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tv   The Claman Countdown  FOX Business  August 4, 2021 3:00pm-4:00pm EDT

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liter but we don't like to jump in front of it's like 50/50 they work but they beat number and raise guidance we'll jump on at that point and yes pay a little bit more for it charles but we know from our track record we get more interest that way. charles: ken thank you so much, a lot of words of wisdom there folks the markets really interesting the growth names nasdaq strong all day everything else not so much, liz claman, over to you. liz: yeah, but you just mentioned it, robinhood. i mean, robinhood's arrows are hitting the bullseye in such a big way as the s&p 500 does back away from a record close yesterday, we are witnessing jittery market as rising cases of the delta variant could derail the economy and of course rising regulatory pressure could trip up the bull run dow jones industrials down 283, s&p lower by 13 nasdaq holding on to 31 points of gains but the 10 year
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treasury yield on a bit of a bumpy ride itself this session, standing right now around 1.18% after dropping as low as 1.13%, right after this morning's july adp payroll report missed big. our floor show traders make sense of it all, and yes, actually, we've now seen the 10 year move down to about 1.169%, so there's still some real action in this final hour. now late this afternoon, don't know if you guys heard this yet but one of the nation's biggest auto shows just became the latest covid casualty. the new york city international auto show has been canceled. coming up we'll get live reaction from general motors chief financial officer paul jacobson, whose actually just coming off record quarterly profits but a warning as well about nuts and bolts possibly giving the company some problems down the road we'll ask paul about the future of the chevy bolt after its expensive recall, inflation driving up costs, chip shortages and so much more. and we're joined by the
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healthcare medical products leader who says broader vaccine adoption is being held back, because primary care physicians haven't been given access to the shots. henry schein ceo stan burkman is here in a fox business exclusive as the flu season begins to bear down and give our regards to broadway. the lights on the great white way shining brightly for the first time since the pandemic began. its opening night finally after so many months of being dark, we're headed to the theatre for a live report on the business of broad way, but first we got to get you this breaking news on the heels of a 22% gain yesterday, look at shares of robinhood. they are on an even crazier terror as we kickoff the final hour of trade and as dramatic as a gain of 49% right now looks, it had been higher by 82%. look at this intraday chart. now, obviously, not only is the stock jumping all over the place but its been halted multiple times today due to extreme volatility, but right
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now, robinhood, which its first three days of trade couldn't get above its $38 ipo price is now at $69.76. couple drivers here, hood is now the number one most-mentioned name in the wall street reddit chat room, yesterday it was number two its moved up a point but this is also the first day investors can pile into hood options trading which opened this morning but could robinhood , along with a good chunk of the rest of the market, but headed for a cold shower? in the past 24 hours, these three power players we'll put up on your screen, two of them just hours ago, have made declarations about both the markets and the economy that indicate regulation and rate hikes are on the horizon. securities and exchange commission gary gensler, calling cryptos the wild west promising he will heavily scruitinize the digital currency trade, charlie gasparino will have more on that in just a moment. two hours ago treasury secretary janet yellen discussed the u.s.
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economy saying inflation is temporary and would return to normal levels in the not too distant future, but federal reserve vice chair richard clarita said today, that if federal reserve expectations for inflation materialize in the months ahead meaning they last a bit longer and they continue to go higher, then get ready for interest rate liftoff. >> i do believe that these three necessary conditions for raising the target range for the funds rate will have been met by year-end 2022. liz: with the fed possibly ready to raise interest rates next year, the sec and treasury bearing down, are their next moves going to raise or ruin the bull market run? let's get to our floor show traders david trainer and teddy weisberg. david, buyer beware of regulators who are looking to keep busy. robinhood maybe running up but gary gensler has indicated he's really going to look closely at how it makes its revenue right? how closely must investors then look at possible regulation.
