tv Varney Company FOX Business January 25, 2021 9:00am-12:00pm EST
dagen: u2, brian. you have to get the kids out of the house now. >> you said it, dagan. dagen: i think you will be back tomorrow. looking forward to it. "varney & co." starts right now. take it away, stu. stuart: good morning. the outstanding financial story of the day is again the tech. it's powering ahead just as the trillion dollar clubs start report how will they have done and how way-- will they stick to perform in the future. investors clearly expected good news. apple reports wednesday. analysts are looking for a big gain in iphone 12 the sales especially in china with the stock up another two and have% this morning premarket. microsoft reports tuesday and there's a big jump in cloud business expected and it's up another one and a quarter precent. facebook reports wednesday. of the stock has been moving up despite the negative publicity
surrounding censorship. up in the premarket. tesla, fascinating story, elon musk space x rocket with a record 143 satellites into orbit over the weekend and there are reports that elon musk was to drill for natural gas putting him at odds with the climate crowd tesla is up. overall, the dow jones looking to the downside move. s&p up a fraction. the action is in the nasdaq with the big tech stocks. over the weekend, forest-- boris johnson announced the new virus strain which has shut down britain is more contagious and more dangerous than the original covid-19. that may be one of the negatives or stock prices this morning. the big political story, impeachment. this evening, the single article of impeachment will be walked over to the senate. a trial may begin the
mid-february. imagine that, the biden administration wants to push through radical change and at the same time impeach donald trump. can you say vindictive? how about this, more violent rioting on the west coast. looks like insurrection, but the left won't call it that. in fact, the media hardly reports at all it's going to be quite a weekend we are glad your with us. "varney & co." is about to begin. ♪♪ stuart: i have no sympathy for the devil whatsoever, but i do like the rolling stones and that's a good way to roll out what is essentially is a big tech earnings week, the major financial story of the date and
the wii of course. susan, break it down for us. susan: even i knew that was the rolling stones. monday. it could be the first 100 billion-dollar quarter for apple with earnings wednesday and apple analysts are getting on board with that idea iphone 12 sales will be blowout in this morning jp morgan forecasting 80 million iphone 12's sold in the last three months of the last year and morgan stanley says best iphone introduction in half a decade. also raising price targets 175, for the stock and that's down-- that sounds pretty bullish. microsoft reports tuesday. we are looking for the first 40 billion-dollar quarter on microsoft cloud and gaming is the headliner. tesla expected to report a sixth straight quarter of profit with quality of a growth likely examined. facebook will see a big recovery with advertising revenue
after covid. almost 20% of s&p reporting this weekend one point of concern so far has been the fact that companies have done well so far in this early earnings season and the ones that raised guidance have not been rewarded, but that makes people wonder what's been priced into the market already. stuart: extraordinarily walk up to the earnings of these big tech companies, all of them-- most at least going straight up. let's bring in keith fitz-gerald. tech going straight up leading to the earnings report. do you think money is coming out of the rest of the market and going into big tech? >> that's interesting. no, i actually don't. i think there's money coming off the sidelines as people realize big tech is changing our world now will create the value. icy new money fueling this. stuart: i hear talk of this irrational bubble, not a rational exuberance or bubble that will burst, but a rational
bubble because of all the money flooding into wall street. what do you say about a rational bubble? >> that's an interesting term. i agree with that and i think it's logical. digitalization is the largest single trend in land part-- in land-- mankind history. absolutely, rational expansion of the price in earnings. stuart: what about worries about the new virus strain and how dangerous they may be? is that something of a negative today or just not important? >> i think it is playing in a bit. as you and i have talked there is a finely tuned balance point between the current state of our medical technology and the viruses speed of mutation. we had to stay ahead of this get the rollout six tickets a national disgrace which handled in this country and we had to accelerate the process so it is worrisome, but our job as investors is to move beyond that.
stuart: well, congratulations. you have been right so far on the big named big tech companies and you are right again this morning. thank you. another major news story , financial news story of the day is china has overtaken america is a top destination for foreign direct investment. stephen moore is with us i know you are going to say you can't trust their numbers, but our foreign investment actually dropped-- investments into america dropped by 40%. it looks like china is winning. what you say? >> well, we are shooting ourselves in the foot. we look at the policies coming out of the biden administration and i would say no modern president has had a worst four days then biden with this onslaught of left wing anti- growth agenda items starting with the paris climate accord and anti- drilling policies and then cc know the keystone pipeline and
some of the border policies. look, we want to compete with china then we have to make sure every single policy does put america first and makes america unattractive place to invest in. that's why raising tax rates on capital gains and dividends and our american corporations is a good idea. i still believe though, that the united states has the right model and china has the wrong model and i do not accept this idea somehow china will become the world economic superpower. there's too much central planning in china. stuart: he's about to address the conference and i'm just waiting to hear what he has to say, i mean, he's appearing virtually, we know that, but we are waiting for the headlines on what he has to say. maybe he will play off the china leading the world in foreign direct investment.
let's give back to president biden's policy as he's reversing a lot of what president trump in place, expanding food stamps, raising the minimum wage, you name it, but do you think these measures will bring back growth and prosperity at all? >> i don't see much if anything that's progrowth in the biden agenda. i have read the entire campaign document. i looked at what the administration is coming out with so far and i don't get it. frankly, i don't understand why they don't put growth the first. we need to concentrate on two things, getting businesses back up and running and getting the vaccine distributed. i love the idea that biden has, stuart, of 100 million doses of the vaccine distributed in 100 days. that would continue the trump policy of 1 million a day, which is the path we have been on and i hope you choose that because if he does that's good for growth and we get back to normal. look at the forecast. if biden did nothing on the economy and just let
it go, we are like at six, seven, eight, 9% growth in 2021 and it's shaping up to be a blockbuster year if we don't do a lot of dumb things and that's why i'm frustrated with initiatives coming out of biden because the economy-- i said it last week it's ready to be hit 300 yards down the middle of the fairway if we just don't put new taxes and new regulation , new innovations and i hate to say no more drilling on federal land, i mean, as you know the industry has propelled the us economy over the last decade. stuart: we will have more on all of this later in the program. steve, thank you. now this, speaker pelosi will deliver the articles-- the article of impeachment today. senate majority leader schumer agreed to a delay in the trial. ashley, how long the delay? ashley: two weeks. good morning.
the week of february 8. president biden said last week they delayed timeline might be better for him to get his administration up and running more quickly, but the president has yet to state clearly what his position is on impeachment. even his press secretary is a dodging questions. take a listen. >> he remains confident after decades in the senate that senate members of both parties can welcome-- walk and chew gum at the same time and move forward with the business of the american people. >> this he believed former president trump should be convicted? >> he is no longer in the senate and he believes it's up to the senate and congress to determine how they hold the former president accountable and the mechanics in the prime line-- timeline of the process. ashley: that's what you call dodging the question. republicans proposed a plan to begin proceedings on the week of february 15, but eventuallycompromised on february 8, with democrats saying the senate is perfectly
capable of multitasking. stu? stuart: i'm not sure you can't impeach him pass radical legislation at the same time. could chew gum and walk at the same time, not sure you can do it. the woke police going after some of your favorite disney classics. we will explain why your kids may be banned from seeing films like peter pan, dumbo on disney plus. doctor anthony fauci warns the new strain in britain could cause more damage than what's been don. what kind of damage? dr. marc siegel answers the question in the moment. looking at future, the standout is clearly the nasdaq going straight up to the tune of 1%. a big tackle warning ahead. more after this. ♪♪
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save $1,000 on the sleep number 360 special edition smart bed, now $1,799. plus, 0% interest for 36 months on all smart beds. ends monday. stuart: the financial story this morning is not that thou average or s&p, is there-- it's the nasdaq. big tech earnings week. how about moderna? it says it's the vaccine still protects against virus variants, virus mutants that it's made a big splash in britain with this mutant over there that virtually shut down worries about it coming here. modernist says it's vaccine works. doctor anthony fauci warning about the new virus strain circulating in europe. here's what he had to say. >> we need to assume now that what has been circulating dominantly in the uk does have a
certain degree of increase in what we called their lives, mainly the power of the virus to cause more damage including death. the best way to prevent the further evolution of these mutants is to vaccinate as many people as possible with the vaccines we have currently available to us. stuart: but skip professional opinion. dr. marc siegel joins us. how deadly is this new strain? >> i like his words we had to assume, but stewart's, we don't know it's more of the real and previous strains because studies out of the united kingdom are small. they look at 10% or less of hospitalizations and people over 60 they found out of a thousand people hospitalized instead of 10 dying they had 13 and that's a small difference and here's the most important thing. once you are in the hospital your chances of
recovery were that same and i also want to point out in a variant that's this contagious there is a lot of patients out there that have it that don't even know it, so the rate of people getting very sick from it may not be higher. we may lose the fact that more and more people are getting at, but don't even have the diagnosis. i'm not convinced it's more imperial at all work on convinced it's easier to spread and that in of itself is a problem of containment, but as usual fear leads the way. stuart: you have that right with a lot of fear out there with this new strain. hhs secretary nominee repeatedly dodged questions regarding the timeline on when vaccines will be available. watch this. >> biden administration is saying the federal government will have a much heavier hand, so given that what is the timeline? was the goal for people to get fully vaccinated? >> it's a partnership work it won't be a heavy
hand because we have to work with states and local partners. i first had to be sworn in to give you a timeline. >> is the goal of this a summer? >> the president before he had an opportunity to be in the oval office for one day had already committed 100 million vaccine shots in 100 days. stuart: okay, doctor, 100 million vaccinated in 100 days, that's just building on president trump's policy, is it? >> yeah, that's actually the same rate we are at right now and one of the things that is so disappointing is the pointy fingers in retrospect when in fact an elaborate plan had been set up for distribution and i spoke to david kessler yesterday former fda commissioner who was the head of operation warp speed for biden and he said it involves pharmacies, but the most important thing here is she said we are limited by production. what's going on at pfizer, what's going on a moderna, how many vaccines can we get and he said they are about
to get all a total of 65 million doses, but 38 million have been given out already so the key is not distribution. the key is can we get it from being distributed into people's arms and i think they can do a hundred million doses in a hundred days, but as you pointed out it's the same rate we have now, more and more involvement with pharmacies are the key. stuart: dr. marc siegel, thank you for joining us. despite promises of transparency the governor of california, gavin newsom, is withholding data about the virus. why is he doing that, ashley? ashley: well because releasing the data would confuse the public, stu, according to the california health department. last may the center for american liberty filed a public records request asking for the science and data behind the decisions, but was referred back to a state website and refused access to other data. california is now using a system based on icu
capacity, each reason-- region has to have lower 15% icu capacity to escape the restrictions. last week they decided to lift the lockdown order in sacramento even though it was 9%. now there's where the governor is expected to lift the statewide stay-at-home orders today in all counties and it will appear we go back to the tier system allowing the reopening of outdoor dining and indoor salons, but what is this based on? we are not being told. stuart: he says it's confusing to the general public. thank you. checking the market again. we have about seven or eight minutes to go to the opening. the key is the nasdaq, straight up meanwhile, look look at something we have in showing you for the last 11 months, an empty times square, new york.
