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tv   The Claman Countdown  FOX Business  February 22, 2021 3:00pm-4:00pm EST

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overchased these ideas. i like to get and sell to them. i wish we had more time, my man, but we don't. you have been spot on. people, you need to listen to him, i'm sure you already are. you know, liz, i couldn't get the rest of the indices up. the dow, though, benefiting bigtime from these oil names which have been massive laggards. i'm saying we're in a commodities supercycle, and i think people should start to pay attention. liz: it's a call. and same with the transports, charles, they're going bonkers. any gain is a record. all right, what is the one thing that could stop bitcoin's record-shattering rally? apparently, it's the slightest bit of doubt registered in a single tweet by one of the bitcoin's biggest cheerleaders. but who got elon musk to maybe trigger his digital coin slip that has the coin plummeting, 18% in the past 24 hours.
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coming up, the man to who got musk to concede bitcoin might have gotten a little too hot to handle is here. euro pacific capital's peter schiff coming up. and he will face off against michael venuto. from twitter fights to facebook, which social network app do americans trust the least? in a fox business exclusive, ceo todd mckinnon with the surprising revelations from his security empire's latest digital trust survey. the nasdaq getting rocked and rolled as we head into this final hour of trade. how long could the pain last, and where should you be putting your money instead? charles payne thinks commodities and a supercycle, but we're going to have our traders answer that question in just a second. and was it the plane or the engine that could be scrutinized after of the united airlines midair mishap that had 241 terrified passengers watching in horror as debris rained down on a denver neighborhood below?
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the new information breaking on the investigation and how boeing and airline stocks are reacting. a fox business alert, we begin with the nasdaq. it continues its downward spiral. the dow, alternatively, hitting a new all-time high. it's on pace for a record close, itsth for the year. remember last year -- tenth for the year. last year, the whole year 14 records. but should investors still remain cautious in the current market climate? on friday remember right here mohamed el-erian issued this warning. >> the worst case scenario, and i want to stress it is a scenario and not a baseline, is that we get some sort of market accident that forces people to try to unwind what they have bought on margin. and what you get is a deleveraging of the economy. liz: while he said this was a worst case scenario, we here at fox business got some blowback
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from viewers who said we were being too negative. but right now are we seeing -- we've got a weaker dollar overall against the euro pound and japanese yen, investors are in a flight to quality with gold which is spiking about $30 at the moment per troy ounce, climbing sharply, up 1.7%. it settled in the regular session above $1,800, its highest level in more than a week, and look at the 10-year treasury yield hitting 1.394%, right now we have it at 1.35% as worries rise over higher borrowing costs. miss still no stimulus deal. let's put it all in one big cauldron and bring out our traders to stiffer stir it up. scott redler and phil flynn. scott, when you see all that's going on in the markets right now, were we overdramatizing friday when we said watch autobecause we're looking at margin debt that is at very recent, very big records, and
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you've got el-erian saying a market accident. what are your safe havens, what do you think? >> i think people have been calling for a market accident at 2011. you know, playing for a market accident isn't a trading plan, okay? you need to know your time horizons, know what you can handle. if you're a long-term investor, put monthly flows every single month into an s&p fund, and you know what? if we do have an accident, you have some cash on the sidelines. you put more in because over time that'll help your average costs. but if you're a trader like me, liz, six weeks ago we were talking about the airlines, nobody wanted to touch them. we were talking about jets buying options for a reopen trade, here we are, now everybody wants to get involved. everyone is chasing the bandwagon instead of getting in when they're supposed to. now everyone's talking about rising rates. everybody wants to buy the tbt. now, now's the time you should probably sell them. now you're hearing about rates, you know, a hundred times a dayment at this point, yes,
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every single week there's a different sector, a different flavor. at this point people are like, oh, i don't want to buy tech, that probably means we're closer to buying tech. liz: okay, you like jets. i love that. by the way, everybody, that's a backhanded, liz, you're overreacting on friday. [laughter] i like that you're pushing back and saying, hello, just to be worried is not a trading strategy. you like jets. let me flip it over to phil flynn. phil, we do have what charles payne just called maybe it's the start of a commodities supercycle. are we overstating there that may be some rumblings of something strange happening9 with the markets, and what is that trade then? >> you know, i think, i think scott's right. i think, actually, i thought there was a trading strategy. i'm going of to have to change everything i do, darn. [laughter] i think basically we're throwing
