tv Varney Company FOX Business March 3, 2025 9:00am-10:00am EST
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>> welcome back, 30 minutes until the opening bell for a monday let's get final thoughts with the dow industrial the highs come up 108. >> tons of negative segment never been like this one or 2% from the all-time highs i think we do. >> i'm looking forward to the speech tomorrow night i think trump has a real opportunity to tell people what he's doing and what he's done. >> progressive mayors in washington on wednesday cannot wait. a great show, thank you very much "varney & company" picks it up, take it away.
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stuart: good morning, everyone after friday's oval office blowup where are we now, here we go, zelenskyy told reporters in london that he would consider signing the peace deal. but the trump team is having none of it. the europeans led by the british are sending more money to ukraine to buy weapons there is now a clear split between america and our nato allies, the democrats are name-calling senator adam schiff says our president is a coward but now emerges that before the oval office blowup top democrats had met zelenskyy and urged him not to accept the deal. were they trying to sabotage a trump foreign policy when, it sure looks like it. as for the top money story, it is the bitcoin valley, friday bitcoin was below $80000 a coin, then the president announced a creation of a strategic crypto reserve which would include bitcoin, now bitcoin is at 93400.
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stocks in the green mostly this monday morning, the dow up 100 but look at the nasdaq a solid gain 141 points higher. the yield on the ten year treasury just below for the quarter percent, for 23 in the two-year right at 4% 403 to be precise. oil $70 a barrel, gas moving down, $3.9 a gallon that's average for regular cross-country, diesel down at 365 on the show today a showdown is coming trump addresses a joint session of congress tuesday night, nancy pelosi is telling fellow democrats to keep quiet and let the president's do in his own juice. the treasury secretary will point an affordability czar to come up with ideas to tackle high prices, yes a norah one big, co-conan o'brien took a brief job at trump stay away from politics all different from the oscars joining trump's first
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term, monday march 3, 2025, "varney & company" is about to begin. , get ready we are ready this monday morning, nice day new york, cold, sunny but let's get started with the latest of the contentious meeting at the white house between president trump and ukraine zelenskyy. he followed his visit to the u.s. with the trip to the united kingdom where zelenskyy met king charles, britain's prime minister pledged billions in aid for ukraine following through on his promise to trump to become a bigger partner. zelenskyy now says he is ready to sign the mineral deal, listen to what director of national intelligence tulsi gabbard had to say about the. >> this is created huge rest and
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the relationship president zelenskyy as you pointed out in the clips that you played does not believe that he did anything wrong and there was no issue with what he brought up in the oval office with president trump, there is going to have to be a real bloodletting of any interest in good faith negotiations i think before president trump is going to reengage on this. >> house speaker mike johnson suggests it may be time for zelenskyy to step down as president of ukraine. roll tape. >> something has to change he needs to come to his senses and come back to the table in gratitude or someone else needs to lead the country to do that. it's up to the ukrainians to figure that out. but i can tell you we are reasserting peace through strength. stuart: listen to what secretary of state marco rubio had to say to president trump. >> shouldn't we tried to see if there is way to end the word
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acceptable to both sides in enduring and sustainable. how is that a bad thing i'm puzzled why anyone thinks tried to be a peacemaker is a bad thing is only a bad thing when it donald trump. what is president trump it's absurd. you cannot end the war unless both sides come to the table starting with the russians in that's appointed president has made the soon as everyone goes up and figures out this is a bad war headed in a bad direction to death and destruction in all kinds of danger surrounding that could spiral into a broader conflict. >> were trying for clarity and it's difficult to get clarity at this particular state, lisa boothe joins us. it appears that trump's cabinet is united behind him the democrats are united behind zelenskyy. is that too simplistic. >> i don't think that's two simplistic. president zelenskyy will not step down he declared martial law and suspended election and barred his political opponent. he's not going anywhere. president trump is only one that seems to want peace in all of
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this president zelenskyy has blown up the deal three times. at this point why would the united states trust him he wants to speak about a partnership you don't blowup deals in light of people that you want a bad posi. i get if you're president zelenskyy there's not a lot of great options in front of any sort of deal is probably going to be him conceding a territory in the outside about what are the other options we will not want to put boots on the ground and get further engage, what is that you that leads to a potential world war with a nuclear opponent which is what president trump is trying to avoid in zelenskyy keep saying i want security guarantees. having the united states companies mining and ukraine at the security guarantee that's a deterrent to russia who is not going to want to engage in the united states in that manner it is a security guarantee. it's in zelenskyy's best interest to take this deal they will probably have to see territory. what are the other options a full-blown world war with the nuclear power.
