numbers about spacs. you know with the spac, united managed. how have you done on that one? $3.78. it's down 74% from the december 20 -- let's use $10. it's down 62%. he got the phoenix suns. you're down 62% and everybody is happy. >> everybody is happy. >> everybody is happy. down 62% for a spac? that's not so bad, right >> no. that's actually better than our spac -- post-spac index i believe which is around 29 cents on the dollar. >> well, i think it's important to point out that there's only been a couple of successful spacs but they keep coming everything is an opportunity. >> a couple of things on spacs there are some that have not done deals they've raised money because rates have actually moved up appreciably, the money is in trust. it's in treasuries they're actually earning a real return so these are going to be liquidated because they're unable to find a deal. there are going to be spacs that return you not just 10 bucks but 10.50, 11, $12. >> for savings >> you as a spac investor will benefit that they never did a deal. >> did they put them into paper? >> do they put the

spac's are made from this environment. the private all -- private capital markets are challenged as well. if you want to have access to capital, spac is still a good place to go in particular for companies that need not just to grow in the market but will benefit from the experience of people like myself and my cofounders. and our board, we are full of people and the advisory board to help you sustain capital. it is not obvious for people who are operating for 26 years how to operate in the capital markets, so we hand our resources to them, which is not the case with an ipo and there left on their own after. tom: thank you for coming in and talking us through the deal and the business. that is makram azar in the studio. coming up, elon musk's bankers way margin loans produced by tesla stuck to reduce the debt burden from his twitter takeover. the details are next. this is bloomberg. ♪ and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever

>> 2021 was the year of the spac you had 150 spacs raising $130 billion and unfortunately it was just this chaotic effort to get all of these deals done in that process, there were a lot of companies that went public that really had no business being public. i mean, you had companies with basically a powerpoint pitch and a dream getting listed on the public market. and unfortunately that dream has turned into kind of a nightmare for investors. you have a lot of high-profile spacs that after getting that deal done, it dropped 90% in some cases even deals that seem to be promising, draftkings, those have not faired well that's why we're seeing in december alone, we've had 70 spacs liquidated and i think people realize, it's to give people their money back rather than trying to ram through a deal the spac king himself recognized you know what, the last couple spacs i'm doing, don't make a lot of sense i'm going to give people their money back there are a couple things that precipitated that change this year alone the macro environment has changed tremendously stocks are going down, inter

>> not only do i run a spac, i run a crypto spac, so it's a tough time >> that's part of the problem, i think, lydia. >> lydia nailed it the two are mortgages and ipos ipos are gone. and not coming to maybe the second half of next year. >> we're here at the real home of the ipos, that is the nasdaq. >> fighting words. >> lydia, thank you. we'll see you next time. >> nice to see you. >>> coming up, much more on the fallout. tom was at the new york stock exchange. >>> coming up, we will hear from michael sonnenshein, gysleraca >> do you love adele >> i love adele and a deal >> don't go anywhere it's hard to run a business on your own. with shopify, you have everything you need to setup your online store, to connect with customers, and to bring your dream business to life. because when we work together, the future is bright. these days, your customers are not just down the hall. they're all over the world. so cute. it doesn't have to be lonely at the top. join the millions to finding success on their own terms. start your journey with a free trial today. pointing to gains after two strai

. >>> welcome back the spac boom has fizzled. a piece in the journal this morning, the latest to take a critical look at palantir and it's spac invested strategy. as a strategy, i should note it's since been scuttled a high-profile casualty in the spac slowdown. stock is down 60% a year today as it has contributed to a slowing growth rate, revenue rate on the commercial side of the business but the ceo telling me at the reagan national defense forum earlier this month that in terms of how wall street views the stock that wall street has had it out for tech and growth oriented business overall. take a listen. >> i think wall street largely understand we're a tech company and punishes all tech companies right now. all of our products historically whether intel product, ai product that changed the world, five years ahead of the market, our commercial offering is five years ahead, three, four years ahead of what wall street probably understands >> so i didn't ask him specifically about the spac strategy, but that was his response, da

buying, selling or holding >> a spac. money losing spac. we're not recommending money losers maybe they got a great story but they're losing money and we're not there when they're losing money. i need to go to john in north carolina, john >> hey, jim cramer, how is it going? >> yo. good how about you? >> caller: i'm great i'm a long time watcher and member of the investing club i appreciate everything that you do. >> yeah. so we had good stuff i thought i'd do this last night after i was watching the cowboys beat up on the colts that was unfair. they should have stopped that game go ahead >> caller: this stock has been out performing the market over the past three days of trading breckenridge and sweetwater brewery. how do you feel about tlry. >> smart move by irwin simon to get into the beer my kids like to drink, however, they're losing money but they and canopy if you want to own them, you can own either one i won't fight you on it. let's go to fernando in new york, fernando >> boo-yah, jim. this is fernando from new york and i want to s

