tv The Claman Countdown FOX Business May 24, 2022 3:00pm-4:00pm EDT
with their dogs in central park rather than bragging about poor kids when talking about child tax credits and don't even get me started again on those college loans forgiveness. no way. real america is suffering. time to stop giving money to people who have the greatest access to the american dream. with that, i hand it over to my colleague, liz claman, looking for you. liz: it's not the corgis, dude, it's the goldendoodle. those are the ceo dogs they call them. yeah. charles: i'm always three years behind. liz: [laughter] all right, just stick with me and you'll be one and a half years behind. thanks charles. a snap shocker is still hitting tech hard at this hour after the snapchat parent warned economic conditions are deteriorating faster than anticipated, and that's got social media and digital ad sales stocks seeing outsized losses and yes, dragging the nasdaq down. now it's off session lows, low of the session we had it down
about 442 points. we do have the nasdaq down 356 but it's still getting pummeled pretty heavily. that percentage loss of about three-plus percent erasing all of yesterday's gains. economists increasingly seeing same warning signs as snap is seeing but is the american economy headed for hotter inflation? stagflation, deflation, or i don't know, something else? the murray brothers maybe identical twins but their viewpoints are not. they are about to throw brother ly love aside in the battle for the ages, they will argue their progressive points, you get to decide this is the fox business exclusive, and we will, yes, explain everything about stagflation, deflation, dis inflation, inflation, and so much more. meanwhile, president joe biden on his way back from asia after meeting with the quad leaders in tokyo as axios reports his administration is quietly multitasking to broker a deal for normalization of get this , between formerly bitter enemies
israel and saudi arabia. danny danon served as israeli ambassador to the united nations working with the trump adminitration to usher in the abraham accord which normalized between israel, the united arab emirate and bahrain. he's going to tell us exclusively what it would mean for peace and business but first let's get to the fox market alert. sometimes all it takes is one skier to trigger the avalanche and in this case one stock to spark the sell-off. take a look at snap we have it down 42.7% as we kickoff this final hour. snapchat's run down the mountain today has the social media stock looking like it skidded backwards down a black diamond run. right now we do have it down $ 9.62. it is the worst day ever from a percentage standpoint and the stock is below the ipo price shares gap down before the opening bell, so let me just tell you. it closed yesterday at 22.47. gapped right down as soon as the
stock opened after the social media company issued a warning to investors late yesterday saying it is not going to meet its own second quarter revenue and earnings targets it just gave a month ago. late last year this stock was worth $83, snap shares as you see , are obviously having a very difficult time at $12.86. now look at everything else on your screen. snap news dragging social media companies that rely on digital a d sales down with it. the majors from meta to twitter, alphabet, they are all losing at the moment but take a look at digital ad companies, trade desk , pubmatic, these are all down at the moment and trade desk is getting hit the hardest down about 19.3%, pubmatic down about 16% so you can see it's not just the social media sector you've got subsectors flopping, and the nasdaq is getting bruised the worse which is no surprise there. intraday we do have it down 2.9% , loss of about 338 points,
and while we are off the session lows as i mentioned, all three indices are still in the red, and it is a difficult day for the s&p, which kind of has a slightly different problem. it's skidding, in part, due to abercrombie & fitch's face plant , the company reported an unexpected quarterly loss this morning, despite better-than-expected revenue. now, a &f says it was hit hard by higher costs which it expects to remain as a headwind for the rest of the year, but you know, arguably you could say snap started the overall slide, at least for this session. let's get right to the floor show joining me top analyst for social media names including snap, twitter, meta, is evercore 's mark mahaney who last night dropped his price target on snap from $47 down to $36. he's joined by fidelity investments john gagliardi. mark, i want to start with you. a lot of being made of the fact that just four weeks ago snap ceo & company were very optimistic and now everything
shifted. clearly, you, everybody else, taken by surprise here, but talk to me about how and whether they could have seen this coming. >> well, let me step back a little bit. if i think about what we've heard from technology stocks, you know, kind of year-to-date its been cost inflation. we've yet to hear really the rumblings of demand recession and we started to possibly hear that from some of the retailers last week and that's what snap signaled last night which is that and they gave relatively cautious guidance, that they're going to come in below the low end of what we thought was cautious guidance, so it looks to us like there's a macro read here for all internet ad names, especially those with exposure to brand advertising, especially with those with exposure to europe there's been a bit of a cliff-off here in terms of advertiser demand. we're looking for more hard data points but until proven otherwise that macro preed from snap is a decent one, they do 5 billion in ad revenue so its not tiny so if they're seeing it
