Skip to main content

tv   The Claman Countdown  FOX Business  October 25, 2021 3:00pm-4:00pm EDT

3:00 pm
moment last week scott, michael, thank you both very very much. so we're starting the week off pretty good, remember, you know, when you break out new highs do be get new highs appreciate money comes in, people like to chase it and when i say people those so-called professionals if you position yourself ahead of wall street, you're going to do very very well. all right liz claman, i can't wait for this last hour and of course, for facebook's earnings. liz: charles i forget when did you exit tesla shares? charles: i don't know the last time. you know what? the first time i bought it was 10 years ago, like around $20. liz: oh, stop i can't hear it. charles: i'm serious. liz: now i hurt for you. check it, everybody. for the first time ever, as charles was just mentioning tesla shares crossed the $1,000 per share line and the company can now call itself a member, at least intraday of the trillion dollar market cap plug, tesla shares up 12 and 1/3 percent now standing at 1,022, yeah, elon
3:01 pm
musk is dancing up a storm so overall we've got no ghosts, gob lins terrorizing wall street as we kickoff the final week of october, we are looking at new all-time highs for the dow and s&p as big tech gets set to blitz the earnings calendar. right now we do have the markets in the green, the dow up 65, s&p up 23, that's close to its high, the nasdaq towering higher by 151 points, but the fangs are about to come out and show. starting with facebook, we're an hour away from earnings but no matter what the company reports, will the social network numbers be overshadowed by the darkening cloud of the facebook paper? could the secrettrove of documents pierce facebook armor where neither the democrats nor donald trump could in the past? hedge fund star dan nile his entire facebook position in just the last three and a half week, in a fox business exclusive, what dan saw that got him to sell, and when he'll be ready to
3:02 pm
buy it back, and which names he's long now. it's a big week for president joe biden's infrastructure bill, as the president campaigning in new jersey in just the last hour , here is tape from moments ago, hoping to lockdown an agreement on his social spending plan. the so-called billionaire's tax, maybe the ingredient in the mix that gets both sides of the aisle together possibly, real estate mogul jeff green is here in a fox business exclusive to tell us if he has a problem paying what the some call his fair share. we've gotta start with breaking news even a warning from the bible for experienced investors not powerful enough to skim the froth from bitcoin sizzling sentiment, both new bitcoin futures etf's, bitcoin strategy etf and pro-shares are zooming higher by more than 3% a piece at this hour, even after b arrons weekend cover story bitcoin goes mainstream, warns that the etf's might not
3:03 pm
track bitcoin's prices closely as investors might think, and that their behavior can't be predicted if there's a sudden massive flight out of crypto. bitcoin which had fallen below 60,000 on the story over the weekend right now recovering some of those losses sustained on saturday overnight to sunday we're at 63, 053 for bitcoin, ethererum and litecoin also in the green, with ether up 6% and u.s. litecoin up 2.6%. let's get to facebook ahead of its quarterly numbers facebook is punching just slightly higher by two-thirds of a percent, this even as yet another whistleblower and more revelations the company has done little to clamp down misinformation and hate speech, buffets book is just the first of the fang paradise of earnings microsoft, apple, alphabet,, are all set to report their results later this week. the company's collectively account for 20% or one-fifth of the market cap weighted s&p 500 so folks, if they do well, that
3:04 pm
lifts the s&p, if they somehow stumble, especially facebook and apple, they're each 6% a piece of the s&p, then you start to see some, you know, what is it, degeneration? i don't know. disintegration of the s&p, as big tech's attempt to prove their metal will indeed be a fangster's paradise but whether the earnings season party continues before the federal reserve reasserts its dominance next week at its november meeting. to the floor show and our trader s kenny pulcari and scott redler. kenny big cap market names, the course for the quarter, will it be the lesser-known guys who actually set that chart of the quarter, or will it be the big names? >> well listen. first of all i think the whole tech space hangs specifically are overdone, i think they are overbought, certainly facebook has pulled back, i get it but overall, i think it's an over bought space so i suspect what we're going to get is we
3:05 pm
may get great earnings, blow all of the numbers up but you'll see some of these names pullback and i would not be surprised to see these names pullback. that being said, i think you're going to get some real performance from some of the secondary names so all the faang names nobody pays attention to because everyone thinks there's five tech stocks in the whole world there aren't, there's a whole slew of names out there. liz: there were during the pandemic, kenny. you know those names were providing the leadership the whole time. >> right, absolutely and i think you have to look at some of those names, but that being said, i think the whole space is overdone so i would not be surprised at all to see especially as we move into the tapering conversation and especially as we move into next year's conversation, the tech names and the high growth names are going to come under some pressure so i wouldn't be so anxious. i'm not getting rid of the tech i own. i'm just not chasing it up here. i'll wait to see we get a pullback which i fully expect we'll get. liz: mike nvidia, broadcom events, micro devices. kenny thinks, scott, that big tech is overbought here.
