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tv   The Claman Countdown  FOX Business  July 20, 2022 3:00pm-4:00pm EDT

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we know investing is harder than making preserves or painting by numbers and so there is a market for wall street if they want investors to take them seriously , but this kind of stuff only adds more nails to the coffin and the trust of wall street. you get it, nails, coffin? i know, liz claman gets it. liz: [laughter] charles: she gets it all. liz help me. liz: i want silk lining my coffin. [laughter] i want audio. charles: you want it all. liz: i want it all. anything wrong with that charles charles: absolutely not. liz: thank you, sir. lyft shares let's take a look you'll want it all because that is popping right now for the moment we see that stock moving higher by about 5.8%, as we kickoff the final hour of trade, just hitting the tape in the last 45 minutes the wall street journal reports the ride hailing service is grabbing the company's structure steering wheel. the journal citing a staff memo that says lyft is reorganizing global operations and
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consolidating regions, and it is also pulling the plug on its rental car business. now as part of the move the journal says the company is going to lay off about 60 employees just under 2% but the staff mainly in operations. this upside move this afternoon is no doubt welcome considering the stocks down about 66% year-to-date. all right, let's begin the show here, fox market alert just a day after 491 of the s&p 500 stocks close higher, stocks are continuing to head north. take a look. we've got the s&p adding a decent number here at the moment we do have it up about 20 points to yesterday's 105 points, the nasdaq at the moment we do have that up about 172 points. touch and go for the dow jones industrials red and green and now tech consumer discretionary and energy providing leadership here but near the top of the s&p ironically it's nasdaq. the company that's at the top. shares of the exchange popping 6.5%, beaten only by ms.generac
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and netflix, netflix at the moment is up 6%, high on both the nasdaq and the s&p. we do have those shares moving higher with the old less is worse earnings report providing the propelant. the streamer lost just under 1 million subs fewer than the 2 million expected. thanks to season four of strang er things and yes we love eddie and steve. i'm kind of over dustin though. we are exactly one week away as well from the july federal reserve meeting announcement when we will see , of course just how much fed chair jay powell and his interest rate setting committee have decided to hike short-term rates. the 10 year yield right now back above 3% at 3.04 at the moment, and i think what's important here to notice that the dark cloud of dread appears to be lifting. witness the vix. this is wall street's fear gauge right now, it is down 2.6% at 23.84. that 23 handle brings the volatility index to its lowest level in three months. why? earnings are not as horrifying
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as investors thought they might be, right? we just talked about netflix. remember the s&p just came through its worst first half since 1970 and the nasdaq just endured the upside down world fighting through its worst first half ever. the nasdaq right now up 1.5% or a gain of 177 points it's going for its fourth gain out of five sessions. earning season so far has a lot to do with july already the best month of 2022. check it here. granted only 10% of the s&p have reported quarterly numbers but 80% have beaten earnings estimate profits exceeding estimates by 4.2% and 71% have beaten revenue estimates. we should look at energy right now. it's provided real muscle this entire year. now chevron does not report until the end of this month but year-to-date its bubbled up 24%. wholesale gasoline right now is indeed falling. i'm looking at rbob down 1.5% and obviously, so much to swim through here so let's get right to the floor show we're joined
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by lipow oil associates andy lipow and see port securities trader teddy weisberg. teddy, more earnings after the bell, we have names that could lift the whole sector they are each in, tesla after the bell, united airlines, kinde r morgan, csx, al coa lags but others are in the green. can you give us your early assessment because the markets so far like what they see. >> yes, absolutely. you know, i think the expectation is for second quarter earnings were not that positive, liz. i think a lot of folks and the companies themselves, you know, did a pretty good job at basically dealing with, if you will, massaging investor expectations, so we've had a few positive surprises to earnings are not great but they aren't as bad as expected, and clearly that was the case when we saw netflix last night after the close and so on balance, the market usually does pretty good during earnings season.
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let's remind everybody that the top line, the bottom line, and the guidance & companies that one way or the other can get right are rewarded and generally speaking as you pointed out, the earnings have been coming in better-than-expected and the expectations, i think, have been basically dealt with a wet blanket if you will by biden, the street and a lot of companies so any slight improvement we see a positive market and react. liz: can i just bring up the homebuilders right now they're in the red. we've got another piece of ugly data today with existing home sales. they fell once again 5.4% to a two year low and i don't know when you look at these numbers, it starts to look worrisome, home inventories started to rise that's great for people who want to buy, because suddenly, there are choices out there versus the one bedroom with no sink in the bathroom you hear about that in new york city? unbelievable. but mortgage numbers 22 year high.
