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tv   The Claman Countdown  FOX Business  April 1, 2021 3:00pm-4:00pm EDT

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question. >> i do not like those at all. charles: i didn't think you did. i don't know, maybe they work, maybe they don't. one person said he thought it was positive in a toxic world x that touched me. i think the millennials think differently than we do. you're two of the best, i appreciate it. liz claman, over to you. liz: charles payne, i will take it, and it may be opening day for major league baseball, but it's the markets that are knocking it out of the park. look at the s&p 500 crossing the 4,000 mark for the first time ever as team biden convenes for its first official cabinet meeting the fine tune its $2.25 trillion infrastructure sales pitch. included in that spending package if, a cool $180 billion for clean energy. interestingly, it comes just as fossil fuel giants take the lead at this hour on the s&p. which side to choose when it comes to investing, the u.s. arm of a french bank now showing major money muscle due to the
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side it picked ten years ago, well before biden's plan took shape. here in a fox business exclusive, bnb paribas' usa ceo on the investment now paying off for his clients. and the core's john levy is here just in time for baseball's return. wait this you see his stocks return. and a johnson & johnson covid vaccine shocker, the big mix-up that has investors seeing red here in the final hour of trade. we begin with a fox business alert. president biden wrapping up a meeting with his a-team at this hour. the president holding his first cabinet meeting this afternoon in the white house just one day after announcing his massive $2.25 trillion spending package. as he thousand looks to sell his -- now looks to sell the plan to the american people, let's head to washington, d.c. where edward lawrence has been
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listening to every word. tell us what happened had the room. >> reporter: yeah. and, you know, we actually didn't get a long look inside that room. the president just allowed cameras in for about 15 minutes, then ushered them right now. president biden did say it was all hands on deck related to the american rescue plan. he did appoint five members of his cabinet, the secretaries of transportation, energy, hud, labor, commerce to sell this plan to not only lawmakers, republicans and democrats, but also to the american people. now, the reaction is coming in from all over. in fact, senator john kennedy says this is the big, bold socialist experiment, the biggest that he has seen, pointing to the $4 trillion that this administration is trying to spend in the first 1 is 00 days. -- 100 days. we know $2.25 trillion coming in this infrastructure program. so i did an interview, an exclusive interview with the san francisco fed president, mary
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daley, who said that the first part of this could boost economic output. listen. >> i understand congress is going to take up an infrastructure bill and really debate how we can invest in our country. we continue to build our exitoffness as a nation -- competitiveness as a nation and deliver a better future to future generationses. those are are both very positive things, and when i look out on the horizon, i see this as increasing our potential output. >> reporter: still, the plan going to face an uphill battle in congress. republicans say they were not consulted for any of this $2.25 trillion which could be spent. senator joe manchin, the wing vote on the democratic said -- swing vote, has said he would have trouble supporting a bill that raises taxes without any republican support. so it's going to be an uphill battle for the white house to try and sell this, but now we have five cabinet members who are tasked with doing just that. back to you. liz: edward lawrence, great stuff. thank you very much. okay. so remember tuesday, we alerted
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you guys during the floor show that the infrastructure plan which was going to be unveiled wednesday might have some power to propel stocks higher. this chart appears to, in part, bear that out. in the wake of president biden's unveil of his infrastructure plan, whether you're for it or not, this morning the s&p punched above 4,000 for the first time ever, and that is no april fools joke. let's look at the best performers though. energy names. but old school energy names, right? if marathon oil, diamondback energy, devon energy, lamb resource corporation, and then you've also got another name, western digital. so look at these big jumps. these are the top five leaders for the s&p. while first-time jobless claims came in higher than expected which is not a good thing, the previous week's number was
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downwardly revised to a new pandemic low. okay, that is very good news. so does infrastructure deserve all the credit for today's moves? or is there something else at work here? to our floor show traders, stephen guilfoyle and phil flynn. and, sarge, i want to start with you before we get to infrastructure. in your morning note as of late yesterday, you sold a lot of your equity positions. why? and what will you be looking for as a signal to get back in. >> there's a lot to unpack here, liz. i continued selling today. i bought a little bit, different names, but what i'm looking at is the $5.1 trillion fiat that we created that we didn't expect to create under both of our recent presidents in the last year or so. and then we look at plans for another $4.2 trillion or so over the next decade, then we look
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at -- you saw the ism this morning, right? it looked great except for the small print underneath. they tracked 57 commodities, all 57 went up in price, 0 went down in price, 27 are declared to be an outright shortage. we're going to go into a period of pent-up demand for services. the fed trying trying to be accommodative, corporate a tax rates are likely to go -- [audio difficulty] global profits are going to be taxed at a higher rate, and the legislative process is about to get real ugly which is going to cause volatility in the marketplace. before i give you a -- [audio difficulty] would you like me to go on or give phil a chance to jump in here in. [laughter] because i can go. lew liz i want to know what you held on to. >> okay. all right. [laughter] what i'm not selling are the semis and the banks. i'm happening on to the micron, amd, intel, nvidia and marvel.
