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tv   The Claman Countdown  FOX Business  April 13, 2022 3:00pm-4:00pm EDT

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that means probably, they may have to overreact. i know they want the jaw boning to work for them and to a degree it has. i think the economy will naturally slow down, and that's why the biggest mistake the federal reserve could do is to overdo it. come out of the gate strong but we'll see where they go, in the meantime this is a pretty good looking market, liz claman, i'm digging this action today. liz: [laughter] yeah, the bulls are digging it, the bears are like wait, we gotta streak busting wednesday session yes, charles as the s&p 500 and the nasdaq aim to crack three straight days of losses, we've got the dow up 286, check the s&p up 44 a gain of more than 1% the nasdaq up nearly 2% after falling 2% yesterday. investors ignoring record inflation at the manufacturing level and also ignoring one big disappointment in the mixed bag of earnings to start the first quarter season. that disappointment jpmorgan
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earnings, in the rear view mirror top banking analysts dick bove is here live to look at tomorrow's slew of bank earnings and why bank investors expecting financial stocks to so ar because interest rates are rising about to take a punch to the ego and the portfolio. russia claiming at this hour, it now has full control of mariupol 's trade seaport. the mayor says 10,000 ukrainian citizens are now dead, a number that could rise to 20,000. as this blood shed continues ukraine's president ready to make a trade with russia's leader. one imprisoned oligarch for ukrainian boys and girls in russian captivity. what is the true value of the billionaire oligarch friends of putin and is the western push to freeze their assets going to stop this war? putin enemy number one,hermitage capital ceo bill b rowder was hot on the money trail, which leads to
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the spanish coast and right here in united states. his new book "freezing order" already number two on amazon's best seller list. we've got him live here and did covid officially kill trading on the new york stock exchange floor? former new york stock exchange ceo dick grosso here to share his thoughts on post-pandemic trading the rise of the retail investor and the fading of the spac attack, but first we want to start with this fox market alert at this time yesterday rising consumer inflation sent numbers for the markets tumbling but today look at this. surging inflation at the producer level has investors totally unphased. markets at session highs despite rising costs pretentious you much on all levels, and despite the fact that jpmorgan raining on the bank earnings parade the stock at the moment is down after a $524 million hit from market dislocations caused by russia's invasion of ukraine. profits dropped sharply, about 42% year-over-year and while revenue beat in the first
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quarter, it still came down 5%, so what does jpmorgan's number and some of the details within it,portend for other big banks, citigroup, wells fargo, goldman sachs and morgan stanley, joining us now premier banking analyst dick bove. dick, every investor who bought up a lot of these stocks let's say just a year ago said can't wait until rates rise, only because banks stocks do better when rates are up. that does not seem to be the case. why not? >> well, there are a whole series of reasons, business. basically, the earnings as you indicated were very disappointing and if you start parsing into the numbers, you'll see that on the consumer side, which be credit card loans, mortgage loans, auto loans, all of those were very disappointing if you take a look at investment banking activity, there was a dramatic drop in that the number of new issues in the equity
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market staying away from the high grade, if you will, fixed income product, the high yield fixed income product dropped down dramatically. there was a reduction in trading activity. if you go further into the impact of higher interest rates, if you will, structure of the banks balance sheet, you can see that since the bank is about 93% financial assets, if interest rates go up, the value of those assets go down, and if that goes down, then the capital of the company actually goes down, so there was a lot not to like in what happened at jpmorgan today. if you were to look forward, you would say gee, you know, goldman sachs might have some rocky numbers because the investment banking numbers at jpmorgan weren't great. on the other hand, you might say
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morgan stanley could do reasonably well because despite all the negatives i just gave you, it was another surge of, if you will, money going into invested capital. liz: well, yeah, and let's just be clear. the basics of the bank are very solid. jpmorgan also announced a $30 billion share buyback but jamie dimon, who of course a lot of the market listens to, not just people investing in finance , are saying, is saying in essence on his earnings call, beware of what could be a very shakey market. in fact, he said, i love this double negative. i can not force, triple negative , i can not foresee any scenario at all where you're not going to have a lot of volatility in the markets going forward. so he is saying be ready for volatility. i mean, we've got the vix down today at least at last check. i'm just wondering as we look ahead at these banks, for years now, big bank investors and quite frankly the ceo's have sort of rubbed their hands
