tv The Claman Countdown FOX Business October 22, 2021 3:00pm-4:00pm EDT
for laptops, cash flow going out the window to build the chip factories, so they just need some time to catch up, and -- charles: they're killing 'em. i remember intel was invincible, but i think they kind of squandered that. it's not unusual. adam, sylvia, thank you both very much. you know, liz claman, for a split second we had the cp effect, and then it started to fade. i think it's the weekend effect. i'm not sure. what can you do in this last hour? [laughter] liz: it's the fed, the fedded fd and and the fed if, is it not? met me see what i can do. we've got the broader market struggling for altitude as the federal reserve gives the markets an early halloween jump scare. what did chairman jay powell say specifically that frightened traders midday? we take a looked at the vix intraday, the fear index spiked 6% to its high of 16. this happened just before 11:30 a.m. eastern time. you can see it right there on
the intraday. our floor show traders on the words that triggered sort of the little terror and whether you should turn tail or buy in. any gain for the s&p, by the way, would make it the second record close in a row. freak did friday, the major indices -- [audio difficulty] up 81, but the s&p down 4 and the nasdaq down 132. 122. the dow is actually on pace for a record of its own. cold, hard steel has cleveland clips soaking invest -- stoking investors' fire at this hour. its ceo says high prices meet high profits. how high though? herehe's here in a fox business exclusive. and as some of silicon valley's biggest names pack up for greener pastures, they're still holding on to their banker. could it open up real estate for even more tech visionaries to pile in at the local banks that start-ups turn to for their first funds? if the ceo of sill von valley
bank -- silicon valley bank is here. but first the, breaking news. snap going from bad this morning to worse right now as we kick off the final hour of trade. snap is now bleeding 25.5% with no buyers in sight. you're looking at the snapchat parent's worst percentage drop since it went public back in march of 2017. investors don't seem to care that the company post -- in quarterly revenue for the very first time ever. traders put on the blinders the second snap missed guidance estimates blaming what it warned would be a weaker ad sales because of apple's new app store privacy rules which, of course, let customers opt out of ad tracking when they download individual apps including snap. mark mahaney telling fox business this morning there will be collateral damage from snap. >> be careful about internet advertising systems. for the next two years, i think there's some wonderful stocks. the next quarter or two you want to be careful.
liz: facebook is under pressure as we're talking about being careful, down about 6% at the moment. reporter kelly o'grady live on the west coast as facebook faces a name change, rebranding all as it dodges regulatory arrows. stay tuned for that. facebook standing at $321.32. the s&p. is at a pivotal intersection after jay powell admitted he and the fed leadership, quote, don't know how long the rising end nation we're seeing will last. now, guys, as we've been telling you here on "the claman countdown," inflation is worse than the central bank had said is it was. in a speech today, powell conceded the fed may not be as prepared to deal with spiking prices as they thought. >> inflation is not moderate, but well off target. is so it's not the situation that, you know, was specific and, you know, clearly designed
for. liz: yet powell insists while it's not time to raise rates, tapering remains, quote, on track. okay, on track means same timetable, meaning it'll start november, december. okay. he'll resist altering his plan even if the facts are changing quickly. folks, the market -- that's my little commentary here. the market is a voting machine, and it is voting on the prospect that soon jay powell and company will be forced to shift its tapering into high gear, making it happen more quickly to draw down the still thattive plans. -- stimulative plans. our floor show traders, thomas hayes, scott shellady. scott, his old stand-by of it's premature did not provide air cover. the s&p had been higher by 9 points, the nasdaq is down 131. the market knows it's absurd, scott, doesn't it, that we're slathering suntan oil in the
form of 120 billion in monthly stimulus on this inflation-burned economy? do you still subscribe to the don't fight the fed theory, or are you getting ahead of the inevitable? >> i subscribe to the fact he's going to have a hard time sticking to his plan. we all know we've got to get out, it's just how he gets out. that's the key. number two, you know what? he's stuck in a corner. if he raises rates, he's going to kill an economy which i would argue is already suffering. if he doesn't, inflation's going to kill the consumer. i'll argue this, i think he might start tapering in november, but he takes a lot longer does less and -- liz: that's the worst thing to do, is it not? >> the worst thing to do is to get involved with it in 2008. now, not only like afghanistan, we all know he needs to leave, but we've got an economy here that is struggling. look, we have inflation that's killing the consumer. gasoline prices in california
yesterday, $7.59 for a gallon of unleaded regular. it's up 40% across the country. food and energy if, not including fuel, is up over 10%. we're in trouble. and thousand we have two non-farm jobs numbers that were absolutely horrible, and we have 4.3 million if people walk off jobs in august, and i don't know how many thousands are quitting because of the mandates. you want to tell me -- this is the first time in my 34 years i've seen the fed actually think about raising rates or bonds trade lower, rates trade higher into the teeth of an economy that i say is weakening. never heard of it before. liz: okay. but in that case, tom hayes, if the we at least start to move her quickly to get rid of this slathering oil, right, the suntan oil on the burned economy, that's the analogy i'm making, you bring down inflation, consumers calm down a bit. yes, you start to raise rates but, okay, big deal?