i follow her on twitter. >> it's been a while since we mentioned spacs. we used to do our spac data, all that on fridays. >> do you have a video >> we should point out that this company that just went public despac'ed here at the new york stock exchange, getr thank you. it's been so long. 94% redemptions. the new symbol is getr, and they're celebrating here, but it's not particularly great debut. stock's down 66% >> can you explain that to people >> excuse me it's down -- no, wait. it's down 67%. >> can you explain to people how that's possible? they are looking around, they're hearing lots of people, and they're thinking this is great excitement how are people doing if they bought it? >> it's one of the -- we talked a lot about this dynamic where you get a deal approved at the same time you have a huge number of people who redeem -- want their $10 back obviously, getting your ten bucks back here was a smart move you're talking about a $3 stock. down almost six bucks. i don't know if we have it for people to show so, that was the smart move at this point

let's talk a little bit about the spac experience. spac's have had a hard time this year. luxury feels like it's a different place. do you think russia shall he is a different market? are investors looking at your business differently? guest: luxury business is quite resilient year-over-year. whatever the macro situation is, the luxury market keeps growing. especially post-covid, people are still looking for quality stuff. they want to have more experience. so that makes our products more attractive to the customers. alix: who is buying? u.s. consumers versus europe, u.k., china? guest: our customers are from all over the world. there's a lot of consumers all over the world looking for quality stuff. we have a classic vip shoppers for the luxury products, but we continue to talk to urban young generations who have interest in quality stuff. guy: a giant chinese conglomerate the largest owner of the business, clearly you have a chinese focus. the chinese economy looks like it's going to reopen fairly rapidly. how do you think that's going to work? what is your view on how t

there has been a rout of the spac market. vonnie: caroline: caroline: let's go to the third story, a lot to do with a federal judge deciding who owns tokens that you lend out or gaining interest on. this is celsius, depositors put money into celsius expecting that the money was theirs and they are owning -- earning interest on it. in this bankruptcy hearing it could potentially not be theirs. guest: celsius is asking to sell crypto on it balance sheet for $18 million. the judge is trying to decide if they actually own that crypto or if it belongs to users. if users forfeited the crypto in exchange for gaining interest. the judge says he will decide on it as early as next week. it is still up in the air. it shows how crypto regulations are evolving. this is a new frontier for many legal experts. caroline: a new frontier with a balrog of bankruptcy -- barrage of bankruptcies. does this matter for the other players? we see holdings that they have being argued this way? guest: this is a monumental thing for crypto lenders. it cou

the crypto spacs? >> meanwhile, kline may have sold most of his shares. well done for him. >> i was worried that he might not do well. >> i know you were very worried about him as he's poised to take over the leadership. >> the farcical nature of -- this is like what the gulags were like when lenin was in style. talking about lenin. >> why wouldn't you? be unhappy about it. >> this is late-stage capitalism, when getty images opens -- it's at 33 and now it's at $5. okay i mean, this is late-stage capitalism some people made a lot of money, and a lot of other people didn't do anything. >> that's true >> well, lucid still has a $14.5 billion market value we've both been in the car i know you feel -- >> i like it i had a back operation, he went 80, and he threw me, and i had to immediately go right back to the doctor but it was all right it was just my back. >> your point about bernstein, though, they did say they believe tesla has a demand issue now. >> i know. what show is he coming on to say that that w

of them when renaissance capital compiles the numbers, they exclude deals to the closed end funds, spacs we did our count with the tiny deals and got 98 ipos this year. we counted the tiny ones why so few of the 98 stocks 20% are currently trading above their price on average the members of the class of 2022 are down they're down what a bear market they're down 34% from where they came public. that is nothing short of horrendous when you break it down, the smaller deals have done much worse than the larger ones look at the 17 ipos that rated more than 100 million, nine out of 17 are up from where they came public. on average, they're up just over 15%. in other words, legitimate companies that have the ipo in a big year mostly did find, i'm looking at dogecoin companies for next year. if you want to rack up home runs for the smaller years which a lot of people did because they want to trade the dollar stocks, man was that a sucker's game listen, we counted 22 ipos that raised $10 million orless. 21 of the 22 are below where they came public on average down 56%. that is awful. i think you

at least 167 of them are spacs. remember, these are companies that have just gone public since 2021. they have these evergreen provisions. companies with these provisions include e-commerce and a couple spacs, a couple of them are trading for a buck. some are much lower than that. remember, they all went public at 10 but many of them went much higher off the high, genetics testing groups like 23andme got a lot of hype down 48% year-to-date. the ceo of that company can get as many shares as she wants. this is something, just imagine, you're getting crushed, you put your life savings into something you have to move on and take the lumps while these ceo's can just reload. liz claman, can you bring this market back? liz: that's almost like the fed printing money. i'll just print more shares for myself. charles: exactly. it's not cool. liz: let me try, but it's not looking good, folks, we've got breaking news. we are looking at

