tv The Claman Countdown FOX Business November 8, 2021 3:00pm-4:00pm EST
lululemon, i think you've got some good upside potential with these consumer-facing names when you've got people going back to work, wages moving higher, and so i think there's some good names there you can add to your portfolio. charles: you gave us a lot to think about, kim, victoria, thank you both very much so we popped out the gate and pulled back the same exempt as friday and we're rallying higher as i hand it over to liz claman. liz: i'm calling this infrastructure exuberance, charles in a way it's at the heart of what's shoving all four major indices to record, while markets are well off the highs, the dow, s&p, nasdaq, and russel are dancing in the green, after congress passed a trillion dollar bipartisan infrastructure bill on friday, any gains for all three of these, or four, rather, all four, will be new records. the transports coming along for the ride here up 63 points. the crypto-verse also popping
the champaign as bitcoin and ethererum rally near records as well the ceo of the oldest crypto exchange is here to tell us what's spurring this enthusiasm. bit stamp u.s. ceo bobby zagata is here in a fox business exclusive, and restrictions, one of the nation's biggest banks slapping a new rule today on its brokerage clients, they can neither take long or short positions on certain cannabis stocks. which ones can they buy and what does it all mean for weed wonder tilray here in a fox business exclusive we'll ask him , plus, major questions at this hour about how eight people could have been killed at a travis scott concert in houston, on friday. we'll take you straight to the lone star state for a live up to the minute breaking detail on the astroworld festival tragedy but first we begin with a fox business alert yes the infrastructure relief rally has investors piling in, all that's left now is president
biden's john hancock. late friday, the house finally passed the $1.2 trillion bipartisan infrastructure bill, to package with specific sectors already moving on the cash coming their way. specifically, the package includes $7.5 billion for the creation of a nationwide network of electric vehicle chargers. no wonder you've got the ev chargers here on your screen, having a stand-out session in this final hour, evgo up 35% blink charging up 27%. as investors start to connect the dots the perception is that ev adoption will ramp up, now that charging stations might become as common as gasoline stations. the amplified lithium and battery tech etf and the global ex u.s. infrastructure etf are both hitting all-time highs. the ev battery makers flip it over to them they are going higher quantum escape, plug power surging with romeo power they are all moving higher with quantum escape really taking the
lead here up 21%, but then take a look at the ev makers themselves. fiskar is not doing as well as everybody else because it had disappointing third quarter earnings still in the green by about 1.25%, but ni kla 10.5% to the upside here, kanu up nearly 6% and workhorse jumping about 4%, all cruising along, but where's the ev king? well, look at tesla. tesla is falling about 3% after ceo elon musk on saturday tossed the fate of a large percentage of his tesla stock to the whims of the twitter-verse. he tweeted out this poll to his followers. basically saying i propose selling 10% of my tesla stock. i will abide by the results of this poll, whichever way it goes of course, the issue is that he gets all of his compensation in stock, not salary, and therefore , he only gets taxed on
it, if he sells it. well the poll had more than 3.5 million votes and the winning answer, nearly 58% said yes, elon musk, sell it, go for it so will musk stick to his twitter poll promise and sell what does that do for the company and sector let's bring in jpmorgan portfolio manager phil camparelli, and scott redler. phil, this isn't just a tesla story, obviously, because we've got the infrastructure bill that finally passed that's really, you know, buoying what's going on here for the whole market but what do you see from the tesla piece here about the billionaire s tax, because we still need to see how these big infrastructure plans are going to be paid for and he kind of threw that out there to the twitter-verse. what were the masses going to say? oh, no keep your money don't pay any taxes while we pay 30, 40, 50%. >> you know, liz it's great to be with you today. i think the last time elon musk
had a weekend that exciting was on saturday night live and he caught fire with that as well, so tesla is still one of our biggest holdings in our growth sleeve. i think tesla is up 70% this year which is a great story , and something i continue to leave in but there will be a lot of volatility around elon musk, because we know, liz, that he is one of the most, i guess volatile ceo's that we have out there when it comes to what he said. as far as the infrastructure bill goes, liz, that was a nice to have, but it's not the reason why the market made five straight record highs last week. if you go back to a couple things that really validates where the market is and why we have the most equity in our portfolio than we've had all year, starting with the payroll number, i'm sure you've seen and i'm sure you know better-than-expected, higher up, all good, okay? delta is behind that, but liz, i really think this comes down to the federal reserve, the traffic
