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

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checked despite an improving landscape. it's a defensive growth name, a defense play, it's your otter -- orthopedic company. all those procedures are going to start to happen. charles: all of you guys, mark, both davids, thank you very much. liz claman, over to you. liz: charles, may the force be with you. it may be stars "star wars" day, but stocks have sold off. the dow is coming back, but it's the nasdaq on the dark side as investors rotate out of big tech and momentum stocks. the nasdaq having its worst day since march 18th. while tocks go down -- stocks go down, a huge spacex rocket is within seconds of going up. we're about to show you the launch of elon musk's rocket 9 louvre. also a major message to americans about getting
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vaccinated. and as doge coin heads to the starses, we've got the company credited with giving doge the fuel. but first, breaking news, we take you to cape canaveral live in florida where spacex's falcon 9 rocket named after han solo's spacecraft by ceo and "star wars" fan elon musk is about to head to the heavens. let's listen. >> ignition and liftoff. may the force be with us. [background sounds] liz: and liftoff.
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spacex, the company that began as a dream in an empty hangar in el segundo, california, 19 years ago successfully launching its 13th mission of 2021. in all goes well, in about ten minutes part of that rocket will touch back down on one of the two spacex drone ships waiting patiently for its return. this particular falcon 9 rocket is kind of an experienced, old salty dog. it made its debut in 2018. it's its ninth mission. just up believable. the suite of rockets have made about 117 successful flights. its payload is part of goal of creating a mega constellation of more than 1500 of these satellites, these starlink satellites that will eventually provide high-speed internet access to rural and remote areas around the globe. we will keep an eye on this and more. but, you know, i don't know if you guys heard, but warren buffett's insurance czar had no patience for the question lobbed at him during the meeting this
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weekend for berkshire hathaway on whether he'd consider insuring elon musk's eventual rocket to mars. here's ajit james' answer and warren buffett's almost immediate disagreement. >> no thank you, i'll pass. >> well, i would say it would depend on the premium. [laughter] and i would say that i would probably have a somewhat different rate if elon was onboard or not onboard. >> i would be very concerned. >> tell elon to maul me instead of ajit. [laughter] liz: the huge insurance business brought in $17.8 billion in the first quarter. while buffett said he is willing to lose $10 billion on a single event d of course, he doesn't want to -- berkshire hathaway is flat at the moment. the stock market is losing you could say billions overall at this hour.
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but the nasdaq in particular seeing its longest losing streak in two months. 311 points. but the lows of the session, down 409. are today's losses just kind of a pressure release for investors or a sign of a balloon actually popping? to the floor show. we've got global equities cio steve -- and john corpina joining us live from the new york stock exchange. steve, i want to start with you. tech names are clearly falling out of favor here, and what people appear to be going into are recovery names. am i getting that right? what stocks do you see as coming back into favor especially in people's portfolios? >> yeah, liz, this has been actually going on since late -- early september really. there's been in different spurts this move to value stocks, cyclical stocks versus the growth stocks. we had a pullback in that trade the last few weeks coming into earnings, and now just kind of right on schedule it's
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reigniting again. and we think this is a trend that's likely to continue for a while. we've got a very strong cyclical recovery underway, probably an overstimulated economy coming out of covid. and everybody's got cash in their pocketbooks, their balance sheets. so we're expecting very high nominal gdp the next couple years. that's going to drive double-digit earnings growth and stocks most impacted by that are the so-called more cyclical value names that ono one's wanted to own. they got very tough year-over-year comparisons that they're facing right now. the valuations aren't terrific. so they're going to be taking a rest, in our view, in the next -- really for the rest of the year probably. liz: john, you know, i'm looking individually at names, i'm looking at the bigger picture, but okta which has had a bang-up year, obviously, a work and stay at home play, but they're