we're at emergency levels, and we're not in an emergency anymore. >> yeah, you hit the nail on the head, liz. chair powell said last month he needs to see a decent jobs report before he moves ahead. he's not going to get that before the november heating, he's probably going to get two decent jobs reports before the december meeting. the market's already pricing that in. we've seen 10-year yields move to 1.75 almost in the last month -- liz: well, it's 1.7% briefly today. it retreated a bit, but that's -- >> that's exactly -- liz: -- giving people heart palpitations. >> that's exactly it. and we think it's going to go to 2% before the paper actually starts. the market is pricing in this move that's coming in december, in january, and what we're seeing is all the managers, the bank of america global fund managers survey this week, they're all on one side of the boat, they're short bonds. and what we saw in the 2013-2014 taper is in the announcement moving into taper, yields moved
from 162 basis points to 3%. they actually peaked when they started tapering. everyone thinks yields are going to go higher when they start tapering, that's when they peaked for five years. so while everyone is short bonds, i think when taper starts whether december or january, that could be the time to buy bonds, liz. liz: okay. scott, mary daly of the san francisco fed put it a little more bluntly about inflation. she didn't tiptoe around the tulips there as fed chair jay powell did. she called it eye-poppingly high. inflation readings -- >> yeah. liz: -- some of them are eye-poppingly high. so i'm -- >> okay. liz: okay. so i'm looking at this and i'm thinking, they're off the mark here. this is a problem. >> well, she's, she's saying that they're eye-poppingly high, the inflation numbers. at the same time, you've got the atlanta fed down grading their gdp from two to three months ago from 6% to 2.5%.
so you've got a slowing economy with rising flakes. what's jay powell going to do? a third of all the goods from china are hung up in ports outside of the u.s. west coast. that's the problem. now, we've all had, we've all said sitting here right now let's pour in $6 trillion in spending from the government on top of that. liz: oh, well -- >> it's not looking good. liz: speaking of which, we're getting right to that right now. scott, tom, lively discussion. and as i said, speaking of which, let's get to the spending bill and where we stand right now. let's go straight live to chad pergram, it's happening right now. democrats working feverishly, around the clock to try and get a detailed framework for president biden's build back better plan. they'd like to have nearly $2 trillion set before the president at least for the u.n. climate change conference and g20 next weekend. will they? and at a town hall last night, the president admitted key proposals would likely be cut to appease no rates within the party, name -- moderates in the
party. to chad pergram who's been coarsing around the halls of capitol hill. give us up to the minute detailses on the negotiations. >> reporter: democrats hope to land a framework in the next day or two. however, it is friday afternoon, news o'clock, as we say, so we may hear about various agreements several times between now and next week before there is an actual agreement itself. house speaker nancy pelosi had breakfast with president biden this morning. >> i'm not going to negotiate that here, but there's -- we had a very positive meeting this morning. i'm very on themyic. optimistic. much of what we need to do has been written. >> reporter: but it's clear democrats need to wrap this up soon. ways and means committee chairman richard neal spoke for 30 minutes with democratic arizona senate kyrsten sinema. >> it's the ninth inning. i mean, we need to vet these
issues, no, i mean, listen, i'm not going to declare anything helped. >> reporter: in a perfect world, democrats in the white house would like to have an agreement frozen in form next week. that could allow the house to vote on the infrastructure bill plus a general agreement would give president biden a victorien on climate policy before -- victory on climate policy before he flies to the environmental summit in scotland next week. back to you. liz: we talk to officials all the time, 21-28% corporate rate tax? yes or no. appears like it's not going to be in in. >> reporter: probably not. joe manchin, the democratic senator from west virginia, he says nothing above 25%, and that's something we've been hearing about a little bit more, maybe some sort of just a minimum tax. we don't know what that would be, but that's why the devil is going to be in these details. we'll probably see some sort of preliminary agreement where they say, well, we've agreed on the corporate tax rate, but we don't