chances are other ones to more or less degree but here is the first real sign we've seen of an advertising recession kicking in. liz: okay, but, mark, you know, we're distilling from all of this and you've cut your revenue forecast by about 5% you still have your outperform on it, but quite frankly, we could have looked last week and seen walmart, target, and then of course today, abercrombie & fitch which is down 30% right now, you could have distilled that whatever the fed has done so far, not working, right? and so this leads me to gagliardi. whose the next snap, the one stock that comes out and drags the rest of the sector down? >> i don't know, i wish i knew. i honestly do not. i can tell you that the sectors are shifting and this is normal sector rotation. we saw the sell-off in tech. it started with the least profitable tech and its winded its way into profitable tech and now, it's moving along into communication services
across-the-board, and the logical place that you'd see the business cycle go to is industrials, materials, and energy, but enter the fed. the fed is changing the whole game, and now we have to think of them as the big seller in town and they are the person really between reverse repos and selling bonds and raising interest rates. they're really controlling how this goes, and do we get that soft landing? liz: well we got the 10 year yield at a one-month low, right? the last time we saw these level s last i checked 2.78, 2.77 right now we're at 2.76. clearly a bit of a flight-to- quality but let's get back to this tech story, mark. the fact that snap is a company that, i mean, let's face it, perhaps you and i and maybe john aren't exactly their key demo but for it to be such a shock means that it's more the message that they had sent, so when we
start to see the second quarter numbers that are coming out or at least starting, you know, dribble in when we begin to have that opportunity to see how they will do, who are you most worried about, of the stocks that you cover? >> well, i'd look at names with exposure to brand advertising and to europe, and in my mind, that be names like twitter be at the top of that list. their advantage is they have a bid. facebook would have exposure there. probably the last internet advertising say global advertising number that be at risk be google but just keep in mind during the covid crunch and during the 2007-2009 financial crisis google was impacted too so even the safest of internet a d models can be negatively impacted but i'll also throw out three hedges. it's possible that snap is see ing an impact from tik tok, and ad dollars shift back to facebook, they shifted away from facebook, they could be shifting back this year and it's possible that apple is enforcing more privacy screens so it's possible
that those three things are becoming more snap-specific than sector-wide specific so that's a little bit of a hedge here but i think the right read for now until proven otherwise is that we're seeing a macro slowdown in ad spend. liz: but if you really look at it, john, this is what the fed kind of wanted, to cool down a sizzling economy. they may not get their dream of a soft landing, but as we continue to look at exactly what they plan to do in june, and july, you now start to hear raphael bostick, the atlanta fed president, saying be really careful, don't be wreckless. i think that the fed looks at the stock market a bit too much, and that they may start to wobble, he maybe the first that's really starting to wobble to say well, maybe we need to backup. is that a mistake, because i can tell you, i'm not seeing get less expensive around here. >> we have to look for the green shoots, and it's springtime, we should be looking to the things that do well in
quantitative tightening, and those sectors should be banking, energy, and consumer durables, and i think the move that we saw yesterday across-the-board in financials, to me, that was the first glimmer of hope i'd seen in a long time. liz: yeah, well, we'll be watching all of it more and again, the markets are not disappointing with volatility at least. we do have the vix up about 4% off the highs of the session, so a little bit of the tightness coming out of the market. john gagliardi, mark mahaney always a pleasure to have you both thank you so much. >> thank you, liz. liz: you're welcome. we've got breaking news president biden has boarded air force one and is jetting back to the u.s. from tokyo after wrap ping up his first visit to asia since taking office. now, on his final day there, the president met with leaders of japan, australia, and india at the tokyo quad summit to discuss trade, supply chains, the coronavirus pandemic, climate change, and russia's invasion of ukraine. let's get to the white house and edward lawrence. edward, one uninvited guest was
