tv The Claman Countdown FOX Business July 21, 2021 3:00pm-4:00pm EDT
i want everyone to remember, we're all in this fight together we are all brothers and sisters, and at the end of the day, we're all americans. let's stop all of the nonsense, let's remember how we got here and how we're going to stay here , because we're the greatest country in the world for one reason. remember, freedom isn't free. god bless you. liz: breaking news, why are stocks powering higher for the second day in a row, just as delta variant cases spike? the answer is apparently simple and we're about to give it to you. now, today's rally that you see on the screen comes as the senate struggles over a test vote for a bipartisan infrastructure plan that's not even complete. we do expect to vote at any moment, infrastructure stocks though are seeming to like the action at this hour, vulcan materials, martin marietta, all in the green, same with the big
construction equipment manufactures, the heavies right? caterpillar and deere both are moving higher by more than 1% a piece, we'll keep an eye on all of the movements on the hill and speak in moments to former transportation secretary elaine chao about what needs to be done first, to rebuild nation 's infrastructure. which project is in dire need and why we need to get this bill done? this is a fox business exclusive a rare occurrence is happening in spac-land in this final hour. a fintech startup making its public debut today, has stronger financials than most of its already public and larger competitors. up 5 ceo joins us live along with his spac benefactor, joe mo glia of td ameritrade and wait until he sees the trading action and we got to start with this breaking news, after a manic sell-off monday, followed by a terror tuesday, we're
looking at a winning wednesday, check it now major averages are positive on the week, dow jones industrial is up 260 points, the nasdaq better by 103, the s&p as you see up 31, we do have the vix, right? the stress is seeping out of the vix or volatility index because it is down by about 8% at the moment and speaking of volatility, exhibit a. the vix living up to its name. the first two days of this week, monday, fear in full control as the vix spiked about 22%, but then yesterday, more than half of those jitters disappeared thanks to a 12% drop. look at what stocks have been through just the first two days of this week. investors whip sawed by wild gyrations on monday, the dow plummeting 725 points or 2%, which was then followed by yesterday's 549 point gain or 1.6% jump. today's moves getting a jolt of caffeine this morning on strong
earnings reports. before the bell dow component coca cola and exchange operator nasdaq, they came out with numbers sitting in the green coke showing a solid sales re bound nasdaq sitting pretty atop a 27% spike in revenues from robust trading among the retail investor set and even though dow component johnson & johnson beat on both top and bottom line we do have it not really showing robust movements here. it's just slightly higher at the moment, let's call a half a percent gain after saying it's 2021 vaccine sales will come in at $2.5 billion. that's actually far behind moderna and pfizer, and then, this morning, harley-davidson investors slamming the brakes after hog warned that soaring raw material prices will hurt second half earnings. we're barely a week and a half into earnings, and this sure feels like a lot of high energy coursing through the markets so let's bring in phil flynn, teddy weisberg. phil, yes, we've had so much
action but let's not ignore the russel, the small and mid- caps monday down 32 points, yesterday what up 63 points, today seeing more gains. what does all this frenzied activity in all the major indexes for the markets, what's that telling us? >> you know it's telling me at first that people were very worried about the small caps and a lot of that had to do with the inflation fears and a lot with the fact that a lot of these small companies can't get people to go back to work, and so that was really killing the market. in fact a lot of people were worried that the russel weakness that we saw last week was signaling a much bigger sell-off and was one of the reasons why the market was so weak, but now the russel turning backup and breaking some key trend lines maybe saying that those fears, while they might not be real in the short-term over the long term, they still could be but in the short-term, those fears are put away so that rebound in russel tells you that the overall market is pretty solid. that's probably because they expect pretty good earnings and at the end of the day it's all about earnings isn't it, liz?