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>> i'm sure this is negotiated behind closed doors unlike the oval office on friday which was open to the world. next one, will trump tomorrow night he's going to deliver the joint address to congress, before we get there listen to what advisor jason miller had to say about the forthcoming speech. >> i think this is more important than ever because not only what we see president trump doing the first month in office but what comes next is so critical this is what you touched on, the country is in a really bad place where joe biden left it even with the fantastic accomplishments that by the way george washington and the rest of the presidents would envy what president trump does to finish getting our country back on track. >> what you expect to hear tomorrow night. >> i'm wondering how long this will be. he's done so much in a short period of time i swear it a press conference if you were on air afterwards i don't what were talking about. hundred things were discussed. he is moving at lightning speed
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this is a guy over the past four years has been taking copious notes this is what i'm going to do what do i get back in office. obviously had a lot as well that the bidenomics the way that biden damaged this country and the laughter and the rest of it not only is he tried to fix the damage that has been done but he has a big agenda moving forward. republicans have a lot ahead of them. the tax cuts and jobs act a debt ceiling that you have to deal with in government spending that you're going to have to address as well there is a lot ahead and that is happening, we've seen a muscular administration as well. i think what they're trying to do with that is wrestle back our country from the bureaucratic state and the democrats are fighting tooth and nail. donald trump wants to redeliver this government to the american people. the only way to do that is to fight back the government, to decentralize and try to dismantle the big, big government that we had. >> the trump show extends tomorrow night.
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>> i hope everyone has their popcorn, maybe a little wine. i don't judge. >> thank you very much for being here. you can watch the president speech the joint address to congress on fox business special coverage begins at 6:00 p.m. eastern with "the bottom line". where are we on the market this monday morning were heading towards opening bell up 160 on the dell hurried up 171 on the nasdaq. plenty of green, lou basenese is his joining me now. i want to talk terrorists. tomorrow the president delivers the states 25% tariff on mexico and canada and additional 10% on china. the market doesn't appear to be terribly worried. >> they were last week if you look at the confidence data use all the consumers are starting to worry about that and expect inflation to go higher. more important lease eeo czar worried about it. the earnings calls in february there was 2208 mentions of terrorists. it's obviously top of mine but here's the thing that you brought up, do we think will get
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tariffs tomorrow there always seems to be the 11th hour and 59th minute delay or further negotiation. i think this is part and parcel to trump's tactics you threaten to escalate to get to a settlement. >> everything said negotiation. >> even if they go into effect tomorrow i would venture a guess of the prediction i would be bold enough to say they won't be here by friday it'll get everyone to the table to come to resolution. 25% tariffs is not good for anyone, not this country or any other country and certainly not the american consumer. >> we have a nice rally. it used to be trump's benchmark for his success and is a administration on the economy was the stock market. i get the impression is no longer the stock market. >> i think he's watching a lot kissing everyone's attention. >> i think it's true you been various on the ten year treasury yield because it tells you if it's rising and serious concerns are happening and if it's
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falling it could be an economic collapse. it's less volatile president trump is focusing, use scott bessent for the metric to follow and what you want to see range bound you did a goldilocks scenario where the ten year treasury stay in the 4 - 4. to 5%. stuart: that would be nice in the rally. government employees were sent another e-mail asking them to detail their compliments from the previous week, those working in classified roles still required to respond but they can reply with all my activities are sensitive. defendant secretary pete hegseth is backing elon musk's play. watch this. >> i'm now directing each member of the department civilian workforce to provide those five bullets on what they accomplished in their specific jobs last week she reply to the e-mail and sisi their immediate supervisors. it's a simple task really adds
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elon musk said and the president reckon is the first cabinet to pulse check are you there to dod civilians. >> separately president trump is facing more pushback from the courts a u.s. judge ruled against his firing of the head of the office of special counsel. a little pushback there. evacuation orders in effect in north and south carolina ten active fires remain that's way down from 175 previously. governor henry mcmaster has declared a state of emergency 4200 acres have already been burned that's just in south carolina. still ahead the trump administration has a new plan to go after high prices, what's that and affordability czar. >> we are going to appoint and affordability czar somebody picks a five or eight areas were this a administration can make a big difference for working-class americans.