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>> absolutely. i mean, payment for order flow is kind of an unfair practice, right? they take your orders and before they execute them they give them off to other traders? there's nothing really about that that sounds fair, or is fair, and look, even if regulators don't do anything, i think robinhood is going to see a lot of competition from firms who are proactively telling investors they don't participate in payment for order flow, as a means of differentiating themselves and providing a more ethical service to investors. liz: yeah, what about the broader market though, david now you have richard clarita saying interest rates should go higher, quite frankly i would agree. we have a very strong economy at this point. we're no longer in a 0 to .25% emergency interest rate level and by the way overnight you had germany's bonds, the bond market every single part of that yield curve is now negative. that's frightening, japan
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government bond lowered the 10 year, below zero, so this is worrisome, is it not? >> yeah, it's definitely worrisome. i think it shows you that the u.s. could go lower. does it make sense from an economic perspective that it should go lower? probably not. no, but like you can throw out traditional economics, liz, many years ago, so it's hard to predict what this fed is going to do. i feel like its become more of a political issue and i don't think any politician or regulator nominated by a politician wants to do anything that could possibly go to a bull market and cause them to lose votes, right? so i don't think this matters so much about economics as it does about politics. liz: ted, it does not look like the nasdaq is too shakey at all, in fact it's the one major index in the green right now, so that leads me to wonder is that sort of growth trade back and the value trade takes the back seat at the moment. >> well, liz, i think for the
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moment, yes. that's the obvious. if it's the covid problem reappearing then we're going to go right back to the trade that's led the market out of the doldrums of march and april of 2020 and it was a tech sector because that's when the earnings are. they were the big beneficiaries of the whole covid cycle in 2020 , but i think the bigger issue is the comments about the vice chairman of the fed and interest rates and yellen's comments and about gary began letter's comments i don't know how they affect the economy. the fact is that if you are going to try to regulate the whole crypto area, it just adds credibility to that sector. i'm not quite sure i understand that because i'm not a believer, but basically, he's adding credibility so it's good for crypto, and good for bitcoin as far as the fed chair, i'm not sure we know what's going to happen next week, so on the
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markets viewpoint, the worry about interest rates going up at the end of 2022 or early 2023 i would agree with you that higher interest rates are probably in the cards but that's way too far off to get too nervous about it right now and for the moment the fed is just simply trapped between huge deficits, zero interest rates, they are in a box, and i think as long as they stay in that box , the markets will be okay and as far as our friend janet yellen, you know, she used to be chairman of the fed. she should know better. i think she's been politicized and she's basically wearing her political hat, not her former fed chairman hat in terms of how she views the economy and any additional stimulus. liz: treasury secretaries tend to sometimes do that don't they, teddy, david, great to have you right now as we do see the dow is down about 279 points. we want to get you this , with this fox business alert coming up. it is a red light for the ride hailers at this hour, in today's
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pop stocks, despite better-than-expected quarterly results lyft is coming to a hard stop at this hour after a disappointing third quarter outlook. warning rising costs for driver incentives could dent results in the third quarter so it's dent ing the stock right now which is down 9.5% and that negativity as you can see also weighing on uber a bit which reports its latest results after the bell today. analysts do expect a 67% jump in revenue to $3.75 billion, but remember, what was happening a year ago? nobody was on the streets, right lockdown, but they are also looking for an adjusted loss of $0.51 in the june quarter uber ahead of that down 2.5%. a firm getting juiced by reports of a new deal with apple, bloomberg reports max legends fintech all-star and the tech titans behind the iphone are pairing up to offer buy now pay later services on apple devices in canada through a firm's canadian partner, a firm getting just a 1
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% bump apple is down by a third of a percent right now and the reported team-up does come just three days after square's $29 billion purchase of australia-based afterpay. that's a rival service firm. square jumping 10% on the big merger announced back on monday but now as you see it is suffer ing its second straight day in the red, right now down just under 2%. on the flip side, corsera, teaching the market how to get it done look at this the online learning platform jumping 19.7% right now , after raising its full year forecast on better-than-expected revenue figures in the second quarter, but online dating, not feeling the love right now. yeah, 50 minutes left to trade and fears over the delta variant which is already slowing recovery in matches, asia and europe markets, weighing on shares of the tinder parent, match down about 6% at the moment, and rival bumble is also seeing a few broken hearts here down just under 1%.
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after a 124% run-up in the stock over just the past year, and record profits just announced, investors typical, right? they are asking gm, well what have you done for us lately, as the chevy bolt maker hits a major recall speed bump. coming up gm chief financial officer paul jacobson is here to give you his roadmap to the automakers all-electric future and whether the bolt is still part of that plan. closing bell ringing in 49 minutes, the "clayman countdown" is coming right back, don't go away. we did it again. verizon has been named america's most reliable network by rootmetrics. and our customers rated us #1 for network quality in america according to j.d. power. number one in reliability, 16 times in a row. most awarded for network quality, 27 times in a row.