hard to believe file. disney plus has blocked to children under seven from watching classic movies. they are on the screen. lauren, which movies? lauren: if children want to watch, peter pan, dumbo, or-- disney booted these classics as the kids profile because they all had content advisories. a team of external experts agreed that these movies included negative depictions and mistreatment of cultures. dumbo was in the 1940s, peter pan the 1950s, but it's not advisable that children see them for disney because of the way they pro- trade cultures at the time. stuart: okay. i had to get more on this. let's bring in jeff sica , our streaming guy of the day.
why is it disney play in the political correct game? >> well, stuart, first of all what type of world do we live in when dumbo and are considered issues, but these external sources that have deemed these films to be racist films really make no sense primer really because if you look at dumbo, for example the fema dumbo is compassion and tolerance to others, so now disney, who by the way stuart, i like disney and i've always liked disney. i think they have done a lot of things right. now they are putting themselves in the place of appearance to be the arbiters of what is right and what we can show our kids instead of using these films with these great great messages to teach kids and to help them understand and think for themselves. they are on a slippery slope here because there's hardly any films
that don't have something that someone will be offended by. stuart: you are a big crypto guy , big supporter of bitcoin. i want you to comment on jalan-- janet yellen who suggested curtailing crypto. the big question protection-- picture question is this, can a united states that secretary kill a cryptocurrency? >> first of all, can she loses sleep at night knowing there's a currency she can't control and manipulate, but what she exactly said was that people were using the coin for illicit purposes. that's what she said. now, the irony to what she said was that same day black rock which is the largest money manager in the world that manages 460 billion in public pension money, they came out and said
they were putting bitcoin into of their funds. they probably are putting bitcoin in funds that are involved in public pensions, but they still embraced it to an extent, so yes, janet yellen can in fact negatively affect bitcoin when regulation comes to the table. that's why this is so volatile or two weeks ago christina was losing sleep over not being able to manipulate a currency. she made the same comment. this could be the one issue that's going to make bitcoin a menace in some cases. i still like it i still think there's a definite future for it and i see the institutions are embracing it whether or not janet yellen agrees with that. stuart: okay. jeff, good stuff, thank you for joining us your queue are still in bitcoin and you are staying in bitcoin.
let's look at wall street. there you go they are clapping, moments from now they will ring the bell and then we will start trading on this monday morning. it's a pretty big day and a very important weight because the biggest names in technology will report their earnings and they will give their outlook for the future. that's a huge deal. 9:30 a.m. and we are often running. expect to see the dow industrials move slightly lower at the opening. that's what the futures were telling us and that's what's happened, down about 80, 90 points for the dow industrial. s&p 500 also-- actually pretty flat, actually that's a quarter precent higher. we weren't expecting that looking at futures, but we are moving up from there. that's the smp. here's the big deal, nasdaq, new record highs if i'm not mistaken up 140 points, up over 1%. 13600. now i'm going to look at
tesla, apple, microsoft as they all report this week. all gaining a lot of ground especially apple, of 391, 2.9%. let's bring in the susan. let's start with tesla. susan: we are looking for sales across $10 billion for tesla in the final three months of last year, six straight quarter of profit for elon musk, but is it enough to justify the 800% rally we have seen over the past year and as i have said i think all give growth from actually selling cars will be important took wall street expecting a huge quarter for apple, getting a record high above $143. blowout iphone 12 sales especially in china where there's more 5g adoption of microsoft reporting strong quarter on cloud and gaming which is what's anticipated tuesday.
facebook will likely grab more advertising revenue. is a bifurcated stock market and big tech will do well as other companies won't during this year of covid. overall smp profit expected to drop for a fourth straight quarter on track to be down about 4% from a year ago , but as you know four straight quarters of decline. stuart: but, big tech is even more dominant on wall street than it was before and greening -- gaining more ground. game stop, we might want to make this the stock of the day, up 52%. why's that lauren? lauren: that's nothing, stuart. in the premarket earlier game stop was up about 130%. shares that one point more than doubled in the volume is heavy. i have nothing substantial to report on this move. a game stop is merely propped up by freshman traders who are
collaborating on social platforms like reddit as well as by short-sellers and they are ignoring the fact that game stop is expected to report a loss per share this year and also for fiscal 22. if you look at the chart for the month, it's up to hundred 20%. it's up to hundred 20%, not indicative of broader tech or anything like that, but i think it raises speculation. stuart: there is worry about a frothy market when you have a stock like game stock going up 50% or even a hundred% you have to worry. there's a lot of stock in the news and that's a sales force up one half percent. the news there, susan? susan: being upgraded. remember it bot flack so we will see how many
more users microsoft teams assigned on tuesday whether or not it can match. roku is up $500 stock this morning according to bank of america with billions of hours streamed. another stock to watch, don't forget we have it by 27%, a quarter friday in the final hours of trade and mrs. a fear of missing out type of stock, not much moving it, but they keep signing on then you can expect was to continue. stuart: there are huge upside moves today and here's another one, blackberry over it-- up 32% today. they have resumed over the past week. susan, yet this, are you going to tell us why? susan: because they settled with a patent infringement lawsuit with facebook. highest number for blackberry and almost a decade.
this is just adding on top of that and they also have a patent infringement case with twitter which has now been settled yet. also, trading higher along with the big tech rally we see this morning and it's no longer a hardware company. you don't see blackberries being used, it's more about technology and licensing attached to other companies now. stuart: it took me years to go from a blackberry to an iphone and i'm still not happy. susan: doesn't surprise me. stuart: warren has this one, regeneron pharmaceuticals, what's the news? lauren: they got an upgrade to outperform with a price target $630. it has nothing to do with covid peer they like their cancer, eczema and i did drugs and they also say quote now is a good time to buy the stock. it's up to an half percent. stuart: what is this about merck
pulling the plug on its covid-19 vaccine trials? lauren: it halted to experimental vaccines after death farm phase one trial showed it had disappointing immune responses. merck is one of the leading vaccine makers in the world and experts have been placing high hopes they would come through with a vaccine that we could add to the arsenal as we fight covid-19, but merck was very slow to pursue a vaccine in the first place. they worried about diverting resources away from the blockbuster areas they had seen success in. they are working on to covid treatments, one for severely ill and one for early-stage covid and we expect those results sometime in late march. stocks are down too much, about 1% and the reason is like this was a quick kill for their research and for the most part analysts can brush that aside.
stuart: all the other vaccine makers are on the upside this morning. how about cruise lines, pretty much it down across the board, i can see. ashley, i presume they are extending their shutdowns way out into the future. is that what's going on? ashley: yes, indeed. they are dropping again on president biden's plan to impose travel bans on some travelers and nearly all us citizens, brazil, uk, ireland and 26 companies in europe. at that does not help but it comes on top of the news that of a last friday announced it was celine moore cruises and extending the suspension of us cruises through april 30, matching the suspension of fellow cruise operators norwegian and caribbean. carnival says it's also canceled european cruises sports carnival legend ship to october 31st, and canceled all australian operations through may 19.