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>> is not going to work, steve forbes will join us to tell us what do you think of the idea. right before the explosive meeting in the oval office ukraine president zelenskyy met with democrat lawmakers, did they sabotage trump steel congressman cardoso manus response to that next. ♪ pronamel clinical enamel strength can help us to keep our enamel for a lifetime. it's backed by science it is clinically proven to strengthen our teeth. i would recommend this toothpaste to everybody. it's really an amazing product. (♪) —hi! —hi! ♪ chocolate fundraiser. ♪
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can sign the mineral rights deal that makes america a partner and brings america to the table. when you confront russia you have america by your side not walking away like i fear that we may do. i don't think we will it's not her best interest to let ukraine fall into the hands of russia pete hegseth order deposited offensive cyber operations in russia. why are we doing this and why are we doing it now. >> i'm sorry you did that. >> pete hegseth is ending and offensive cyber operation in russia as of now. >> i don't know what he's doing not russians are attacking is everything that i and chinese are attacking us every single day i don't think you signaled the russians we're going to unilaterally withdraw from the space. if they can keep attacking us and they do everything the day they should be fearful of our
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capacity to inflict damage on them. i don't understand where that's coming from. stuart: it makes it look like were moving to russia side. i hate to use the word but tilting towards russia. it looks like there. >> that would be a mistake, the russians have been aggressors for a long time. remember how world war ii began about a people remember germany invading poland they invaded poland from the west the russians invaded from the east that's how world war ii started this is not something new, russian aggression is not something new that's why all the nations are petrified of what's going on in ukraine. we cannot show weakness with russia, russia is peace through strength and that's only thing the russians and frankly the chinese understand. >> perhaps his diplomacy or the negotiation but that's where things stand.
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we appreciate it. thank you very much. nine people arrested on saturday after a doge protest broke out at a tesla dealership, , the latest demonstration known as tesla takedown. is elon musk's political role hitting the stock. >> tv demand because of the subsidies, you pulled it forward in the early adopters, now you're confronting the reality of not everyone will buy an eb especially with the not mandated. tesla has a tough road in terms of generating demand but elon musk's role will ultimately help tesla. long-term gain from him being so close to the president figuring out ways to integrate electric into this economy. stuart: the stock is well under $300 a share. >> still not a buyer. i don't bet against tosca on never short the stock but i don't think the long-term demand is there for any of the ev
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stuart: monday morning this is what's happening to your money now up a hundred nasdaq a hundred green on your screen, keith fitz with me it seems like everybody is anxious about the market, you are not what you know that the rest of us don't know. >> you are very kind i put my shoes on like everybody else but i stick to the facts 94% of the companies reported 70% growth in eps and five-point something% on the board with revenue all about buying this way to stock prices. for sticking with the best names there is confidence not fear. you're not worried about tariffs coming on all the sudden. >> again if you look at history there's a good case to be made pivotal tariffs whether
