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tv   The Claman Countdown  FOX Business  January 21, 2022 3:00pm-4:00pm EST

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they just upgrated -- upgraded the number of jabs they think they're going to put in arms, there's all sort ises of levers they can pull. i think -- charles: okay. all right. we got ya. hey, scott, david, thank you both very much. as i hand it over to liz claman, again, it's starting to happen, liz. this last hour of trading has been nuts, bananas, and it's been deadly. we're buckled up watching you for the next 60 minutes. liz: yeah. watching you and your request of leather, charles. charles: oh, what? i can't, i can't see ya! give me a return, somebody. [laughter] liz: can't afford another television? [laughter] charles: my ratings, huh? liz: and ye shall receive. investors are playing the game of survival at this hour. netflix, disappointing
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subscriber numbers may signal the pandemic trade is coming to a very quick close. markets at session lows, set to close lower for the week. the dow down 383 points. look at the nasdaq. cannot catch any kind of green at all, down a full 2%, 301 points and falling. our floor show traders are ready to reveal what they anticipate will be next week's hits and misses when it comes to earnings. and you know the biggest names are coming out next week, so you've got to stay tuned for that. intel is ready to plow the silicon heart with a $20 billion investment or new chip fabrication factories in ohio. the ceo is here live off his meeting with president joe biden on why he chose the buck buckeye state over dozens of other contend ors. and when he says high paying jobs, 3,000 of them, how high paying? we will ask him about that and much more. and the space race heating up as
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a company gets a $150 million investment from the former finishly secretary and the fund -- former treasury secretary and the fund he has set up. steven mnuchin and howard lutnick on why they're teaming up to keep an eye on the big blue planet from low earth orbit. big business story here. all that and much more. but first, fox business alert, netflix didn't make it through the first round. netflix's stock on pace for its worst daily drop since the summer of 2004. analysts rushing to downgrade the streaming leader to neutral from a buy. netflix down 22% after it forecast weak first quarter subscriber growth. netflix says it will add 2.5 million customers from january through march, but that happens to be less than half the 5.9 million analysts had forecast.
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netflix's digital peers are getting hammered, and that's bringing down much of the market here. disney, roku, discovery, paramount, viacom/cbs all pace planting. fubo down 9%. disney and viacom down 7% a pair here, and you you see in turn that that red on the screen is dousing much of the market in crimson. so let's get right to our floor show where we're joined by david trainer, uses technology to analyze every single data point in order to predict earnings hits and misses. his year-end price target on netflix, $200 a share, we're also joined by sarge guilfoyle who actually bought some netflix this morning on weakness. david, what in your research tip thed you off that netflix was going to be a big risk, and looking ahead to next week, where do you see hits and misses with the big names coming out with earnings?
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>> first of all, netflix has been hemorrhaging cash for the last ten years. over the last five years, they've burned $10 billion. you only see that if you look at the balance sheet. it doesn't flow through earnings, so it's been a very unprofitable business with a huge amount of competition, liz, that has been increasingly encroaching on streaming. and the big disadvantages that netflix if has versus these media incumbents is that it count make -- it doesn't make money, and it only has one way to monetize content, through streaming. think about disney, all the movies and theme parks and merchandise it can monetize. so netflix is a competitively disadvantaged business trading at a valuation that applies up realistic progrowth, and it's got a lot further to fall right now. liz: you know, sam, you bought it this morning. what do you have to say to david? because as you look at system of the names that are involved as
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competitors or hoo -- here, everybody's talking about disney coming out with one decent quarter, and then they look of to have a lot more money -- to spend a lot more money. >> i'm in no way a netflix bull. i bought a little last night for a trade, i also bought a little disney last night and again this morning. i am an investor in disney. i believe they have, when they're operating properly, the cash flow businesses that can support a loss in the streaming business. netflix, i think it has a negative net tangible value per share of, like, -33. that was a trade. and i am losing money on that trade. i'm not out of it yet. liz: can i hit something here, sarge? i need to jump in, a, because you're in sympathy with the leather jacket, leather friday, i like that. [laughter] but every rally seems to be sold with the nasdaq on pace for its worst week in nearly two years, does that pattern continue into