cop, jerome powell, erring on the side of inflation being transitory and look i won't convince you, you aren't going to convince me if inflation is here to stay. we'll know that the middle of next year, okay? but what we know now is that the federal reserve thinks it's going to be temporary which pave s the way for very easy financial conditions, good growth, good earnings, liz. this is a great window, we think , through at least the end of the year. liz: well it is. look at the construction equipment here, caterpillar, deere, the heavy equipment makers are also are having a very fine day. scott redler how long does the tail of this infrastructure bill really last when there's still the second bill of one and three-quarters trillion and that's much more of a contentious battle on that particular piece of it. >> i think at this point, this infrastructure bill is already kind of priced in, you saw a big gap up in a lot of the steel names and they were at the highs of their day in the first five-15 minutes so
sometimes they say buy the room sell the news and that's behind us and also the fed has our back , but what also happened which i thought was important last week was that they didn't put a ceiling on the amount they were going to pay for this , setting the taper at 15 billion so if we do go data dependent and inflation is more than transitory which i do think it is and some of us think it is then all of a sudden they could taper faster and rates could rise faster so they always cool down the economy but if we muddle along like we can until the end of the year there's lots of opportunities like you said before with tesla, he's floating that he needs to sell 10% for taxes which a lot of traders are thinking we don't want to get caught the day he does because there will be a huge gap down, today's weakness was already bought, and now, he could say okay, well you guys said i could sell my 10% so when he comes it's very elon musk it'll be done and say okay you give me permission and that'll be behind us and we'll see how the stock reacts. liz: can i just say, phil, going back to you and what you said that i'm not going to convince
you, you're not going to convince me because we won't know about inflation until next year? hold on. james bullard of the st. louis fed gave our edward lawrence an interview one on one and he said we need two rate hikes next year. somethings telling him that it's not transitory and we will need to raise rates to tamp down very hot inflation. >> yeah, liz, there's definitely a lot of conversation on the board about that. we know what jerome powell said last week, he doesn't necessarily agree with that and if you just think about that pace, liz. if it takes the fed until the middle of next year to end their tapering, could this squeeze in two hikes right after that, in the back half of the year and liz, as you know and i know there's a mid-term election next year which usually causes a little bit of a black out period. i think that's a very aggressive pace. maybe they get one in by the end of next year but two or three hikes in the back half of next year just seems too aggressive,
to us, because the thing that causes inflation to go up will mostly center around reopening the economy earlier this year. it's the supply chain disruption , you can't reopen the economy twice. i think that's one of the things whether it be new cars, whether it be furniture or appliances, all of those things that cause so much inflation this year is going to be hard to repeat that into next year. i could be wrong, but we're err ing on that side. liz: the 10 year yield is at 1.50%, yes it was the economy reopening we had the supply chain crisis and things work their way through, but very hard to raise wages and even harder to start cutting them. so, you know, i think that is going to be the issue is wage inflation, phil camporeale, thank you. wall street not done punishing peloton yet shares of the interactive fitness company are plunging to the lowest at 17 months sitting at the bottom of
the s&p 500 after cratering 35% on friday and that move alone on friday wiped off $9.2 billion in market value. at least 15 analysts went in and slashed price targets for peloton, after it cut its annual sales forecast by up to $1 billion, peloton blaming the shortfall on people flooding back to gyms again after sunning them during the pandemic. the stock is down right now 8.5 per earlier today it was below 50 it's at $50.91 got to look at next door the company that connected neighbors during the pandemic enjoying a spac debut, so popular, its already tripped multiple volatility halts. user numbers shot up by 10 million to 58 million last year, from 2019 as users checked in on neighbor's well being during the lockdown. this is a social media that trades under the ticker kind, because everybody is kind to each other until they're not.