now norwegian says it will require crew members to get the covid-19 vaccine before they can get on board. also, negative headline no big surprise they are moving lower today. stuart: thank you. how about another stock going straight up, that is amc up 34%. susan, i guess they got the money. susan: they managed to raise over $900 million averting bankruptcy at least for now. the money will help at least to the winter. blockbusters like no time to die, the new james bond movie delayed until october are going straight to streaming like warner bros. wonder women we know was a hit, the sequel on hbo max. amc is opening dozens of theaters this month, but a tiny fraction of the 600 plus that operates in the us and some
indicate they are willing to give a copy like amc 900 billion this indicates stock market probably more than any other story today. stuart: i think you are dead right there, susan. now, that mr. trump's gone former fbi director james comey says the entire republican party has to be quote burned to the ground before can be rebuilt. i bet steve cortez has something to say about that your key joins me next hour. the matchup is set as tom brady returns to the super bowl for the 10th time to take on the defending champions kansas city chiefs. joe is here with his game day predictions. a gun, bernie sanders has raised a lot of cash off the spiral inauguration moment. i think it's all about the mittens. we have the story coming up. ♪♪
stuart: some individual stocks are the subject of extraordinary volatility today. game stop in particular, one spot it was halted for trading because of the volatility. it's back being traded now and up 47%. let's bring in steve-- stephen schork. he's our guy this hour on oil. will, president biden stopped the keystone pipeline. he's going to stop drilling on federal lands. big picture for second, doesn't mean long-term energy prices will go up? >> absolutely, stuart. they have no other place to go when you restrict supply and for instance president biden's decision and let's keep in mind it was not a surprise as it was a well published in 2020
that he was going to kill one 10th of us supply so when you artificially restrict supply. when you-- you will have a rebound in demand and we are confident we will see that given the structure of the foreign credit with the weights inverted and it's telling its pricing lower supply greater demand, economics 101 as prices will have only one way to go and that's higher. stuart: i think president biden has a political problem with this. are we, the voters, are we in america prepared to pay a lot more for energy because of his climate change policies? that's a big political question. >> apparently, we are because we put joe biden in the white house. he's our president, but he told us outright that they are going after the oil and gas industry, so if you are a state like new mexico which is a democratic state and you
voted for biden you have now just kissed goodbye hundreds of millions of dollars to the oil and gas revenue because half of new mexico's oil and gas revenue comes on federal land so these folks will get what they deserve. they voted for this and they are going to get it we as a country will pay higher energy prices in the years to come. stuart: do you think elon musk will make any difference to this debate? he's come out and said he wants to drill for natural gas to fuel the space x projects. that's what he wants to do and he's a climate guy i mean can opinions be changed? >> i don't know if the elon musk is a climate guy. he's clearly a capitalist and clearly drilling for natural gas absolutely makes sense for cheap access to gas gives the us an advantage that is the envy especially in china the envy of the world so we should be doing everything we can to
exploit this energy source to keep industry moving forward. elon musk decision, will have a greater impact? i'm skeptical, but i love to hear he's pro- natural gas. stuart: don't we all. stephen schork, thank you. always appreciated. facebook and amazon, big lobbyists as they spend a lot of money lobbying last year. how much is a lot of money, lauren? lauren: together, $38 million so about 20 by facebook and 18 million by amazon, the most of any other company. 20 twice are antitrust lawsuits, investigations and the election in a pandemic brought questions about the company's practices appear both are trying to build goodwill at a time when they are under the brightest spotlight ever and they do expect regulations to come down the biden pipeline. there be seen at their lobbying team as a result.
stuart: i have a book that says they will double it. thank you. today i believe tonight the house is going to send the singular article of impeachment to the senate. they have to walk it over there but senate majority leader chuck schumer has agreed to a two-week trial and we will give the latest on the scheduling of impeachment. president biden is kicking off his first pole we can off-- office by undoing maura president trump's policies and we have the list of new executive actions today including actions on a made in america. details coming up. ♪♪ than $30 each. call 1-800-t-mobile or go to t-mobile.com/55.
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changed. bitcoin still around $34000 a share, nowhere near 10 days ago when it hit 42000. oil, $50 a barrel with gasoline cost an jump $2.41. president biden said to continue his executive order. blake berman in washington will tell us which executive orders he will sign today. reporter: stuart, it will be a rollout of president biden's "made in america" policy no team roughly 1600-- $600 billion in federal contracts given out every single year. here's how they went to approach that to make sure the "made in america" policy is in place. the president will sign what is essentially a crackdown on the waiver process. one thing they will rollout is a website and whenever anyone gets a waiver you can see it on the website businesses can say maybe i can do that better. they will also increase the domestic content threshold to make sure products are just
shipped into the us, stored for a bit and then sold to the federal government. there will be a new "made in america" position at the office of management and budget and the administration will reinstate its support for the jones act meaning us flagships are the only one allowed to port in the us. you may wonder how may this be different from the previous ev gnno these ecutive ilrtwtalktalkut a aurcad onock i follow,low,
watg it iss callawayawayf. in march of last year, about 10 months ago, call away golf had dropped to $4 a share and it's now almost 30. that's one of the biggest rebounds i have seen in the years. still ahead on this program today this monday morning, steve cortez, joe theismann is with us, then dominic, gregg jarrett. the second hour of "varney & co." right after this. ♪♪ ♪♪
this hour, california congressman carlos gimenez. joe theismann joins us. ben dominic, the attorney general of west virginia, gregg jarrett too. as for the markets look at this. the dow jones industrial average to the downside, up sharply so you're up nearly 200 points for the dow. that is the story. the nasdaq is going straight up. up 1.25%. 13,700. here is why. look at big tech. look at it. everyone of the big names straight up, especially apple. 4% higher. 144 is your apple price. they report on wednesday. we're expecting a huge increase in the sale of apple 12s. google is up. microsoft is up. this is a big tech rally big time. now this. clark county, nevada, the area right around las vegas, it is the fifth largest school
district in the nation. they're now scrambling to reopen their schools as quickly as possible. why? because the damage to youngsters from lockdowns is so obvious, it cannot be denied or covered up. since march the clark county school district has issued 3100 alerts harming themselves. by december, 18 students committed suicide. that is double the whole number of the 2019. it has been obvious for a long time closing schools posed enormous social costs but those costs were ignored. last summer president trump pushed hard to reopen the schools, many states, most big cities and yes the teachers union pushed back. school openings were very few far between. by the fall, parents were demanding in-person learning. many fled to other school
districts or private schools. still the closures remained in place. politics intruded. school closures were most prevalent in democrat run states and teachers union made political demand. state economies and schools are beginning to open only now that president trump is gone it is an ugly story. educational standards have been set back particularly for minorities. our children have lost a year academically and socially. they were abandoned by the teachers union and self-serving politicians. the second hour of "varney & company" is about to begin. ♪. stockholders can't get enough of this. most people who own any tiny fraction of wall street, own a tiny fraction of the big tech stocks. that is the story this morning. those stocks are going straight up.
we'll list them for you. left-hand side of the screen. it is an interesting story, apple up 4%. let's bring in market watcher dennis gartman he joins us today. i know you're worried about a bubble. but i keep hearing this expression, okay, don't get worried, it is a rational bubble. it's rational because a ton of money is being chucked into stocks. so when they act like a bubble that is rational. what have you got to say about that? >> i'm going to say what lord keynes once said, the market can remain irrational far longer than you or i a can remain solvent. the corollary the market turn toed rational when you are insolvent. this is irrational. so money force fed into the system by the fed, ecb, bank of canada, et.al., bank of japan, bank of china. they are force feeding reserves into the system. when the democrats arguing in
the united states for $1.9 trillion, some of that will find its way into stock prices. the public is enamored of apple. the public is enamored of gamestop. it is enamored of on high-tech. not enamored in ball bearings and steel and tires, railroad, shipping, those are the places you should be at. are we irrational as far as high-tech is concerned, i think it is. god es about the people enjoys the run. i hope it continues. i have my doubts that it shall. god bless them what they have done. they have profited enormously from what has happened. stuart: are you, let's get straight at it, dennis, are you predicting a crash at some point this year, 2021? >> oh, no, i would never use the term crash. that is, that's bad economics. do i think that stock prices will be lower a year from now than they are now?
probably especially in the high-tech industries. do i think u.s. steel and goodyear timkin rolling bearing and shipping companies will be higher than they are a year from now? yes i do. will there be a crash? i would never say that. do i think the high-tech stocks are overvalued and the public is too enamored with them and margin calls are too high, yes i do. stuart: you are recommending money put into oil stocks. >> yes. stuart: even though the president has canceled ski tone pipeline? >> first of all what is happening, this is most stupidest decision the government has ever made angering your best ally can dan and signaling to the rest of the world is we're reinvolving ourselves of energy is utterly
stupid. the other pipelines will do well because of lesser pipelines coming because of the cancellation of the xl pipeline. i think pipelines are places to be. they have come back down because of the cancellation of the xl. the yield on pipeline stocks, especially pipeline etf, some pray monthly, 8% own a monthly basis. hard to beat that. i like pipelines, they have come back predicated on i think the ill-advised decision by the biden administration, no question. stuart: fascinating, fascinating. dennis gartman, as always what a pleasure. see you real soon. >> thanks, stuart. stuart: i wonder if you saw this, former fbi director comey, he says the republican party needs to be burned to the ground, to rebuild it i guess. steve cortez is with us. comey says the gop has to remove all of trump influence before they can rebuild.
