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tv   The Claman Countdown  FOX Business  January 25, 2023 3:00pm-4:00pm EST

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it's interesting because california now wants to implement a tax and onerous tax on folks that want to escape the unsafe cities and expensive cost of living and when the folks behind the measures are asked why would you want a so-called exit tax, the officials are saying this is it, they want to give back some of the money they want to re-coop it and money that california what's invested in the individuals and businesses. king george would be very proud. my message to anyone out there and california who will make a whole lot of money, get out of the state right now. you get out, take your car out, take your friends out, your hair heirlooms out and clubs in a new state and forget about california. get out while you can. liz claman, you got out. liz: i'm not even listening to you. that's my home state.
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i love me some california and people are still there hanging in. we'll see. new york has a problem too . charles: new york and california, they're out. liz: you're not my friend anymore. just when you thought tech was digging out of the 2022 cave, it's ducking its way back in. way off the lows of the session kicking off the final hour of trade, still the nasdaq is the lost leader but barely down a quarter of a percent. the nasdaq had been down 265 points. at the moment down just 27, but tech is leading the retreat if you look at sectors. it would be really easy, folks, to blame the whole thing on microsoft after it is bleak guidance and specifically in the freight train of a cloud computing business and spooked investors but look at this intraday chart of microsoft after dropping $12 right at the outset. right at the hoping bell. right now it's down just some 49-cents to $241.55. the problem for the broader market and stems from microsoft is that microsoft said it --
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while its cloud platform azure is a de-celebration from the 42d amazon, alphabet, sales force got trap in the cave and looking at stocks, you've got them flipping into the green, which is pretty interesting. this has been a -- if i had to use the word, it's a fighting market here. the bulls are not out. they're down, little bit in some cases but you can see that with amazon to the up site, oracle and more moving to the upside. dow jones industrials just turned positive and looking at the heat map, you'll see at the bottom that microsoft is far from shouldering the blame, laggards, travelers, 3m, am amgen, wal-mart and dow. ibm has earnings after the bell
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and look at boeing after reporting a double miss on quarterly numbers, boeing ceding trading actions similar to microsoft. bargain hunters are pushing into the green and off the session low of $203, a full $10 off that low. now $213 pl213.10. that's a big gain for at&t and a gain of 6% after reporting a quarterly loss and investors are piling in and looking at this closely after the telecom added more wireless subscribers than expected. capital one financial to the upside here and posted a double miss. one of the biggest s&p laggards on the day, nasdaq inc not in the worst position but second worst at the moment and nasdaq inc is the operator of the nasdaq stock exchange and getting hit down 7% at the moment after report ago double miss as well.
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the ipo desert was very much part of the problem and the numbers we'll show you last year compared to 2021. when might that recover? nasdaq ceo adine freeman joining us live and the rip roaring pop in tech and the first 14 days looking healthy. will that continue? adina freeman joining us at the bottom of the hour. earnings the big driver and after the bell, tesla and ibm grabbing the wheel and let's get to the floor show, joining us now is strategic wealth partners tony and trader extraordinaire kenny p polcari. everything that started down is up including the dough that's lower by 460 points and now it's up 7 points. >> right. i put in my note this morning and thought that reaction in microsoft this morning and last night after say rallied and
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overnight they crushed and said it's ridiculous and the screening buy and it's almost flat. is it up now and positive yet or right there. liz: about to. we should take that banner down actually because something tells me it'll turn green. >> yeah, i think it'll end up going green because the reaction is an overreaction by a bunch of traders that stamp their feet and didn't hear what they wanted but if you're a long term investor, it was a great opportunity to pick up microsoft on the cheap, and i think that'll be true for some of these other names like continue ibm coming out after the bell. i own ibm and like them and big on them. i want to see what they have to say about their cloud business, they're in that -- we heard what microsoft said yesterday and see what ibm says tonight. i want to listen to what their forward guidance is and i fully expect that ibm is not going to disappoint but, look, it's anybody's game at the moment. liz: ibm consulting and software business, it's a big part of their business and it's that high, high nut, you know, that's the one that makes a lot of the
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money here so we'll be watching it very closely this time around. right now ibm over the past year has seen some gains, but about 9.25%. >> has done very well for me. i'm not complaining. liz: tony, we haven't mentioned tomorrow the gdp fourth quarter print expected around 2.6% compared to the previous quarter 3.2%. you worried at all? how does that affect what you're doing for your clients. >> unfortunately gdp is a backwards looking indicator and our reports are telling us consumers are -- the savings at all-time low and debt all- time high and recipe for future gdp and 70% of consumer spending makes up gdp and what we're doing is looking at future earning estimates right now because it's a better leading indicator and we're hearing