nextdoor is charging higher by 26% but the ipo darling of last week, seeing its wings clipped at this hour after a stellar debut last wednesday, during which the cloth footwear company which priced at $15 a share, hit a $32 intraday high, closed at 28, right now, it's at $24.73 down about 5%. the san francisco-based schoemaker a favorite with the silicon valley hip crowd was gearing up to be named the first sustainable ipo but according to the financial times, had to drop that claim after the sec objected. and shares of coty hitting their highest level since february of last year after the cosmetics maker raised its full year organic sales forecast. shoppers buying more of its products in airport duty-free stores imagine that the airports are filled so people are buying more at the duty free shops jumping 13.5% separately selling a 4.7% stake in its wella
business to private equity firm kkr for $215 million, coty' s stable includes. >> governor: girl, gucci, and kylie cosmetics the brand created by influencer kylie jenner. now kylie jenner's boyfriend not faring as well the fall out from rapper travis scott's performance at the disastrous astroworld concert where eight people died and hundreds were injured friday night is now being felt by one particular stock. we'll bring you the latest on the tragedy as lawsuits have already started to pileup at this hour, closing bell ringing in 48 minutes dow jones industrials up triple digitses that's 101 point gain bringing the down to 36, 429. stay with us.
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liz: lawsuits are flying as rapper travis scott says he will refund all astroworld attendees following friday's deadly stampede that left eight people dead and more than 300 injured at houston's nrg stadium. shares of the organizer of this astroworld festival live nation tumbling 5% following the fatal event. the images from the tragic event just heartbreaking, as concertgo ers begged camera
crews, you can see that girl right there, she climbed up on stage, and begged the camera operator to stop the show, because victims were being crushed and trampled to death below. the concert giant, alongside performers travis scott and drake face a flood of lawsuits with more expected to follow. we go live to garrett tenney in houston where investigations are now underway, garrett? reporter: yeah, liz, the number of lawsuits seems to be going up almost by the hour, at least 14 people now are suing travis scott and organizers of the astroworld music festival for injuries that they sustained during the concert. these lawsuits argue that organizers failed to create a safe and secure environment for the concert, and they are almost certainly going to point out there were concerns about the crowd before this festival even got started simply because of what its been like in previous years. we saw some of that from the moment the gates opened when
fans tore down barriers and stormed past security. according to the new york times, houston's police chief was so concerned about potential crowd control problems that he went to travis scott's trailer to talk about it. despite those concerns, and despite police and fire official s declaring a mass casualty event later that night, nobody stopped the show. scott was on stage performing for more than 30 minutes while people were being crushed and fighting for their lives out in the crowd, including this icu nurse who said it was an absolutely terrifying experience and she thought she was going to die. >> i can't see travis scott the same after this. he knew what was going on, he acknowledged it and even paused for a moment and continued. i just can't view him the same after this. reporter: some folks who were desperate started chanting "stop the show" and this video shows one woman climbing up the ladder yelling for help telling the camera operator"people are dying" and we learned the
medical examiner's office completed the autopsies for eight individuals who were killed though it will likely be several weeks before we know the exact manner and cause of death. liz? liz: garrett that looks behind you like some type of makeshift memorial is that what i'm seeing over your left shoulder? >> yeah, it's a makeshift memorial that's growing since saturday morning when we were out here, liz. folks coming many that were here at the concert on friday say it's only by the grace of god that i am still here today. i easily could have been one of those people that lost their lives. liz: travis scott, endorsed by companies on the screen, like nike, and mcdonald's, obviously this is going to change the whole rubric of his world, no doubt. garrett, thank you very much and we do want to let our viewers know that live nation ceo was booked for our show today. they did cancel, so we said, you know, please come on, explain what happened, we'll be fair,
they chose to cancel and we're hoping they do come back at their first convenience so we can find out what happens next and what they plan to do to prevent something like this from happening again. jpmorgan takes the weed wacker to over-the-counter cannabis stocks, but only those that do not trade on major north american stock exchanges. that means, tillray might be a perfectly positioned pop trade and shares smoking hot at this hour, ceo irwin simon up next on what this means as the cannabis industry struggles for legitimacy in the states closing bell 40 minutes away we are coming right back with tillray ceo. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner.