liz: yeah, and as we cycle through leaders and laggards here, listen, it's more leaders certainly, teddy, you know, market internals are very positive right now, but i'm going to quote barrons, al root, who wrote today, why, when covid fears are rearing their head again, are we seeing gains in the past 48 hours and his answer is simple. he says simple, strong corporate earnings are inoculating investors against a virus resurgence. do you agree and what is it about these earnings that we've seen so far? >> well, i would absolutely agree with phil that at the end of the day it is all about the earnings and we have seen this repeatedly, liz, when we get to earnings reporting period that the market gets a little jittery for whatever reason prior to earnings and this particular period of time i think a lot of stocks and a lot of sectors are clearly priced to perfection and we've talked about that before, but at the
end of the day, it's the earnings trifecta. the bottom line, the top line, and the guidance, and when companies get all three right, the stocks are rewarded, and that's what we are seeing today and, you know, we didn't see it when the banks, for some reason, because they had great earnings but it didn't quite register but clearly we're seeing it today, and so i think at least for the moment, the markets at a pretty good place and as we speak, we've gained back all that we gave away on monday, and even some of last week. it's really amazing but i'd give all the credit to the earnings and the earnings trifecta. liz: yeah, and but can i just make a point here, teddy and phil. we're starting to see inflation mentioned, well it already happened starting last quarter but during all of these conference calls, everybody is mentioning skyrocketing materials costs, whether it's wd -40, you know, they are starting to have to raise prices they were a couple of days ago,
coca cola mentioned it, i'm sure hog is seeing a lot of problems here with the supply chains, but also the cost of materials. teddy what are you picking in this atmosphere? >> well i don't know about i'll go into what i'm picking but the fact is that companies that can pass along these internal price increases are going to do just fine and in an inflationary period these are the companies that you really want to own and it's kind of interesting because it's a complete 180 from what the fed is telling us but that's another story for another time. basically, i'm looking at three names, liz, all of which i own and seafort clients own. i'm looking at alanco, elan, facebook, which the stock i've been talking to you about for five years now, and i'm looking at ice, the intercontinental exchange, on to the new york stock exchange, and in my opinion, all for their own reasons these are three companies that basically should show very good earnings
this quarter and should show good earnings in quarters to come, but some favorite names too but those are the three that i'm particularly focused on. liz: phil, you know, yesterday, and yeah, i know, i know, i can imagine energy always but can i just get a mention on the 10 year yield, because we got a lot of viewers who are reaching out to me saying liz, what is going on? now, of course as i look back at my notes because i do old school here but the 10 year, friday, on the 9th was 1.34%, and then we went really low on monday, and then you're looking at 1.15% on tuesday, obviously, right now we're at about 1.28%. you've got to make sense of that really quick for us. >> fear, basically, and i think what we were seeing in the 10 year yield when the stock market got scared was a flight-to- quality, pure and simple. you know, afraid that the federal reserve is going to have to act sooner rather than later. exactly what you're talking about because the fears about
inflation. i mean, make no mistake about it even though inflation is not at 1970 levels by any stretch of the imagination, the risk of inflation is the highest its been probably in 20 years so i think that's where you're seeing volatility in the yield. liz: okay, all right, except we're really, at least the past couple of days, looking at some pretty interesting tests of the lows. teddy, phil, great to see you guys on a third busy day and it's only wednesday. we got to get to this fox business alert, chipotle pepper ing its way to the top of the s&p in today's pop stocks and the mexican fast casual giant hitting a new all-time high today after beating estimates, both in earnings and revenue in the second quarter. chipotle flexing its pricing power muscle saying its been able to actually pass on rising labor and ingredient costs to consumers who, regardless, are still flocking back through the doors at near pre pandemic levels. that's good enough for a 12.5%
gain for chipotle mexican grill. land's end, land's end is saying we're only at the beginning, forget the end. the clothing chain raising its full year forecast on an improved outlook for second quarter sales driven by e-commerce and also an up-tick in its business and school uniform unit. land's end heading for its highest levels in more than three years, stands at $42.75 a share, for a gain just today of 15.7%. investors sweeping the leg of netflix, despite surpassing revenue estimates, a disappointing forecast on subscriber gains for the third quarter, right now hitting shares of the streaming giant, yeah, cobra kai, hi, johnny, my favorite character, netflix los ing 3.8%, and from digital entertainment to the big screen, amc's adam aron gets to add a new title to his business card. the theatre chain ceo now also chairman of the board.
this comes after an epic run for shares courtesy in large part to the meme stock mania and also the one and only ceo to directly engage with his reddit and robinhood-based supporters through a new rewards program aimed at the retail revolution's movie going fateful. amc down 4.8% but still up nearly 1,900% since just the start of this year. adam aron gets to be chairman and ceo. crumbling roads and bridges how about a high speed rail? rural broadband and that's just the beginning of what the most important infrastructure issues are that the country needs to tackle, but which one needs to go first as the senate attempts to tackle a bill it can actually vote on, that's happening right now but in a fox business exclusive, former transportation secretary elaine chao is here on which project she says must shoot to the top of the list.