the diffences beeen thnorth anthe soh, raci is prevent in bh spac, the diffences beeen but ist's almo a line.th the younpeople cing age in e '50s a '60s the diffences beeen e comingf age wh but the rld is cnging.th - in '67n i was winneg at the pan amames, ani wawalking down t street with lph bost. ife were itennesseright now, we'be in serious ey her 'cau they dot particarly nt you tdo this. "we uld be iso much ouble "we'have to oss the reet. e wod not be allowed to wu "wed i remeer just ing,le "we'have to "wt?"he reet. - en thougwe were into ce soundednbelievae. and sit-s and l of tha were, ithis is e rightphrase,e soundednbelievae. progressas comin but itasn't he yet. - and when y think aboutphrase,e it, it w three yrs aftethe civil rights a and ey said - andere weretill manoutphrase,e many pces in t south th said ites onl and drinng fountns and entrces to rtaurants and th. that was beginni for me of somkg of what teammat went rough on daily bis that was beginni for me of somkg beg africaamerican - by 196 it begato dig me dely to more btle, hi forms discrimation. so soldis comingack

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at the same time wall street stoked the fire with buy ratings and price target bumps and tore up spacs to really make you lose money and to be fair the industry is like this. they like hot merchandise. the companies themselves turned out to be unworthy of their amazon can only grow $1.8 trillion valuation at the peak because the numbers were inflated by covid and still haven't got rid of the bloat was awful. meta got way too high on advertising. made it harder to track online behavior on their devices making targeted adsless valu■ble. it doesn't help they're seeking billions without showing much in the way of results when mark zuckerberg announced other cost cuts, he refused to touch that metaverse spending they have to figure out a way to get people to post more too. tesla's printing money land has no competition but that's no longer the case and nvidia had the best semi conductors in the world. china, you couldn't have sop of the best it strengthened the infrpáu)ucture business both of which are slowing. apple couldn't make enough product to meet demand and it's a high qua&■ty p

the analyst behind that call and finally the crypto contagion continues and circle going public via spac. >> we'll start with apple and reports that it has plans to accelerate a shift which would see production move out of china and that comes amid continued covid lockdowns which has spurred protests across the country. several weeks ago, the biggest assembler of iphones protesting about unsafe working conditions. a time line for that move still extremely uncertain. for more let's bring in steve kovac and seema modi replacing it is no small feat. there's a reason china is there in the first place and it will not happen overnight it could take years, potentially. >> apple is heavily reliant on china, deirdre, and what we are starting to see this year and seema will talk about this in a minute, and shift over in a more significant way to india whereas the last generation of iphones, for example, they didn't start making that generation until this year and then this time, and this cycle, the 14 cycle they started manufacturing in india pretty much right away and you can already see on the s

(police radio call) (sirens) (news report) (sirens) (news report) meet febrereze small s spac. the e most convevenient solun to l lingering o odors in a any small s space. the e most convevenient solun to l lingering o odors no batteriries and no oututlets neededed. wiwith one firirm push, no batteriries and no oututlets neededed. smsmall spaceses gives youou 4s of continunuous freshnhnes. easisily tackle e odors anywyw. smsmall spaceses gives youou 4s of continunuous freshnhnes. fefebreze smalall spaces.. whwhen they're sick, t they gt comfortatable anywhehere anand spread g germs everyryw. smsmall spaceses gives youou 4s of continunuous freshnhnes. whwherever thehey rest proroten nonothing killlls more viriru, including g the covid-d-19 vir, onon more surfrfaces thann lysol l disinfectatant spray. lylysol. what t it takes t to p. suffering from sinus congestion, especially at night? try vicks sinex for instant relief that lasts up to 12 hours. vicks sinex targets congestion at the source, relieving nasal congestion and sinus pressure by reducing swelling in the sinuses. try v

that's what a spac does. we have every right to lose every penny and return some of it terrific we love boring in the end boring. the more boring it was, the better. >> hormel. >> hormel. that figgy pudding spam juice. that was a hit. >> gross. >> and then finally, don't panic. look at today. people right now are trying to think about meta down 6 i have to get out of that no, maybe it's an opportunity. have conviction. have conviction. i really ran through those, i'm sorry i was so fast. >> but it was instructive. given that on a day like today are you buying >> yeah. we bought emerson today. i've been waiting for emerson to come down. this guy, lyle carsonback is doing such a great job reinventing the company, getting out of housing we all should be composting. i didn't mean to point, that's rude. >> that's okay i use a sinkerator it's convenient. >> he's making the company into the company you call if you want to be carbon neutral in 2030 they know how to do it you bring them in and they have fixed so many

garza on friday. pensions have been high in the region as israel increases, wades in the occupied west spac. the european union's top diplomat, joseph barrell, has called for an investigation into the death of a 22 year old man shot by israeli forces. the palestinian foreign ministry has labeled the killing and execution. it's been the most violent year for palestinian since 2006 robin by reports from occupied east jerusalem for the shallow. a heavy security presence on the streets of horror in the occupied west bank. the scene of the shooting awe, while the events leading up to it are disputed with local people saying it began with just a quarrel and police saying the man 22 year old amar mifflin coming up their officers with a knife as no doubt from the video how the shooting itself had a struggle between the men, both grubbing the officers rifle as though separate the weapon falls to the ground, while the officer apparently pulls out his hand gun, shooting at miss flay as he lies on the ground. ah, he would die half an hour later. i little hovered a murdidlier, but it was a dozen he shot

