tv Mornings With Maria Bartiromo FOX Business October 14, 2020 6:00am-9:00am EDT
judge barrett, just a blank notepad. i'm almost the same. you see all of this. this is what i have in front of me. there is a lot of writing on it. thanks for joining us. see you tomorrow. good night from sussex maria: good wednesday morning, everyone. thanks so much for joining us, i'm maria bartiromo. it is wednesday, october 14th. 20 days to go, the november election less than three weeks you away and there is another debate on the table. president trump and joe biden headed into the final push of election season now, hitting the campaign trail in key battleground states. we are following it all morning. the origins of the russia probe, new developments show which news organizations the fbi relied honored to corroborate the phony steele dossier. they would leak stories to the news and then use that as evidence to get the warrant. texas senator ted cruz and fox
news cribber john solomon are here, joining me in the you 8:0. earnings season rolling of on. big banks on deck this morning. all the numbers as soon as they hit the tape and impact on markets. broader markets pointing to a gain at the start of trading, dow industrials up 84, nasdaq up 28, the s&p 500 up 10 o 10 poin. yesterday stocks were sluggish over weak quarterly earnings and halted covid-19 vaccine trials. at the end of the day, the s&p 500 was lower by 22. shiny now apple, the technology giant unveiling four new iphone 12-s ss for your convenience. coping tips from outer space, astronauts have isolation advice for the weary public and it's making a buzz this morning. "mornings with maria" is live right now. european markets in the green, take a look. the fq100 up 14, the cac is up 1
and-a-half and the dax index higher by 15, fractional moves this morning in europe but to the upside. a mixed story overnight in asia, as chinese president xi jinping is calling for young people living in hong kong to move to mainland china during a speech. as you see, the markets were mixed there with the shanghai composite down two-thirds of 1% and the kospi down about 1%. now the top stories we're watching this morning. president trump and joe biden making pitches in battleground states as theyene enter the finl stretch. yesterday president trump blasted joe biden energy policies. >> we're putting our great coal miners back to deal. joe biden and the democrat socialists will kill your jobs. if i don't always play by the rules of the washington establishment, it's because i was elected to fight for you and i fought harder for you than any president has ever fought for
their people. maria: the president is also accusing joe biden of wanting to ban fracking, a claim the former vice president says now is not true. he's gone back and forth. biden addressed voters in florida while slamming president trump's coronavirus response. >> his conduct since the diagnosis has been unconscionable. as long as president trump remains president, the more reckless he becomes. three more weeks before we end this madness. maria: president trump will head to iowa for a rally later today. meanwhile, today marks day three of the confirmation hearing of supreme court nominee judge amy coney barrett. yesterday she was challenged on her positions on abortion, the second amendment, the affordable care act which will be brought before the court one week after theathe presidential election.
judge barrett will continue her testimony later today. mitch mcconnell says the senate will vote next week on a coronavirus relief bill. the $500 billion measure includes new funding for the paycheck protection program. it also includes a boost to unemployment benefits. this as the trump administration continues negotiations with white house speaker nancy pelosi on a broader package. meanwhile, in a tweet yesterday, the president said of the stimulus g bi, go big or go hom. eli lilly hitting the pause button an a late stage trial for treatment of the coronavirus over safety concerns. it was testing whether adding lilly's antibody based drug with gilead's remdesivir would benefit people hospitalized for couped. take a look at the numbers premarket for eli lilly, it is down a third of a percent a
couple days after the pause from johnson & johnson as well. futures this morning are higher. take a look. we are expecting a gain at the start of trading with bank earnings on tap this morning, bank of america, goldman sachs, wells fargo reporting their third quarter before the opening bell this morning. yesterday, jp morgan and citigroup posted better than expected results, both banks warned the economy is recovering from covid-19 and a major financial hit. the stocks are trading higher as you can see. investors concerned over citi group's recent $400 million government fine impending costs to invest in data infrastructure to help the risk management. here with me now is investment diswraiftinvestmentstrategist, . also joining us this morning, dagen mcdowell and bob nardelli. simeon, what are you seeing in terms of investor interest around earnings? >> we're early in the season. we've certainly seen a couple of
tough reports from folks that are at the epicenter of the virus impact. we're seen airlines, we've seen restaurants, crew cruise ships. but the banks are in focus this week. and what's interesting to me is despite the stimulus stalemate, we had some decent economic news over the last four, six and eight weeks, a rebound in consumer confidence, strong ism manufacturing and servicing and i think we're seeing a little bit of that because the reserves that were taken last quarter were so big. so i think it's going to point to continued improvement but certainly a sawtooth and uneven one, given the uncertainty around stimulus election and the path of the virus, the stalls on the vaccine, another note that this won't be a straight line. maria: you make a good point about the backdrop. we have the september retail sales coming out this friday. this is a report that could be a market mover. it's a key indicator of the economy. as amazon prime day is ending hits two-day event today, prime day a big shopping event.
any thoughts on where we are in terms of the consumer's health and retail right now as far as another clue into how this economy is recovering, simeon? >> well, that consumer confidence enough better was a surprise to the upside to many. we're not back to where were pre-pandemic but better than you would think given that the stimulus checks have kind of run their course. i don't think retail sales will be a disaster. the story here is really the notable and meaningful acceleration of online retail as a percentage of the pie. it was a big pick-up in q2. there's a long way to go. prime day being at the inception of the holiday season is going to put a little extra pressure on the legacy brick and mortar folks and so i think that's going to be the continued theme of the retail universe, the continued onslaught on online. maria: bob nardelli, jump in. >> i want to reflect for a moment. from my perspective, i see
winners and losers, i hate to use that term. but if you look at consumer residential home, it's a boom. you look at lumber prices, almost double. you look at big boxes like home depot, lowe's, tractor supply, doing extremely well. then you've got hospitality is depressed. air travel, we heard from delta yesterday. a little opt of of miss particular but -- optimistic but still suffering tremendous loss reported and then you look at the suppliers to air, boeing getting hit, ge aircraft engine getting hit. while there's a certainity of uncertainty, what are you telling the consumers out there? we've got this election coming up as maria said. what advice are you giving to consumers? where should they park their money and have some confidence of at least some modest growth and not getting stuck in one of these loser columns, if you will? >> you know, the way we think about it, i would put it into two pieces. one, if you're looking at the core portion of your portfolio,
you have to wonder if the mega cap tech stocks are a little expensive. the classic rotation of value may be more of a value trap these days, given the likely uneven path of recovery. so from a core standpoint, we like quality at a reasonable price, well exhibited by, as an example, companies that continuously grow their dividend. if you look at the s&p 500 dividend aris aristocrat index f companies that have grown, only one has cut their dividend this year. back to the online retail story, if you look at a basket of online retailers, like the retail index, you actually see a bunch of companies that are tech oriented, actually in consumer discretionary but interestingly trading at a little bit more than half the price to book of the s&p 500 tech sector. so those are a couple of ways to adjust portfolios to reflect
what has been to your point winners and losers in quite the dikdichotomy this year. maria: we'll leave it there. great to see you this morning. thank you so much. we've got a market that is higher, dow industrials up 40 points. we're just getted starredded. coming up, eli lilly is pausing the covid-19 antibody trial. dr. mikhail varshavski is here, he weighs in on what it means for the coronavirus treatments, just a few days after j&j amounted their trial. -- halted their trial. former white house press secretary sean spicer is here, weighing in. also here, ted cruz giving us a peek into the hearings this week. he'll weigh in on judge amy coney barrett's heated hearing on the hill. don't miss a moment of it. you're watching "mornings with maria" live on fox business. ♪
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maria: welcome back. 20 of days until election day, president trump and democratic nominee joe biden entering the final stretch now in the race for the white house. the economy, medicare, covid-19 taking center stage on the campaign trail yesterday. today, president trump is expected to address the economic club of new york to lay out his plan for the economy, taxes will likely come up as well. joining me right now is the washington examiner columnist and republican pollster, christian -- kristin soltis anderson. how would you address the race with 20 days out? >> biden certainly has the momentum at this point. joe biden has technically had a slight advantage on the issue of who do you trust more to handle covid-19, even as president trump has had an advantage on who do you trust to handle the
economy. and over the last two weeks, it's been covid-19 that has dominated the air waves because it came to the front steps of the white house with president trump's own diagnosis. it put that issue at the center of the campaign which wasn't as helpful for him. as we move toward election day, we talk more and more about stimulus, the possibility of getting something through congress, begin talking more about the economy, that would be a positive die that for presidendynamic for presidenttre definitely needs as we get closer to november 3rd. maria: and today the president will be speaking to the new york economic club. he'll do this virtually. no doubt he'll focus on the economy as his number one issue. but you're right, the latest polls show joe biden leading over president trump. this continues. do you believe these polls? because i know you said that he's had the momentum. but there are others who are questioning why we're getting a different message. the message of the market is that donald trump wins because i don't think you would be at these levels if $4.3 trillion in
tax increases were about to be implemented. so do you believe these polls? are they sampling a broad enough population and not just sampling democrats? >> well, you know, i don't blame anybody who is skeptical of the polls after feeling very surprised in 2016. the good news is that the things that were wrong with the polls in 2016 were pretty much centered on those blue wall states. the national polls four years ago were extremely accurate. just national polls don't tell us who is going to win. that's not how we elect presidents. the pollsters have mostly addressed the problems from last time around. they weren't picking up late movement. some were unsure about trump, they broke to trump in the end and there wasn't enough polling in places like wisconsin. pollsters weren't focused on the states that wound up flipping. i think the polls are likely to be pretty on target this time. they would have to be wildly
off, more than they were four years ago, in order for donald trump if the election were held today for him to of win. there is time for the narrative to change and for the race to become a bit narrower as we get closer to election day. maria: let me bring dagen mcdowell in. dagen, it was a marathon day of questioning, judge amy coney barrett yesterday answering questions from senators in the second day of confirmation hearings. what is your reaction and let's talk about this now. dagen: she was formidable. she kind of stuck to the ginsburg standard of no hints, no forecasts, no previews, that she is an exceptionally accomplished woman and the democrats couldn't land anything, that they turned it into -- the wall street journal editorial page writes about this today, kind of a political valley. they -- rally. they reveal how they see the high court, they see it as a second legislature to push through policy that they can't
actually push through in congress. and so they -- mazie horono asked amy coney barrett if she ever sexually assaulted anyone, which is something she brings up with other judicial nominees. cory booker asked her to condemn white supremacy. i don't know the point of that. sheldon whitehouse didn't even bother to ask amy coney barrett a question, basically suggesting she is only there because of dark money which is sexist and also hypocritical. senator ted cruz hit back on sheldon whitehouse's ties to dark money. i'm sure he can talk about that later in the morning. again, it was a losing day for the democrats and i think, kristin, agree or not, amy coney barrett is going to be on the high court soon. >> i think you're very right, dagen. early on, after ruth bader ginsburg first passed and before there was a named nominee, polls tended to show more voters saying we would rather keep the
seat open. once amy coney barrett was named, polls are showing majority saying, look, confirm her. she's been an impressive nominee, she's been a credit to president trump for nominating her. i think she's in a good position to be voted on positively by the senate. dagen: no notes and a blank pad. that's all that you need to know. no notes. maria: i like that. i like that a lot. she was answering everything so comfortably and then when we actually saw what she was looking at, there was nothing on it. it was a blank pad. kristin soltis anderson, good to see you this morning. thank you so much. coming you, intel bombshell, new information tied to the russia investigation, once again shows you how deep the corruption is. plus, flying for the future, how one aviation company is offering on-demand flights to anywhere in the world. back in a minute. ♪ star light, star bright. ♪ make everything all right.