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next week, and what are you selling and buying, sarge? >> it continues for the time being until we have a catalyst that changes it. now, i'm a net buyer, all right? i'm building the positions that i kind of missed out on, and i'm trying to fix other positions. i sold ford this week which was one of my biggest winners, i sold marvel technology. i've been buying berkshire hathaway, i've been lying lithium, i missed that one on the way up. i'm buying apple ahead of earnings, i'm buying matteson which is a honolulu-based shipper between the u.s. and china that's really hot right now, and i'm buying union pacific on strength. liz: david, some of the overvalued names that are coming up for earnings next week and then the undervalued companies out there, i want you to name them ahead so that our viewers or can perhaps position themselves or at least prepare for that. >> i think a couple other stocks
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that are going to really get crushed in the coming weeks are going to be coinbase, robin robinhood, tesla. broken business models that have underperformed a lot in the last several months. beyond meat is another one -- liz: why is tesla a broken business model? sorry. >> because they have the same amount of legacy competitors, you know, that they've got to compete against. they're losing market share. they're making a little bit of money, but nowhere near what's based -- baked into the stock price. and i think that competition's only getting stronger. we see it in europe already and even in the u.s. market share's in decline. their service model is way behind what they need to support even the existing cars that they're selling. so i think that we're going to see that house of cards start to implode on itself. robinhood, you know -- liz: [inaudible] oh, go ahead. >> robinhood's a predatory business model, right in they're selling investors on exploiting other investors because they're
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just taking advantage of your order flow. i think that's not a profitable business either. coinbase is going to go up against the big exchanges, and they're not going to be able to maintain margins either. beyond meat's going to continue to lose market share. it's basically selling ground plants, and that's not much of a business model el. [laughter] so those are three on the short side that we have definitely employed. on the outperform -- liz: when you talk about undervalued -- yeah, i want to get to ones you really like. you mentioned disney, you also think verizon? if you say buy before earnings or after? >> look, i think in this environment, liz, i don't have a crystal ball to tell you what's going on. i think everything is kind of -- when the market corrects, there's an old trader saying, everything goes down. i would be on the sidelines right now saving my dry powder to let some of this pass. what a lot of people don't realize is there's a lot of leverage built into the system. and so this selling can get real bad, real fast.
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and what you're seeing, like charles was saying in the second quarter talking about bitcoin and the cryptos, a lot of wealth is tied up into these really expensive stocks, and a lot of them have leveraged themselves into buying these expensive stocks. when those stocks start to unwind and they're forced to sell more, we could see some really serious forced selling. in general, i'd be on the sidelines. but if i had to buy something, i'd be on gm and -- [inaudible] liz: all right. dow right now down 427. sarge, coming into this session top of the hour, our bottom was down 303. so we've added more than 100 points to the downside here. what's going on in the sentiment? nobody wants to go in long for the weekend? >> well, that's part of it. i think folks are pricing in not a sure level of geopolitical risk, but they're pricing in the probability of something going wrong in eastern europe, and they really can't take too much of a chance going two or three
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days without trading. so going into the weekend, yeah, you do have to take some risk off the table. take a look at the treasury curve, all right? treasuries are going our way right now. tear no longer pricing in four or five hikes by the fed. now they're pricing in a tougher environment for the economy in general. liz: yeah. 10-year yield came up way -- came way down. 1.75, yesterday it was at 1.83. sarge, david, great to have you both. it is a rocking session right here. the bears are happy, the bulls not so much. [laughter] but we've got to get to the semiconductors, the chipmakers which got slaughtered in yesterday's selloff have kind of been dividing all day into haves and have nots. texas instruments and semiconductor qualcomm was hire, it is right now down half a percent. none of these three are up for the year. and the have nots, take a look. micron, nvidia -- and, by the way, micron for the year so far, it's early, of course, but down about 11% year to date.