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liz: we've got breaking news out of washington d.c. right now, the senate is about to hold a vote to break the republican filibuster holding up the motion to proceed to even just start the debate over that bipartisan infrastructure bill. now the senate is holding the first of two votes right now the second one is the infrastructure bill. republicans on that portion of it are not exactly complaining about the bill itself, which was brokered with the democrats right in a bipartisan fashion? what they are arguing is that senate leader chuck schumer is pushing this test vote that involves a piece of legislation that kind of hasn't even been written yet, by the team of bipartisan senators, who originally hashed it out. this test vote needs 60 votes to pass are you with me here? meaning all 50 democrats and at least 10 republicans need to vote yay to move it forward. that's unlikely to happen, but as the political wheels grind
ever so slowly our nation has very pressing needs from fixing crumbling rail systems to building nationwide electric vehicle charging network, infrastructure stocks from caterpillar to charge point all stand to gain, they must feel that we're kind of on the precipice of at least starting to talk about this , they're all in the green let's bring in fox business exclusive, elaine chow who served as transportation secretary during the trump adminitration. welcome, second second, thank you for being here. >> thanks for having me. liz: we've got this developing story out of d.c. but you having spent four years scrutinizing the nation's infrastructure, you know, from where you stood at all those years, what would you say is the most urgent area or projects that need to get done? >> well you know, lots of administrations there's always a lot of attention paid to urban america, and with about 20% of highway dollars going to transit , to fund transit systems
, urban america gets more than its share. it's rural america that is really needing the infrastructure investment and dollars. for example, the majority of weak bridges are in rural america. unless anyone thinks that only rural residents use rural roads, that is not the case. 44% of urban dwellers at some time or another travel on rural roads. we also see a disproportionately high rate of accidents occur on rural roads, so just from a safety point of view, we've got to address the needs of rural america, but i don't think it's unreasonable for many of the senators to ask that there be a bill to exist before a vote be taken on that bill, so it's kind of difficult to decipher what the democrat leader's
strategy is, whether by calling for this vote that he knows is going to fail, is he really trying to put more pressure on the group of 22 bipartisan senators to come to writing an all text of a bill or whether he's trying to sabotage it. i believe that there is ample room for a bipartisan effort to ensure that infrastructure needs are met in this country, so i hope that will happen. liz: let's just say the vote has just begun on the floor of the senate, so we want to let our viewers know that. putting aside the politics of all of this and you talk about rural, the 10 states that spend the largest percentage of infrastructure back in 2019, the numbers that we have, nebraska, tennessee, north dakota, south dakota, alaska, hawaii there's a lot of rural area there so you do see there's some spending going on but i want to talk about -- >> but that's only one year. that's only one year. you need to take a look at also previous years, and traditional ly, rural america has been seriously underfunded and
overlooked. liz: and what are the most important things that for all president's lately whether it was president obama, president trump, president biden is this push for rural broadband innovation, correct? that's a project that a lot of people want. as i hear it, 25 million americans have no internet ability, and so we've got to get them up to speed and we've seen from the pandemic they need it. what kind of money can we get , what be spending there, because the bill at least in the original form has about 65 billion that be targeted toward that. how do you pay for it? >> well i think there's widespread support for broadband , especially in rural areas as well. in the previous administration's infrastructure bill there was also a huge amount of attention, and dollars, paid to broadband, so i don't think that is something that is in disagreement. the issue is how do we get all of the rest of the moneys that