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we do have this situation with the federal reserve and we know that we're going to start to see rates continue to go higher next week, one week exactly from today, obviously, and fed funds futures at the moment are fully pricing in 75 basis point hike, not to mention, there's still about a 30% chance of a full 1% hike on interest rates. so as we look at that, andy lipow, i want to bring it all over to energy because that is a huge story today. you've got to explain to me, why we are seeing, and listen, consumers are thrilled. we're seeing gasoline prices drop once again. tell me what you're seeing and more importantly, because this is where your brain becomes so valuable. you make predictions. where are we going to be for the average gallon of gas in a couple of months? >> well, thanks again for having me, liz. what we're seeing out in the market is that the consumers reacting to these higher prices of gasoline by driving less and not only are they squeezed by
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the higher fuel prices, but they're paying more for food and also for consumer goods and as a result we've seen inventories increase over the last couple of weeks, a significant amount, which is contraseasonal when we're in this peak gasoline driving demand season. as far as prices, i expect that the national retail average price of gasoline, which is currently 4.47, is going to continue to decline down to between 4.35 and 4.40 over the next 10 days, but i have even more good news for the consumer, because i am seeing that in october, the national retail average is going to get to $4 a gallon. now, we've got a long ways before the end of october, the hurricane season is ahead of us. we're still not seeing impact of the european union ban on russian oil purchases, but right now, the market is shaping up to give the consumers more benefits liz: well speaking of that, i mean, natural gas is moving in the opposite direction of gas o
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loan which is going down, nat gas is up about 10% at the moment and that doesn't even factor in what's happening in europe. obviously, the nord stream pipeline is supposed to come back online within just a couple of days. vladimir putin not helpful saying that yeah, we'll start it up but we may crimp the flows a bit to europe so what do you predict for that as they wait for some maintenance to be completed? >> well, the maintenance is supposed to be completed tomorrow. i do expect that nord stream one will start up tomorrow at reduced flows somewhere between 20 and 40% of capacity and of course if putin kept the pipeline completely shutdown , he no longer has any leverage over europe, because it be no flow, so i do expect that there is going to be some transiting of gas over the next couple of weeks and months, and will continue to use energy as a weapon against europe. liz: we're watching this very closely. dow jones industrials which by the way we should mention had
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been lower, is now at the moment up about 72 points, it's an interesting market all around andy, teddy, great to have you both thank you so much. >> thanks for having us. liz: we understand that president biden is just wrapping up remarks at a long shuttered coal plant in summerset, massachusetts about to morph into an offshore wind power plant. the president announcing new climate change programs but stopped short of an emergency declaration. we should look at wind power stocks. they have the wind at their back at this hour. right now, we do see g, which makes wind turbines moving higher up 7% week to date, tpi composites which makes the turbine blades that move is a bigger up about eight and one- third percent and wind and solar investor brookfield renewable partners up about 2%. look at quanta, we do have the energy subcontractor whether recently debuted a renewable energy segment, those shares forget the 1% gain right now
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they've gained 48% over the past year. the president's poor of the power station comes as his administration scrambles to save its climate agenda. let's get right to edward lawrence at the white house. edward the headwind may still be present but the president continues to forge ahead with his climate plan. reporter: he would like to see the headwinds for the wind turbines off the coast of massachusetts that's what he was pitching here that plant, that closed coal plant, it's going to actually make cables for those wind turbines for those projects that are currently going to start offshore in massachusetts there. now, he announced a set of executive actions that will be coming which will boost offshore wind energy, not just there but also the gulf of mexico. as we get some help in communities also going to help communities with paying for air conditioning, and we did not actually declare a national emergency over climate change but he did call climate change an emergency. >> like i said, it's not on the table for this week. we're still considering it. i don't have the upside or the
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downside of it. as you can imagine and i have said, this is an important priority when it comes to getting to clean energy, when it comes to dealing with climate crisis, when it comes to taking action. reporter: so, the announcement today likely to boost some of those wind stock energy, or wind energy stocks, i should say. the president wanting congress to pass tax rebate for renewable energy, to the tune of $300 billion. he is hoping to speed up the transition to renewable energy. >> we do need to accelerate the energy transition towards a cleaner, and more renewable and more secure energy future of the united states and we can do those things at the same time. reporter: so the president still putting pressure on oil and natural gas stocks. discouraging investments. there's no long term support for any of those projects other than wind and solar from this administration. liz? liz: yeah, well, again, the wind
