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tv   The Claman Countdown  FOX Business  December 1, 2022 3:00pm-4:00pm EST

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bay in las vegas so what they said is redemptions are capped at three-tenths of 1% of the funds net assets. that's nothing. this fund, by the way, hasselberg been limited high net worth investors so maybe there's a sense it's why it's not a general panic or you aren't hearing outrage at least not yet but it's a cautionary tale. it's another reason to learn a lot more about the market and certainly have more control over your cash. i mean, by all means, hire expert, put your money in different funds but you got to have where with all but nothing worse than needing your money and it's locked up somewhere. always remember that. we learned it the hard way with bernie madoff. don't learn it the hard way in your life, right, liz? liz: i know there's a spread between ftx and blackstone, but that is -- charles: bottom line is if someone needs their money right now they can't get it. liz: i don't like that idea. thank you so much. all right if this were a two- game series between the
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bulls & bears we're calling it bulls 1, bears i don't know, tied at the half? as we kickoff the final hour of trade the bears have their clues in the dow which is down 153 points right now, bus this is kind of like one of those auburn -ohio state games back and forth with the s&p and the nasdaq both s&p and nasdaq are now in the green. this action is particularly riveting after yesterday's smashing performance, right here , during this hour, right? with the dow, a gain of 737 points, which hauled it out of its bear market. the blue chips as i said down just about half a percent but good deal of the red paint 90 points of it coming courtesy of salesforce. this is the biggest laggard on the dow jones industrials not because it's blew its earnings report last night, because it didn't but for the second time in two and a half years the customer relations software giant has seen a co-ceo walk right out the door after less than two years at the helm. the stunner came after the bell,
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brett taylor who just got elevated to the role in november in 2021 is leaving to return to his entrepreneurial roots. the surprise move leaves sales force founder mark bennioff alone at the top of the enterprise cloud company to deal with a stock that crater ed 43% this year, and it is down about 8.5% right now. not even the lows of the session to the nasdaq, which right now, yes, slightly in the green. we do have it moving higher by about half a percent. 31 points. it is really hard to forget what happened, 484 point move yesterday that hoisted the tech- heavy index 4.5% higher the winner here at this hour another business software stock although it's moving in the opposite direction from crm, the work from anywhere darling okta shares are up 24.25% after the company not only reported a 37% pop in revenue but in a highly-unusual move especially now, because the outlook has
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been so difficult for all tech stocks, cfo brett tyge said okta will be profitable for all of next fiscal year. could this be the bottom for okta? i mean after dropping 70% this year from a high of 244 points, don't know, but we're at 66 bucks at the moment. all right, but there is no doubt tech and just about everything else got a massive lift from fed chief jay powells prediction yesterday that this month it might be the "good time" to slow the central banks interest rate hike path. well, why? maybe this. the feds favorite inflation gauge, the core pce, personal consumption expenditure, it cool ed for the first time in three months, spending in october rose two-tenths of a percent versus the three-tenths of a percent expected. i know it's small like jumping off a pancake but hey, we'll take it, right? the 10-year yield which before powell's speech was around 3.76% yesterday, and then dropped after like a rock, is at this
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hour, continuing the move south. we have it at 3.53%. i mean, folks, that is a big re tracement there, and andy bren ner is now saying look for 3.49% as early possibly as tomorrow. all right, while we got a window into powell's mindset of the moment yesterday, he is but one of a committee that must all agree and vote on whether it is time to slow the pace. what are the rest of them thinking? we take it live to the new york federal reserve where edward lawrence just landed an exclusive news-making interview with new york fed president and voting member john williams. edward? reporter: yeah, liz, and they kicked us out of the building so have to do wisper of proximity, and we heard in the interview new york fed president john williams saying he is open now to smaller increases in the federal funds rate. he stepped down as he put it and eluding to the fact it could be 50 basis points in december.