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get a 5g phone on us with select plans. every customer. current, new or business. because everyone deserves better. and with plans starting at just $35. better costs less than you think. (judith) in this market, you'll find fisher investments is different than other money managers. (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: starting today, jpmorgan chase will no longer allow brokerage clients to buy or short cannabis-related securities unless they're listed
on the nasdaq, the new york stock exchange or the for toronto stock exchange. nasdaq, and toronto only list cannabis names that do not cultivate or sell marijuana in the u.s. as it is still illegal under u.s. federal law. reuters is reporting this all, and jpmorgan's move is aimed at mitigating marijuana-related risk. now while this sounds like it could have burned the marijuana market look at cannabis company stock right now the ones that do fit into jpmorgan's new rule are getting higher on this first day of implementation and one of the largest cannabis companies in the world may stand to benefit the most. tilray shares jumping 16% right now, they trade on both the toronto stock exchange and the nasdaq. what does jpmorgan's new edict mean for the future of weed stocks? let's get to tilray ceo irwin simon joining us in a fox business exclusive. well the shareholders seem to know what it means they're bang ing the buy button on names that fit the rule
including yours but tell us how you view jpmorgan to its prime brokerage clients that reuters is reporting. >> good afternoon, liz, and great to see you. listen, i think they made a decision. if you do not trade on nasdaq you don't trade on the toronto stock exchange, we're not going to hold your stock and we're not going to trade it, because it's not federally legal to, you know , sell cannabis in the u.s.. we're hoping that changes, and i don't know that jpmorgan knows something, they are trying to force but it's major, but listen there's tilray to buy, there's canopy, a lot of good canadian l p stocks that don't touch the plant in the u.s.. liz: yeah, you know, we've got some of the names that don't fit into this parameter here, cura leaf, greenthumb. >> there are a lot of great companies also, but you know, they just don't fit into trading
on the nasdaq, or the toronto stock exchange. liz: in the bigger scheme of things, irwin, what does jpmorgan taking this step mean for the legitimacy of cannabis stocks because you know, it has been a long road much more of a marathon versus a sprint and getting you guys to be able to go full blown into the capitalist world, but what does this move really do for the industry in your opinion >> listen, i think here's the thing. the cannabis world is a real-world. it's $100 billion industry. canada today is really the only country where it's legal federally. in europe, where we have a big operation, it's legal from a medical standpoint. i do believe you're going to see germany legalize shortly and you'll see a lot of european countries start to legalize from an adult use. you know, the problem is, is bringing in the institutional shareholders and bringing in, you know, shareholders that want
to hold for a long time, and that's the only issue with it is when the bank like jpmorgan says we won't hold your stock or trade your stock and there's plenty of stocks to buy so why should i hold a cannabis stock. the opportunity for tilray is as we build-out our platform, and i came out in july of this year and i want to build a $4 billion consumer package goods business in the cannabis world. now to get to that $4 billion, liz, i need legalization in the u.s. , so is it forcing the hand that jpmorgan is saying hey, we don't want to be in this business if it's not legal. on the other hand, what i have to do with tilray, if it's not going to legalize in the u.s. , what are the other opportunities for tilray in adjacent categor ies that when legalization does happen, it's going to benefit my shareholders and benefit our company. liz: well, i'm interested to know how much you're working with lobbyists and i say this
because you've got all different groups in washington d.c., either against this or for this , and there is that news that there is a republican- led marijuana legalization plan that's starting to formulate. do you work with lawmakers at this point? >> so we all work with lobbyists and here's the interesting thing which i, you know, laugh at, is biden's looking for ways to cover tax and how to go out there and what is infrastructure and he wants to add a billionaire tax and capital gains. legalize cannabis. liz, you live in new york. walk down the streets. you smell it everywhere. it's legal there today, but it's not being sold through legalized outlets today, that's all tax dollars that is just -- liz: left on the table. >> so with that, legalized cannabis both from a cult use, from medical, bring in these social communities and fund a