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nvidia down about 18% so far this year. but intel definitely in a class of its own today and at this hour. take a look at the stock. you can see it was up higherer by more than 1% after today's historic announcement that it has picked ohio to invest $20 billion in two new chip fabbri fabrication -- fabrication plants. we broke that news this morning that it will mean 3,000 high-wage jobs. but -- yeah, i was wearing my browns jersey. what have it? -- what of it? coming up, i'll ask the intel ceo on the investment he says will solve the supply chain crises of the future, who he's looking to hire and why he picked ohio over all the other contenders. 3:45 p.m. eastern. as bitcoin, which david just mentioned, falls to its lowest level in six months, our previously bullish traders still
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all in on crypto? charlie's been talking to them, he's going to break that next. with the closing bell ringing in 49 minutes, the dow continues to fall, but the s&p as well down 81 points. the nasdaq just cratering here by 353 points, a 2.5% decline. "the claman countdown" coming right back. ♪ at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner.
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liz: all right, we want to show you the dow intraday for the week, actually. the blood letting has picked up steam, the dow has lost roughly, since tuesday -- because, remember, monday was a holiday -- 1,600 points so far. so just from tuesday to friday, 1600 points. basically, the s&p p roughly has lost about 260 points since the beginning of the business week, and the nasdaq 1,080 points. and talk about timing with bitcoin hitting the skids, robinhood odd has started rolling out the beta version of its crypto wallet to some 1,000 people with the program expected to reach 10,000 customers by march. participating users are will be able to move cryptocurrencies like bitcoin and ether between robinhood and other external
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qualities. the move not -- wallets. the move not generating any kind of thrill at the moment. and david trainer, he's completely against robin hood right now because it's totally overvalued, falling about 5% to $13.02. sorry, brad? and i do want to show cryptocurrencies at the moment. if you look at what bitcoin is doing, bitcoin earlier had fallen through 36,000, it's slightly above that to 37,972, so it's crawled out of that hole for a moment, but that would be a sick month low. and etherium, earlier in the month i said, look, it's testing that 3,000 level? well, it tested and failed. and litecoin about 118. and then xrp now down just a fraction to 66 cents. and we are being told right now that the s&p 500 has traded below its 200-day moving
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average. all right. let's bring in charlie gasparino. charlie, what are traders saying about the crypto winter of discontent at least at the moment? >> i mean, it's a confluence of factors, liz. i'll use a been of cliches here, a perfect bad storm for crypto. number one, you have lots of regulatory -- lack of regulatory clarity. no one knows who's monitoring the store and how it's going to be monitored, so that freaks out investors. number two, you have the fed raising rates. crypto and bitcoin and all these things, they were used as an inflation hedge, okay? and if you believe the fed's going to raise rates five times, you have got to say, whoa, is this really -- do we, do i need to be in this, cowb -- you know, if the fed's going to deal with inflation. you can see it with amc, you can see it with meme stocks, crypto, obviously, you can see people taking their winnings in tech stocks that had the big runup
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over the past year. so this is going across the board. and i think the third thing, liz, and this is really important, bitcoin -- you know, it's one thing to talk about these digital coins. it's the underlying technology that was supposed to be the real star of the show. it was the blockchain. and a lot of these, you know, people are just unclear whether blockchain is going to deliver as promised. you know, you could tell a couple years into the internet boom, say '95, right, when netscape went public. i was at "the wall street journal" at the time. i just got hired. it was a huge deal. mainstream, people were, average people were using the internet. they were using it to transact business, they were using it to search for things, they were buying books through amazon, you name it. you know, average people aren't using blockchain that much. p and so now you're getting people thinking if blockchain's not really takingyou know? and so you put all that togethe-
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liz: well, yeah. and the regulation. >> but you put a got people selling this stuff. and, you know, i talked to a major hedge fund guyed today. you know who he is, i'm not going to say the name, he's out because this thing could go out. in his view, it's not worth the risk of this thing going down to 20,000 or below. liz: well, nothing is right now. you have to wonder, charlie, if obviously crypto is trading in lockstep with the broader equity markets, and nobody wants risk on, and crypto might be viewed as risky. >> and here's the other thing, there's so much hype with this. like, amc wants to somehow, you know, allow more usage of digital coins on it, in its, in its, you know, to go to the movies. liz: a lot of companies are doing that. they're looking into it, for sure. >> okay. people are looking at that and saying, really? that's the best you can do? there's a circumstance