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liz: we are getting this breaking news within the last hour, the new york auto show this year has been canceled due to the risks posed by the delta variant. it was supposed to have featured an all-ev floor this year, one of the companies that was supposed to have been displaying its shiny new mo davis models at the jacob javits convention center which is massive is general motors. the promotional poster for the entire show had a gm corvette wheel, front and center , sending fans into a full
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throttle tizzy. that's the corvette wheel right there but you know what also sending stock into a tizzy is what's happening right now. you see it down about 9%, parked at the bottom of the s&p, even as the auto maker just reported a record operating profit in the second quarter and lifted its full year forecast. second quarter earnings were hit by a $1.3 billion in warranty recall costs including 800 million related to the chevy bolt ev's which were recalled in november for fire risk. so let's bring in general motors cfo paul jacobson. he's joining us now live and paul a lot to jump on right now but i first want your reaction to the fact that the new york international auto show has been canceled in just the last hour. >> well good afternoon, liz, and thanks for having me to. you know it is unfortunate that i think it's the environment we're in and everybody is concerned about safety, and everybody is going to err on the side of safety and given
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what we're seeing right now and we eluded to some of this on our call today we've gone back to a mask policy, in all of our facilities today, reflecting what we've seen in the delta variant, so no fault for erring on the side of safety for sure but it is disappointing. liz: oh, yeah, i mean, what are you going to do it's out of an abundance of caution which we all certainly support. >> of course. liz: talk to us about the quarter and by the way, we are just getting because there's such a big ev piece to what happened this past quarter, because the bolt had been recall ed and that of course involves a pretty significant cost. the white house is and we are just learning this going to have all of the auto maker ceo's so i'm assuming that's going to include mary bara of general motors to the white house this thursday to announce new ev targets. so talk to me a little bit about general motors how committed you are to the bolt even with these problems and what else you're aiming for as far as electric vehicles are concerned. >> well thanks, liz. before i talk about the quarter i just want to give a big thanks
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to the gm team. our suppliers, our dealers. we're working through unprecedented challenges whether it's the supply chain recovering from covid, much publicized semiconductor challenges, and the team is really risen to the occasion and you seen that in our short-term results. when we started this year and we saw the challenges that we were facing, the one thing that we all did is got together and said we're not going to let this short-term phenomenon interfere with the long term goals and the ambitions and where we're taking the company, so we kept our eye on the horizon, and i'm pleased to say that with the results we've seen in the first half of the year we've actually leaned in further to accelerate this e v journey. we took our publicized investment and engineering and capital and electric vehicles and autonomous vehicles from $27 billion through 2025 up to $35 billion, reflecting what we think is, you know, positioning ourselves to be able to respond
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to a faster, ev adoption by consumers and that's certainly where we're heading, and while the bolt is a setback for sure in terms of how we're thinking about it, we are always going to take the side of safety for our customers and i'm proud of what the team has done and we'll work through that, but very confident in our ambitions and what we're executing. liz: paul, it feels like, correct me if i'm wrong, but it is a much more fleet of foot gm. it's almost like a brand new general motors. i have covered you guys for 20- plus years and i remember being, i'm not going to say which ceo it was of gm but i was at the detroit auto show, or maybe it was ces, and he did not know how to turn the window down of one of the cars that they were modeling, and now, it feels like all of you guys know so much, you're moving faster and forward more quickly when it comes to ev's. this thrills me because i really
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feel that america wants to be at the forefront of the brand new technology, but talk to me quickly about the bolt. are you guys committed to it, even as you have these fires, and what part of this issue regarding the battery are you overhauling, changing, if you can just give us some granularity on that. >> yeah, so, absolutely. first of all thanks for the comments. it's certainly what attracted me to join the team back in december of last year, and just having a lot of fun learning the business and getting up to speed, and helping to drive everywhere i can in terms of accelerating this mission. you know, the bolt ev what we identified is that we found two really rare manufacturing defect s that when they occur simultaneously, increase the risk and we saw that attributed to a couple of events that happened after the original software recall, and that's where i'm really proud of the company for responding as