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stocks certainly from day-to-day , depending on the headlines today they are looking strong. edward thank you very much. okay, the kids in the newsroom are thrilled about this one. the e-sports goliath with 500 million gen z eyeballs just went public today via spac merger. it's called phase clan, check it . >> [clears and applause] liz: oh, yeah, the gaming tournaments are big money, and a fox business exclusive, ceo and founder lee trink is live in studio on how the gaming influencer company, the first of its kind to go public, plans to dominate the kherson, you may not have heard of his company but your kids certainly have, with the closing bell ringing in 48 minutes, dow is up 71 points, about a quarter of a percent, nasdaq, s&p in the green, the "clayman countdown" is grabbing the joystick, back in a
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tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist liz: gen z digital entertainment and e-sports phenomenon faze clan debuting on the nasdaq today via spac merger the stock right now not doing so well down about 26.5% but it was down more than 30% earlier. now the company, just listen to this, it's valued at $725 million. it unveiled a new name, faze holdings, ticker symbol faze. so, faze hopes to attract investors by capitalizing on its incredible gen z audience. more than 80% of its base ranges in age from 13-34 years old. faze's numbers though are adult sized, half a billion followers across its social media accounts
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, and has secured hip hop legend snoop dog on its board of directors. that, i gotta see , snoop in a board meeting. okay, joining me now in studio in a fox business exclusive, faze holdings ceo lee trink. have you had one of these board meetings where he's in there? >> not yet but looking forward to it. snoop is well-versed in faze. the way he speaks about it is incredible to hear, so i look forward to those meetings. liz: well he's no dummy when it comes to business. he's done great things for his companies, and obviously, that's important, but let's talk about faze. faze clan, it is a teenage dream becoming reality because this was founded in 2010 by a bunch of teenage kids who loved gaming. >> met on xbox, in classic gen z digital native fashion, met on xbox, didn't meet in person until later. decided to forego sort of a traditional path of schooling
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and job and made a decision to say we're going to turn our passions into a career when nobody had done it before, and here we are. liz: and here we are and what they did was they went to youtube and they went to social media and they started so you guys know, they started showing stunts, or trick shots. >> that's right. liz: while playing video games and they got millions of views. i want our viewers so they can wrap their mind around it because our viewers might be a bit older, let's show one youtube clip and you get to explain. this one involves a guy named faze mu. it got 636,000 views watch it. >> that's crazy. >> oh, my god. >> you hit five seconds. >> what? no! >> no way. >> what just happened?
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liz: oh, my god. okay, [laughter] now you get to explain to an investor audience how you monetize something like that. >> so the way you monetize it is because it locks people into what we're doing and people are there to be entertained so one of the ways i explain this space is, this is a space where the harlem globetrotters are more popular than the lakers. the entertainment side of gaming , using gaming as sort of a backdrop to entertain is more important, it's no more important but it's more popular than the competitive side. competitive side is very critical. thankfully we do really well. we just did something in one of our teams that's never been done in the decades-long history of the game counterstrike. we won back to back championship s. liz: well as we look at all of the opportunities to make money here, not only are you doing mer ch and some of it is here and the word faze is really well known to hundreds of millions of younger people, but
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on top of all of that, you've got partnerships with everybody from mcdonald's as i understand it, i mean, i had the list here, nissan, disney, nfl, moon pay, ghost, doordash, you know, i assume you're planning on expanding that? >> we're expanding to mower categories, we're always looking to superserve our sponsors, the brands we work with. ultimately it's in service to our community, which is really what fuels our fire everyday. we really, what this day is about is it's a landmark event for gen z and for gaming. gen z, and this is directed to your audience. i think it's underappreciated how gen z is sort of rising to power now. liz: yeah, but they don't have the money, lee. their parents have the money. >> so what i would say is by the close of the decade they will have $33 trillion in spending power, and that's where we are. we're building to that future. gen z is not only leading
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culture, it's all youth cultures do but changing the way people consume and transact, and as they ramp up to having their spending power, faze clan will be positioned to capitalize on that change. liz: now the stock is down 25%. not 26.5%. so you hold some people on it, lee, thank you and for those of you who don't think he's the adult in the room he was a am toker brooklyn assistant d. a good luck with snoop dog in the boardroom. >> it's good. thank you so much really appreciate the time. liz: lee trink of faze. the u.s. , one step closer to beating china as the senate advances that $50 billion bill to boost semiconductor production. yes, the chips act. how are chip investors taking the news? we're going to show you all the stocks. closing bell we're 38 minutes away, dow is up 77, but look at that nasdaq. a gain of 204 and knowing that just yesterday, it gained 353.
