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tv   The Claman Countdown  FOX Business  January 10, 2022 3:00pm-4:00pm EST

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investment banks and r. riley is one that i like. i think there's names out there that are not overbought and those are two in particular. >> interesting well those are coming out with earnings as well mitch roschelle, lucas well, thank you guys appreciate it to both of you. and that is it for "making money " make sure to watch my show"american dream home" is going to be tomorrow night 8:00 p.m. eastern time followed by mansion global here on fox business, liz claman, over to you. liz: [laughter] cheryl thank you. we're looking at what could be a comeback for stocks as we kickoff this final hour of trading. yes there's red on the screen but a fed rate hike freakout spooked the markets at the opening bell, big plummet all weekend banks had begun to shift their projections as to how many interest rate hikes would happen this year, and this was triggered by, of course the pry december jobs report and the fed minutes from the most recent meeting which indicated the fed was ready to start speed ing up interest rate hikes
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if necessary. at the lows the nasdaq was two year lows, i believe losing 405 points at the worst levels of the session, the dow down as many as 591 points, and if markets though as they come back cannot come back and can't cut the rest of these losses it will be four straight days of losses for the dow and five in a row for the s&p and the nasdaq. right now we've got the s&p down 27 we'll see what happens. fed funds futures, now showing a 79% chance of jacking up rates by a quarter of a percent in march. yes, two months from now. the first hike since the pandemic began, remember we're at zero to a quarter of a percent. now just two months ago, jpmorgan chase chief global strategist david kelly told us he thought the fed was behind the curve. they should have moved by now but that they probably wouldn't until december of this year. he's going to tell us what has now changed and what we should
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expect for 2022, and new york state jumping into the sports betting world over the weekend, draft kings president is here, he's going to give us the opening numbers for the weekend. the very first time that online wagering has been allowed here in new york state, and as the nfl wrapped up its regular season, he'll tell us what the big traits were and what he thinks will happen for online gaming plus the man known as the richest person in crypto, the biggest bitcoin billionaire is going to join us live. billionaire founder and ceo of f tx sam bankman freed isn't even 30 years old and he will tell us if he is buying at these depressed prices it's a fox business exclusive but first we've gotta kickoff the breaking news at the moment. look no further than speaking interest rates, specifically the 10 year yield is the culprit for the early broad sell-off of stocks. it is not anywhere near as ugly as it was just two hours ago, in fact. look at the nasdaq, we can show
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you this intraday. it was the lost leader but it has shaved off a lot of its losses right now the nasdaq is still down about 118 points, about 1% at the worst session of the session we were down about 2.7%, just before 11 a.m. eastern, the tech-heavy index swooned 405 points. small caps cratering to the tune of 20 points followed by the s&p down 30, the nasdaq down 260, again, nowhere near as bad as we were at the lows of the session, the s&p was down 94, dow as we mentioned down 591. so let's get to the 10 year treasury yield. again, it vaulted earlier in the session to 1.8%, spooking investors who worry that the federal reserve will speed up and multiply the number of interest rate hikes from three to four this year. now, of course as inflation surges, you've gotta ask this question. while the 10 year yield right now is at about 1.78%, it has jumped 30 basis points over just
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the last six days. goldman sachs kind of began priming the pump or at least today's retreat when yesterday, its chief economist came out and changed his outlook for interest rate hikes. the bank is now predicting a rate hike not just three of them , but now four of them, for this year. they will begin in march according to goldman. rate hike, of course started on friday, we reported that deutsche bank had said do you know what it's not three anymore , it's four. four hikes this year, and jpmorgan today bringing forward its forecast for the fed's first rate hike to march from june and now sees hikes every single quarter this year. that's a radically different picture from november 22 when chief global strategist david kelly told the "clayman countdown" that while he felt the fed was already behind the curve and would remain so until december of this year before tightening, he now is here to explain what triggered the change in jpmorgan's view and david, this is really big news here.
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can you give us an indication, was it just the fed minutes from the most recent meeting or something else? >> well, it's a combination of two things. first of all, the fed minutes really reiterated the fed is going to stick to their process. what they've said all along is that they won't raise rates until they feel that they've got inflation above 2% and they are at maximum employment and what they said in december after i made that call was we already reached that inflation, so first of all, they think they are now worried about inflation being too high, but then also, if you look at the employment report the fact the unemployment rate came down to 3.9%, if you go back over the last 50 years 96% of the time the unemployment rate has been above 3.9% and i think this labor market is tighter than i thought it was going to be. it's tighter than the fed thought it was going to be. that's pushing up wage growth and that was very little excuse for not fight ening and i think that's what's going on here. liz: i personally think that the
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fed's miss interpretation when it came to inflation, the federal reserve kept saying that it was temporary and transitory and they kept linking it to the supply chain difficulties. i think that missinterpretation was wrong. they had to pivot too quickly and now, investors are nervous and they are confused. what should they be thinking right now? >> well, i think the fed talks about supply chain and there is some truth to that but what's happened is that as inflation, the idea of inflation has become embedded you're seeing it more in the labor markets you're seeing it more in terms of workers quitting and so it's getting more embedded so more of it's turning sticky. for investors just recognize the reality of the long term interest rates are going up and that means that a lot of speculative investments which have been financed at 0% interest rates no longer look as good so i think this is a time when you've got to really think about valuations. when you have higher interest rates then valuations matter
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more, and i think that's really a challenge that a lot of large cap growth stocks and meme stock s really have right now is finding valuation in a world of higher rates. liz: okay. we're showing the inflation surge right now. wage growth, that graphic was missheaded. wage growth year-over-year up 4.7% and so clearly, it is costing companies so much more. they are having margin compression and clearly, we have a situation here that's starting to really affect the world. cpi, consumer price index, inflation at the consumer level, we're getting that number on wednesday for last month. what are you predicting? >> yes, we're getting a 7.0% year-over-year number, which is pretty similar to consensus, and that be the highest since june of 1982 so basically, a 40 year high in inflation. i think this probably is the high watermark and inflation pressures will ease over the next year to some extent but i think wage pressures will remain strong.