probably watching very closely from across the east china sea. what kind of message did biden and this trip send to china's xi-jinping? reporter: you know, they didn't mention china by name, but that was certainly a focus of this meeting, president biden first cleaning up his message related to china with this and then you could say one of the most important meetings he saved for last was the quad. you're talking about the four leaders of australia, india, the u.s. , and japan, all meeting together. those are trying to, you know, basically get together and create an economic block, so to speak, to counter some of the moves that china is making. now for this meeting india has refused to denounce russia's invasion of the ukraine and also is buying russian oil but the president addressed that specific issue after meeting separately with the prime minister of india. listen to this. >> we also discussed the ongoing effects of russia's brutal and unjustified invasion
of ukraine, and the effect it has on the entire global world order, and the u.s. and india are going to continue consulting closely on how to mitigate these negative effects. reporter: so the four leaders chose not to focus on what divides them but what brings them together, and you mentioned that china, the largest part of the discussion, was about the chinese and what to do going forward. each country has started to move away from china individually, still the president biden trying to clean-up his message on where he says the u.s. would defend taiwan, should china invade. listen to this today. >> mr. president, is the strategic ambiguity towards taiwan dead? >> no. reporter: could you explain? >> no. reporter: mr. president, [inaudible] >> my policy has not changed at all and i've made my statement. reporter: and this was the
fourth meeting of the quad, two virtual this year, that shows the importance of the relationship here, they focused a lot on the productivity between the four countries for that part of asia, sort of countering the moves that china's making, liz? liz: edward thank you very much as president biden forges stronger economic ties with asia nations, it was the trump adminitration that figured out that the road to peace in the middle east could come by normalizing business ties between the united arab emirate and bahrain along with their former enemy israel, and now, could saudi arabia be next? former israeli ambassador to the united nations danny danone worked tirelessly often under the cover of darkness to bring the abraham accord about. he joins us next with his thoughts on the possibility that israel and saudi arabia could soon betrayed and business allies. closing bell 47 minutes away, dow jones industrial carrying its losses down 59 points at the
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liz: we are just getting this breaking news u.s. attorney general merit garland announcing moments ago at a press conference that the department of justice that glenncore, a publicly traded company pleaded guilty to charges of a decades- long scheme to bribe foreign officials. in two different cases, in two separate districts, the multi- national commodities trading corporation pleading guilty to criminal charges and $1.1 billion in fines. as we look at the stock, it is up about 2.25%, and interesting trade action here, because you see it two hours ago starting to pop, then it fell, and now it's climbing back once again. right now the stock is at about $13.20. jaws around the world are dropping on an axios report that saudi arabia could be on the path to normalizing relations with israel. axios says the u.s. is quietly mediating negotiations which to start involve tehran and two
strategically-significant island s controlled throughout the years by egypt and the saudi s. those islands control the separates of tehran, this is a crucial sea passage to the ports of jordan's akabah, and a lot in the south of israel. the straight is israel's only shipping route out to the red sea. now the potential deal to keep the islands demilitarized be the most crucial u.s. foreign policy advancement in the middle east since the abraham accord negotiated by the trump adminitration in 2020. joining us now on a fox business exclusive, danny danon, israeli ambassador to the united nations from 2015-2020 and worked with the u.s. to create the agreement and also the author of the brand new book "in the lion's den, irs and the world" ambassador, thank you for being here. what is your gut reaction to this news? i mean, i see it as encouraging we could be looking at the early stages of an eventual
normalization of relations between israel and the saudis. >> it's very exciting. we are very happy with the abraham accord, with the ua e, in bahrain and morocco and we are rating for the day the saudis would join for peace and it's happening slowly, quietly. you know, everything started because of the negotiation between egypt and saudi arabia about those two islands that the egyptians actually are willing to give to the saudis but according to that, women with irs in the 80s they can't do it without the permission and that's why today you have quiet negotiations with the saudis and the egyptians about those two important islands and you speak a lot about development. the saudis intend to advance billions in the red see , they are building a huge city, they want to compete with dubai and the uae, so they want to have control over those islands and maybe in the future to build a bridge between saudi arabia to