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talisker resources is ready to dominate - with two fully permitted resource assets; an upcoming maiden resource at its flagship gold project in southern b.c.; and a vast pipeline of world class greenfields projects. talisker resources. liz: fox business alert look at the philadelphia semiconductor index. it's up 17% month-to-date seeing a gain of about 2.8% after the senate voted tuesday to advance a bill designed to boost
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the u.s. semiconductor industry as it competes with china. this is this much-awaited chip spill. it's supposed to provide as we said 50 billion in subsidies to bolster u.s. computer chip manufacturing. the legislation now heads to the chamber for a final vote, and then, back to the house for final passage, before it then hits the president's desk. checking some of the chip stocks here getting a nice move nvidia up 5%, amd up 4%, intel gaining three-quarters of a percent. flip it to shares of bath & body works in the green up 2.5% after taking a bath earlier in the session. look at the intraday chart below there you see the red part. this after the personal care retailer lowered its second quarter and full year guidance. the company expects second quarter earnings per share to be $0.42 a share lower than previous guidance of $0.65 a share, but apparently, everybody is over that, over the past couple of hours and that's why
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the stocks higher. the home fragrance retailer is also expecting full year sales to be down in the mid to high san diegos range year-over-year, revising previous guidance of a low single-digit percentage increase. shares of workhorse racing higher, nice gain of 15.6% on this , the u.s. postal service announced it's now planning to purchase more than 34,000 off the shelf electric delivery vehicles. workhorse hoping to be part of the deal. in 2021 the ev maker lost out to osh kosh for the right to manufacture zero emission battery ev's for the u.s. postal service, sport an burgess owens, south carolina factory so hoping a prayer pretty big gain but the stock is at $3.62. tesla shares, they are moving higher by about 1.25% ahead of earnings right after the bell today, analysts expect the world's largest company company, by value, right, to report its first sequential decline in quarterly profit in
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more than a year as it recovers from the shutdown at its shanghai gigafactory. analysts predict second quarter sales of $16.5 billion which is lower than the 18.8 billion the company reported for the first quarter. tesla for now seeing a gain of nine bucks and change. soaring food prices in the food aisles have restaurants getting grilled. up next, we talk to the head of the company that owns the brands you most likely are familiar with. come on, admit it you've been to fat burger. you've been to johnny rockets and eaten a great american cookie. the ceo of fat burger, his company, on how he is coping with rising costs. and come on, join hundreds of thousands of people. i mean it's not the faze 500 million people but hundreds of thousands are now truly listening to my weekly podcast. this guy, mark adams, who ran chip giant micron joins me this week to share how he and his single mom went through life together and how he then put himself through college and
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harvard business school, worked his way up the ranks in the tech world to get to the very top but then had to stop dead in his tracks for an entire year when he ran into a huge personal stumbling block. you've gotta hear how adams now ceo of another chip company, smart global, took on the challenge. it's my everyone talks to liz podcast. you can download it anywhere you get your podcast, apple, google, spotify we are coming right back closing bell in 29 minutes. nasdaq up 204. you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine.
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[ kimberly ] before clearchoice, my dental health was so bad i would be in a lot of pain. i was unable to eat. it was very hard. kimberly came to clearchoice with a bunch of missing teeth, struggling with pain, with dental disease. clearchoice dental implants solved her dental issues. [ kimberly ] i feel so much better. i feel energized to go outside and play with my daughter. i can ate anything. like, i don't have to worry. clearchoice changed my life. liz: we have this breaking story ford shares moving higher by three-quarters of a percent. ford is planning up to 8,000 job cuts to help fund investments in electric vehicles. this , according to aplomb berg report, just hitting the tape. reductions seem to be coming from the unit-producing gasoline
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fueled models, as bloomberg news says the eliminations will come in the newly-created ford blue unit responsible for producing those internal combustion engine vehicles, so what we're kind of deducing here is that they are going to lay off internal combustion engine car people to make way for the what appear to be now more popular electric vehicles like the ford f-150 lightning and the mach-e. in nation here, inflation there, inflation absolutely everywhere, a report out from the united kingdom shows that annual consumer price inflation in june rose to the highest rate in 40 years. across-the-board here in the u.s. we already know the story june cpi show price increasing 9.1% on an annual basis. the food at home index ugly up 12.2% the largest 12 month increase since april of 1979. so as we look at all of these indexes, we're going to break it down here for you.