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struggling at the moment. zoom, for example, whether it be peloton, some of these companies, it feels like investors decided, i'm done, these companies have done great. they've gotten ahead of their earnings a little bit. i'm going to go with companies that, for sure, are presenting just as their earnings show s. >> right. that's the cyclical play, that's the rotation, right? we watched all these stocks, these sectors that have benefited from covid and actually continue to see our vaccination numbers get better, the return to work numbers get better, i watch the tsa daily number, they continue to increase day by day showing us more travel whether it's business or leisure. so i think people are getting much more comfortable coming back to our new normal. you rotate out of that and try to see where the value and the growth is. we're starting to see some positive returns in energy as oil continues to trade at the highs. with the 10-year getting hit, financials are coming out of favor at this point. clearly, the activity we're
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seeing in the tech sector here, it's the cost of goods. we saw this in our earnings report. cost of goods, cost of materials moving forward, those prices are increasing, companies try to fight it off as long as they can, but eventually it hits investors. that's why we're seeing pressures in that area. liz: we have been talking about inflation. it is here and just in a few minutes you're going to hear from jamie dimon about what he said about inflation. steve, apple at 3 plus percent cheaper than it was yesterday, is that a stock that you would say, i'm in? what are the areas that you're picking and sort of printing in. >> we've been adding all along here to exxon. i buy it even here today. it's till trading with over 5% yield line. we think the stock goes family higher. we've got oil prices going to 90 by the end of the year. jpmorgan, you know, trading at 12 times 20-23 res on our numbers. the yield curve's steepening,
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that's very good for them. cleave clapped cliffs, d cleveland cliffs, perhaps the only surviving steel manufacturer in the, it's printing catch right now, and it looks like it's going to be doing that for some time. printing cash. and all these stocks because they've been so so hated for so long, even though they had bounces off the lows already, they're still trading at low double-digit multiples. liz: cleveland cliffs, that ceo comes on, they've got a bang-up business that's doing incredibly well. the volatility infor example is up 10.33%. it's not an incredibly massive spiker but we know as long as the fed is in as the big pillow underneath every investor at the moment, does that make these markets on balance teflon until we really start to see the chance that rates may move
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higher? >> i think so, liz. so look at april. you know, april we had a return of a little bit over 4% in the market. your prior guest said sell in may, go away, we're starting to see some of that not that i'm a true believer in it. but when we get information that comes out of washington, clearly that support is underneath this market, and i think investors are going to play against that at some point. that's going to need to be pulled out, rates are going to have to shift, and we're going to have to see if this economy can sustain that type of movement. we're just not ready for it yet. as much as we like to see that our economy is doing the better, we don't know what the next month or quarter's going to look like especially when covid's till playing part of it, and we're going to throw other things on top of it, inflation, u.s./china relations, tariffs are going to come back into play. so many factors that shift from headline to headline. so i think the uncertainty the is still there in the future, and the fed needs to stay where
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they are at this point. liz: i'm pell -- telling you though, these selloffs rah really short. the s&p down about 44, had been down 64. john, steve, great to see you on a pretty wild day because we do have a lot of red on the screen, folks. >> thank you. liz: investors, they may be jumping from in big tech stocks, but they love cvs. the pharmacy giant, one of the few stocks in the green, popping to fresh two-and-a-half year highs after reporting strong first quarter earning, and they also raised full-year profit guidance. the stock is popping 4% right now. while store sales were lower as fewer people apparently purchased cold and flu med insins and revlon lipsticks, but revenue was boosted from covid-19 testings and vaccinations. met me show you irobot, it also posted better than expected results, but the stock is
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plunging 8.6% on concerns the company faces, yes, john corpina, rising component costs, rising shipping costs. ceo colin angle reassuring investors. also sink ising at this hour, smile direct club. the teledentistry company on pace for its largest percentage loss in more than a year, clipped by 16.25%. loss of -- we're looking at the company reviewing that a system outage caused by i believe it was a cybersecurity incident last month disrupted operations and will dent sales this quarter. so investors are moving away from that one. and while customers may be hailing more rides as pandemic restrictions lift, uber and lyft's recovery is stalling due to driver shortages and regulatory threats that drivers may be reclassified as employees. that seems to be a trend at least in some countries.