a diplomatic spac followed between france and the u. k. with the british saying the french should do more to stop the small boats from leaving their shore line. as the life boat crews will tell you, the crossings are ever more frequent and dangerous. andrew simmons, al jazeera dover. iran has been removed from the land commission on the status of women after a vote led by the us country has been heavily criticized for denying women's rights and for brutally suppressing a wave of protest erupted after the death of mass. i mean in police custody in september, james bays reports from un headquarters in new york. it was the u. s. ambassador to the united nations linda thomas greenfield, who decided to draw up a resolution to expel iran from the u. n's main body, which deals with the rights of women. she argues that iran's action since the protest began following the death of mass armenian september, disqualify it from membership of the commission on the status of women. but before the vote, iran's ambassador argued, the move had no precedent a

i wonder what you make of that and all these companies that are going public through spacs and all these startups that are popping up. how many of those do you think are actually going to make it, and is there enough of a market to support all of this? well, i think, so there's a lot of, kind of things to address there. one, i think space is cool again for some people, and i think that, you know, there's a very passionate part of the community that overlooks the benefits that space can give us, i mean, overlooks the fact that a lot of what we know about climate change and natural disasters come from assets we have in space. a lot of the reasons we're able to avoid conflict in the world is based on information that we can gather from space and information we can transmit from it. but despite all that, there's, i think, definitely a portion of the population that believes that, you know, we have to stop the world from burning today, and that any bit of time where energy or resources we spend in space comes at the consequence of, you know, rainforests being destroyed or, you know, other, yo

checking trump's spac, digital world acquisition taking trump's social media company and truth social ad public down more than eight% right now on that news. fox business alert, it's a christmas tree on the screen, actually it's not. it is. the dow is in the green up a quarter of a percent and s&p 500 and nasdaq both sinking on the session. the nasdaq is down more than one%. oh, yeah, over 100 points there and chinese stocks getting a boost on the session avenue the news that starting january 8, beijing will be reopening the border and remove quarantine requirements for arrivals and that move represents a huge shift from the zero covid policy china previously reported and chinese adrs are producing some gains in the final hour of trade. jd.com climbing to the top of the nasdaq rising along with ali baba and the strict covid measures and wynn resorts leading higher right now and mgm resorts gaining on the session. see mgm up about half a percent there and chinese ev maker neo on the other hand not being helped out of the covid news from china and that 10:00 o'clock is crashing and burn

ed: or, the dreaded word, dreaded is not fair spac. let's get word from getaround that just went public. i have written about it, we have written broadly about -- owners of vehicles have listed their cars to be rented out. it is airbnb for cars. why list via this mechanism? >> can you repeat the question? ed: why go public? guest: great question, we went public because we had great partners. we found committed capital that allowed us to execute on our business plan. it is continuing to create long-term value, eating out into the public markets, having access to that public market directly. we felt it was the right thing for us in this particular circumstance in this particular category. caroline: with the money coming in, what does that create in terms of space to build? where can you drive forward, get around, particularly in a time where more people are incentivized to share a car and get money that way? guest: it is that type of time, a lot of consumers are looking for options to make extra money. potentially drive extra income or o

this is becoming the my spac for our children they just are not on faceboo anymore. >> let's move to the nex brandon. that is in the workplace donny, it's so interesting this came out of the pandemic. it's really hard for companies across the country to ge people to come into work >> workplace productivity is way down 65% of employees want some typ of hybrid work environment the inmates have taken over th asylum it's a terrible, terrible, terrible situation for young people i don't know how they ge mentor iran an ad agency for many years. the energy, the collaboratio in the workforce - a very entitled generation they are missing a lot all ceos have said that yo have a better chance to rise i the company when i get to se one person, and the banks have it right morgan stanley ceo said, look, if you feel well enough to g to russia, you're well enoug to go to work. if i were running the company, i would mandate it i think our entire workforce population, our productivity i so on the wane because of this people sitting in her underwea in front of zoom calls >> coming up, from will smit to

we saw the bubble burst in crypto in spacs. the crazy vehicle where investors were using to take companies public and make a lot of money and investors got hurt. >> 202 it was a hard year. >> we wanted to be positive and there are things to look forward to there are promising signs on the economy front. >> for every day americans it. >> it may feel like prices are high and they are high the rate of inflation has been slowing. particularly on consumer products >> you are saying in 2023, we might find a little bit more affordability? >> it is trickle thing out into the economy and could trickle out further. that matters, obviously, on the front side, but interest rates there is hope that the fed which has had to hike interest rates to tamp down inflation may pare that back a bit. of course, there is a relationship -- people will argue the extent to which -- but people will argue how much the fed raises interest rates and a recession. you know, potentially if conditions begin to ease sufficiently, that could really put the pressur