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bismarck, morel tariffs agent 61 those set the case for major industrial re-formation of the economy as much as i hate the thought long-term gain could be the result of short-term pain. stuart: you still like costco, how much do you like it worth $1100 a share or 1200. >> i think it'll go north of 1200 or we might see a split surprise. is not just a shock on the shelves the sticker shock in the stock market, management knows this moc good comparable sales, strong online and real throughput. i'm very excited i probably don't own enough shares honestly. >> they report this week, thursday of this week, quickly on crowdstrike where is it going. >> same thing we are out for something but we're going to go higher because people will hangover blank checks i think the world is a tough place and bad actors need to be held off. >> thank you very much indeed we will see you soon the market is
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open i believe they press the button, the dow has opened with modest gain .1920%, 80 points higher to the upside that is the dow if you look at the dow 30 a lot more green than red that is a bias in the 30 more green and red buying up there the s&p 500 opening higher about a quarter% higher on the s&p, the nasdaq also on the upside this morning about one third of 1% a little higher for the nasdaq 189 is a level, big tech mostly higher alphabet, meta and amazon up apple and microsoft are down, look at the crypto. they were given a big boost from trump this weekend, taylor good to see you on a monday morning what is the latest on the crypto reserve. >> we needed this last week we were looking at the crypto market that fell down to 82 overnight one day after hitting the record of one await we were
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thinking we need more in terms of policies so we finally got it expanded on the commitment for the strategic reserve trump putting untrue social over the weekend i'm adding to my executive order on digital assets to direct the presidential working group to move forward with the crypto strategic reserve he mentioned xrp solana and said don't forget about bitcoin and ethereum i love those as well were getting more details of what we can expect from this administration. >> on the market bitcoin is at 92 trump will impose a additional 10% tariff on china that's what we think it to be 10% that's not good news for chinese companies. >> more uncertainty in tariffs this is the additional 10% after the previous 10% that was already announced in february and this is always a game of chicken who need two more, do they need us more, do the tariffs them do they pass on the
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price increases to us, getting some volatility within the chinese companies names until you get more details on what this means. >> i think it's a new possibility of intel being bought out and there are big names involved. >> this is interesting. i'm not sure if it's a full buyout but is definitely a partnership. we hear that companies like nvidia, broad, maybe amd are running manufacturing test with intel basically decided if these companies will commit hundreds of millions of dollars into manufacturing with intel. amt is evaluating intel they're calling it 18 a manufacturing process. unclear that these companies are not common but if they go well you can see finally intel securing those big contracts that it desperately needs. >> a wonder of what price they would take intel $24 a share what would it go for i have no idea why does morgan stanley like tesla. >> they call it the top
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automotive pick maybe not a huge surprise when we think tesla has really gone woman automotive plate company to robotics and a.i. that has been the way to justify the evaluation of tesla is not a car company it is a.i. and robots taking up the price target to 430 readable case scenario goes all the way to $800 a share. >> why are the chinese ev makers all down. >> it is interesting the top three that you're looking on the screen collectively deliver 70000 vehicles, that was up 112% year-over-year. it does show there is room for ev's even though we talked about tesla struggles and concerns about the chinese consumer. unclear why they are falling, deliveries seem good given how concerned we have been about the chinese consumer. >> we are not buying them over here. >> no absolutely.