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meat, poultry, fish, eggs, that category up 11.7% on an annual basis, flour prices, think pizza , hamburger buns up 19.2% year-over-year. those ingredients are essential to companies like fat brands which owns restaurants across the globe from johnny rockets, fat burger, we've got ponderosa steakhouse, wings, everything, joining me to give his perspective and what he's doing about it is president and ceo of fat brands andy weterhorn i don't know, andy. looking at the numbers it almost feels like you had to raise prices. how are you dealing with this continued persistent inflation? >> well, so we have, liz, 17 restaurant brands that represents about 2,400 restaurants around the globe, about 80% of that in the u.s. and look, inflation is everywhere. it's in the food cost, labor costs. we've encouraged our franchisees almost 95% of our restaurants are franchised by individual mom and pops or by multi-units
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operators and we coax them to increase price to make sure they are still making money and that's eight to 9% increase, and we are starting to see a little bit of pullback in the raw ingredients, meaning chicken and beef are coming back down again, so that's just starting now, so i'm hopeful that this is all peaked, but boy, you know, it's hard for those operators they have to increase prices and you know, customers are still coming in like crazy. liz: well you're lucky that your price point is something that people can definitely embrace, right? you're not in the fancy high end restaurant business here. you've got the franchisees who are probably trying their best to serve the customer. 17 brands you've got more than 2,000 franchises. talk to me about what you're hearing from them. >> yeah, you know it's interesting. people are coming into the sports bars like twin peaks and they want to get out. you pretty much see that everywhere and we're still see ing double-digit comp increases year-over-year in comparable sales maybe not quite
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as high in the double-digits as they were before but still in the double-digits and very happy about that so the operators really have done a good job of trying to be resilient. we have coached them that they are going to take price, increase price, you have to give value to the customer. it's not okay to just say we're raising our prices because everyone else is. you've got to have some sort of value and it's really something we've stressed and they have listened and we're very fortunate to have the traffic we have continuing to grow across-the-board, and we also seen something really interesting. we have franchise groups buying more franchises more than we've ever sold before in a year. they are just coming in signing up to build more restaurants, and it's very encouraging long term. liz: well i find it's interesting. you've acquired seven of your 17 brands in just the last year alone. you're obviously a smart business guy. you are buying when things are discounted, i would imagine, so you've been busy. one of the brands that you have, hot dog on a stick, may we remind everybody it's national hot dog day, that said, you
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release your earnings july 28. i know you're probably in a quiet period, but how do you keep investors bullish at a time like this? >> well, you know, really what's happened is the performance of the brand that we've acquired over the last couple of years has just been off the charts positively, and so think investors have been very supportive. of course during covid, you know , we went hunting instead of getting hunted and we bought some brands that were really good acquisitions for us, we integrated them into our platform and investors seem to see that and think think they are handsomely rewarded over the coming quarters as we deliver what we promised we would but it was a great opportunity for us during that time and now we just have to ride out this inflationary period. liz: andy, we're pulling for you me personally because i love job it rockets. are they still dancing in johnny rockets? >> yes, smiley face on the plate. liz: i love it because you play disco music and my kids get embarrassed because i stand up and start dancing. andy of fat brands thank you so much.
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up next, charlie gasparino. this is a big scoop here, you guys. he's got the latest in the legal battle between ripple xrp and the securities and exchange commission. joining him, the lawyer who the sec is trying to get kicked off the case. his name is john deaton, and he's with us, right here live, next. closing bell, we're 19 minutes away. dow is still up about 58 points the nasdaq though at the start of the session a gain of 1.6% or 194 points, you can't miss the last 18 minutes of this hour .