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everything we can with at this market already, right in and the unforeseen consequences of a potential bank failure or a major corporate default or something that could create a panic would be harder to put out because you can't get washington to move on the stimulus package, you don't have a lot of arsenal as far as interest rates. so i think that that is a genuine fear. and this trade on the one side of the stock market, as you pointed occupant, it's there getting very heavy. everybody's bullish right now. you could be, you know, in for a correction. and i think most people would say we're in for a healthy correction. but what if things do go bad? does that mean the commodities supercycle is dead? i don't think so. i think if there's a total meltdown, i mean, we're seeing this racing -- even janet yellen today mentioned that the might be open to some type of a digital currency. so i think if we dud have some type of a meltdown, i think there would be a lot of people that would go to the crypto
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space. this wyatt etf may be a one way for an average person can look at it. that may be the way to do it. but also precious metals. i think precious metals based on where bitcoin is have been undervalued. and there's been a lot of -- liz: and phil -- >> yeah. liz: high grade copper, nine-and-a-half year highs. here it is, $4.15. you're looking at that and, scott, we're about to have this epic faceoff with peter schiff who's joining us exclusively after quite the weekend where, you know, e kind of needled elon musk's opinion of all of this, and then elon came out and said, you know, maybe bitcoin's getting a little too, too high. but it is interesting to see, do you, scott, look at anything involved in clip to to currency? >> of course i do. thinks asset that trades, technically i'm involved in. but there's a time and a place. in december when bitcoin was 18,000-20,000, that was the time
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to play for a breakout or accumulate prior. at 50-55,000, probably not the time to be chasing it. crypto's been a great asset, you don't want to trade and go after the old coins that are probably worth absolutelying nothing. who knows where they're going. i'm saying the quality is there, and crypto's going to be here, you know, for the long term, it's just a matter of how. and with peter, listen, i've been on with him probably for the last 20 years, and i haven't seen him trying to buy anything for those 20 years. anyway, i'm not talking bad about him anymore. [laughter] just saying. liz: peter schiff's coming up -- >> we could have a segment, if you want. liz: you know what? he's always interesting. thanks, guys. scott, phil, we'll see you in the next couple weeks. it's good to have you. all right, dozens of boeing 777 aircraft pulled from the skies after a united airlines engine exploded in midair.
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let's not say exploded, it caught fire. and, of course, moments ago egypt just joined a growing list of countries suspending 777 service. the question though really is was it the jet itself or a malfunction specific to the pratt and whitney engine? if raytheon technologies. we've got raytheon down three-quarters of a percent right now as those questions swirl. let's get to cheryl casone and a developing story here. boeing, of course, is suspending 777s at the moment. cheryl: yeah. and i can explain the pratt and whitney move in just a moment, but let's go through this because fox busied just learn that a preliminary investigation from the ntsb is after underway, pretty quick, they want the find out what happened to the boeing aircraft's engine which exploded, if you will, blew up. investigators just releasing initial findings, it was damaged
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from a fan blade is what the ntsb is just now reporting. flying from denver to honolulu when the right engine burst into flames. liz, passengers were shocked and they were scared. >> there was a loud explosion. shook the plane, and we started, like, dropping down. like, you could feel, like, going down in an elevator. it was like a quick drop. plane started shaking, and we knew something major happened. cheryl: so all 229 passengers and 10 cree members not -- crew members not injuredded. boeing moved quickly to get the specific 777 gents out of the air -- jets out of the air equipped with that pratt and whitney 4000 engine. saying we recommend suspending operations of the 49n service and 59 -- 69n service powered by the pratt and whitney 4000-112
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engines. the faa also taking action, they mentioned the fan blades, excuse me. here's what today said: based on the initial information, we concludedded the inspection interval should be stepped up for the hollow fan blades that are unique to this model of engine used solely on boeing 7777 airplanes. shares of boeing, dow component, big stock we watch on this network. as you can see, down about 1%. other thing that's interesting right now, liz, for the airlines and the sector, as covid case metrics continue to improve if, fewer cases, hospitalizations, this group is actually getting a boost. about 44 million people having received at least windows, 1.5 million doses getting administered on a daily basis. you had deutsche bank upgrade the sector, putting a buy stamp on that group. he said, basically, material upside from durant levels is apparent as demand recovery bins, liz. -- begins, liz.