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circular -- circular hype that's going on. amc needs to change the subject for its own lousy earnings, it goes to bitcoin or crypto that needs to gain some relevance, and people start looking at the whole thing and saying, wow, this is a bubble on top of a bubble. and i think that's what would have right -- we have right now. the more compelling thing to me is have you ever used, meaning you, liz claman, ever used the blockchain to do anything? liz: no, but i'm, i'm old. [laughter] there's a lot of people that are doing it though. >> i don't know anybody. listen, i'm just saying, i used the internet the minute i got my hands on it, you know what i'm saying? liz: well, okay, charlie? -- >>'s the technology? where is it. liz: let's broaden the aperture to the markets right now. we should switch to the nasdaq because the nasdaq is down 2.33% whereas the dow is down just 1%
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right now. cumulatively since tuesday, we are talking about a pretty significant selloff for the week. >> yeah. liz, you're talking a bloodbath. friend of mine are high net worth brokers, they deal with really rich people at morgan stanley, merrill lynch, they're just screaming -- they're getting their heads blown off right now. and, by the way, they believe -- and this is an interesting stort happened to peloton yesterday? peloton gets blown up on a cnbc report that says t going to stop doing -- it's going to stop, stop manufacturing bikes -- liz: halt production. >> -- and then the ceo comes out today and says, not there true. the stock's back up. now, i want to ask you this, if you're that cnbc reporter and you're writing about that, shouldn't you have called the company up and say is this, is this thing real? liz: how do you know they didn't, and how do you know that the company isn't dancing aroun- >> okay. i'm sure, i'm sure the company's
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dancing around, but i read the report, and it had no comment from the company. not a comment, not no comment. i'll read it again, maybe i made a mistake. liz: charlie, we've got to run because we've got pat gelsinger, steven my knew sin coming up on a very big market day. and, yes, peloton is back on the leaderboard. charlie preferenced -- referenced it, we'll show you what it's doing. we've got companies' reaction to the bombshell report x. as we mentioned, former treasury secretary steven mnuchin about to join me live on his moonshot investment with cantor fitzgerald chairman and ceo howard lutnick. both up next. closing bell ringing in 37 minutes. nasdaq down 335, the dow down 388. this is all moving around, so so stay with us. ♪ ♪
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liz: fox business alert, yesterday's news report about peloton and the news that a it might be halting exercise equipment production was so bad it blew out the stock. but today the stock is about 12% higher. nowhere near grabbing back what it lost, but this afcee owe john foley came out and said the business company is, quote, right sizing, not halting levels. but he is pondering some layoffs. peloton pre-announced its fiscal second quarter financial results after the bell yesterday. we're kind of guessing that was sort of a surprise that they had to come out and do that because they did have decent news that revenue would come within forecasts and they will post a smaller than expected loss. an unexpected rise in crude and fuel inventories is pressuring oil prices at this hour after the benchmarks touched 7-year
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highs just tuesday. so we've got oil down about 1 is.33% at $84.39, but that in turn is sending names from transobjection to devon energy and con know phillips lower. -- conocophillips. let's go to tesla because i just just asking david trainer about tesla. following the tech sector's dive lower, the stock is trading below $990, it's at 945 right now, and year to date it's abou. set to report fourth quarter earnings on was -- on wednesday, and it no longer has that $1 trillion market cap. checking other everything v stocks, they are also pretty much in the red here. we've got north carolina la down about -- nicola down 7.8%, canoo lower by 5.5%. and not even a citi upgrade to buy can save intuitive surgical,
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at least the stock for the moment. the surgical robot maker's shares down nearly 8% of after it said omicron has put a damp oren on procedures that use its products. of course, omicron has put a lot of surgeries to the back of the burner there, and intuitive surgical is used in some surgeries, as you can see, that are very specific. that's it operating on a grape. that's how specific the robots can operate. but, yeah, you know, some elective surgeries are being pushed way back on the calendar. the satellite company that plans to map a the entire planet earth gets a major investment from the former treasury secretary. yes, steven mnuchin and his business partner in this venture, canter fitzgerald ceo howard lutnick, join us next to talk about sat logic and their $150 million deal. closing bell, 30 minutes away. the nasdaq is still the worst
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loser here, down 2.4% or 340 points. s&p down 81, the dow down 457. you have to watch and see what happens right up until the closing bell. i'll see you in just two minutes. ♪ ♪ u'd think retirement would be the last thing on my mind. thankfully, voya provides comprehensive solutions and shows me how to get the most out of my workplace benefits. voya helps me feel like i've got it all under control. voya. well planned. well invested. well protected. meet ron. that man is always on. and he's on it with jardiance for type 2 diabetes. his underhand sky serve? on fire. his grilling game? on point. and his a1c? ron is on it. with the once-daily pill, jardiance. jardiance not only lowers a1c... it goes beyond to reduce the risk of cardiovascular death for adults with type 2 diabetes and known heart disease. and jardiance may help you lose some weight. jardiance may cause serious side effects,