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it's down about 1.5% at the moment, but it has seen year-to-date a problem. more than 55%, but all that could change on the outcome of one highly publicize publicized court case between the sec and crypto company ripple. lawyer john deaton is very much apart of that case and been there since the start representing 68,000 retail investors that hold xrp. he joins us now, with charlie gasparino. charlie, take it away. charlie: john, obviously, the case if you look at some of the motions is going in your favor, and in the favor of ripple. it seems like the judge is sid ing with them on motions for discovery, on document requests, including bill hinman, the former sec chairman notes involving his speech that ripple says is a big part of their case , and you've been right there all along since the beginning, and now, from what we understand, they want you gone. they are trying to get you off the case.
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what happened? >> well, charlie, thank you, and thank you, liz, for having me back on. it's crazy times. they're reasserting that things that they've already asked of the judge, i made a youtube video where i did a mock cross- examination of former chairman clayton, and i infused scenes from my cousin vinnie and i tweeted a few things that were harsh criticism and they told the judge that i shouldn't be granted amicus status because of that. she rejected the views, granted me the amicus status and low and behold they are arguing i should be thrown off the case. charlie: just so you know, i'm not saying i agree with them, but they described you as violent. i know you're a marine but you don't look that violent, but they said that, you said you wanted there was one thing where you suggested you would smack jay clayton the former sec chair in the face and what was the other one? the video of clayton, and also, that you mentioned, a witness
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for the sec. obviously, these are, you were kidding around, right? just get that off the table? >> yeah it was a mock cross cross-examination of jay clayton for example,, charlie, liz, i had a time in the my cousin vinnie movie the joe says are you on drugs? charlie: i remember that. >> and i respond to the judge pretending, no, judge, i don't use drugs but maybe i'll need them soon. they claim that i promoted drug use. they literally argued that nonsense and the judge rejected all of this. charlie: well they are losing the case. this is by the way, liz threaten s to kill me everyday and i'm still here right? liz: which i'm doing something wrong, john, i don't know. you've gotta help me. charlie: it's not working whatever is going on but what are the next steps in this case? we have been going around and around. it obviously has huge implications. if ripple wins and they can say they're not a rejected
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registered security. liz: they are a -- charlie: a crypto. if they win -- liz: yes, exactly. charlie: that basically curtails the sec's regulation efforts and it looks like they are moving in that direction. at least based on the judges motions what's the next step here? >> well the next step, right now, there's that motion which is just challenging expert witnesses and briefing next month is due for summary judgment that's where each side tries to get a complete victory. the judge decides one way or the other or she might decide that a jury has to issue certain factors, but you're right, charlie. a lot is at stake because the sec has come out and argued that the token itself, not just the way ripple sells it, but that if anyone in the united states sells xrp, they are violating section 5 so if the sec were to get its way, then and deem xrp a security, the token itself, then every coin on the market, including
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ethererum be in place for the sec to get their hands-on the asset. charlie: that's what i'm saying this has huge ramifications. brad sherman told my producer today that he thinks that the sec is going to win easy. he thinks that the investigation should expand, not just to this one aspect with ripple, to any like coin wallet or any sort of aspect of crypto that was trading the xrp or trades it. what do you think about that? >> well, i think that congressman sherman along with chairman gensler wouldn't know secure if it bit him in the butt to be honest with you. they keep saying that -- charlie: you might get in trouble for saying that by the way, that's violent. [laughter] >> they are going to tweet that think about this , charlie. there is a taxpayer dollars are being spent for someone to shadow everything i do and read every tweet i make and if i may say to you and liz, i want to quote someone very important who
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said, "the sec's litigation tactics suggest that the sec is adopting its legal positions to further its desired goal and not out of the faithful allegiance of the law." charlie, liz, do you know who said that? notes that's not a john deaton tweet. that's judge sarah netburn. charlie: liz has a question for you. liz: my question involves, obviously, xrp has continued, well let's say ripple has continued to forge ahead. in fact, they've got a pretty decent overseas business, don't they now? so they are legit overseas. is there anyway to somehow split the difference? if the sec suddenly says you guys are a security and not a currency and that becomes a disaster here in the u.s. , can they still continue to do business and make profits overseas? >> oh, absolutely. 95% of what brad garlinghouse says is that xrp sales are outside the united
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states and there's an easy win for everyone in this case. the sec could reach a settlement with ripple and say that early sales when the echosystem was at its infancy, that those sales constituted a security but that today's xrp, its been deemed a non-security in singapore, switzerland, united arab emirate , and many other jurisdictions. it's only in the united states being held up. liz: and then let me just ask this , john. sort of broadening the discussion here. we were higher for all, most of the big name cryptos but then, there was a headline that hit, earlier, just a couple of hours ago, that peter thiel-backed crypto company had gone bankrupt , so now you've got celsius. you've got this one, and it makes you wonder if the sec looks at this and is painting everybody with the same ugly brush. >> well they are, but you know, let me make it clear. there are pump and dump schemes.