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about this for three plus years. your reaction to all of this evidence now coming out? years ago, i said this is how they renewed the steele dossier. they needed something more than just the dossier to get the renewal to spy on carter page. they would say look what yahoo reported, look what mother jones reported, because they leaked it to those publications and that's what they used for further evidence to renew the warrant to spy. bob: yeah. maria, you've been on this as you said for three years and spot-on and proof positive of your position is starting to come out. i think as a u.s. citizen, it shakes me right to the bones that the dod, the attorney general under the prior administration seems to have been right at the center of this investigation and this probe that's now revealing the efforts to try and discredit the current administration.
so you've had outstanding reporting and work on this thing. you've been on it every day. and again, it's just so disappointing i think to all of us. it just shatters our confidence in what we thought was the highest courts. maria: exactly. what i write in my upcoming book is it really is impossible to you assess this president's performance without recognizing the enormous amount of resistance, this enormous coup to take him down as part of the assessment. i want to switch gears and ask you about china because this is a wild one. china, russia and cuba were elected to the united nations human rights council on tuesday, the u.s. calling it a mockery, saying it validates america's exit from the council in 2018. dagen, we know and have reported about the 1 million plus uyghurs that are locked up in china and now you have china on the board to the u.n. hugh you ma human rs
council. dagen: why does it even exist. more and more, can we please call china out on the atrocities that it's committing, the concentration camps. again, so many people like to turn a blind eye to what's going on in that country and others, starting with the u.n. it's just a head-shaker. maria: it is. and the last committee that china was on was the intellectual property committee. okay. intellectual property, since it's been stealing ip for decades from the west. when we come back, eli lilly pausing its trial of an antibody trial for covid-19, dr. mike is here, he's going to weigh in. plus, advice from space, astronauts are giving tips for coping with anxiety and loneliness it's making a buzz this morning. stay with us.
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maria: welcome back. good wednesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is wednesday, october 14th. let's take a look at markets this morning, 6:30 a.m. a on the east coast. futures turning mixed in the last half hour, dow industrials up 30 points, nasdaq is up 5, s&p 500 is down a quarter of a point this morning. yesterday stocks were sluggish over weak quarterly earnings in some corners, halted covid vaccine trials set a negative tone. the nasdaq was down 12 and s&p was lower by 22. european markets are in the green. major indices showing a decline, fq100 down 8, the cac down 12, the dax lower by 25. a mixed story overnight in asia
as president xi jinping calls for young people living in hong kong to move to mainland china. he said this during a speech. once again, trying the takeover of hong kong, 25 years earlier than planned. meanwhile, this. boeing could soon be hit with tariff as part of a new ruling. cheryl casone with those details now. cheryl: the world trade oranization says the europe mean union may impose billions on boeing every year. last october the wto authorized the u.s. to impose 7.5 billion in tariffs on airbus. boeing delivered 11 new aircraft last nonet bu month but they dik any new orders. the dow component is higher by a quarter percent. three men have been charged in a plot to kidnap michigan governor
gretchen whitmer. all three denied bond after an fbi agent revealed the men considered putting whitmer on trial and even killing her. the feds also say the suspects discussed abducting virginia governor ralph northam. more bond hearings could come this friday. well, facebook is launching a global policy that bans ads which discourage people from getting vaccines, part of the effort to combat misinformation about the coronavirus. there are some exceptions. facebook will allow ads advocating for or against legislation, a government policy around vaccines. those can still appear. taking a look at facebook as you can see, unchanged right now. business insider, insider, inc. is in talks to buy a control stake in the morning brew. it would value morning brew at $75 million or more. this newsletter on pace to meet its revenue target of
$20 million this year after being founded just five years ago with less than a million dollars in start-up capital. the deal has let t yet to be finalized. it could still apart. back to you. maria: thank you so much. one of the lead stories of the morning, halting covid vaccine trials, u.s. health regulators shutting down a trial for eli lilly's covid-19 antibody treatment, this comes a day after johnson & johnson confirmed its late stage trial was also paused after a participant was reportedly inflicted with an unexplained illness. joining us now, dr. mikhail varshavski. dr. mike, we've been talking about these vaccines coming to fore for no now a year or so. there are questions about safety efficacy given the fact that this is warp speed. is that what we should be worried about?
>> those are definitely concerns. i think those concerns are also hailed by the fda, the cdc and everyone who is involved with the vaccine making and approving process. when we're talking about astrazeneca, when we're talking about johnson & johnson, these trials were paused because of a single individual in these studies having a potential illness that could be tied to the vaccine in question. that being said, these independent review boards have yet to rule whether or not that is true, whether these people just happened to get sick, these participants happened to get sick on their own or was this directly tied to the vaccine or potential treatment they were studying. we don't have the ruling on that yet. when it comes to eli lilly, this is not even about a vaccine, this is about the antibody, monoclonal antibody cocktail, a different type of medication that's given to patients who are ill with covid-19 early on, nonhospitalized in order to
decrease the viral burden. we don't even have perfect evidence of whether or not this monoclonal antibody treatment works yet but this is certainly a hiccup in the process. we need to have an independent review to make sure this is a safe treatment. in addition to one that works. we don't have all the answers. and in fact, we have more questions than answers after all of these start happening. maria: you have to believe that the fda is not going to fast track something if there isn't 100% safety, right? >> absolutely not. the fda is a regulatory agency. they're not interested in making pharmaceutical company money for no reason. their interest is to protect us, just like when you hire a lawyer, the lawyer's responsibility is to protect you, not anyone else around them. the same goes with the fda. their fiduciary responsibility if you will is to us, as people. maria: all right. so let me ask you about this story.
recatching covid, a new study outlines how a 25-year-old nevada man contracted two distinct strains of covid-19 over three months earlier this year. the second bout more severe than the first. dr. mike, we were all expecting that once you get it, you're immune. is it that people will catch the disease twice and does age play a factor? how likely is it? >> it's actually not very likely. out of the 37 plus million cases we see across the world of, there have been single reports of individuals truly catching covid-19 twice. so while we do have these individual case reports, it's not something that happens often and it's not likely to happen. also, not only do we presume that it's unlikely to get it twice, we also expect that if you are to get it twice that it would be a much lesser course because you do have some level of protection. in this specific case, this individual truly was infected with two different strains of
the virus, the genetic codes were different and the patient also happened to get worse on the second illness which is very rare and that's why this is published in a medical journal. for us as scientists to pick apart why this happened, to learn more about this virus. i do not want this piece of information to panic anybody. but at the same time i still want everyone even if they tested positive for covid-19 in the past or they have antibodies, it does not mean you are 100% immune. maria: you say it's unlikely and yet this person caught it twice. is there anything people should be knowing about or understanding better in terms of ensuring they don't catch it again? >> people should not assume that having antibodies or being -- or testing positive for covid-19 in the past equals 100% or certain immunity. it's not true because we do have rare cases and we're learning more about this virus. because we also don't know if there is a level of immunity, how long does that immunity last
and how sick did you need to get in order to build up the proper level of immunity. those are all things that we're looking into research for in order to give better answers to the public. maria: real quick, let me switch gears. obesity endangering our kids, health experts predicting a potentially dramatic increase in childhood obesity for 2020 as months of pandemic stressed eating, canceled sports, keep kids inactive. the cdc is linking higher obesity levels to covid vulnerability. what could this inactivity mean for children during this crisis? >> this is a problem that's largely going to get worse before it gets better, unfortunately. because while we're getting a lot of information, research-wise, to see that obesity yields worse outcomes with covid-19 and a whole sort -- all sorts of other illnesses, we're also seeing that folks are snacking more, they're less
active and because schools are closed and that's where children oftentimes are doing the most activity, participating in the most sports, we're seeing these lessened activities levels, therefore less calorie burning throughout the day and as a result we're going o to see epidemic rates start spiking and i don't see it having an immediate effect on covid-19 rates specifically in the pediatric population, but long-term this is going to need a game changing solution, some breakthrough, it's not going to be a step counter or simple diet that's going to fix this. maria: all right. something to watch here for sure. dr. mike, good to see you this morning. thank you, sir. we will see you soon. when we come back, flying for the future, how one app based aviation company is offering on demand charters, where you can go. next up. apple debuts the latest iphone, capable to connecting to the much faster 5g network. we'll check it out.
