tv The Claman Countdown FOX Business October 18, 2021 3:00pm-4:00pm EDT
oil names i feel like i might have been premature so if i get a chance jim i'll be back with you for sure and to your point, there's nothing stopping from going a lot higher from here, we've shot ourselves in the foot we should be drilling for more but we're not. love having you both on particularly for that segment we have a lot of great ideas victoria, jim, we'll see you both very soon as i hand it over to my colleague liz claman, we're getting a little momentum into this last hour of trading. liz: as he said he liked his play action so do i. wall street is kind of looking at a split decision to open a very busy week the third quarter earnings reports, but these numbers were way worse, earlier the dow was down 258 points now it's lower by just 63. s&p up 11, the nasdaq, yes, gaining 109 after having been down about well down 64 up 104, so we've got nearly 200 points of a swing. breaking this afternoon, apple unleashing its next generation air pods, the battery life wait until you hear, in a stunning
reveal in its new mac book pro is apple going old school? we'll tell you what the tech king is bringing back to its mac book pro laptops plus two new chips to power, we've got prices and first reaction from our own apple geniuses who are ready to grade the brand new announcements. general motors streaking down the road into the electric vehicle future smack talking that not only will it take on tesla and elon musk but it will zoom past the ev leader. gm ceo mary bara is here in a fox business exclusive, does the secret to beating tesla lie in gm's $35 billion investment in the ev echosystem and is that even going to be enough with news breaking today that toyota and foxcon are putting their pedal to the ev metal. does the key lie in the a sub- $30,000 plus we'll ask mary bara how long she sees the chip shortage lasting, coming up can't miss that but we've got to get to this breaking news about apple
unleashing this bushel of new products and services moments ago, the stock look at this , it's actually bucking the trend, what we've seen in the past on apple event days usually we see a sell-off but right now the stock is now up 1% at session highs, as we kickoff the final hour of trade. the many event involves a high ticket item, it's getting an update for the first time in five years. also, apple revealing two new chips called the m 1 pro and the m 1 max, interesting that they didn't really bring up the chip shortage, because they're making their own and the much-anticipated third generation of air pod wireless earbuds with a six hour battery life, along with a streaming music plan. let's go live to the west coast and kellyo'grady following every minute of the apple action. kelly? >> hi, liz. yes, so this was exciting today, i mean, as always, apple events mean that holiday lists get added to, and today is no
different. tim cook emphasized that apple is focusing on music and mac, and it was very well choreograph ed he came to us from the middle of a field and told us all about these new things but let's get into it. that revamped mac book pro that you mentioned is what has consumers buzzing the most on social media. so let's start there. we've got a 14-inch and a 16.2- inch display that this comes in, it's ranging from $1,099 to $2,499 so a bit pricey as you said but that new 14-inch mac book promises serious power with the announcement of those two new chips so the m 1 pro and the m 1 mac. the m 1 pro offers a major speed boost over their previous m 1, a lot of folks were saying they were dissing their own chips but of course this new one is supposed to be exciting and it's especially in terms of that graphics performance. it's going to deliver long battery life. other highlights on that include
the mini led display, mag safe charging and hdmi and sd card ports which everyone is really excited about bringing back those ports. also has a 80 pixel camera so let's move on to the air pods though. they also announced those as you mentioned those are going to come in at about $179. the regular air pods haven't seen an update in two years, so this is a welcome piece for consumers that apple is offering a new design, so there's a lot of different stuff coming this holiday season. i'm personally excited about that mac book pro, liz. liz: i'm personally excited about more ports, right, kelly? this is really something, thank you so much. kelly o'grady. let's get reaction from collin g illis, whose covered apple for decades joining us with john schwartz of market watch. collin, i'm sorry, be still my heart, apple is going retro bringing back the tactile keyboard and adding more ports.