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quickly as they did, and it was rather late breaking in the quarter and i think that's some of the news that came out today that people are reacting to on the stock, but it doesn't undermine doing the right thing all the time, which is something that we absolutely have to do at general motors on this journey that we're on, but your comments around being fleet-of-foot, couldn't be more true. we've got a really really energized spirit and team led by mary and the entire senior leadership team driving this change and there's a lot of excitement about it and it's not just the vehicles. it's the connected services that come with it, and it's the platform-upon-platform that we're ultimately building here that i think is really going to attract consumers with the capability and functionality of the new line of vehicles overtime. liz: right capability, functionality but what about paul, the cool factor? okay, make your pitch to me. you've got to pull me away. i just got a tesla model y,
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which to me is more affordable than the crossover suv that i had which was a lexus hybrid. this is way more affordable. i'm loving it, so where is the cool factor? what model do you feel is going to surprise viewers the most, and help the stock the most? >> well, we have a lot of momentum coming up, and as we're launching the production of the gmc hummer ev this fall and the cadillac lyric as we get into 2022 i promise you the wow factor is here and now. i've had the experience of driving the gmc hummer ev, and it's an amazing piece of technology and this is just the beginning as we're going to rollout more than 30 electric vicks by 2,025 year with about two-thirds of those available in the u.s.. this is really just the beginning and when you look at the versatility of the ltm platform that our engineers designed here at
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general motors that really is the foundation for a lot of variety, a lot of capability, and a lot of style and as you said a lot of fun coming forward in the vehicles that are coming. liz: okay i want to test drive that, and you can sit in the back seat and be scared. [laughter] >> [laughter] liz: great. paul jacobson, the cfo of general motors. thank you very much we really appreciate it and do you know what guys? broadway is back in action as well starting tonight, but will the delta variant and new restrictions threaten to darken the theatre industry's post- covid curtain call? we're going to take you live, to the great white way, yes, broad way, ahead of tonight's opening night. that is next. closing bell ringing in 37 minutes, we're coming right back , yes, red on the screen, we do have the dow down 271. we're coming right back. ♪
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liz: okay, i don't know if you just saw in the ticker but live nation just went by a lot of trading in shares of that company because it is coming back back to life. the live entertainment giant reporting an 800% increase in sales in the june quarter, demand for concerts and other events surging as vaccinations ramped up even with ticket prices soaring 10% above pre- pandemic levels. live nation right now popping nearly 6% intraday, kind of got measured down a little bit. it's up just under 1% at the moment, but movie theatre stocks flopping in the final hour due to the pandemic's resurgence. a new survey by the national research group shows theatre-go ers comfort level which finally climbed to a pandemic high of 81% tumbled down to 72% over just three weeks. the survey is a closely-watched metric for movie studios so you can see why amc is down 9.25%
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and cinemark down 4.25% and imax is just under 3%. covid is also having a major impact on the return to broadway , which actually kicks off tonight after being shutdown for nearly 17 months. broadway will now require all audience members to show proof of vaccination and mask up as the delta variant wreaks havoc on the city's reopening plans, just take a look at this e-mail that our executive producer, well actually, yeah, not going to show because his address is on it but he received after purchasing hamilton tickets. we can show it on the screen? proof of vaccination and masks are required. there it is, for all attendees of the hit musical, and that is just hamilton, with the theatre industry already financially strained, how will these new restrictions impact ticket sales we sent lydia hu right down to broadway. she joins us from the great white way where tonight, we have
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opening night, right, for a show called "pass over" correct? reporter: that's right, liz. after more than 16 months, broadway is going to reopen with a play called "pass over" so there's a lot of enthusiasm here but the problem for broadway as these restrictions affect all 41 of the theaters in the city, the problem right now is tourism , because it's down. usually broadway sees about 65% of their audience is made up of tourists, so the concern is whether there's going to be enough of an interest from a local audience in the tri-state area to makeup for the lack of tourists that are visiting the city right now. just a little while ago i talked to one broadway producer who explained that the fact that pass over is a play. it's going to help here. usually, the musicals get a lot of interest from international and people from across the country, plays tend to get more of a local audience so that's going to help, but still, there's added pressure from the
