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

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why we love you. i hope the honeymoon's till going strong. [laughter] all right, talk to you again real, real soon. in the meantime, folks, this is a meltdown. this is the ugly stuff, but selling because beget selling. we do have an element of panic in there. it's fine. opportunities are bubbling up. lauren simonetti's got the big job of holding your hand for the next hour. lauren: yeah. the final hour of trading often sees the most surprises. charles, thank you. we are watching a friday afternoon selloff as the omicron variant gathers steam across the globe. the nasdaq, take a look here, it's taking the biggest hit as the nation's unemployment rate fell to a 21-month low of 4.2% in november. that's good news. but that could the mean rates are going up. the jobs report sending the market a signal that the fed may, indeed, speed up tapering of $120 billion in assets per
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month and, yep, hike interest rates sooner, maybe faster. our floor show experts are ready to break it all down and how it affects your portfolio. meanwhile, this latest omicron variant confirmed in six statements. we're going to talk to the ceo of express spa as it gears up for more testing at airports. and we're going to talk to crypto's youtube the sensation carl "the moon" rumsfeld about charlie munger's latest crypto-bashing comments. what he has to say about that in a fox business exclusive. and right now the major markets are, indeed, at the lows of the session. the tech-heavy nasdaq on pace for its lowest close since mid october as investors rotate out of growth stocks in anticipation that the fed will be quicker to pull back its stimulus and hike interest rates. exacerbating moves lower are
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comments from st. louis fedhead james bullard saying the fed should end its bond-buying program by march. bullard will be a voting fomc member next year, he sees two rate hikes in 2022. all of this as the november jobs data shows much slower than expected job creation. non-farm payrolls increasing by just 210,000 for the month. however, the unemployment rate, it fell sharp. ly to 4.2%, the lowest since february of 2020 the, aka, right before the pandemic began. it's confusing, i know. department of labor secretary marty the walsh tried to explain it -- marty walsh tried to explain it. here you go. >> my marching orders are to get people back to work, get people trained up. the prime minister's focus is give -- the president's focus is getting people into good paying jobs. lauren: we have our floor show traders, adam, what do you make
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of the jobs data? >> it's a little bit of a messy month. there's some contradictions in the data. like you said, the payroll are number came in disappointing at around 200,000, but if you look at the households survey which surveys house helds instead of businesses, we had over a million jobs. that's why the unemployment rate fell. i tend to lean a little more to the household survey this month. i think the establishment survey's got some weird noise going on, some weirdness in the adjustment factor. now, overall i'm a little bit more optimistic than i think a lot of people are reading the survey. lauren: so, tim anderson, what do investors think that means to the federal reserve and their interpretation of the economy? >> it's very significant we've had two regional fed presidents in two days say that the bond-buy should end by the end of the first quarter. that's moving up the timetable up a full quarter further than what you would get if you
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calculated out the rate at which they initially started to taper. so i think that that's a purposeful signaling by the fed, and i think that what's going on in the market really, when you want to talk about the jobs report today being a little light or omicron virus making some people very nervous is that market is really wringing out a lot of the excesses that have been built up in valuation and very, very, very -- in stocks that have had very strong gains over the last year. and i think it's actually healthy longer term for the market. now, it's painful if you're in those stocks, but some of the stocks which a few of your guests have mentioned or some things that are down 30 or 40% whether it's coinbase or etsy or some other very high-data, high-valuation stocks are coming back down to reality.
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it's not necessarily a complete and total rout across all avenues of the market. lauren: adam, what do you think investors are more scared of, the omicron variant or the fact that interest rates might be going up a little bit sooner than they anticipated? >> yeah, that's a great question. i think both are reasonable concerns, for sure. we really don't know what the new variant is going to do, what it's going to be like and, frankly, there hasn't been nearly enough vaccination to the point that we can be confident. so those fears are real, and that's not something the economists are are very good at forecasting. when it comes to the fed, my hope is they're taking a more expansive view of what a strong economy looks like, a good labor market looks like, but i am concerned they are going to focus too much on short-term things like inflation and labor shortages. i hope they look through the noise that we're seeing now and realize we still have a significant way to go, and we need accommodative monetary policy to get there.