i'm sure you have a response to that? >> i sure do, stuart. i think it is scarry as an american. forget about being a republican that this brazen partisan comey wield power he did as fbi director. no wonder unfortunately in that role he weaponized the national security complex of the united states to spy on an opposition campaign and incoming president of the united states. to his point about politics, it is actually fascinating. he misses the old republican party, the 2015 and prior republican party because he himself is really perssonification of a crony swamp creature. what i mean by that specifically is, he leveraged his government roles into incredibly lucrative positions in the private sector. for example, he was counsel to the largest hedge fund in the world. one of the largest defense contractors in the world. he did extremely well for himself. he was wealthy as counselor to the oligarchs. he clearly longs for that kind
of world, a world of constant war. crushing statism. the republican party now of 2021 and own going is a party of american workers. it is an america first movement of economic nationalism. and swamp creatures like comey detest it. that is understandable. but he is massively losing this battle because republican voters have lined up squarely behind the america first agenda. stuart: they will walk the article of impeachment over to the senate this evening. we're told that a trial may begin around february the 8th, that week. is it possible that this works in favor of the republicans? i asked the question because it's a huge distraction from president biden's legislative proposals, and it is a repeat what we've already seen and the man is no longer the president? i mean i could see how, there would a backlash, rebounding in favor of the republicans, what do you think? >> stuart i think it will very much rebound against the
democrats and against chuck schumer and nancy pelosi, ultimately against biden as well. their continued obsession with president trump even after he is out of office is really frustrating to the american people and polling shows us that. they want congress to be dealing with covid, with economic relief, with reopening parts of our society still closed, not with a witch-hunt going after the president with ridiculous accusations that he incited violence when in actually the transcript of his speech reveals exactly the opposite. i think it is opportunity for the president to forcefully make his case to effectively turn the legal guns around and put the senate itself on trial. that i really believe that is what is going to happen. i for one the impeachment is a farce. now the impeachment has been consummated i look forward to the trial. it will give the president and his defense team an opportunity to really in my view impugn the motives of the senate itself. stuart: steve cortez as always,
we'll see you again soon, thanks, steve. i have individual stocks really moving big time today including that one. bed, bath & beyond. it is up 38%. look at it. the store is soaring. jefferies raised the target price to, it raised the target price at jeffries to $24 a share from 20. the thing is at 41. that makes no sense to my whatsoever. however, lauren, you're following other movers today. what have you got for us? lauren: look at moderna up 10%. they say the two-dose vaccine is expected to be protective against any new variants of covid but they're testing a third shot. but a booster that can also protect. let's do housing. d.r. horton, the homebuilder up to $89 at raymond james at 2.4%. the three volatile names we've been following at this show, amc, they secured new financing.
they will not go bankrupt, up 25%. gamestop, this fight between the day traders and the hedge funds short sellers is now up 38%. blackberry gaining on top of last week's 43% gain. it is not all green today. these are the losers on the dow. you can see they're all down around 2% and this is indicative of the worst-performing sectors today. energy, financials, materials and industrials. amex down 2 1/2%. boeing down 1.75. stuart: there has to be big losers with the dow down 200 points. lauren: made to bring it to you, i'm sorry. stuart: we want to know. we want to know. in case we own some of them. get back to tesla. doing well again today. has somebody raised the target price, susan? susan: earnings. baird listing the target to 728. the bias to the stock remains
upside. wedbush dan vice, friend of program, he sees goldilocks for tesla, benefiting what he calls biden's pivot to clean arrow knewables. dan ives, 1250 for the stock. i found interesting, nancy pelosi, the house speaker, purchased 25 call options on tesla with straight price above $500 a piece. if nancy pelosi gets in, that is pretty bullish, don't you think? we are expecting a $10 billion sales quarter at the end of the year. tesla reporting on wednesday. i know the story has your attention. you love the story of elon musk's other company spacex drilling for nat-gas near its texas launchpad. spacex subsidiary bought the rights around the area to extract methane gas in order to power the raptor engines. spacex currently in court fighting another gas company in texas who owns the land and gas underneath it. talk about, i guess
diversification for elon. stuart: no, no. find it a fascinating story. the richest person in the world t just had a fantastic performance with spacex. they launched 143 satellites with one rocket. now, he is interested in drilling for natural gas on land close to spacex place. susan: which is renewables. stuart: musk is the ultimate climate guy. what is he doing going for fossil fuels? flying in the face of the biden administration. that is a huge story. susan: thinking is if he drills it himself he owns the methane gas, saves cost, paying himself. another revenue stream for him. that helps power the raptor rockets. that is pretty smart in that contained circle. stuart: yeah. he is a smart guy. let's face it. susan, thank you. going to tell you what else you got coming up for you. president biden out with a bleak warning about the virus. watch this. >> nothing we can do to change the trajectory of the pandemic
in the next several months. stuart: oh, sounds ominous. but wait, see what happened to his optimistic plan to vaccinate 100 million americans in 100 days. we've got the story for you. patrick mahomes and the kansas city chiefs set to take on brady and the buccaneers in the super bowl. who is going to win? i will ask joe theismann? he is on the show. bernie sanders cashing in on that moment from the inauguration. i think it is his myth making him some money. we'll be back. ♪.
♪. stuart: still the same. nasdaq way up, about 1.25% higher. dow industrials paring their losses still down 100 points. that is called a bifurcated market? i guess it is. avis, the rental car company. this is a pop right there. not bad, 2.8%, bank of america they started to cover that stock. they say it is a buy. okay. avis up 42. the president of mexico says the biden administration offered four billion dollars for development issues in central america. i guess they're hoping to stop the caravans. however one new caravan has just formed in honduras. congressman carlos gimenez is with us, republican from the great state of florida. congressman, what do you make much biden's immigration policies? >> look, i think the first thing we have to do with immigration is secure the border. second thing is secure the border. the third thing is secure the
border. urn fortunately the president one of the first actions he did was stop building of the wall. i think there will be bipartisan support for comprehensive immigration reform here in the united states including allowing the 11 million undocumented folks that we have in this country that are living in the shadows to come out of the shadows. give them a way to work but if you don't secure the border, you're not solving anything. and the issue of citizenship too. i don't think it is fair people will get a pathway to citizen, they will jump the fellow citizens from their country of origin trying to do things in the right way. there are things we can agree on. things we certainly can't support in the biden immigration plan. stuart: there is a poll out there that says when the caravans arrive in the border, a clear majority says don't let them in but they are likely to be let in. we're building tent cities, for
example. we'll hire a lot of asylum lawyers. looks like they will be allowed in. i take it you don't approve? >> no, i don't. we need to secure the border. once we secure the border, start looking how we're going to solve the issue of the undocumenteds living here in the united states. again it is impractical impossibility, i'm not saying we should. i'm there is way to come out of the shadows. but we need to secure the border. and the biden administration going in the opposite direction. you know, go ahead. stuart: may i ask what is the feeling in the hispanic community about this? >> the hispanic community is not one monolithic community. there are different segments of the hispanic community. i believe even amongst those that are undocumented, all they want is a chance to come out of the shadows to be able to work to get a green card, et cetera. i'm not sure they're all looking for citizenship. so you know, that's one segment of the community.
other segments of the community, i'm hispanic. i came here. we're immigrants. we're legal immigrants. i know my parents had to leave the country in order to get residency. so, there is a process. so, many of the hispanics that are here believe in legal immigration. that is what we believe in. and so, again, you know, the promise of four billion dollars of economic aid, down in the central and south america, you know i think it is well intentioned at same time. we got to take care of the united states. now closing with the keystone pipeline, you're costing thousands of americans jobs. now you're sending money to other places. i think there is a way to incentivize companies maybe doing business in china or have factories in china and the far east to come back either to the united states or to our hemisphere and that will improve the conditions of those folks living in central and south america that start to
disincentivize them from coming to the united states. most people are perfectly happy where they're living, they love their country, but because of economic conditions, because of political unrest, they seek refuge. in my case, my family, because of political, cuban political people of country in cuba, communism. we saw refuge here in the united states, but we did it in a legal way. stuart: indeed, congressman, thanks for joining us this morning. very important subject we'll return to it very quickly. >> thank you very much. stuart: now then, get back to money. going to bring up the subject of bitcoin, 34,500 bucks as of right now. susan, nowhere near its recent high? susan: it will be hard to break above 40,000 again according to jpmorgan. the reason? they looked at poplar gray scale bitcoin trust. gbc is the index fund. one of most popular ways for average investors to buy into the bitcoin rally.