lot of these programs, de criminalize and let's get it right because right now people are confused. i get asked everyday. well can't you sell in new york, can't you sell in the u.s. , and that's what we need to do because it's so basically confusing out there, what's legal, what's not legal, why can't i buy it, why are these companies selling? there's a lot of tax dollars that are just dripping away on cannabis today that's being sold liz: very similar to online gambling, but as we wrap up, i know that you partnered with anheuser-busch to come up with drinks and things like that. talk to me about what we can expect in the future from your company. >> see listen, i'm really excited about the whole spirits and beverage business. if you come back and look at one of the bigger opportunities, two weeks ago i was at parent's weekend at usc, what are kids doing today? enjoying drinks, locale are drinks, alcohol drinks, and they
are indulging in cannabis products and i think whether it's bourbons you're going to see them infused with thc, not alcohol and thc together, in regards to edibles the same thing. it's going to be thc edibles and that's ultimately from a relaxation. the other big opportunity, liz, and i'm all over it is from a medical standpoint. the consumer today wants cannabis today for sleep, or anxiety, for pain, and that is something that again, i'm pushing to get , you know, into prescriptions where medical plans will pay for this here and it's a big-big opportunity out there. liz: well we'll be watching it i rwin. i don't want a nation of zombies that's all i care about. i'm for medical marijuana and as i hear all of this it is a story i want to continue to follow with you, and i feel better knowing you're in charge because i know you for 20 years, so keep it safe, my friend.
>> i agree with you on zombies but that's the whole thing. we gotta educate the consumer in regards to safety. no different than alcohol -- liz: which is legal. >> which is legal. liz: certain age though. irwin, great to see you, of tilray, which is getting a very significant bump at this hour in this final 31 minutes of trade. cryptocurrency market hitting a milestone, today, it now sits at a record $3 trillion, as ethererum goes from strength to strength and bitcoin inches back towards this record high. what better way to figure out what's fueling the crypto market today than with the ceo of the world's longest standing crypto exchange bit stamp u.s. , ceo bobby zugata on whether crito to the moon is coming sooner rather than later, closing bell 28 minutes away, dow is up 92, nasdaq up 29, s&p up four all three will be records at the close if they stay there.
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liz: the crypto world off to a very hot start as the market is now worth more than $3 trillion. just look up and down the screen you can see that most of the big ones are really on the move to the upside. bitcoin is jumping $4,505 per coin to 65, 825 really a few hundred dollars below its all-time high of 66, 900 set last month. ether climbing to a new peak at 4,742 above its previous record of 4,700 but, you know, this is interesting. these big moves are a little bit perplexing because inserted within the infrastructure bill that passed by the house on friday, a controversial cryptocurrency tax provision that could ultimately hurt u.s. crypto mining operations.
so what's behind this sudden surge in digital currency? let's bring in the ceo of the world's oldest running cryptocurrency exchange, bitstamp u.s. ceo bobby zagotta what the is your best guess? we're looking at all different headlines and there's little ones here and there and then this negative one making the crypto gang pay for some of the infrastructure. what do you think is at the heart of this move right now at this hour, 3:39 p.m. eastern time? >> hi, liz thanks for having me liz: sure. >> without question, i think it's just increased confidence and therefore, more and more market adoption, so at bitstamp we're seeing across all cores, institutions and all types of retail investors more people having the confidence to come into the marketplace and that's keeping bitcoin and other currencies afloat in terms of their value. liz: well, we're looking at some of the etf's that have come up in the last four weeks.