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♪ liz: we do want to just show you the vix, the fear index, and it is at the highs of the session but also at the highs of the week, peaking up about 15.5%. showing that there is a lot of, well, let's call it real nervousness with the markets at the moment. the cboe, market volatility index, up about -- nearly 16% right now. former treasury secretary steven mnuchin has a new venture outside of d.c. politics. way outside. [laughter] mnuchin's private equity firm liberty strategic capital has now committed $150 million to
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satellogic in a deal to go public via spac merger with cf acquisition corp.. satellogic is building an automated earth observation platform with the ability to, ready for this? remap the entire surface of the planet by 2023. satellogic satellites will be able to capture new renderings of earth each day. what are the business possibilities here? let's bring in the guys behind the deal. joining me now, the former u.s. treasury secretary and liberty strategic capital founder and managing partner steven mnuchin and cf chairman and ceo and, of course, head of cantor fitzgerald, howard lutnick. this is fascinating, and, steven, you know, what caught your eye about satellogic? this is so far away from d.c. politics. >> well, our focus as a business is really technology companies, particularly around areas that are national security related and being able to do commerce. so what we liked a lot about
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satellogic, and we're really happy to partner with howard on very, very economic, realtime mapping of the planet. so there's obviously a very large market for governments to be able to use this data the, but there's also going to be an incredible market for business. and combining the data with artificial intelligence is going to give realtime analysis around everything from environmental issues to farming, to supply chain issues, to energy management. liz: well, let's get to that, howard. he just outlined a whole bunch of possible commercial applications. let's take a couple of them one at a time. give me an example of a business who would be very, very interested in signing up for this and paying for it? what kind of possibilities will they see that will help their businesses? >> all right. so let's start with the fun, easy one, the insurance industry. i mean, imagine you're insuring farms, you're insuring
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buildings, you're insuring all sorts of things. the cost of sending an adjustor out when there's, you know, when there's, you know, a hurricane or anything happens, there's a hailstorm, there's fire, you can take images, precise images. and satellogic takes -- [inaudible] images which means you can count the trees, you can count the number of, let's say, solar panels whether they're working or not, solar farms, whether they're working or not, you know? all these kind of things will make it clear that as an insurance industry it's a mass of options. that's just one example. agriculture, another. you can see, you know, how the weather a little here, a little there, how your crops are doing as compared to the region and the area around them. look at these images. they are unbelievably clear and close, right in and wildly more cost efficient than anybody if's
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ever done before. and that's why we'll be able to offer at an incredibly -- [inaudible] liz: well, you're making quite a big investment here, $150 million if, steven. so talk to me, obviously, you believe in the pristine and the clarity of these pictures that we're looking at right now. yeah, that's the suez canal when the ship got stuck right in there. satellogic has a huge advantage, but there are other competitors out there. so how can you be sure that they aren't right up to speed as well? >> well, liz, as you said, satellites are not new, and the u.s. government, obviously, has great satellites at very large costs. the opportunity here is that we can deliver this data at very, very inexpensive levels so that both the quantity of data that people can get and the types of data is really affordable. so that's the opportunity, realtime, very clear data. and as i mentioned, if you
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combine that with artificial intelligence, there's really just incredible opportunities to use the data in many, many ways for business. >> right. you know, you can -- liz: steven -- go ahead -- [inaudible] >> [inaudible] sorry. you literally can tell the brand and type of plane that is taking off from an airfield including you could have a minute's worth of video if you want. you know, so the data is incredible, and the ability to have, as the secretary said, putting it through a.i. you can do whole supply chain, you can count the containers on the ships and know exactly where they are, exactly when they're coming in to port. and this kind of data will change the way people think about managing businesses, and it will put this kind of data at management's fingertips. and i think that's why the name of our spac and then next week by the middle of the week it's going to be shel. but this week, if you wanted to buy it today, cfe.