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words like lackluster and somber and, you know, i'm just not expecting any catalyst from this earning season to drive the market higher. so that's why i think we're fairly valued at 4,000 and i'm a little nervous and dry powder on the side. >> what do you buy? liz: the minute you see that pullback, tony? >> so we're going to be buying a lot -- so if we see that, i would imagine that we're bargain hunting and mid cap stocks and another stock we like is constellation brands. they already reported so the bad news is behind them. and they seem to be recession-proof because everyone likes their beer and wine and spirits. liz: kenny, earnings very much the focus and i can't remember
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last time we had two bulls on ibm at the same time and both very excited about it and that does somewhat indicate there's energy going back maybe into the company and we shall see after the bell. what's going on but on top of that, it is really earnings that are very much the focus, 15% of s&p a little over 15% of it have reported, 64% beating on eps and 66% beating on revenues but, you know, you still got eps down a bit. >> that's a bit disappointing because it's below the historical average around 73-75% of comp companies that are beat, and what's a little bit concerning is don't forget, you know as well as i do, they lowered the bar; right. revisions came way down and the fact that we're still seeing like 64, 65% of these companies is a little bit discouraging and a little bit cautious, which is why i think you can't run and just go chase these names the way we saw on friday and monday. it was like there's fear of missing out and the sudden was in and i'm like whoa whoa whoa. don't go chasing because it's not over yet.
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liz: let me tell you what's not over, dow in negative territory. it is over and the dow turned positive and it is climbing, 17 points. folks, i think this is significant because on what, on what, tony people feel where the fed goes and set the dvr. we'll be all over it when the fed announces latest move on interest rates and the expectation, 100% pretty much, 99-100% they'll raise by a quarter of a points in the paint. much less aggressive and, tony, interest rates sensitive areas where you look at that and you say, hmm, okay, i'm going to avoid that? >> as the fed continues to increase interest rates they're locking in and looking backwards and positive gdp and all the leading indicators are negative and i'll stay away from long
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duration stocks and tech stocks in particular. maybe not the big boys, not the apples and the googles and microsofts of the world, but i think a lot of companies are starting to learn how to deal with associated with the debt and next two earning seasons there's a lot about margin compression, and i still don't believe that the market is discounted a recession at this point. liz: yeah, watch the margins. that's really crucial and everybody, okay, the dow's turned positive and s&p turned positive and russell turned positive. nasdaq is the lone hold out down just 4 points at the moment. after having been lower by 265. it's an interesting hour. >> it's going to go positive. it's going to go positive by the end of the day. day. liz: all right, see if kenny's right. you have to stay with us. we have 49 minutes left to trade. tony, kenny, great to see you both. hear about this, american skier
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mckayla schiffrin adding to record setting world cup total again today and finds gold going downhill, can one of her main sponsors find the same thing if the economy also heads downhill this year. steeple ceo, her sponsor anxiouses that question first on fox business, he is next. closing bell as we said just about 49 minutes away. we do have the dow climbing up 32 points, the "claman countdown" just getting started, don't go away. ♪
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we're just -- s&p and just keeping an eye on everything and oh, there goes the dow to the upside. got to watch every single minute. despite opening lower after missing wall street expectations on both top and bottom line, stifel financial punched up into the green after opening as we said to the downside around $59. now at $64 and change. it's pretty interesting move here. stifel says client activity did slow and economic uncertainty pulled its investment banking revenue down 53% year over year but over the same time period, its global wealth management unit saw net revenues jump 105% during the quarter propelled by higher interest rates and loan demand. powering a 22% return on equity. joining me now first on fox business, stifel financial ceo
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ron kruszewski. >> we're trait trading on a discount to the tangible book discount and entered 22% returns among the highest of any financial. so you trade at a discount pe plus 20+ intangible and people will take notice and they should. liz: that i get but obviously economic uncertainty and talked about that affecting client sentiment. doesn't help but what if those jitters turn into an actual recession. a, do you believe that? do you see any sign that we may dip into recession? and what are you modeling for? >> well, look, anyone that says you don't have a chance of recession hasn't lived in the past decades. of course a recession is always there, and i think the uncertainty today is the same uncertainty that we feel about the fed. you were talking about it.