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together saying we can charge more for loans. we will make more on loans when the federal reserve begins to hike rates. the fed is now beginning to hike rates, yet year-over-year, goldman sachs, jpmorgan, bank of america, i mean, everybody but i think morgan stanley and that's what i'm seeing, dead money, flat year-over-year or down. what is an investor to think? >> well, i think what investors should begin to realize, which is something that we've discussed for years, interest rates are not the key to bank earnings. they never have been, they never will be. for some reason, the market believes that any wiggle in interest rates up, down, or sideways has something to do with bank earnings. banks are just like any other commercial company. they produce a product, they pull in raw material, which is money, they remanufacture it into products such as loans and investments, and that's how they make money by selling the loans and investments. if the loans and investments are
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not doing well and they did not do well for jpmorgan in the current quarter or the quarter that just ended then earnings aren't going to do well. liz: dick, before we go, where do you have a buy? is it in the regionals? is it in some of these bigger integrated names? >> well i think bank of america looks pretty good at the current time. i think that as i said, morgan stanley might do better than people had thought, including myself, had thought they would, but i believe regional banks that are not involved in capital markets activity like our regions financial, for example, our coamerica, their earnings are likely to be a lot better than what we saw from jpmorgan and therefore, those stocks could produce a little bit better result, but again, you have to look at a bank as the seller of a product, not as a price. in other words, interest rates are the price of the product which is being sold. if you don't sell the product doesn't matter what the price is
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you're not going to show an increase in earnings. liz: thank you for clarifying that because a lot of people have a love affair with jpmorgan , they love jamie dimon, and again, year-over-year the stock is down. dick, good to see you thank you very much. dick bove. fox business alert, a surge in travel demand is lifting up the fortunes of delta airlines, which expects to return to a profit this quarter as bookings and higher fares offset soaring fuel costs. delta, look at this , a gain of 6.25% right now in shares, post ed a smaller than expected loss in the first quarter. company shares are trading higher along with rival airlines american and united which are set to report results next week. american is up 10% southwest better by 7 and one-third percent, united up 5.5%. take a look at gap shares, they are on the move after reports speculating the company could be a potential activist target, so the stock is popping, often that happens folks because they think that somebody on wall street or some hedge fund guy is going to come in and make things better
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and more profitable, so gap is popping 8.5% this is the parent company of athleta, and banana republic. no comment from gap on the report website activist but the stock is down 58% over the past year, and is prime for at least some activists taking a look. meme stock fave bed, bath and beyond has paper handed investors today after fourth quarter results came in below analyst expectations. the home goods retailer swung to an adjusted loss of $0.92 a share citing struggles with low inventory and congested ports. stock is actually flat it was way down earlier, even tried to pop-up into positive territory and made it around noon, not there anymore. bed, bath and beyond also warned consumer demand is slowing, and they closed the one in my hometown. that didn't make me happy. all right, paypal, this has been an embattled company but at this hour, it's even more embattled down 3% after its cfo
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john rainy said i'm out of here, he's going to walmart for the same role. he will remain at the digital payments provider until late may as part of an orderly transition susquehanna slashed paypal's price target to 125 bucks, they are already way behind because paypal is at $104 right now. susquehanna cited concerns about its ability to meet guidance. walmart is up 2.8%. he's the man credited with reopening the new york stock exchange just one week after the deadly 9/11 attacks. former new york stock exchange ceo dick grasso joins us live next with his perspective on the future of trading, the retail revolution and what's really behind the meaning of the disappearing spac attack. the closing bell 49 minutes away , the "clayman countdown" bringing in dick grasso, next.