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listen. >> so my view is we need to get the federal funds rate, you know, above the inflation rate, and sufficiently above the inflation rate to basically putting downward pressure on inflation. reporter: is that 5%? >> it will depend on how the economy performs, how inflation performs next year but i definitely see us, we still have further work to do. reporter: so he says that he hopes we'll see the inflation rate at 2% target by the end of 2025. now we heard a lot from president joe biden about how russia is to blame for the higher inflation, when in fact it started long before the russian invasion in ukraine, so i pushed williams about the effect of all of the government spending. >> the compensation and government social benefits, how much of a headwind is government spending to what you're trying to do? >> so i think right now, the government spending is not a big part of the inflation going forward. fiscal policy, other things are kind of in, you know, the background of the factors, influencing the economy.
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reporter: so the federal reserve is poised to make the 7th rate hike this year. again, that step down basis according to williams, possibly 50 basis points. he says he does see a path to have the economy make a soft landing so to speak without major damage to the economy, and he says that they believe he will see rate hikes into next year, but at that lower level. the more manageable pace that the federal reserve chairman was talking about. back to you, liz. liz: yeah and you saw the action in the 10-year yield, edward. i thought it was really interesting when john williams said prices of used cars are coming down. he told you prices of commoditieses are coming down. that's a signal to the market so thank you very much. excellent interview exclusively. good stuff edward. so we have just heard new york fed president john williams say the president, yeah, has further work to do but he kind of really said, you know, between the lines 50 basis points in december. is the compass for investors any clearer right now? let's take it to the floor show
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and cross mark global investment cio bob doll in studio. bob, put what jay powell said yesterday and what john williams said today into the tumbler and what do you see coming out for the investor? >> so all good news for the investor, but not all that a surprise. coming into yesterday, we all expected 50 basis points. it's not like we were all expect ing 75. now he's telling us 50. we already expected 50 and many of us are thinking maybe 25 in the new year, so i'm not sure there was a whole lot of good news but i'll take it however i can get it. the fact that we have peaked in inflation, peaked at the pace of fed increases, and now we're going to slow from here. liz: does it tell you anything the dow leaders today are names like home depot and nike? >> yes. economically sensitive businesses. people are looking past the slowdown. i'm not sure we're not going to have test of that somewhere along the line. look, what the fed has done fastest pace of rate increases
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in history, with a lag in terms of the impact. we're not going to know what the fed has done, how it impacts the economy until into the first half of next year. liz: you finally get the core pc e, personal consumption expenditure number which came out a little rear view mirror-looking october. >> we'll take it. liz: because it did cool off just a bit. makes you wonder what november will look like. i think what's significant here and what powell said was simply that he didn't say coming out swinging once again, don't get all excited, everybody. i'm still the meanie at the party taking away the punch bowl >> he did say that and he needs to say that because .2 and .3 are better than .6 and .7 but we're nowhere close to two. liz: so what's the path for the investor? people got very geeked up yesterday when we looked at the nasdaq and saw it was jumping 4.5%. that's significant. >> it is and up again today. liz: okay so is that a short covering? is that a bear market rally, or is that the start of a new
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thing? >> i definitely short covering, both from people who are actually short and people who have so much cash, they've got to put to work. it's a form of short covering. we're not going to go straight up, liz. that doesn't mean we have to turnaround and go straight down either. i think we're in this broad trading range and we're at the higher end of it, perhaps, and we're going to frustrate both the bulls and the bears. liz: this s&p right now is at 4,085. it got very comfortably above 4,000 yesterday. all right, a tiny bit of retrace ment today. >> above the 200 day moving average. liz: exactly which for those of you who don't know certainly a signal bullish for the investor. can i just say though when you look at what the price action is for the s&p, it does make you wonder, there's so many guys on wall street saying this will go to 3,200 or 3,000, all the way down. >> yeah, we're going to need a really bad recession to get there, and i think we might have a recession in 2023, but it's not going to be a doocy like we've seen sometimes in the past. look when we talk to financial
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advisors, what we try to say is pick your spots. you don't have to chase it on the upside. wait for a pullback. we're not in this straight-up bull market and make sure that you have some quality inn the portfolio but also make sure you have some economic sensitivity for the other end of it. liz: okay name them. what fits into your parameters. >> on the defensive side, the hmo's still make sense to us. on the more cyclical, you mentioned these names a few minutes ago, home depot, nike, i think they are good places to be and don't forget some of the material stocks. look at how the steels are performing not just the last couple days but the last few months. liz: well when you talk about hm o's, the sigma of the world -- >> pick them. we just want you to be there. they have good topline growth, better bottom line growth, because their profit margins enable them to buyback stock, and double-digit earnings growth for multiples that are not even in the market multiples. liz: okay the crucial question.