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not the comics, the semiconductor -- [audio difficulty] i'm not selling jpmorgan, u.s. bancorp or -- [inaudible] all right? i am selling, all right, amazon, pepsi, exxon, salesforce, apple, service now and -- [inaudible] i have been adding -- [audio difficulty] it's a materials play, marvel and verizon. my cash position is up to 36%. liz: you know what? we're going to have to put all of these up on the facebook page, facebook.com/liz claman because you're actually talking faster than your camera can keep up. [laughter] phil, it's amazing -- >> i can keep going too. [laughter] liz: i know. i know, but i've got to get phil flynn in here because, phil, you saw what sarge did sell and what he held on to, and he did hold on to some tech. microsoft today, phil, looks
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very healthy. they've just landed this contract worth up to about $22 billion for augmented reality devices, holistic, you know, headsets for the u.s. army. to see microsoft move up 2.5%, that's a pretty big move, right in. >> it really is for that big of a stock, and that's a stock that has been doing fantastic for some time. really they've reinvented themselves over the last couple of years, and this is a new phase of their business, absolutely. and that's why, you know, it's not all about the infrastructure package. there's a lot of things going on. i mean, you look at the manufacturing data, strongest in many, many years, europe breaking records, you know, we have all the stimulus, a lot of people's checks in stocks that you want to look at infrastructure-driven, they're doing great, you got these other ones, and microsoft is a great example. but i honestly believe it was because you told everyone when
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the infrastructure package was coming to buy everything, they already made their move. to all these other stocks are just playing catch up right now. liz: right. well, you were there. and, you know, that was just 48 -- [inaudible conversations] 55 hours ago. right, zach? i mean, sarge, you looking at, you're looking at infrastructure, and you want to get in ahead of the big announcements, etc. >> right. liz: again, we should stress the congress has to pass this, so it's the not a sure thing. but you've got to figure that you tart to see the semis here looking beautiful two days in a row x there's a shortage. ford already announced it has to shutter some of its operations because of that shortage. >> well, yeah. you have to trade the semis like commodities. i'm sorry, phil. >> no, go ahead. go for it. >> okay. all right. so, yes, you have to trade -- the semis are one of the 57 -- [inaudible] all right? now, let's go big picture, all
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right? gdp expectations for 2021 are maybe 6%, right in the that would bring us a little over $22 trillion. [audio difficulty] debt is around $28.1 trillion or but total debt, about $87.5 trillion. so our true debt to gdp ratio is 489. unfuned liabilities going forward are is -- awe. [audio difficulty] they're going to have to raise rates, all right? inflation is going to go higher. last week i told you i thought maybe inflation was transitory? i'm changing my mind. monetary -- liz: oh, come on. we knew it wasn't. yeah. i mean, i don't know what to say as we wrap up here. >> yeah. liz: we have a very strong economy right now, it's going to get even stronger. in fact, the bnp paribas' usa ceo is going to give us his
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input. liz, sarge and i'm pretty sure phil say we have to see rates tight then at some point otherwise we may start to see an inflationary spiral. always a pleasure. >> all right, johnson & johnson, the cup's third covid vaccine maker now this hot water. the big mistake that's shaking shares of j&j and narcan distributer emergent bio solutions. we're going to explain the link and what happened. closing bell ringing in 49 minutes. "the claman countdown" is coming right back and, yes, the s&p is still 12 points above that level of 4,000. ♪ ♪ [announcer] durán catches leonard with a big left. ♪♪ you can spend your life in boxing or any other business,
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but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down? or. do you find, somewhere deep inside of you, the resilience to get up. ♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪
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♪ liz: all right. we've got good news and bad news on the covid-19 vaccine front. first, the good news. i know you probably want the bad news first, get it out of the way. pfizer announcing its vaccine which it developed in partnership with biontech works to prevent that south african variant of the virus. you do have pfizer flat, but