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there are fraud that's going on in any industry including the crypto industry, but what you have is a few of these players who are using highly- leveraged strategies and the house of cards are falling but you can not complete, paint an en dire industry with a broad brush. liz i went on record to say i believe gary gensler is going to sue an exchange whether it's coinbase or binance or another exchange in the united states by the end of the year. liz: okay. charlie: and what's your timetable for when they decide >> well the judge, i have until monday to give the response to the sec asking i would be thrown out of the case and and amicus status and hopefully the judge will give a decision. >> we have to end it there, john, thank you. liz: john, thank you so much. charlie, thank you. closing bell we're five minutes away. the major averages on pace for a second day of gains nasdaq
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leading charge higher in final few minutes. we want to get to our "countdown" closer. here we go. we'll see how the casino stocks are trading. there is good news in the casino world. macau is set to open on sat day. this is the mecca of all meccas. our closer says names will move higher but putting one above others. he is the host of the bubba show, todd horowitz. give us that name. >> las vegas sands. liz, good to be with you. lvs i think they will helped out by the macau action. i think the overall casino industry is booming right now although the stocks have not been booming a lot of pressure from macau. that is opening up. i think you will see a lot more action in these stocks. liz: tell me what specifically you like about lvs? >> first of all you know, the sports betting business, okay, the book making business has become bigger and bigger and
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bigger. we're seeing every state now does it, billions of dollars in las vegas, starting to branch out through different states. that is going to help increase their bottom line. you're starting to see even, the casino industry in las vegas itself is getting more overwhelmed with people that are coming in and coming in. now i think that they now have learned how to make money in every department, not only on gambling. the conventions, the venetian which is the main property is continuing to grow as well. so i think everything looks very rosy for las vegas sands. liz: todd, you're buying amazon and google. they report earnings next week. what are you expecting, and why buy now? >> i think that, i'm buying now, liz, because once they split 20 for one, i think they really brought back into play the average investor who couldn't afford a 2500-dollar stock, 300-dollar stock. they are great companies are really cornering their markets.
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one thing when you have the environment we've had for covid the last two years google has no competition basically and amazon has zero competition online and those are two big things we use almost every single day and they continue to grow. so to me, even if they go lower first, i think long term these are great plates and will only get bigger, better as time wears on. liz: we have tesla bumping up after the bell. we have kinder morgan, united airlines. where do you see these markets going? we've had two really strong sessions but we know the fed is going to make a decision next wednesday and is pretty much baked in we will see at least a 75 basis-point hike in short-term interest rates? >> i think the markets are in trouble, liz. yes we've been strong the last few days but volume has been pathetic. it is not backed up by real buying. i think a seller's holiday,
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letting the markets be pushed by probably more retail investors. when you see, we haven't forgotten about the recession but nobody talks about it, we have nasty recession coming here. you have got inflation still going through the roof. 9.1% is really not accurate. i would say closer to 20% when you talk about your own personal spending and finance, it is costing 20% more. these are things that will affect the economy. i don't i this the economy is in real good shape heading into the second half of the year. yes, we're higher the last couple days, certainly trying to push out of a downtrend we're in. this is rally in a bear market as far as i'm concerned. >> rally in a bear market. some rally. the nasdaq has seen 553 point gain over the past 48 hours. todd, you're always welcome. thanks for joining us. todd horowitz. folks as you look at this rally continuing into a second day.
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technology shares bottom the most love from investors consumer energy. energy looks solid. tesla comes out after the bell with earnings. tesla is up 3/4 of a percent to $742 a share. [closing bell rings] market cap 769 billion. that will do it for "the claman countdown." thanks for joining us. we value your viewership. "kudlow" is next ♪. larry: hello, folks. welcome to "kudlow," i'm larry kudlow. so president joe biden today unveiled his so-called executive actions on climate. president biden: climate change is literally existential threat to our nation and to the world. when it comes to fighting the climate change, climate change i will not take no for an answer. larry: existential threat, my foot. a week ago here was biden's mp


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