really know that is this sometime next week or maybe a week or two later when we finally get text. liz: a lot of americans still believe, yeah, bring that rate up on the corporations, see what happens. chad pergram, thank you very much. the name that put the silicon in silicon valley is in a mighty struggle. intel stock getting crushed after the world's largest semiconductor maker reportedded a disappointing quarter and warned its turn-around will be bump i. but the bank that valley start-ups have turned to first for decades is flourishing. the ceo of silicon valley bank up next on the real state of the nation's birthplace of big tech. closing bell ringing in 48 minutes. dow holding on to gains of 66 points. the s&p still struggling, same with the nasdaq. we're coming right back on this friday. ♪ ♪
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their gains for the entire year after a disappointing third quarter earnings report but also an outlook that worries investors. intel beat on profits, however, its 18.1 billion in revenue actually missed estimates. the new ceo of the og silicon valley bank blamed the shortage on the miss and warned huge future investments he plans to make to really bring intel back up to that leader in super fast chips will at least in the short term crimp profit margins. but the silicon valley name that's been lending to valley start-ups for more than three decades, having no problem making money hand over fist,svb group, a beast on both the top and bottom line. -- beat. revenues, i've got got to check this, 1.52 billion or is it higher? let's bring in ceo greg becker. let me start with that sales number. is it 1.7 or 1.5?
you've got to let me know, because we have some questions about that. >> yeah. so we look at total interest income ask is all our gains, it's 3.7 billion -- 1.7 billion when you look at revenues. what we look at is revenue's great, but it's also your client funds growth, your positive growth and and, of course, your bottom line profitability. and as you talked about, the comment about the stock, it's really about the outlook. that's really what the investors are excited about, and so are we. liz: well, at 1.7 billion, analysts were looking for 1.3 billion, so blowing right past that. give me an indication x intel for the moment, how good are things in the valley right now? >> you know, it's not just the valley. it really is anywhere in the u.s. and really around the world where innovation and what innovation, let me just break that down a little bit. innovation is technology, so it's software, it's hardware, it's the clean tech, all the
things that fit in that category, internet. and we also have health care. it's biotechnology, it's health care services, it's med tech. that's the broad innovation category that venture capital is going after, and that whole universe of innovation is doing exceptionally well. record venture capital. last year was a record, we're up about 40% this year, and when you look at how much dry powder exists, we're certainly optimistic there may be a lot of that momentum that will carry this 2022. so there's a lot of optimism in the innovation economies. liz: you've got some platinum names like shopify, beyond meat, we've got them on the screen, crowdstrike, and that's just scratching the surface. i know that because i've followed you guys. am i hearing you say that after record year, you're already 40% above that? what's driving it, and how not free with their wallets are venture capitalists, but are they throwing and salting money in a lot of areas, or is there
there anything specific like a.i., for example? that was the hot word. we're heading into ces in january, and that's where we get the temperature of exactly what is the one thing that people are looking at. what can you tell us? >> >> yeah, it's -- what's so impressive about it is it's across the board. it's not in one area. you can look at almost every category whether it's a.i. or clean tech or fin-tech or software or internet or biotechnology or health tech, almost every category is at a record, a record high. and, of course, why is that and are we worried about it. and really what i think is important is even though this year there's been more than $200 billion of money that's gone into venture capital, what's really important to note is 200 billion in the whole seem of sing things when you think about the trillions of dollars that exists around the world, it's still a relatively small number. given the market these companies