3:06 pm
do you or are there names here, and then the lesser-known names then too. >> well you can't generalize the whole space as being over bought, and kenny i love you and all buffets book right now just pulled in 16% off the high, people are scared about facebook numbers, they had problems the past few weeks with congress , now with snap earnings everyone is talking about lower advertising spending, because of the supply constraints so that's the interesting part of the story that everyone thought oh, chip shortage or apple can't get the iphones out no one thought that spending was lower and advertising because why would people advertise if you can't buy goods so people are trying to figure out what does that mean for amazon on thursday if they aren't advertising, because people can't buy and sell goods what does amazon do since they deliver goods bought so people are a little worried about amazon earnings that's why its come down the last two or three sessions. people are a little concerned about google earnings, because they just had a three-year multiple year run to new highs so people are worried about okay , they make a lot of money with advertising don't they?
3:07 pm
so i think tomorrow's going to be really interesting. how does the street react to facebook? did they discount it enough? so meaning, if they miss and they lower expectations it opens lowering those green, maybe some of the selling is over in the social space so that's what traders look at same way they sold tesla the day of the earnings it was a very big viable opportunity, and now look at it here, at almost 1,020. liz: a distinct possibility, let me jump in. kenny let's talk about the dow and the s&p. the dow, any gain will be the 35th close of the year when the closing bell rings. record close, rather. s&p must be up 4 points we're already up 23. >> right. liz: if i had a nickel for everybody over the past 10 years who said get out get out it's going to sell-off, this bull mark has gone too long >> right. i'm not necessarily saying get out but i do think retiring it feels like it's starting to get tired up here, and i would
3:08 pm
not be surprised. i want to see a pullback i think it should. look the s&p and the nasdaq are at all times highs, nasdaq almost right there. and a lot of the big faang names that scott just pointed out but those two indexes continue to trade closer to the highs than not which gives me a little bit of concern over where the market is going in the short-term, right? so unlike scott, i'm not a day trader so i'm not looking to make that, but do i buy to get into the bell for tomorrow's move? i don't buy facebook because i don't own it so i would never own facebook but that's mow, not even a a trader, not even a long term investor so i don't pay any attention to what facebook earnings do or don't do because it's not a name i would get. >> he probably likes to buy walmart, target, papa john's. liz: great american brands. >> you're killing me, scott. liz: listen guys we gotta run because the next sort of catalyst maybe coming and that
3:09 pm
could be infrastructure, infrastructure stocks we'll be watching it kenny, scott, great to see you both. breaking news president biden departing from newark, new jersey after a day of promoting his build back better plan with governor phil murphy, the garden state comes as senate democrats continue to craft a social infrastructure bill with the thought of taxing billionaires and other high income earners to fund the $2 trillion spending bill with the clock ticking ahead of the president tosses's trip to europe for the annual g-20 meeting and the u.n. climate conference at the end of the week where do we stand this very second? to the white house and hillary vaughn, hillary? reporter: liz, president biden trying to underscore the need for the infrastructure package, while also trying to sell the social spending part of the package, but while he's trying to convince the general public that's not actually who he needs to convince. he needs to convince democrats in congress to make a deal and get on board with the framework for the social spending package. if biden cannot convince
3:10 pm
progressives that he has sealed the deal, on the social spending piece, before he leaves thursday for europe, they might not give the infrastructure package their blessing to pass the house, and that's a problem because the stopgap highway transportation funding expires on halloween. >> what do you think? i don't know. >> are you concerned you'll have to leave? >> it be very positive to get it done before, thank you. reporter: speaker pelosi says they are 90% there, and leader schumer today telling reporters there were about four issues progressives and moderates and the white house are still working through. there's major differences over the size and the spending in the package. there's also disagreements among democrats on how to pay for it. two taxes on the table would target corporations and the super rich, two ideas that even moderates like senator joe manchin say they are on board with. that be a wealth tax on unreal
3:11 pm