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lauren: excuse me, did you just say inflation is a short-term concern? >> yeah, that's right. i mean, it's lasted longer than fed and the biden administration expected, there's no disagreement about that, it's gone higher than they expected, but, you know, that's a result of some policy mistakes that were made, but those policy mistakes are are behind us, and i think going forward the important thing is to look through the noise and to not overreact to the inflation data that we're seeing, focus on the labor market where we are still millions and millions of jobs short of where we needed to be. lauren: tim, i think fed is going to do just the opposite of that. the chorus is so overwhelming for them to focus on the inflation aspect of things, hence a taper faster and maybe a faster hike when it comes to interest rates, and that's one of the reasons why you're seeing tech the get wrecked today. i mean, tim, isn't now a good time to step away from this growth sector? it's held on for so long, and
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it's one of the huge reasons that investors have done so well since the pandemic. >> i think you have to be very selective and realize that if you start buying some of these tech the names that have sol off very sharply over the last 3 or 4 weeks, there the may be some more downside. so i don't think think you want to go all in today or even next week, but there are names that people will, some very savvy investors will start to nibble on very shortly in the tech the space. lauren: all right. and right now the nasdaq struggling to hold 15,000 the, could be the worst of the three major averages by 2.7%. tim anderson, adam, thanks percent time and have a great weekend. breaking news right now, the senate last night voting to pass a top gap bill -- stopgap bill to fund the government until february the 18th. but congress still has not one, but two more major hurdles the climb. that's passing the debt ceiling and reaching an agreement on the social spending bill.
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build back better, or as some people like to say, chad pergram, build back bankrupt. he joins us live on capitol hill with the very latest. what is the latest? >> reporter: the good afternoon. one down, two to go. congress averted the government shutdown late thursday. a group of gop senates threatened to filibuster funding over vaccine mandates. >> this agreement there will be no shutdown, and i appreciate the work of my colleagues on both sides of aisle to reach this point. i am glad that cooler heads prevailed, the government will stay open. >> reporter: so the federal lights remain on through the middle of february. senator mike lee wanted the senate to vote on repealing vaccine mandates. he got his vote, but it only mustered 48 yeas, all republicans. >> i think it's difficult to understand why anyone would want
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to use the overpowering force of the federal government to to someone -- to tell someone that if they don't cooperate with the ordained presidential medical orthodoxy, they will be fired. >> reporter: democrats joe manchin and kyrsten sinema voted against repealing the vaccine mandates, but can democrats stick together the pass social spending package? >> and now it's time for joe manchin and kyrsten sinema to close the deal, for goodness sakes. enough is enough. we've negotiated long enough. >> reporter: democrats aim to pass their big spending bill by christmas, but first they must raise the debt ceiling. lauren? lauren: they've got a lot to do. chad pergram, thanks for the time. testing rules for travelers sent to go into effect monday, the express spa is ceo joins us right after this. the dow jones industrial average down 345 points, down 1%. big swings many both with
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directions all week. "claman countdown" coming right back. ♪ ♪ i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com [energetic music throughout] what's strong with me? i'm ready for anything. find out what's strong with you with fitbit charge 5 and daily readiness. you're a one-man stitchwork master. but your staffing plan needs to go up a size.