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so maybe some initial impact on boeing, pratt and whit and raytheon, as you mentioned, but overall they're handling the situation when it comes to that aircraft, liz. liz: are good. good move. cheryl, great, great stuff to update us on on this developing story. thank you very much. need to get to foot locker. foot locker investor laced up and ready to run after ever corp. upgraded shares to outperform and then nearly doubled its price target from 40 to $70. stock up 4% to 53.90. is the catalyst? they have big hopes for the e-commerce business. and the thrill of that amazon package delivery, have online shopping, telemedicine appointments and government web sites gotten more or less safe since the covid-19 virus hit more than a year ago? digital security titan todd
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mckinnon reveals what his team just discovered next in a "countdown" exclusive. dow jones industrials up 112, these to be up 118 for that to be a brand new record. maybe we'll get there. we've already been there today. ing stay tuned, "claman countdown" is coming right back. ♪ we started with computers. we didn't stop at computers. we didn't stop at storage or cloud. we kept going. working with our customers to enable the kind of technology that can guide an astronaut back to safety. and help make a hospital come to you,
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♪ ♪ liz: we are just one day away from the beginning of the senate intelligence committee hearing on how suspected russian hackers pulled off one of the largest sign -- cyber attacks in u.s. history which compromised nine government agencies not to mention thousands of other customers. now you can see since this day the breach, since they discovered it or at least admitted it, the stock is down 32%. as we've all moved online in the covid era, identity management security provider octa, which is up 115% over the past year, just put out brand new results of its digital trust survey that reveal
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exactly which apps and sites are rock solid when it comes to trust. joinings now in a fox business exclusive, okta ceo and cofounder todd mckinnon. we probably don't have one viewer who's watching right now who hasn't shopped online at least once in the last year. as we all blithely type in our credit card numbers, tell us what your survey asked and found about that. >> well, yeah, we have some exciting stuff to talk about. i think the survey was 15,000 office workers. we reached out to partner with u-gov to learn about what they've been doing in the pandemic and, more importantly i think, what their future plans are. we've all been doing online shopping for years, but respondents increased their online grocery shopping which hasn't been a category done as well as normal commerce. that number doubled. so people are shopping online for groceries.
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but i think the more interesting thing there is the permanence of these changes. so of the people that were surveyed, over half of them expect to continue that behavior going forward. so it's not just big changes that happened during the pandemic, but it's the permanence we see of those changes over time that's very interesting. liz: you know, i understand that, but the security of it, what have you discovered? i mean, the other day i read this tiny little article in "the new york post" about an artisanal chocolate company. you know, i'm a chocolate girl, i have to have in that, and i just throw my credit card into this very small business web site. nothing bad happened, but, you know, what did your survey find about these sites and the security of them? >> we found an increasing concern and an increasing tendency to not want to use sites that misuse data or have a data breach. we all see these notifications and data breaches all the time, and in the past i think a lot of
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of consumers have kind of gone along their way and kept using things. but what we see clearly in the survey is half the people are done. if they see a company misusing data or see another data breach, they're going to find another provider. liz: well, i can't believe this, government web sites actually scored well. 23%. only to be outdone by web sites used for work, and a lot of that that -- at least with fox -- is you guys. we go through okta, and we have not had problems when it comes to the security of that. but government web sites, especially in the wake of solarwinds? is that just people's perception or reality of how safe or not they are? >> i think part of it is with more and more things being online, people get more familiar, and the convenience of some of these government services is such a boon to consumers that they perceive it positively. but that doesn't absolve anyone from having rock solid security. and solarwinds' security breach, that is very important.
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solarwinds had a lot of customers, 18,000 that potentially could have been impacted by this breach, and you mentioned earlier some of the big companies and big government agencies that were impacted -- liz: microsoft, yeah. >> yeah. it's a lot of the big ones. and the message here is twofold. first of all, the companies environments and their technology and their software and the legacy technology they have on premise, moving to the cloud, it's very complex. and the more complexity a company has to manage, the more they're doing themselves, the more risk they have. is so there's a real security benefit to moving more things to the cloud and letting the companies that their full-time job is running these services to do for customers. liz: i've got to tackle telemedicine and telehealth before we go. you know, you talked to doctors who before the pandemic said they swore up and down they would never conduct sensitive appointments over the web. now they're all doing it.