ized gains for billionaire s and also a global minimum corporate tax rate. >> i think that corporations should be paying at least a minimum if you're doing business in the united states. i think anyone who basically has the protection of this country should be paying. >> are you having a billionaire s tax? >> i'm open to any type of thing that makes people pay that's not paying now so people that don't report income like you and i do and earned income there has to be a way to pay their fair share. reporter: liz on sunday treasury secretary janet yellen says she doesn't like calling this type of tax on unrealized gains for billionaires a wealth tax, but that's exactly what it would do. it would target about the top 1,000 wealthiest individuals in the u.s.. liz? liz: yeah, but specifically, the ones who have unrealized gains and have not been paying taxes and that's an important clarification, hillary, thank you very much. congress, as you see , could be setting sights on the richest people in the country. when joe manchin whose been
3:12 pm
holding up much of this deal now says he's fine with that? warren buffett, jeff bezos, bill gates all facing the so-called billionaires tax, oh, yes george soros as well, elon musk, so we went out and got our own billionaire to find out what he thinks. real estate entrepreneur jeff green, number 209 on the forbes 400 billionaire's list joins us next in a fox business exclusive what does he think? his answer surprised me. i thought he would go the other way, you've gotta hear what he said. closing bell 48 minutes away dow is up 65 points as i said, any gain at all, even just a fraction of a point, means the new all-time record close if we stay here the "clayman countdown" is coming right back.
3:13 pm
certified turbocharger, suspension and fuel injection. translation: certified goosebumps. certified from headlamp to tailpipe. that's certified head turns. and it's all backed by our unlimited mileage warranty. that means unlimited peace of mind.
3:14 pm
mercedes-benz certified pre-owned. translation: the mercedes of your dreams is closer than you think.
3:15 pm
3:16 pm
liz: so, as congress inches closer to this agreement that billionaires should shoulder more to pay for the infrastructure bill, consider this. according to forbes, as 20 million americans lost their jobs during the pandemic, the nation's 722 billionaires got $1.2 trillion richer. the proposed billionaire tax would impose taxes on
3:17 pm
individuals with at least as hillary just outlined but let's review, with at least 1 billion in assets, or individuals who have made $100 million or more over three consecutive years. income would encompass all unrealized capital gains such as stock, bonds, real estate, art purchases and other unsold assets. what do billionaires, particularly those heavy into stocks and real estate think of this plan? in a fox business exclusive, we got one for you, real estate entrepreneur and investor jeff green joins us live from palm beach. jeff forbes ranks u2 09 on the forbes 400 list net worth of $5 billion i know it's a sliding scale but i want our viewers to know you are totally self-made, you didn't grow up wealthy, you were parking cars as a kid always had a job, you started your fortune with one small building in summerville, massachusetts you bought for what 37,000? while you were getting your mba at harvard which you paid your own tuition for , where do you stand on this billionaires tax?
3:18 pm
>> this is one of the most ridiculous poorly thought out tax ideas i've ever heard in my life. if my fifth grader came up with this idea i would have punished him for not thinking more clearly. look what does this accomplish? if we're trying to punish wealthy people, for accumulating wets that's all we're accomplishing, and look, i can tell you this. people talk about paying our fair share. i'm in the giving pledge. i talk to lots of other very wealthy people who had the same kind of great fortune i've had, and almost everyone of us is happy to work two days out of the five because you know, the united states provide us the platform and place to accumulate this wealth and have our success and if you live in new york or florida you're working more already to pay taxes but i think the idea of just first of all it be impossible to execute, it's punitive, and it will accomplish nothing and ultimately raise
3:19 pm
very little revenue. liz: 200 to $250 billion over 10 years is what it would raise. i really, and i am pro- capitalist, i am pro- business, but jeff, to call that a rounding error, i'm sorry it has to come from somewhere, so what do you say to the people who simply say that in the past 10 years, there are quite a few billionaires who paid zero in income tax and done nothing illegal, absolutely not, but at some point, when you say what have we done, the fact is that this country runs on, you know, the rule of law, et cetera et cetera, and i think it's important to point out that a lot of people feel that you guys avoid, you guys avoid paying taxes by parking it in the stock market and you don't have regular income, so people with a paycheck working at, you know, chipotle, are the ones who see their taxes go up and not you. >> liz, think about this.