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>> i don't know anybody buying a car or electric, why is morgan stanley bullish on aaa. >> are going to overweight from an equal weight to price target goes up to 70 from $65 a share there looking at chipotle from product, marking through point and things that this company will have a decent 2025. i will say i'm a big fan but i like the cauliflower and we should mention burrito season from the kickoff of basketball through cinco de mayo it is peak burrito season. >> i did not know that now i do, capri they have a whole bunch of brands unloading one of them, i think i know this. >> i hope that you know this if you need christmas present ideas i would love one. i'm glad that you know the brand this is the owner of michael cores et cetera there is news that prada is moving closer to $1.6 billion deal to buy verse on she from capri holding you with sievers saatchi come out of
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capri maybe be folded into prada $1.6 billion in the deal could be finalized or announced in march. >> i must follow this closely. >> were accepting christmas presents. >> thank you very much indeed we will see you soon and will see you on the big money show 12 eastern. i need a stock pick. >> i have two momentum plays and i'm sticking with eli lilly this is not just because of the better performance in ozempic and wegovy this is longer-term we see how well it helps in weight loss in the treated diabetes but i'm telling you this will be 100 billion-dollar market for all of the other ailments that these drugs treat peptide which is eli lilly drug the scientific name is better because it scientifically targets two ways to activate the immune system, you can put it head-to-head with novo nordisk and it'll win in the scientific and i think you would in the market as well. stuart: the next one is in no
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data. >> it was trading at $8 will be first talk to january of last year. it is now north of 50, $55 a share this is a company with generative a.i. support to all of the big tech companies. instead of buying nvidia what you buy in a data instead it will serve alphabet, microsoft, amazon, you name it, apple this is a company with a pick and shovel. >> more room to run. >> i think the stock could be a $100 stock it's only traded at once $.6 billion trading, if you get too excited. >> fifty-four dollars. i'll take that, thank you. coming up nancy pelosi is telling democrats don't pull any stock during the joint address to congress, that is rich i remember her tearing up, that was a public demonstration we will have more on that coming up trump's treasury secretary says we will easily be able to hit the fed inflation target. watch.
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>> i would expect quickly we will be down to the fed 2% target. economist peter morici response to that next. ♪ ♪ introducing the all-new sofi plus. america's most rewarding financial membership, all in one app. you get our highest apy on savings. plus a 1% match on recurring sofi invest® deposits. plus unlimited access to financial planners. plus, so much more. and now when you subscribe to sofi plus, you could win one of america's top ambitions. enter the power of plus sweepstakes today.
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>> 11 minutes into the trading session the nasdaq turns out it was up a hundred before the opening bell now it's down 14 points, the dow holding onto the gang up 171, listen to what treasury secretary scott bessent had to say about inflation. >> we have the experience of president trump's first term were the tariffs did not affect prices and is a holistic approach that there will be tariffs and cuts in regulation and cheaper energy.
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i would expect very quickly we will be down to the 2% target. i'm expecting inflation to continue dropping over the year. let's forget economist our favorite peter morici joined me now. do you think this a administration can get inflation down quickly to 2%? >> i don't believe so for one finger counting on deregulation a lot you can deregulate the production of oil but that doesn't mean oil companies will drill more oil at $75 a barrel they will not run out to do that these days much were disciplined that we had five years ago in the shale area deregulation another aspects is very slow moving vehicle because of all the lawsuits that you brought into you could not write an executive order to repeal something that mr. obama did. in his first term the tariffs that they put in place did exactly what the textbooks say a tech should do they raise prices
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by half of the value of the tariff. the thing was the small portion of our imports in an economy or imports are not that large they did not have much of an effect overall, a lot of deflationary forces before covid that now go the other way and they were from a very strange book of economics everybody is reading stephen merritt every ordering our security and balance of payment and financial system all imported webpages by the way. it really reads like a sophomore thesis it's a history major about economics there is a lot of logic in their. >> if we cannot get the inflation rate down to 2% quickly what happens to the stock market and interest rates.