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now, both companies are struggling to keep up with the uptick in riders as many drivers are unwilling to return to the road due to safety and financial concerns. they're still worried about the coronavirus. shares of uber lower by 3.5%, lyft down 3%. now to the coronavirus crisis. yes, it is far from over at least in india which has just cracked 20 million cases with hundreds dying by the hour. this as president biden has just in the last 20 minutes set new goals for u.s. vaccinations. but what can american businesses do? become an agitator to step up vaccine distribution. the ceo of henry shine is doing just that. with the closing bell ringing in 48 minutes and the nasdaq down 316, stan bertman of henry shine joins "the claman countdown" with his big idea, next. ♪ ♪
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million americans fully vaccinated. that means giving close to 100 million shots -- some first shots, others second shots -- over the next 60 days. liz: but, of course, we're starting to see vaccine hesitancy as president biden reveals his new goals. in the meantime, india is counting its dead. in the last 24 hours alone, 3,449 victims have suck comed to the coronavirus -- suck comed to the coronavirus, the second country in the world to pass the 20 million covid-19 case level. 357,000 new cases since just yesterday. even though the biden administration is now restricting travel from india to the u.s., have multiplying variants already arrived on our shores, and should there be a new component to vaccinations? stand bertman is the see eau of -- ceo of henry schein, he just sent a letter to congress pushing to expand vaccine distribution here.
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stan, you say act visit our nation's -- activate our nation's vast doctor and dentist network, give them the vaccine. people will be more comfortable getting it from them, and that is how we get over this vaccine hesitancy. how would this work? >> absolutely, or liz. we've done a great job in the initial round of giving vaccinations to american people, but now we're facing a hesitancy issue. medical doctors are trusted. 70% or so of regular flu vaccine and normal vaccines in general are given in physician offices. let's activate the physician practices. physicians can access these vaccines, but it's very difficult. less than 38% of covid vaccines aring being administered -- physicians are administering less than 38% of these vaccines in their offices. they do not have access to these having seens in the quantities that they should, and we want to
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encourage the administering to provide -- administration to provide access to vaccines to physicians and dentists as well. liz: have you heard back from congress? what are they saying? i completely agree with you because we've got the situation in india right now are where they're having trouble restraining variants that could come to our borders. what has u.s. congress said about your letter? >> i believe that the administration working on this, and we're hopeful with the president's announcement today that pediatricians and physicians will be accessing more of these vaccines. they can't get enough of them today. they're not going to the physicians, and we need to insure that physicians and dentists in this country obtain these vaccines urgently so that we can insure that we drive up the number of people in this country with the vaccines and we get to herd immunity as quickly as possible. the president's goal of getting out 100 million vaccinations in
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the next two months is right on, but we need to get the physician to be administering and talking to their patients about administering the vaccines on them. liz: well, i agree with you. i think a lot of people -- i don't mind, i'll take it from anybody. and, by the way, all health care workers whether they're at cvs or local hospitals, have been doing an incredible job. but i know a lot of people who would much prefer to get it from their tried and true doctor whom they know or even, as you say, a dentist. so as we look at what's going on in india right now, it hassle become a breeding ground -- has become a breeding ground. how would you rate that as a risk to the u.s., and by then maybe we will be ready for the booster shots that would be perfect for doctors' offices to give, correct? >> well, we need to make sure that the american population is vaccinated. we need to insure that the vaccination hesitancy is dealt with. physicians need to deal with that. there will be booster shots
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coming. if we can't educate the public on the importance of vaccination, we are going to have an issue, and what's happening in india will not stop in india. we put the american population at risk. we need to make sure that americans understand the importance of vaccinations. we can do it. we have the ability to get these vaccines into physician offices, into clinics, into smaller locations where health care is practiced. that's what we needed to do. if we don't do it, then we will find ourselves in a situation where we're not able to dedefend ourselves against what's happening outside this country in countries such as india. liz: you just reported record first quarter sales. the stock hitting a record high. you guys have been around since the 1990s. what a leader you've been, stan. tell me exactly what you think is a forward catalyst once we're over covid. >> bottom line, liz are, is that the public is going back to