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liz: we have a question for you what happened to the spac frenzy okay revisit here in 2020 investors feverishly rushed to launch or buy moo special purpose acquisition or spac
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companies, blank check entities in search of target companies that they could reverse merge with and take public, sort of a back door less complicated alternative to the traditional ipo but unlike regular ipo's which are priced according to market conditions and other issues, spacs are typically priced at $10 a unit, but look at these numbers, 2020 saw 248 spac ipo's that was a record until it was shattered by the 613 companies that went public via spac in 2021 but in the first quarter of this year, 78 listings. you may have invested in some major names that took the spac path to wall street but as we show you these, don't look at the fact that they are up today. look at their current price, a huge number of them whether it's virgin orbit, buzzfeed, next door, we work, sofi, are trading below $10 a share. what's going on here and do exchanges bear some responsibility for the listings that have gone limp?
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dick grasso ran the new york stock exchange for eight years through both thick and thin and he joins us now with charlie gasparino. dick so good to have you here. right off the bat i have to ask you what's going on here because this does not look good for the spac way of life. >> well, liz, first, thank you for inviting me. it's great to be back with you. liz: thank you. >> and of course with charlie. charlie: do i get that sanitation commissioner post any time soon, dick? >> charlie? when i'm elected mayor of new york, it will be yours for the taking. charlie: you know, you know -- italian-americans have a very very strong connection with the new york city sanitation department. my father, no it's true. my father, my uncle worked for them. i went to a university like you and that's how we escaped the sanitation department. liz: so dick, should spacs go by way of the trash can, the whole concept, what is happening here? >> well, from an investor point of view, they've been a disaster
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, liz. just this first quarter of 2022 they're down 27% and if you look at the peak in 2021, they are down 65%. its just been one of those fluff concepts that hasn't worked. i'm told right now there are about 600 spacs sitting out there with pure cash, waiting for an acquisition or looking for acquisition targets, and yet , when you look at the redemption rate, meaning when a target is identified, and the shareholders of the spac are asked to approve, 80% of the money is being pulled out. spac is kind of one of those rocket ship ideas that we have in the late 90's or late 60's, you know, they shoot like a rocket and they pullback to
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earth. liz: we just showed front of a new survey that was done around january of this year by lawyers from the stanford law school, and from nyu, a sober look at spacs and the problem is that the people who bring these companies public are the ones who really benefit and the investors who jumped on board do not benefit, because obviously, you've seen what a lot of these stocks have done but dick, what role should the exchanges shoulder as they allow these things to list? >> well i think it's a shared responsibility that both the exchanges and the sec have in terms of disclosure to prospective investors. now i know the sec has recently indicated that they're going to tighten things up considerably in the days of you, you know ipo /spac are over. i think that's a good sign -- charlie: wait a minute, dick, let's be clear here. a sparks it's a a spac is a list
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in order to list, they have fiduciary responsibility to shareholders not to lie, okay? so unless you, that's in the law already. there really doesn't need to be anything else in that. if a spac lists and lies about the type of investments it has, the type of financing behind it, you know, that's prima facia securities front and they're done. isn't that true? >> well, charlie, you're i think, in part, correct but remember a lot of these things go public with just cash in the till, and then subsequent to that -- charlie: do they lie about it? >> i'm sorry? charlie: they don't lie about it >> no, but you know, what's to cover up when all you have is the bucket full of cash? charlie: well if that's disclosed it's like just so much that you got people doing here. >> charlie, it's a two-step process. they go public with the bucket of cash they raise at $2 a share
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subsequent to that going public, they propose an acquisition. it's at that point, really, at that point that the disclosure needs to be tightened. what is it they're buying at what price and to liz's point, very importantly, what are the organizers getting and where is that coming from? charlie: although, dick, you know, my view is theres just so much you can do as a regulator. if you want to roll the dice on bitcoin, thinking that it's going to transform the world, that's your business, and you know that there's a good chance it's not, and the same with some of these spacs. if you want to buy the joe blow sports quarterback spac, you know, you get what you pay for , and at some point i'm just wondering where regulators need to draw the line because there's so many other issues to worry about and i kind of want to get into this broader issue with you.