the fund is down by a quarter the past two weeks. that is worse than the 17% drop we've seen in bitcoin itself, that shows according to jpmorgan, that bitcoin euphoria may have died down at least for now. it will be harder to retest the record levels above 40,000. also remember that jpmorgan predicted $146,000 for bitcoin in the future but the future is a question mark. how long will that take? stuart: any day now, actually. years in advance. susan: sure. stuart: get back to big tech. look at them all on the upside. big tech earnings out this week. lay them out. susan: could be the first $100 billion quarter for apple. how astronomical is that. earnings on wednesday, apple analysts are getting on the board iphone 12 sales will be blow out for final three months of last year. this morning, jpmorgan forecasting 80 million iphone 12 were sold last year.
morgan stanley said best iphone introduction half a decade. wedbush raising price target to 175. microsoft will be out out of the gates tomorrow tuesday. we're anticipating the first 40 billion-dollar quarter. cloud gaming will be headliner. facebook reporting on wednesday as well. big recovery in advertising revenue especially after covid. this week will be huge. the first big week with almost 20% of the subpoena some of the biggest names and biggest companies in america. one point of concern for the markets is that companies that have actually done better, raised their guidance. they haven't actually been rewarded, stu. people are expecting maybe this trend where you rally into the actual earnings, you sell off afterwards. stuart: not supposed to say this. but only time will tell. susan: you say that all the time. stuart: that's true. only time will tell. that is a fact. susan, thank you. we have bernie sanders he says he plans to push president biden even further to the left.
roll tape. >> congresswoman alexandria ocasio-cortez wants him to forgive student loan debt. congressman jamaal bowman called for more progressive cabinet. are they right? >> look, we're going to push joe, the president, as far as we can. stuart: well, aoc and bernie both want big tax increases. moments from now grover norquist will join us. he is going to tell us it is not just the rich who will be paying more in tax. oh, no, the rest of us too. we'll be back. ♪.
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even strengthen your core while watching tv. head to aerotrainer.com now. aerotrainer's unique design allows for over 20 exercises for a total body workout, all while maintaining safe, correct form. now it's your turn to lose weight, look great, and be healthy. get off the floor and get on the aerotrainer. go to aerotrainer.com, that's a-e-r-o-trainer.com. stuart: check those markets again. nasdaq straight up, the dow paring its losses now down only 69 points. split market. how about target, it is up a fraction. target is spending $200 million on another round of bonuses for its employees. i think that is the fifth round of bonuses from target.
president biden, we'll, president biden has all kinds of tax increases in mind. i want to know more about the increase in capital-gains taxes that will affect all investors. grover norquist is with us. let me try to explain this one. i will have you explain it too. i understand that president biden wants to raise the capital gains tax, especially as it appears, as it hits states so that anybody, anybody, not just the rich, anybody, who has made a profit on a house or a stock will pay a capital-gains tax. is that accurate? can you explain it for us? >> sure. well, he has a history when biden was vice president with obama, they took the capital gains from 15 up to 20. then they took it up to 23.8 to pay for obamacare. that hits of course all americans. he said he wouldn't tax anyone who less than $400,000 but he has also said all people who pay
capital gains will be paying the same as the ordinary income. so the top rate there is 43.8%. add that on to oh, say california's state capital gains tax of 13.3% he is up to 56%. he is taking us back to where jimmy carter was. we haven't had capital gains as high as jimmy carter. he wants to take away the step-up in basis, when you inherit something immediately, not when you sell a house or land or a business you sell the capital gain that has been accumulated over those years immediately. 25 million americans filed capital-gains tax reports in 2017. 25 million. this is not 1%. but, look he says he will only raise the capital gains tax rate on people making more than $400,000 a year. we may disagree with that
whatever you want to say. when it comes to the states, your mom and dad for example, owned a house, they pass away. the house is much more valuable than it was when they bought it. you, who is inheriting that house, you immediately have to pay a capital-gains tax on that capital gain. that is how it works, right? >> yes. you can go borrow the money or sell the house or the business or whatever you inherited. but, up until now, to this very day, you would not pay capital gains on that. you inherit the house at half -- at the value what it was worth inherited. you would pay capital gains years later when the value went on. this is stealth death tags on everyone. a huge gain in the cap can capital-gains tax. every chance he had he increased capital-gains tax, he promised
to take it up to the jimmy carter levels which did not end well for the economy. stuart: the holy grail of the far left. this stops a the establishment after fortune. it stops you building your own fortune. it stops it right there, as soon as you inherit, wiped out, your gain will be heavily wiped out by taxes. last word to you? >> capital-gains tax is not a tax on rich people. it is a tax on getting ahead. that is what biden and the democrats are promising to do. stuart: we are warned. watch out, everybody. thanks very much. grover, thanks very much indeed. that is very important story. more on later. as you heard on our show earlier, bernie sanders wants to push the biden administration much further to the left. i want more on this story and ashley has got it. what have you got, ashley? ashley: i do, stu. he has a list of issues front and center to the biden administration, pandemic, economic collapse, climate
change, crumbling infrastructure and he says millions of people working for starvation wages. yes, a progressive agenda that pushes joe biden way to the left. take a listen to what he told cnn yesterday. >> congresswoman alexandria ocasio-cortez wants him to forgive student loan debt. congressman jamaal bowman called for a more progressive cabinet. are they right? >> look, we're going to push joe, the president, as far as we can but given the fact he has been in office for less than a week i think he is off to a good start. ashley: all right. push him as far as we can. are we surprised by this? absolutely not. will progressives get their way? we'll see. it's a little scary would you not say, stu? stuart: oh, i would definitely say yes. i'm a refugee from socialism. i don't want to go back to it. thanks, ash.
bernie by the way says he is capitalizing on the picture, the picture went viral at the inauguration. ashley, how did he make money on a picture and what is he going to do with the money? ashley: you know, i love this story, with all the anger and division in politics in this country but that image of bernie sanders wearing come mittens and on a folding chair during the inauguration. he was invited to last supper, crossed the delaware river with george washington and appeared on the millennium fall con. that meme appeared everywhere. now it is generating big bucks, bernie sanders meme hand craft collectible doll selling on ebay, last book, $15,400. that is a great little doll, is it not? the proceeds by the way are going to charity. bobbleheads, stickers, paintings
and drawings. he stole the inauguration. there he is. stuart: the mitts got to me. thanks, ash. ashley: sure. stuart: super bowl teams are set in place but not the advertisers. many are bowing out over fears of offending viewers. we've got the story for you. plus schools across the country are pushing to stay remote, despite parents really upset about that. we got a full report for you coming up. ♪.
teledoc, a stock we don't cover as much on the program. 10% move today. no news. given the rise in rising covid casings and maybe consumer habits changing, that will continue after covid. i want to show you amc theaters as well, averting bankruptcy at least for now. the money they say will last them through the winter. then we'll see what happens. what about shopify the second largest e-commerce player after amazon rallying today? it was up 4% on the tech euphoria. palantir, here is another huge spike. we saw 14% gains after 27% rally on friday this is a case of fomo stock, fear of missing out. the stock here, there is again virtually no news moving it up today. beyond meat also a big mover. again it hasn't really gone anywhere, the past few months. maybe some people are buying in thinking that it underperformed, there might be more value. i want to show you reddit. there are message boards on
reddit apparently helping rally some stocks like gamestop express and blackberry. these are retail traders and robinhood traders. on reddit if there is a wall street thread it looks well. stuart: looks market frothy where reddit robinhood involved in it. >> makes you wonder how hot can these stocks go. stuart: what happens to the rest of the market if they don't keep going up. susan: right. stuart: good question. susan, thank you. we have dr. fauci has a new ominous warning about the various variant mutant strain that has been found in britain. lauren, what exactly is he saying? lauren: he is assuming it is more deadly in addition to being more contagious. he says the it will be the dominant strain in march, already in nearly half of u.s.
states. this is raising questions, are the vaccines effective against this strain. most of the vaccine makers say they are. and fauci doubled down on that. he said the best way to prevent evolutions of covid-19, that is what is going to happen, to vaccinate as many people as possible. i think bottom line to this is the different variants can delay the effort to return to as normal as possible as you can get. intermittently we sealock downs and travel bans that need to be used when there is a spike or a new variant that pops up. stuart: we should point out moderna the left-hand side of the screen up a whopping great big 10% today, they say their vaccine is effective against these new, this new strain that they have got in britain. 10% gain. big stuff. thanks, lauren. lauren: working on -- future variants. stuart: i'm glad you added that.
they are up 10%. biden administration pushed forward a plan to reopen schools for in-person learning. they meet some resistance. kristina partsinevelos is with us. from whom? reporter: one example success academy behind me. they announced they will keep all their schools across new york city closed. that is affecting 20,000 students. you have to understand how many people are frustrated with that process. the network is a charter school. largest charter school in new york city and they have decided that not only are they going only remote, they are also going to end the academic year early. so on may 28th, with the hopes that more teachers and students will get vaccinated so they can reopen earlier on august 2nd. but this comes as president biden is really pushing to reaccelerate the reopening process of schools, signing an executive order giving $130 billion through k-12. however we see schools like success is closing down, we're far from that goal. another example is the chicago
teachers union. they just voted not to return to in-person learning this comes as the district said that their teachers would come back and teach k-8. the union said they want their teachers to at least receive one out of the two shots before they go back to in-person learning. but the district said that is pretty difficult because the teachers will won't get vaccinated until mid-february. and it could take months. stu, you have a situation, schools if they reopen or they close, someone is going to lose. teachers could be at risk and students could really suffer with remote learning especially when it comes to mental health and disadvantaged students that face the heaviest burden. back to you. stuart: grocery store clerk sees 2 or 300 people close up in masks but teachers, no, they won't go back to the classroom with 20 or 30 kids in masks. makes no sense to me. kristina, that is not part of your report.
