tv The Claman Countdown FOX Business October 20, 2021 3:00pm-4:00pm EDT
son when he was 13 years old he gave me a lot of winners. thank you very much we are holding a pretty good, the nasdaq was a pretty strong earlier, i'm going to watch that as we head into the final hour of trading. that could be the key yesterday it was up and that does not happen too often, liz claman this market has been remarkable the last six sessions. liz: bitcoin features just punched above 67000. we have all of this, records all around the dow and the s&p 500 in a wicker of all-time highs in the final minute of trades can they close there? bitcoin already pulled up a trick as a hikes above the record and rockets above the actual crypto 66650 right now will he or will he not appear, the guessing game is on it tesla
earnings. will elon musk ditch which has become one of the most earnings conference call the quarter. stocks running up and investor expectations run up too high? tesla bull of gerber stock, not necessarily what the stock is going to do but how not to get burned by any numbers, over an hour from now micron revealing a massive effort of the global ship shortage a one-time event. we'll talk to the ceo about the 150 billion-dollar chip investment plan as vaccines for kids and booster shots appear imminent were talking to the founder of hip-hop public health how he has used superstars to help minority communities get into the groove when it comes to covid shots. if the fox business exclusive. twitter lights up after charlie thought i needed the sec report man's plain to me yesterday.
charlie is back we will replay that chats. i will try to explain the report that i saw, you have to stay tuned. we begin with two major breaking business stories the dow and s&p have both crashed through the all-time records. today can they close there when the bell rings and 59 minutes is the question. blue chips about their august record at 12:23 p.m. and right now were up 162 points, the dow needs 168 points to clock the record. the s&p needs to be up 17 points we were to been there and done that the session. right now that's exactly where it is up 17. take a look at bitcoin going to the moon the original crypto skyrocketing to april record of 63800 and now stands at 66650 per coin propelled by yesterday's debut of the etf by proshares who strategist told us
makes exposure to bitcoin mainstream easy. >> a regular etf provides a robust solution for investors and one that they can plan their brokerage account trade like a stock and that's a solution that a lot of people have been waiting for. liz: yesterday the etf was around 40, 41 now it's at 4355, years of regulatory red tape before being approved, up 3.8% we rt minus 57 minutes until tesla enters the witching hour where it reports quarterly numbers. we know they had a very impressive 27% jump in china sales for september 5, 6006 cars sold but will that be enough to push earnings to faster climbing investor expectations? so much to handle news breaking left and right let's get right to the floor show trader tesla
bull russ gerber, let me get right to this have investors expectations run up too much and had investors avoid getting singed by any surprise even a beat that is not enough of that be? >> we seen that a lot with the stock market and netflix, you report a great quarter and the stock sells off you have to look at the stock in the context of how it's performed in the last 30 or 60 days if we get a selloff as a buying opportunity and that's been our strategy lately when stock reports great earnings and he gets sold for no reason we will just buy after earnings and then they rebound the next day. liz: i'm amazed of tesla's stick to it of this into crash and blow past them year after year after year many of these people who feel they should be shorted say it such a momentum name it
so geek to but guess what they are continuing to roll these things off the assembly line are they not at a record pace, what is the man what can you tell us about demand? >> the demand is unbelievable right now that's really awesome for tesla it's an issue of how many cars can they make because the demand is unlimited at this point many other so-called competitors have been unable to scale production as much as i'm excited neither have been able to make cars in any scalable amount. we are super bullish on tesla for good reason because the cars are phenomenal. that is what were looking for the new refresh model s, that should boost margins in the quarter so were optimistic that will be on that, and record of delivery the large-cap company
in the world and they are growing at 100% year-over-year and they continue to grow. liz: let's bring in brad mcmillan $232 billion and under management. for the broader market we had a seller start turning seasons, one would think all the inflation in anxiety, supply-chain snafus might neutralize some of that where is the tailwind, how what is and how long will it last? >> when we look back these earnings are backward looking they go to the third quarter and in july we all thought the pandemic was over, that is not the case. in july everybody was a lot more confident, these earnings are great there working through that and everything's are going to slow down we will see growth slow, spending and earnings down, i think there will be an adjustment back to normal in the fourth quarter i think that's why we got the recent weakness