this is an aluminum can maker with a 9% dividend yield everybody hates spacs and turned on them. this got thrown out and treated as nothing >> you also like uber and palo alto >> right not metals the reason i gave you the list is i was thinking this is a tough environment. we are waiting to see how things flush out. where are places you can invest where there is certainty of cash flow and certainty of return and a lot of clarity uber turns enormously free cash flow positive next year. palo alto at 6% free cash flow yield. these are growth strategy. when the cios of different companies are being pinched, they can't do customer relations -- >> jenny, we have to leave it here thank you for the great ideas. thank you for joining me that does it for "worldwide exchange." "squawk box" is next as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation

is appropriate to be reasonably bullish and to buy quality stocks, not the high fliers, but not the spacs or companies with no earnings that never should have been there but the companies with enduring earnings that are 25% cheaper. lauren: what about big tech names like meta. what a year they've had. also apple that's struggled this year. meta has individual issues and more knowledgeable about it than i am and apple, if there's one technology stock, apple and microsoft are probably not a lot of business issues and apple may have declines like this in the past. none of us can live without this device and they are if they have a slowing economy and declining inflation and some point interest rates peaking and coming down, that's not an unfavorable environment for quality definite. lauren: if you look at igx, the growth index this year, it's down 31% so it's cheap; right. so that's something to consider. >> yeah, that's exactly right. lauren: continue your thought, please. lauren kim forest, good to see you. there's a lot of major marketing news floating around. you say the real headline of

last year and before the that, ipo, spac s and naturally the banks would hire during the pandemic. maria: they overhired. >> that also plays into the act that the fed did their job. now we are getting back to a place where the fed next year i agree with kevin, they are probably going to hike less coming to the end of the year. maybe by the end of next year, they could be cutting rates begin which again would be extremely bullish for the economy. maria: that's certainly what the markets are telling us that at some point at '23 we will see lower interest rates as opposed to higher. i like what nick said earlier from the wall street journal talking about wages and how the fed needs to put a crimp into some of the wage increases that we are seeing. that's big inflationary worries. but the other thing is food. food prices -- a lot of food items were actually up in yesterday's cpi number. >> yeah, if you look at headline inflation year over year 7.1%, core up 6% and biggest contributor the headline, food prices. it is cheaper to eat out than eat in. why? because our economic growth comes

a spac opened at 71 bucks. it will never see 71 bucks again. this is how the the game is pla. here about potential of a market, industry, you hear it is, grindr, 4 billion-dollar industry but could go to 14 trillion, $14 trillion! man you want a piece of that action, don't you? grindr goes public what do we know? this is the fact. this is what happens. grindr's biggest investors become billionaires. they became billionaires like that instantly off the general public. of course this is what happens in real life. opens at $71, right? this is a problem. it had a market cap of $13 billion here. right now it is trading around six bucks. the company i think they made $145 million in sales, five million in profits. they had a 13 billion-dollar valuation. you were duped yet again. joining me now, lynn alden investment strategy founder lynn alden. lynn, you are one of the most brilliant hate shooters out there. how long can the system that fosters the ftxs of the world, that keeps foisterring overpriced ipos on the general public, how long can it last? when will it come down? >> washed

celebrating the listing via spac at the nasdaq. software development platform gitlab >> david has talked about how spac performance has been uneven >> uneven is a nice way to put it, yeah >> i have gone over the data i want to be careful the cash flow is very good those are survivors. they pivoted i was too critical there were companies who tried to buy it before it went public. if you went too low, you had a nice put >> remember, tomo bravo has the money in their pocket. >> they're putting it to work quickly. >> they are. >> the deal was only a few days ago, monday morning. >> seems like forever ago. >> like a long time ago. but your point is an interesting one in terms of value that the private equity firms do see whether they're private or public companies vista is another name we mentioned many times they were not there at the same value as thoma bravo >> you need a willing seller and none of the companies i mentioned feels like it's time to cash out. >> meanwhile, jim, what do you look for today when you think about reaction t

happening even the most marginal newly public enterprises just keep chugging along you think some of these spac names would run out of money soon, right? come on, so many of them are horrendous but they haven't run out of money can you imagine? until sam bankman freed came along with his ftx crypto collapse, there were only a hand full of sizable private bankruptcies all absorbed quickly. how about this simple the government did too good a job bailing us out during the worst period of pandemic and ceos have cleverly managed to beat back bankruptcy if there were a candidate to go bankrupt during a pandemic, it would be the movie theater chains and the ce,o of amc managed to raise money and bid the stock up in a buying frenzy. that's how a company with $10 billion in debt could stay alive in an industry should never be able to survive a pandemic the institution is preserved all that said, i'm sure it will be many layoffs after christmas. i don't want to finger point the retailers most likely to be thrown into bankruptcy when the holidays are over but i want people to realize in a way our current