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biontech has had a really good couple of days here, up another 3% today. plus, this vaccine that they jointly made together offers a high level, they say, of protection, a full six months after the second dose. now to the bad news many. a huge batch of johnson & johnson's covid-19 one-shot advantage seen has to be -- vaccine has to be trashed after one of emergent biosolutions mixed the precious doses incorrectly. while j&j is down, emergent is getting crushed here, down 13.7%. to fox news' jonathan serrie live in atlanta on how big the mistake and, jonathan, what kind of delays we might see from the it. >> reporter: hi there, liz. well, the white house says there has been no disruption to the supply from johnson & johnson, that this occurred at a manufacturing partner of developson and johnson that was still awaiting fda approval. now the fda is investigating what led to that improper
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mixture that forced this company to waste 15 million doses of covid-19 vaccine. j&j said quality control checks found the problem at the emergent biosolutions plant in baltimore before any doses reached the filling and finishing stage. dr. anthony fauci attributes the problem to human error and says it did not affect any doses available to consumers. >> people should realize that all the doses that have been distributed to us and have been administered did not come from that plant. so this is not related in think way to think of the j&j doses that people have already gotten. >> reporter: in a statement, the company says this is an example of the rigorous quality control applied to each batch of drug substance. the issue was identified and addressed we her gent and shared -- with emergent and shared with the united states food and truck administration. today the white house -- food and drug administration.
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the white house confirmed that it knew about the problem last week but, again, there was no disruption in supply of the johnson & johnson vaccinement meanwhile, in an unrelated story but a happy story, cvs has announced that it has now delivered more than 10 million doses of covid vaccine to its customers at its nearly 2,000 stores delivering vaccines nationwide. back to you. liz: yeah. and while i'm not sure you can see this, jonathan, but while cvs stock is down slightly today, it is at a 52-week high. $74.27. jonathan, thank you so much. >> reporter: my pleasure. liz: live in atlanta. vaccines helping power recovery here in the u.s., no doubt, but countries in europe are scrambling to stop a fourth wave of the virus. france is less than 48 hours away from institute thing a new four week long lockdown. all cools will be closed,
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nest -- schools will be closed, domestic travel banned across the country. the banking chief who has his finger on the pulse of the economy, bnp paris -- paribas ceo with the investment that's making his clients major bucks. closing bell ringing in 41 minutes. s&p up 39 points. you may very well see the s&p close above 4,000 for the first time. we've got 40 minutes left to see if it happens, to stay with us. ♪ ♪ ♪ ♪ ♪ ♪
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liz: electric the vehicles charging n today's pop stockses. we saw very strong delivery numbers out of china for the two chinese electric vehicle makers. nio delivered more than 7,000 cars in march in light of chip
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shortages while x pang's deliveries topped 5,000 which were ahead of analyst expectations. nio jumping 2.25%, xfpeng up as well. other evs moving to the upside, lordstown motors and workhorse, you've got lordstown up 2.5%, workhorse jumping 2.33% while tesla not in the news today, but ceo elon miss manying is. he has been -- musk is. he has been invited to join the board of endeavor group, of course, the parent company of ufc and miss universe. it's a huge hollywood agency. endeavor has revised its plans for ipo after putting those plans on hold back in 2019. maybe second time will be a charm. the big leader of endeavor on the right. funco, the maker of bobbleheads, is getting into the nonfungible
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token business. the company acquired a majority ownership stake this token wave, the developer of tokenhead. are you following me here? a mobile app and web site used to showcase and track nft holdings. dunko expected to launch initial offering in june, but the stock is up 7.6%. off the day's highs already. and even though airport traffic has been on the rise, express spa groups sinking after falling short of its fourth quarter revenue estimates. the company reported just $300,000 in fourth quarter revenue compared to 10.9 million in the same quarter last year. the company said the decrease in the revenue was due to the impact of covid-19 and limited airport traffic which led to reopened locations underperforming. now, shares are down 31.9% today -- 11.9% today but up over 250% over just the last 52
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weeks. french president emmanuel ma. krone says there's simply no way to avoid it. beginning saturday, france will impose its third national lockdown in an effort to stem a new and vir virulent spread of e coronavirus. the stock of french bank bnp paribas is up more than 100% over the past year along with its u.s. arm which is up 105%. but it's a decision bnp's u.s. operations made about a decade ago that appears to be paying off in a major way. the usa ceo joining us now in a fox business with exclusive. welcome. you know, ten years ago you and the bnp usa team chose to exit one particular business here in the u.s., and that move today is now positioning you very fairly. explain -- favorably. explain what you saw on the