it is my opinion. thanks very much for joining us. the biden administration expressing concern about how quickly it can address the pandemic. what is this all about, ash? ashley: top bide biden health officials say the crunch on available vaccine supplies is the biggest challenge. production will ramp up after the first 100 days. state and local officials across the country starting to warn about the dwindling vaccine supplies saying some cases on the brink of running out. the white house says those issues are being addressed with vaccine manufacturers. experts have pointed out vaccinating 100 million americans in 100 days will still leave the country far short of heard immunity as the caseload continues to grow -- herd immunity. the total number of cases in the united states has gone past 25 million, stu. stuart: that is the vaccine. that is the virus. let's go to impeachment. speaker pelosi, she will send
the article of impeachment to the senate today. then what happens? ben dominic is with us. he will tell us what's ahead. plus tom brady heading to a 10th super bowl. it is his first time with the tampa bay buccaneers. but he is going there for the 10th time. joe theismann knows a thing or two about super bowls. he won two of them. he will join us next. ♪. use a single hr software? nope. we use 11. eleven. why do an expense report from your phone when you can do it from a machine that jams?
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and males measuring more than 40 inches may have insulin resistance. to learn how to reverse insulin resistance and lose weight effectively, go online to golo.com. once again, that's golo.com. ♪ stuart: if you're just joining us we have a big rally for the nasdaq but it lost a little steam. it is up only 90 points. it had been up over 150. the dow has gone further south. it is down nearly 200. gamestop extraordinary volatility today. it was halted, started trading again. it has been halted again. now it is gaining 103%. that is volatility and volatility is the reason for the halt in trading. we'll let you know when it resumes. then we have the kansas city chiefs and the tampa bay buccaneers. they are officially in the
super bowl. look who is here, joe theismann himself. joe, i was slightly in error moments ago. you didn't win two super bowls. you played in two and won one. having got that out of the way, is he, tom brady, greatest quarterback of all time? >> thank you, first of all, stuart. i would have appreciated you, i would have accepted the second one more than likely. that was my worst game ever. i think tom is the greatest ever. to me, when i talk about him being the greatest ever, you look how many different combinations of players he played with in new england and won six world championships. all of sudden he is the addition down in tampa, they're on their way back to another super bowl. anyone want to argue he is not the greatest, they have to send me some facts verifying someone else is greater than he is. this super bowl is so much fun,
you have the goat, the greatest ever, going up against someone unique and probably most exciting player in football, as well as one of the best in patrick mahomes. you have the veteran, grizzled veteran, the young kid aiming for his crown. it is so much fun that way. stuart: he is not so grizzled joe. there is nothing griz he would by tom brady. >> darn good-looking. stuart: he really is. i noticed in the games yesterday, the fans are back, not in full obviously. there are fans in the stadium. i think they will get something like 22,000 for the super bowl itself. did you used to feed off the crowds, feed off their energy? does it put something extra into the game? >> it does if it's a home field advantage. in tampa bay's case i'm not sure it will be or not. i really appreciate what the national football league has done, giving tickets to first-responders and health care people that are taking care of everyone during the pandemic. i think it's a great move by the
nfl. but the super bowl is sort of a neutral site because so much of it is corporate. so you don't have the rabid fans on either side. for instance, like in green bay, they said the 8500 were there, sounded like a full stadium. they pumped in noise in other places, it would in a normal situation, yes. there is absolutely nothing normal about this year in any aspect of life. you know that, stuart. stuart: yes, very aware of that, joe. come on, are you going to tell us who you think is going to win? >> yes, i am. as a matter of fact i like i said, tom has been a friend for years. but i think the kansas city chiefs have so much speed, and patrick mahomes is so unique, that their defense played great. i think it will be a terrific football game. i'm stepping out, i will call the kansas city chiefs the ones that will win the second in a row. stuart: okay. i don't know what the under over line is, but with two quarterbacks like this, i would
play the over. how about you? >> i think it would be a good bet. i really do. although i said this many, many times, stuart. defense wins chips. we saw it in the games yesterday where the defenses stepped up and made plays. i think with these two guys and offenses you can expect points. you're all right, joe theismann. thanks. you're always on the show at key moments. we appreciate it. joe theismann, everyone. good man. >> take care. stuart: sure thing. ben dominic, attorney general of west virginia, greg morrissey. you think joe biden's increases only apply to the rich. think again. "my take" after this. ♪
>> you have to get the rollouts fixed. it's a national disgrace the way it's been hand untilled the country. it's a worry but our job as investors is to move beyond that. >> the economy, i said it last week, it's like a golf teed up, it's ready to be hit 300 yards e fairway. >> the key is not distribution. the key is get it dedescribe - to people's arms.
>> they continue obsession with president trump even after he's out of office is frustrating to the american people. they want to be dealing with covid, reopening parts of our society that are still closed and not with a witch hunt. ♪ ♪ ♪ stuart: it is 11:00 o'clock on the east coast. we still have a big show just ahead for you. we have david joining us. attorney general of west virginia, patrick morrisey and
tom all on the newsom recall. you better take a look at the markets because the nasdaq is now only barely in the green. it was up 150 points gist a few minutes ago. now it's up 18 and the dow industrials, the low of the day, minus 261 points on the dow as we speak. we drop below 31,000. okay. the nasdaq was the big story, now it's not, big tech was the big story and they are still going on but nothing like when the market opened this morning. apple holding a gain of a buck 60. had been up more than 4. microsoft is all up 15 cents. it had been up 3 bucks so the gains in big tech are really being paired and the dow industrials really falling sharply. now this. you think president biden's proposed tax increases only
apply to the rich, think again. just suppose mom pass away and leave you the house. the value has gone up a lot. that's capital gain and the biden administration will tax that gain immediately, the moment you inherit and they'll tax it as ordinary income. it's not just for the rich. this is for everyone. how about increase in corporate tax, you think that only applies to corporations, think again. it applies to small businesses, many shut down by the pandemic and now the government telling them to pay for more tax on profit they have made. obamacare individual mandate, biden wants to bring it back. anyone who doesn't have approved health insurance has to pay. did you hear about the gun tax? if this administration gets its way, every gun owner will have
to fill out a 13-page questionnaire complete with fingerprints in order to register their firearms and they have to pay a 200-dollar tax, that's a tax on the guns you already own. one more, a carbon tax. maybe in the form of gas tax. john kerry, janet yellen, they want to make gas more expensive. we all have to pay. don't be fooled. the left will try to build political support by saying they are only taxing the rich, that's not so. middle america will also be told to pay up. and by the way, the administration plans to hire a lot more irs agents to make sure that you do pay your fair share. third hour of varney & company is about to begin. ♪ ♪
♪ stuart: david is with us and i want to talk about the rally that almost complete faded this morning. there's talk that tech is a big bubble, any suggestion that it's about to burst? >> no, i don't think it's about to burst even though we are in valuations. about to burst requires me to time it and nobody can time it. i can only talk big picture and i think it's equally helpful. i think it's more helpful for investors doing the right thing. the big picture is value and growth have performed in tandem with one another for 4 years. over the last let's call it 8 years, growth has outperformed value, the big-tech stuff you're talking about by 12% year so the disconnection between the two is totally unsustainable just like
value huge outperformance of growth in the decades. they are going to come back in line because the nasdaq is trading over 35 times earnings, i suggest they come back partially by tax coming down just as much as value coming up. it's a combination of both, stuart. stuart: all right. china bringing in the most foreign invest more than any other country last year. what do you make of this? it seems like china is winning, what do you think? >> well, i think we have to kind of get down to economics 101 and ask ourself what makes any --attract capital. you can see my facial expressions and ask me what i'm talking about. they are talking about taxing capital. the more you tax capital, the less of it you're going to have.