we're helping change the future of heart failure. understanding how to talk to your doctor about treatment options is key. today, we are redefining how we do things. we find new ways of speaking, so you're never out of touch. it's seeing someone's face that comforts us, no matter where. when those around us know us, they can show us just how much they care. the first steps of checking in. the smallest moments can end up being everything. there's resources that can inform us, and that spark can make a difference. when we use it to improve things, then that change can last within us. when we understand what's possible, we won't settle for less. the best thing we can be is striving to be at our best. managing heart failure starts now with understanding. call today or go online to understandhf.com for a free hf handbook.
doing right now in terms of loans and in terms of spending. bank of america shares right now up a third of a percent. let me bring in dagen mcdowell and bob nardelli with us this morning to look at the banking sector and we did get better than expected numbers yesterday. we'll see what b of a brings us. the bank stocks have been at one point the largest portion of the s&p 500, dagen, now of course it's technology claiming that spot. dagen: i like the glass half empty from yesterday with citigroup and jp morgan that the economy is far from recovered, not out of the woods is the headline in the wall street journal today and jamie dimon saying yesterday that the u.s. does need another coronavirus relief stimulus package. and that kind of brings up the meltdown that nancy pelosi had on cnn with wolf blitzer. she has not done anything for the economy. when called out on it, as i've always said, like desperation is the world's worst perfume.
so i think we can be glad there wasn't smell-o-vision, having to watch that. maria: that meltdown was incredible. we'll show it later. bob nardelli, your thoughts on what we should be zeroing in on, the b of a numbers this morning. bob: i think dagen said it right. i'm hopeful that b of a will continue to h show progress. the ceo of bank of america has been elected ceo of the year and will be having that celebration later. but i think the banks have done really a good job during the pandemic. they tried to be progressive and working with small businesses, helping with ppp and that's an area, maria, i really think when you look at this administration and what they've done over the last almost four years as a former ceo, they're clearly, -- they clearly, clearly have been the most business friendly administration that i've seen in my career, reducing policies,
corporate taxes, incentives, et cetera. so i think it's a clear choice coming up in november. maria: yeah. well, the banks have been setting aside enough capital should there be another disaster like we saw back in 2006 and 7 with the financial crisis and the fed once again asking these banks to hold more capital than many people felt was appropriate and yet you want to make sure that you've got the capital should you need it because look at all of the companies going bankrupt right now. i mean, the restaurant sector in particular, bob, 50% of restaurants in new york expected to be unable to actually deal with this shutdown because 25% occupancy is just not enough to cover the cost of operating. bob: maria, as a new yorker yourself and i've spent considerable amount of time
there, it's really devastating, heart-breaking to see these entrepreneurs who have worked so hard in keeping these restaurants open and it's really a shame that we can't get a better administrative policy coming out of the mayor of new york city. dagen: maria, can i add one really quick thing? mitch mcconnell said that the senate will vote on new funding for small businesses next week. all the senators who were talking about why are we here for a supreme court confirmation hearing, why aren't we working on coronavirus relief? i will say it again and i will say it again. that the senate democrats voted down what was a small only half a trillion dollar bill a few weeks ago in the senate and they refused to even move it to debate. so in terms of blocking relief for small businesses, for children, for the unemployed, the democrats are front and center on that and they need to own it. and i think that that's why nancy pelosi when you literally have the difference between
$2.2 trillion from her and her colleagues in the house and 1.9 trillion from the white house and she can't come together on that and she's finding one more thin, again, she doesn't want to do anything. she's playing politics with people's lived and livelihoods, she's not going to do anything until after the election and there is $400 billion that's unspent from earlier this year that all the house has to do is reauthorize it and reallocate it and she won't even do that. it's money that's already been voted on. so let's -- and that's why she had a meltdown. maria: that's why i felt it was really disingenuous yesterday when amy klobuchar says this is a sham, we should be talking about covid relief. no kidding, we are talking about covid relief. they're going back and forth and the president just said i'll do up to $1.8 trillion in terms of a bill and pelosi said no, that's not good enough. so to say i don't know why we're
here in this hearing, we should be doing covid relief is disingenuous, really because we know what the facts are and how they're going back and forth. the white house keeps saying go big, you know, bob, your reaction? bob: i couldn't agree with you more. i mean, we have these small businesses were at the foundation of this economy, are not being treated as dagen said appropriately. we should be putting -- i think it's not the amount, it's the specifics within the bill that the democrats are fighting for what they want versus what our country really needs, maria. we need to get this thing passed for these small businesses. it's very important. the last -- maria: i'm glad you mentioned that, bob. because one of the things that nancy will not go for is liability protection, bob, and you as a businessman yourself having run a huge operation at general electric and then be the ceo of home depot, ceo of
chrysler, understand liability protection. if you go to a restaurant and you get sick, because you decided to go out, you get covid, you would think that the company could have protection and not get sued. but that is what we're talking about. lindsey graham said that's one of the key things. i want to get to bank of america earnings. bank of america earnings are out right now. cheryl casone with the numbers. this is the third quarter. we've already heard from jp morgan and citigroup. what can you tell us. cheryl: i want to get to loan loss provisions. first to tensioner per share numbers. we had an estimate of 49-cents coming non of earnings per share. we have a beat of 51 cents. we should say the stock is actually moving lower. it was slightly ahead of of the earnings just crossing. revenue, the estimate was 2 of 20.81 billion, a slight miss, 20.3 billion. as we can see, the stock is ticking down and ticking down. basically, the ceo and this is brian moynihan says that as the economy has continued to recover, they've generated about
$5 billion in earnings for the quarter. however, they're saying at this point -- there's no layoffs. that's interesting. but they upped their loan loss provisions which jp morgan and citi did not do yesterday which i think is interesting and that could be one of the reasons the street's a little spooked right now. they put 1.4 billion aside for loan loss provisions. that goes back to what bob nardelli was talking about, you've got all the small businesses, individuals, they're going out and borrowing, trying to stay afloat. when the bills come due will those small business owners be able to repay their loans back to a bank of america, to a jp morgan. this bank is putting more money aside just in case that does not happen. that could be one of the things that we're seeing. real quick, as i send it back to you guys, i don't see anything else that's really of loss except for that credit loss provision of 1.4 billion. that's getting a lot of attention right now. maria, back to you. maria: the mortgage business obviously we're going to focus on that. we'll take a short break.
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i think what we learned is while more people are comfortable working in new york, there's a lot of people who have options living outside of new york even over90 miles. what's happened has been a creation of synthetic suburbs. so basically these 90-mile away homes can now be -- people can take a flight with blade that will only take 30 minutes and they're commuting twice a week or once a week. we offer the pass for $965. you can fly as much as you want for $295. they were sold out in 30 minutes. we introduced the monthly pass for the month of november -- for knocked, excuse me. maria: is private jet travel increasing in the face of what we're dealing with because people are afraid to go of on a crowded plane? what have you seen in terms of demand on jet travel, whether it's helicopter or plane, because i know that the airline business has completely been crushed in the face of this. >> yes.
there's definitely been a mix to private travel. big surge to private travel in terms of private jets, private aviation in general. however, what a lot of what is happening now is there are shared private charters where people are aggregating demand through the blade app and other services could s so-cashcash-sou can get a cost down closer to a first class ticket. if you want to go to florida, you can do it in maybe three or four days, a year ago you didn't have that kind of flexibility. maria: sure. sure. rob, we've got to have you back to talk more about this. rob, it's good to see you this morning, sir. thanks very much. love blade. we'll be right back. ♪
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bring your family history to life like never before. before money, people tools, cattle, grain, even shells represented value. then currency came along. they made it out of copper, gold, silver, wampum. soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. that's why it's time for digital currency and your investment in the grayscale funds. go digital. go grayscale. maria: welcome back. good wednesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is wednesday, october 14th. your top stories right now, you 7:00 a.m. on the east coast. 20 days to go, the november
election less than three weeks away. there is still another debate on the table that is happening next week. president trump and joe biden are heading into the final push of the election season, hitting the campaign trail in key battleground states today. we are following it all morning this morning. the origins of the russia probe, new documents show which news organizations the fbi leaked stories to in order to corroborate the phony steele dossier. texas senator ted cruz and fox news cribber -- contributor john solomon are here next hour. earnings season rolling out, big banks in focus this morning. we had mixed results from bank of america. goldman sachs and wells fargo are on deck. we'll show you what the impact on markets this. futures this morning turning a bit more negative as europe has rolled over, european indices are lower and now you've got the u.s. futures mixed. dow industrials down 17. the nasdaq is up but just by a quarter of a point. the s&p 500 lower by 6. yesterday stocks were sluggish
over weak quarterly earnings and halted covid-19 antibody trials. yesterday the dow industrials were down 157, the nasdaq lower by 12, s&p lower by 22. apple unveils four new iphone 12-ss for your convenience. we'll show you what's set to hit shelves this morning. the pho churr of streaming, we take -- future of streaming, we look at one documentary service that is poised for an ipo. "mornings with maria" is live right now. european markets have reversed course, they are solidly negative right now as you see. the fq100 down 12, the cac down 9, the dax index lower by 21. president trump will speak to the new york economic club today at 11:00 a.m. eastern. watch that speech for any headlines coming out of it. overnight in asia, a mixed story. chinese president xi jinping is now calling on young people living in hong kong, get this, to move to mainland china.