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horizon and how it relates to the news we're getting out of washington d.c. >> well, liz, first and foremost, thank you so much for having me. it's a privilege to be on your show. thank you for mentioning the commitment of bnp paribas in renewable energy. you're right, we've become a lead in the last 10 or 12 years, we led in currency and are being very -- [inaudible] you and i discussed it, liz. the esg market is a real business, and to your point, it's actually a win/win for investors and issuers. the market, in 2020 we've reached 1.5 trillion of bond issuance since unsense, and we are expecting in 2021 the --
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segment to grow by 50%. on the investor side, data doesn't lie, right? if you look at theers sg indices, they actually outperformed in 2020 both equity and debt indices providing actually good return for investors. let me pick an example here, the esg equivalent of the s&p 500 out performed in 2020 -- outperformed the conventional benchmark by almost 2%. if you look at the overall green bond index, it outperformed, you know, the generic credit indices anywhere between 2-4% providing good return to investors. and on the issue side, well, on the issue side we actually in the americas, to give you another benchmark here, underwrote three large transactions for multi-nationals over the last three months
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across diversified sectors. to give you a sense of how the appetite for these -- they were up anywhere between five times to decision times -- to six times and actually tighter than the conventional bond pricing. liz: well, see, that's the interesting thing. you know, whether you are for or not a believer in esg or green or environmental decisions when it comes to the portfolio, what i'm hearing you say is put all a of that aside. this is actually good business. it's made your clients up money, and it is the making -- your clients money, and it is making the bank money. but to that end, today the s&p, you've got oil and gas actually as the leaders of the s&p, at least four out of the top five performers today, even while a company came to you and wanted to make a partnership, bnp would accept it, right?
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>> we would, liz. and it's an excellent point because a big part of sustainable finance is really, it's easy to say what's green, what's not green, right? but a big part of the challenge we collectively have here is to have companies who have committed to transition, to get to their benchmarks. and, absolutely, when we have a company that has a career statement about, you know, transitioning and getting to a place where they reach, you know, green energy or green positioning, this is what the banking industry is supposed to do, and this is what we do. to your point about the business side, if you, you know, research has shown actually that share of companies that have sound, convincing sustainability programs actually show less volatility and have fared better than the ones who don't. liz: well, especially, you know, this administration is certainly more open to green energy. speaking of what banks should do and what banks shouldn't do, you
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know, fellow european bank credit suisse has gotten into some to hot water here with this family office run by bill wang where there was major forced liquidation due to the fact that they had been their prime dealer, broker, lender, whatever, to finance big positions in viacom and discovery. the sec here in the u.s. is investigating this. a, any exposure for you guys? i mow e you're not necessarily one of the big banks, but you do do financial and security lending what do you hear about this type of situation, and how do you avoid getting into hot water with clients who appear to be offering great business but then get into trouble? >> well, liz, i cannot comment much on the specific situation you're mentioning here because we have no involvement, we have no exposure. but to your point -- liz: okay. >> -- it is probably necessary to reflect on how much regulation is needed here and maybe some more focused and
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targeted regulation is required across, you know, the financial services here. but more specifically for the banking industry, it's all about, as you were alluding to, you know, knowing your clients, transparency. liz: yeah. >> particularly at a time that there is much more roll tilt and a lot of leverage -- volatility and a lot of leverage in the industry. i think that's really the lessons learned here. i had the privilege to work for a firm which is well quippedded in terms of risk -- equipped in terms of risk management. liz: yeah. risk management. imagine that. [laughter] good stuff. jean-yvers s, it's great to see you. thank you so much. and, of course, the stock is reflecting the good decisions made on both sides of the atlantic ocean here with the stock up about 100% year-over-year. good to see you. thank you so much. >> liz,st it's a pleasure to be on your show. thank you so much for having me.