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dentists, the public are going back to their physicians. we are seeing elective procedures growing, and we're in a position to service office space practitioners with the products they need, the ppe so that they can provide infection control in the practices to make sure that the practices are safe. we're also providing the practitioners with the rapid-point tests so you can go into a a practitioner's office, get tested immediately. these are the things that have been driving our earnings. liz: stan bergman, henry schein, great to see you. let us know what congress says because, i agree with you, i think it would be great if we open up the distribution of this vaccine to doctors' offices. see you next time, stan, thank you so much. >> thank you. liz: diapers, tissue, toilet paper prices rising as the post-pandemic economy surges. we are headed to the grocery store for a looked at how inflation could take a big chunk
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out of your wallet at the checkout counter. but the stocks that could actually benefit from it. closing bell ringing in 38 minutes just a day after ether, the cryptocurrency, sailed past $3,000 per coin. it jumped in the last 24 hours above $3,500. it's pulling back just a bit right now, but institutions are jumping to acquire it. it is, however, doge coin that's got crypto investors bark at this hour at e-toro welcomed doge to its trading platform. the managing director joins us in the next half hour about why he's letting the doge back in. we're in a moment going to join with him. stay tuned. ♪♪ ok, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter,
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♪ >> but the notion that the fed can do whatever it wants, that's quaint but not accurate when you have inflation. the 10-year goes up to 3% or 3.5
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and and you have a strong economy, it means almost nothing. if, on the other hand, inflation goes to 3.3, 3.5 and they have to clamp down and rates go up to 4 or 5 and the 10-year bond doesn't go where people want to it go, then, yeah, it's more of a traditional recessionary type of thing. liz: jamie dimon telling "the wall street journal" at its ceo council sum, we're going to have a booming economy, but we're also going to have inflation. rising prices are already on consumers' doorsteps and in their kitchen cabinets. to edward lawrence live at a supermarket in bethese da, maryland, with the real world stocks that is correct benefit or get hurt. edward. >> reporter: yeah, that's true, liz. i bought this this morning. it cost me about 30 cents today than it did a year ago because inflation is creeping into the grocery stores. everything you buy in the
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grocery stores a little bit more expensive. go you may have noticed that. we're seeing the data showing 3.5% year-over-year now the stuff in the grocery store is generally more expensive. that's from march of last year til march of this year. inside those numbers, some very interesting breakouts. i want you to look at this, cereals and bakery products, 2.6% increase. meat, poultry, fish and eggs, 5.4% increase from march of last year to this year. dairy, 1.6%. fruits and vegetable, 3.8%, nonalcoholic beverages, 3.2% increase. this was on the mind of traders today. when treasury secretary janet yellen started speaking about interest rates and how they could possibly go up, that's when the market really started to sell off even more than it already had been. i think it's important now to listen to exactly what she said on that. listen to this. >> it may be that interest rates
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will have to rise somewhat to make sure that our economy doesn't overheat even though the additional spending is relatively small relative to the to the size of the economy. so it could cause some very modest increases in interest rates to get that reallocation. >> reporter: and in the earnings calls we're starting to hear some big companies say they're going to pass along those costs, companies like coca-cola, procter & gamble and general mills. liz in. liz: edward lawrence, we're watching all of it and all of these names. thank you -- i think, thank you, i think. i mean, the prices, i see it already. too expensive. could we be on the verge of a four-wheel famine? automakers posting massive sales, but with that global chip shortage we've been talking about, will retailers run out of cars? yeah, the dealerships. next, we ask that we question to
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the president of one of the nation's top auto retailers. wait til you see his stock's big move on big demand. closing bell ringing in 30 minutes. the dow well off its lows. at its worst point, it was down 347 points, it's now down 86, but the nasdaq is still flagging and dragging. we're coming right back. ♪ ♪