he said this during a speech. as you see, the shanghai come pos i'vcomposite overnight downo thirds of 1%. some of the top stories, president trump and joe biden making pitches in battleground states as they enter the final stretch of the race for the white house. the president was in pennsylvania where he blasted biden's energy policy, touting his own anti-establishment ideals. >> we're putting the coal miners back to work. joe biden and the democrat socialists will kill your jobs. if i don't always play by the rules of the washington establishment, it's because i was elected to fight for you and i fought harder for you than any president has ever fought their their people. [ cheering and applause ] maria: the president also accusing joe biden of wanting to ban fracking, a claim the former vice president says is not true. meanwhile, biden addressed voters in florida while slamming president trump's coronavirus response. >> his conduct since the
diagnosis has been unconscionable. along as donald trump remains president, the more reckless he becomes. three more weeks before we end his madness. maria: president trump will head to iowa for a rally later today. meanwhile, today marks day three of the confirmation hearing of supreme court nominee judge amy coney barrett. yesterday she faced tough questions from lawmakers. she was challenged on her positions on abortion, the second amendment and the affordable care act. the affordable care act will be brought before the court one week after the presidential election. judge barrett will continue her testimony later today and we'll cover it live. monitoring the stimulus stalemate, mitch mcconnell says the senate will vote next week on a coronavirus relief bill. the $500 billion measure he's referring to includes new funding for the paycheck protection program and boost to unemployment benefits, as the trump administration continues
negotiating with house speaker nancy pelosi on a broader package. in a tweet yesterday the president said of the package, stimulus, go big or go home. eli lilly hitting the pause button an its late stage trial of a combination antibody treatment for the coronavirus over potential safety concerns. the study began in august and it was testing whether adding lilly's antibody based drug to gilead's remdesivir would benefit people hospitalized with covid-19. an independent group of safety experts monitoring the federal funded trial recommended the pause out of an yo abundance of caution. eli lilly shares are lower by one half of 1%. time for the word on wall street. joining me right now is danielle hughes, chief strategist david nelson and principal of the fitzgerald group, keith fitzgerald. thank you for joining us. let's get into earnings. bank of america just released third quarter earnings with mixed results, beating earnings
per share but missing on the top line, that was revenue. keith, the stock is down 2 and a third percent right now. your reaction to what we heard from b of a? >> well, you know, i thought that was about par for the course because there's a real split between the banks and how they're addressing this market. on the one hand, you've got folks that are doing things correctly like jp morgan and even potentially citi but then you've got potentially the problem children here which is b of a and wells fargo today. maria: why is it the problem child? >> i think their book of business isn't as solid. i don't think they're doing what they need to be doing. they've got a lot more consumer exposure potentially and they've got internal labor staffing issues. i don't think they're as well positioned to weather a recovery for lack of a better word as other banks are. maria: i see. we also have september retail sales out this friday. this number usually a key indicator of how the american economy is doing. of course, consumer spending, two-thirds of economic growth.
danny, what are you expecting? how does the backdrop look to you? >> this is really the week of the consumer, maria. despite all of the stimulus and all of the push that the government has had and the fed has had and a couple of really high profile bankruptcies, we're actually expecting the consumer to continue to do well. retail sales in the u.s., the u.k. and parts of europe are all actually running higher than pre-covid numbers so the expectation for september retail spending is 7/10 of 1%, up 7/10 of 1%. again, that's in the face of all of these measures, the stimulus measures not coming through. so we do think that the consumer is going to continue to trend. we're in the middle of prime day today and apple unveiling their 5g products so consumer is still very strong. maria: potentially one of the world's largest initial public offerings coming, hitting a
snag, reuters reporting that chinese fin tech company ant group which is of course part of alibaba is facing scrutiny by beijing's regulators over potential conflicts of interest, heightened tensions between the united states and china also could potentially cause companies to choose hong kong or shanghai instead of the u.s. as places to launch their ipo. david, we know that ant group is going to be listing on the honk of kong stock exchange, a lot of controversy around this deal, particularly as the u.s. pushes back on china. they're not going to list in new york because they're going to have to follow different rules in new york than they would in hong kong. >> there are so many subplots here it's hard to know where to start. it reads almost like a wall street pump and dump, the largest ipo of ever. there are national security concerns, even senator marco rubio has weighed in saying the u.s. should do everything they can to delay the ipo at 30 to 35 billion, it's going to be larger tha saudi aramco.
they raised funds by reaching out to so-called experts and they were not sophisticated experts. some of the questions that were asked is what is a mutual fund. that's why the chinese regulators are starting to weigh in on this name. maria: okay. well, we'll be watching that one. it's going to be a big piece of business and i know a lot of wall street banks want to get a piece of it despite the fact that there's so much pushback in terms of chinese companies. danielle, david, keith, great to see you guys this morning. so appreciate the word on wall street. much more ahead this morning. coming up, the 2020 race heating up as we're 20 days away from election day. former white house press secretary sean spicer is here, he'll weigh in on the state of the race. plus the ceo of panera bread, niren chaudhary on the major changes coming to the restaurant chain. and a then ted cruz will be here live on the bombshell documents pointing to the fbi relying on
news organizations that they leaked to corroborate the phony steele dossier. we'll also get his take on the hearings. and the supreme court hearings. joining the conversation all morning long, dagen mcdowell and bob nardelli here this morning. great to see you guys. we've got a lot to talk about when we come right back. you're watching "mornings with maria" live on fox business. ♪
maria: welcome back. the race for the white house is tightening with less than three weeks until election day, more than 10 million people have already voted. president trump and joe biden are making a final push through swing states you across the country. yesterday, joe biden was in florida while president trump rallied in pennsylvania. here's a look. >> he throws super spreader parties at the white house,
republicans hug each other without concern of the consequences. how many of you have been unable to hug your grandkids? the only senior that donald trump cares about, the only senior is the senior donald trump. >> career politicians like joe biden lie to you. i don't think he even knew he was lying. if you want to know the truth. he's shot, folks. i hate to tell you, he's shot. he will outsource your jobs to china and distant lands all over the world. if he wins, the radical left will be running the country. he won't be running the country. the radical left will take over. maria: joining me right now is former white house press secretary and author of the new book, leading america, president trump's commitment to people, patriotism and capitalism, sean spicer. congrats on the new book. thanks so much for being here, sean. give us your assessment of the
state of play right now for this race. >> well, first of all, good morning, maria. thank you very much. it's going to be close. you've said already, you've got 110 million people who have votd by mail so far, early voting started in a lot of states in the last couple weeks. both campaigns are using the ground game to get their folks out to the polls early to vote or to make sure that they vote on election day and covid's kind of the x factor. people who traditionally voted on election day, you're trying to figure out whether or not they're going to vote in person or whether or not you can persuade them to vote by mail. but when you look at the battleground states this came down to, michigan, pennsylvania, 44,000 votes, wisconsin, 24,000 votes, this is going to be a ray razor's edge kind of election. my guess is we don't know for days. the ground game and data operation that the republican party and the trump campaign have been utilizing the last 40 years i think are going to give them that edge in the key states
when it really comes down to it. maria: all right. so you are counting on these swing states. what do you make of these polls then, sean? >> well, look, i think if you look back four years, it wasn't that dissimilar to where we are. there's a lot of question on the public polling, whether or not it sways towards the democrats. again, that's not what the campaigns rely on. you look at the tactics of the left, nancy pelosi wouldn't be talking about the 25th amendment if joe biden was really up 12 or 14 points. it wouldn't be the case. they know this is a lot closer than the polls suggest. they also know that in these battleground states this is a turnout operation. they're seeing their people go where they want them to go and so i think you're seeing -- it's a much closer race than public polling would suggest. we saw that four years ago. we're going to see it again this time. maria: all right. dagen mcdowell, jump in. dagen: sean, good to see you. what do you make -- what do you think the impact will be of the
consistenconfirmation of amy coy barrett, despite the protestations and the show that the democrats put on yesterday? it's pretty clear that she's going to wind up on the high court. this will be the third justice appointed by president trump in the first year. it kind of highlights promises made, promises kept, which is part of his campaign. but it draws attention, the ratings were incredibility on monday for the fox news channel. people care about this issue. does it set -- does it bakely set fire to people in terms of their enthusiasm and get them out to vote for president trump because of this promise kept? >> it's a great question. because right now the consistent formation process is -- confirmation process is overshadowing the presidential campaign. boy, was she impressive yesterday. i feel embarrassed for democrats that don't vote for her. if you look at her qualifications, there's no question she's imminently qualified for this role. she was so impressive yesterday
doing this all without notes, going from case to case to case. and so i think that from a republican standpoint, republicans have always cared about the judiciary more than the democrats. that's why president trump released that list of potential judges last cycle and he's done it again this cycle. they look at that as a bedrock of advancing conservatives and protecting conservatives' principles. the reason the democrats didn't attack her, they knew they were in a losing position. the longer this drags out, the better. it reminds people as you said the president kept his word, reminds them of the quality people he appointed to the court and it gets conservatives motivated, because there's nothing like the judiciary that drives conservatives to the polls. i think this will be a determining factor. i think the democrats are making a mistake. i think they would call for a vote and get it over with and move on. it's not allowing them to focus on the election and taking the oxygen away from joe biden. maria: let me ask you about one
clip yesterday that went viral and that is about stimulus and nancy pelosi. nancy pelosi went on cnn with wolf blitzer and he pushed her on why she's not accepting this $1.8 trillion deal from president trump. let's roll that clip, got to get your reaction. here it is. >> is that what this is all about, not allow the president to take credit if there's a deal that would help millions of americans. >> i don't care about that. he's not that important. let me say this. with all due respect, with all due respect and you know we've known each other a long time. you really don't know what you're talking about. i wish you would respect the knowledge that goes into getting the -- meeting the needs of the american people. but again, you've been defending the administration all this time with no knowledge of the difference between our two bills and i thank you for giving me the opportunity to say that to you in person. virtually. maria: that wasn't even the
worst of it. earlier in the interview she -- >> i'm upset. six years with the rnc and working with president trump and i had no idea that i had wolf blitzer in my pocket the whole time. give me a break that cnn is in the pocket of the president. that's insane. but the idea that, look, he asked her a legitimate question, 1.8 trillion, trillion with a t if you're just waking up, is isn't that shouldn't be sneezed at a. she said the president is not important in the negotiations? give me a deal. members are calling for them to take the $1.8 trillion. people in america are hurting, they need help. the idea that $1.8 trillion isn't enough money to start the ball rolling at the very least is insane. so this tells you how care. >crazy andpolitical the situatis gotten where nancy pelosi scoffs at the notion that $1.8 trillion
isn't worthy of starting the deal going forward and secondly is accusing cnn and wolf blitzer of being in the pocket of the president. maria: yeah. well, that's where we are right now i guess. sean, it's great to see you this morning. thank you so much. sean spicer joining us there. be sure to preorder my new book, the cost, trump, china and american revival, it digs deeper into the economy, the president's policies and how u.s. intelligence officials drove a false narrative linked to president trump colluding with russia. the cost book.com is where you preorder the book. coming up, apple debuts their iphone. we'll check it out when we come back. stay with us. knowing who we are is hard.
before money, people tools, cattle, grain, even shells represented value. then currency came along. they made it out of copper, gold, silver, wampum. soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. that's why it's time for digital currency and your investment in the grayscale funds. go digital. go grayscale. so you're a small bor a big one. you were thriving, but then... oh. ah.