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liz: anytime. fubo-tv rounding the bases at this hour after making a deal with the marquee sports network to car erie all non-nationally-televised chicago cubbies games for the season. of the live sports streamer is up 1% right now, off the highs of the session, but stands at $22.39. fubo's deal is not the only major action in the prairie state. now, as if a gain of 871% year-over-year wasn't enough, score media and gaming going for a total sports wagering grand slam in illinois. the score founder and ceo john levy here on the big deal he just made just in time for baseball's opening day. closing bell ringing in 27 minutes. now we've got the s&p up 38 points at 4,011. stay tuned, we are coming right back. don't go away. ♪
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♪ liz: opening day of baseball. go, indians! yes! wait, what? oh, they're down 2-0 against the tigers? what? oh, i -- 3-0. i'm being told it's a rebuilding year for the tribe. translation, we suck again. okay, baseball fans -- [laughter] around the country are gearing up for game one of 162 games as the wins and losses are already starting to develop at this hour. it's the score that's been racking up wins all year long. all things sports announcing a deal to open a mobile sportsbook in illinois. then on tuesday the score announced it's been chosen as the official betting operator of the pga tour. golfing. betting on golf? okay. what's next in this momentum fest for the company?
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here in a fox business exclusive, we welcome ceo john levy. john, how big is baseball season going to be for you guys at the score? >> listen, baseball's amazing. first of all, hi, liz. good to see you again. liz: good to see you too. >> 162 games, right? i mean, constant action. you know, all across the country, touching every region, and, you know, that kind of -- the specialty of our app, right, of our media app where people from all across the country are hitting the app all the time, and now baseball fans are back in action. not to mention hockey, basketball and a little bit of ncaa march madnesses. so much stuff going on now. it's the best. liz: obviously, we're going down to the final four here, how has that been for your company and your wagering, etc. because you're now in four states, you're about to do the fifth. >> correct. and it's our first march
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madness, as you are well aware. last year we were gearing up for this and, boom, everything just fell apart. obviously, we're doing much, much better than last year in terms of wagering. these events really are critical to, you know, to a lot of -- this whole sports industry in general. and especially for us because, you know, during this time people are hitting the app like crazy. other than the super bowl, this is the most popular event of the year, right? and when you tart to layer in -- start to layer in the four states we're operating sports betting, it's just phenomenal. weaver having a great, great time, the numbers are terrific, and it's not over yet, you know? we've still got four games to go in the final four, and the momentum is building. liz: well, you've got momentum in the stock. obviously, you guys were traded before then for the past couple of months in toronto on the toronto stock the exchange -- >> correct. liz: just a couple of months ago
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you just started trading here on the nasdaq. so you're dual listed, five weeks ago. >> right right, yep. liz: how is that going so far? you've gone from, i believe, half a billion market cap to now 1.3 billion? that's big growth in a very short time. >> yeah. it's -- this was a big step for us, you know? we had been public for a number of years in. canada, but it was always a hope to get lusted in the u.s., and and -- get listed in the u.s., and we got there. put capital into the company, and, you know, that gives us the opportunity now to sort of exercise and do the things that we were always hoping and dreaming; get in more states like we're talking about, you know, and not just in the u.s., but qanta's just about to open -- canada's just about to open up. there's so many opportunities right in front of us. and accessing this was very important. it also allows us to do
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institutionals, institutions are now a part of our shareholder group, and it makes it easier for retail to start buying our stock as well. for all sorts of reasons, it was right, the timing was perfect, and, you know, very, very exciting. liz: yeah. real quickly, this is a very crowded field. there are a lot of companies trying to do all kinds of wagering. you know there's going to be consolidation. are you open to either being acquired or doing more act by igs? >> well, on the being acquired, you've got to ask the other guys that question. that's not something for us to answer. but looking at opportunities that are out there for us, there's lots of them. and i think more and more are going to show themselves over time because, you know, this industry is rapidly expanding. and especially when you're doing it the way we're doing, sort of integrating the consolidated approach and really not just treat betting. that's part of the whole ecosystem and that creates all sorts of opportunities. liz: as i understand it, last check of the blue jays, you're a