sure, the spacs are redo you mean -- redeemed left and right. you think the fed wants to see all these crypto currencies still dramatically higher? i'm sure powell thinks that's non-sense. could bitcoin be going up because so much of it was wiped out by sam bankman freed speculation must be crushed wherever it found including the 200 odd coins that are worthless. bottom line, let powell play for time we'll get lower numbers, not necessarily a real slowdown but lower numbers and more resumes chasing fewer jobs so powell had to do the obvious today and we do the obvious now that invest g ers get hurt aside from the oblivious ones that didn't see it coming. how about berry in florida, berry? >> caller: hi, jim, boo-yah. >> boo-yah what's going on? >> caller: dominion energy, buy, sell or hold >> i think you can hold dominion it's not been a great one, obviously. it's come down tremendously. it yields 4.5% but the problems there are not, i think, as ugly as the stock market would indicate i wish they would come on and walk us through it mark in wisc

here's one that's way sold off, a 9% yield, trades at 12 times earn earnings, ardagh it came out in a spac structure and everybody hated companies that are associated with that. zpli >> i like it and by the way, jenny. i'm going to tell you the truth. i'm going out and buying a bag of clams after the show. that's the truth that's what we're having for dinner >> "the exchange," right now >> thank you, brian! hi, everybody. i'm kelly evans. and here's what's ahead today. stocks are getting a pretty nice lift from better than expected earnings have you seen shares of nike, by the way? consumer confidence also beating expectations but housing stuck in a deep freeze and the fed and the market are still on two totally different pages for 2023 we'll tackle it. >> plus, rising rates have crushed the mortgage lenders, but we have the ceo of rocket companies, and what his company is doing to try to soften the blow and attract customers >>> and there are change

on their loans that's down 80%, 90%, and that's not as bad as some of the other companies that are spacs this year so it is everything. >> and that's just the public markets. the private markets, you have seen companies like stripe reduce their value internally. >> we're going to continue this discuss and talk about how to play fintech in 2023 let's bring in d.a two of his top picks in the space, good morning, chris thanks for being with us why do you like them going into next year? what's going to separate the winners from the losers in terms of public fintech companies? >> thanks for having me and thanks for the question. it's certainly a sea change in investor appetite for these names on the private side and public side. profitability is key we're not funding ideas anymore. we're funding real businesses. so both the companies, the stocks i'm recommending for next year, solidly profitable square a little more of a high growth story with sort of scaling still ahead of it. where shift is a traditional payment company. the idea is to focus on companies getting a share that has motes surro

are peoplele doing it t in spac, for scscience? >> i d don't know.w. >> stephphen: you d-d-- you dont knowow? >> i don't't know. >> stephen: got to imamagine, anythingng goes, rigight? because,e, no gravitity. that's betetter than a a water . right?t? wawater bed's s impossiblele, be way. that's for the navy. you guguys are in n space. findnd the zero-g spot? no? this is w when you'rere beginnio regret thehe interview. i apologize. you're a gegentleman, a and i shououldn't be doioing this. okay, , let's get t back to o te aliens foror just one e second . if you had to g go toe-to-t-toeh an alienen, okay? let's s just keep p it somethihg babasic. i'm not t saying a gorn. all right? i'm not sayingng a klingon, or a kzininti. i'm just s saying, likike-- a grgrey, okay?? willolowy, you knknow-- lithuanian basasketball plplaye, kind of f lanky. which h starship c captain wouou emulate in your r fighting?? are e you u going captptain kir, rereboot kirkrk, picard, , jane? >> oooh. i'll probabably go hanan solo. >>>> stephen: : wow. veryry

spac's. we're supposed. -- municipals. tested ok -- tips did ok. short duration bonds was the only thing -- and small-cap value has held up better than most but wherever you look, it was a bad year and this happens every decade. tom: what is challenging here is the pandemic gets in the way of rational thought. how do you promise, yes, it is the end of the pandemic. you look at this end to a liftoff point to what you will i -- and i know is possible when you get equities with double-digit returns? barry: here is a funny coincidence and i do not put much stock in bee stings. -- these things. the dot-com bubble collapsed and the financial crisis bottoms in march 2009. maybe that same streak of that happens and we continue to grind lower as people debate is the fed going to make a little mistake or a big mistake, maybe as people realize they will find -- by q1, we could see a great opportunity. tom: mike wilson says ignore the fed and look at earnings. are we all in our modern financial media, are we all overanalyzing on the fed? re: navelgazing -- are

companies with these provisions include e-commerce and a couple spacs, a couple of them are trading for a buck. some are much lower than that. remember, they all went public at 10 but many of them went much higher off the high, genetics testing groups like 23andme got a lot of hype down 48% year-to-date. the ceo of that company can get as many shares as she wants. this is something, just imagine, you're getting crushed, you put your life savings into something you have to move on and take the lumps while these ceo's can just reload. liz claman, can you bring this market back? liz: that's almost like the fed printing money. i'll just print more shares for myself. charles: exactly. it's not cool. liz: let me try, but it's not looking good, folks, we've got breaking news. we are looking at a market that is heavy on the risk off. this time it's not due to good economic news that's scaring investors into thinking that the fed would stay on its hyper- aggressive rate hike path like yesterday, right? the sell-off is picking up steam as growing recession fears have shoved what started as sort o