3:20 pm
imagine the founders of google, the next google are thinking where should we start this business? they came to america because they knew they had a predictable tax system, they had reasonable tax rates on their gains, so you talk about making $250 billion, you're not going to make $250 billion, because what's going to happen is first of all, lots and lots and lots of entrepreneurs who would build the next google and tesla and moderna, all of these people are going to go to other places because there will be countries that will say hey, do you know what? come do it here. that's number one and if you don't think it's going to happen , i live in palm beach, florida. you know how many billionaires have left new york and california to come here? people are willing to move if you make taxes so effective that they just can't stay where they are, so i think we're going to lose tremendous amounts from tax plans. liz: then what is the answer, because if you are looking at the top marginal rate, and raising it, that does not touch
3:21 pm
the super wealthy. >> well that's not true. i mean, the fact is that from 39.6 to 37 but that was probably a mistake i don't think any wealthy people were lobbying for that and i have no problem if we go back to 39.6%. corporate tax rate, you know, no one was looking for 21%. it went to 21 and if it goes back to 25%, most corporations and wealthy people are okay with that. liz: well, jeff, let me attack that though here. amazon, chevron, avis, halliburton, you know, sales force, nike, over some of the years, they paid zero in taxes, so 21% is kind of quaint, is it not? i mean, it's very hard, and you also have people like kyrsten sinema who says don't tax corporations, they're the ones that the create jobs. i know you do too, so what is the answer? >> well, i think look, so how are you going to enforce this , give me an example. first of all you talk about i'm mostly in real estate so first of all how do you define income
3:22 pm
because as to a real estate person like me, who when i saw my properties i can take advantage of the 1031 tax re exchange law and defer my gains, i have depreciation which is a non-cash loss against my income, so i don't make $100 million in a year, so i'm not going to qualify for that income they are going to use and so i don't even know how it's going to work and the other problem is think about this. you go to someone like elon musk , say elon, here is what we'll do. first of all the reason people have all this wealth now is because we've had an irresponsible fed that's just gone completely insane and pump ed up the m-2, for $2 trillion, all assets have gone haywire and very valuable so now we have this terrible inflation, fed finally comes to the sense and raises rates, so at the end of the year you go to elon musk and say okay, elon you owe 30 billion in your gain on tesla. now, what happens the fed raises rates, the next year tesla
3:23 pm
shares start to drop 50% and now elon has to go sell $30 billion worth of shares in a dropping market to pay his tax, which will cause tremendous, not just for elon musk, but for people who are in these index funds. when you get founders like zuckerberg out selling hundreds of billions of dollars worth of stock, all at once, i mean, it's just not a realistic well thought out idea. liz: well, there is income re distribution and some people believe its been from the middle class to the wealthy. others believe it's from the wealthy or about to be from the wealthy to the middle class. we will be watching it, jeff thank you for coming on. see i thought you were going to say you were okay with it because you are a member of the giving pledge, you have run as a democrat for the governor of florida, and i know your stance on some of these taxes, but i'm really interested to see that your position is different from what i thought it was. >> liz all i'm saying is i'm in favor of tax but i want a tax that works that doesn't destroy
3:24 pm