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fan of the blue jays, 2-2 in the seventh. >> i am. liz: i'm not sure we're still there -- >> [inaudible] i hope they're, you know, checking on the app. you would be up to the second in terms of what's happening. liz: up to the second. my floor director and tech guy, scott. john, good to see you. >> great to see you, liz. liz: anytime. t-mobile taking heat. up next, charlie breaks it on the story that he broke that is now, there's so many layers to it. the mounting pressure facing t-mobile over plans to cut its 3g or slower service. and aaron rasmus accept, cofounder of outlier.org which is an upcoming online education company joins my everyone talks to liz podcast. this guy got all of these
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stars -- gordon ramsay, you know, everybody -- to give their secrets this master class -- in master class. and it's not just what he's doing there or with outlier.org. what a background story he has. he began his first job picking strawberries at the age of 8 in oregon. you've got to hear more of how he became one of the most important people in education media. all you have to do to hear his incred e bl story is listen to my podcast. yep, there's aaron rasmussen right there. fox newsfoxnewspodcast.com, appe podcast, spotify, anywhere you get your podcasts. we're coming right back. 15 minutes til the close, stay with us. ♪ ♪
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[laugh] dad i got a job! i'm moving out. [laugh] dream sequence ending no! in three, no! two, keep packing! one. i really hope that this vaccine can get me one step closer to him. to a huge wedding. to give high fives to our patients. to hug my students. with every vaccine, cvs is working to bring you one step closer to a better tomorrow.
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♪♪ liz: listen to this, chipotle going crypto. the mexican fast casual chain is giving away $100,000 in free burritos and $100,000 to lucky winners of its new burritos or bitcoin interactive game. the prizes break down like this, ready? 10,000 of the chipotle faithful will get a free burrito. 50 players will win $500 in bitcoin, and then three lucky, lucky winners will walk away with $25,000 in bitcoin. okay. chipotle is moving up 1.5%. the stock now stands at $1,442. now, as we explain all of this and what you have to do, let's put up the bitcoin hot chart. all you have to do is get the valid six-digit code for a win. impossible, you say? you get ten guesses. chipotle says its new promotion
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was inspired by chief technology officer stephane thomas who is very well known to losing his password to his hard drive that had $387 million this bitcoin stored on it. happy burrito day, and i believe, i believe this is a one-day game. i'm not 100% sure, but anyway, it's burrito day as well as april fools day, but it's not an april fools joke, chipotle says. you saw it here first on fox business, the battle between dish and t-mobile over when t-mobile will shut down its slower 3g network. a move if that could have big negative consequences for some folks who use prepaid cell phones. well, now dish is escalating that fight just one year after the t-mobile merger with sprint closed. charlie gasparino has the latest chapter in this story which, you're a troublea maker, bra, you started this. >> pot calling the kettle here.
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didn't you have you have the t-mobile on, the ceo? [laughter] liz: i did, mike sievert. >> didn't you escalate the feud? respect you stirring the pot as -- aren't you stirring the pot as well? liz: with the ability to up jury. >> people in glass houses shouldn't be throwing stones here. [laughter] we should point out that charlie ergen today following up on our reporting that there's a huge rift between dish, t-mobile if over boost. as a part of the deal, part of the deal, regulatory approval of the t-mobile/sprint merger was a second deal because the whole thing was too big. one of the assets sprint divested was boost which is a prepaid service for lower income people. that was sold to charlie ergen's dish. however, under the terms of the agreement -- the deal, dish does not have the network yet built
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out. it still has to use t-mobile's network. that network is a 3g network, okay in now, here's where everything gets interested. according to charlie ergen, t-mobile was supposed to keep that 3g network for three years. according to, the noble, nah -- t-mobile, we are upgrading to 5g because that's what the government wants. according to charlie ergen, if you're throwing people off their 3g network as soon as the, at the end of this year, which is pretty soon, those people are going to have to upgrade their devices. they're poor people. they might not be able to afford it, and now ergen is making his plea not just to us. we heard it through the grapevine, we were talking about it, he has now written officially to the fcc on this. the biden fcc, we should point out, is much more free market -- is different than the trump fcc.