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lauren: biden administration announcing plans today to ship 11 million covid-19 vaccine doses to africa and lower income countries as part of a global effort to control emerging variants and ramp up vaccinations. the move comes as public health officials reconsider booster shots for all as the omicron variant makes its way across the globe now detexted in at least -- detected in at least 38 countries and 6 u.s. states. and with president biden's tightened travel the restrictions now going into effect this monday, are airport testing locations prepared? to the express spa group ceo, doug saxson, in a fox business exclusive. what have your talks been like with the cdc,? if you're coming into the u.s., you must be tested one day before you enter. >> that's right. we got activated focusing on omicron very quickly over the thanksgiving day holiday, literally the call on friday was to set something up by the
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weekend to shift our pilots into a full program focusing on variant detection for international travelers coming in starting with southern african countries. so very quickly we converted our operations in jfk, newark and sfo to focus on the, and then we added in atlanta at the same time the at their direction. lauren: and you haven't found anything out yet, right? because it takes a few weeks to go through the results of these tests? >> we take samples when people arrive, and we send it off to an off-site lab. it might take a couple days. lauren: dr. fauci was on fox business earlier speak to neil cavuto the. the this is what he had to say about pcr testing. >> this particular variant gives a certain signature on a pcr test, neil, so that even if you don't specifically look for this variant, when you do the a
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standard pcr, it has a certain signature that something is missing in the binding of this particular primer that we say when you coa molecular test. the good news about that is that the standard pcrs that we use will pick it up. lauren: and that was my question. i wasn't sure because it's constantly changing. there's so much we don't know. are a the boosters, are the vaccines, are they able to hold up against this variant, and are the tests able to detect it? and according to dr. fauci, that is case, they can the. >> yes, we absolutely can pick up the variant, but we may not be able to tell which variant it is. good part about gene sequencing, if there's another variant that hasn't been picked up, it can be picked up at that time as well. lauren: tell me what next week is going to look like for you. >> it's going to be busy. as these rules change and more people come into the u.s., they have a shorter time frame to get their tests, also we expect to
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see countries possibly following suit with the u.s. policy which means more testing at airports possibly for us. so we're prepared to staff the up, and as the cdc directs us to further expand the program across the country, when we get call, we're ready. lauren: and how much are your tests? >> the testing with the cdc is no cost. they provide it free-for-all travelers are. if you're coming to an expression check, you can get regular pcr test for $75 or get a rapid in 30 minutes for $200-250. lauren: now, that's expensive. are you finding that hearse actually cosplurge on the option? -- do splurge? you're not going to have any questions because often a people are so confused, they pay for the wrong test. >> simply people want the confidence they're getting the right test to get where they're going. so when you come to an express check at an airport, you'll actually the get the right test
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before the right country. lauren: kid you ever think the you would be doing? you operate spas in airports. you get a quick manicure, now you're doing swabs. >> now we're massaging inside of your nose to make sure you're not contagious. lauren: night privet. >> hats off to my team who work very hard last year to leverage our real estate and offer service that's high in demand right now. lauren: what about flu shots? >> we offered them last year and also this year. when you're at the airport and you haven't had time, stop on by, we'll swab you and stab you. [laughter] lauren: i got my booster over the weekend, my flu shot in the right arm9 and the booster in the left arm. i'm dominant, the covid shot the letter arm -- >> so which arm is it? >> right? they both hurt.
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and you're talking with the cdc. any sense it's going to be the one shot, that the booster will be the booster and the flu shot in the near future? >> you know, it's hard to say. we've been working with other governments as well, the israeli government as an example who are pretty far advanced. and when we're talking to the federal government or other countries, there's still a lot of theory, you know, because this is rapidly developing. in any situation our infrastructure has been pretty uniquely placed in multiple airports around country that we can be leveraged for vaccinations or tests or any other type of infectious disease testing if something comes up. lauren: as all this changes constantly because the science is changing, how confused are travelers in your experiencesome. >> not only are they confused, there's a lot of anxiety. for some people already traveling is full of anxiety, doing it. after the. pandemic maybe it's your first or second time, but hen to worry you might get turned around by the airline or at border is very
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stressful. we've been a reliable place for people to come and get taken care of. people are doing it -- the lauren lauren the expensive risk of getting themselves, spendingg thing the time and money to get to the airport, getting to the airport and spending as much as $250 on test to possibly be told, hey, you're positive, you're going back home. >> yeah. well, the silver lining is if you find that you're positive, you don't want to be on a plane or put none at risk. lauren: thanks for the time, and thanks for what you're doing, really. coming up, college football business model's crumbling as players scramble to capitalize on their likeness. connell mcshane is in the hoosier state with the story ahead of tomorrow night's big ten the championship. and right now we check the big board. ing you can see the dow jones industrial average has really rallied back. it is still down by 272 the points, but at the low of the session the dow was down 375 points. be right back.