what's at the heart of that? >> you know, we've got a head phone jack. liz: i know. i'm so excited. >> so here's what apple's strategy is. they are out there, creating their own silicon, right? and so this is such an important point, because it's allowing them to create their hardware and their own chip sets, not only does it add a little boost to the margin but it allows them to seamlessly design hardware for the software, to create this incredible snappy performance in all their devices if you use the iphone 13 you know what we're talking about and these new mac book pros look to be fantastic machines. liz: okay, the tactile, that is great. i mean, no more of that bar that we had which of course was touch , and i always had trouble with that because it would disappear, john, but what do you think is at work here and do you think the stock is moving higher right now because these are big ticket items and we can put up the price of what this mac book
pro is going to look like. >> yeah, i'm glad you mentioned the stock price, because normal ly, as you said, there's usually a sell-off the day of an announcement, and i think that underscores probably happiness is what we see. the ports, i'm glad you mentioned the ports because that jumps out at me immediately. the improved displays, longer lasting batteries, more memory options, it's faster than the m 1 chip, and the other thing interesting to me is when i saw this announcement, it kind of gave me a flash back to the iphone announcements and kind of this intent that you're creating these products that are almost like hollywood quality video and sound so you can do your own kind of production, your own kind of movies. like here is the desktop version of what we were getting with the iphones, and quickly, on the air pods, i think the first update in at least two years. liz: right. >> and you see third generations will borrow features from the more premium air pods
pro line, so yes, taking all into account, it was very impressive, as these things go, and the stock reflects that. liz: yeah, six hour battery life and by the way, it pairs as soon as you open the case. $179, sweat and water resistant. i'm doing the happy dance, but i will say this , collin. they did not mention the chip shortage, obviously, because they're making their own chips and the mac book pro has the m 1 chip that's band new so you have to figure they are in the sweet spot not stuck at least in that part of the supply chain. i know their iphones are and they had to pullback on quite a few of those at least for the moment. >> and so that's a great point, liz. when you think about apple, there's a lot of concern about supply chain disruption. we saw that was actually moderated in the june quarter. we may see that moderated as well in the september quarter , and there's a chance for gross margin upside that
could be a very positive catalyst for the stock because the iphone 13, you know, it's really an s model so there's a chance for the company to continue to grind down their component costs, in fact that they've said that that is the case, and the nice thing about today's event is because of the iphone 13 launch, there's a little pull through into the september quarter of the phone that were shipped on the launch day, so to have a new line of mac book pros, high ticket items plus $99 home pod minis and the $179 air pods, it's all going to help the december holiday quarter. liz: december holiday quarter, if you can get your hands-on the stuff and by the way i was watching the store, it was shutdown at least for the time being saying we're updating and then they said almost done. of course they're waiting for the big swarm of orders. great to see you guys collin, john, thank you very much. as apple reveals its new chip, the auto maker still struggling with the chip crisis. general motors ceo mary bara
waving to us about to join us in a fox business exclusive. how long does she think it'll take before the semiconductor shortage is up and why she's not waiting to make any major changes she's jumping in and you think gasoline is high now what if we see the price at the pump, if oil goes to $200 a barrel. our floor show traders next, to react on the new report that has energy stocks pumping up. closing bell, we're 51 minutes away, dow is down 75 points we're coming right back. the "clayman countdown" don't miss it. ♪ ♪
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liz: all bets are on in the crude oil options market. check out this wall street journal headline. crazy bets on $200 oil invade the options market. so, traders are apparently waging that crude will surge well-above where it is right now , which is already at seven- year highs of 82 and change a barrel. some are betting that west texas intermediate which trades in the u.s. will hit $100 by this december and the global benchmark, brent crude, would hit a record $200 by the end of next year. right now brent is at about 84, so let us get right now to the