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you ready to reembrace tech? [laughter] >> i need some tech in my portfolio but i don't think that's the leader. liz: you don't think the microsofts of the world are cheap now or some of the other names, google? >> i do own some. but it's not the lead in the portfolio. i think tech will lag next year. pricing power is going to be important going forward, and these companies are unit growers liz: oh, my gosh. it's so great to have you here. right off the john williams comments which made a lot of headlines, and again, he struck a very calm tone. i mean these guys don't tend to flap their hands a lot. >> here-here. liz: nonetheless, bob good to see you. bob doll. all right, check out this spider factset innovative tech etf, because we're just talking about tech it's kind of ugly down 45% year-to-date. just because tech stocks specifically innovative data and software-driven names have turned many a portfolio red this year, does not mean these
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companies have stopped innovat ing. fresh off the deal, with defense giant lockheed martin, palantir, the company that deciphers all kinds of data to find hidden patterns and help companies in the military be smarter and profit from those patterns is about to reveal yet another mega -deal but this is a doosey. the platinum standard in u.s. medicine, the cleveland clinic, hooking up for wait until you hear the time amount. it's unbelievable. in a fox business exclusive, palantir's chief operating officer breaks the news right here on how cutting-edge data management tools could resuscitate hospital care. closing bell 49 minutes away. dow jones industrial down 161. the "clayman countdown" has the palantir scoop and the pop in the stock right after the break. stay with us.
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liz: well look at palantir shares up nearly 5% right now in this final hour, fresh off a major announcement of the deal to provide defense giant lockheed martin with software to modernize the u.s. navy's combat systems. palantir's ready to drop another headline at this hour. in an announcement, palantir is expanding its healthcare business by signing a new 10- year long partnership with the cleveland clinic for its virtual command center. palantir software will help ai to use it and to predict patient admissions and discharges based on scheduling data, but that's like just scratching the surface here. the idea is to help the clinic, which is already fantastic at this stuff, keep its finger on the pulse of metrics such as demand, staffing, and hospital beds, making the entire system, including yes, those long waits, in the
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emergency room, much more efficient. in a fox business exclusive, palantir's chief operating officer shayam shankar is joining us to break the news. the fact that the cleveland clinic known for efficiency paired with the highest quality care picked palantir to improve on that is a major feather in your cap. tell us right now what your software will do for the clinic. >> absolutely, thank you so much for having me, liz. we're so excited about the partnership with cleveland clinic. its been a phenomenonal opportunity to co- in have indicate on helping increase capacity on healthcare so we are optimizing patient flows using our virtual command center bringing together data on the patient and clinical procedures necessary, data on the resourcing available, optimizing that allocation and then importantly, the workforce scheduling aspect, ensuring that care can be delivered when needed and doing this not only at a static point in time but using ai and sophisticated model s to give you predicted capability for weeks out it
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allows you to optimize and re optimize because while you maybe able to schedule all of the orthopedic knee replacement surgeries you can't schedule whose going to come into the er room so how do you dynamically balance against this ever-changing supply and demand to deliver care. liz: we're looking at the lmt video, that be the lockheed martin stuff but what's really crucial here is what's going on with the cleveland clinic and to that end, let's talk about the emergency room, because when we were talking in our meeting this morning about you guys and what you'll be doing, i said my gosh, there is always such a backlog because you never really know when an emergency room is going to have a massive number of people walk in, or it's totally quiet, but maybe by sifting through the data over years and years, you can pretty much figure out that on saturday s, weekend warriors, grown-ups and my floor director, austin, who played touch football over the weekend -- >> it still hurts. liz: he's still complaining, but
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yeah. all of his friends right in the urgent care. go ahead. >> you're hitting on a very important point, and a lot of this is really brought out by the shocks of the pandemic. from a healthcare perspective, what we're doing generalized is to the work we're doing and the momentum we're seeing ink across u.s. commercial business, which is that in order for your institution to not only survive, but to thrive, it's not just about how well can you plan what's going to happen. it's how well can you also react to the things that you could not plan. so giving institutions that ability to react to reality. that's what the you're seeing. liz: can i bring in -- >> through the context -- liz: i do want to bring up exactly that. we could not plan for a pandemic , although great and brilliant epidemiologist all o gists like my sister-in-law would say yes, you could have planned for this and we knew, but i want to say that in about 2020 there was an understaffing issue. the likes of what america has never seen, and then about a year and a half later things calmed down. what can palantir do in this