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♪ lauren: college football's big ten championship game is tomorrow, but the big game is being overshadowed by the headline-grabbing coaching moves over the past couple of weeks. brian kelly has left notre dame to coach at lsu, and lincoln reilly joins usc. both coaches were still under contract with their respective universities but were lured away by money, massive paydays. connell mcshane is live in indianapolis to tell us how these moves will affect the future of the multimillion dollar business that is college football. hey, connell. >> reporter: yeah, money and a lot of it. we've known college football's a big business for years and years, but those moves you're talking about kind of reminded. it was the timing prosecute if likes of reilly and kelly driven, for the most part, how
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the infrastructure works, it was the timing that rubbed some people the wrong way. you look at it in the case of kelly, ten years, $95 million guaranteed and a whole bunch of incentives in that contract for kelly. and enough for him to leave notre dame and lee some of those players -- leave some is of those players hanging. jenny taft joined us earlier here at lucas oil stadium. >> it's the a lot of money. i understand the business side of it, but what i do believe is we can no longer give these players a hard time the for not playing in bowl games because these coaches are making it about themselves. so i believe that narrative has to completely go away from now on, and and that's one thing that i think will shift. >> reporter: ironically, this is the year, the first year where players can also make some money off the field themselves selling merchandise or other items that might include their name, image and likeness. and while some deals have certainly been truck on that front, some i industry experts have been telling us the money
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hasn't really started to roll in, and one of the big reasons, the supply chain. schools and companies have had a hard time ordering new jerseys and other items that might be branded with a player's name and number, so the thinking is maybe next season the players will cash in more off the field. plenty to get excited about including the big ten championship game here in innap lid, michigan after that huge win over ohio state the still has some national championship hopes of its own if they can beat iowa here at lucas oil stadium tomorrow. lauren: and there's the pro poe. concern promo. connell mcshane, enjoy. fox business alert, the nasdaq 100 issuing fourth quarter guidance that was lower than the street expected. however, the e-signature software maker did beat analyst expectations for the third quarter, and several brokerages including jpmorgan, ubs, webush
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all lowering their ratings on the stock. it is down 44%. well, what's a day without tesla news? ceo elon musk has sold another 930,000 shares, worth more than a billion dollars, to meet his tax obligations. so if you're counting, since november 8th elon has told 10.1 million tesla shares for $10.9 billion. got that? he's on his way to meet his twitter goal of selling 10% of his stake. there's a report from the if car blog electric that said he's the la is integrating car sharing in its app, so this might be another step towards the long-awaited tesla network which is an uber-like ride-hailing app that also lets tesla owners share their cars. tesla down pretty sharply at 1,017.
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didi shares down after its listing will be moved to the hong kong stock exchange. move is expected around december the 10th. it's seen as a reaction to china's clampdown on the tech sector. didi just listed in new york in june. stock's could be 22%. other chinese tech names, baidu, alibaba getting caught up in fears that a delisting could be in their future as well. and joy, gaming company and jd dot.com also sharply lower also. and companies that have investments in didi are feeling the pain. uber owns about 13%, tencent and soft bank shares all lower today. and there's wall green's -- reportedly working on the disposal of the u.k.'s biggest chain of pharmacies called boost. sky news says the company is lining up with goldman sachs to explore options including potentially spinning the chain off into a separately-listed
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company. and hold the phone, we have a green arrow. walgreens stock, on that report, is up 4%. [laughter] well, warren buffett's bff showing no change of heart towards cryptos. we'll ask a crypto guru what he thinks about charlie munger's latest attacks on digital currencies. you don't want to miss it. and you can see the dow is down just 200 points, s&p down 60 and the nasdaq down 2.5% or 382 points. s holding 15,000 right now, we'll see if it does come the close. it's been a volatile week for the stock market as we get the new variant, the omicron variant, around the world. investors digesting what that means. we're coming right back. ♪ ♪ unny vrbo ski chalet. with endless views of snowcovered peaks. but the thing they'll remember forever?