floor show, kenny pulcari and scott redler. kenny let's just pounce on this right now. come on $200 a barrel? >> i think 200 is a little bit rich for sure i think oil is going higher, i think demand is there but i think these calls for 200 is creating this hysteria and causing all these trader types to run right out with this momentum force these trades. i think it's a little bit rich. i don't expect it to go there and i would think if oil broke $100 we would start to see much more production coming out of the u.s. , which would tamp that down. liz: scott, i don't want to get wonky here but it's not wonky if you're talking about the energy markets rig count. a whole bunch of them have been firing up last friday, they always come out on a friday, we saw baker hughs giving a report that they were adding rigs, hand over fist, so, i mean, doesn't that at some point put a ceiling on the price? >> i agree. everyone wants to sell oil at
these prices while they can get it and at this point 85 is probably high, but not crazy like the journal article is saying 200. i'll say sold to them. if oil goes to 200 we have a lot more problems than oil going to 200. i don't foresee it happening, but you know, we've seen crazy things, me and kenny lived through 2008 when oil spikes were 147 it stayed there for a day. in 2012, oil was at 115 for multiple months and then it broke lower soays remember that the gasoline markets, they lagged, do they not? kenny, you're looking at gasoline at the moment which is certainly richer than it was a year ago, give me a sense of where that goes and you've got to figure that those that are really involved in this market want to pick-up some of the companies that have their hands and fists in there. >> well they do, but look. if oil, and i suspect oil could
hit $100 mostly by the end of the year. i am in that camp and if that's the case i would expect people are paying close to five or 5.5 and i think in california they are already paying $5 for gas, and so that's only going to exacerbate that problem so while i do think there's upside a agree with scott and you when you said they are already bringing out more rig counts every friday we hear it as oil picks up so they are going to start producing more and that will help to stabilize it one way or the other expect higher prices at the pump. liz: great. that's great to hear thanks kenny, scott. >> [laughter] liz: great to have you both. netflix did some secret numbers crunching over the weekend. eye popping viewership of the streaming giants breakout hits squid game has led to an even bigger number. coming up the dollar value netflix apparently believes the south korean pop culture phenomenon is now worth, with the closing bell ringing in 45 minutes, and the dow down 55 points, we do have the russel higher, and we've got the nasdaq up 113 points right now, we will
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liz: we got a get you this fox business alert look at zillow getting slammed as it halts its home flipping business. shares of the online real estate site dropping nearly 9%, hitting their lowest level in more than a year after zillow said it has to pause its home buying renovating and flipping practice this year. zillow is blaming labor shortages and supply disruptions for the move. we can't get enough construction workers. baby yoda cannot be happy about this. disney getting a rare wall street downgrade, barclays cut the stock to equal weight, cit ing wayneing growth as its disney plus streaming service barclays insist only bull changes will reverse that slow down, while disney plus, home of the hits to wanda vision clocked
116 million paying customers in quarter ending in june, netflix reported nearly 200 million. same time period. not helping is the delay of the release of several marvel studios sequals disney today saying black panther, thor and the fifth indiana jones film releases are being pushed out several months. disney down 3 1/3% and by the way speaking of netflix, netflix could best its subscriber numbers when it reports earnings after the bell tomorrow thanks to the powerful ten abilities of its series squid game the stock is running up 1.25% right now, the runaway korean language hit has sucked in record viewership but now bloomberg citing internal company estimates reports netflix thinks the show can create almost $900 million in value for the streaming service. i have not finished it yet, haven't decided if they were evil, don't tell me. red hot fintech sofi is getting
a thumbs up from the business, shares jumping 7.5% because morgan stanley initiated coverage today of the stock with a buy and a price target of $25 it's at $20.87 right now up 7.6% , sofi is the fastest growing story in consumer finance. general motors unleashing a lion 's roar in the battle for electric car supremacy as ceo mary bara rolls optimistic the cadillac lyric with a price tag of 58 grand, how soon will they have a low cost ev in a fox business exclusive we're about to ask mary bara that question plus how she plans to dethrone elon musk and we'll get the latest on gm chip shortage with gm shares up nearly 40% year-to-date, mary bara joins us, exclusively, next