are supposedly for infrastructure to actually go to infrastructure? so for example, because of the $2 trillion package that was passed this march, march 11 of 2021, the states are a wash in money, and i for one would like to see states be allowed to use the moneys that they have received in march of 2021, for infrastructure. currently they can't do that so that be something that be very helpful. liz: well in the pay for , in the financing of the bipartisan bill for the 1.2 trillion, we can put up what some of the ideas were specifically for broadband, if you sell the 5g government spectrum, what they own, that could possibly haul in , according to this , 65 billion, which then pays for the 65 billion broadband, but they also said public- private partnerships, redirecting unused covid-19 relief funds, that could be
80 billion. we do have to figure out a way to pay for it but on top of that , i no one of your passion projects when you were the secretary of transportation was looking into the possibilities around autonomous vehicles. most of them that i have seen, the prototypes, are all electric how do you feel about the all electric charging station network that president biden is pushing for? >> well i think the issue of autonomous vehicles is kind of separate from electric vehicles. they're all building for the transportation system of the future, which was one of my top goals in preparing our nation to be able to usher in, so autonomous vehicles are coming, obviously we're still trying to figure out how best to deal with the labor force, because obviously, as there will be some implication for the labor force, and i think there's a great deal of concern about getting into some driverless vehicles on the part of the american consumer, so i have always challenged those who
are producing autonomous vehicles to share their confidence with the rest of america, because without consumer acceptance, their growth will be stunted and as for electric vehicles and also charging stations i think it's really important to have widespread charging station network and that should be done not by the government, but by the private sector, because there's a great deal of what's called range anxiety. people don't buy electric vehicles because they are afraid that after 250 miles or 350 miles, they won't be able to find a charging station, and then they won't be able to go any place and they will be stuck where they are, so having that infrastructure of charging stations is important and i believe that the private sector should take the lead on building that. liz: yeah, you know, and elon musk last night tweeted that he is doing it by the end of the year going to make super charging networks that are related to tesla open to other e v's so maybe you're right let the private sector win here.
secretary elaine chao, wonderful to have you, thank you very much we appreciate your perspective and we'll keep an eye on the senate infrastructure test vote which is happening right now we'll have the results when it's over. thanks for joining us. all right, electric vehicles speaking of which, not just for roads anymore, why you could soon be flying on an electric airplane in the not so distant future. folks, we are about to show you one, but first the nasdaq and the s&p hitting new session highs just seconds ago. the dow still higher by 275, closing bell ringing in 36 minutes, the "clayman countdown" is coming right back. please stay with us. (struggling vehicle sounds) think premium can't be capable? think again. ♪ (energetic music) ♪ ♪ ♪
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conference and what he said has bitcoin popping right now, very close, just off session highs here you can see it's moving higher by 6.9% to 31, 750. musk, twitter and square dorsey, and cathie wood participating in this live discussion which aimed to demistify mainstream narratives and bitcoin and musk says tesla, spacex and he personally owns some of the crypto along with ethererum and dogecoin, he's not sold any of it, plus, he discusses the environmental impact of bitcoin, here is what he said. >> if the price of bitcoin goes down, i lose money. i'm not sort of, you know, i might pump but i don't dump. in general, a quarter of bitcoin and the idea in general, but we have to watch out for crypto
taking, especially bitcoin, using it to maybe use energy but too much and not necessarily good for the environment. liz: musk also said if bitcoin gets over the energy hurdles, tesla would most likely resume accepting bitcoin. that's separate from the fact that tesla actually has bitcoin on the books but of course, tesla had stopped accepting bitcoin on those environmental concerns, because, you know, mining bitcoin takes a huge amount of energy. you see what bitcoin is doing but look at ethererum moving 9% higher at the moment, at 1,946 still not at that 2000 level it had seen a couple months ago and litecoin up 7.25% we got to look at ripples xrp, which is higher as its lawyers submitted a supplemental letter to support their request for dismissal of that ongoing sec case against