egypt. liz: can you imagine that? and i found out something from your book, "in the lions den" about you. i didn't know your dad was egyptian born, so here you are, obviously a major important diplomat in israel having served in many different capacities for the government. do you find it interesting, because when you helped get the abraham accords over the finish line, you know, already, you're looking as israelis united nations ambassador, you had forged relationships and friendships with muslim nations but it was always in secret, and that was by their request. you know, at what point does this get out in the open, because now, certainly, with the uae and bahrain, we've got 16 flights between israel and those countries? i mean it's fantastic, but you know, a lot of this is still sort of under the table isn't it >> it is, in the book, i tell the story that i used to meet with the ambassador from the
you uae, so nobody will actually see us and look where we are today when you have so many flights. business development, it's exciting, it's amazing, and it's proven to the saudis that the u ae is actually encouraging their friendship with the israelis and nothing happened to them. the same will happen with the saudis. in the near future, i think we will see some kind of normalization that would allow flieds to fly over saudi arabia, even flights coming to saudi arabia, you know, we have more than 1.5 muslim israelis that want to go visit the holy sites in saudi arabia. today they have to take a bus and it takes them days to come to saudi arabia, so we are working on direct flights also between israel and saudi arabia. liz: well that could be such a game changer i think. i need to just transition over to ukraine right now. israel obviously has to walk a diplomatic tight rope that is extraordinarily, they have to do it gingerly because the process
is very dangerous, i'm sure, but israel has been a little too quiet for much of the world to accept, in that they have not come out and really slapped down putin for the horrific war crimes that he has committed. what do you think is going on there? >> i think we did the right thing. we supported the ukrainian people when the vote came to the floor of the u.n., we voted to condemn russia. i think that was the right decision. at the beginning, prime minister made a mistake and tried to negotiate between putin and zelenskyy and it was premature, it wasn't the right thing to do, but as you mentioned, we have a lot of issues on our northern border, and unfortunately the russians in this area, so we are sensitive about that region. liz: well, yeah, the russians are in syria, and there's, again , one of these under the table deals where okay you can do what you want, just don't spread it over to our country. what i find fascinating about
the book, danny, "in the lion's den" is there are people very quick to criticize israel and some of it maybe important to be spoken about, but you have always stayed open and the communication lines have remained open when it comes to forging relationships with muslim nations, and we'll be watching to see how isn't it funny, business is what is really changing the landscape in the middle east. thank you for joining us. >> thank you, we have so much to offer to the world and i think the book reveals many of the secrets how we became a startup nation. liz: absolutely. thank you, danny danon. ambassador to the united nations of israel. the cover of the sports illustrated swim suit edition, she landed it but it's still not enough for kim kardashian, now, the pop culture icon is adding the title of chief taste consultant to her resume. we're about to tell you which company, yes, publicly traded, inked the reality star to a new
ad campaign, and hint, it has nothing to do with fashion or design. closing bell 36 minutes away, we've got the dow down 42 points , at its lowest point the dow dos won about 514 points so we have really clawed our way back here. stay tuned so much more ahead. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank.
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liz: fox business alert boy today's session has been a rollercoaster ride for best buy investors take a look at shares of the consumer electronics giant up about eight-tenths of a percent they popped a lot higher at the open jumping to nearly $76 after beating revenue estimates, while same-store sales for the quarter fell a smaller than expected 8%, shares kind of began to fall, you can see the middle of that little intraday chart at the bottom, started to fall on news that best buy missed profit estimates and trimmed its full year outlook citing softening consumer demand but right now gaining just about eight-tends
of a percent. play at home darling roblox might node an extra life, yeah, shares of the 3d digital video platform recoiling 11% right now , after atlantic equities cut the stock to neutral and chopped its price target in half to $30 due to weakening engagement numbers. well yeah, i mean, the sun's out get away from a joystick kids. we're now getting more clarity regarding the apple story we brought you during yesterday's show. the journal reported apple is seeking to diversify production away from china and now today an analyst from hong kong-based tf international securities says apple will likely move production of its air pods pro 2 to vietnam citing a less complicated supply chain relative to that of china. taiwanese analyst and apple tech product whisperer tweeted mass production of the air pods will begin in vietnam in the second half of this year.