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relationship with the cleveland clinic and potentially other hospitals and organizations to anticipate when you can let doctors have extra sleep or when you know you're going to be needing a bigger staff of them? >> and you are hitting on the crucial issue right now. we are talking about front line workers who have been grinding it out for over two years, doing this work in both the uk and u.s. , and before it was just about can i staff the or room to deliver the care. now it's can i retain those workers? how do i manage the workload? this brings into logic dimension to it so there is that need to deliver care today and there's a need to balance what you're asking your workforce to do, to make sure you can continue to deliver that care and the reason that's so acute is that we had this big backlog of procedures build up over the course of the pandemic for a couple of years and that backlog is rushing through the system now. it's stressing every aspect from the labor model resourcing model to care delivery. liz: i know you've been working as you said with the united kingdom. there is a little bit of a pushback there. some people are concerned about
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how you safeguard the patient information which is obviously very sensitive. have those questions been addressed and what are you doing differently if anything at all with the clinic to make sure that you put to rest some of the concerns about patients data on your foundry system. >> yeah, i mean, those are crucial questions. you can't work in healthcare. healthcare is our third-largest vertical an area we've been in since before 2012 and you really can't work in healthcare if you can't protect the patient data. we actually have developed world class leading data protection that we call purpose-based access control so i'm not just securing the databased on the data set or rows and columns but also able to determine whether you have a legitimate purpose and that there's been consented use of this data so actually we're quite proud of the investments we've made and continue to make in data protection and privacy and civil liberties and that's what every citizen deserves. liz: well you guys have been, as we say, on a deal roll. you just yesterday announced the relationship with lockheed
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martin for the u.s. navy combat systems. not to mention you've been working on a partnership with ferrari for the grand prix. these are fascinating actionable profitable events that you could actually put together to make the company a lot of money and it must be frustrating when you look at the stock, which obviously, like every data stock has really gotten hammered. how do you get the world and wall street to see that this is a company that is in it for the long term and is going to improve this picture. you're down 61% year-over-year. it's great to see what 5% today, but how do you sort of wrap your arms around that problem? >> well, eye had the great fortune of being at palantir for 17 years and over that time we focused on making software more and more value, whether it's the kill chain in lockheed martin or the supply chain with tyson foods that there are no missing links and that we are delivering day-over-day and we had a customer conference in palo alto where tyson foods was talking about how they got
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$200 million in savings within 24 months and how rare and hard that is and jacob engineering was sharing how they are project ed to save up to $90 million in energy costs in wastewater treatment, and those stories that we're getting from the front lines literally the front lines of ukraine to the front lines of our customers in the u.s. commercial business, they continue to motivate our product roadmap and the value we create and we think the stock price will reflect that. liz: sayam, love having you on, we follow this company, and i really appreciate you talking about it right here, breaking the news on the cleveland clinic relationship and let us know as soon as you bring down those emergency room wait times. that, i think a lot of our viewers really psyched about. >> absolutely, thank you, liz. liz: good to see you. retailers, reporting earnings. wait am i supposed to do my miranda priestly invitation here okay, groundbreaking, but wait there are two stocks worth not ing at this hour in the retail world. find out which one is getting stopped and why the other is right on-trend when it comes to
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its stock game. that's next. closing bell ringing in 36 minutes. i am so glad you guys are with us today because right now we've got the dow, yes, down 204 points but please remember, it jumped 737 yesterday. s&p popping back and forth above and below the flat line, it's down five points but the nasdaq is still up about 10 points. stay tuned, we are right back in a minute. people ready to support you when you need it most? christian health care ministries is an organization with over 40 years of trusted care who understands the importance of family. a group that sees you for who you are, regardless of your health history, offering values based affordable health care cost solutions. learn more today at about health care that puts you in control.