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you've been on wall street for , you know, i wrote a book about you something like 40 years before you retired. you've seen crazy markets before you saw the dot com crash. you saw the 87 crash, and i'm probably leaving out a few more. where do you put the market where it is today in that framework? how would you label this market? >> well, let's just finish the dye section of spacs, charlie. that's important for the regulators and the exchanges to have clear-cut guidelines which show prospective investors what the risk factors are. now listen, you and i both know whether it was the nifty fifty in the sixties, the so-called dot com to dot gone in the 90s there will always be a frenzy for a new
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product or a new concept. this is nothing new. liz: will there always be a frenzy, dick, for floor traders? is the new york stock exchange or any of these other exchanges , when do you see this becoming a museum, if at all? >> well, liz, when you played for the yankees, your entire career, you never want yankee stadium to close. liz: of course. >> the reality is the floor of the stock exchange provides a value-added service. it's very different than the time -- liz: look at it. this is a picture today. nobody is on the floor. charlie: but dick, let me just get back to the other question, because you didn't really answer it. where are we, i mean it's more than just spacs that are speculative out there. we have meme stocks, we have bitcoin, we have all this stuff that's been sort of pumped up by zero percent interest rates.
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are we in a real dangerous part of the market right now? >> well, i think you have to di ssect the market, charlie. the meme stocks, spacs, you know , the concepts, if you will, the so-called covid stocks & companies with no earnings, those are going to be high risk, potentially high return but an even higher loss factor that's possible. remember, this is not new invention. there was a time 500 years ago when people thought trading homes for black tulips made great sense. i've heard people equate the so-called rise in call it the e-commerce coins to black tulips. can they go? i'll take one as an example. can bitcoin go from where it is today to 100,000?
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absolutely. can it go to zero? and the answer is absolutely. now that's what we learn in type ill mania. right now, charlie, i think investors need to look at real versus surreal, whether surreal is in e-coins, whether it's in meme stocks, whether it's in spacs, look. we have a tough, tough time right now when you look at the market, you consider the fed has jammed the brakes on. all of a sudden, we've gone from a fed put to the fed basically saying we've got to squash the equity market. liz: dick we've got to run. we'll get cutoff here, but thank you very very much for joining us, and charlie, thank you so much. it's such interesting information when we look at your breadth of knowledge about the markets and about the exchanges. we've got an update on the brooklyn subway shooting suspect in kudlow, what happens
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liz: breaking news, new york police confirming this afternoon that after a massive manhunt, they have arrested frank james, the suspect in yesterday's shooting on a brooklyn subway car. you're looking at video of his arrest. now, in the east village, this is where that went down, he was apprehended some eight miles from where he allegedly launched the terrifying rush hour attack. police say james fired numerous shots inside the n-line car at 36th street and 4th avenue yesterday morning, injuring 24 people, 10 of them shot with a g lock pistol. fox news national correspondent bryan llenas live with the latest. james is facing a federal terrorism charge. i thought it wasn't terrorism they said. reporter: yeah, well that's a good point but yeah, he is facing a terrorism federal charge for going after a mass transit system. that carries up to life in
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prison. federal prosecutors spoke just moments ago about that. he will be arraigned later today , we expect he's being held at a precinct. the 62-year-old frank james was caught, thanks to new yorkers, who saw something and they said something. a new yorker in a mcdonald's in the east village calling police to that mcdonald's at st. mark's place and first avenue. when they arrived he wasn't there but then another eye witness who spoke to our field producer zoey discin says when he saw him walking the streets he was aware and alert and scared, frankly, and alerted standing police officers that were nearby that that was the guy, and that's how they arrested frank james. we're getting more of a sense of how all of this unfolded yesterday. it appears, according to police, that after the attack, at 8:30 in the morning yesterday, frank james went across the platform of that smoky and chaotic subway platform and boarded a northbound r train that stopped
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at the 25th street station that had wounded people actually from the attack. he managed to walk off of that train. he got rid of his construction jacket in the trash bin there and then he walked and got on to a train and he was last spotted at the 9:15 in the morning yesterday in a brooklyn train station and then he was arrested this afternoon. what happened between 9:15 in the morning when he got on that train in park slope in brooklyn and 1:42 this afternoon when he was arrested, we still don't quite know but we do know that he drove a u-haul from pennsylvania yesterday morning, crossed the verazanno bridge, parked that u-haul van and got into the subway system to launch his attack just about four hours later. they were able to trace his gun to frank james who purchased it in 2011 in columbus, ohio. they were able to find a tag in his construction vest that he discarded in a trash bin on that
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train station to a public storage unit that was belonged to him in philadelphia and that had ammunition inside of it, and then they were able to locate his apartment in philadelphia which also had more incriminat ing evidence including ammunition for a glock pistol, a gun as well as a assault rifle. so all of these pieces were put together quickly and 29 hours later, he was arrested and now faces terrorism charges. liz? liz: great police investigation, and great reporting thank you, bryan llenas live from brooklyn. lifestyles of the rich and russian. the oligarchs under pressure as sanctions take a big bite out of their luxurious lifestyle. hermitage capital ceo bill brow der is vladimir putin's enemy number one. he is here next to tell us whether following and freezing the money trails of the oligarch s will stop putin's bloody gammut to take ukraine. closing bell 28 minutes away,