apple stock down 2.3%, getting swamped by the rest of the tech sell-off. finally, beyond meat is pulling its newest chief taste consultant straight off the cover of sports illustrated. the plant-based food company announced reality star kim kardashian will highlight the brands products with recipes posted for her 313 million instagram and 72.5 million twitter followers. beyond meat has got to do something, right? while it is dropping today by 8.5% the stock has fallen nearly 65% year-to-date. why did you pop out to me and then go back to kim kardashian? i mean like -- i can't compete with the cover of sports illustrated. it's like oh, quick insert liz here. no! the great debate, is the u.s. economy barreling towards stagflation, dis inflation, or have you heard of slowflation. economists cannot agree and neither can the murray brothers
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liz: the stagflation alarm bells are sounding after bank of america global research conduct ed a survey with investment fund managers that found 77% of them see the u.s. economy trending towards stagflation this year. the majority polled in the survey say that the u.s. economy is below looking at below-trend growth, that be stagnant growth, and above-trend inflation, rising
prices. squish them together you've got stagflation. now, we know that investors have been worrying about growth, right? now the 10 year yield at the moment is showing a little bit of a flight-to-quality here a little bit of a fear trade at 2.757%, so the question becomes, are we on our way to stagflation , are we already there, or should you just relax it's going to be something different that one of our guests today calls slow-flation. let's bring the right guys in, joining me in a fox business exclusive are the murray brother s ubs financial services managing director jonathan murray and retired capital group companies and author of "two for the money" david murray. david where are we you get to start first. >> we've got a double whammy, liz. this is probably the best way to represent what's impacting consumers right now. this is a receipt from our breakfast this morning. liz: how much? >> guess. >> scrambled eggs, bacon, two orange juices and one pot of
coffee that we shared. >> new york. >> $163. liz: wait, wherein new york? go to dunkin'. >> nice hotel. >> $163 for breakfast to whether it's uber, airfare, rental car, the consumer is getting hit, small business is taking them on the chin too. liz: okay, are we, okay, but are we -- >> retrenching. liz: are we stagflation? >> we're getting there. i'm thinking we're getting there ask consumers how they are feeling and they aren't going to say inflation is only 8%. it's a lot higher. liz: your brother jonathan does not agree. >> i have to give credit to my employer, but our view is that we will not fall into a stagflation situation, unemployment is still really really positive unlike the 70s, remember in the 70s, liz, unemployment was easily in the double-digits. unemployment today is almost at record levels 3.6% or so, so we do not think we're going into a stagflation. we do think inflation is with us
, and could be here sticky for a while, but it should be slowing down, so a slowflation environment. liz: i mean, david, you're basically saying anything the fed does is not going to work, at least in the short-term >> i'm saying hopefully the fed isn't going to have to be as aggressive as they're expected to be, because the economies going to be slowing down on its own. ask any small business owner. right now we know that small business owners employ 90% of businesses out there, they are hard pressed dealing with lower sales and higher costs, and they're worried about their bottom line. >> margins are a key issue but look at home depot's report much better than target's so i think consumers, they're feeling this inflation no doubt about it but they are shifting pro buying -- liz: he's interrupting you. >> i know. >> thank you, liz i appreciate that. >> the consumers are buying less things, less stuff and they are traveling. our hotel today was packed, the
train was packed. restaurants. it's really good. it's not a stagflation. liz: and david sorry to beat up on you here but in my opinion, you're missing one key part of the equation, and that is normal ly in stagflation, you have a lot of unemployment. we have very low unemployment right now. >> exactly. my concern is looking forward in the next two to three quarters where employers have to start cutting costs, including employees, but you're right. full employment -- >> we're going to get through it. >> and we're happy to give thoughts on how to get by well in your investment portfolio, whether or not there is stagflation or slowflation. liz: i was talking to a bunch of very smart ceo's and they gave me the stagflation equation. those may disagree because it's some economist from berkeley whose going to yell at me but you'll have stagflation if you have gdp, gross domestic product , less than 1.8%, and inflation more than 2%. >> what if inflation is 12%,
which is what it is. >> come on. >> it's reported 8% but uber costs doubled, airfare costs doubled. it's a hundred bucks to rent-a-car. liz: it's way worse. >> my daughter just moved to new york had her rent increased 25%. she just moved here a year ago. liz: i was in austin, texas and bought dunkin' donuts and it was a small coffee and egg bites and it was $10. i'm thinking what part of these two things -- >> that's an 8% raise. >> dividends matter i think are the one area where we can get investors. liz: what are the big suggestions at ubs? >> we love dividends, we were the dividend duo way back when we started with you, liz, and what was true then is true today if your total return objective is say high single-digit, low double-digit, nine, 10, 11% per- year returns and you can capture three, four, 5% of those in the form of a dividend