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as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit liz: you've got to look at the vix and this is interesting.
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the fear index that wall street looks to on every single level, when there are big days, or slow days, et cetera, we are not seeing a lot of fear right now, and down 36% for the quarter, so this index has really come down. now year-to-date and year-over-year, still very high, up 17% year-to-date, but, at 20, really. i mean, bob doll was just telling me on the commercial break. he had been waiting to it at 40. never got there, and right now, it is definitely coming down in the tension level, so vix right now is down 36% quarter-to-date. we have to look at amc if we can , pop it up if we could up 15 % right now. it had been halted earlier in the session. it's kind of on a meme role halted for volatility. we didn't see any headlines here but at the moment it is trading and amc of course the big theatre chain company, is up 15%
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yoga pants still designer duds, at least in the case of designer brands. the parent of designer shoe warehouse, jessica simpson and vince camuto is losing 24.5% right now hovering near a 52 week low after missing analysts top and bottom expectations for the third quarter. the company also cut its full year earnings forecast and then you could look at land's end. they aren't exactly designer but they are sort of this casual clothing and footwear retailer. they missed on quarterly results they reported a surprise loss and a decline in revenue. they're getting hit even worse than designer brands, down 29.5% , and of course, land's end is blaming higher costs and a nearly 18% jump in inventories for the results. land's end is now just $8.11. shares of apparel giant pvh, on the other hand, beating with its latest quarterly report. that stocks up 10 and one-third percent and the retailer attributed its strong
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performance on the pricing power of its brands so what do they own? calvin klein, tommy hilfiger, and called the designer lines hero products. pvh also says its full year revenue is at the top end of its previous guidance. and we're not done with retailer s folks. it's a tail of two discount retailers. five below shares are up 15.8% the discount retailer raised its full year profit and sales forecasts also increased its footprint to nearly 1,300 locations in 42 states. that is a gain of 10% from this time last year. meanwhile, dollar general though , down 8% sitting near the bottom of the s&p after missing analyst estimates. the company also reported difficulty getting warehouse space for its excess inventories maybe they can look together with land's end, which will weigh on its fourth quarter and full year results. the investor term, catch a falling knife. well who would want to do that? but it is a term and when a knife is falling, do you really
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want to grab it? well, it typically means don't! don't buy a stock until it falls all the way to the bottom but up next, famed wall street investor satori funds dan niles is about to join us and talk about the two falling knife tech stocks he is now finally willing to bet on. closing bell 28 minutes away. dow still lagging down about 182 points. we are coming right back. don't go away. ♪ at prudential we think you should say it when things go right too. like, when you score your dream job. sell your business. or discover she's smart... really smart. now what? here's what:
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liz: mark zuckerberg still chasing his metaverse folly, even though his stock has really been hammered since he changed the name from facebook to meta, at the deal book summit new york times yesterday, the meta ceo
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defended his push into this digital world of the future , where he believes augmented reality will enable us all to live and work and party and play with giant chunks of floating ice? whatever, okay? he believes in that, and at the same time, he worked very hard to attempt to delay investor fears by saying he is focused on meta's core business which of course is social media still. those fears have led to a 64% stock drop this year and thousands of layoffs for the facebook and instagram parent. even though its been a blood bath for meta one noted fund manager now willing to stick his handout and try and catch meta's falling knife. here in a fox business exclusive , satori fund founder and portfolio manager dan niles. dan, we'll get to meta in a second because i know our viewer s want to hear why you feel maybe this is the time to do that, but first, what do you foresee between now and the rest of the year for the investment climate? >> sure, liz.