entrepreneurship and people creating businesses and cause them to leave the country and you'll never be able to enforce, because so much income is just impossible to track. liz: jeff greene, thank you very much. i'll see you the next time. thank you so much. >> thanks, liz. liz: jeff greene. all right we are coming right back we do have a lot of stock market wealth being created at this very minute, because we are at a record for the dow and a record for the s&p don't go away (rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit
3:25 pm
3:26 pm
♪ ♪
3:27 pm
remember when no dream was too big? ♪ ♪ and you could fearlessly face the unknown. (kids playing) you still can. ♪ ♪ (blowing dust) when you have a rock you can depend on for life, you'll be unstoppable. that's why over 5,500 companies rely on prudential's retirement and workplace benefits. who's your rock? hearing is important to living life to the fullest. that's why inside every miracle-ear store, you'll find a better life. it all starts with the most innovative technology. like the new miracle-earmini, available exclusively at miracle-ear. so small that no one will see it, but you'll notice the difference. and now, miracle-ear is offering a thirty-day risk-free trial. you can experience better hearing with no obligation. call 1-800-miracle right now and experience a better life. i promise - as an independent advisor -
3:28 pm
you can experience better hearing with no obligation. to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit liz: fox business alert, pay pal puts a fin in a deal bubble causing shares of pinterest to deflate, look at pinterest now, down 12.5% of course you remember the stock ran up last week after the wall street journal reported the deal was in the offing to the tune of $45 billion. pay pal shares had declined following that news, as investors balked, and on sunday paypal came out and said no we're not buying the digital
3:29 pm
pin board site, no, paypal is up 3% to 2.48 but when they came out and said this , this morning , it was as high as 255. a relief rally. now if they were to have bought pinterest at that price that would have been the largest acquisition by pay pal eva. nightmares for casper sleep investors after wedbush cuts the stock to neutral to outperformed citing financial stability issues so casper is selling off here down 9% the mattress retailer said it did not expect to be profitable in 2021, and has laid off upper management and dozens of employees, in a bid to cut costs the stock now at just $4.03. and we gotta keep looking at tesla here, because it's in a race of its own toward the closing bell. tesla hitting that new record, helping to cross a trillion dollars in market cap. it is heading backup to that session high, it stands at $ 1,025 a share right now, the
3:30 pm
company got its biggest-ever order, 10,000 electric rental cars for hertz, plus its model 3 is the first ev to top monthly sales of new cars in europe and that's not all. morgan stanley raising its base case price target to 1,200 and bull case price target to 1,600, and yes, it's at $1 trillion market cap, meanwhile elon musk stirring the crypto pot yesterday when asked on twitter how much meme coin he owns, musk replied, "none." well, that sent the so-called dogecoin killer spiraling 10% from record highs. what's it doing now? investors unphased up 5% at the moment chalk it up to crypto volatility. facebook under fire but that's not why long time hedge fund manager and facebook fan dan nil es sold out his position
3:31 pm
coming up the warning signs he saw weeks ago and why facebook isn't the only one a sell because of it, dan niles names names only here on fox business.
3:32 pm
♪ ♪ ♪ ♪ ♪ - i'm norm. - i'm szasz. [norm] and we live in columbia, missouri. we do consulting, but we also write. [szasz] we take care of ourselves constantly; it's important. we walk three to five times a week,
3:33 pm
a couple miles at a time. - we've both been taking prevagen for a little more than 11 years now. after about 30 days of taking it, we noticed clarity that we didn't notice before. - it's still helping me. i still notice a difference. prevagen. healthier brain. better life. as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage.