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liz: yep, and right now it's actually up. [laughter] just a few minutes ago, howard. it was down, which i find really interesting because the market is all over the place. but once again, when you come on this show, we do have a very focused -- [laughter] it's up for the week, but it's down right now about 3.3 3%. we have a focused investor audience. steven, the obvious one for me is climate change. you know, you could use this to show and compare what one area of the world looked like before and what it looks like now when it comes to water levels. and there are -- i'm thinking of ports and all kinds of businesses that are on the coasts of all of the countries in the world, how important that kind of information would be for them. >> well, that's absolutely right. you mentioned ports. think about realtime data in every single port around the world or think about you want to trade carbon credits, and you
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can actually count the number of trees in every part of the world and monitor that. so i think there's a very big climate aspect to this. there's a very big energy management if component. and supply chain. and, again, obviously for governments there's a tremendous opportunity for governments to be able to use very large amounts of data to supplement what they already have. liz: gentlemen, i would like to take a quick break. we've got a major market selloff right now, but i want to keep both of you because there's more to discuss when it comes to the spac market. obviously, that has been kind of degenerating just a bit. i mean, howard, you watch this and all of the indexes that follow the spacs are down. we've got risk aversion at the moment and, steven, i want to hear about life after being treasury secretary, especially considering what we are seeing right now with the federal reserve and so much more. stay tuned, more with howard lutnick and steven mnuchin. dow jones, a loss of 457.
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♪ liz: breaking news, 14 minutes before we hear the closing bell, these are the intradays. dow, nasdaq, the s&p, we may be lairly off -- barely off session lows but no oversold bounce in sight, at least at the moment. and, again, as we look at the market selloff here, there are just two sectors that are barely clinging to the green that i see, and talking about the s&p majors, real estate, consumer staples. i mean, barely. everything else is down including utilities, industrials, health care. at the bottom, communication services, telecom, consumer version their. materials, financials -- discretionary. energy's down about 2% as a
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sector there. so a lot of jilter they -- jittery behavior. amazon's in a bear market. nasdaq's deeper into a bear market. we're looking at currencies right now, and that means we've got to bring back cantor fitzgerald chairman howard lutnick along with former treasury secretary stephen mnuchin. both have teamed up in a $150 investment into a company called satellogic, it's part of a spac deal. gentlemen, i just want to address the markets at the moment. howard -- >> we've got to take one second, liz. look at -- on your show, look what happens. when you come on your show to talk about a great company, look at that stock. liz: what did i tell you, howard? [laughter] every time. we have a very smart investor base that bias on the lows. you don't want to buy at the highs, everybody. but is this capitulation when you look at the broader market,
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or is there more downside as you see it, to howard? >> well, look, in my opinion, i think they're overdone the rate hikes. so i do think there are two rate hikes the next two, but then i think after that, i think after that i think it's going to be a pause and then the election, and there might be, might be one at the very end of the year. but i am keeping my eye on two quick rate hikes and then a pause. and i know the secretary has other opinions -- [laughter] but that's my opinion. i think there's a pause, and i think it's going to be less than people think. liz: you're free. you're free now, secretary my mnuchin, because you're former treasury secretary. in the past when i'd interrue you, you'd always say -- and fairly so -- i'm not the federal reserve, i'm with treasury. but now as a businessman looking to invest, you know, money has been cheap for is so long with such low rates, what are you anticipating here? it doesn't seem to be stopping you from making big investments
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right nowment. right now. >> well, let me first say, now i'm free to talk about fed, and since last summer i've been saying that i'm concerned about inflation. we have 5 or 6% inflation right now. i think it'll come down some. i think that the 10-year treasury's going to have to go with up to about 3%. and i think this is actually a healthy thing. in the context of a long period of time, you know, that's higher than where we are today but still pretty low rates. and the same thing for the markets. you know, we've had a two-year, incredible bull market. you know, if you ask me where do i think stocks are five years from now, they're a lot higher. but i think particularly the correction in tech is actually a good thing for the markets. and there's, you know, there's a lot of great tech companies, but some of them the valuations have just gotten way ahead of themselves. liz: well, yeah. i mean, and, steven, you know, i think you're right. this is a healthy thing. rising rates mean that we are out of an emergency situation