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liz: toyota powering up in the ev race the japanese auto king this morning announced a $3.4 billion investment in u.s. electric vehicle battery production. 1.3 billion of that investment will go toward building a new u.s. factory, further accelerating toyota's push toward an all-electric future. toyota is moving higher on the news by about 1.25% but toyota is not the only major player stepping up making big announcements. taiwanese iphone maker and tech super power foxconn today revealed three new ev prototypes an suv, a sedan and a bus, and while foxconn's recent purchase of a lordstown, ohio factory is pushing it deeper into the u.s. ev race, general motors already thrown the first punch with its ambitious plan and promise to double revenue by 2030, by releasing 30 new ev models to market by 2025. gm shares are moving lower right now, but have spiked 8.5% this
month alone. joining us now on a fox business exclusive is general motors ceo and the newly named head of the business round table mary bara and mary, congratulations on heading up the business round table. i don't know when you'll sleep, but that's amazing. >> well thank you very much. i'm really honored to have the opportunity especially following in footsteps whose done a phenomenonal job through an incredible period of time. liz: your time there is going to be just as incredible because there's so many issues that are facing corporate america, i'll get to that in a second but you and gm, have gotta talk specifically about what's going on in the ev world. you've made this very aggressive declaration that gm will zoom past tesla in the ev race in eight years by churning out 30 e v models by 2025 but just the two announcements today, by toyota and foxconn could make this a whole new ballgame. how sg m's approach to this
battle truly different? >> well, i think where we really distinguish ourselves is that we've already made considerable investment. our dedicated plant factory zero is producing gmc hummer ev's right now that will be shipped to real customers by the end of the year, so we're excited about that. we already have two cell plans under construction, one will start producing cells next year so while others are just talking about making the investment, we're well-along, and we think that's going to allow us along with the fact that general motors we have a full portfolio of vehicles for everyone's needs, their functionality they need from the vehicle, the segment and also the price point, and that's where i think general motors can, with our commitments, really make a huge impact, and like we do today, lead in the united states for selling the most cars and vehicles set aside of some of the covid restraints, but also, do that with ev, so i'm really excited about the future product
portfolio we're launching. liz: but there's no delying that elon musk and tesla have a multi -year head start on a lot of you guys and how many of these vehicles that gm is going to churn out that will be totally treck trifid will be ready to hit the market by 2022 that's just around the corner. >> well we already have the chevrolet bolt ev and euv as well as the gmc hummer as i mentioned we'll be launching this year and early next year we'll be launching the cadillac lyric and we have a steady rollout of ev's after that point many of which we haven't announced although we announced also shortly there after, we'll have the chevy silverado electrified truck, so those are just a few of the trucks we have vehicles we have coming so i couldn't be more excited. liz: you mentioned price point. obviously, to get up to mass adoption scale, you've gotta have a really inexpensive one. tesla has always said that a hiring program has begun for a $25,000 tesla.
they say there's going to be no steering wheel so obviously that's autonomous, made it at shinning high factory that could be out by 2023. what point on the calendar sg m aiming for regarding the release of very low priced ev? >> well, we've already said that we'll have vehicles by 202t the key segments and we just at our investor day talked about a chevy that's the size crossover type vehicle that's around $30,000 so that really gets at affordability and we hinted although we won't release more details today, we'll have one even more economical and below the 30,000 coming in the not too distant future, so we have a full portfolio planned as we rollout between now and 2025 and beyond. liz: well the investment has to be huge. first it was a $25 billion investment in ev, you guys talked about in and of itself gutsy and then you hyped that to 35 billion. what are the chances, mary, that
35 billion is actually going to have to rise again, not just because of competition, but we're also seeing inflation in materials, rising wages and price as well, this is insane times. crude prices are going crazy. do you think that that'll have to be on the sliding scale? >> well, we're very confident in the number of products and the battery facilities that are included in that $35 million, so we're going to keep, we have a great team that does the execution both from the vehicle side, from sourcing the parts that we need and also doing the construction and the changeover facilities, so we'll keep working through that, and making sure we can do it as efficiently as possible, but we're going to keep looking for any opportunity that we think is going to help drive ev adoption in the marketplace, and stand ready to make those investments. liz: so it could change is what i hear you saying. does your announcement though that gm is going to double its revenue by 2030 account for what we've seen, which is pretty