you're half way to your goal. >> no matter what's going on with the underlying stock price that reinvested 5% distribution can really add buoyancy to your portfolio. liz: yeah, and there are eft's the dividend appreciation eft that we just put up on the screen and guess what while you were talking the dow punched into positive territory. >> it's the clayman factor. >> it's the murray twins factor >> we'll get through it and now is a great time. look this is what buying low feels like. it sucks. it's really hard to buy low, but for your viewers to average in the good really good high-quality growth stocks. liz: that i couldn't agree with more because great fortunes are made during times like this. that's exactly what he's doing only buying on down days. gentlemen great to have you. >> thank you, liz. liz: jonathan, david so wonderful to see you once again. the murray brothers, shares of tesla got to look at those they are sinking to an 11-month low as uncertainty swirls around ceo elon musk's plans to buy twitter
meanwhile, shares of the social media platform have fallen 33% below musk's original bidding price of $54.20. does a stock move give musk leverage or is he bolted to this deal, whether he likes it or not? charlie breaks it, next. and meet the 19-year-old known as ms. teen crypto. brandy hipper, i just met her, she's amazing and shares her mission to education gen z and quite frankly the rest of us boomers about cryptocurrency, how to invest, and why she believes bitcoin equals freedom. she is a real believer but she's very rational so i really pulled her apart and i said come on, explain it all, right here and it's in this weeks edition, my brand new episode of everyone talks to liz my podcast download it on apple, google, spotify, anywhere you get your podcast, closing bell 17 minutes away and yes, we do have the dow jones
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liz: let's fire up shares of twitter right now down 5.25% one of the many social media companies down in sim path it with snap, which we already addressed, but there's so much more to this story. charlie gasparino is here to talk about how elon musk is looking to get a lower price on the deal, what are the new developments? charlie: the new development is that he might be able to, and this is according to my sources that are following this , these are bankers, analysts. he might be able to bid as low as $40 for this thing, maybe $35 , where is the stock trading
right now? 36? its got to be a premium on it, but people are talking that this thing can go for -- liz: down 5.25%. we have a 35.87 which is a disastrous price if you look at what he offered which is 54.20. charlie: here is the thing, twitter will sue him, they will get a judge to compel to go through with his bid of 54.20. liz: and he voided the due diligence process. charlie: so that's what's going to happen but they need him in many ways, liz, and here is the dirty little secret. nobody is going to pay $35 for this thing. nobody. okay? if he offers them 35, they might have, they have a fiduciary responsibility almost to take it , because nobody will pay for this thing, and this stock, given the crummy performance of the company, as you saw it's a tough business, you saw what happened with snap today, stock
imploded, everything else, all social media stocks imploded because they had problems generating ads, we could be twitter could be like a $20 stock in a month or two, just so you know. with fed rate increases. liz: can a judge force elon musk to offer and hold to that 54.20 deal. charlie: according to john coffee, the smartest guy i know covering corp. law -- liz: what do you mean offering 35? charlie: well they could force him but the judge has to agree to it, but just say we are still in the , i would say the fifth or sixth inning of this thing so just keep an eye. we do have some breaking news about the crime that occurred in new york with the murder of the goldman sachs executive daniel enriques on the subway on sunday, it's ironic, i mean, this is such a sad story in in so many ways. while he was at, like he was being shot, just shot in the
chest, eric adams was at the new york stock exchange hanging out with, you know, all these celebrities for a fashion show, okay? the business community right now is up in arms. they don't believe that eric adams whose elected as a crime stopper is living up to his campaign promises. there's going to be a meeting as i reported right after your show yesterday, the new york city partnership, the big lobby group for wall street and all the big banks and real estate firms, are holding an , what's been described as an emergency meeting with adams on thursday. here are some of the bold face names that are in attendance and this will tell you why, how, excuse me, serious wall street is taking this whole issue of crime in new york, and why they are probably going to stop bringing people back. it's going to be a moratorium on that. here are the names david solemn goldman sachs, steve schwartzman blackstone, adam sil ber, the nba, jim tish,
100 people are supposed to show up at this meeting, via zoom. that's what the we're being told exclusively by the new york city partnership. it's going to be, i would love to be a fly on the wall of this thing. i hope they hold his feet to the fire and i hope they tell -- liz: when is this meeting thursday? charlie: it's a zoom meeting so they aren't all in the same room but i hope they tell him we supported you, which they did, the business community backed up adams and we supported you because you were getting crime under control and it's out of control still. you are almost living up to the, to what bill deblasio gave us. there's not that much material difference right now. you talk a good game. i think they need to tell him before he decides, before he goes out to beverly hills and parties at the new york stock exchange for a fashion show, he's got to get this crime problem under control, because it's not. they are going to, from what i understand, they want police to be patrolling the subway platforms and more of a presence on the streets.