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how safe is that? >> well, our survey found that, very interesting, you talk about a lot of momentum in the industry that was really not online, medicine and telehealth. now in the survey half the people surveyed are going to continue using telehealth going forward. so habits have been changed, which is very powerful, but it also ups the security bar. it means that, you know, every doctor, every health care system has to be secure. and for that, that means modern technology ask and using more cloud -- and using more cloud and let those companies focus on what they do best and let the technology providers take care of the technology. liz: todd, okta's doing some bang-up work here. you're up 115% year to date, $37 billion market cap. you're welcome back anytime. we're following this story. thank you. >> thanks for having me. liz: anytime. texans left out in the cold finding very creative ways to kind of macgyver it and power
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their homes and keep warm. images of a man using his ford f-150 as a backup generator boosting web searches for the hybrid pickup truck by 18%. ford getting a little power itself on the viral sensation, the stock is up 1.5% right now. but many americans opting for the real thing to fight winter weather blackouts, and the surge in demand has one generator maker's shares and factories going into hyperspeed. closing bell ringing in 37 minutes, you guys are going live to the generac factory next. stay tuned. ♪ well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows?
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liz: a roaring kitty favorite purring to the top of pop stocks right now. gamestop, clearly catnip for the famous reddit room star keith gill, also known goes by the
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name roaring kitty. look at gamestop, up 12% at the moment. shares of the video game retailer popping after the investor, credited with starting the run on gamestop shares months and months ago, posted a screen shot of his account showing he had doubled down and now owns 100,000 shares of gamestop compared to 50,000 which he had at the start of the month. speaking of games, penn national gaming has nabbed a casino deal in new york state with rivers casino and resort. the 20-year strategic partnership subject to legislation and regulatory approvals but could very well open up the lucrative empire state market. penn national gaming is down just about half a percent. in other deals, goodyear tire and rubber agreed to buy cooper tire and rubber, both stocks accelerating at the moment. cooper up 30%, goodyear up 22%. here's the deal, goodyear's going to buy about $2.8 billion
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in cash and stock for cooper and says the deal would allow it to expand in both the u.s. and china. as goodyear sells more tires, drivers will be filling their tanks more, that according to goldman sachs. the firm predicts crude oil will touch $72 a barrel by the third quarter of this year. we are at right now $61.49 in the aftermarket session right now. and goldman says this is due to tightening inventories and the return to pre-covid demand. let's flip it over, we see marathon up 8.5%, diamondback and national oil well guessing umps up 5 and 6% respectively. a week, more than a week after this historic and deadly cold snap are water pipes froze and burst and rescuers have had to move up and down the state, texans are now grappling with sky-high electric bills. the new york times reports a 63-year-old army veteran was charged more than 16,000 for his latest bill and had to empty his
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savings account to pay for that. as thousands of residents are still without power for now, governor greg abbott issued this statement to his residents, quote: we have a responsibility to protect texans from spikes in the their energy bills that are a result of the severe winter weather and power outages. we don't know if that means they're going to pay or help people pay for it, but let's get to jeff flock live at the wisconsin generac facility. jeff, how have the storms impacted business at generac? the what's happening are there you? >> reporter: it is a crazy beehive of activity, liz. take a look, we're right on the production line where they're making the engines that go into these stand-by generators. if the folks had 'em in texas, they wouldn't have lost their power. generac has been on fire in terms of sales anyway, it's kind of a perfect storm. 2.5 billion in sales last year, 2020, that was up 13%, and it just kind of goes with all of the climate change stuff, the
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crazy weather and then the pandemic. one analyst, and i quote him now, says we think that wealthier homeowners across the u.s. will, ironically, respond to climate crises by adding more home supply to their homes. i talked exclusively with generac's see you earlier today, and he says right now this factory and this company is going flat out. they can't make 'em fast enough. listen. >> we've been full out, you know, capacity here for the last year, really since the pandemic took hold in march of last year. we've been ramping up our facilities. this is one of those facilities, we're a manufacturer, the lion's share of those residential home stand-by generators, we just can't build 'em fast enough. >> reporter: and, liz, here's the thing, the stock, as you know, has just gone through the roof, up 400% from the 52-week low, and i've got the coo, the future is what's driving that.