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cost of reopening, and estimated just the cost to open one production right now is coming in somewhere between one and $4 million. the vaccination requirement and the mask mandates, well, liz, those are added costs, but even still, not every precaution is being taken. >> we are not socially distancing, and that's been one of our commitments from day one. the financial model for broadway just doesn't work with socially distanced audiences, so it's one of the reasons why we had to wait this long. reporter: now, the broadway lead says generally they want to see about 75% of tickets for a performance being sold in order to sustain that performance for the weeks to come. i looked up the ticket sales for tonight's opening performance of "pass over" and it does look like they sold enough tickets to meet that 75% threshold perhaps a little bit more but whether or not they
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can continue that with the mostly local audience moving forward in the weeks to come remains to be seen. those big musicals that i mentioned that really depend on a national or international audience, those are opening in september, hamilton, lion king and without that international- international audience and whether or not they can get people to buy tickets is going to be a challenge. liz? liz: there is a reason, lydia, why we are showing hotel and restaurant stocks during this very important story that you've just given us, because the cultural arts worker group, and the aggregate actually has such a halo effect, does it not? people go out to dinner, they come and they fly in and stay at hotels just to see a broadway play and it adds something like $877 billion to the restaurant and shopping industry around the area, so it is just an important national story, not just that one block of broadway. good to see you, lydia, thank you very much.
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>> thank you. liz: as vaccine hesitancy, right , persists, covid testing is being called back to the front lines in the fight against the virus, but, with flu season on the horizon, could we be setting up for one of our biggest tests yet of the pandemic? stan berkman ceo of covid testing and flu leader henry she in answers that question and more next, closing bell ringing in 27 minutes, we do have that 10 year yield, is .16% as we see the dow and the s&p in the red, the nasdaq going into 22 points of gains we're coming right back. (vo) singing, or speaking.
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liz: fall flu season rapidly approaching just as the delta variant spikes in a fourth wave of the covid-19 pandemic, so, here is the question, could this be a perfect storm on the horizon, or more of an
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incentive to get america vaccinated? henry schein supplies doctors and dentists in 32 countries with flu shots and covid tests ceo stan birdman joins us live in a fox business exclusive. stan we would love to believe that the delta variant has peaked but now south korea is just reporting at this hour that two cases of the viral strand have now been reported and one of those cases was in a man who hadn't even traveled anywhere. what are you anticipating with flu season, added on top of this >> well, hopefully, liz, the public will increase the innoculation for the traditional flu vaccine. we will have availability and the question is, will the public use it? i think it's very very important we know that those that take the normal flu vaccine generally have a much safer season, and hopefully, they will be, we will be seeing public actually going
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in for their flu vaccines, and physicians are ready to administer them. liz: you at henry schein have been shipping lots of tests as soon as they became available during the pandemic and the lockdowns. have you started seeing a bump up in shipments because many workplaces certainly the bankers down on wall street are saying if you want to come back you have to be vaccinated and at least in some cases some of these places are saying if you're not vaccinated, then you have to be tested every week. >> yes, liz, we have adequate inventory of rapid point-of-care tests, that can be easily administered in the physician offices, some dentists are administering them. we have the antigen and the regular type of tests as well, all available in the point-of-care setting, so if the public had a question, they're concerned, they should be tested and these rapid tests
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are very easy to administer. liz: yeah, you know, but a lot of people were saying if the public is concerned about getting vaccinations, they should speak to their family doctor. you wrote a letter to congress in april saying let family doctors have widespread access to the vaccine so they can sit and talk with their patients who in many cases have known them for years and then once they're convinced they give them the shot right then and there. did you get any reply from congress and are you seeing that as a real possibility across the nation? >> we are hopeful, liz. we've done an amazing job as a country bringing the vaccine to market, making it available. the eua's were issued. the mass distribution of the vaccine, terrific job. now, we have to increase the acceptance of the vaccine for those that have not been vaccinated and whom better to trust than the physician?