significant inflation whether it's transitory as the fed calls it or not, and then rapidly- changing ev race which obviously not only has these entrants from havings wag en to foxconn in conjunction with elon musk and taiwan, you've got fisk er, apple and google as well. >> well when we look at what our growth plan that we articulated at our investor day foundationally it starts with we have a very strong portfolio that we can build off of and attract customers into our electric vehicle so we see growth from an ice and electric vehicle perspective, but also what's significant is some of the other businesses that we have, like autonomous, with our cruise operations for ridesharing and goods movement, on star insurance, all of the services we can provide because the vehicle has become a software platform, so building on on star and we've done quite a bit of customer research to understand what the customer is looking for and what they're willing to pay for , so we have
a very robust plan behind our growth strategy. liz: it's almost as if general motors is becoming not a software company, but a subscription-based company that could really capture that revenue. tell me about that, and how you anticipated and the trajectory of it, as the years go by. >> well we think there's huge opportunity there, and we have a head start because we've had on star in the vehicle for 25 years we have a very successful subscription business with on star, either the safety and security side of what on star offers or the connect connectivity and we've done a lot of research, we have a dedicated teamworking on the additional services, subscriptions, additions that we can provide to the customer that will first i think surprise and delight but also make it more efficient for them, so that is what gives us confidence and we're building on a very successful on star business. liz: well that's surprised and delighted at least some analysts i've been watching as far as your gm and their
recommendations, because they see recurring revenue as a true opportunity. i've gotta ask because you mentioned the cadillac lyric suv you guys captured a cool factor with the all electric cadillac lyric that sold out in 19 minutes. tesla just lured me away from lexus which i've leased one of their suv's for something like 16 years. the model y is intuitive, cool and i've got a tire leak, it notified me and then its mobile service showed up, the truck at my house on a weekend to fix it. what is your plan to lure someone like me away from tesla? >> well, what customers have told us broadly is first of all they want beautifully-designed vehicles and the cadillac lyric is the highest customer vehicle that we've had in my career, so we're very excited that it really is attracting new customers as you evidenced by how quickly it sold out. the second is having the right range, the right quality, the features and then the support that you need that we have been working with our
dealers to transform the whole dealership experience, the buying experience, the owning experience, so i feel very confident that when people get in and have an opportunity to drive the cadillac lyric they realize this is really luxury redefined. liz: obviously the hummer and its reincarnation is all electric, 1,000-horsepower, 0-60 in three seconds but i want to go to batteries because none of this works if you don't have the batteries. china has the strongest grip on rare earth and those of course are the elements so critical to ev manufacturing. you just entered a partnership with ge to develop a reliable supply chain of rare earth and chemicals needed to make magnets for ev's and their batteries. tell me how the gm and lg chemical lordstown battery plant, which is almost complete, is going. when will the ribbon cutting be set? >> well the project is completely on track, and lg is a
very important and strategic partner for general motors. we've been working together for years, and so the project is right on track. we will be producing cells next year for our vehicles, so i think that speaks to the speed at which we're moving, and we also do a tremendous amount of research. we completely agree with you that the battery is key to winning in the electric vehicle market. we're making significant investments and we have technology roadmaps to take our cost down, and also, in some cases to useless of those materials that are harder to get and actually from a price perspective, continuing to increase. well of course, we have done everything to learn from what happened, this happened to be two unique manufacturing defects that if they happened in the
same battery pack would cause the issue so we have worked in partnership with lg to , and one of the things general motors brings is a tremendous amount of manufacturing expertise, so we've worked together to improve the manufacturing process, we're now building cells again, and starting to replace either modules or packs for our customers, and so all of the learning that we had from a manufacturing perspective have now been transferred and incorporated into ltm, so i think some of the less lessons we learned will benefit the industry and sometimes when you're moving quickly with what we're doing, you've gotta learn those lessons and move forward but again lg worked very collaboratively with us to solve these issues and now we're moving forward.