in the market there is a sense that maybe it will not be as good going forward as it has been. liz: i forgot year after year. >> that's not what i'm seeing at all. here in los angeles i have never seen in my life every event is sold out, every sports event is sold out, every concert sold out i have never seen demand like this, we expect the largest christmas season in the history of christmas even santa claus will have a supply-chain problem when it comes to christmas i've never been more of bullish on the u.s. economy they trade money, they give it to people and they spend it. liz: we know how dangerous inflation is and it does not look like it is transitory, we have said that for nine months on the show how do you see it and how do you see it affecting investor sentiment. >> let's look at inflation, it is year on year but it's settling in to be harder going forward in the fed is starting
to react to that. when you look at wage growth, that is staying high and it is going to go higher when you look at the demographics. something has changed there. we are going back to the 50s, where you will have a single earner family and that is great but that does not do anything good for the labor force, so labor costs are going up. when you look at supplies santa will not have a supply-chain problem i hope you're right, but what will he do to confidence when people can't get all the toys that they want because they're sitting in a ship outside of l.a. liz: we have to run, finish the thought, brad. >> we have companies hiring planes to bring goods in that is not a sign of a healthy supply chain or an area where inflation is going to pull back. liz: ethics supply-chain. great discussion, check the dow and s&p we are right there for
all-time records, we have 52 minutes left bad news in the chip world could a new 150 billion-dollar investment in semi conductor fabrication plant here in the u.s. make micron the global king a memory chip planned in the myths of his chip shortage, the ceo asked on what he plans to spend the money and how quickly it could take stateside. "the claman countdown" coming right back, so much more ahead, stay with us. ♪ 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 will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals.
liz: micron technology announcing its committee more than $150 billion over the next decade to increase the chip production but this comes in the midst of an international chip crisis as shortage with no light at the end of the tunnel. it's huge right now during the semi conductor famine. let's bring in my contact ceo sanjay mehrotra. how much of this money will go to directly building out micron fabrication and how quickly can you put that money to work.
>> first of all great to be on your show were very excited about the announcement that we made today of $450 billion to be spent on r&d and manufacturing, the potential investment in the u.s. fares expansion as well. i want to point out today it's really fundamental to everything that is transforming our lives and our businesses to clouds, to smart phones, to autonomous, it's only 30% of the semi conductor and growing fast memory is the leading edge of semi conductor and micron memory and is the leading edge of that leading-edge. this is really exciting important for us in the plan that we announced today for the next ten years is fortunately in the u.s. for my memory production leading-edge memory production here in the u.s. but it is definitely going to be
contingent upon economics. economics has to work in terms of having the scale of production and cost-effectiveness and long-term sustainability of investment that is essential this is where we will be working with the government around the globe including the u.s. government and best assessing micron in a fortune for the u.s. leadership in technology, and manufacturing bringing tens of thousands of jobs here to the u.s., of course economic growth that these technologies in the u.s. would provide and manufacturing would provide and of course national security along with a supply-chain. liz: commerce secretary jean outward bound oh had said it was time to get aggressive, these are her words and addressing the chip shortage, she said we have to identify the id, the bottlenecks and predict
challenges, forgive me, i thank you, guys know where the bottlenecks are and the challenges that you see already right in front of you, you have been meeting with her, do you feel the administration has made moves versus having conversation about let's identify where the issues are. >> i think we have that by the administration and the leadership of the secretary and understanding the semi conductor supply-chain and of course the discussions that are being held between the ecosystem from the customers to the suppliers into those other in the supply chain that supply through us the manufacturers that manufacture this product. these conversations that are led by the commerce department have certainly have transparency, and accountability and data commitment. and how important semi conductors today have become to
every part of the business. liz: particularly memory chips, we just assume people understand a basic semi conductor chip are or memory chips with the integrated circuits with billions of transistors that can store data and remember things. they are hugely important to all electronics, not to mention the automotive industry were has taken an outside hit due to the chip shortage, where is the biggest problem? >> you know getting covid in the demand from learn from home, work from home, all the dana centers in the cloud services, e-commerce, video streaming that is a tremendous surge in demand for semi conductors. last year the demand was brought down because there was uncertainty related to the covid environment now with happening the semi conductor demand is