are going after. i believe even though it may be a little bit up and down from here into the future, the long-term trajectory is certainly up and to the right, and that's what people are investing in, that growth of the innovation economy. liz: you know how quickly these things can turn the. two years ago, 2019, when wework had the collapse of its attempted ipo, obviously, just went public yesterday. but you guys put out a note in 2019 with the title after wework's ipo plan collapsed, how the wework debacking changed the big start-up investments. and how they invested. so aren't you always at least putting in a hedge there? >> well, i think you've got to be a little cautious. but what, again, i think there's a couple things. one is there are things that will slow that growth down. but what's interesting right now is what we've seen in the last several cycles. even if there's a temporary blip
of a quarter or two, what happens is money keeps pouring back into the market. they view it as an opportunity to buy into the market at a lower valuation. so it changes quickly, and that's what we've seen. and i believe that will continue. if we do see a dip in 2022 or 2023, i believe it'll be temporary. and then it'll continue that longer term trajectory up and to the right. and it makes sense. you think about, liz, the last 18 months, what has allowed us to actually survive in this global pandemic? it's been technology and inknow vegas -- liz: absolutely. >> -- and biotechnology, and i think that's fill going to continue. there's -- still going to continue. there's so many opportunities out there. liz: this is a great country, and people start the businesses, they do well. you're obviously one of the recipients of that. greg, great to see you. greg becker of silicon valley bank, thank you. >> thanks, liz. liz: halloween, nine days away and americans are ready for the
return of the fright fest. madisonal worth live at a new jersey haunted house where the scariest specter in the room has nothing to do with covid. closing bell ringing in 38 minutes. the dow holding right there, up 68 points. s&p still lower by 6. all it needs is 1 point to become a record. stay tuned. ♪ ♪ ♪ ♪ >> my name is tucker carlson >> my name is tucker carlson i've been at fox news for 12 years. fox is dominant because fox is different, fox is serving an audience that is not served by any other channel. but fox is mostly different because it's authentic, it's real. i came to fox having been fired for low ratings, so i had failed. i was almost 40. i'd been given more chances than most people get, by far, and i had blown it. "fox & friends" ahead.
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♪ liz: do not say we didn't warn you. you better get your halloween costumes and candy right now as the supply chain is all tricks and no treats. halloween retailers from party city are rushing to make the october 31st deadline as americans prepare to go all in on the holiday that was virtually wiped out year by the coronavirus pandemic. let's get to a haunted house appropriately in new jersey. i can say that, i live in new
jersey. [laughter] madisonal worth is right now live with the scary scoop. madison. >> reporter: hey, liz, yeah, that's right. we are in brighton asylum, and this is a place that has felt the crunch of the supply chain. this is more expensive in years past. they've increased tickets by just $2 to $45, but they've been selling out. i'm going to bring in the owner, rich. as we walk through the haunted house so, please, wish me luck. last year you guys were open at limited capacity. what are you seeing this year when it comes to ticket sales? is. >> we are finding that we are selling a all of our tickets pretty much well in advance. and, yeah, people are are just enjoying coming out. >> reporter: so you say sometimes it's hours if not a full week in advance for saturday. [background sounds] tickets are sold out. why are people selling them out? what are you seeing halloween this year compared to years