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lauren lauren we have some breaking ne. we have seven cases of the
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omicron concern i should say we have omicron variant in seven states. maryland being the seventh. governor larry 40 began announcing the first confirmed cases of this variant in maryland just moments ago. take a look at the market. you know, i asked the question to our panel earlier, the floor show, i said what are investors more scared of, is it an interest rate hike or the omicron variant. and it looks like it's the interest rate hike perhaps because we have news of this, another state with the variant, and the dow's could be 123 points, well off the lows of 375. nasdaq is too off its low by about 100 points right now. so maybe we'll recover in the final 25 minutes before the opening bell and the end to a very volatile the week. and bitcoin is falling to its lowest since early october as famed investor and vice chairman of berkshire hathaway charlie
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munger ripped apart cryptocurrencies. warren buffett's right-hand man wishing cryptos had, quote, listen here, guys, had never been invented and that china made correct decision which was simply to ban them. buffett's bff going on say, quote: i consider this era even crazier than cot come every rah. i don't -- dot.com era. i don't welcome a currency that's so useful to kidnappers and extortionists. the people we're getting many cryptocurrencies are not thinking about customer. i wouldn't want any one of them to marry into my family, end quote. remember back in 2013 charlie munger told liz claman in an interview along with warren buffett that bitcoin was rat poison. all right. despite crypto bulls fighting back, you cough cryptos, bitcoin, ether, litecoin all down pretty sharply today. yes, it is a volatile day, but let's go to one of the biggest crypto the investors online
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there is with over half a million subscribers on his page, the moon joins us now in a fox business exclusive. carl, good to see you. >> thank you so much. thank you for having me on. lauren: tell me why you think charlie munger is kid wrong. >> because he's old and boring. [laughter] i can't come up with a better answer than that. lauren: do you think he just doesn't understand this stuff? and i don't say that to be the ageist. the more people you talk to, it seems like the younger generation just gets it more. >> yeah. it's just like, you know, e-mail in the early 2000s, it was something that was not very easy to use and, of course, older people didn't really get the point and and wanted to use, you know, normal postcards still. it's always that case that the w generation uses new technology and ultimately the better technology will win, and i think that all the bitcoin players,
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they are already capitulating one by one, but at the very end of i would say within, like, 10 is, 20 years i don't think we will see any more bitcoin bears because bitcoin will be fully integrated in our lives, potentially even our reserve currency. so, i mean, it would be very -- [inaudible] lauren: charlie munger can certainly e-mail, i just want to point that out. but i want to alert our viewers to micro strategy, speaking of bulls, owns $3.6 billion worth of bitcoin and buy it at whatever price, don't sell it, hold it. but he made comments earlier today. he said, look, i'm not going to go out and use bitcoin to buy a cup of of coffee, nor should you. the dollar is currency. bitcoin specifically is the world's reserve asset. would you agree or do you think it has transactional value too? >> well, as bitcoin works told, i think he's correct that you
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can use bitcoin as a medium of exchange because the transaction fees are slightly too high for small transactions like, for example, a cup of coffee. but, of course, if you want to send a million dollars or even a thousand dollars, the transthe action fee will probably not be much higher than $1-2 which means that bitcoin is the best form or the safest way of transferring big values around the world, and you can even transact -- [inaudible] which is, of course, impossible with the -- [inaudible] current system. but to make bitcoin, the medium of exchange, we need a second layer off of bitcoin because the bitcoin itself, they don't handle that. ing if bitcoin was gold, it would not be secure.
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[inaudible] for these very, very quick, small payments like buying a cup of coffee, there the will be second layer -- developed. not very user-friendly yet, but hopefully in the future -- but, for example, me and my friends, we have taken our own spin on this, and we have traded -- the. [inaudible] where we are going to create a second layer on top of bitcoin where you can have transactions and, essentially, being able to split bills if you go to the restaurant with your friends. because it's the very, very important. if bitcoin cannot do this, then i don't see bitcoin ever becoming a world are reserve currency. of course, it can be the gold -- lauren: and an indiana inflation hedge.