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liz: we are just getting this breaking news in, president biden has just approved $800 million in new military assistance for ukraine, hours after he spoke with president zelenskyy about aid and strengthening sanctions against russia. meanwhile, in the last hour and a half, russia imposed sanctions of its own against 398 members of the u.s. house of representatives. yes, i know what you're asking, who are the ones that didn't get sanctioned? we're working on that too, but russia announced today, it has now taken full control of ukraine's port in mariupol.
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president vladimir putin of russia says peace talks are basically come to a dead end and russia will "continue its offensive until completion" but as putin continues his bloody crusade, enter hedge fund manager and now human rights activist, putin enemy number one , bill browder. browed's latest effort to expose the dictator and his oligarch friends desperately trying to hide their money is now detailing his story in his new book "freezing order" the timing of the book's release is uncanny as ukraine's president volodymyr zelenskyy last night offered putin a trade of sorts. one pro-russian oligarch in ukrainian custody, joining us now, bill browder, author of " freezing order" bill already what number two on the amazon best seller list. i'd say congratulations but the topic is just frightening, worrisome, but talk about freezing order, what it means,
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and how you have focused on the oligarchs and their money. >> well, what i discovered, so i have my lawyer sergey magnitsy, his russian lawyer uncovered a massive government corruption scheme in russia 13 years ago. he exposed it, was arrested by the officials he exposed, he was then tortured for 358 days and killed and after his murder, i made it my duty and my mission to go after the people who killed him, to make sure they face justice, and that has led to an investigation, led to two things something called the magnitsy assets and it led to an investigation of who got the money and we discovered as we did this investigation that putin got some of the money , and we discovered doing this investigation that this crime was one of a thousand or more similar crimes and the amounts of money that have been stolen by putin and his people are in the hundreds of
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billions of dollars, and what that says to me is that this war in ukraine is not about nato, it's not about eu ukraine joining the eu. this is about vladimir putin being afraid of his own people after stealing all their money and he started this war in order to distract the people of russia , because that's what dictators do. liz: well, we've got 10,000, possibly, up to 20,000 people dead in mariupol according to the mayor of that port city. vladimir putin and his friends, i don't know if they are still friends of his now, because they've all been sanctioned. they're broke, are they not? and we can put some of them up on the screen whether it's roman obramovich, just forced to sell the chelsea soccer team, or on this show from davos, where i interviewed him many years ago you have to tell me exactly what they are thinking if they are angry at putin, can they take him on or completely toothless
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now that their benefactor, so to speak, is in charge, and doesn't want to listen to any of them complain. >> completely toothless. these oligarchs, they are only rich because they are being given permission by vladimir putin to be rich. they operate at his pleasure and his pleasure only. at any point, vladimir putin can say i want your money, i'll take it away if you don't do the following things so vladimir putin is the owner of half the money that you see on the oligarch's rich list and these people are his financial trustees and financial consolidate constantinople and when we look at these oligarchs and say how do we want tok go after putin we sanction the oligarchs so these people aren't happy but the doesn't matter whether they are happy. the point of sanctioning the oligarchs is to show putin his money is no longer acceptable. liz: i believe we were just
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showing michel hortikosky. he was an oligarch, he became the wealthiest man in russia, until he ran against putin for president. he was in prison by putin for 10 years, he was your arch enemy, was he not because he was one of these people who had taken all of the money, cle ptocrat. now you two are working together are you not but my question is what about the money trail and where it goes to the coasts of spain in waterfront properties or london, all of those properties, and here in the united states. >> it goes to all the places you might imagine a rich person wants to spend their money. aspen, colorado, palm beach, manhattan, paris, the south of france, marbea, and by the way, all these yachts, you've seen the yachts, you've seen the picture. liz: we're showing them, yes. >> i mean it's obscene because this is the money that was stolen from the people of russia this is the money that should have paid for medicine, for
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education, filling in the potholes, public services, that's gone for these obscene displays of wealth by this very small group of people of vladimir putin and those who surround him, and that's why putin felt the need to go to war , because is unsustainable. you can't have a supposed democracy where people vote and have this type of theft over such a long period of time. putin understood that. liz: we do have to run, but i'm sorry, the ukrainian pro-russian oligarch who has now been taken into custody by zelenskyy, zelenskyy has said, do you know what? we will offer a trade, we'll give you back to russia if you will let us have back our prisoners of war, boys and girls of ukraine, that are now in russian custody, well putin ever bite on that? >> so this is a great example, the russians said, you know, we don't care about that guy.