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the fed is got their dot plots, will they be up 25 basis points, 50? i personally think they'll be 25 and personally think they need to stop because if fed policy has a long and variable lag and we need to see what's happening. as that happens and as we get stability in the market, you will see sentiment improving, you'll see capital markets improve too. what we need is stability and when we get that, conditions will improve. there's always risk of recession. i don't -- i think we can actually get by it. liz: when you look at that sentiment and jitters as we mentioned. where do you start seeing it most pronounced? an area where you're seeing more pronounced slowing demand? >> well, in terms of finance, liz, the increase on interest rates, you know, are the biggest factors. the growth stocks and your previous guest was talking about this, the growth stocks along
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earnings are being really discounted and we see earnings will be up in thefection few years, but pes will be down because interest rates are going to be up so, you know, we like, we like the value stocks, financials and industrials and we kind of want to be careful around the growth stocks, the long term techs for example but as the fed gets a little clarity, the jitters will go away. liz: you're headquarters in st. lose but are international. what are you seeing in that region of the country? i'm always curious because i spent 7.5 years in ohio. >> well, look, you got to love the midwest. i'm a midwesterner, born and raised and been here a long time. i think that it's the sentiment
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and feelings are the same. just a little less worrying. you worry a lot as i'm in new york. there's a sentiment here in st. louis, we take a little bit longer term view of volatility and cyclical trends. liz: well, i'm not sure of many ski areas in your neck of the woods. however you guys sponsor the u.s. alpine team, mikaela shiffrin is such a force, but what is it that you guys see in sponsoring the ski team and how that all works together with your image? >> well, the skiers are not only clients that are skiers but the stifle u.s. alpine ski team. the dedication, how much they are focused, their precision, just everything about that we
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like to think are our values and we like to be associated with the u.s. ski team. liz, i want to say one thing, the skiers on your show know about mikaela but you have a lot of viewers a that may not know we're in the midst of one of the greatest runs of any u.s. athlete, regardless of sport. mikaela shiffrin is the most wins ever of a woman, the most of any american, two wins away from being the most ever in the word. it's like breaking -- ever. breaking babe ruth or henry ahren's record and i really hope that people understand how great she is, the greatest of all time in my opinion yet what a fabulous person. we are so excited just to be associated with her. liz: and they're telling me we have to wrap but i will say this that nbc sat there with that camera on her when she didn't do well at the olympics because she
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was very upset and was so invasive i thought and i thought to myself, you know what, she's going to come back and she did. she is. she's amazing. ron, it's great to see you, thank you so much. >> thank you, liz. have a great day. liz: you too. and ron's a skier himself. not bad on the downhill. stifel focuses on the action and the snow 100 million recreational boaters are waiting for the thaw. up next, we're headed to the new york boat show for a look at hottest new water craft as the industry and the stocks involved try to recover from the post covid lull. one of the biggest pop stars of late 80s and early 90s found massive success with hits like tell it to my heart, prove your love, love will lead you back and more. but singer taylor danes life changed suddenly when she was diagnosed with col colon cancer. if she waited two more weeks to
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get checked, she'd have died. she got back up on stage after months of major surgery. it's the brand new episode of my everyone talks to liz podcast. so inspirational. get it on apple, google, spotify or wherever you get your podcast. dow down 32, we're coming right back. ♪
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liz: still pretty much touch and go at this point but in the red, the dow industrials just slightly lower by 19 points after having punched into the green 11, 1 minutes ago and s&p down four points and nasdaq down 28. president joe biden formally announcing today that the u.s. is sending 31 m1 abram tanks to ukraine joining a coordinated effort with germany and other european nagses that will send their own -- nations that send their own tanks to ukraine. the tanks are manufactured by general kinins and at this hour -- dynamics and at this hour they're down because they forecast add weak 2023 due to supply and labor challenges. you've got raytheon up about half a percent, lockheed martin up one-half o percent.