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>> for sure. bitcoin is best inflation hedge in the world actually. i think we have never, ever in the history of humans ever seen an asset that is as -- [inaudible] as bitcoin because the total scarcity where there can never be more than 21 million can only take place in a digital world. so more scarce than gold, more scarce than diamonds, more scarce than even picasso paintings because, who knows, maybe we find some room full of picasso paintings. i just think that it's very, very concern. [inaudible] that bitcoin's not only the best store of value mt. world, but it's the also, i mean, essentially bitcoin is the store of value, but i'm very, very sure that it's also going to be -- [inaudible] as soon as we face problem of it being too slow -- the. lauren: ten seconds, when. when will it be the medium of exchange, in your view? >> within 20 years it will be the world reserve currency. medium of exchange i hope
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already in q1 next year. lauren: i thought you meant 20 years for exchanging. wow, got it. >> no, no, no. lauren: carl, thank you for the time. nice to see you. >> thank you so much. lauren: right now oil is in a bear market, yet gas prices remain stub the bornly high. $4.99 here in new york. but could there be relief at the pump thanks to opec plus? madison alworth is live at a new york gas station with all the stats. and we check big board, the dow jones industrial average down 233 points. friday it was down 905, gained back 20 monday, lost 1,000 tuesday and wednesday, up 600 yesterday. you get the idea. that volatility continues today. we'll be right back. ♪ ♪
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♪ lauren: breaking news, a man in philadelphia has tested positive for omicron, the first case in the state of this newer variant of covid-19 in the state of pennsylvania. we told you about five minutes ago that there was another case in jan. now pennsylvania. -- in maryland, now pennsylvania. markets taking it all in stride. the dow still down sharply, s&p down 1.5% and the nasdaq down 2.7% today. take a look at shares of zillow, up after the online real estate company announced it has sold more half the homes it purchased in a home buying spree. at the beginning of november, zillow said it would lay off about a quarter of its work force as a direct result of flipping homes during a
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three-month span, but now it plans to repurchase 7 a 50 -- 750 million in its own stock. management also revised fourth quarter revenue projections up to 2.3 billion from 1.7 billion. so zillow, nice today, up 10%. i guess investors bought the dip the past couple of weeks. and let's take a look at price of oil, down slightly after the producer group opec plus said it would review its monthly production increase if commands for oil weakens on these omicron fears. we go to madison alworth at a fast station in new york where gas prices are much higher hand they were this time last year. if you look at the national average, madison, it's the up $1.21 in the past year. but i always like to say when with we're looking at oil prices, they take the elevator inand then the stairs down. -- up, and then stairs down. so the price of oil if it goes down, it isn't reflected in a timely manner at gas pump. it never is.
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that's how the market works. >> reporter: absolutely. you're seeing it first han. you just told us oil prices could be, gas prices still very high, particularly high at this station in new york if, lauren. almost $5 for regular here in the city. you know, the national average is much higher than last year. it is slightly down though from november. so let's take a look at where we stand today the versus even just a month ago. so last month the national average for gas, that was $3.40. we're doing better today but still nowhere near last year's price. today the national average price for gasoline stands at $3.37 a gallon. last year, $2.16. when it comes to improving the situation at the pump, in november the president announced the release of 50 million barrels of oil from the strategic petroleum reserve. on average in 2020, americans consumed 18.19 million barrels
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of petroleum a day. so that's a drop in the bucket. opec plus has decided to increase its daily production of oil by 400,000 barrels per day in january, but the increase is modest at best, and it might not even a happen. opec plus is leaving door open to adjust that increase if omicron lessens demand for oil. taking a look at oil prices, they were slightly down this week, creeping up a little bit back today. this all happening around the announcement because of that covid-19 variant. and you said it perfectly, lauren, you know, we're seeing that price of oil go could be hopefully -- go down hopefully further. but when it comes to the pump, we're right around that same mark. a long way to go compared to where we were last year. lauren? lauren: a long way to go. madison alworth, good to see you. thank you very much. well, used cars still flying off the lots, but today's countdown
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closer thinks one publicly-traded and popular used car company is a lemon. he can tell us which one when we come back. and, again, a check on your markets with ten the minutes left to the raid thing day. dow's trying to rally back, but it's still stuck down 200 points. the s&p 500 and the nasdaq also lower. s&p now down two weeks in a row as the vix, the fear gauge, hints the highest level since january. we'll be right back. ♪ muck as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals.