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questioning mental fitness, former white house physician ronnie jackson telling reporters he is concerned that democratic presidential nominee joe biden does not have the mental capacity or cognitive ability to be the next commander in chief. dagen, your reaction to ronnie jackson? dagen: we've been doing at least the left have been doing armchair psychology on the president. what we do know about joe biden is that he did -- and he disclosed this in his own book, that he had two brain aneurysms that nearly killed him back in 1988. one thing i'll point out about joe biden, though, he's been pressed on this court packing question and he finally said he's no fan of it. but if you listen to those comments that he made the other day, he literally is saying don't talk about me, joe biden, just talk about trump. keep talking about trump. don't talk about me. i don't want to be the subject of any questions or commentary because that's working for him right now. so that's where he is in terms
of trying to deflect any questions about, quite frankly, policy, his health, anything. maria: yeah. well, you make a good point in terms of all of these people questioning mental fitness because, yes, we know that joe biden has had two brain aneurysms, but when i brought it up on sunday morning futures i got slammed. i guess you're not supposed to talk about it. yeah, it was in his own book but nobody ever talks about it so it's really not part of the conversation. instead, they're questioning donald trump's mental fitness. i brought it up for that reason, to get it into the cringes because it's out -- conversation, because it's outrageous that you have nondoctors questioning donald trump and there's no question whatsoever about his opponent which we know has had two brain aneurysms. all right, we want to talk about business because goldman sachs is out with its quarterly earnings now and you see the numbers on the screen. expenses was a big deal for bank of america. let's look at the expense line
at goldman and the fact that the company is beating revenue estimates and partly because of the capital markets business, obviously, cheryl, over to you. cheryl: trading revenue, yeah, in fact for the investment banking revenue came in at 1.97 pill i don't know. the sticks -- billion. the stock is up one and-a-half percent. we have to start with earnings per share. the estimate was for 557. they came in at 968 on the earnings per share. very strong performance on earnings per share from goldman. david solomon, the ceo, has been restructuring the business, you know that. he's been doing very well it looks like. revenue the estimate, 9.46 billion, they came in 1 10.78 billion. compared to last year, that's a 30% jump. the consumer banking side, the wealth management side, they came in very strong, 1.49 billion. they've been trying to get the wealthier client, manage their money. the stock is down about more than 8 and-a-half percent year-to-date. it was trading just a little bit
higher ahead of the report. it's ticking up higher since. also, we're looking at a few things. they did provisions for credit losses, i want to bring that up. every bank is giving us that number, $278 million. they're not as concerned it looks like about loan losses there. but that would make sense because this really isn't the kind of company that's really in the consumer banking side. anyway, strong numbers, maria, coming in from goldman sachs and again, this is david solomon, this history, -- his story, two years at the bank. looks like things are working for him, maria. back to you. maria: sure does. stock is up 2% right now on goldman sachs shares. thank you. coming up, shiny new apa pell, the technology giant debuts the latest iphone, capable of connecting to the 5g network. we're going to take a look right after this break. stay with us. our retirement plan with voya gives us confidence. yeah, they help us with achievable steps along the way... ...so we can spend a bit now, knowing we're prepared for the future.
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i'm maria bartiromo. it is wednesday, october 14th. a look at markets, 7:31 a.m. on the east coast. futures are mixed, dow industrials up 25 points, the pass dabbing is up 22, the s&p 500 is lower by 3. goldman sachs came out with a double beat and that move alone in goldman stock is adding 35 points to the dow industrials right now. that means without goldman, the market would be lower. yesterday of course the stocks were somewhat sluggish over weak quarterly earnings and halted covid vaccine trials, the dow industrials were down 157, nasdaq was down 12, s&p was lower by 22. european markets look like this. you have pressure underway, fq100 is down 10, cac is down 8, the dax index lower by 15. a mixed story overnight in asia as chinese president xi jinping is calling for young people living in hong kong to move to mainland china. he said this during a speech. apple unveiling the new iphone
112 lineup yesterday, the first line of apple phones to have access to the high speed of of 5g. joining me right now with the breakdown of the new iphone is the cyber guy, kurt knutsson. kurt, it's good to see you. thank you for being here. you how is it? >> maria, good to see you. good morning. 5g wasn't going to gain traction in the u.s. until apple added the fastest wireless tech into their hardware and a that is what apple has done with the four new 5 go iphone 12 model, the most of worthwhile upgrade in years. they're built for the super fast 5g, tougher gas exterior will make it four times better at sur describing a drop. a new -- surviving a drop. a new technology that puts a magnetic system on the back of the iphone 12, making it easier to do wireless charging and creating a whole new market for snap-on accessories like a mac safe wallet. they called it an all-new
design. it feels like a revisit to previous designs. i'm guessing the flatter, sharper edge band will make 5g work better and that's why they did that. iphone 12 has a 6.1-inch screen, this is the flagship model, 11% thinner, 15% smaller, 16% lighter than the iphone 11. the i-phone 12 pro max will be the biggest at 6.7 inches. verizon also on hand, taking some of tim cook's stage time to tell the u.s. the nationwide 5g is being turned on. that puts him in a wireless battle for the 5g customers with at&t and t-mobile. biggest surprise, pricing, selling roughly at the same price as the iphone 11. maria: okay. so the pricing is the same. look, i feel like i just got my 11 but it doesn't have 5g
capability. so will this spark a whole new population of people wanting the 5g and i don't know if it's too soon to get 5g. let me get dagen in here. dagen, are you going to be first in line to get the first phone on the market that's actually 5g capable. dagen: no, i didn't even upgrade to the 11. i didn't upgrade to the 11. and pi my question is the prici. i know it's the same, did 12 pro, pro max, is the same price of the equivalent 11s. we're in the middle of a pandemic. and it's a big ask to get people to go out and hand over that kind of money, kurt. >> yeah, it's become this tool in our lives, especially during the pandemic, that's more and more important. this 5g technology inside costs them a boatload to put in. what it means to you and me is the ability to connect super
fast. so when you click it, you get something rather quickly. now, it will be more confusing for the consumer. you've got like three levels of 5g in the world. you living in new york, you're going to have the fastest. now, if i lived out in the middle of nowhere and there is 5g it's not going to be that 200 times the speed of 4g lte but nonetheless, this is the biggest march forward in connectivity and wireless technologies to go into phones. it was never going to get any attention until tim cook put it into an iphone and this is it and i promise you, this will be as -- estimates are coming out, one of the best selling iphones globally that they've ever come out with. maria: kurt, was about privacy issues? we're learning there are in fact privacy issues with android phones. what can you tell us? >> oh, my lord. have you heard this story? this is about android having the latest software update that has
opened up a feature that was, well, well intended to begin with, helping those who are hearing impaired. well, it is called live transcribe. and it makes an android phone record sounds around it and then make a list of all those sounds. it includes, well, horns honking, a smoke detector, a siren going buy, a baby crying, doors being knocked on, a doorbell. you have all that and it seems like a great idea for the hearing impaired and it is, but it also has just opened up a huge can of worms for privacy because now someone can be using their phone to monitor certain environments and then have proof that certain things happened in those environments. maria: once again, google spying on us, dagen. dagen: i know. all of these privacy issues, it highlights i think what is a growing -- i think more people will pay attention to what is
happen aing with our privacy because, kurt, of all the personal, deeply personal information that we're being asked to turn over to, say, the local department of health in new york, any time -- again, if you get tested for covid, tracking of the covid, it raises the issue of not just google putting our privacy at a risk but also the state and federal government. >> big brother at work. whether it's private or public. maria: yeah. exactly. all right, kurt. great stuff. thank you so much. kurt knutsson. quick break and then we're talking with the ceo of pa a paa bread, he'll be here on major changes com coming to the restat chain and how the industry is dealing with the shoulddown. that's next. you're watching "mornings with maria" live on fox business
maria: welcome back. sustainable food choices, panera bread, one of the nation's largest fast casual dining franchises, rolls out a new menu label which lets customers know which foods have the lowest carbon foot print. more than half of all menu items will have the label. joining me now is the ceo of panera bread, niren chaudhary. great to see you. thank you for being here. i know you were among the first or the first to put actual calories and ingredients in the foods on the menu which was very good. why the move now to put the
climate best foods on the menu, what was behind this decision? >> so maria, you're right, we were the first national brand to be transparent on calories and now we're the first national brand to be transparent on our carbon footprint. at panera our mission is the relentless pursuit of good eating, food that is good and also good for you and done in a responsible way. that's our mission. we're constantly raising the bar, not only for ourselves but the entire industry as a whole. on calories, when we disclosed that, it became an industry standard and we're hoping that carbon footprint disclosure will also become an industry standard. maria: i'm sure your employees are happy about that. let me ask you about this current state of affairs. panera offering delivery and curbside pickup during the covid-19 pandemic. how has the coronavirus impacted business, what is the state of you affairs from your
standpoint, sir? >> so the pandemic has been an unprecedented crisis as we all know. but we have used that as a catalyst to just become stronger by focusing on what we have control over, a stronger brand, a stronger business model, a stronger culture, and also stepping up at this important time to do the right things for all of our stakeholders, associates and customers and our communities. so on customers, as you mentioned, we are absolutely focused on ensuring that we are continuing to serve them, their emergent needs. the emergent needs are around off-premise convenience driven through digital technology. we're seeing a tremendous amount of momentum on those channels, our omni channel, off-premise channels. delivery is growing by close to 100%. curbside business is now 15% of our total sales. drive-throughs are also growing
at 60 to 70%. so i think that's our focus. you know, serving our customers where they are and help them access panera when they want it, how they want it. maria: well, you're getting through a very tough period in our history. bob nardelli, jump in here. bob: well, again, congratulations on certainly the low carbon menu, obesity with calories we talked about earlier the problem we're facing with obesity. given the breadth of your organization, share with us the most challenging locations relative to local laws and allowing your restaurants to have in-dining service versus those that are open, could you compare and contrast the success of your business given the far reach in the u.s. that you have? >> yes, i think we are a national brand with a national footprint. we have about 48 states. and the pandemic has been a very
fast-moving situation all the way through and what's been paramount in our minds is the safety of our customers and our associates at all times. always been compliant with the cdc regulations, national and state regulations, et cetera. a few weeks ago we were able to open our dining facilities almost in 95, 96% of our cafes. of course, being very aware and committed and responsible with socially distanced seating and all the safety protocols you would expect. but as the pandemic moves around, we adapt and always keeping in mind the safety of our associates and customers at that particular point in time. maria: what has been the biggest change of the acquisition making you a private company, niren. i know it's been a couple years now since you were you acquired by jab and taken private. what has changed within the business as a result? >> i think panera has an
incredible foundation of a track record of tremendous consistent performance and growth. it's a fantastic brand. it's a leader brand, leader in fast casual, leader in omni channel, leader in e-commerce. it's a terrific foundation to have and now i think with the acquisition of jab, we are basically building on that strong foundation and are very excited about taking it to the next level and unlocking the true potential of the brand and the business. maria: okay. we will leave it there. niren. great to see you this morning, thank you very much. niren chaudhary joining us. when we come back the ipo market heists up. heats up. my next guest's company competing with amazon prime. you're watching "mornings with maria" live on fox business. ♪ diane retired and opened that pottery studio.