ripple. basically the sec has said, in essence, that xrp is not a cryptocurrency, it's not a currency, it's an asset; however , ripple says wait a minute you told us it was a cryptocurrency and we've been operating as one, in the meantime you see xrp moving higher by 6.5% and just as business leaders debate the future of cryptocurrency, major airlines are already betting heavily on the future of flying. united airlines has purchased 100 all electric airplanes. the company called hart aerospace is pledg ing to deliver the first electric airliner certified for commercial flight by 2026. that's just two of the cases here, so as the airline industry jet sets toward battery powered planes, when will an all- electric future really take flight? lid lydia hu is live at a electric start up in san francisco, california can't wait to hear about this. reporter: yeah, liz, but like you said to answer your question
about when these all electric fleets could take flight, you know, you said it. hart is going to deliver these aircraft they say within the next five years but it could be longer than that before we see them take flight with passengers on board and that's because the faa has to have time to evaluate this aircraft and determine that they are air safe for passenger carry. now after these aircraft are delivered to united airlines it's going to be a far cry from a 747 cross-country flight. these airplanes are smaller, they carry about 19 people, and they travel about 250 miles so think more in terms of a regional flight, but what's coming to the market sooner is this. take a look. this is a hybrid electric autonomous cargo aircraft so these particular aircraft will, they say, transform e-commerce delivery, they promise to shave days off the delivery of package s. you can expect to see this in commercial use in about two years. it operates a lot like a helicopter so it needs no runway
, it can take off and land directly from warehouse-to- warehouse carrying about 500 pounds and now while these aircraft will transport parcels and packages, the engineers say that the development of this hybrid electric technology means passenger travel on all electric planes is not that far off. >> what you're starting to see is airlines getting ready to adopt electric air taxis for short range for two to four passengers at a time and then you see commercial shippers on the logistics side getting ready to adopt systems which will run middle mile express parcel between warehouse-to-warehouse. reporter: now, the range on aircraft like this with the hybrid technology for the parcel delivery, about 300 miles and it works a lot like a hybrid car, where the battery is recharged in the air, as it's traveling. they say that they are also in
the works to develop an all electric parcel delivery service but that's going to take several more years, liz. liz: oh, my gosh i'm looking at those pretty fascinating can't wait. thank you very much, we love american innovation, lydia hu thank you so much. a firm is a stock actually taking flight in today's rally but could new competition in the online loan space threaten the pay pal maffia members juggernaut? a firm up 5% the all-star team though looking to claw the fintech championship belt away from the competition joins us next. investment titans joe moglia is here for day one of trade for his spac target, and they make the investor case and by the way the stock is hitting session highs right now so you've got to hear their story, closing bell ringing in about 26 minutes. green on the screen, folks and we do have the dow jones industrials very close to the highs of the session here, up 283 points the high, 286 to the
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liz: with all the trading action , right? not only that, we are squarely in the middle of what is on track to be the busiest week of the year for ipo's with names like exponential, caribou, we've got disco, we've got so much in the public markets that are jumping into the water here but with 624 ipo's launching so far this year, the renaissance exchange traded fund shows that more isn't starely better. it is down about 1.25% year-to-date compared to the s&p 's 15% run this year. in fact, the pure play ipo's that have priced this year nearly half are trading below their debut price. all this as some of the shine
came off the spac world this week after bill akman's blank check pursuit to buy 10% of universal music collapsed but all of the negativity in the ipo and spac universe is not stopping wall street and football mogul joe moglia from unaring the ball up the public markets field right now unthe final half hour of its first day of trading, it's one penny away from its session high here we go let's bring in the man who saw opportunity in opportunity financial, former td ameritrade chief joe m oglia, along with jarod kap lan. normally, joe i'd go with age before beauty but i'm going with jarod, because i've got to tell you, we've got to let our viewers know you facilitate loans for those who normally are not able to access credit because well they mostly are employed they make an average of 50 grand, they don't have much in savings. how do you facilitate those