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fox parent rising and punching higher and news corp. up 5%, fox up nearly 3% after the chair of fox corporation and executive chair of news corp. announced he's ditching plans to recombine the two companies. news corp. will pursue a sale of move inc that's and a combination of fox and news corp. was not optimal for the shareholders at this time and proposed the deal in october nearly a decade after fox and news corp. split apart in 2013. let's look at canoe shares driving higher after the ev startup announced it signed an exclusive deal with gcc olion and lost almost all of their gains and now unchanged at the moment, $1.27 stock here. the sale service and distribution of the fleets in saudi arabia is driving the partnership and they'll have a joint venture for local assembly
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and manufacturing of the vehicles. shopify shares is rallying and they help small businesses get online and start selling and the price for mid range and advanced services will rise for the first time in over a decade and prices expected to jump about 33%. there's your inflation. shopify still 48% off the $98 high it reached in february of last year. shopping for boats definitely cooled off last year after booming during the pandemic. boat sales fell 18% from july of 2021 to july of last year. this according to the national marine manufactures association. marine max is the largest boat and yacht retailer is down roughly 20% from this time last year.
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so is perk's boating industry a sinking ship or will 2023 find smooth sating? madison alworth gynoing us live from the new york -- joining us live from the new york boat show. reporter: hey, liz, we're at the boat show and over 400 boats on the ground here and gives you a sense of the scale of the industry. it's a $170 billion industry that as you mentioned got a huge boost during the pandemic. everyone looking for things to do. 2020, 2021 record setting years. so, yes, this year we're down as you mentioned but even with that slow down, they are now even at pre-pandemic levels so sales still incredibly high just off of those record sets. there's some good news i'm hearing from industry leaders because there's been a bit of a slow down and because the supply chain improved i inventory is finally getting even with the demand in the industry. take a listen. >> those types of customers are willing to wait because they've got the money and can wait and
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we're see ago bit of slowing and the folks that need to borrow because of the rising interest rates so there's some head winds we're seeing there. reporter: you know, fascinating, liz, something i've learned, majority of boat owners make less than $100,000 a year and you're seeing some concerns there and obviously people here today, they'll be looking at, you know, higher interest rates and worried about inflationary measures, but we spoke to a boat dealer and spoke to them and asked whether or not they're starting to see an impact of the interest rates on their sales. take a listen to what they had to say. >> you know, it's funny because when anything goes sideways in the world, the boat industry seems to be the first one to suffer from it. it was totally the opposite this time. so, no, it's still really strong. there's a lot of pent up demand out there. reporter: so one of the reasons why i've heard from both manufactures as well as those within the marine association that they're still so excited despite the fears of recession and all of that is because they feel there's a huge untapped market. we cover this all the time.
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so many people moved for quality of life to areas where you can be on the water. those folks bought homes but some of them still need to buy boats and other toys so they're expecting a strong 2023 unless we see a major pivot and as you can tell from the inventory on the ground, there's lots of options for those clearly looking to have fun in their new homes. liz. liz: yeah, fire up the yacht rock on the radio and you're perfectly dressed for it. great to see you, madison. thank you very much. madison alworth. the new york stock exchange now functioning normally today. this after yesterday's glitch that caused chaos at the opening bell. but 80 stocks had to be halted and there could be unseen costs to some of the other market exchanges or at least effects and we'll take it up with nasdaq chair and ceo specia adena frien here in studio. dow barely lower by about 13
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points. ♪
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jot new york stock exchange is blaming a glitch with massive price swings and trading halts for hundreds of trading companies from mcdonalds to wal-mart and exxonmobil and manual error. more than 1,300 trades and 84 stocks were marked as abnormal. 4,341 trades in 251 ticker symbols "should be busted"which is the new york stock exchange's way of saying canceled. they would reverse some trades and let them request compensation for losses.
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let's bring in the exchanges chair and ceo adena friedmann. what's your assessment how if at all the glitch affected anything involving the nasdaq. it's not possible. what it means for trades that occurred on our market at that moment. we are -- we have to make our own acespedesment as to whether the trades stay or -- assessments as to whether the trades stay or work with new york stock exchange and regulators to do that. liz: a lot say nasdaq and second a in nasdaq is automated and stands for automated, national
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association of automated quotes. >> the most important thing is put a lot of controls in place. our systems are automated and auctions automated in the way they omitter and we have people -- operate and people omitterring our markets and creating code and people who manage through this type of process in terms of market watch team. there you have to then put a lot of processes, a lot of backups in place. you make sure you shore up the human element to have a smooth operation and again, we all strive for perfection. it's not possible and the most important thing now is we all learn from everything that happens. liz: humans and technology are never always perfect.