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which, arguably, x the pandemic after 2008, just a couple years later, we should have been much closer to slightly higher rates. you know, instead it was like we were still stuck in the e.r. when the economy seemed to be starting to grow under both president trump and president biden. >> yeah. there's no question that the trump economic plan, you know, was working and we were having significant growth. and had it not been for covid, we would have continued to have done that. and, look, i think during covid, you know, we spent $4 trillion and had we not done that, i think we would have had a worldwide depression. but the biden administration has just kept on spending which i am concerned about just the sheer amount of government debt. so i think it's a good thing at least for now there appears to be a pause on more fiscal. the economy will be very strong throughout this year, and i think there's still a lot of great opportunities. liz: howard, what are those
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opportunities when you superimpose them over inflation which, as we've been saying here on this show, was not going to be transitory or temporary. prices go up, it's a lot harder to brick them down. to bring them down. >> look, there are markets that do well with inflation like real estate. real estate is going to do very, very well through in the cycle. so my company newmark, i think it's going to do explosively well through market. and then you've got to pick great companies that are unlocking huge total adjustable markets. satellogic is an example. another example is a company we did with you last time called rumming bl which is cfbi. these are just great companies that are in massive markets and have great technology. you know, when you talk about a netflix which has already grown to over 200 billion in value,
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you know, it's really dicey at the edges. but but you're picking the best young companies, as secretary mnuchin and i have done with satellogic, you're going to just be in an extraordinary position to really just -- it doesn't matter whether there's inflation or what the market's going to do. liz: okay. let me end on this note, howard and steven. cf acquisition corp., cfb, is up 29% right now. so quite the reversal during -- >> you've got to go on liz's show! this is a great example, you've got to go on liz's show. [laughter] liz: thank you so much. and thanks to you, secretary mnuchin. great to see you once again. howard, steven, good to see you. we're coming right back. we do have at moment the nasdaq down 349. we are expecting the ceo of intel's pat gelsinger live coming up. ♪ ♪
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liz: we are about 3 1/2 minutes before the market closes. we are at session lose. the nasdaq down 3.7%. this is the work week since october of 2020. the worst week since the start of the pandemic in march of 2020. what happens next week. do you see an oversold bounce or do we go lower, gus. >> we are getting close. i think you will probably bond, but increasing a little bit more. we are at 28, 29. generally that's where you start
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to have a little more nervousness. you have the chairman coming in next week and filling that vacuum. we are look at more definitive news in terms of where he's going with that. >> as we look at the opportunities here, what do you see? it's hard for some people to see through the red and find some fertile territory? >> if you are looking for the next week or next no, there will be a lot of nervousness and volatility. we have the luxury of investing for the longer term. we are still look at 5g. analysts are talking to the fact that you have siena as a quasi monopoly. covid is pretty much moving past the worst part of it and you are probably getting into another wave where you can see more
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activity. but people want to go to malls. the short duration type reads. and this market volatility is causing people to look for help. you might want to look at people in the financial services area. specifically people who offer advice. you want to look at morgan stanley. love you jacket, by the way, liz. liz: charles payne requested. i said okay. it's leather friday. i'm happy with it. and i needed the battle gear for a day like this. nasdaq down 352. what is the thing you are spinning away from? >> we are look at cash flow positive companies. everybody is running away from tech but it has twice the marin
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of regular s & p companies. liz: volatility spiking. there is the closing bell. the dow getting hammers, down more than 1,600 points. we'll see you monday. larry: welcome to "kudlow." i'm larry kudlow. the wall treat journal news story. janet yellen views biden policies as supply side economics. are you sure? she spoke to the davos controlled world statist conference today.


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