that makes investing in our country less attractive. this isn't rocket science. a country like china benefits from very attractive benefit because labor is so much cheaper and trade is much more open in the last 20 years, so these things on a relative basis have been attractive but the u.s. has been stuck apart from the covid moment since financial crisis in 1 to 2% real economic growth. china has been getting 5 to 6% real economic growth. we have to attract foreign capital and then we win. period. stuart: always a pleasure. next time i want to know a big-name stock that pays me and growing an safe dividend. next time, david. >> yeah. stuart: speaker pelosi, she's going to deliver one article of impeachment in the senate and
ben domenech is with us. take me through this, does biden really want a long dragged-out impeachment hearing that ties up the senate? does he really want this? ben: that's a great question and you're completely right to ask it. i don't think he actually wants that. i think he's caught between the fact that a significant portion of his base wants to extract as much pain as possible from now former president trump. they want to, you know, raise up the corpse and this is the situation where you could see the senate tied up for a lengthy amount of time delaying covid relief packages and other legislation that the biden administration would like to see move forward and that's going to be something that we might look back as a wasted opportunity for the first one hundred days for the biden administration to try to lean into things, use the momentum of the victory and instead we are going the see
them tied up in their argument of impeaching former u.s. president and now private citizen and that's something that could delay a lot of action on capitol hill. stuart: ben, we just received word that the rob portman, ohio senator is not going to seek reelection in 2022. he's citing parties and gridlock as the main reason. this could be one of the reasons why the market suddenly turned south. we are now 400 on the dow industrials. is this bad news for republicans? ben: well, rob portman is joining pat toomey and other members who are looking at a long really tough road ahead for policies they would like to see advanced. we have seen gridlock in washington for the past several years, inability to really advance significant forms of policy, trump and paul ryan tax
cuts and portman, not seeing anything that we will do in the next several years. has a lot of negative affects. if you have gridlock in washington with an aging and very fragile political leadership. there are people who will step into the vacuum and what we have seen thus far is that those people the billionaire class of corporatist and big-tech leaders and the like who are basically are saying if washington won't act to change the country in the way it needs to be changed, we will do it ourselves. that's what we see across the board in society and we will only see it continue in the days to come. stuart: well, this development is sudden and dramatic. ben, hope to see you soon. let's get back to the market now
because they've all turned south, all the averages have turned way down south. we have -- and the big techs, they completely reversed their earlier gains. we have tech giants, apple, tesla, they are headlining a busy week for earnings, okay, they are down at the moment but susan, spell out, break down the earnings week for uses? susan: we have a fifth of the s&p 500 reporting, big week. le leading the way, first 100 billion-dollar quarter, blockbuster iphone 12 sold for it. morgan stanley says that it's the best iphone introduction in 5 years. and just this morning apple announcing they have a new audio feature on the watch getting buzz. famous voices will guide you through the watch and microsoft has big report card, anticipated with higher cloud and gaming
sales, driving bottom line and tesla selling $10 billion worth last year. facebook reporting the same day after the bell and facebook will make more money from advertising. here is the catch. the user growth will be flat or down in the u.s. and in canada. now, stu, in terms of reversal going from 1 and a half percent rally down 1 and a half percent. i wonder if we have a lot of outages in a lot of trading firms, go to fidelity or robin hood, including them, square, have reported outages today. you can't access your portfolio in order to buy or sell. stuart: yeah, i think that's -- that's probably one of the factors involved. we were suggesting that the fact that robert portman, republican from ohio, senator, will not seek reelection in 2022. that's also considered a negative for the market. the market turned south when the portman news was announced.
now we are seeing come back a little bit. apple is now up a buck 42, over 1%. we have real volatility in the stock. susan: a lot of people might be frosty. stuart: let's see what happens after they report big earnings, got it, thank you, susan. more violence over the weekend. this time in tacoma, washington. is it tacoma or -- i think it's tacoma, washington. washington state. buildings damaged, where is the condemnation coming from the democrats? i'm not seeing it? we have the story. west virginia leads country with vaccine rollout, attorney general morrisey is here. i wonder what he makes of the biden administration killing the keystone pipeline. it's not going to help west
aah, come on rice. do your thing. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ stuart: attorney general of west virginia patrick horrorsy is here with us now. can you tell us why it's bad for west virginia and the rest of the country. >> given all the talk about unity, day one of the new administration. i was just really disheartened to see that this administration went after so many good-paying jobs. the keystone pipeline is not only critical for america's energy independence but employs
people around the country. last summer we actually helped stop a decision which allowed thousands of west virginians to keep working but whether we are talking about the manufacturing, some of the parts, this will have a very negative effect on west virginia jobs today or effect on national jobs. and i think as they will again to see, these are not cases that are going to go very well for them. this is an isolated case where the president, a lot of issues they are contemplating we are well positioned to stop them in court. stuart: the president says those lost jobs will be replaced with green jobs, what say you to
that? >> well, you hear follow-up line. let them do data, the reality is in west virginia we really rely on our energy jobs and it's fundamental to our economy and these are good-paying jobs. people are providing for their families, they are able to secure a home and able to put food on the table. they keep local retail shops in business. the replacement jobs that we've always heard about has never materialized. i think once again i think what you're seeing is a lot of blind action without thinking through the consequences and west virginia really suffers as a result. stuart: can you in 30 seconds say why you're the best performer in vaccine rollout? >> pretty unique story. one of the main reasons why we are doing so well, rather than
go through retail chains. west virginia is a network of community pharmacies. we have been getting the vacveeps out through that way and our national guard has done a very good job and we try to take a different approach and i think that the governor and many people in the state deserve real kudos for their unique approach that very few other states went through. stuart: congratulations, fine performance, indeed, we hope to see you again. >> thank you so much, appreciate it. stuart: sure thing. in some states restrictions on businesses are being lifted. maybe that helps them? we will see. molly is in boston, what's going on there? molly: we have seen light appearing in boston. i will get to that in just a second. i want start with broad overview as some of the rollbacks have occurred, restrictions put in place in theory meant to curtail
the spread of covid-19 but the rollbacks are welcome change for many businesses. we have a new president, president biden who said that the decisions on this should be made based on -- on science and not on politicking but when it comes to the numbers that are backing up these rollbacks it's not always very clear. so we can take a look at california today, for instance. california governor newsom expected to lift the stay-at-home order. that's been confirmed now by public health officials who are citing icu capacity projections, projections which are not public and administrations stopped providing data. that's been frustrating for local leaders in california and businesses that have been seeking clarity over the course of the shutdowns. now here to massachusetts, the republican governor charlie baker has announced a rollback on some restrictions but very specifically he has noted the downward trend in new covid cases and drop in hospitalizations. as of today, an overnight stay
at home advisory for residents has been lifted as well as an order that had required bars, restaurants and businesses to shut down at 9:30 p.m. capacity limits remain in place. despite ongoing challenges, the chef owner in south boston seeing the rollbacks as ray of hope. >> it's fantastic. i'm not sure how effective kind of having that curfew in that -- >> it comes about a week ahead of the next mass vaccination site to open in massachusetts at fenway park. stuart, back to you. stuart: you should come to florida and see what's happening there. molly: sounds lovely.
stuart: i'm sure it is. now this, president biden will reinstate a covid travel ban, who is affected by this, ashley? ashley: well, most non-u.s. citizens entering the country firstly recently been in south africa in a bit to contain the new variant to covid that's shown to be 50% more infectious, hasn't been found in the u.s. yet but at least 20 states have detected the uk variant. the president by the way also reimposing an entry ban on nearly all non-u.s. travelers who have been in brazil, united kingdom, ireland and 26 countries in europe. we should also point that new cdc rules now require all international air travelers to and older to present a negative coronavirus case taken within 3 calendar days of travel or proof of recovery from covid-19 just in order to be able to enter the united states, stu.
stuart: i was hoping to go see my two sons in new zealand and australia. i don't think they can come here. this is spacex, it's a big deal. it's a record-setting rocket launch. watch this. >> 4, 3, 2, 1, 0. ignition. and liftoff. stuart: you know, that made history. tell me more, susan. susan: 43 satellites to launch into space. i can watch it over and over again. that's a global record for the most spacecrafts launched at all once and some are just a size of a mailbox but this is the uber-like liftoff service spacex is now offering. you can orbit for a million
dollars for 200 kilograms and i like watching the reusable rocket coming back to earth. usually lands back on the drone ship. stuart: it's a remarkable, 143 satellites. never have that many launched in one day. and they are from, you know, people all over the world. susan: different companies. yeah. stuart: i think it's great. i really do. wait a second. spacex, musk company, drilling for natural gas near its texas launch pad. you have to tell me more on that. susan: spacex drilling for nat gas in texas launch pad. subsidiary has bought the rights to extract methane gas. here is a snag here. spacex in court fighting another gas company over who owns the actual land and the gas underneath it but what i'm trying to figure out is this
vertical or horizontal integration for spacex and musk. you are deuce your own methane gas, you apply yourself, you cut out the middleman. stuart: what i care about is elon musk is a big climate guy. climate mitigation. susan: he's going to benefit from it. stuart: wait a second, he's drilling for methane. that's high in carbon emissions and he's drilling for it and he's going to use it. contradiction there. susan: if someone is going to do it, might as well be him and can control the price as well. stuart: he's a genius. my opinion in him changed 100%. -- i have done a 180.