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maria: welcome back. wells fargo out with quarterly earnings now. let's get to cheryl casone more. the stock is down more than 1%. cheryl: there was a slight miss in earnings per share, the estimate 45-cents, they came in at 42. on the revenue side of things, in part due to the mortgage banking business, revenue estimate, 17.98 billion, they came in at 18.9 billion. a couple of highlights out of this, first to the mortgage banking fees, those were stronger for wells fargo. that is part of it. also of, a little bit of a loss when it comes to the amount of average loans. about an $18 billion loss. so it's more of a loss than you would want to see. the ceo is saying part of the issue with the quarter, they were impacted by 452 million of
noninterest income. that of course is with regards to securities. that is part of the fed story right there. also, they're saying they were impacted with strong mortgage banking fees which i mentioned at the top of the report. higher equity markets did help them. also, declining sequential chargeoffs, that helped them out when it came to the results. but overall, a slight miss on the earnings per share, pressure on the stock, but again, mortgage banking fees were strong. reason i bring that up, when it comes to wells fargo, the biggest piece of their business is mortgages. and loans to consumers. back to you. maria: i know the expenses and the mortgage side of the business are critical here. we'll keep watching this. the stock is worsening. korosity stream is going public, hitting the nasdaq after merging with spak company software acquisition group. the deal puts the company at a pro forma valuation of
$331 million. the stock is now at $10 a change. joining us now is founder and chairman, john hendricks. john, it's great to have you. congratulations to you on this ipo. >> thank you. maria: tell me why you chose this way through a special purpose acquisition company. >> thanks for having me, maria. so our goal was to get public at a time when we had recurring revenue streams and that we had achieved at least 10 million households in distribution so i'm proud to report we're now available in over 175 countries and have 13 million subscribers. so we feel this is the right time and so with any company you have a couple of routes to go today. you can do a traditional ipo or you can merge with an existing spak and so i was real intrigued by the number of spaks and the opportunities we had. we interviewed and met with about six to seven of those earlier in the year and august 11th we announced our
merger intentions. so this was a big day for us. we'll complete the merger today and begin listing tomorrow on nasdaq as curi. maria: we know that it's a big deal. we're happy that you're here to talk about it. streaming is all the rage. disney is even shifting to streaming. it announced this week it's reorganizing, centralizing its media businesses into a single organization responsible for content, distribution, ad sales and dism disney plus. john, walk us through the growth in your business right now. what a do you think that move from disney says about streaming and are you looking to take market share from these big giants like netflix? >> well, we're in the midst of an unstoppable revolution. you know, as viewers migrate from linear television to streaming, mostly for pro produced programming, movies, documentaries. we think that long-term news
programming, live news and live sports will still have a great home on linear television. but for all of us who enjoy content that's uninterrupted by commercials, we're all turning to streaming. so disney's correct. i mean, it's the way of the future. we witness each week the migration of viewers and one of the big categories that's been left unserved in the streaming world, so there are four categories of television we've all experienced in our -- through the years. there's movies and scripted content, there's factual, there's general entertainment and amusement content and then there's sports. and so we're tackling the full category of factual. and all the many niches that that embraces. we'll do everything except live breaking news. we will cover current events but again, we're the full factual category and again, we've gotten great response not only directly from consumers -- maria: i love that. >> we also have offered
distributors the opportunity to bundlbun curebundle the stream. we have over 20 distributors worldwide today. for us, it's the right time to go public. we have a demonstrated revenue stream. you've seen a lot of companies go public that were kind of business concept and, again, we wanted to -- i've been at this for about five years now. we wanted to wait until the right time when we had good visibility into future revenue. maria: well, i think you obviously have created your own market in terms of truth programming, documentaries. it's totally different than what you're seeing on some of your competitors. what i love about this story and your business is as activate has told us, michael wolff heads activate, that he's expecting consumers to have five, six, seven streaming companies, seven
streaming accounts, not just one. so there's room for all of these different categories in this new revolution of a world that you're referring to. john, we'll be watching. great to have you this morning. >> absolutely. maria: best to you. >> thank you. maria: and certainly you're entering this incredible moment in time. john hendricks joining us, we'll be watching. stay with us, ted cruz, texas senator coming up, live. lots to talk about with the senator. back in a moment. this is decision tech.
find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. maria: welcome back. good wednesday morning. thanks for joining us. i'm maria bartiromo. ,wednesday, october 14 top stories 8:00 a.m. on the button on the east coast, 20, days to go the november election less than three weeks away, and there is still another debate on the table october 22. president trump and joe biden headed into final push election season hitting the trail, in the key battle ground states following all
morning, the origins of the russia probe new bombshell documents show when organization the fbi relied on to corroborate the phone steele dossier leaking stories big banks in focus mixed results from wells fargo bank of america, he goldman sachs also reporting this morning goldman is a double beat it is set to add 40 points to the dow jones industrial average this morning, let's check markets because without goldman sachs you would have a negative market, dow industrials this morning are up just 4 points nasdaq up 28. momentum within tech s&p 500 negative down 3 points yesterday stocks sluggish over weak quarterly earnings news of vaccine trials, yesterday lost 157 points nasdaq down 12 s&p lost 22, at 4:00. >> questions for google
warning big company may shift power to phillip senate what google is doing to try to phillip senate to departments tips from at youer space astronauts have advice for a weary public making a buzz "mornings with maria" is live right now. . >> european markets rolling over solidly negative ft 100 down 12 cac quarante down 11 dax lower by 22 mixed stoifr in asia as well as chinese president xi jinping, get this is calling for young people living in hong kong to move to mainland china said this during a speech in shenzhen. >> markets mixed overnight in asia worst was korea down almost 1% then supreme court showdown confirmation hearing supreme court nominee judge amy coney barrett entering third day, judge barrett facing tough questions from lawmakers on a variety of topics, including you the second amendment even her
religion, next guess standing up for religious liberty during the hearing. >> how about religious liberty? an issue near dear to a great many of us, right of every american to live according to faith to conscience whatever that maybe religious liberty is fundamentally about diverse respecting diversity whatever your faith tradition might be government is not going to trample on it. maria: joining me right now is the man himself texas senator senate foreign relations judiciary committee member author of one vote away senator ted cruz here good to see you this morning. thank you very much for joining us, congrats yesterday on that -- on that hearing, you were terrific, what are take-aways from first two days? >> well good morning, maria.