loans? >> that's right well first thanks for having me. it's great to be here on the first day of trading and sharing the screen with the coach whose been a great partner, but what you said is right. you've got millions of people out there that have poor credit. they've been abandoned by traditional banks who rely on fico, and traditional credit scores to determine their ability and willingness to repay and we've got some really cool proprietary credit technology that can figure that out based upon alternative data, based upon how you use your cash flow and bank account, based on different behavioral factors and we power banks with that technology, so that they can facilitate this access to a customer who needs the funds to pay for every day and unexpected expenses. liz: well, okay, you just talked about everyday or unexpected expenses that come up. you need to give us a window into how these consumers are doing, because right now, it's kind of iffy. we have a very strong and recovering economy, but this new delta variant rising, you know,
rearing its head once again, joe , makes he wonder. aren't you a little concerned about how quickly the tables can turn? we know that loans are defaulted upon in tough times. >> well you know, liz, from my perspective, i think jarod's customer base, whether the markets are up or down that doesn't really influence them that much. they are kind of almost always in a little bit of a state of recession. now your point about the possibility of greater covid i think there's a lot of confusion in terms of what's going on with the broader inflation and the fact we're about 1% off the all-time highs i think that is something to be concerned with. that's not going to impact jarod 's business but as an individual investor, i think discretion be the better part of valor right now. liz: jarod, 75% of the decisions about whether to grant your customers loans are automated, right? ai? in my day, and correct me if i'm
wrong, those were called robo loans and we ran into some trouble because we couldn't tell exactly who deserved it and who didn't. how can you ensure at oppfi that you don't make any errors using ai? >> yeah, that is the beauty of advances in technology and using the best of ai and machine learning, and it was a long process, right? over the last five or six years , we started 0% were automated, we've always done business the way the customer wants to do business, but then as we had this huge data set we have over 7 billion data points covering over 15 million repayment events at this point, where we could figure out which alternative data was the most predictive and use that to automate the decision process for the customer, and that's what they want. they want a quick decision. liz: yeah, i'll tell you something that i did notice, because joe doesn't believe me but i read the s-1, i did, and i also looked in, i did more in
depth look and some of your competitors, and i'm going to name them because they are publicly traded, up start and catapult, obviously, a firm. some of your metrics and internals are actually stronger than there's, and yet, you have a smaller market cap. where is the runway here, joe? where do you see true opportunity? i know that oppfi is also giving out credit cards that now enable these customers to actually charge cards and things like that. you have to tell me where you see the real opportunity going forward. >> yeah, so liz i agree with everything you had said other than i'm not sure you really did read the s-1 but i agree with everything you're saying in terms of the market cap. liz: i did. >> between oppfi and some of the others but if you kind of take a look, opffi had incredible success with one product. they have to have multi products and they've rolled out a couple that have more down the road so i think as time goes on, the
marketplace is going to really recognize the significance. oppfi doesn't have okay technology, they got incredible technology and over time the marketplace will realize that and what i think is happening because the one product i think the market is giving us more of a consumer finance level and overtime they realize how impressive and how good our technology is, i think that jumps to a fintech multiple which could be an incredible growth in the stock. i think though that's not necessarily tomorrow, but certainly over the next couple years though. liz: okay, we're watching the stock. it is doing well today in it's debut, we'll be watching the company as we look ahead. joe, jarod, congratulations on the debut. we are coming right back, don't go away. experience our advance standards safety technology on a full line of vehicles. at the lexus golden opportunity sales event. get 1.9% apr financing on the 2021 rx 350.