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♪♪ liz: well, car salesmen have never been so popular. ford and subaru now joining the list of car companies seeing crazy monthly sales spikes. ford electric vehicle sales jumped 264% in april and subaru of america reporting a 100% increase. at this hour, ford is down about 2%, suable row down 1.8%. but even with the backdrop of a
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microchip shortage slowing down the auto manufacturers, one of the nation's largest car and truck dealers reported record first quarter revenue. with the stock jumping 4.33% right now, let's get the story from sonic's president, jeff dyke. obviously, you're doing incredibly well, but is there going to be some type of nightmarish log jam coming with the microchip situation, or are we overstating it? >> well, in the first quarter you didn't overstate it. we just didn't have the shortage january, february and march, but when you move into the second quarter, business is going to get tighter. and it's going to get tighter in the domestic and import brands more so than luxury which really helps our company, sonic automotive, abuse about 70% of -- because about 70% of our business is luxury they normally run in the 50-55 day range, but
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domestic where you have a 60-day or 65-day supply typically this time of year, that's dropping and dropping drastically, and it's going to be into the mid to upper 30s, could get a little worse than that. so so we're expecting may and june to be really, or really difficult. chip supply is certainly causing that, and things should get better as the summer moves on. liz: tell me about your lots. are there more empty spaces? compare it to something, say, for example, two years ago. >> so, sure, the lots are certainly less full. but at the end of the day, the lower day supplies actually help, and that's why you're seeing the bottom lines of all the awe auto retailers so plentiful in the first quarter. lower day supply, supply and demand, we're actually selling cars for what they should sell for without having to discuss count them and without manufacturers having to incent them. so we done want it to go lower than it is today. inventories do need to come back up somewhat, but i wouldn't tell
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you it's a panek at all. i think -- panic at all. i think the manufacturers and retail theres are enjoying a fan tsaing in, historically good retail business. and when you look at the seasonally-adjusted selling rate of 8.5 million cars in april, that's the highest we've seen in over 16 years. so the business is actually fantastic, it's historically good. liz: i don't know, jeff, i'm hearing lower supply, higher demand. are price hikes next? we know that the price of steel has gone up, prices of components have jumped. tell me if you are going the expect to see some meaningful price moves to the upside here. >> well, we've already seen it. we're already seeing it. if you look at preowned prices from the beginning of the year until now, that's a 20% increase into april. new car prices are certainly rising, so there are certainly some inflationary signs there in terms of pricing going up. but i don't think it's over, over the top. we're still, you know,
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historically selling cars at the same kind of levels that we have, you know, over a hong period of time. so it's not manager we're too concerned about at this point in time. liz: you've had some stunning growth. you're up, you know, 43% over the past year -- 143%. exit9 to haves are out there, and not all of them are traditional. carmax and vroom, these online or noters, what's your battle plan against those companies? >> sonic automotive in about 208 echo park really took off, and we sold 57,000 cars last year at our pre-owned only brand, we'll do over 105,000 cars this year, and by 2025 those echo park stores will have 140 distribution point network across the country. and about 575,000 cars, 14 billion in revenue. so we're very excited about the growth plans that we have for echo park really focused op
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three primary areas; great, great product that we put a 1-4-year-old car on our lot under 50,000 miles, excellent, excellent experience for our customers whether in the store or online and then a fantastic price point, $2500-3000 below the average retail price on a traditional lot. so we've got great expansion plans, the brand is growing lime wildfire. we have 22 stores today, by the end of the year we'll have 40 locations across the country. liz: your stock is up 140.8% year-over-year as we speak. jeff, it's good to see you. thanks so much. >> thanks very much for having us. liz: the proafers surrounding major league baseball's all-star game moving out of georgia, it's far from over. charlie breaks it on the latest attacks on the baseball league's commissioner and the attempt to get the game moved back to atlanta.