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this goes to show, you know, you throw your lot in with vladimir putin and he'll sell you down the river. nothing good is going to happen to that guy. liz: bill browder, author of " freezing order" his first book, riveting, unbelievable story, all true. good luck to you, thank you very much. >> thank you. liz: inflation, chip shortages, supply chain delays, not stopping automakers from rolling out sparkley new models. we're headed straight for the new york auto show to see the new rides and tell you what they might cost you, and former green beret and now ceo of global guardian dale buckner has a team of more than 100 on the ground in ukraine working to evacuate employees and executives stuck in the war zone sometimes under the cover of darkness, his story you've got to hear how he's extracted 8,000 civilians and counting since the conflict began. you can have it all in this
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weeks edition of my everyone talks to liz podcast. dale gave me an unbelievable interview on apple, google, spotify wherever you get your podcast. closing bell 15 minutes away, dow jones industrial up 356, the s&p charging higher by 53 points, we are coming right back . at adp, we use data-driven insights to design hr solutions to help you engage and retain top performers today, so you can have more success tomorrow.
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so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now, there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating, and losing weight. go to and see how golo can change your life. that's liz: we note that the challenges facing major automakers are still ongoing. covid production stops, supply chain, shipping all that and of course the semiconductor shortage. bmw ceo saying that semi shortage could last well into 2023. all right, you're looking at the ford mustang mach-e, as a result , that is, by the way, all electric. as a result the average price of
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a new car jumping 12.9% year-over-year in the month of march. what? $45,000? average? consumers are now left shopping for cars listed above the msrp, the manufactures suggested retail price. oh, boy, nonetheless none of this is stopping the automakers from putting out sparkly fabulous new concept cars grady trimble joins us live from the new york auto show, show us something exciting, please? reporter: liz, how about this , the f-150 lightning, you've seen it before, but the news today, we can confirm that apriy for the f-150 lightning rolling off the line of the ruge assembly plant in michigan and we have the chief engineer of the ford f-150 lightning with us. linda zang, as we show you the fronk coming up you helped design this feature but this is just the beginning of the electric vehicle revolution at ford and other automakers.