stuart: speaker pelosi will der article of impeachment. gregg jarrett is here. walk me through after article is delivered. greg: trial is officially set to begin february 8th, but, you know, at the outset i would expect republicans to file who's known as a motion to dismiss on two grounds. first of all, trump was deprived fundamental rights of due process in the house and second of all, that the senate lacks jurisdiction. if you look at article 2 of the constitution, the primary purpose of impeachment is to remove a president from office. trump no longer holds that
office and the current president is joe biden and there is precedent for this. in fact, the very first impeachment of william blunt back in 1798, he had already left the senate when an impeachment movement was afoot and the senate dismissed the case saying we can't remove a guy that's already left so we have no jurisdiction and case dismissed. i think you can expect republicans to make the procedural move at the outset. stuart: but it won't work, won't it? the democrats are going to get impeachment trial going. my question is how long is it going the last and how much does it tie up the senate putting a man on trial? greg going your right that the motion to dismiss likely won't work because democrats control the u.s. senate with vice president harris casting the deciding vote. then you are going to have a
trial and here is where trump's team and republican senators will argue, take a look at what the president said in his speech in the national mall. nowhere did he advocate or direct acts of violence or destruction of property, he didn't tell the crowd, go down to the capitol and breach security and attack police officers and threaten law makers and loot and vandalize. he did none of those things and they will play again and again the president's speech, how long will the trial last? no one really knows. i would expect maybe 7 to 10 days. stuart: as long as it lasts the senate is totally tied up with the trial and no other business can really get dope, is that accurate? greg: yes, this is self-destructive of democrats because they are actively interfering with president joe
biden honeymoon period which there's unusual good will and has unique ability to push through legislation that he desires, but since this is going to be sidelined by the trump impeachment trial that diminishes biden's ability and democrats to accomplish what they intend. stuart: got it. gregg jarrett, thank you very much, indeed. i know that you will be following with it and we will be following it along with you. thanks for being with us. pretty strong words on wall street it's about politics and money. the billionaire ray dalio, he has a dire warning of civil war. sus saw founder of worst biggest hedge fund, 6-week threat where he's thinking of the new administration and biden's promises to try and unite
country. dali citing that we are in brink of civil war. we are an inflection point between entering a type of hell of fighting or pulling back to work together for peace and prosperity. so what he means is mainly wealth and opportunity gaps will precipitate the civil war. he ended, words are not enough. second time that dalio said civil war. first time when he pointed individuals moving from high-taxed states of new york and california. this is a civil war of the have's and have not's, you make a point when you use language like that. on a related note, protests erupted overnight. that's a mild word to use. they were violent in the extreme. washington state. lauren, what was behind the -- let's call them riots? lauren: 150 people gathered last
night to protest the tacoma police department. reports say a police officer drove into a crowd on saturday night when that crowd surrounded the police cruiser and powned on his windows, the officer, a veteran on the force was placed on administrative leave. the images you're looking at are last night. when the protestors got rowdy they set fire, burned american flag and damaged businesses. what we are seeing, two standards of violence, on january 6th, when we had the capitol hill riots, republicans and democrats stood together to condemn the violence but what about this that we are seeing with the flag burning in tacoma, in seattle and portland and how would president biden handle it because president trump is out. is he going to enforce against it? stuart: don't hold your breath but the democrats are not treating that anywhere near like
possibility. united airline ceo saying that he's strongly considering requiring the vaccine for employees although it's in the a company policy just yet. he made those comments in town hall last week with employees and here is part of what he says. he wants other companies to get on board as well. he says i don't think united will get away with and can realistically be the only company that requires vaccines and makes them mandatory. we need some others to show leadership, particularly in the healthcare industry. now other companies are taking a different approaches, rather than making the vaccine mandatory, they are offering a big incentive to get it. cold hard cash, dollar general, trader joes, all of them will be offering 4 hours of hourly wages for employees who do get the vaccine, instacart has become popular, $25 stipend for contract employees as well as
full-time employees, stuart. stuart: mandate or offer them cash. grady, thank you very much, indeed. now this, google is the latest tech giant to offer vaccine help to president biden. they didn't do this during the presidency of president trump. susan, how is google contributing to biden's efforts? susan: they will open up offices, parking lots and also spaces in los angeles, san francisco, new york and washington which is just outside seattle. also $150 million to promote education and equitable distribution of the vaccine, that includes money to the cdc. google is joining amazon, honey well, starbucks in trying to help biden and push to get 100 million vaccinations in the arms of americans and i know that you're thinking and a lot of americans are thinking the same thing, why didn't they make the same offer to the trump administration. now the companies will likely argue that there wasn't a wide vaccination program available
for them to contribute to at the time. stuart: okay. i hear them. thank you, susan. skeptical on that. the governor of new york, cuomo has imposed sharp restrictions on businesses during the pandemic. it has had a negative effect on the state's economy, how bad, come in, lauren, how many jobs lost? look at jobs for a second. how many jobs last year? lauren: in new york state 1 million jobs were lost. in new york city, 578,000, so more than half of the state's losses happening in new york city. a bulk of them in food services because of, you know, the weather is colder and you can't dine indoors. that ban has killed the industry and governor cuomo's prediction on when the jobs that we had in 2019 return when we can fully recover, 2025. so we have 4 more years, stuart. stuart: 4 more years, reminds me of presidential campaign.
four more years and we will get the jobs back. lauren, thank you very much, indeed. [laughter] stuart: a lot of signatures on the recall ballot in california. california guy tom is with us. he has a status report. they are getting close to the number of signatures they need. ♪ ♪ ♪ ♪ express yourself ♪ ♪ ♪ express yourself ♪ ♪ these days, it's okay to do some things halfway...
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go to aerotrainer.com, that's a-e-r-o-trainer.com. stuart: governor of california gavin newsom lifted some restrictions in some parts of the state but still refuse to go release the state's covid data that he used to justify the lockdowns. tom is with us this morning. why won't he release the data? tom: well, depends on who you believe. many believe it is because the data doesn't back up the lockdown. remember, there was a los angeles superior court case where the judge says show me the data on why outdoor dining adds to it, the state admitted it didn't have it. so with that kind of admission, we believe they don't have that data for the lockdown. stuart: are you seeing a revolt
against the restrictions? tom: yeah, absolutely. you see businesses, they call them speak easy, i'm hoping to get a haircut in the next week or so, stuart, there are restaurants that are doing it as well. look, these people, they need to money to feed their families. it's really pretty simple. stuart: he's lost control. that's why he's lifting some restrictions in some areas. is that the story? tom: that's part of it and in san diego, joel anderson, the new supervisor there, a friend of mine has -- they're instituting a rule there that requires scientific data before you do certain things, consider that a political revolt and so he is seeing more and more and many of us think he's reacting to the fact that we expect to go past 1.3 million signaturing this week. stuart: yeah. yeah.
okay. do you expect to go 1.3 million this week. you need 1.5 million verified signatures by the middle of march. let's suppose you get those signatures. then what? does it go to a statewide ballot and election in november? i mean, what happens, how does this thing work out? >> well, interesting enough the state is going to verify the signatures, suddenly california is going to care about whether the signatures are valid. we expect -- our goal is 1.9 for cushion and then we expect statewide election in august where there's just two questions on the ballot, should newsom be recalled and the second among the list below, who should replace them and the thing about this is you don't have to reach 50%, whoever gets most votes from the list and there were 132 candidates in 2003 in the recall. so someone can win with 25% of
the vote. we don't expect a lot of major democrats, because you if you go after newsom or wrong side of unions, you're in trouble. we expect prominent republicans, who have spoken up. others are looking at it. so i'm bullish that we are going to get a republican governor once this recall comes through. someone who will provide actual solutions, not just union base responses. stuart: okay, tom, best of luck to you. we will see you later. i want another progress report on the recall. >> all right. stuart: staying on the story about underground activity, you know revolt underground with the restrictions, ashley, what more do we know about this? ashley: well, there was a reference to speak easy and it really is like the days of
prohibition. businesses classified as nonessential in california are using clandestine tactics to generate income deciding paying the mortgage is worth the risk of a fine. for instance, the california room leads clients in back alleys and goes about the grooming. a tattoo artist says he's reverted to appointment only in his parlor, keeps the lights off and the curtains drawn when working. i don't know if i'd want a tattoo of someone in pitch black. anyway, dozens of businesses in la have been charged. car washes, tobacco shops, nail salons and just to name a few, not just the fine, law makers are facing having utility services shut down. they say it's worth the risk with no income for months on end, they have to do something, stu. stuart: it's entirely
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♪. stuart: we've seen some wild swing on the market this is morning. we'll give you a status report. that is where we are now. dow down nearly 200. nasdaq up about 25. the big story in terms of tech earnings, starts tomorrow, microsoft reports after the bell. microsoft moving in towards that profit report is up just a fraction of a up about a buck but it is at 226 then there is this, this to me is the most intriguing story. that is a spacex rocket. you're seeing the launch. it was over the weekend t was on sunday that one rocket launched 143 satellites into orbit. spacex got customers all around the world. put 143 satellites into orbit and the rocket returned to earth. that is remarkable. get this, elon musk, he runs spacex, he wants to drill for
methane, natural gas on the property that adjoins the texas space shot spot. that is interesting. musk is a global warming kind of guy. he is a climate kind of guy. what is he doing going for methane which is very carbon-emissions intense? times's up for me. david asman with us. it is yours. neil: sturtevant, thank you very much. welcome to cavuto "coast to coast." i'm david asman in for neil can cavuto. bernie sanders says they are going to push joe biden further to the left. we're talk to a one restaurant owner who says that will not bring any relieo