past? >> i feel like people have been cooped up, people are really excited to be able to come out, and it's -- [inaudible] really excited to experience the entertainment. we're doing it, we're putting on the scares. >> reporter: yeah, i'm shaking holding this mic. when it comes to halloween, americans spend a ton of money. in 2019, the last time we had a normal year, that was $8 billion in spending. here they're expecting americans will spend $10 billion. and that's for costumes, candy and, of course, i'm going to get back in the shot, scary experiences like this one. and it's really popular, sold out for tomorrow. but, liz, do you want to come meet these lovely ladies? there's still some spots tonight that are available. liz: is that charlie gasparino above you all upset that i hammered him on the sec report? i don't know. no, not that one, the other one. [laughter]
madison's, like, i don't know how -- >> reporter: i'm sorry, liz. it's very hard to focus. it's like very, very unsettling being here all day for live. liz: it's unsettling sitting with gasparino as well. madison, thank you very much is. all right, former president donald trump's spac deal is a juggernaut already. digital world acquisition corp. up 356% yesterday on extremely heavy trading volume. today, look at this, it's already been halted several times due to volatility, and right now it's climbing another 107. the top trending ticker on wall street bets reddit room will america with trump's planned media network which does include a social media platform. and there's news on the squid game, but it doesn't involve netflix. to gerri willis for today's fox business brief. >> reporter: hi, liz, that's right. net flex mega hit squid -- netflix hit squid game not
enough to get via corp. over the earnings line. missed wall street's quarterly estimates due to supply chain disruptions and a resur resurgence of the virus at its asian factories. moderna given a sell rating and a price target of $245. the stock is up 380% over the it's year. walgreens and cvs are now offering vaccine booster shots after the cdc signed off on j&j and moderna jabs, and pfizer and biontech submitted results of a clinical trial to federal health regulators today saying their covid vaccine is nearly 91% effective in children a 5-11 years old. finally, beyond meat is plunging today after its revenue forecast for the fiscal third quarter, an unexpected loss of orders, weather issues and operational problems due to the delta
variant. up next, the ceo of steel giant cleveland clips whose stock is soaring. liz will ask how he's overcoming supply chain shortages and inflation. stay with us. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. (vo) while you may not be closing on a business deal
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♪ liz: investors are showing steely resolve, they're keeping their fingers on the buy button for cleveland cliffs, moving higher by 13% after beating analysts' third quarter earnings expectations, 5% better on ets and 6.5% higher on revenue expectations. investors clearly betting rising steel prices will continue to march higher. to chairman and president
lorenzo gone sal vez in a fox business exclusive. we're so thrilled you've chosen us to give your story here. you said higher prices to protect profitability into the next year. let he just ask you straight up, how high do you anticipate them going? >> yeah. first of all, it's a great pleasure being with you again on the show, and thanks for having me on, liz. look, we are not really hitting for higher prices for higher prices' sake. we are playing with the old supply and demand situation. there's a lot of supply and biggest market for ourselves not only for -- [inaudible] largest producer in north america. there's a lot of suppressed
demand. we are enjoying better pricing, and we will continue to enjoy better pricing -- liz: okay. i'm pushing you here, lorenzo. how much higher? we've already seen is, you know, multiple percentage points higher here. at some point trees don't grow to the sky, they hit the top there. over the past year, i mean, just look at the chart here. so is there a range that you're anticipating at least? you game this stuff, don't you? >> look, our business model's a little different from the vast majority of other steel companies in this country. they play for the support prices, the ones that you're talking about. we do more contract business. so we work actually despite of all the incredible increasing profitability, we're still playing with -- that were cut last year or during the pandemic. so now we're cutting into next