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from what we you said, the fcc is now engaging, and they may put pressure on t-mobile. this is what we're hearing, may, at some point soon. to extend the 3g network a bit longer so people can transition more smoothly, to get people some chance, time to save up to buy a new device if that's what they need to do. it's actually getting pretty nasty. and today the latest salvo was from ergen himself in a letter to the fcc. so, again, you know, we thought this deal was over last year or something like that this time? it went through the rigamarole. remember, huge regulatory hurdles it went through to get the trump administration's antitrust division to approve it, then it was challenged by the state, by new york state and california in the federal courts, and it was, you know, no one really knew what was, what
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the fate of the t-mobile/sprint deal would end up. they did win that case. but it's still being debated and discussed and fought over. it's amazing. it's not as crazy as your bitcoin story about chipotle, but it's pretty crazy. baa back to you, liz. [laughter] liz: charlie, thank you. charlie, i believe, a yankee fan, right? happy first day of baseball. >> you know, my friend runs the yankees, okay? so i have allegiance to randy levine. but i grew up a met if fan, and i do like steve cohen. of. liz: all right. i'm not. go, tribe. charlie, thank you. by the way, don't forget to stay with fox business into the 4 p.m. eastern time hour for "kudlow." 9 my former co-anchor, david asman, is in for larry today, and yours truly will be joining the show too. peaches and herb reunited,
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asman/claman. and "the claman countdown" is coming right back. we are five and a half minutes away from the closing bell ringing. the nasdaq is crushing it today the, big move. ♪ ♪ ge. governments in record debt; inflation rising, currencies falling. but i've seen centuries of this. with one companion that hedges the risks you choose and those that choose you. the physical seam of a digital world, traded with a touch. . .
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i had saved up some money and then found the home of my dreams. but my home of my dreams needed some work sofi was the first lender that even offered a personal loan. i didn't even know that was an option. the personal loan let us renovate our single family house into a multi-unit home. and i get to live in this beautiful house with this beautiful kitchen and it's all thanks to sofi.
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let's meet the defending champs. kim kietz, investor. i invested in invesco qqq a fund that invests in the innovations of the nasdaq-100. like 3d rendering software. become an agent of innovation with invesco qqq. ♪ ♪. liz: two minutes away. folks, the s&p is now hitting session highs going into the last couple of minutes here. we are now at 4018. we're about to see that index close where we're above 4,000 for the first time ever. russell 2000 is having a really nice day. as we look at small caps, bring in john lynch, cio of comerica bank, 60 billion under management. you-like small caps even as the s&p rears its head. why? >> yes, liz, good afternoon. small caps appear strong. infrastructure, backdrop,
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supporting more cyclical small caps, materials, industrials, financials, for example. they had their mini correction about two weeks ago, but even though they tested support around their 50 day moving average. but more important they maintained leadership relative to the overall index. i think that is very supportive for a durable move for those small cap cyclicals. liz: certainly at least two of the sectors you like could farewell in a infrastructure environment. are you anticipating that? >> absolutely. you know we'll have to see. 2.3 trillion over eight years, to be done about profitability but we'll have to pay for it. i expect there will be more challenges getting everybody done but nonetheless it bodes well for the stocks. liz: neither democrats or republicans ever consider we have to pay for this stuff. one quick second, got to tell me what do you think about the s&p closing above 4,000 quickly?
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>> we're finally seeing profits substantiate the move. [closing bell rings] i was concerned about the move. now that we're seeing profits, operating leverage deliver we're very favorable on the move supported by profits. liz: got it. john, thank you very much. john lynch. ♪. i'm. >> david: asman. this is kudlow. larry has the day off. but folks, it is really very simple, the party is just getting started. no one is worried about paying the bill. that is as good a explanation as any to explain why the market keeps booming despite

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