great to be with you, my takeaway is that i think yesterday in particular was he consequential day because yesterday became absolutely apparent that judge barrett will be confirmed she will become justice barrett. and i say that, because the entire day 12 hours of hearings she sat through never-ending questioning from the senate judiciary committee. and the biggest thing you come away from watching that is that none of the democrats laid a glove on her not able to find any line of tactic do the any traction judge barrett was calm she was cool, collected knew the constitution had a temperament scholarlyly and judicial but even more revealing the democrats weren't really trying, it kind of felt like the senate democrats on the committee were -- phoning it in recognized on the merits,
she is incredibly qualified don't have substantive criticism considered reprize we triesing three years ago attacking for faith she is catholic they attacked her for that i think they made judgment too risky to do couple weeks before election so ended up most of their so-called questioning period they would give speeches attacking donald trump and explain what they didn't like about president trump attacked the president judge barrett mostly sat there and smiled, a very good sign, that she is going to get confirmed. i think a powerful indication the jill agenda democrats have at the core they recognize isn't popular their agenda on
religious liberty severerestrik free speech giving government power to censure speech not popular with voters the agenda essentially erasing second jaement from bill of rights not popular attacked the president. >> the issue of stacking the court not popular either, if you want to quickly, walk through the ramifications of this in my opinion judges on court has been the case senator since 1880? you had nine judges on supremacist since -- in 1800s; correct? >> yes we've had nine judges on the court for 150 years. you will recall we've seen a democratic president try to stack the court before, in increase justices from nine to a larger number fdr tried that at height of power his own
party democratic party said no, they had large mairts in large houses of congress said no this will destroy independence of the judiciary politicize the supreme court wouldn't let him do it is what clear joe biden and kamala harris if they win intend to do that repeatedly refused to answer the questions, to the point gotten bizarre joe biden a couple days ago, said the voters don't deserve to know the answer to that question. that is really bizarre. it would do enormous damage to the court and i tell you not just the court as institution, that would be damaged, our fundamental liberties youmensed mentioned new book i wrote one o vote away you had me on show when book came out a couple weeks ago after coming on your show book ended up shooting number one best-seller in country on amazon, i appreciate that i
think the reason is you are viewers want to understand what issues are about want to understand this the book takes people inside the court behind curtain what is going on with justices tells stories about some biggest landmark cases of the court i helped litigate underscores what stakes are in a way that -- it is very difficult to get just from reading the news, to understand, what is the fight about at the court what is fight about with judge barrett what is fight about in november election. . >> why i like the book accessible thank you for that let me get through a couple talks with you newly declassified documents your take on fbi he tried to take down donald trump 2015 fbi leaking to yahoo! mother jones, then would use stories that they leaked, as evidence to renew the warrant to spy on
the trump campaign those familiar with this document the documents saying that the viewer was reliant on public reporting to point christopher steele would speak with reporters fbi would cite that reporting incredible we keep getting more information, on what they did in 2016. there will be accountability? >> i certainly hope so, there needs to be, this is a scandal and it stinks, if you look what obama administration did it politicized fbi department of justice cia used them as a political upper research team a hit squad targeted enemies then there is no precedent for anything like this in our country's history, nixon to some extent tried to do with it irs never succeed, obama did succeed in this instance we have fbi, we are already know filing misleading dmths with federal court creating fraudulent documents to federal court i expect that
lawyer to be prosecuted we already know they knew material they were relying on was research paid for by hillary clinton to attack political opponent didn't tell federal court that. they hid that from federal court we know primary subsource for so-called steele report basis of it was someone fbi themselves had been investigating for being a russian agent someone trying to recruit senior government officials, is we learned stunningly last week john brennan head. cia went and personally briefed barack obama from handwritten notes brennan's notes briefed obama the hillary clinton campaign had come up with this scheme to attack the trump in a campaign by accusing them of being in bed with russians this is middle of the campaign before
election brennan briefs president obama green lights it biden "greenlights" it, and this latest about the account with fbi in esh.e.r. paint being things fold on to them over and over in this instance the fbi, is leaking to yahoo! leaking the news out, the news outlets report what they say, and the february says see, there is evidence what we're saying is right because they repeat what we told them corrupt, are political, and not how governments meant to operate. maria: if it weren't -- sounds funny but not funny if it weren't to dangerous trampling over rights liberties would it be funny but story i have seen as serious evidence for years your take at google we know conversation taking place in
government whether or not social media companies will be forced to give up protection, and be able to get sued now we learn, from a social media researcher who reports google may be shifting pour to flip senate in election notes if you type in phrase "flip" google will list at it word senate several times there is expectation about this election ont presidential side it looks like google is working against you colleagues in republican party want to flip senate to democrat majority. >> bike tech was gotten bad with concurrence orship manipulation open political bias google is by far the worst google is naked brazen the report you referenced ip not sure who when authorized
it authorized it maybe dr. epstein leading researcher in this field i say that because dr. epstein testified in a hearing that i chaired in the senate, the senate constitutional subcommittee judiciary committee, where he testified in 2016 he did empirical research on google search results manipulated outcomes found google shifted over 2.6 million votes to hillary clinton through manipulated search outcomes, what is interesting about dr. epstein respected academic editor of psychology today nationally not a republican he is a liberal democrat voted for hillary clinton publicly supporting headline hill but outraged that silicon valley billionaires with manipulate o dmok to this extent testified if they continue doing what they do double down in 2020 could shift as many as 10 million votes to democrats i think that is what google is
doing, that they are furious that they allowed trump to win four years ago, big tech is trying to silence any voice of dissent, when it comes to senate, i am leading the fight to hold google accountable there are others also engaged big tech is a monopoly i think also -- brazenly violating antitrust laws i have been urging the administration to use the antitrust laws to go after big tech four years they are finally moving to do so but dangerous the biggest threat to free speech we've got in the country. maria: senator, we are going to be watching your efforts on that. it is in fact being dr. robert epstein exactly who it is uncovering this at google, sounds like we may very well see, legislation here in terms of antitrust issues we will talk more about it with you senator great to see you this morning sir, thanks very much. >> take care. >> ted cruz we talk with this
in my book preorder the book the cost, trump china and american revival out this month in about a week and a half go to the cost book.com to preorder. >> corruption in biden family bombshell report shows joe biden's son hunter biden may have introduced his father to top executive at ukrainian energy company onboard from white house chief strategist will weigh in on that when we come right back. ♪ the race is never over. the journey has no port. the adventure never ends, because we are always on the way. ♪ ♪
. . maria: welcome back breaking news this morning, new bombshell e-mails on fronts of the cover of the "new york post" uncovered revealing hunter biden introduced his father then sitting vice president joe biden to top executive at ukrainian company burisma prior to the vice president's pressuring officials to fire a prosecutor who was investigating that company and hunter was on the board this is according to e-mails obtained by "new york
post" on the phone to walk us through former white house chief strategist steve bannon what do we know about hunter biden what does this tell us. >> i think tells us simply maria i have been on your show since beginning of this year one thing joe biden has extensive financial relationships with foreign governments companies controlled that he never disclosed he lied about it first story "new york post" has done a great job, emmett jo moore, miranda divine terrific job everybody should go to "new york post" for this lace it out joe biden lied -- lied to "the wall street journal," lied to "washington post" consistently lied doesn't know anything about this e-mail show he lied about that also shows another story that shows the extensive
relationships violate regulations, this is the biden family and joe biden, has a major national security problem. and that problem is that extensive financial relationships across to globe with lots of companies controlled by foreign government never disclosed it joe biden sat on debate stage across from president trump lied about it lied about burisma lied consistently has to be hymn accountable, accountable by main stream immediate trump campaign ultimately american people joe biden has to come he clean with this he is a stone-cold liar brasenly lied about this now there is a massive treasure trove relationships coming out greet journalists working on it right now, not able to spin this not the able to lie about it joe biden stood up supposed to be --
from scranton he is from wilmington, delaware acts like a scumbag pr guy at a global corporation if he wants to be president of the united states has to sit there tell them what this family extensive financial relationships are he is a compromised individual family is compromised this is a known fact he has to come clean with this. maria: do you think people understand this you say he has to be able accountable immediate is not hold him accountable -- >> i think immediate -- >> according to father, as my guy kept saying my guy, burisma discussing a 25,000 dollar retainer steve, how much did hunter biden get while his father was sitting on, vice president and he is sitting on a board, with this ukrainian company tremendous amount of money the tip of the iceberg there is much more to come much more deeper
financial relationships. this is -- listen bottom line that mainstream immediate credibility is going to be on line here they have got to stand up hold -- as the biden, not just that, where is fbi in this fbi has hard drive since december last year fbi comes forward when they got this president trump would have never been impeached that is national scandal. maria: unbelievable the democrats president critics will not acknowledge it steve bannon thank you so much for calling in we will see you soon steve. we'll be right back. .
up 37 nasdaq up 34 points, s&p 500 exactly where it was when it closed yesterday unchanged, 3504, remember goldman sachs stock is trading up this morning, that is representing 30 plus points in the dow industrials, without the big rally in goldman sachs stocks we would be negative although earnings for the most part have been largely better-than-expected they were issues with bank of america, as well as wells fargo, as relates to net interest income as relates to expense you've got dow industrials this morning back up as we await breaking economic data with the september producer price next out minutes from now dagen mcdowell bob nardelli expectancies on inflation with rates where they were do you think we are going to see any signs, that we are looking at inflationary pressure? >> maria i don't think so, i mean if anything might be modest but i don't believe we are going to see a big jump in inflation. i think the feds certainly
have committed to do everything within their power to help this economy. towards ongoing recovery, so i i don't think that is a big issue for us maria. maria: yeah, rock-bottom rates stay that way until 2024 apparently break then september ppi right after this. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.