they want something to do, him to push something involving bail reform, and committing the mentally ill homeless, so this is what they are going to say, whether he agrees or not, can't tell you, but they won't bring people back unless he starts his actions matching his words. liz: of course, there is their negotiating token there. it's important. subway token, all right, good to see you thank you, charlie very much. natural gas hit its low exactly one year ago today, and our countdown closer thinks it's far from flaming out. it has roared higher since then. find out what he's thinking to give your portfolio some real energy. got a specific name here, stick around, closing bell ringing in seven minutes. well the dow let's see if it can hold on to these gains up nine points at the moment. we shall see , closing bell in just a minute, so stay tuned.
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♪. liz: yeah, sorry about that the dow could not hold those gains. we still have about 3 1/2 minutes left to see if it can punch back in. the dow just reverted, up, down three, now up six. too close to call in the final minutes of trade. one more check of snap. it just hit a fresh low of about $12.55. right now we're at 12.77 right now. tag you're it. it is a bad day, depending on the day for one individual stock and today it is snap. look at natural gas prices. they have been floating higher and higher more than tripling over the past year. our "countdown" closer is here with his twist on a natural gas play. hennessey funds portfolio manager ryan kelly. this is interesting. it is an etf that combine as lot of names here but they're not just summarily nat-gas names. they're nat-gas utility names,
correct? >> yes. so the hennessey gas utility fund, it has been around for 30 years now. this is an index fund which is comprised of natural gas utilities, electric utilities, multiutilities, also some energy companies but not on exploration and production side but more the midstream companies, the major pipeline companies. liz: okay. >> like to call this sort of a utility fund with a energy kicker. so you know the fund itself is, is comprised of about 50 companies. these are all primary utilities. the drivers right now obviously with natural gas prices where they are you would think that would be one of them. however, that is a pass-through to the customer. so these are just those good, solid utility companies that do well in good times and in bad. right now the market, i like to think of it as the wild world of sports. last year it was all about the
thrill of victory. this year it is about agony of defeat. however utilities and defensive stocks have done well this year and this fund is actually up quite nicely for the year. liz: the fund is gasfx. i need to push you here. why not go through -- delve outpacing the s&p. year-to-date up 11%. year-to-date the s&p is down 17%. why not just go into ung, gaz, those etfs when you look to see they're up more than 100% each year-to-date? i just think, if you're mixing it with electric utilities what's the point? >> well the fund is not designed to just capture the price movement. it is not designed to be reflective of the commodity. this is a fund that will give you downside protection. so you know, eventually it may be six months from now, maybe a year from now, we will get production back online here in the united states.
there will be probably the price of natural gas will come down quite significantly. and this fund will continue to give you those companies that cash flows year in, year out. [closing bell rings] liz: ryan kelly, hennessey funds, my thanks to you. on a day we were down, we do have the dow jones industrials are looking to make it up into the green by 46 points. have a great day. ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. so there's joe biden telling us how wonderful high gas prices are. we're going through an incredible transition away from fossil fuel he says. god willing, when it's over we'll be stronger and the world will be stronger and less reliant on fossil fuels when this is over. god willing, mr. president, we'll still have an economy. sky-high gasoline prices, diesel prices, natural gas prices are not the