strong across all market applications and of course it takes a long time and semi conductors to increase your production levels. the semiconductor industry is working hard for the supply-chain shortages and improvements that are already happening and continuing to happen through calendar year 22, why the shortages will persist into 23 in investments like micron and 22 we are going to be investing in x-uppercase-letter not only for our segment buffer our data centers and smart phones and networking and consumer and industrial application. memory and storage is in demand across all market segments and micron is leading in the segment for the first time technology and leadership are essential to store the information and
process information in the essential part of all of computing today. liz: you have to be able to deliver with so much demand. you are saying this may stretch into 2023 with the chip shortage. we'll have you back way before then, thank you so much for joining us. >> great to be here. liz: the squid game quarter a big one for netflix. why are they hitting the sell button today. find out why and pop stocks. closing bell 41 minutes away from that and tesla earnings well ahead of them. we have so much more. stay tuned. ♪ (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you,
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(judith) in this market, you'll find fisher investments is different than other money managers. shingles doesn't care. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on our forward-looking views of the market. (other money manager) but you still sell investments that generate high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money? only when your clients make more money? (judith) yep, we do better when our clients do better. at fisher investments we're clearly different. liz: fox business alert, netflix the wild success of squid game the korean show can't seem to earn netflix a when with
investors. the stock is down 2% the streaming giant b and quarterly estimates and subscriber numbers, however, the popularity of the red-hot squid game did not boost the fourth-quarter outlook because the series is over, will there be a second series? who knows. it stuck to the 8.5 subscriber forecast. netflix employees protested dave chapelle by staging a walk out they say they're upset about the decision to release the new comedy special which they believe ridicules transgender people. the verge reports of social media giant may be changing its name as early as next week the tech publication same facebook plans to take a plan at a google and read bullet under brand with a group name that focuses on the meta- verse remember when google had changed the alphabet, a digital world where people can be between devices in a virtual
environment, facebook has come r heavy scrutiny for privacy, safety, hate speech and luring kids to get into just today mark zuckerberg was added as a defendant in the 2018 lawsuit to cambridge analytica and the failure to protect user data none of this is hurting the stock it's in the green bay 25 cents. facebook stands at $300.384. welcome christmas, bring on hanukkah, pellets onto the top tiers of the nasdaq 100 on reports of market data indicate a strong trend for product demand for the exercise equipment maker ahead of the holiday season pelaton also had a fit disappear roll and people are snapping data, the stock is up to and half percent. the subscription base reentered the 29th or infamous commercial featuring, getting a
bike for christmas. some people say it's body shaping, come on i think that would be a great marketing. vaccine makers wait for approval of the covid shot for children under 12 the vaccine has improved getting swayed by wrappers like making the notch to kanye west who have spoken out against taking the vaccine. public health the founder chief of staff at columbia university of urology joins us live on how with dmc dear mcdaniels in public enemies to sell misinformation and save lives. working here the closing bell in 34 minutes and when we do right now the dow would not close at an all-time record, s&p is also close, the nasdaq down eight,
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♪ ♪. liz: breaking news we want to take you for joint base andrews, president joe biden is leaving joint base andrews, he's headed to scranton, pennsylvania to the bill back better agenda, he will arrive with negotiations on the human infrastructure bill appear closer to a breakthrough in order to cut the three and half dragon dollar price tag, democrats have abandoned the idea of free community college pushing the cost below $2 trillion, possibly satisfy more moderate democrats like joe manchin and kyrsten sinema who opposed the original price tag as did when they were republicans. we have an avalanche hittingourg plans to roll out the covid vaccine for kids ages 5 - 11 as
it awaits food and drug administration approval, fda vaccine advisors are scheduled to meet next week for pfizer's request to authorize the children in the age group this is the fda expected to improve the mix and match a booster shot as early as this friday they also are looking at the authorization but during a and j&j. vaccine hesitancy keeping some americans from getting the job, and a fox business exclusive let's bring in the doctor, professor of neurology at columbia university and founder of hip-hop public health which counts dougie fresh as an honorary board member, chuck d as a supporter and honor darrell of run dmc with the humanitarian award with the gala tomorrow night, doctor williams, welcome it appears that is just around the corner with mix and match booster shots, your reaction? >> i think it is a good thing we know even though kids 50% of
kids asymptomatic are very, very efficient carriers and transmitters of this virus. i think we want to make sure we vaccinate our children. liz: these companies have ramped up production and there is enough to hit critical mass but yet we have not reached the levels that one would hope to in the united states because at the moment according to the cdc of all the people who have received one shot of the vaccine, 60% are caucasian, white, 11% black, 17% hispanic, why are vaccination rates low in the northern communities. >> it's a multi-factorial, number one i think access is still a significant issue and we have to make access ubiquitous and remove barriers to access to be much more concentrated in these communities number two