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>> it doesn't bother me if the stock market goes if the economy is healthy and we have inflation, the history of thing the stock market does just fine, what matters on the real earnings of companies the real earnings adjusted for inflation continues to increase, stock prices go up, they go up faster if you have inflation because of the inflationary effect i have to give you a caveat with all of this. if they managed to disrupt the economy with the tariff on auto of 25% including trade with mexico and canada and they drove us into a recession then inflation will go down. if one is 10% point he can get it down to 2% pretty quick. >> that the negative view is that not. >> it's a negative view on the
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random threats that donald trump is making. if he follows through on them is going to be highly disruptive. >> thank you very much for joining us this morning, have to move on to the president's idea of a crypto reserve. i have to ask lou what that is about. we have the could to reserve five or six crypto currencies going into it. >> when he originally talked about this on the campaign trail he talked about and bitcoin it would be like government has golden reserve this racist question about this there's not much clarity if you five crypto's how we allocate between them will there be a point in time where you have more of one and less of the other i'm for a strategic reserve in one crypto currency that being bitcoin it's been around the longest it's the most well-known and it could lead to the government spending being put with complete transparency. >> that's what it's about but you have to put dollars into
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this crypto. >> you have to buy it. if you have a strategic stockpile of bitcoin you get a take supply aftermarket which will lead to stability of prices which we have not had an last week something we talked about last week bitcoin collapsing onto 78000 now it's at 92 or 93000. a lot of details to be filled in before we can actually analyze is this good for the country or the market i'm not sure yet. >> thank you very much indeed. we have more later. there is a split, the democrats in the european support ukraine, trump walked a peace deal that stops the killing and brings american involvement in this war to an end that is my take it is a split top of the hour axon has three years of 30% growth, what is been the driver for the company is at the drone business the president of axon is here to tell us. we will be back. ♪
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enforcement and the military, welcome back into see you. >> nice to see you. >> in each of the last three years your company ratcheted up 30% growth in each of the last three years what is the main driver of the growth. >> it's our software business. we are really good at selling hardware and software but in this case when police were body cam's are creating a lot of data that is going into the cloud offering called evidence.com 40 times as much as a netflix. >> wait a second you manage the video from all of the body cam's all over the place. >> the police on their data but we give them the tools to share with prosecutors or redirected to get the most out of it. now we run a.i. on top of the data and they can write their police reports using our tools is a very exciting time. >> the software is taking on. i thought you on the hardware you build drones. >> we build indoor drones and partner with outdoor drones and
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great american drum company. >> what is indoor drone. >> a hostage standoff where historically there aren't great options to make sure everybody gets out alive you can fly drones inside and potentially armed and less lethal technology or other technologies that can take the suspect into custody without injuring anybody. >> the body cam footage what did you say 40 times the data that is wrapped up by netflix. >> that's right we are the largest police evidence for repository in the world our customers have a lot of trust in their really good at fighting crime and were good at managing data. it's a great partnership. >> you wanted to expand your headquarters in arizona and you got a problem they don't want you to expand, what is the problem. >> sadly it looks like we might be heading to a new state arizona has to decide is this going to be a state that creates
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exciting new tech jobs or will this be a stately caters more to the retirement community and their very much against our new headquarters and it's causing us to look elsewhere. >> to tell you how crazy the situation has become there is a representative in arizona that represents scottsdale it is based in scottsdale, this representative is dead set against our campus because it has apartments on it for employee housing, do you want to take one guess as to what joseph does in his full-time job outside of politics. >> i'm not going to get. >> is an apartment broker, you cannot make this stuff up. it's a sad situation. we want to be in arizona that's where the company was built but unfortunately it doesn't seemed like arizona wants us anymore. >> this is fascinating are you going to win or leave. >> we hope to win that's our first priority but we will not wait forever.
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>> this is insanity political insanity, $40 billion tech company the leader in the space that is dire and needed how could you ask for a better corporate partner than this right now. if i look at it from arizona perspective, this is not a flash in the pan opportunity you will need body cam and repository for all the data forever and because some politician may not make big on an apartment complex little fishy. >> you want to bring in trump to negotiate. >> is a good negotiator. >> thank you very much for being with us. >> thank you for having me it's great to see you. check the markets. in business, 25 minutes, the dow is up 100, nasdaq down 57. i want thank lou for sticking around on a monday morning. still ahead kt mcfarland on your taking a more active role in the rescue of ukraine, kevin o'leary on terrorists going into effect on canada and mexico. how do we rebuild our relationship with mexico or with candida after this. the wall street journal kim
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♪ okay, son. focus on what you can control. everything else is just noise. when you work with someone who knows a lot and cares even more... you're unstoppable. at truist, we believe the same is true for banking. i've got a lot going on right now. let's focus. what are your top priorities? ♪ stuart: a lot of go this monday morning, good morning 10:00 o'clock eastern let's get straight to it, first of all the money on a monday morning returning and a lot of red we opened all green, the dow is up 30 points in the nasdaq is off 131, not great on a monday
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