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we put out a tweet on that this morning, which is you obviously had a big bump up on jerome powell's speech yesterday , which is great, but you're probably going to digest these gains for the next week but then you get another nice push into the end of the year. we had some stats out on it, and that's the typical santa claus rally, right? but i think you don't want to forget about the big picture longer term, which is when companies report the fourth quarter, and then guide for next year, every company that i've talked to is focused on cutting expenses, so you're going to see a lot more companies guiding like salesforce did this morning , and or last night , and having stock get hit pretty hard because that's the big focus for next year, and then valuations are still really high. i mean, the s&p is at 20-times trailing number when cpi is over 3%. that pe ratio is typically 15 times so you have a pretty wide gap there as well so i don't
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think earnings misses are going to be taken well, especially with the one the s&p has had from its lows in early october up 14%. liz: let me push you on earnings here. fourth quarter earnings and then early 2023 earnings, can you describe, give me an adjective of how they are going to look? >> yeah, absolutely horrible when they guide. that's the best adjective i can give you, because the way you need to think about it is jerome powell started raising rates in march. all of those , that impact of rising rates is really, it doesn't act immediately on business fundamentals, and so during a recession and i think we get one next year, typically, earnings go down about 20%. earnings estimates for the s&p started going down in about july , with that earnings season but they've got a lot further to go and so really up until now you've been dealing with more multiple compression to drive the s&p down about 14% from its highs. next year, you're going to be
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dealing with earnings compression combined with multiple compression i think, which is going to cause that problem and earnings is a much bigger issue quite honestly i think for next year. liz: okay, earnings as you say looking absolutely horrible in the future. let's get to meta, because i think that this is an interesting comment that you have made where you say that yes it's a falling knife. the stock has been atrocious but you're ready to dip in, go long? are you going all-in or just up to the wrist or to the elbows? >> [laughter] well, so just in full disclosure , right? so we like meta entering the year. then they talked about tiktok hitting, you know, affecting their business, and we took an absolute beating, the stock was down 20% in the after market and we got out. now that was significantly higher when they reported, you know, early this year. liz: right. >> after they reported the most recent quarter and the stock got absolutely crushed, if you look at what they actually said, they
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are a business that competes with tiktok which is instagram reals went from 1 billion run rate in revenue in the june quarter to 3 billion run rate in the september quarter. the number of users using the core facebook products was fine. their engagement on the products was fine, so the core business was actually doing well. the stock got absolutely obliterated when they gave the guidance and said we're going to spend an ungodly amount of money on this metaverse stuff so that's when we jumped in and bought, you know, i forget what you said up to the elbows in the stock. now, then zuckerberg came out two weeks later and said you know what? we're going to start cutting back spending. he can control that. he can't control whether people are going to his service or tiktok and that's going well, that's the key and the multiples add about 12 times. the s&p is sitting around 18, 19 times right now, so you know there's a pretty big disparity, and don't forget, we're hedging
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this with shorts again on things like google and amazon so where we think they have issues. liz: all right, google and amazon you are still short, so you don't believe that amazon and its cloud business are strong enough to hoist everything else up like the e-commerce business? >> absolutely not. i think that when they guide, again back to horrible guidance, i think when they guide for amazon web services for next year, i think you're going to talk about growth decelerating out of the 20s intos teens, and that's going to cause an issue because don't forget amazon is generating the majority of their profits from advertising, and amazon web services. we all think of amazon as a retail company which it is, but they don't generate much profits from that business at all, so i think, you know, you're going to have to deal with that as you get into next year because remember, amazon web services is a consumption-based model. just like salesforce is, so if you got less business that you're transacting, you've got