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you think people are going to generate power in their homes and store it in batteries? >> that's right. we have a clean energy business with what's called the power cell where you can generate solar energy and store it and allow you to save costs when your rates are peaking, two off your own generation. >> reporter: and you've invested in that too. >> we have. that's a really big growth business for us that's driving our stock as well as our home energy the management system which allowses you to optimize energy consumption. >> reporter: you sell it back to the power company, you use it when it's cheaper. look at this, liz, this factory -- and i've been here before, about six years ago. it was busy then, but nothing like we're seeing now. how long's the wait to get one of these? >> 16-20 weeks and before the pandemic we could ship in 3 days. >> reporter: wow. 16-20 weeks. if i do the math, that's, what, five months? jesus. liz: jeff, all i can say is i was so over the outages in my
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neighborhood in new jersey, i bought the biggest, baddest generac, and i have never regretted the money spent -- [laughter] it's unbelievable. power goes out. oh, it's electric. thank you, jeff, and thanks to the fine workers there at generac. thankfully, they do make quite the product. we want to let people know something right now, breaking news. look at the nasdaq. it is just off session lows. it suddenly took an even further gap downwards, down about 303 points at the low of the session. so what we've done is we've switched out the lower bug here from the dow to the nasdaq, and as you see, we are down about 299 points at the moment. and we're looking at most of the big names really selling off here, apple, google, amazon, microsoft, facebook, tesla, all over the place. so we'll be checking on that this just a minute. in the meantime, elon musk, speaking of tesla, backing away just a bit from bitcoin after
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the cryptocurrency's valuation topped a trillion dollars. up next, what triggered musk's more measured approach, or rather, should we say two triggered it? -- who triggered it? we've got the man who got elon to admit bitcoin may be getting a bit frothy, and peter schiff's about to face off against the block chain etf portfolio manager who says the crypto will hit 100,000 this year. peter schiff next. ♪ ♪ [announcer] durán catches leonard with a big left. ♪♪ you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down.
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and there's nothing down there with you but the choice that will define you. do you stay down? or. do you find, somewhere deep inside of you, the resilience to get up. ♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪
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♪ ♪ liz: well, first they went after google and now a growing number of state attorneys general are back at it, this time they're piling on popular trading app robinhood. charlie gasparino, what now? >> yeah. robinhood does face a tremendous amount of legal inquiries.
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these are inquiries, they are not, let's be real clear, they're not -- [laughter] they're not charges just yet. but there is a wide-ranging, i guess, you know, regulatory interest in the company. we do know about the sec looking at it, we do know that the justice department's looking at it. the u.s. department of justice in northern california, we know finra's looking at it, we know elizabeth warren may look at it. we also know, sources close to the matter, that as many as ten state a.g.s have been inquiring about, to robinhood about the gamestop trading frenzy and what it knew, what it didn't know, its connections with citadel. you know, there's a longstanding conspiracy theory that somehow robinhood put the halt on trading in some of those heavily shorted stocks to benefit hedge funds like citadel. i think the evidence will conclusively prove otherwise as
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it already has, but still they're asking. so this is a pretty interesting situation for robinhood. we should point out that there are innocent and easy explanations for everything. why it ceased trading gamestop, it didn't have capital on hand to make margin requirements on settlements. its relationship with citadel is pretty arm's length. the more -- it's not, and it's not in their best interests, either of their best interests to cut off trading. they make more money doing that. they're easily explained, that's why i can tell you from inside robinhood the legal staff is pretty confident they're going to get through all this without a major hiccup, but it is having an impact on the timing of the ipo, liz. you know, we've been on this very early on saying that this ipo could be slow-walked. and that's the best way to describe it. it wouldn't be -- they'd be essentially planning it right now. they do have an investment banker from goldman sachs who
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would be out sopping it if they -- shopping it if they didn't run into this in the last month. because they have to get through some of these legal issues, this is clearly being slow-walked. and, again, from what i hear, they're going to do it, and today want to do it this year. it's just the timing is up in the air right now. and when you get ten state a.g.s demanding all this information, when you get elizabeth warren -- and that should be interesting, if the senate finance committee holds another hearing, and i hear that's a possibility, it could be very -- liz: oh, yeah. >> -- it'll be just another thing for them to worry about and the publicity. and, you know, all these legal issues whether they're b.s. or not, whether they're easily explained, they have to be disclosed to investors. so could you imagine the disclosure -- [laughter] in the i if po document if they go through the ipo route right now? i do wonder though -- liz: morgan, probably. >> that's right. but i wonder if they go public