3:34 pm
3:35 pm
3:36 pm
liz: check the clock, we are at t-minus 24 minutes away until facebook releases third quarter numbers this maybe the first time though that the news swirling around the company out weighs the report itself. ahead of it, stock is up 1%, but on the heels of her testimony last week, before senate committee, former employee turned whistleblower francis hog gin bluntly telling the british parliament today unless it's regulated the social network ceo mark zuckerberg will put profits ahead of people and will fuel more violence and hate around the world by not clamping down on that kind of speech. well, now a second whistleblower
3:37 pm
has come forward in the wake of hoggins release of secret facebook documents known as the facebook papers but dan n iles sold his facebook position weeks before any of these revelations, dan joins us live now with what he saw that got him to sell. what was it, dan? >> well, it's more than one data point. i mean, you can really go back to september 21 when adobe came out and said their content creation business was seeing some slowness because people were going on vacation, not staying at home posting content. the next day, september 22, facebook itself, there was actually a blog post they put out saying that apple's privacy changes was affecting their business, and most people said oh, they are just repeating what they said back in july but given what snapchat said last week, and then the last two weeks of three big ad agencies, omnicom publici st came out and said we see our
3:38 pm
ad business decelerating 3-8% on a two-year basis you put a lot of those things together and you say, that's something we need to be thinking about. i'm not worried about the whistleblower stuff. i mean, that to me is sort of ancillary to what's going on with the business so that's what i'm focused on. liz: we haven't even gotten to the disaster last week, snap tanked what 26.6% after warning its ad sales would suffer from that apple privacy rule buffets book, you sold. what else did you sell? >> so we got out of our google position which has been our favorite big cap internet stock this year, because google benefits from reopening, as hotels, airlines, vacation spots, advertise that 10-15% of their business. the good news for them is we were looking at saying oh,, you know, the prior issues, the privacy issues are good for google because maybe people advertise on android instead. but what snapchat said this last week, also, adds to all this noise, which is they said look if you don't have something
3:39 pm
to advertise, not going to advertise it so why advertise a car if you don't have it to sell and that affects google negative ly, so we'll see. our next big move in facebook and google is to buy them hopefully lower than where we sold them, but those are things you need to think about with the market up this much this year going into a fed meeting next week. liz: so your fund is a long- short fund. long, i just saw some names let's put them backup on your holds and solds board that we put up, and they all swirl around sports betting. so let's talk about these names, betz, flutter and sport radar. >> sure if you look at the internet, we're wildly still bullish on the sector as a whole , and one of the new spaces that should see 30%-plus revenue growth for the year for the next several years is sporting betting because you're legaliz ing that state by state in the united states, the nfl is allowing sports betting ads on their programs now and you should see really strong growth
3:40 pm
and the nice thing about sports radar for example, is it's a broken ipo. went public at 27, broke issue almost immediately, there's a lot of hate selling going on right now but we're trying to think about names for 2022 that are unloved today, like sport radar, like flutter, in the sports betting space that should do well next year and some of those other you have on your screen is sort of a similar situation. liz: all right we got the federal reserve having their meeting next week, november 3. we do fully expect they are going to have to start tapering. we've got inflation running rampant. is there a play, if you believe that rates might pick-up in 2022 do you believe that and what is your stock play for that? >> yeah, i mean, when i think about the last two years as a setup for this , last year, in the middle of a global pandemic, the s&p was up 16%. this year, with that pandemic continuing, the s&p is up another 21%, so the big driver
3:41 pm
there, in my opinion, is the federal reserve, unless you think a global pandemic is great , so at 4.4 trillion in stimulus over a year and a half that gets pulled back you see multiple rate hikes next year, i think the s&p is down next year, so that's, i think the simplest and i think the tech stocks suffer more that don't have any earnings and you have to believe they are going to get hurt so we like nasdaq even less. liz: you like nasdaq even less, but you do have one play that you feel maybe a beneficiary and that's the real-real. why? >> well, i think again, back to the theory of what stocks do people hate that hopefully can do well next year, the real-real was up at $30 a share, but you know, with all of us locked down , they weren't getting inventory. people weren't putting things on their sites to sell and so now, a lot of that's starting to loosen up, the stocks gone from 30 to 13, we think they are starting to get inventory back, they have a new cfo that started in september, and we think
3:42 pm
consumers are flush with cash from all this stimulus and they are going to spend it and we like the luxury secondhand market so this is one of the names we like as a long in the internet space against a basket of tech shorts that we have. liz: before we go, what do you need to see before you buyback facebook, before you go long facebook once again? >> well i'm hoping we see it in about 20 minutes, which is a guide for next year, they bring down the growth rates, they always guide for big expense growth, which typically people don't like, so we're pretty close. i'm hoping to be able to buyback facebook and google this week, but you know, we'll see what ends up happening, because you're getting 40% growth for a market multiple, and that's ridiculously cheap. liz: well, dan niles, great to have you on the show, jeff green e, our billionaire agrees with you about the fed saying they are the ones calling all of this behavior, great to see you thank you once again. >> thank you, liz, absolutely. liz: we are coming right back,
3:43 pm
with charlie gasparino and we'll check on the back and what it's doing today. as someone who resembles someone else, i appreciate that liberty mutual knows everyone's unique. that's why they customize your car insurance, so you only pay for what you need. [ ferry horn honks ] i mean just cause you look like someone else doesn't mean you eat off the floor, [ chuckles ] or yell at the vacuum, or need flea medication. oh, yeah. that's the spot. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ ♪ ♪
3:44 pm
there are beautiful ideas that remain in the dark. but with our new multi-cloud experience, you have the flexibility you need to unveil them to the world. ♪ (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a tchildren's hospital —world. your life is just as unique.