well i think when we take the cost of battery cells and then the battery pack down, that just enables us to continue to widen out the portfolio and make sure that ev's are affordable for everyone and that's where general motors already has a strength in that we provide vehicles from very price efficient vehicles i'll call it all the way up to true luxury vehicles. we'll take that know-how and take getting battery costs down allows us to do that more rapidly. liz: the supply chain nightmare, certainly it hit months ago with the chip shortage, general motors obviously had to either slow down or cut some of the operations when it came to what's happening with the chips, because you just can't get enough. i know you guys don't manufacture them, but you obviously do have the suppliers who buy them. as your supply chain has been gummed up and you grapple with the semiconductor chip shortage you made this
incredible push to manufacture ev's but they're chip heavy. what do you do, and how have you changed that and where is your worst supply chain breakage at the moment? >> well, you know, as we look at semiconductors, and also, we've read across to all of the major subsystems in vehicles not only our internal combustion vehicles but electric vehicles to make sure we're going to have the supply we need to grow as fast as we want to grow. in the near term it's week by week. actually covid has impacted and we're starting to move out of that now but in third quarter we had a lot of impact due to covid hitting some of the countries and southeast asia, that caused them to need to shutdown which further impacted our supply chain. we worked with those companies, shared our safety protocols around covid and they're up and running again. we're going to either have, you know, a different supply chain arrangement or strategic partnerships that are going to allow us to have security or
confidence that the supply chain is ready to support the growth that we see , and so don't have anything specific to share today, but there's a tremendous amount of work going on that we will share as we move forward. liz: there's an urgency for every american business that manufactures anything, and you're taking over january 1 at the business roundtable. what would you tell the administration right now, they must do immediately to fix these disruptions? >> well i think actually, there's a tremendous amount of work that the administration has already done. secretary ramundo of commerce worked with many different companies to understand the situation and put plans in place i think the chip act is very important. i think some of the funding that is provided for in the build back better plan around infrastructure and beyond, i think, are going to ultimately help make the supply chain better and bring work and jobs back to the united states. liz: well, once again, congratulations on being the
first woman to be named to the head of the business round table. that's a great accomplishment and we are excited to watch these developments in the race for ev's mary bara thank you very much for joining us. >> thank you so much for the opportunity. liz: all right, the crypto world just hours away from its first bitcoin futures, exchange traded fund. charlie gasparino, out in lala land, i know beverly hills. getting reaction from some of crypto's biggest names including xrp ripple's brad garl ing, lord help beverly hills if charlie is there, closing bell 15 minutes away dow is still down about 65 points, but we're watching this very closely as the nasdaq is up, so is the s&p. we're taking it live with charlie, next in bh.
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liz: smacked by a double dose of bad news, shares of the tv station group dropping more than 2% on news of both a hack attack and a crack of a bat for major league baseball, sinclair first a victim of a ransomware attack over the weekend some of its servers and workstations have been infected and affected once the attack may disrupt some operations no word on a demand for ransom. also shares, new york post is reporting that major league baseball is in talks to launch a nationwide streaming service of games, a platform mlb wants to own. remember, sinclair bought regional sports networks from fox that includes rights for 14 of the 30 mlb teams and cannot launch its own streaming service without mlb's approval and you can figure that if mlb wants to
own it does that leave sinclair out in the cold? the anticipation is building as the crypto verse awaits the first futures-based bitcoin etf. bitcoin has been building the past week and a half and is now at a six-month high. we stand at 61, 320 that's a gain of about, let's see , $2 right now? that's it? okay. but still, 61,000 not bad. the pro-shares bitcoin strategy etf is set to begin trading tomorrow, if the securities and exchange commission does not raise any objections by midnight this as the sec is locked in a tuesday el with ripple and its founder over xrp. crypto a major focus in beverly hill, california at the annual milken institute global conference where the crowds are back after last year's move to virtual, titans of industry gathering to share big business ideas and lucky them, being stalked by charlie gasparino, live at the conference joining