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if you stretch that out from the low of 2020, it's an impressive move off the bottom. with that said, what went wrong and what are you doing to change that? >> our business grew 5% organically and it had 11% decline in the revenues for the quarter because of the fact the markets were so tumultuous and we continue to see really good strong demand for our software businesses that we talk about and financial crime sweets and corporates and investors and the technology we provide for other markets and all of that continues to have really nice it
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was just a tough quarter. >> ipo does not help. liz: i'd las love to know the s or the ipo market this year. if you look at what it did last year compared to 2021, we can put the numbers up and rather stunning fourth quarter of 2021 was huge and that's when spacs were going nuts and 195 ipo os and in the fourth quarter of last year just 18. totally dried up. why and do you see revival at all. >> it's a supply and demand situation and 200 files online to go puck lick for nasdaq -- public for nasdaq and it's a strong pipeline of companies that want to stapedius muscle the public markets and need to have demand and with investors over the last year, they've had to deal with a rising interest rate environment, a rising inflationary environment and
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geopolitical arrest and recovery from the pandemic and fiscal stimulus not as strong and changes in the macro-dynamics and dealing with a soup of macro-issues. makes it really hard for them to sit down and model the future of a company. they have to understand what's the cost of capital? what's the potential growth of the business? what's the inflationary environment that they're going to operate in. all those were unknowns. we go into 2023, we're still dealing with all of that but i feel that it's likely that more of those unknowns will become knowns and we see where the interest rates top out and decline in inflation. geopolitical situation is more known now and the pandemic is further behind us. we're hoping to see a more vibrant ipo in the second half of the year. >> liz: sure, when there's market conditions from going
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public and companies are pulling ipos because it's a matter of demand and investors are too nervous. you did nab a big one, general electric -- sorry. yeah, ge pun off its healthcare business. >> yep. liz: and ge is a new york stock exchange listed stock and yet they chose you for the ge healthcare spinoff. what does that say. that must have been a big and working with ge for the parent company and help them understand the full suit of services and it's the ipo day and spectacular day and remote open and milwaukee i saw you a few days after that and it's really about how we support them to become a great public company with the ir services and government solutions and all the branding and marketing support we give them and that particular case
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also healthcare, we are the home to the vast majority of healthcare companies and they felt like all in it was a really good fit. liz: i asked you on stage and you said about crypto and crypto stocks and crypto related stocks list on the nasdaq, marathon digital. you have hive, coin base. coin base, riot, all of the names and my question to you about that is you had said there's no way if ftx tried to go public it would make it through the nasdaq gauntlet when coming to what markers tough hit to go public. have you tightened any of the markers since then having seen what could have happened i feel
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a lot of challenges would be exposed through the accounting firms come in and do their diligence. then you go to sec and explain all your risk factors and explain how they work and describe your govern innocence and any documents in the sec and third gate is nasdaq and there we really do do a deep dive on govern innocence and exe -- liz: not changing how you sift
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and let them go through the crucible. >> we strive for perfection and don't have concerning companies come liz: great to see you, adena. >> thank you. they're four blocks from us. liz: a glitch fallout and fallout including potential price tag and trader reaction and charlie breaks it next. closing bell 12 minutes away and we've got the dow down about 50 points. stay tuned, we're coming right back.