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we know that well over 70% of normal vaccines, the variation of the kinds of vaccine are administered in physician's offices. pediatricians are administering these normal vaccines. it's a whole variety of vaccines we need to get these vaccines into the hands of physicians right now, it is very difficult for office-based practitioners, physicians to access these vaccines. covid vaccines. liz: yeah, i mean, given the choice, a lot of people who are weary would say i'd rather get it from my family physician than some random person at a pharmacy which i certainly appreciate. i would have no problem with that but some people are worried about concerned. talk to me, if you could, about your ppe sales. you were among the largest when it comes to ppe and distribution have you seen an increase in requests for sales of that, or talk to me if you seen any kind
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of heightening post-pandemic. >> so, liz. the level of sales of ppe in terms of units, are greater than in 2019, although not quite as high as it was in the second and third quarter of last year. the price of these products has come down, but the availability is, we have an abundant supply. my concern is that the supply chain for pp &e is still quite fragile and we need a national plan to ensure that should we have another epidemic or even a pandemic, i hope we never have one again, we will have adequate supply of pp &e. the system is not there yet to ensure we will have an adequate supply of pp &e. liz: stan bergman, and we should mention that henry schein came out with earnings and as far as total sales were concerned,
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sold 3 billion, stanley, that's up 76% compared to one year ago. that's pretty stunning. >> yes, we had very good results, actually for the first six months of this year and even the fourth quarter of last year, and so our business is doing quite well. people are going back to the dentist and going back to see their physicians. liz: yes, i have a dentist appointment next week, [laughter] they called me and said you haven't been here in a while. stanley great to see you thank you very much we appreciate you coming on. >> thank you. go every six months to the dentist, liz and you'll have a better health situation, you'll live longer too. liz: [laughter] my choppers, i need my choppers, right? thank you very much, stan. all right the securities and exchange commission chairman claiming that the crypto world is filled with digital versions of jessie james, butch cassidy and billy the kid, but what does gary gensler plan to do about what he sees as these new wild
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>> this asset class is ripe with frauds, scams and abuses in certain applications. there's a great deal of hype and spin about how crypto assets work, and in many cases, investors aren't able to get rigourous balance, complete information. if we don't address the issues, i worry a lot of people will be hurt. liz: fraud, scams, abuse, yeah,
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but what else? okay, sec chair gary gensler describing the world of cryptocurrencies as the wild west. gensler's sec is also keeping an eye on robinhood, because of the way it actually makes its money. its revenue because the service is free, right? let's check the stock right now of robinhood. right now, it is up, up, and away but would you believe up 47 % it had been 82% earlier. robinhood stock gains the result of the poor taking from the rich in the form of a short squeeze, this time around. charlie gasparino has been working both of these stories want to start with robinhood first? charlie: by the way who looks more like dr. evil, bezos or gary gensler? liz: um, neither. charlie: that's the politically- correct answer. all right, kiss up to your sources, go ahead, liz, i don't
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care. liz: [laughter] charlie: i do it all the time but anyway, there's a lot of conflicting stories about what's pushing robinhood higher. here is what i know just from talking to major short sellers, talking with institutional investors, some other traders, is that you do have short seller s worried that there's like a gme amc-type meme stock squeeze going on here because there's lots of chatter on the reddit message boards about buying the stock, so those short sellers that could borrow the shares and i said, you know, i say could, started covering. so that's why, that's part of the reason why the price is going up. the problem is it's not just that, and the reason why it's not just that is because apparently it's hard to borrow the shares to do a short sale, when you do a short sale you borrow the share, you sell them, you hope to replace them later at a lower price. it's kind of hard to borrow the shares i'm told. the thing really pushing it up, i understand the major part, is known as a gamma trade is if you
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sell a call option and today was the first day from what i understand, robinhood opened for options trading. you sell a call option to somebody, they have to buy, you know, there's a good chance that your call option will be exercised, if the stock goes up, and that's why the traders selling the option buys the stock just in case because you never know with these stocks given what's going on on the reddit message boards, so you got this thing called the gamma trade where these traders that believe, still believe the stock is going to go down, have to buy the stock to protect themselves, because they might have to deliver it at the price that it is now, at the price it is now, if it goes higher, if the guy buying the call option exercises that option, if you could follow that that is pushing it way up, so that's what we hear right now. again, this thing, you know, when the short interest does pile into this , there's a lot of traders worrying that this is
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ripe for a short squeeze and it's kind of ironic, or i guess it's poetic justice, liz, that robinhood becomes a meme stock, because it kicked off the stock craze. liz: charlie? charlie? i am so excited. charlie: i can tell you this , liz. liz: that i get to say, i told you so! because i did, my friend. two days ago. charlie: the company does not want its stock fluctuating 80%, 50%, up and down a day, so you know, they are kind of getting their just rewards here, when you know, when you become a new the last thing you want is your stock to go all over the place. you want some sort of marginal growth sequentially higher, obviously. let's get to gensler. liz: crypto, what's going on? charlie: gensler wants a crack down on it. the sec probably doesn't have the statutory authority to do so because crypto, according to the
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courts, it's unclear if crypto is a security so it doesn't fall under the 33 act, and i know, inside the sec, they are having a debate about how far out he can go in terms of cracking down on this stuff. he clearly wants enforcement actions. the question is how many, what type of volume can you get on this because he thinks it's the wild west. we've been reporting this for a long time. the question though, liz, is it's a grey area of security. it's not quite a security, and you know, there's that ripple case out there where the sec under clayton challenged ripple as , you know, not registering its securities but that still hasn't been settled by the court the court hasn't said whether ripple is a security or not and the sec has jurisdiction, so this is grey right now, and that's probably why he needs congressional, some sort of action from congress, to establish what crypto is, and that's going to be hard to get. not easy. back to you, liz.