mistrust remains a problem are you dealing often with the community that is already plagued with historical mistrust for the government and real-life present-day mistrust as we saw with the unfolding of george floyd murders. there is very good reasons why these communities do not trust the government and compound that with the access issues, i think the challenge is one that we can dance. liz: kanye west had given it interview with forbes where he called the vaccine the mark of the beast and intimated there was microchips within it, chuck d a very famous rapper from public and enemy is teaming up
with you and trying to dispel those comments, let's listen to what he said on your youtube conference and then we will comment on that. >> the fact, point to the expert to the people that is spent years and don't get caught up in the hype, it is my job and my purpose we want kanye west or rihanna to not fall in and point to the facts, you need to seriously pay attention and that's where i play the free styling doctor, that is not going to work. liz: how much affect the wrappers like dougie fresh and chuck d have on getting the message out? >> they have a very positive effect, a strong effect. there are many people who look at them and respect them and believe that they are credible messengers and trustworthy individuals. and then there will always be those who do not care no matter who says what, they will dig in
and their unreachable, i do think there's a segment within the community, the black and brown community that we can reach through credible messengers like chuck. liz: and mr. mcmillan of run dnc you will be honoring him tomorrow night at the gala what has he done for you? >> donald mcdaniel, dmc of rock, he has been absolutely massive, he has been right from the onset of the vaccine rollout, he stood tall and he promoted the vaccine, he supported it to our peers, he's been a real champion and not a small cost an early on when he was getting death threats and taking a stand in favor of the vaccine it shows
you how polarized this is he someone who put his whole reputation and brand behind the vaccine. liz: i'm going with chuck d i'm not free styling my health, good luck anybody interested is hip-hop public health, there is a website, check it out, the guy who founded it, thank you so much. >> we begin the segment with president biden's arrival of joint base andrews he walked over a second ago, we will get a deal when asked about the progress of the human infrastructure negotiation, he's been meeting with joe manchin and kyrsten sinema who have been holdouts on the democratic side. liz and charlie free-for-all on yesterday shall the eighth army pounding their chest all over social media, find out the fallout of our discussion as
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return service provider happy return. pinterest jumping 13 at a quarter percent, paypal is down 5%. i'm looking at my twitter feed exploding after charlie gasparino and i argued yesterday over the fairness of the report on january's mean stock mania specifically the power of the retail investor at gamestop shares 2700% that month alone even in the face of huge short position. listen. >> the report says the media characterizes trading of gamestop as an act of rebellion for professional investors who had allegedly targeted the stock what part of 130% of gamestop is a legend? that to me is skewed. >> people mean, not saying you, maybe you two need to understand how markets work, conspiracy
theory after intensive analysis, gary good life would not stop screaming in my ear, i'll just tell you this that report shot down every conspiracy theory. >> the retail investors are stupid and distracted. >> think twice. >> so did i. >> now i'm getting worked up. >> this because you have a right hand does not mean that you read it. liz: what part of 130% is a legend. joining us from the conference in l.a., charlie gasparino. listen here. >> have you read the report? liz: no i didn't read it, yes i read it. >> here's where it destroys all of the amc conspiracy theories,
by the way i want amc the tribe i like adam erin i think he's doing a great job. but the amc conspiracy theories have been destroyed here's how they think the only way you can shorten something like 135% of its flow if you operate through dark pools and naked short selling this report says there was none of that the dark pools and naked short selling had nothing to do with this. liz: i did not argue that point, the point that i argued the actual resort. you are very rude. >> you said i don't know how you can shorten something more than it's worth. >> is called common sense. liz: i know you have news all in with this i know you have new breaking news here is one twitter follower who said to me charlie tries to tell you that
you don't how to play poker and somehow you break down the chips over to your side of the table. go on with your news. >> the zach i speak english language. liz: go ahead. >> english as a second language. >> we do have breaking news on the back etf. this will be a tough sale, one of the reason why morgan stanley in particular from what we understand is putting restrictions on brokers selling the etf, if you're a broker at morgan stanley, they have been getting a dated merrill lynch, you name it, the request for the clients to get them and not whether it is a good investment they are saying we cannot put you in that, we have restrictions on getting into the back when etf.