year. so you might see the stock price going down next year. but for cleveland cliffs, our prices, our contract price are going up. i will give you one example. for cans used for food and other things, paint -- liz: wd-30, -- wd-40, we just talked to that ceo. you have got the wage growth that is certainly a factor, but you also have rising crude prices. tell me ant your input costs specifically when it comes to your energy-intense i have usage to create this hot rolled steel. >> the vast matter of the costs for us are related to iron ore. we mine our own iron ore. so our cost to produce has not been change much. and we have marginal gains on things like the cost of -- but
that's not the motivating factor. it's all about supply and demand, and that's why our higher prices lead to higher profits. liz: your relationship with general motors has only gotten stronger. in fact, gm, they made you their steel supplier of the year. they are going to unveil the all-electric chevy sill rad doe in january. fox business and "the claman countdown" will be there in las vegas. but tell me what you see with the new push that gm and mary barra have put forth for all-electric vehicles. >> that's a very smart move from general motors. we are in our fourth year in a row supplier of the year with general motors, and we are instrumental to their push toward or electrification of the at fleet. not only the ages of the car,
but -- super transporters. because they're going to have to field a lot of cars when we have a fleet of electric cars. we're going to have to be refueling those cars with electricity from everywhere in the country, and we are the only ones -- [inaudible] liz: lorenzo, before we let you go, president biden has said that as part of the negotiations and dealing with both sides of the aisle here on this build back better man, he does not -- plan, he does not expect to see the original tax corporate rate tax hike that he expected from 21% currently to 28. could go to 25 or possibly even lower as part of the compromise. could you live with 25%? >> we would like to keep corporate taxes lower. we believe that corporate tax can be a poison to our ability to pay back the employees, to pay well employees like we
normally do. we have higher wages than the average in america. and we'd like to continue to do that. if you want to pay better, if you want to fortify middle class like i do and i believe president biden wants as well, we need to preserve our ability to do so. liz: lorenzo, wonderful to have you and get the story about cleave clanked cliffs -- cleveland cliffs, and go, brown, they had a great victory last night. >> go, browns, go, cavs, go, cleveland. liz: my floor director's always dissing me -- >> they stink! liz: lorenzo, come to new york and help me fight these guys, giants fans. >> thanks, liz. appreciate it, thanks a lot. liz: see you next time. facebook getting pulmoif eled9 -- pummeled at this hour, but it's about to change its name. next week. some of my tiktok followers have made suggestions. i'll show them to you straight
ahead. and then we will also, if you just download my podcast, get the incredible story of carlton dixon, founder and ceo of reveal suits, one of the best and most creative ideas out there when it comes to showing your college colors. he came up with this idea to create suit ises, but the linings, they go there. thank you very much. listen, rutgers, thank you very much. we'll take it. you've got to hear the story. available now on spotify, apple, google, wherever you get your podcast, it's hi everyone talks to liz inspirational american dream story. ♪ ♪ flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.
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♪ liz: buying bitcoin is now as easy as shopping at walmart. coin star installing bitcoin kiosks in 200 walmart stores. they expect to ramp this up to 2,000 throughout the nation. shoppers at the retail giant can buy the cryptocurrency at these machines for a 4% -- what? that's a lot -- 4% transaction fee. walmart's getting a 1 is % gain here. as for bitcoin, after hitting an all-time high wednesday of close to 67,000, it's down about 3.33% to 60,740. ether, litecoin also pulling back just a bit. and there's a new entrant in the bit cohn teachers -- bitcoin futures market, value keyly lower by 5% right now most likely on weakness, but they are now the second etf that tracks bitcoin futures. facebook has a big week ahead.