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liz: yeah, i'm looking at xrp, it is up 2.7% right now, and crypto is all in the green. charlie excellent stuff thank you very much. we are coming right back. stay tuned. ♪ ♪ experience, hyper performance that takes you further. at the lexus golden opportunity sales event. get 0.9% apr financing on all 2021 lexus hybrid models. experience amazing at your lexus dealer. our retirement plan with voya, keeps us moving forward. hey, kevin! hey, guys! they have customized solutions to help our family's special needs... hey, graduation selfie! well done! and voya stays by our side, keeping us on track for retirement... . . well protected. voya. be confident to and through retirement.
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♪. liz: we keep hearing at least from people who watch the markets, that the post-pandemic growth spurt has peaked but our "countdown" closer says no, it has not. in fact he says he knows where and when even more juice could be added to growth which could extend the bull market. he is hudson valley investment advisor ceo and cio. you have a billion in assets. talked to me, goose. where is all this happening? >> we're top-down people, right, liz. the thing that happens before markets contract you see credit in terms of being cut off. that is not apparent.
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we see earnings continuing to move higher. we started the year under $200 a share for next year. you're at 217 going to 240 and in terms of credit spreads right now they're tight as opposed to widening out. so risk doesn't seem apparent. on top of that you have lowest amount of ininventory to sales. only seven days of cars inventory. normally 45. normally seven months of housing inventory of sales. largest group of homebuyers. 33 at age of first-time homebuyers. largest swath of demographic change of 33-year-olds we've had in a long period of time. so we think this has still a long way to run. liz: considering there is so much demand out there, and we do have the supply chain crunches you've been speaking to sources, a little birdie told me, sources particularly at the l.a. ports.
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that is giving you optimism for certain point in the calendar, what, next year, you say this could continue the growth spurt? >> that's correct. right now there is a private company called platform science. they're one of the logistic leaders out there in technology and their one resource that we tap into. right now we're seeing february and march is when the ports will probably end up getting back to normal. between rebuild of inventory, just tremendous amounts of demand, we think that, we have a longer runway than people are envisioning. also probably helping with pricing. you will end up having a limitation what can be produced. so you know, you will end up seeing some sort of a slowdown here in terms of inflationary levels until commodity prices and things of that nature come back. we've seen it already with lumber. we believe we'll see it with energy and a couple of other areas. so we're positive. we think the runaway is a lot longer than people are envisioning. we don't see an end to this based on normal signs when we look at. when you see a contraction.
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liz: gus, great to see you. all right, everybody, he says february, march we'll get another infusion once the ports clear out all the ininventory and get back to normal. [closing bell rings] there is the closing bell. the dow jones industrial average average at session lows down about 313 points. "kudlow" is next. ♪ larry: hello, everyone, welcome back to "kudlow." i'm larry kudlow. so we begin tonight with a question. of the 100 senators that will presumably vote on the infrastructure bill how many of them do you think have actually read the 2701-page document? that's right. 2701. that is bigger than any book written in history. i think it is, average bible is a little over 1000 pages. the spy novels i love to read


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