earn earnings, ardagh it came out in a spac structure and everybody hated companies that are associated with that. zpli >> i like it and by the way, jenny. i'm going to tell you the truth. i'm going out and buying a bag of clams after the show. that's the truth that's what we're having for dinner >> "the exchange," right now >> thank you, brian! hi, everybody. i'm kelly evans. and here's what's ahead today. stocks are getting a pretty nice lift from better than expected earnings have you seen shares of nike, by the way? consumer confidence also beating expectations but housing stuck in a deep freeze and the fed and the market are still on two totally different pages for 2023 we'll tackle it. >> plus, rising rates have crushed the mortgage lenders, but we have the ceo of rocket companies, and what his company is doing to try to soften the blow and attract customers >>> and there are changes coming to your 401(k), courtesy of congress and their $1.7 trillion funding bill we'll tell you what you need to know and what was not in this big legislation. but let's start with today's markets. kr

enduring franchises that are on sale today because of what went on with the unprofitable companies and the spacs and all of the junk going down and it's dragging these down psychologically with similar negative psychology. they are over doing it. there is some real values there. charles: yeah and this is of course the kind of markets where you can make a fortune by zero ing in on those and really again, you gotta filter out the noise, particularly these analysts and sometime the cheerleaders. jim thank you so much i appreciate your wisdom as always >> pleasure. charles: coming up folks, yield curve inversion, it's stiffening at such a rate. its got a lot of people worried but what does it mean for inflation? what does it mean for recession? daniel danielle is here to discuss and also discussing the recent jobs report and also, consumers living on borrowed time. that's next. 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. ♪ one thing leads to another, yeah, yeah ♪ as an independent financial

fed should be doing much more to crush speculation it's been able to cool the number of ridiculous spacs and ipos no unelse would do that, not the s.e.c., not wall street. those represent cash creation for companies that didn't deserve the cash the fed should try to discourage any crypto investment after the ftx crypto con i'm going there. i'm sorry. i like truth i'm not paid to tell the truth i'm paid to think. and my thinking says -- obviously people want me to tell the truth. my thinking is it sounds like a con. now, of course people in that think everything else is a con but you know what? i'm calling them cons. it would rein in speculation and save money if the fed were to come out and say you know what crypto, what is that about if they've been more vocal about the government -- they didn't say anything i get why they don't want to involve themselves in partisan politics i don't want them solving the railroad issue either. that's where we got a strike averted just now but at the same time the fed needs to state what's beyond his control. just like ceo of hormel did last night. jay

you saw what was on tv i'm pretty proud of the spac that we were able to curate in such a small amount of time. it was a landscape constructio yard >> normally, you might hav police outside of the perimeter, but it was just privat security, and they asked us to put our news organizations dow on a clipboard and they woul call us in and make it loo like it might be exclusive like we might not all ge called in. every time they called a new organization, 6 to 8 trump supporters would do. >> we request were republican. the information -- >> media >> i think the biggest part fo me was seeing giuliani lik pull up into black suburbans i thought i was dreaming >> nobody famous has ever been here it was almost like in slow motion like him walking into th office >> i actually wasn't going t come here. and i got a phone call from my son anthony, he said mom this is bigger than we think and he sends me a picture whil i'm talking to him and rudy is sitting at my desk and the plaque in front of m desk says boss lady. i looked at my husband, i said we better get over there >> we demand a fair election

we will run out of time. >> i agree as we with enter 2022 there was euphoria it was confined to the spac and perks ipos and crypto. that has been flushed out. the market is in a healthier position today than previous episodes of euphoria i think next year will be volume t -- volatile and choppy. >> we will leave the conversation there we will see and have this conversation with both of you next year. maybe we will come back around now and evaluate bill and hank, thank you >> happy new year. >>> when we come back, the whiskey business we hear from distiller michters about the pressure the industry continues to face. >>> as we head to break, let's look at the winners and losers of the s&p 500 tesla up 5%. back to $118 stick around "squawk box" will be right back p. it's hard to run a business on your own. make it easier on yourself. with shopify, you can have everything you need to streamline your shipping, returns, and product storage, so you can focus on growing your business. because when we work together, the future is bright. it doesn't have to be lonely at the top. join the millions

paul: is the spac market dead? gareth: i think dead is a strong word and quite binary. they've been around for 15 to 20 years. we saw a clear super cycle through 2021. i think going forward is with the broader market it will be a normalization and returning to what we see in the past. not sick of you lower volumes then we saw in 20. caroline: those rare -- what will we need to see for the gate to suddenly open and for them to come through? i know the volatility and the fear gauge is many an enemy and even a bond market participant keeping. what you think will be the desk keeping an eye on. gareth: what we need to see is a vic's closer to 20. we spent most of last year at 30. secondly if you look at the financial crisis we saw an ipo market closed for six quarters. with four quarters of closure this time around so now we potentially hint at that just in time for this to be worked through the second half of 2023. really we need to address the core factors and they are in unwind or uncertain geopolitical environment we see. a market with much more clarity on what the termi