maria: welcome back. good wednesday morning. thanks so much for joining us. i'm maria bartiromo. wednesday,october 14, it is 8:30 a.m. on the east coast we are an hour away from the opening bell, september producer price indices hitting the tape economists expecting gain in ppi, of /10 of one percent futures we get this dow industrials up 38 points nasdaq up 18 and a half s&p 500 currently lower a quarter point, cheryl casone with breaking news right now. cheryl: numbers are better than expected may not be good if you are concerned about inflation, but for
month-over-month ppi number coming in expectation .2%, we got .4% jump year-over-year without a food and energy conclusions up .4% expectation .2 core numbers murn over month september a jump .4%, versus.2 estimate the year offer year that also coming in, a little bit hotter than expected 1.-- 2% estimate .9, this is prices whole say willers are paying a question do they pass over to the consumers, again, the fed does look at all when it comes to inflation, and targets to your point earlier we are looking at interest rates extremely low for 2023, back to you. maria: i think you asked right question are we seeing this higher inflationary situation getting passed on to consumer yesterday we got cpi pretty much in line with estimate does it looked like
consumer is swallowing extra costs we will watch the core ppi and producer price indices dow industrials up 43 nasdaq up 28 we have a firmer tone for stocks, meanwhile, this, the corruption is unreal the fbi relied media to spy on trump documents by fox news showing bureau relied on reports from outlets yahoo! mother jones to leak stories there, and use those published stories against president trump, fox news sources saying that after at the leaked the story they characterized as overreliance it became circular,. >> joining me right now is investigative journalist fox news contributor john solomon reported on this first to break this, first let's talk about where we are on this john. look, i have been saying three years, that they were doing
this, because we know, that there was no other way that they could renew the warrant to spy all they had was dossier, the leaked information they leaked to news organizations, added something else to say we also have this, right? >> to the fisa court? >> it is a day that analysts rely on open source information circular reporting they knew from are steele to validate a document that for when no own intelligence, striking about think of seen documents like being this in the past there is no u.s. government intelligence reporting validating anything that steele says, that is a red flag when you are working in counterintelligence investigation. but rather than treat it as red flag, fbi tried to do backflips tried to create any sense of creditability for a document obviously, flawed go through entries in spreadsheet you see information they
knocked down -- wrong name wrong spelling wrong date donald trump wasn't here that person was there isn't. this was a garbage document initial analysis by analysts showed a garbage document they tried to do something to give it some life he creditability quoting sputnik huffington post article written by sister of a main democratic operative promoting it be russia collusion story garbage work document embarrassment to the intelligence can he to come out. >> also embarrassment to media john the media went with it drove the bus on all this incredibly hard to get in i documents literally 20 days from an election, four years after this coup started, we still don't have the documents, that fbi continues to sit on, and that gina haspel at cia trying hard to
the not to release i spoke with senator chuck grassley yesterday on this program he and senator ron johnson trying to contain text messages from mccabe he didn't officially hand over we know they saw text messages when they went to the quiet loom where text messages are locked up they know they exist want get hands on documents here is senator grassley watch this. >> you are waiting on andrew mccabe number two guy at fbi former number two guy you want his texts tells tell me what you asked for answer you received, senator. >> well,his e-mail tell us a lot that we don't know what a little bit we have seen learning more, but we know there is a lot more there, because when we were down at justice department, we saw a whole binder of books of his e-mails, and so yesterday johnson and i wrote a follow-up now why are wouldn't first letter that we sent,
long time ago, get every e-mail that is is what you asked for, but there is something embarrassing in these e-mails that they want to cover-up. maria: unbelievable no mention whatsoever of how they trampled on americans' rights liberties throughout 2016, 2017 to take down a president simply didn't like they wanted hillary clinton to win as simple as that what do you say? >> is it yeah there is no doubt, listen there is one those text messages i obtained able to report on recently lisa page sent mccabe an article that is now completely -- debunked conspiracy theory de bufrngs everyed by british court cia fbi mueller she said is a couple days before election he writes back awesome he was so glad there was an article on trump four
days before election partisan nature of text he messages probably what fbi is trying to protect a shame for the country, that chris wray doesn't have courage to put these out let even a see what went on in fbi we had -- after 9/11, to move on chris wray has not done he that harming american public so doing. >> you are right thank you mueller investigators did wiped phones clean, they saw what the texts revealed from colleagues former colleagues what does andrew weissmann do? spends hours putting wrong passwords in 10 times, 31 phones, wiped clean so nobody could get access to it unbelievable actually, then -- obstructing this is obstruction of justice i have never seen it. >> it is you know why analysts agents were buying insurance
worried coming under investigation front line people in this saw it for what it was dirty trick carried out by fbi they thought they that had legal liability for what they were asked to do we know why don't have all answers that is on chris wray fbi attorney general we need to get documents out before election the president could make them out tomorrow just ordered it we need to see documents come out. maria: you say that, but when they actually are asked, give me documents, they say well what difficulties? or oh that is in a locked box or oh i don't have it anymore even as president says i want to declassify, they make it hard gina haspel isn't there, senators grassley johnson maintaining efforts to get gina haspel to comply with with requests she won't do the that is haspel the same as christopher wray don't want to embarrass agencies cia and fbi?
and what they tried to do, to donald trump? >> absolutely, the single most important document public could get before election day would really open eyes, is a report that devin nunes sent to cia in 2018 that identified all the pause there in the spy trade cyberfbi used to come up with russian collusion if she released that would have supporting the lesser was helping trump under seal two years if thee wants to do american people a favor declassify that report before they vote on november 3rd. . >> have i have a feeling i know two leading resignations that are coming should donald trump win second term two major resignations are coming, gina haspel and christopher wray we will watch for that
quick before you go you have done so much reporting on hunter biden and day we got story in "new york post" saying that there are e-mails that show hunter biden was introducing his father a sitting vice president, to the head of burisma hunter was onboard getting, are tens of thousands of dollars what tell us bu hunter biden joe biden investigation into this russian company burisma? >> this is a very simple question that could be answered in two minutes joe biden and burisma can just say the meeting happened or didn't happen, is this e-mail true or not trueive been familiar with this we have not been able to corroborate authenticity worked very hard on it over a month it is in public now, simple joe biden did you meet with burisma your son's company or didn't you burisma did you meet with vice president we can get answer 4 hourss, know if joe biden told us truth or lied to us early
statements about burisma very simple question for him to answer today. maria: are how much money did hunter biden maker on his father's name while the sitting vice president, give me a rough -- a rough estimate here you have done a lot of reporting whether china, or whether ukraine what are a numbers we're talking about in terms of the money that hunter biden pocketed? >> yes, in tens of millions from what we can tell from bank records, and treasury department suspicious activity reports in tens of millions of dollars everywhere vice president had a foreign policy responsibility, china, kazakhstan ukraine russia hunter biden behind him collecting money from all interests, a shakedown a foreign policy shakedown, the pattern is clear vice president has yet to really answer the hard questions on this he called it dismissive it is in fact absolutely true.
>> great reporting as always thank you so much we will see you soon john solomon just the news check out solomon's just the news, potential american exit, my next guests have been warning on regulation impact on digital currencies, tiktok how the star entered the social media juggernaut you are watching "mornings with maria" live on fox business. >> you want your freedom ♪ who am i to keep ♪ ♪ ys of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced technology. with serious security. and reliable coverage, nationwide.
. . crypto pulling out of u.s. cryptocurrency ripple, threatening last week to move the company headquarters outside united states to either singapore or uk ceo brad, addressing the issue on twitter writing this the lack of a single national regulatory framework is putting u.s. innovation u.s. companies at a significant disadvantage all we're asking for us a level-playing field if we need to move to another country to get that that is the path we will have to take joining me right now ceo of ripple brad, great to have you this morning thanks for joining us so you are saying, you want a system -- in united
states, where you actually see cryptocurrency a structure explain the issue you are referring to on twitter, brad. . >> good morning, maria. thanks for having me, i think what the world should understand certainly in the united states, is that we are in a race with china, i think if we look back three or four years ago there was a race around 5g networks if we look back in time today, we are going to find that we are at risk making same mistake again. mistake this time isn't about telecommunication wireless it is global infrastructure payment, this morning a new headline about how china is leading others in the dust, i think in race we are in we are you know many countries are just in process of getting a learner's permit so for ripple we are looking at how do we make sure we can compete on level-playing field unfortunately here in u.s., we've some parts government look at cryptocurrency one way oez another way looked at as
occurrence or commodity security i think chinese chinese is very strategic very focused on dominating this technology, are i think there is little doubt today china is well ahead where others around the world we have to decide as country the rest of the globe how we want to respond to that. maria: and i suspect because we don't have a proper central framework regulatory framework in place broad public has questions about it so how do you trust something, that there is really not a regulatory framework around? >> that really is the problem, it is kind of -- for a company like ripple certainly on a i am proud citizen grew up in kansas want to remain in the united states, even last week, there is a report that came out of the department of justice, that was talking about cryptocurrency listed 8 separate u.s. regulatory
bodies each of them was a slightly different view on crypto, some thought a property some, irs looks at it one way, the dfdc another way u.s. out of sync with a lot of currency g20 are doing uk you mentioned singapore uae switzerland good examples there is a clear regulatory framework that is allowing for health markets to dwell i moved to ask silicon valley 20 plus years ago the internet as we know was being born, are part of the success in united states around internet was because clarity for companies to invest. and there is a very level-playing field for investment to flow into internet as we know it today we think about next version of the internet global cryptocurrency, global financial infrastructure, if there is a disincentive will go elsewhere we have seen
examples of u.s. advantageing u.s. technology the conundrum we are in at disadvantage to company like ripple others like ripple a frustrating place to be why we have take place the step to look being should we relocate to a company where it is clear. . >> i think you are making really important points brad i am glad you are getting this into the conversation, let me bring in bob nardelli here go ahead. >> brad, again as a fellow ceo, i can hear the passion in your voice. i understand your frustration. but at a time trying to do more on shoring, i would hope i think you would realize that we are in a very unique situation here with pandemic, trying to -- the supreme court got election, i remember vividly okay on maria's show talking blockchain cryptocurrency stop of
discussion i wonder if there is a pause that you could take position try to, you know, remedy some concerns used, are how do you feel about that is there a way for you and your colleagues, to unite try to get more attention on this organized? >> absolutely, and look the reason why i am talking about this as maria pointed out we want there awareness around this, because i my my experience when people understand the issue like wait a minute we didn't mean to create that dynamic where advantageing a chinese technology over u.s. companies there is momentum on capitol hill recently there is a new framework introduced that is called digital commodity exchange act introduced in congress, in i believe ag committee bipartisan -- ♪ maria: you don't want to seed
all innovation the china important point we will keep talking about this please come back soon. stay with us. we'll be right back. our retirement plan with voya gives us confidence... ...so we can spend a bit today, knowing we're prepared for tomorrow. wow, do you think you overdid it maybe? overdid what? well planned, well invested, well protected. voya. be confident to and through retirement.
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maria: thank you dagen, have a great day everybody, "varney & company" begins right now. stuart: good morning to you, good morning, everyone. we've seen the new phones and we've seen apples numbers, now the market is passing judgment, it is flat to slightly higher, that is not bad because it often takes a small hit at the new products are introduced. then there is amazon, they started prime day as the bargains are out there, the stock is up again, we are waiting for hard numbers about how much they sold, in the meanti