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>> absolutely and ford has a great strategy for our ev business. basically launching off of our iconic vehicles like mustang that you're looking at here for mach e and f-150 lightning as well as e-transit. really taking those iconic vehicles that america loves already and elevating it even further with electrification. reporter: i think there are a lot of people who still have questions about electric vehicles not everybody has driven one just yet and when they look at the prices, for example, we have the average transaction price for an ev at around $66,000 that's up substantially from a year ago. the good news, i guess, is for customers, you've got, you guys here automakers like nissan , kia and others hitting the market with more attainable- praised ev's. >> absolutely this f-150 lightning starts under $40,000, it's $39, 974 and that is
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purposeful, right? we want to make sure that this vehicle is affordable by america. it is the best-selling vehicle in america for 45 straight years and we want to capacity that going so building on that, pricing it starting at that low price as well as low total cost of ownership for our customers we think it's going to be great for the pocketbook. reporter: i don't know if our viewers could hear the wheels screeching in the background but that's because there's a test track, liz, for these ev's just on the other side of this display here. i know you're a tesla driver yourself so you know how responsive those electric motors are, so that's what we've got going on in the background there liz: you get whiplash, because you just press it, boom! wait a minute, 39 grand for the f-150? that's amazing, the all-electric what's in it? what's not in it? reporter: 39 grand is roughly the starting price. obviously, there are a range of options so they have one that goes all the way up to right around $80,000, depending on the
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finishes and whatnot, but like linda just mentioned they want to make ev's attainable. this is the number one selling truck for decades and they want to keep it that way even as they transition to electric. liz: well i want linda on the show many many times from now on, it's fascinating to see all of the developments and i'm excited by the f-150 lightning. you know this , our viewers know this because we've been watching this very closely. it can power your whole house if you lose power. grady trimble live from the new york auto show. markets right now, this has been an interesting last half hour of trade. up 351 points for the dow, when we started this show, about 53 minutes ago, the high was up 295 , and we are climbing. stay tuned we're coming right back, as investors brush off inflation threats and look ahead to earnings we're watching the markets and more. happiness. or confidence. but you can invest in them. at t. rowe price
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♪. liz: well how about this?
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clearly i'm looking at my charts here. investors are definitely in a buying mood at this hour with the dow hitting a session high, a gain of 378 points. right now we're up 336. our guest has 185 billion in assets under management. every talking about what to buy. here is what to sell. let's ask him. comerica john lynch. what are you avoiding or selling right now? >> liz, good afternoon. a lot of fear factor will come to fruition for the consumer discretionary area. earnings should be down 15% for at that group. the market has been signaling that since november. once oil prices broke through, call it $80. consumer discretionary relative to consumer staples has been breaking lower and we're now seeing about 80% of the consumer discretionary stocks trading below the 200-day moving average. that is an area i think susceptible for the next several
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weeks. financials are also going to have earnings down about 25% for the first quarter. i want to be clear. you may have near herm ted winds because of flattening -- near term headwinds. jpmorgan had to set aside 900 million so i think that will be a dynamic that will weigh on the sector. but the yield curve is steepening again. we had that inversion last week. the yield curve is steepening. i do believe the lending environment and the net interest margin environment is going to improve the financial sector in the second half of this year. liz: john, you talked about consumer discretionary. for those of you who don't understand what all that means, you don't have to purchase these things, they're not staples. why we were showing burberry and a lot of other names out there, capri holdings, tapestry. lvmh kicked off the season for
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luxury products. they came out with their earnings yesterday, today, i think a gain of 30% for the quarter. to me, look at that wow that is great. shanghai is unlockdown. it is one of the biggest contributors to luxury sales. do you forewarn some of that will play into the current quarter to avoid names like this? >> yes, i do think that could be a peak earnings, when you think about all the liquidity flooding the global markets the past year or two, it could be coming to fruition now that central banks are starting to pivot, right? we're seeing, actually bank of china, peoples bank of china is actually easing see the federal reserve, bank of inland, bank of canada raising, bank of japan -- liz: some of them sure. >> holding steady. there is kind of mixed messages there. i think you could see peak earnings for some of those spaces after what we've seen over the past year. liz: folks, john has just told you, where the soccer ball is
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going which what as an investor you want to do. things may look now. you have to be careful. to look ahead. thank you so much, john lynch of comerica. [closing bell rings] the s&p and the nasdaq snap a three-day losing streak of the markets close pre close to session highs right now. the dow up 355. nasdaq up 274. s&p gaining 50. that will do it for us. "kudlow" is -- ♪. david: hello, everyone, welcome to "kudlow." i'm david asman in for larry kudlow. well inflation continues to soar under president biden. producer prices, those are the prices paid by folks who make stuff that you end up buying at retail, they just came in much bigger than expected, rising at 11.2% from a year ago. that is the biggest gain on record but democrats are still playing their blame game insisting corporate greed and putin's war on


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