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week if you looking at the -- you're looking at dow. that is the longest losing streak since december of 2020. if you're looking at broader market or the tech-heavy nasdaq, each down two weeks in a row with the nasdaq taking it particularly bad. it's down 3% this week, and the fear there is higher interest rates as they affect those big tech company. twitter is near the bottom of the s&p 500 this week as jack dorsey hung up his hat as ceo for the little bluebird. marvel technology is the top gainer in the nasdaq after a positive third quarter report card and strong the guidance for the year. but then you have salesforce. it's the at bottom of the dow generals industrial average -- dow jones industrial average after it gave a poor focus on stiff competition in the cloud. shares are down about 10% this week. well, investors also hitting the brakes on carvana after wells
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fargo cut its price target to 375 from 405. our countdown closer has a view on carvana. dick fitser joins us now. so you don't like carvana. why is that? >> thanks for having me, lauren. we typically advise on diversified portfolios. but there have definitely been some story stocks that have taken off over the last 18 months, and we think carvana is one of them. it has got about a $42 million market cap. that is actually higher than or equal to honda, hyundai and kia. and those companies actually make cars. if you know carvana, they actually have a marketplace for used cars, and obviously, with this supply chain crunch, that's caused the used car market to rally. carvana does that as well. lauren: and some stocks that you
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do like, blackrock is one of them. i mean, the stock's more than doubled this year. why exactly -- i know there's a lot of reasons, but key us in on a few on blackstone. i'm sorry, blackrock, my apologies. >> yeah, it's blackstone. the world is 60-40 in stocks and bonds, and in today's low rate environment we can look for what we call a third leg of the stool, and that eastern strategies. blackstone is the preeminent alternative strategy manager in the state. private equity, private credit, private real estate, very different than the typical bank. obviously, stock has been on a tear, but we think they've got much more future growth. they're growing ark um at a 25% clip, and their top-hasline groh has been as well. lauren: retiring though. >> that's true. they've got a lot of key
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executives in place, and i think they're set up really well for this environment where investors are seeking yields to overcome inflation. the traditional treasuries, traditional muni bonds, after inflation their real yield system so low. you've got to look for different areas to capture yield for diversification -- lauren: what do you make of markets this week in. >> today is a perfect example of what we think is there there's o come of, which is volatility. the last couple of weeks, the last couple of days, there's just uncertainty. obviously, things like omicron, the fed tapering causes uncertain defor investors. but what that does do is create opportunity for active managers. so there's dispersion, you can see it today the in the market between the best stocks and the worse stocks. so that gives you the opportunity to go long some of the -- [inaudible] or going future some of the --
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lauren: i don't know if you can see what we're showing on our television, but if you're looking at the dow, i mean, come on. the low of the session was 375 points. and now it's the down 40 and change. we have really come back. i know that speaks to the volatility that weaver -- that we're seeing. investors looking at this jobs report not knowing exactly what to make of it or what the fed is going to do with it when it comes the interest rates and combating inflation, all of that. but really a remarkable comeback today looking at the dow which with a minute left to go really rallied back barely in the red at the moment. of course, the nasdaq is another story, down 288 points or just about 2%. quickly, do you think some -- if investors are rotating out of big tech the, where are they rotating to right now or is that still a question marksome. >> i think it's still a little bit of a question mark. obviously, we think you should have exposure to growth names like tech, but you should also
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look at fundamentally valued stocks which have an opportunity. so if you think of stocks that are consistent growers of dividends, consistent grower of bottom line, i think you're going to see some of those those stocks start to rally, the worst part of the pandemic acceleration. you're going to see some of those names come to the forefront again. lauren: thank you very much. the bells are ringing on wall street. that does it for countdown to the closing bell. ♪ ♪ larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. so remember the children's book where'swall coesome -- where's waldo? used to display complicated pictures where kids would try to find waldo. well, i have a very uncomplicated analog to where's waldo. it's where mark kelly? very few people know, he happens to be a temporary

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