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liz: google is bat oning down the hatches for a legal storm the biden administration's new department of justice anti-trust nominee has a history of representing companies that have sued the search engine giant. let's bring in charlie gasparino , conflict of interest, what? no/yes? charlie: google we say that let's get to news and we can bounce this around. here is what we know. sources are telling the fox business network and these are essentially anti-trust lawyers, lobbyists, people in d.c. who deal with the justice department anti-trust division, plenty and deal with companies they are saying that the biden administration is in all likelihood, you know, can't guarantee it, but it's pretty guaranteed, will seek a waiver, so their appointee to be the head of the justice department's anti-trust division that's jonathan kanter can represent the government, essentially the lead lawyer, of
the government, behind the scene s, probably won't be in the courtroom, you know, usually hire outside people to do that on major anti-trust cases but he might. he is a seasoned litigator, they will try to get him a wave or so he can be front and center and the reason why is because he's represented companies that have sued google, attacked google, he's represented microsoft in a lawsuit and representing yelp, for the initial action that began during the trump adminitration towards the end of the ten use i think it was october 2020 so they are seeking that waiver and we understand google is going to try to get him thrown off the case, try to get a court to intervene just the same way as amazon is doing and i believe apple is doing, with lina khan, the head of the ftc, whose ruling on some amazon cases, including its purchase of mgm studios, but the biden administration, from what i understand, feels pretty confident he's going to even withstand that. they feel very confident he's
going to get through the senate despite the fact he could raise issues on his conflict of interest and he's a hard and progressive and one of the reasons why is because a lot of gop conservatives can't stand tech either, so the perfect storm is brewing. you wouldn't see it in the stock price of google or most of the tech shares, liz. investors are not really counting the regulatory risk and the breakup risk in these companies, and the risk that government does allow them to get bigger, but there's no doubt that the biden administration is putting together an anti-trust team between tim woo, between lina khan, between jonathan kanter, that has got a bullseye on the back of the big tech companies, and from what i understand, it begins with this waiver that they seek, so jonathan kanter can be part of the case, and as you know, he's an appointee but again i think he's going to get approved. i think republicans are just as
anti-tech these days as democrats for different reasons, and you know, sometimes they do agree that these companies are too big, and five companies ruling the world scares people, so that's where we are right now. i'm not saying that's a good idea. liz: yeah, i get it. charlie we got breaking news here, the senate test vote on the bipartisan infrastructure bill has just now failed. the vote, along party lines of course 50 votes each but senate majority leader chuck schumer switched his vote to ney at the last minute, in order to be able to bring the bill up for a vote at a later date. politics, folks. washington and politics. all right, coming up, why you should check into hotel stocks, our countdown closer is next, with his name. stay with us. ♪ ♪
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♪. liz: okay, you guys in the commercial break. we just hit new session highs. the dow is now up nearly 300 points. call it 294. getting a little ahead of my skis there. s&p 500 up 36. a new high for the nasdaq, up 124. very interesting market behavior while the delta say rant may be making folks think twice about a lot of things, particularly about travel. sector stocks in that realm are holding up beautifully. airlines are moving higher by anywhere from two to 4%. cruise lines which did fantastically yesterday after a very ugly monday, they're doing very well too. we do have carnival up 9%. royal caribbean up 5%. look at norwegian, again the leader up 10%. our next guest is in the hotel business among other things. fortunately he is also investing in one as well. circle squared alternative investments president jeff sica
is here. you're not afraid to go into hotels. which ones? >> what you're seeing in the hotel industry, companies like marriott, wyndham, they're my two favorite companies they're benefiting. it is obvious the leisure travel hears come back. you have bidding wars in the hamptons for hotel rooms. you have mediocre hotels renting rooms for exorbitant prices but the business travel hears yet to return. you had a lot of companies that put off business travel in the tens of billions of dollars that put off during covid that now need to spend those budgets. what i'm seeing being in the hotel industry my seven what i'm seeing i'm seeing bookings going out 2021, 2022, of pretty significance relevance because some of these conferences, some of these business meetings that were, were put off for two years, now they're combining. there is going to be a big
expenditure from corporate america. liz: they have a great year-over-year picture. big picture on netflix. i know you've been a bull on netflix. did you buy ahead of the bell yesterday? people expect the them not to do well on subs and sure enough the stock is moving lower? >> fact that the subscriptions were not good shouldn't surprise everybody. last year, people were burned out on netflix, tired of recycled content. i think with the $17 billion that netflix will be spending in content this year, with the second and third, fourth quarter, you will see subscriptions increase significantly and the addition of the gaming, of online gaming, of video games is going to be significant for netflix because of their massive subscription base. now i think now is a great time
to jump in and take advantage of it. liz: all right. jeff zika, wonderful to have you. nice beard, my friend. i haven't seen that lately. [closing bell rings] dow industrials pushing higher. close to session highs. another good day. call it rebound day two. we'll be at it again tomorrow. who knows what the markets which bring. that will do it for "the claman countdown." ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. we begin tonight with use of the u.s. and germany striking a deal that will allow the completion of russia's nord stream two pipeline. before we dig deep into this major policy blunder let's go right to edward lawrence at the white house with the latest. edward, what is going on? reporter: larry the administration trying to have it both ways. senior state department officials say they oppose the
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