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♪. liz: okay, hold up. you know we just talked to nasdaq ceo friedman about the nyse glitch. charlie gasparino has breaking news on increasing fallout, the potential cost to the nyse. >> this is real undercoverred story in this, in this catastrophe that went on yesterday at the new york
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stock exchange. a trading glitch on major blue chip stocks, wrong prices. people lost a lot of money. here is what we know right now. these were mainly blue chip stocks. these are big brokerage firms who sent the orders down whose clients got screwed here. we understand sources are telling the fox business network the new york stock exchange is being flooded with complaints from major brokerage firms about the trading glitch. retail clients lost money over these bad trades. we're hearing that the trades that the new york stock exchange will not make good on, they're only make good on very small, at least as of now, a very small portion of it, represents tens of millions of dollars to retail brokerage clients. by the way we're talking, being really conservative here. i'm asking how much did the merrill lynch orders cost the retail client that got bad pricing? how much did the schwab people? they're saying at least tens of millions of dollars. we don't know. we know major brokerage firms are steaming mad at the new york stock exchange about this thing
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and they want their clients to be made whole. it is interesting because robinhood is mixed into this. i've been checking with the people at robinhood. no, not really because our clients don't trade some of these blue chip stocks. they trade other stocks. they're not as, everybody is in it. they're not as bad but firms i hear are really complaining, i hear schwab, i hear td ameritrade. i hear merrill, i hear morgan stanley, new york stock exchange biggest customers liability cap on this stuff is unsubstantial, $500,000 a month. it doesn't really cover the amount of filings and complaints that are being, that are being flooded into the new york stock exchange. we should also point out that the brokerages new york stock exchange has not given me their side of the story. this is essentially from the
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major brokerages. they don't have much transparency here. now what does that mean? they know very little about exactly what went on. it looked like it was a fat finger, someone didn't press the button or -- liz: manuel issue? >> another one of these, you would think in era of computers it is not, you don't have to press the buttons, right? apparently not one of these fat finger things. a fat finger not pressing it or pressing it. having orders screwed up. i know you want wrap, let me get through this we talk about lots of money, a lots of controversy. a story that will probably play out over the next week or more and major clients of the new york stock exchange saying that their clients, their retail clients, average investors people watch the show are out a lot of money because of this. liz: steaming angry you say, thank you very much, charlie gasparino. we're moments away from both ibm
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and tesla reporting fourth quarter earnings. we talked about ibm. tesla is expected to report a buck 13 in earnings per share, $24.16 billion in revenue. here is what is interesting. the price action today on the stock, if we show intraday, it started off down 4%. it is now in the green. tasha keeny, president of analysis and institutional strategies at arc invest. the 52 week picture is very ugly, i will say. you guys are still piling into this stock. what do you see ahead for them. what are you expecting after the bell? >> tesla is our top position in araq-etf. autonomous robotics and technology strategy. if you used our 2026 price target, we'll post you updated one soon after 2027 after this quarter. looking at that price target adjusted for the split we're
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estimating the expected value of our analysis of tesla stock price could go to to roughly $1500 a share. up from 144. we see massive value for the stock. the top line story electric vehicles are taking share while gas-powered cars are on the decline. this is, this is the best producer of electric vehicles out there on a price per performance basis. not to mention -- liz: it is now but again, that scarcity premium that it has enjoyed for so long is really starting to go away. vw is going in big. hyundai, mercedes, bmw and i know the cost is different but, keep in mind at the same time, this is what i'm really interested in hearing your perspective on, they have not really updated their models over the past 10 years. it is pretty much the same except for steering wheel and software changes. >> so our estimate for electric vehicles globally they will go
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from a little uneight million in annual units sold today to about 60 million in 2027. so we do expect other automakers to be part of that. that will not all be tesla. on a price per performance, you know what you're getting in terms of range, in terms of you know, 0 to 60 speed, all the nice features that tesla offers it is still really the best on the market. in terms of new model i'm really excited for march. they announced they will have and invest today. they talked about a new vehicle platform. i think platform will be custom built autonomous vehicle. liz: okay. >> we have heard they're estimating this will cost roughly the half cost to produce versus the model 3 and y. liz: we have 45 seconds left. today "the wall street journal" is saying that elon musk may have to raise another $3 billion to pay for some of the twitter debt which he now of course owes and he is exploring that.
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musk is saying in a tweet, no he is not doing that but if he has to keep selling tesla shares, tasha, isn't that worrisome? >> you know we have seen him sell in the past to free up some cash for this. i think, you know, in terms of his commitment to tesla it's very clear. in fact he tweeted about that recently. he is still invested of course in tesla, spacex, all of his businesses. so i with say, like what to we have to go off of? it is the results of this company. we saw fourth quarter sales were up 40% year-over-year. gas-powered cars were down. [closing bell rings] liz: tasha keny of ark. tesla, ibm after the bell. valiant effort by the bulls. maybe dow makes it in the green. too close to call. see you tomorrow. ♪. larry: hello, folks, welcome to "kudlow." i'm larry kudlow. here we go again. joe biden and the democrat


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