the bito or the btf. those have kind of helped kicking and screaming into the more, i suppose, basic areas of investor thought, because they feel a little more comfortable sometimes with etf's that plus what else? is there anything else you see at the moment that tells you , i mean, perhaps it's all of the applications for other etf's that are going before the sec. >> yeah, totally agree that the approval of crypto etf's has just built more confidence and more comfort upon more types of investors, but other things, yeah, the fact that at least one sovereign nation has declared bitcoin a legal tender, you know , increasing use of bitcoin for different types of use cases , these things are just reaching a tipping point, i think, in terms of more and more casual investors and institutions to take the lead. liz: you you are one of the originals in a way. you came to bitstamp from kraken
, you've been doing this for several years. what has stunned you the most about the growth trajectory of what you've seen over the past let's say six months and do you think some of it has to do with the fact that people were in lockdown, they could familiarize themselves with what crypto really is, they can take sides, they can educate themselves? >> yes, i think it's a combination of things certainly all of those factors helped and to your point, when i joined this marketplace full time over three years ago, i didn't think that we be where we are today so quickly, and in addition to the factors you mentioned, i believe that the concept and the basically the integrity of the opportunity related to blockchain technology is now generally accepted. it's accepted by regulators by and large, it's accepted by institutions and banks and so more and more people are now
realizing it's not some fad or some kind of, you know, truly speculative opportunity, so i expect that it will continue. in fact if you really look at the numbers and the demographics it's still pretty early innings in terms of global adoption. liz: you just said there are lots of growth areas and its gotten a lot faster than you'd expected. with that comes some scams, we know about the squid token scam from last week. how do you vet at bitstamp which coins because there are coins popping up every single week now how do you vet each one and decide whether you're going to allow any kind of trading on bitstamp for that? >> yeah, this is a great question, and at bitstamp we have a very very big rigorous process that looks at every token opportunity and there's just more of them everyday, but we look at every token opportunity from a underlying technology standpoint first of all, from a project management
team, the people who founded it, and created it, from a regulatory standpoint of course, and then finally, from a commercial adoption standpoint, do we think it's a project that has legs. now, some of our competitors, you know, they're more apt to just list and let the marketplace decide and that's what creates these risks. liz: before we run out of time, i should note this , but for example, that's one that some people look at as just fly-by- night but others say it's legit. do you guys look at it as legitimate? >> yeah, we don't list it currently but it is in our pipeline under a valuation but to your point at bitstamp we take a hard look at these things because we believe when we list something it's a bit of a seal of approval. we want to make sure it's not a scam or a flash in the pan. liz: bobby great to have you will come back? we're very much on this story as it continues to develop. >> yes, happy to and thanks for having me. liz: of course bobby zagotta of
bitstamp, u.s.. welcome back international travelers getting the green light to visit america as long as they are vaccinated. grady trimble is live at chicago 's o'hare international airport as the travel industry adds to today's rally and don't miss a special addition of making money with charles payne. tomorrow at 2:00 p.m. eastern, this is amazing he's holding a town hall discussion on the new investor revolution, send your questions to email@example.com and charles may read them on the air it's only on fox business, and yes, all apes are welcome to request questions. closing bell ringing in 15 minutes dow is up a cool 100 points.
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liz: when berkshire hathaways warren buffett pounces on a stock investors follow, just flooding in after him no wonder that stock is moving higher popping about one-third of a percent, and is within the oracle of omaha's third quarter earnings report the conglomerate that counts dairy queen, benjamin moore paint and geiko insurance among its 70-plus companies announced it spent another $7.6 billion snapping up shares of berkshire hathaway clearly warren buffett feels the stock trading at a pe of 8 is under valued the latest repurchase brings his 2021 total so far to $20.2 billion. net earnings for the quarter actually fell 66% year-over-year , it's mostly due to paper losses, in some of berkshire's stock investments and the hit his insurance division took during hurricane i da. year-to-date berkshire shares
are up about 25%, which matches the s&p's performance. now, warren buffett may regret one thing he did last year. he exited airline stocks. last year, right? he did this , because of the pandemic. he just couldn't see that far out, he said, as to when people could feel comfortable traveling well as the u.s. gears up for a big travel boom, airlines are doing well, and wells fargo is making a bet that one hotel chain is going to win big with the reopening of u.s. borders which happened today. wells raising marriott international's price target to $180 per share it's at 168 right now. wells fargo says it'll benefit from higher travel demand. check this out expedia shares rising more than 287% since the pandemic began in march of 2020 so expedia has done incredibly well. hotels, airlines, booking site, all awaiting an influx of international travelers as the u.s. today rolls out the