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and he was the youngest person ever to be hired at google. larry was just 17 years old when he got noticed by the google gang because he was so good at coding and so good at making computers do incredible things. he joins my everyone talks to liz podcast this week. brand new end episode just dropped. he escaped romania in the '90s, he got to canada with his family. amazing story spanning across the continents and across tech start-ups because he also was one of the first 50 employees at, yeah, twitter. so you've got to hear his story because he is now the founder and ceo of envoy, the smart office solution. offices of of the futurement it's such an exciting and aspirational story, i want you to listen to it. you've got to hear how it goes down. get it on apple, google, spotify, all of the podcasts out there. check it out. we are coming right back with
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♪♪ liz: turning up the heat on the major league baseball commissioner. that's what bernie marcus' advocacy group is doing. hoping to bring the all-star game back to atlanta. bernie marcus, of course, one of the founders of home depot. billionaire with big bucks. joining us now, charlie gasparino ready to break this one. charlie. >> what are they saying, no balls, all strikes? [laughter] liz: i'm a hockey fan. i don't know. [laughter] >> i think that was, that was meant for bob manfred, the
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commissioner of baseball, who moved the all-star game out of atlanta over pressure from activists over the georgia voting law. and and now comes a political advocacy group founded by home depot cofounder bernie marcus called the job creators network. he's trying to turn up the heat on mr. manfred to possibly move the game back. now, i give this very low odds not because the job creators network and its president, alfredo ortiz, that they're not trying hard enough, but today a rally. they've been running a series of ads on billboards, particularly in times square a couple week ago, others again saying no balls, all strikes on mancaving to the pleasure -- manfred caving to the activists. they've also written the
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commissioner to set up a meeting with him to discuss the matter and why his decision to move out of atlanta was not just, you know, giving in in to the woke b but how it cost many businesses a lot of money. the network is a right-wig, i guess you could say a conservative advocacy group. they push for free market solutions to problems, lower taxes, less regulation. we're not talking qanon here, this is mainstream conservativism of low taxes, less regulation. also, they're also like many other conservative groups pushing back against major league baseball, establishment entities adopting a woke sort of political culture in their dealings with the pluck. so -- with the public. i guess you're going to see more of this. whether manfred meets with them is up clear. i put low odds, but i think they think, i've been talking to i'll
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grade doe ortiz about this, they think they have a lot of mileage here. they could make a lot of hay because the move out of atlanta was so absurd n their view, from an economic standpoint how much it hurt local atlanta businesses, and the voting laws in georgia, apparently, are less strict than they are in colorado where the all-star game's moving to. liz, back to you. liz: charlie, thank you. it's -- >> now, let me and ask -- that protest, you know, this is like when conservatives protest, it's kind of lame though, isn't it? they don't do a lot of screaming. liz: i know. i mean, i went to berkeley. we were screaming and yelling. [laughter] yeah, i mean, these people are very polite. god bless them. [laughter] thank you very much. they need to take some lessons from us. charlie, thank you. we are seeing a dogecoin disaster for online trading app
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robinhood. the brokerage experiencing a major outage in its crypto trading today all because of competing exchange etoro added doge. coin to its platform. the man who runs what triggered it all, guy hersh joins us next with the big story. we're coming right back. ten minutes away from the closing bell. ♪ ♪
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♪. charles: yes, i know we're in the red but with the closing bell ringing in seven minutes the dow is actually looking at session highs. still down 35 points but this is a massive reversal. the dow at its low point was down, was it 347? i want to check that. the nasdaq was down 409. still down 292 for the nas. we're looking at an attempted
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comeback. meantime, dogecoin it has been coming back all day long. dogecoin derailing robinhood's crypto platform after it was welcomed by competes exchange etoro. look at the price of dogecoin. it is trading, look at this, bearing down on 57 cents. just weeks ago this was about 30 cents. so it's a big move even for a coin. yeah it is, it is up actually 39%. regardless, it is having a huge spike thanks to etoro. u.s. managing director of etoro guy hirsch. did you have any idea simply bringing aboard dogecoin for traders on your brokerage would have such a dramatic effect on your price? >> etoro is social trading platform. when you have chatter around a particular asset what we saw
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with gamestop, doge is a meme coin. it fits into our audience. our audience are on social media. our users are on reddit, on twitter. it is a huge phenomenon. when we lifted it yesterday it quickly became the number one traded assets on etoro u.s. charles: what did you look at to convince you, was it a ban? you just didn't have it, right? you decided to welcome it. why? what changed about dogecoin? >> when we are deciding to list assets we look at two things. primarily if there is enough liquidity. clearly what is happening with the dogecoin, currently with a market cap of 72 billion. there is liquidity. we can satisfy demand, most of the assets we're listing because of a large market cap are immediately in demand. the second aspect is compliance aspect.