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less employees, you need less, amazon web services and you're going to try to renegotiate those prices lower. by the way, this isn't an amazon -specific issue. you'll see that in the other two big players i think as well, azure as well as google cloud. liz: right, right. >> so this is an industry thing and amazon is too big to get out of it. liz: i want to quickly get to your second falling knife. take two interactive. this is obviously a big media and video game client, but tell me where you see the real value in this right now at a time where if there is discretionary spending, it's being crimped by a lot of consumers. >> oh, absolutely, and so again , this was another name they reported, took the guidance down a bunch. looking forward and we're like if you go back and look at what happened with the amount people spent on video games in 2001 and 2002, and then also in the recession in 2007-2008 video game spending held up relatively
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well. the stocks down about 41% or so from its highs. they have got a really good slate of products coming up and again the thing i want to stress is no long is in the portfolio without shorts on the other side of it, and so as i said earlier, we've got plenty of names that we absolutely think are going to get crushed that have got high valuations that we compare against this , but i think take two, you know, you can look at also the fact that microsoft's trying still tie cabbies think vision so there some value in the gaming community because as much as i don't, i'm not a big league of legends player, et cetera, but my kids sure is, and so people, the new generation loves video games and that's just going to continue to take up more and more people's names and it's a cheap form of entertainment as well. you can amortize it one video game over many months and so it's a good thing to have during the recession. liz: yeah, i'm a pong girl.
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that's right. atari, and we are setting off the smoke alarms because you are sizzling hot, dan. thank you very much. dan it's really good to see you and i appreciate you coming on to talk about how you do what you do, which is yes, you go long, say for example, take 2 and of course meta but then you balance it always with short plays. so thank you for really kind of expounding upon that for our viewers. >> well i mean, i think in this environment it's the only way you can make money and that's why we're up this year because trust me, it's not our longs. it's our shorts that are driving this. liz: all right dan niles, thank you so much. disgraced ftx founder sam bankman-fried, yes, the crypto guy, making headlines in the past 24 hours, after speaking out about the spectacular collapse of his exchange. will his comments land him in jail? charlie breaks it, next. closing bell, 13 minutes away. dow jones industrials lower by 174, but the s&p is clinging to
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the senate now has enough votes to avert that rail strike. you're looking at a live picture of the senate floor where the voting does continue. that vote on a america share that would provide seven days of paid sick leave which was pretty much the deal breaker. the rail workers didn't initially have it in the contract they were given. they said forget it, we're not signing it but that seven days, that part, can we back up there just a second? seven days of paid sick leave to railroad workers. it did not go through. did not go through. we're continuing to watch this. the bill will impose terms of a tentative contract. the house passed legislation would bind rail companies and workers to a propositioned settlement reached back in september but rejected by the four rail unions involved. >> what happened happened. if i had been, if i had been spending an hour of day thinking about risk management on ftx, i don't think that would have happened. liz: what was he doing for that
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hour? playing halo 2? >> i hate to say this. i think the dude is going toe jail. i know a lot of people, there is no charges filed. obviously he is not, he has not been convicted of anything but the very fact that you admit you run a financial firm, you own, like he was trying to say he doesn't really run alameda. that was a side hustle, hedge fund on the side. he doesn't run it but he owns it, okay? if you have the whole thing together in the same company and you admit you don't spend anytime on risk control, that suggests fraud right there. that is -- liz: back up. sam bankman-fried making his second appearance in just 24 hours in the media. he gave george stephanopoulos now an interview this morning on "good morning america." >> right. first andrew sorkin. then it was george stephanopoulos and, you know, it is an eerie quality too. you have to admit watching that, is this real?