welcome matt for those who are fully vaccinated. let's go to one of those welcome mats grady trimble is live at the security checkpoint at the international terminal of o'hare airport in chicago to tell us what travelers can expect. grady? reporter: hey, liz. so far today, for the coming week in the united states, they say there hasn't been any major issues but there were one gentleman told me at the origin country where he was flying from , which in that case was mexico, and part of the reason for that was because airlines are already seeing this major surge of international travelers delta says that they are expect ing many of their international flights into the u.s. to be completely full. united airlines says they're expecting about 10,000 more passengers to fly from other countries into the u.s. today, compared to just a week ago and then across airlines, the travel booking says searches for international flights into the u.s. are up 338% since the
reopening was announced. delta ceo did say that you might expect things to be a little sloppy at first, those are his words. he warns of long lines because of course you have to show your passport but also, now, proof of vaccination and a negative covid test within three days of your flight. there are also concerns that under staffed airlines might not be able to handle this influx of international travelers combined with the busy holiday travel rush. >> yes there will be winter storms, yes there will be disruptions i'm sure there will be kinks to be worked out but by and large we feel prepared, we've been coordinating in partnership with the airlines and i expect we'll be just fine. reporter: and u.s. land borders also reopened today, there were reports of long lines at the u.s. canada entry points in some cases. all in although, liz, with some
hiccups, this is considered a shot in the arm for the u.s. economy, according to the commerce secretary, not only for tourism but also international business the u.s. back open. liz: yeah, i can see why wells fargo is upgrading marriott and by the way, grady, tomorrow the president of marriott international is johning the "clayman countdown", so, everybody better stay tuned for that. thank you, grady. we've got oil pumping higher, and today's countdown closer has a very unique pick with an international flare that he says will help you add black gold to your portfolio. closing bell, seven minutes away , records, are they in jeopardy though the nasdaq turned negative moments ago it's now backup by 11 points but this is going to be touch and go , so you need to bolt yourself to wherever you're sitting and do not move. we're watching it every tick of the way. i promise - as an independent advisor -
to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people .ev .
♪. liz: we're in the after-market session. west texas intermediate and brent are dropping key spite u.s. energy secretary jennifer granholm coming on the washington talk shows that washington is looking to address high energy prices including potentially the tapping the strategic petroleum reserve. as the u.s. weighs its options. our countdown closer says while the prices are high, he likes one energy name based overseas that has a global upstream presence. let's bring in jim wharton, $2.7 billion in assets under management. cio at welt consulting group jim, let's talk about it, it is a international and certain pieces of it should be in people's portfolios. >> thank you, liz.
i run a very quantitative model. while the energy sector has done great here recently i'm trying to look at things like earnings as well as valuations and what the backdrop is for technicals. this company is any spa it is a italian company. it has around 5 1/2% dividend yield and, it looks attractive from an esg standpoint. it looks attractive from a growth standpoint going into next year. should we have higher oil prices this should certainly benefit. liz: i looked at eni, i looked at it for several years, 52 billion in market cap. it is definitely growing. a gangbuster year, up 6.6%, forward earnings p-e 13. it checks all those boxes but what happens if the administration floods the world, floods the american world with the "spro," the strategic
petroleum reserve oil? >> that is a good question, liz. if they do that, it will take some time for that adjustment to kick in. i do think that with stronger consumer demand and we still have this supply chain mismatch with supply and demand and more, more people wanting to get out and travel i do think that we'll see upward pressure on energy prices. i think it is going to come down to you know, some of the frackers and when they turn production back on. like you say with the strategic petroleum reserve that would obviously put downward pressure. i think for now we still see upside to oil prices. liz: jim we have 30 seconds left. we're about to hit multiple records for the dow, the nasdaq, s&p. actually the nasdaq has gone slightly negative here. tell me, are you all-in on equities or are you getting concerned that the u.s. is looking frothy? >> yeah. i like equities right here.
i think we're seeing some rotation here. i'm really happy to see a lot more breadth in the market. when i say that i'm talking about the russell 2000 is catching with the s&p 500. [closing bell rings] >> that is much attractive thing to see. liz: jim, thank you very much. great to have you. drop the confetti. it is record time. thanks for joining us. kudlow is next. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. so, happy monday. i'm still basking in the glow of last tuesday's repudiation of left-wing wokism and inflationary spending high taxes, defund the police, open sieve border, no parents in schools. my friend james carville explains what happened. take a listen to this. >> stupid wokeness, all right? don't just look at virginia