us now. you brat, you got the great assignment there. charlie: well, yeah, and i actually managed to stalk brad g arlinghouse, the ceo of ripple. ripple is in the news a lot we've been reporting a lot about the case over xrp with the sec that wants to essentially put ripple out of business in the u.s.. i asked brad a couple things, asked about regulation where it's heading in the u.s. , but then i also asked about our reporting on "clayman countdown" about these meetings, never disclosed before, between former sec chair jay clayton, then m. i .t. professor and current sec chair gary gensler. these meetings occurred right before the ripple suit was filed and gensler was anti-ripple at the time and i asked brad about this and here's what he had to say. >> i believe very strongly that we will get to a good place here , i think it's clear that on capitol hill, they are paying more attention to this , frankly
partly because of your reporting , and i think that also is good for the whole industry. if we get into some of your gensler also has called out hey we need more clarity by saying we need legislation but he's saying it's clear there's a contradiction there. i think it looks like chill is leaning in a little bit now, which is -- charlie: really you think there's movement? that an uber regulator? >> we're just right clarifying laws. charlie: interesting. >> you're seeing more senators, more representatives understand there's a real issue hearing from their constituents it's a real issue. the effort for xrp holders against the sec now is apparently 45,000 -- charlie: the lawyer told me that 45 and growing. >> that's not a small number and those people start calling representatives or senators they pay attention. charlie: you kind of ducked my question though. are you a little concerned about
those meetings? >> look, optics matter, right? and so do i think some of the optics are a little bit oh, that's interesting? it's kind of ironic because the sec obviously, i think, in a good way fights for disclosures and they fight for clarity, but then when we ask the sec by disclosures and clarity you see these things happening and you're like wait a minute, what were those meetings? what is the substance and why? and what we seek more than anything is clarity and certainty, we think the sec should play by the same rules around disclosures and clarity that we try to. charlie: liz as you know we're on the verge of getting a bitcoin etf futures etf approved the sec tomorrow, likely. brad thinks it's a big step forward for the crypto business. i asked him, will there ever be an xrp effort? as you know ripple is associated
with xrp, cryptocurrency listen up. charlie: will there be an xrp etf? >> well look, i think this gets to a really important question, maybe less so specific to your exact answer, which i promise not to dodge, but why is the sec picking winners and losers? charlie: yeah? >> why is the government deciding this is a winning one, which by the way happens to have some pros and cons, massive power consumption which isn't great for a climate agenda , that gary gensler cares a lot about, but being silenced about other things and one of the challenges right now is gary gensler, whose been asked specifically about these hasn't commented. charlie: the ethererum. >> the laws are so clear, just answer the question, because it's clear. charlie: liz, i also asked him about xrp, would he ever settle? he said no way. he might settle, but it can't be
xrp declared a security, and that is a no-go, so he is going to fight this thing if the sec wants him to declare xrp security they won't operate in the u.s.. back to you. liz: charlie gasparino, live from bev hills, go get me a sandwich, charlie gasparino we're coming right back, don't go away. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship .cy . dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com
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tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. ♪. liz: well the dow cannot get. >> the green but the s&p and nasdaq are climbing, as we look at the markets at the first day of the week. this is maria focused fund chad garcia. "ave maria" has 3 billion undermanagements. you were esg before esg. you like the focused fund. what is in it? >> focused fund is a little
different than mutual funds because we're not constrained by the size, geography. we have 23 holdings. we can take big swings at companies we like. liz: i was going to say the companies you like are not certainly the boilerplate names at all. valvoline, for example. you've got api group. got all the names within this core. what is the common thread? >> the common thread is that the companies have growing earnings and they have the ability to redeploy the capital within their business and should grow for quite some time. with respect to valvoline, that business had some hidden value in the sense that they're instant oil change business is one of the best stories i know in retail. that, they just announced they will spin out and get investors to own that portion of the business which is exciting. liz: are you excited about equities even as we see inflation right now? >> most of our companies have the ability to raise prizes and
don't require much capital to grow their business. so with those two combinations attributes inflation doesn't really concern for the focus fund. liz: chad garcia of you a say maria, that is it. [closing bell rings] the dow just cut its losses. we're down just 31 points. interesting market moves in the final minutes. ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. so president biden took office roughly nine months ago and in that short period of time his green new deal has sparked energy crises on two continents moving towards a third while supplies decline, inventory is too expensive. his open borders, no wall, no remain in mexico policies have created an