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you know -- liz: right. >> kid with the hair, whole thing looking down, sipping -- he sounded like a kid whose parents just caught him, found a joint in his pocket had to explain it. we're not talking about something insignificant like a joint. we're talking about billions of dollars of peoples wealth possibly evaporated in one of the biggest, if, that money is gone, it is literally the biggest financial scandal since madoff and could rival madoff, in the sense they were able to claw stuff back. this guy, if it was gone, it would be gone in a trading loss that you can't claw back. liz: into the ether. >> into theether. go through some of the stuff he said. there was no real risk control? liz, like starting a tv station without a camera. let's be real clear here. liz: thank you for the cameras. >> there was no risk control. what else did he say that caught my attention.
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oh, he didn't intentionally mean to do anything illegal. how many qualifiers were on that? liz: i never tried to pull off fraud. >> i never tried to pull off fraud. liz: it just happened by accident. >> one thing, i spent less than an hour a day on risk control. liz: that's' cray is. >> just the whole thing is just absurd. i thought, to be honest with you i thought stephanopoulous sucked. excuse the language. i thought andrew did a good job where he gave the right questions. where i would have hammered him i know you have a market guest, he said he took money out of the ftx international funds, that would be comingled. i would ask why did you think that money was yours when it wasn't? taking that money essentially could be theft? liz: this is far from done, far from done. >> all right. >> thank you very much, charlie gasparino. closing bell, four minutes away.
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markets right now, talk about the dow first, on pace to snap a two-day win streak, with the loss of 211 points, remember still up over the past 48 hours because we had seen yesterday at this very moment a gain of 700 plus points. 737 to be exact. i like to be precise. nasdaq on pace for the second day to the upside in a row. all right, we want to get you this. blackstone cashing in its chips in one of the largest u.s. casino transactions this year. earlier today blackstone announce it is selling its nearly 50% stake in mgm las vegas and man mandalay bay for $5 billion. vc has been on the show. they have been snapping up a bunch of vegas properties this year. mgm up 1%, blackstone down 7%. vici. joining me dan ariens.
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1.6 million in assets under management. what do you make of this? >> this is interesting. it appears blackstone might be in need of cash. we hear they're getting redemptions. we like the deal and we own voice see properties. we like casino owning reits. not that blackstone didn't like the properties. they're selling it for a very fat profit. it might be a win all the way around. liz: would you have expected a better move at lease on the vici news? by the way they have had a pretty good year, i can say that much. >> the read itself is nicely so far this year. we like the casino reits. just a little bit down today. no big deal when you look at the overall markets. it appears that people are taking note of blackstone though being down 7%. liz: well, yeah. they are, they are, getting a
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little antsy about those redemptions. people saying i want my money out now. you don't want to make the same distinction between blackstone and an ftx but there is a little bit of a rhyme there. vyings stocks, at a time everybody is talking about esg, dan ariens saying go into vice. why, where do you see the opportunity for peoples portfolios? >> i think everybody can agree the market doesn't have much direction right now. there is a lot of people on edge. but i find it very interesting that you you know we have high inflation but still have high consumer spending. high wage growth. so i think people should look at vice type stocks at consumer retail type stocks and very often they're one and the same. we're talking about stocks that might be recession resistant. might perform no matter what is going going in the overall market.
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that is going on with the vice etf and vice stocks. liz: dan, we have a rocking day on a wednesday. seeing a little bit of a pullback in the dow today. just give me your 15 second view what happens? will we see a santa claus rally? >> i try not to be a prognosticator on what the future is but, keep my head down and invest properly. liz: okay. >> that's why i like some of the stocks that i like. liz: okay. >> i also like -- liz: we got to run. [closing bell rings] there is that bell. we end with breaking news the senate voted to block the potential railroad strike. it is sending the bill to president biden. time for "kudlow." ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so far this year we have official estimates for economic growth and inflation for the first three quarters or nine


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