the social media giant releasing third quarter estimates, but investors are waiting for a new name reveal. some believe the name will be based around its recent transition into the meta-verse. so when we heard about the name change news on wednesday, i asked my tiktok follower, what they think the new name should be. here are the top guesses so far in the facebook name guessing game. meta-net. met georgia-book. metabook. farcebook. you have no privacy.com. and myspace 2.0. okay. regardless of the new name, next week we will be sure to be following facebook because we should be watching the stock because right now it's trading down 5.6%. let's go to kelly o'grady with the bigger picture live from l.a. hi, kelly. >> reporter: hi, liz. listen, the name change may be to focus on the metahaveverse, i
think it's coming at a convenient time when the company is facing a fire stocial of challenges all focused on this lack of transparency. facebook's oversight board reprimanded the company for if failing to provide crucial details about its cross-check program. it reportedly shields millions of vip users from the content moderation policies and drawing backlash from critics when ordinary users are censored for vaccine and mask comments. she'll testify before the board next week, frances haugen, on a range of matters she claims facebook has been lying about. but that's not all. ceo mark zuckerberg is now listed as a defendant in the lawsuit against the cambridge analytica scandal. the company agreed to a $5 billion penalty versus the proposed $106 million to insure there was no liability for
zuckerberg. and those are just the ones from this week. it comes to that question of concealment and transparency. now, it's important to note that none of these accusations impacted their stock this week until snap earnings yesterday raised questions about the companies that are in the digital advertising space like facebook. so all things to keep an eye on for monday earnings, but do you have a favorite suggestion for the new name, liz? liz: i do like the you have no privacy.com. i'll go with that one. [laughter] listen, we're watching the developments closely, i know you'll be all over it on monday. kelly to grady, thank you very much. by the way, did you guys see snap. it is down more than 26 president. the why now, pay later craze has firms like affirm on a rocket trajectory, butted today's countdown closer says, you know what? he's got a better way to cash in. find out what his buy now pay later pick really is. closing bell, 8 minutes away. dow is still climbing, it's up
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>> i have good news for you, the last form is before the bell rings, we do have a mix market but the dow is looking at his first closing record since august and job 87-point and s&p, can join the dow with another record, it can simply get even a fraction of a point in his down just two points. major industries all look to close higher for the third week in a row, not a bad picture, everybody has more than 1 percent despite now pay later as investors with laser focus on the second that houses the business to consumer tech names, such as of our holdings and after pay, they sit on a roll, better countdown focus is that aside for a minute. he's using a company that is a
leader in business transaction services in the decision with a 4.2 billion in assets under management, mike is here to make the case on global payments and for saying it, just look at it, year over year and year to date is set up not doing well. >> i think there's a big dislocation as the market thinking and what is going on right now and global payment, it is a dominant credit card transaction company and i think at the market is way over estimating the impact of this by now pay later the mpl phenomenon going on now and when i look at is by now, pay later maybe 1 percent of the market, maybe , when we go out, we use our credit card that's filled a dominant way that we transact and i think that will continue for a long long time to global payment is right now predict for the growth rate and think this company can grow earnings
15 percent plus for the next three years when you can do that in a 15 - 16 multiple, certainly by. it's actually cheaper now. >> you also like bmw and is the case on this, we just off tesla come out with unbelievable earnings and they do have quite a head start with hot electric vehicles. where does bmw stand survive the esso b&w, i mean, thousand establish automaker now there's a luxury segment now and they are really able to price the cars they have yourself right now in the upper echelon in fact they just margin guidance recently. i think the chp shortage will be over sooner than people think and i think that one to alleviate the car producers can really produce, i think that bmw won't really make at that point in their sales and earnings will take off and it is cheap at about 8.5 time earnings now and there's wildcard there, the buying into 50 percent and 7500
china - which is really bmw china and i think that is a wildcard and that could be a big growth vehicle for the future so like bmw right now. >> on the broader picture in the chips, the difficulties that we saw intel's numbers, they're getting crushed at this hour which is just about one minute left to train, eventually because they're saying that the chp crunch will have the output by 500,000 cards rated and loving brought in this discussion when inflation. are you in the transitory camp and not the inflation here to stay for much longer. guest: everyone thinks the inflation was caused by the supply side and away and i would agree that the supply chain was a little bit pale in the sale that was because it stalled out because of covid-19 and was we meet hundred reopen this economy consumer demand came back hard and there was huge and demanded and i think that all of this is going to rectify itself somewhere towards the end of the first quarter and 22.
>> you get to oversee the record close for the dow and mike, we always thank you for coming on and look at this, gain of 75 points, and we are still kind of bouncing around for the s&p 500 right now. my be too close to call but it does not look at a record and s&p is still down for the closing to the outside of and that will do it. >> hello everyone and welcome to kudlow, kill the bill with all of the latest goings-on in the the washington swap, we have live in the white house hello statement there he will the white house is clearly feeling confident because after speaker pelosi was here the white house this morning, the house announced the next week, they will hold a vote on both the infrastructure built and present bidens social spending package