cash in your crypto while it's still cash-in-able, before it really just -- >> we had a combination spac and crypto today that went down. bob diamond's the circle internet financial and concord acquisition. >> they're not going to go >> they have announced the mutual termination of their proposed business combination. circle plays a key role in the blockchain's disruption of financial services >> oh really >> look. circle ceo's going to join you, carl >> see the far peak acquisition, tom farley, they have one that's still kind of -- you can still get almost ten bucks, so this one's on hold. david, i think it's time to rethink the notion of getting into some of the secondary coins that we often put up >> secondary coins have been a concern for you for some time. >> because there's billions of dollars in secondary coins and to me -- i know we really have to go, but i will say this. what a great time to take your money out of those >> ring the register, yeah >> definitely. >> we'll get cramer's "mad dash" as we count down to the opening bell on this business monday take a final look at futu

of a new suite of etfs, because one thing the world needs, jim, is more etfs >> more etfs and more spacs. i want to come back to something you've been talking about. credit suisse, today, it's down 6.4% >> it's funny you started there. i have been spending time, and yet again this morning go ahead i didn't mean to -- >> i just think that, at this point, i don't know if it's the right software i don't know the way out >> it's interesting. we have a chart now of the credit to false swaps because you want to keep an eye on them as well. it's still above the 250 swiss franc level. by the way, the charts that you'll see are in dollars. when you look at the swiss franc chart, it's lower. in other words, it's closer to 270 right now. it's an issue. now, remember, it's backstopped, so the banks have stepped up for the rights offering, but then you sell the rights, people give you money for them, 250, then they have the right to buy the stock. the problem is, if it falls below that, nobody's going to do it, and then the larger question becomes, are assets still flowing out, as i believe they are?

want to jump off on the crypto thing, where the froth really got wiped out, whether it's crypto or spacs or ark or, you know, if you say the high valuation names like tesla or even nvidia. really, really crashed down to earth. and by the way, 6 to 10%, that would feel like a win in the face of some pretty big headwinds. >> it would feel like a win, but it would not even get us back to the august high. >> but i mean, anything better than that we had last year >> may be a low bar. >> i do think it's a low bar one-third of the year had s&p moves of more than 1%. 122 trading days had moves of more than 1% it's the most volatile that stocks have been since 1945. gives you an idea the kind of year it's been >> volatile in that sense, in the sense of big daily moves it was very gappy. you had a lot of people playing defense for much of the year what we didn't see, though, is that kind of real overshoot that sort of pure liquidation type of move that you sometimes get near the end of a bear market, and i know a lot of people have made that observation i don't think you need it all the time you c

november, yeah >> so, some of the ugliest charts in terms of some of the tech names or some of the spac names, some of the more speculative tech names, really go back a year, even a year-plus, in terms of the beginning of that. so, nasdaq was kind of first to roll over, then the s&p, to your point, at the beginning of the year, and the dow has been relative to those other two averages, the outperformer this year, in part because it does not have as much tech within that index it is more focused on cyclicals and other areas, and staples, other defensive areas of the economy that have not been hit quite so hard. >> your point raises an interesting question is first in the one that's going to be first out and have a surprise rebound in many raise some are suggesting that value is replacing growth on a longer period of time >> you know, it's -- it is a tough call i think you could make the case that the gut check in growth has gone far enough to really sort of sweep away the most extreme of the valuation excesses and the speculative excesses, but historically, the thing that led the last bu

think, david, that we see a lot of stocks that we don't talk about that are one, two or $3 that were spacs they will close and you'll see layoffs there. it's just -- a lot of people raised a lot of money, and it's taking longer for them to fail not too big to fail. too long to fail >> you still think we have a terminal rate of 5%? is that what you're working with still? >> no, i was going with this level. >> you thought it would be lower than that. >> i thought we'd be 4.5%. this number does say 5%. i would like to see, somehow, we start bring -- you know how with we break out oil and gas we have to break out government. i know we can't do that. but the government -- i mean, david, there are all the engineering and construction companies, i've never seen their business this good and that's because nothing that the private sector's doing it's the public sector >> right well, the private sector is being empowered by the public sector i mean, if you're going to build a giant chip plant in ohio, or upstate new york, it's going to take ten years >> if you're moving semiconductor manufacturing f

toll brothers, what, a quarter of them paid full cash >> yardeni argues we've deflated cryptos, memes, spacs and bonds. >> that deflation piece was very strong >> and yet 60/40 is down 15% for the year >> i was skeptical of deflation, but yeah do you know that non -- the nonfungibles are down 99%? david, the fungibles must be minus 103. >> your tweets on this have been hilarious. >> that's because we have a fantastic comedian who also mics us up and does things, and he was the one who told me, look, that's how he started his act. he said, hey, did you know the nonfungibles are doing bad i didn't know what fungible was. >> fungibles are even worse. there he is. >> great line. where are you appearing this week >> he's off camera nobody can see him >> where >> bill -- >> that guy is hilarious he gave me that joke i've now used it four times. everybody thought it was fantastic. i stole it from stretch >> i got a laugh out of it this time >> i said it three times before. >> it's all about the delivery >> it's the timing >> it was a danny thomas thing you did a spit take. people don't even realize