if you want to invest in bed quite at morgan stanley in particular you had to have $2 million in assets, high net worth and on top of that they have bitcoin fund on the platform. not futures contracts. we were talking to the big crypto investor, greg arlene house of ripple x rp, they were also dubious about this being a breakthrough retail investment because it is risky and when you invest in features is another level of explaining and here you have a brokerage firm, morgan stanley in particular is not allowing the sale of the singular brokerage channel. i think they had it right in the sense that this is for crypto and bitcoin, particularly crypto. this is a moment, it shows we are moving towards main street acceptance, the fact that it's a futures contract to make it a
little more complicated. in other aspects to it it's going to hinder the broad retail appeal, i think we should put that into consideration even as bitcoin keeps going up every day and people think this is a big step towards bitcoin selling at 100k, anyway i hope you read the report, gary ginsberg's report, i hope you do not fall asleep when you're reading it. it is the most -- i don't want to say. what else you find fascinating. liz: i find it really important that gary gensler is out to protect investors, i think that is great but i pointed out. >> 's output under protecting anybody. they think that he's protecting them and he's throughout all their conspiracy theories. they think he's going to end florida flow, he's gonna bring
down can e.g., he's not doing anything that report, the markets are working fine there's no conspiracy theories and no manipulation. liz: the eighth have muscle. , cut them off before he starts. take them off. eighty-three-dollar oil, inflation the supply chain, labor shortages that could be a deadly combination for wt 40 the lubricant company and the ceo plans to tackle the horrible headwinds, gary is here to reveal it in of fox business exclusive. it does not look like wealthy and all-time record close is up 120 points, the s&p still have a chance? we will keep an eye on it. stay tuned. ♪
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50% is on eps in the fourth quarter, the cost had to pay jumped overall jumped from 48 million to 56 million because of rising inflationary cost, supply chain issues, additional fees for manufacturers, what else, gary is the ceo of wd-40 joining us in a fox business exclusive. your cancer made of aluminum, 50% of the makeup of wd-40 is petroleum of all different sorts. i'm looking in the aftermarket of oil is merely at $84 a barrel. tell me how you are dealing with all of this coming at you. >> great to be with you what you forgot to mention we had global revenue for the whole year of 19% and income growth of 60%
were projecting a 7 - 11% increase for revenue for the coming year. certainly the headwinds that are around us, they're not unusual, i was here in 2008 when steel can prices were rising rapidly in oil was fluctuating from $80 to $145. these challenges in front of us but we were quick to do them, inflation is real and we will be adjusting out prices to reflect the increases that we are getting. overall we had the best year the company's history because many people around the world for the very it east fun. but it's challenging. liz: let's not count out what may be happening as we speak. and that is the resumption of panic buying, the likes of what we saw at the height of the lockdowns and the pandemic.
i'm one of these people who look, i have to have the 3 can of wd 40 a year ago may. i don't know why. i just, people psychologically are now hoarding once again. >> sent was best quarter of our history. we have another moat around our business, diversification across geographies across-trade channels. we sell 176 countries around the world. we sealock downs go in and come out. what is important make the end user aware of the product easy to buy. we don't see hoarding. what we did see millions of new users enter our brand in the last 18 months. that is through our promotional efforts of sampling, you know the quarter that you just
mentioned. we made a deliberate decision to invest over $4 million in our marketing activities because we saw them driving momentum to bring new users into our brands? liz: yes. that was a hit you felt was worth taking because obviously that is a big chunk to be spending but let me broaden the picture. i need to know with your ceo hat on overall, what you do see, what you feel could make your life easier as a ceo? there is of course this belief that the corporate tax rate is going to move higher. president biden is pushing that as part of the build back better law to, build, pay for it. could you be comfortable, could you swallow a move from 21% corporate tax rate to say 28%? >> well, the tax rate will be what it will be and then we'll have to deal with it when we know what it is. so you know, again we've just seen tax rates move in the uk from, by 3 percentage points.
again having a business all around the world, you know, it is not just the impact of what happens in the u.s. it is impact what happens everywhere in the world. that is a plus and it can be a headwind. but you know, liz, as you know, you've known us for a long time, we play the infinite game. we don't play the finite game. since 1919 compound annual shareholder return of 40%. our market cap gone from 300 million to over $3 billion, we 5-x'd our revenue. we have ambition, anticipation our revenue will grow up to 700 million next couple years there is lots of places around the world meeting our can for the very first time. you know, liz, they meet it, love it and keep it. liz: for those who don't know wd-40, stands for water displacement, 40th attempt. that is how many tries it took
to get the secret formula right. gary ridge of wd-40. we're seeing a fight to get back to the level that would give us a record close for the dow. not quite there. [closing bell rings] gain of 146 points. session looks to hit 67,000 right now, unbelievable. that will do it for "the claman countdown." ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. so big news today whether joe manchin intends to leave democratic senate leadership, declare he is an american independent and change parties all together and become a republican? that is the big rumor. i love rumors. i first read it on "mother jones" from my pal david korn. here is joe manchin's response. >> i will