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we go through a very neuroanalysis whether or not a particular asset is a security. if it is deemed to risky to be a security or that we believe that yes, you might consider it a security, we would opt into not list it. if we get comfortable after consulting with lawyers that that it's, it is decentralized enough or does not fall under the definition of a security we would go ahead and list it. charles: okay. i'm surprised that you would say it is not too much of a risk but regardless, that is your decision i get it. we are actually, yep, 57 cents right now, up 38.3% at the moment. you're welcoming, comes a day after the oakland as announced it will sell a pair of tickets i believe 100 units of dogecoin. we're seeing bitcoin drop another 4% today. where do you see alls these cryptocurrencies, they are all
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very different, ether hit a record high past 24 hours, pulling back a bit but looking very strong, where do you see these going in the future? >> what is interesting, in the past few months we've seen continued detachment where bitcoin is, what alt coins, what we call alt coins are. there used to be a perfect correlation between the price of bitcoin and alt coins but today we see a completely different dynamic. some coins are rallying when bitcoin is down and vice versa. that is very healthy. it shows growth in this industry, that other coins are getting their own market dynamics not in relation to bitcoin and that is a very healthy thing. on the other hand you have the social media and meme phenomenon. we've seen the past 30 days or so more than 62 mentions, 62,000
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mentions of dogecoin on social media. it has been the second most discussed asset after bitcoin on twitter, reddit and what not. so it is currently definitely at the top of mind for crypto investors. charles: i know you probably think trading actual stocks is very quaint but the dow jones industrials just turned positive. i'm thinking about what warren buffett said about cryptocurrencies this weekend and he, not so of what he said but charlie monger his vice-chair has forever it was rat poison. he told fox business that several years ago. perhaps it is so new in early stages but do you believe that dogecoin, ether, xrp, bitcoin, lite coin they will all exist in the future or will some of them really fall by the wayside? >> we do believe that a lot of crypto assets out there have a very sustained and a long track
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record of value, of providing value to investors either as an investment opportunity or as a utility. so on ethereum you can create all sorts of smart contracts. usually that you can replace insurance markets, liquidity, you can get all sorts of creativity and new financial services that weren't available up until we saw the emergence of this technology. so i feel that this new phenomenon, this new way of investing, this new way of doing business with no intermediaries in between holds a very, very strong promise into the future. charles: okay. >> we will see some coins dropping to zero in value but bitcoin, ethereum, what not, they have a very, very strong potential. charles: got it. >> we are very --
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charles: we're bullish on watching you and when you guys go public. we would love to have you even before then. [closing bell rings] charles: that will do it for "the claman countdown." the bulls kick down the door in the last 20 minutes of trade. the dow is now positive. what a swing. that will do it for us. "kudlow" is next. ♪. david: i'm david asman in for larry kudlow today. welcome to "kudlow." the nasdaq is down about two% as you can see. it recovered a little bit at the end. treasury secretary janet yellen didn't help with her comments on interest rates earlier today. listen. >> may be interest rates will have to rise somewhat

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