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through a spac, whether that would impact, whether that would matter. i don't know. i just know the traditional ipo process becomes an issue. liz, back to you. liz: okay. charlie are, thank you cell phone. "claman countdown" is coming right back. into this chip. whoo! yeah! oh, hi. i invested in invesco qqq. a fund that invests in the innovators of the nasdaq 100, like you. you don't have to be circuit design engineer to help push progress forward. can i hold the chip? become an agent of innovation with invesco qqq. ♪♪ (deborah) i was hesitant to get the hearing aids because of my short hair, but nobody even sees them. become an agent of innovation with invesco qqq. (vo) discover the exclusive, new miracle-earmini- a nearly invisible hearing aid from the brand leader
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fiat, or government-issued currency. schiff tweeted gold is better than bitcoin and fiat currency. musk responded, quote: often -- an e-mail saying you have gold is not the same as saying you have gold. an hour later musk had this follow-up post. quote: that said, btc, bitcoin and here to yum do seem high, lol. in a fox business exclusive, euro pacific capital's peter schiff joins us. but you don't get a full ride, we're bringing in block chain manager peter venuto. you started disagreeing with musk's position on friday, and how surprised were you when he replied? >> well, i think this is the first time he's replied. i've mentioned him in several tweets, you know, over the months. but, yeah, you know, or he replied in the middle of the night, so i didn't know it until
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i woke up saturday morning because i got several e-mails and texts that said musk replied to your tweet. you know, people should read my replies because they're very end lightening to his replies. liz: well, you're basically saying, and you have been a bear on bitcoin. we've done our podcast with you, you've articulated this, but, peter, it is a force right now. why are you still so against what could be the next big thing as an emerging currency? >> it's not an emerging currency, you know, it's a bubble, and it's certainly gotten very large. look, elon musk may be a brilliant engineer, and he may have more money than all of us, but his understanding of money is actually flawed. bitcoin is not money. initially, it was intended to be a digital fiat currency except if it didn't really work well as a medium of exchange, so they kind of reinvented it as a store of value, kind of like a digital version of gold. except bitcoin doesn't have any
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of gold's value as a metal. and so if it doesn't have any value, it can't be a store ther of value. all bitcoin is, is a digital token. you have people collecting and trading it, but at the end of the day when the music stops playing, i don't think the r -- a bitcoin election is going to have much value. bitcoin is nothing. liz: michael, you get to jump in here. your etf has seen quite the jump, more than a couple hundred percentage points, and you've just surpassed more than a billion, so we'll have you answer peter on that. >> so i love the beanie baby approach, with but i'm much more interested in the underlying technology behind it. but in the beginning, in order for a network to get people interested, you need a m if eme, and the price is the meme. and i think that's what elon was capitulating on, that the price has moved around so much that
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it's gotten people excited but maybe a little too equipmented from time to time. excited from time to time. liz: your call, just so people know, is that it will hit $250,000 per coin within the next three years, $100,000 this month alone are. what will get it there, in your opinion, michael? >> sure. i'm going to spread that out to 100k over the year. but what's getting it there is the institutional adoptions. they're all going in, right? so there's over $2.5 trillion in cash on the balance sheets of s&p 500 companies. do you think they're buying gold? i think that they're getting sailorrized. they're sitting down and hearing the story. i mean, peter, i know we joke about it, but they're not buying gold. they're buying bitcoin. >> well, but they're not really buying bitcoin either. first of all, yes, tesla bought bitcoin. about two weeks ago they announced it, and the stock is almost in a bear market now. when i last checked, it was down 19% from its high. so investors in tesla are not
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necessarily happy that tesla has bought bitcoin despite the fact that it has to pay for profit. whether it can unload all those bitcoins, that remains to be seen. but i don't think you're going to have a lot of institutions gambling on bitcoin. >> i don't think it's faming -- liz: the whole point about gold, hang on, michael, the whole point about -- hold on. guys, the whole point about a comparison between bitcoin and gold is that both are so-called finite. however, michael, you know, how do you continue when you're looking at it as a difference, what's the difference between printing more fiat currency or government-issued currency compared to subdividing a finite amount of bitcoin into smaller and smaller denominations to create more? how does that really mean that it's valuable? >> yes. so i've heard this argument, the individual blocks versus -- it's really the amount of code,
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right? the amount of code that can be a toll road to the internet 2.0. the only thing that block chain, that bitcoin is utilizing is the ability to make something unique in the digital world. without having solarwinds or robinhood or any of the other groups that i heard earlier in the show, liz, you know, people be concerned about. the current case that most people are worried about is governments, right? there's mistrust of governments, and they want them out of their money. >> well -- liz: peter, quickly, your final thought, and has elon responded to your request to do a clubhouse discussion? >> not yet. maybe you can try do cajole him into that. [laughter] look, the main problem with bitcoin, it doesn't matter how many there are if they're not worth anything. ultimately are, they have a market price and, liz, you're friendly with warren buffett. he's always said price is what you pay, but value is what you get. and when you pay $50,000 to get one bitcoin, you get no value. and eventually the price is going to equal the market value.