3:45 pm
your raymond james financial advisor gets to know you, your passions, and the way you give back. so you can live your life. that's life well planned. moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at
3:46 pm
3:47 pm
liz: all right after gaining 845 % alone last week, dwak, former president donald trump spac merger with digital world acquisition corp. is now losing just a tiny bit of air it's down only about 6.5%, but there is some creep happening at this hour, investors astounded by the hype surrounding that name, are pouring into trump- linked stocks elsewhere. ai firm remark holdings rumored to have links to trump messaging boards, is moving higher right
3:48 pm
now by 52%. the other spac run by ceo is up about let's call it 5.5%, and so is the tech company created as it plans to offer trump photo nft's, up 6.5%. one that had really run up, fun wear, is down 18% but again it gained as much as 1,400% on friday, so there's a lot of speculation running around the trump spac halo effect. all right, as the biden administration pushes for wider implementation of esg or environmental social governance policies one wall street firm at the forefront could definitely stand to benefit from this shift joining us now, charlie gasparino. charlie, the firm, the name, what is it? charlie: it's blackrock and liz i want to point out that just because you have a confluence of things doesn't mean it's causation. i'm not saying that there's some great thing here, where great
3:49 pm
scandal here, where the people at blackrock purposely put people in the biden administration to push a certain agenda that's benefiting block rock and these same people hold stock in blackrock that it could all just be a coincidence, but it is happening, and i'll tell you this was happening in the trump adminitration, you'd be reading a lot about this. let's just backup one second. the biden administration is pushing all sorts of esg policies on corporate america. the sec chief gary gensler is forcing esg disclosures presumably so companies abide by certain environmental mandates, social governance mandates. the i believe labor department is pushing 401 (k) plans to make it mandatory that they offer that companies offer their people esg investing alternative s, mandatory. in the past it was just you offer stuff that you think is beneficial. now they are saying if it's esg, it's beneficial on its face so
3:50 pm
you've gotta do it. who is that going to benefit? well it clearly benefits some people on wall street. most particular, blackrock, which is offer offering esg investing they are on the forefront, larry fing, the ceo, said we will vote against certain companies in our proxy voting. we will hold them accountable in our proxy voting essentially if they don't abide by esg standard s and it's a matrix that basically grades companies on how well they are going about this. as that's happening, the biden administration is doing its thing. key people in the biden administration are in economic positions that could influence what's going on here with esg and there's two in particular, one is a guy named brian diese, who was at blackrock for several years, the head of esg investing he is now the head of the nec, national economic council, that's the same position that larry kudlow held. the other one is wally daimo, i
3:51 pm
think he's assistant treasury secretary under janet yellen. he was larry fink's chief of staff. both hold investments in blackrock. these investments presumably will do better if shares of blackrock go up, and i think that's where the conflict of interest comes in. now, again, liz, we should point out, has a very small amount of based on his disclosure, it's very small, but he did work at blackrock for a number of years, brian diese has about $4.2 million according to his disclosures in blackrock stock. i'm not saying there's a big scandal here but this is a huge conflict of interest that blackrock, which employs, which employed a lot of people who are now in the biden administration and blackrock is making money off of the esg push of the biden administration and some of those same people presumably will be making money as well. we should point out that excel
3:52 pm
investors -- liz: wait, charlie we're running out of time. no, we're running out of time. you have to listen to me for a second! larry fink, for years, has been going forward on excel, well before biden was president. charlie: mutual funds that invest in esg charge much higher fees than regular mutual funds. liz: no one is holding a gun to people's head to invest in them, but he's a believer and i would also say, charlie, let's not forget, they all do it. donald trump hired dan bruette for the energy secretary, he was a lobbyist. charlie: that's true. liz: [laughter] oh, i like that. that's true, liz. charlie great to see you, welcome back. thank you. charlie: i'll be back in the office tomorrow. this...
3:53 pm
is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. . . opportunities... are all about timing.
