's a lot of transactions. stuart: am i right in saying somebody is offering 1% down payment in arizona to start
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with. that reminds me, no down payment loans of 2004-5-6. stuart: i don't know who is going to purchase those lonesome. most are packaged and sold in this day and age. to kevin o'leary's point the banks are petrified to make real estate loans because they don't know what will happen. but it is happening, homebuilders are trying to incentivize buyers to purchase houses by buying down the rate so homebuilder will advertise purchase a home from us and get a 6% mortgage and they are taking a portion of the purchase price and going to the lender and a rate hike, paying interest but it is an interesting thing, if you are freaked out about mortgage rates, this homebuilder selling houses, 6% mortgage, interesting way to get people in the homes. stuart: if they are dropping mortgage rates they have to pay.
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>> coming out of the sales or someplace. the house they are buying doesn't have a dining room or den, making houses smaller. talking about being stuck in their home because they have low mortgage. if you want to get into a house or something smaller and a homebuilder to buy down the rate, you could have a 6% mortgage 8% mortgage market. stuart: i don't see the affordability prices going anywhere, mortgage rates keep going up. that's an affordability crisis that's not going away. >> and availability crisis because not enough stuff on the market. stuart: are you happy in real estate? >> yes. there's always money to be made. stuart: where are you making money in real estate? >> we are acquiring a portfolio of mobile home parts, look at where the problems are, there's a lot of white space in real estate for affordable homes. there are people in this country who live in mobile home
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parks and many mobile home parks, we are buying a portfolio in mobile home parks, putting money into them, fixing them up, that's a place where people live, very affordable. there are little niches that most people overlook. stuart: you found your niche. congratulations, all good stuff. listen to this. nordstream in downtown san francisco just closed its doors. lauren: they are never going to say we are closing the doors because of crime. lauren: the changing dynamics, this is the downtown nordstream at westfield center has been there for 35 years. in san francisco, the mayor seemed excited about it.
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that is what people want. consumerism has changed, people want experiences, they don't want to stop in the department store. the businesses are mad too. they are being hurt, lower our taxes. a blend policies to keep us safe to hold people accountable for the crimes they commit. don't do that in a soccer stadium. stuart: i can't imagine that. the ground floor of the department stores a soccer stadium. lauren: interactive is a partner. you are afraid to go there. stuart: this is how you tie up a presidential candidate so he can't campaign. throw the book at him for any and all perceived offenses. that's what is happening to donald trump. that will be "my take" top of
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when i first learned about my dupuytren's contracture, my physician referred me to a hand specialist. and i'm glad he did, because when i took the tabletop test, i couldn't lay my hand flat anymore. the first hand specialist i saw only offered surgery. so, i went to a second hand specialist who also offered nonsurgical options - which felt more right for me. so, what i'd say to other people with dupuytren's contracture is this: don't wait —find a hand specialist trained in nonsurgical options, today.
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i found mine at findahandspecialist.com. stuart: hurricane idalia bearing down on florida's gulf coast. where is it expected to hit and when? it was 16 >> the big bend of florida, we've not seen a storm of this category there since records began. we have a new advisor at 11 am local time. the hurricane hunters have been flying in the center of the storm to see where the strongest winds are. all indications are we are going to a period of rapid intensification, meaning a major hurricane in the next 24 hours. we are seeing wind gusts in excess of 30 miles an hour off the coast of tampa, 8 miles per hour, things will ramp up quickly. out her bands moving in towards south florida and the west coast, fort myers, the
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squalling weather in the next couple hours and we sometime in the next 24 hours, right during your show. this storm, the reason we think it will go through a period of rapid intensification is because it has low windshear, nothing to tear the thunderstorm tops apart, the wind from different directions and different levels of the atmosphere can help hinder the development of this storm. high moisture content in the gulf of mexico, dry air, sometimes that can hinder development of an expanding system, strengthening system. that's not happening, lots of moisture and then record-breaking water temperatures, very deep as welcome a temperatures 87, 85 close to 90 degrees. as it approaches this vulnerable coastline, the big bend of florida is the most vulnerable across the lower 48 because it is our shelf, the continental shelf is there. the water on top of a shelf, on top of high tide in some of these cases.
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we are dealing with perhaps a 12 foot storm surge, something that has never happened in this region, the big bend of florida since records began. we are talking landfall sometime tomorrow morning but the effects of this well across florida in towards the southeast. georgia tomorrow will have a hurricane on your doorstep and into the carolinas. we will watch this is to move out into the atlantic and stall. here's the latest forecast track, landfall somewhere across the big bend, cedar key is our best bet but don't pay attention to the cone because the storm is very big, it's going to impact all along the gulf coast of florida. even the east coast will get a sermon store - storm surge warnings in effect. when you see storm surge of 12 feet for this vulnerable area that has never happened before, it will be on top of homes. listen to local officials, we will keep you posted from the fox weather center. stuart: we have been warned. thank you very much. still had, will cane on the
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