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the same thing ultimately happens with fiat currency as they decline to their intrinsic value. bitcoin is like fiat9 in that all of its value is based on faith. gold is real, it's the most useful metal in the world, and it derives value from its metallic property. the fact that it's scarce is the reason that it's expensive, but its value comes from -- liz: both of you guys, you're coming back. i definitely want you back. like, within a couple weeks because something tells me that this story is going to only get bigger, not smaller. peter, mike if, great to have you. "claman countdown" is coming right back, nasdaq down 335. ♪ ♪ traded with a touch. the gold standard, so to speak ;) re-entering data that employees could enter themselves? that's why i get up in the morning!
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this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. ♪. cheryl: gang, we are seeing a selloff here. we're no longer anywhere close to a record for the dow. we do have the s&p falling 28 points. look at the nasdaq. just minutes ago hit a fresh low of a loss of 340 points.
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we're slightly off that. as for the transports, they are the only ones on track to see a record high. cannabis seeing green. our "countdown" closer says our investors are getting high on the wrong weed stocks. dan arrons manages the yolo advisor shares. a billion dollars under management. what are the right names? >> we're big believers in the multi-state operators in the united states. now we do have our fund yolo that you mentioned but we also opened another fund in september, msos, or msos. that is the only etf that is a cannabis etf exclusive to u.s. operators. the u.s. is where the real opportunity is and a lot of can in cannabis reform is yet to come. some of the big canadian operators list on new york
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stock exchange, nasdaq, with the caveat, then to keep their marijuana operations in canada. those are the usual suspect names that people trade too often. they have popped in the last couple of months but they're the wrong stocks. the stocks people should be invested in are green thumb industries. care a cure a leave. cheryl: you talk about the u.s.-centric, not so much the canadian ones, seen a rocky ride. jumped exponentially depending which week you're looking at. terrascend, that is great in new jersey. overlap into the next name. why you tend to really like, these other names, what are the strengths here? >> sure, we have a number of what they call the four or five
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horsemen of msos, cannabis in the united states. curealeaf, curealeaf operates in 23 states. this is a nine billion dollar plus company. doesn't get to list on the major exchange yet but by sales it is the largest cannabis company in the world but it is still off of too many people's radar. trulieve, they dominate the florida market, a highly profit cannabis company. most of the canadians can't talk about profits. they lose money every quarter. it is making profits after quarter. they dominate the florida market with over 50% market sure. that is just the medical market still right now. people think adult use might be coming in the future. they're expanding to other states. greenthumb industries, this is a top pick of multiple analysts in the cannabis space. people think it is wild i wildly
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undervalued because of the multiples because of disadvantages. it is a good pick. [closing bell rings] cheryl: we'll put your top five picks on our facebook page. nasdaq closing at session lows right now. that will do it. ♪. larry: hello, everyone. and welcome to "kudlow." i'm larry kudlow. today's question, big point, why are the democrats and president joe biden hiding the good news about the fight against covid-19? that's a huge question. look at this, some numbers, new cases of the virus have dropped 73% since the january highs. new deaths are down 69%. now get this, some 64 million cumulative doses of the vaccine have been administered according to the cdc. that by the way


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