3:54 pm
so now that medicare annual enrollment is here, it's time for a plan that gives you more for your medicare dollar: an aarp medicare advantage plan from unitedhealthcare. call unitedhealthcare today to get $0 copays for primary care doctor visits, $0 copays on preventive dental, and $0 copays and deductibles on tier 1 and mail-order tier 2 prescriptions. last year, our plan members saved an average of over $9,000. you'll even get free yearly eye exams, and designer frames. now's the time to get more from your medicare plan. don't miss your shot. the opportunity comes once a year. enrollment ends december 7th, so call unitedhealthcare and learn about our choice of plans, including ppo options. catching a good opportunity is all about timing. so, call today, before the moment slips away. take advantage now. new projects means new project managers.
3:55 pm
you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit and get started today. ♪ say it's all right ♪ whose resumes on indeed ♪ say it's all right, it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ now listen to the beat ♪ ♪ kinda pat your feet ♪ ♪ it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ oh, it's all right ♪
3:56 pm
♪. liz: four 1/2 minutes away from the closing bell at this point. it discuss look like the dow and s&p 500 will clear the record close hurdles quite easily. as i've been telling you any gain for the dow makes it a record. the s&p needs to be up more than 4.88 points. we're up 18 at the moment. this would be the broader index's 56th record close in 2021. okay. with all this talk about planes, trains, automobiles one index is in the sweet spot. that would be the dow jones transports index. it has been up on a tear lately, up 27% year-to-date and up 3.8% just last week. components include critical supply chains such as fedex, ups and reopening trade names like the airlines. you have got a lot of this covered. sarge guilfoyle, president of sarge 986 joins me. you are begging this one just as
3:57 pm
i had an argument with charlie gasparino about blackrock. talk about it. this is suddenly an area that is superhot. >> for me the rails are a high conviction trade. rising energy commodity prices. rising industrial material prices, rising metal and minerals prices. i love chess see and unand southern pacific. the other two rallyied into earnings. 288. i have a 295 pivot on that one. can take that pivot i will have a 350-dollar target on the stock. i'm very excited about the rails right now. they are leading the pack as far as i'm concerned along with the truckers. i did more whom homework on the rails as well as transports. liz: there is the supply chain bottleneck rather. we know these companies are in demand. i imagine they have pricing
3:58 pm
power which means higher pricing down the line? >> i believe their margins will be okay. fire and weather conditions slowed down trains a little bit and volumes might not be what they might been because of the supply kinks, home depot, target, are renting out fleets, smaller cargo ships to get cargo from asia to the east coast and through the panama that canal. you will need traffic out of baltimore and that will impact southern and csx. they have the ammo to over come the problems they will have. liz: ups reports after the bell. we know that the rage inflation that fedex dealt with. let me ask you quickly because i read your morning note, one of my favorites out there, you talked about the paypal, pinterest kind of no, that's not happening discussion. i would imagine the arbitragers
3:59 pm
really got burned on that one if they believed this was going to happen. this is a no-go. you do believe it may be revived? >> i think paypal may be shopping. i don't see it reviving. if you read my note, i kept track with the younger that more than i keep back the traditional bankers. all the kids were against the trade. they didn't see the sense of it. that was enough for me. i'm long paypal on thursday and friday. it came in further on friday. i'm quite happy the way things turned out. >> 30 seconds, the way things turned out, we have a record for the dow and s&p. are you worried at all about any froth here? >> no. i don't think the froth is here. i tell you pretty flat-out when i see trouble. i saw trouble from september into october. i think we'll have some volatility because we will have headlines via fiscal policy,
4:00 pm
monetary policy, all that sort of thing but i do believe into the end of the year we're set for a santa claus rally even if santa is late with some of the presents. liz: oh, i like it. [closing bell rings] sarge, great to have you. cue the fireworks. a record for the dow and s&p. facebook earnings out after the bell. tomorrow we have all the breaking business news. you got to be with "the claman countdown." "kudlow" is next. ♪. >> hello, welcome to "kudlow." i'm sean did you have city in for the great larry kudlow. president biden is in new jersey after holding a productive meeting with senator manchin and schumer over the weekend. hillary vaughn is more with the back and forth. what do you have for us? reporter: good


info Stream Only

Uploaded by TV Archive on