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this is going to be a very good year for workers because i think businesses are going to try and be a pump up wages to hire workers even as inflation eases. that's not great for margins but it does me a lot of workers will do a lot better in 2022. liz: you know, you're hearing a lot of experts say that omicron has peaked at least in washington d.c. and new york. that needs to bear out, i would think, but could omicron somehow delay or pushback an interest rate hike from march to maybe, you know, a month or two later? we just came from the consumer electronics show in las vegas. 45,000 people attended and they attended relatively safely. ces was just telling me they had ordered 90,000 tests months and months ago. they were prepared. this was the picture and the video of people on opening day flooding this area. we were surrounded by a lot of people. i mean, you know, you can function in this world, but you clearly have to look at the federal reserve and say will they spook too easily if
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interests some type of new variant? >> well that's always possible and remember the fed meets on january 26 and i think they would raise rates on january 16 if it were not for the omicron variant but that puts them to march but the number of fatalit ies from covid ought to fall very dramatically during the month of february, because omicron is not nearly, for a vaccinated person, omicron is pretty much like the flu, to be honest, and i think that really will make a difference, and so i think that means that'll give the fed an all-clear unless something terrible happens with the new variant which we're hoping doesn't happen, obviously liz: i have to ask you, our last question. can stocks rise as interest rates spike? >> some of them can, but not all of them, so i think it's going to be a tough year for the s&p 500 overall, but u.s. value stocks, international stocks are well-priced even for a rising rate environment. liz: david, it's great to see you happy new year.
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i didn't get to wish you that, we appreciate it, david kelly, jpmorgan. we've got this fox business alert. investors are fleeing take two interactive shares sending them to the very bottom of the s&p 500 after the video game publisher behind grand theft auto announced a deal to buy zinga best known for its video game farmville, yes that with the pixelated cows for $12.7 billion including debt works out to be about $9.86 a share. tell me where we are right now. don't see that chart at the moment. well zinga is up 32% and you're looking at take two swooning about 15%, zinga soaring 42% earlier, but investors selling take two because perhaps, zinga going back in public in 2011 at $10 a share, only went as high as $11 in 2012 and from then on showed just anemic growth. just want to check one thing
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about zinga. we do have zinga right now at $ 8.53 so it's not yet hitting that purchase price. all right, take two down 33% or so year-over-year, while rival activision blizzard has lost 31% and electronic arts down about 9 %. look at weed giant stock market it is lighting up the stock market after the canadian pot company said it eeked out a profit in its second quarter versus a loss, the year prior. this is exactly what investors wanted and what ceo irwin simon predicted on our show just a few weeks ago. this thanks in part to diversification into alcohol and wellness products. tillray also pledged another $20 million in cost cutting following its reverse merger last year, tillray jumping about 11 1/3%. tesla is kind of, you could say, veering between gains and losses right now though it's up about 1 % at this very second, despite goldman sachs calling it a top
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pick, it was down earlier and they increased the price target on tesla to $1,200 a share, we're at $1,037 and change at the moment and goldman is maintaining a buy on the stock. it did fall below the trillion dollar market cap briefly, and right now, we've got it at $ 1,037.10. other ev stocks from rivian, fis ker, lucid group under pressure as investors adjust to the prospect of higher interest rates weighing on the high flying sector, we know that, has definitely been a momentum play, but lithium battery maker piedmont lithium, let's take a look at that. it's kind of middling around today but this weekend, barrons pointed out that company insiders have been on a buying spree. piedmont has a deal to supply tesla with lithium once isabelle build-out of its north carolina plant is completed, piedmont shares spiked around 50% over the past 52 weeks. the nfl playoffs are set and i'm
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so happy my cleveland browns, oh , wait, they didn't make it. what happened? okay they're set online betting sites are celebrating the opening of new york as the market growth open is wagering doors for the first time. draft kings president is here, next to tell us how the first weekend of online betting went in the empire state and what it could mean for draft king stocks the closing bell ringing in 47 minutes the "clayman countdown" is coming right back. dow jones industrials down 304 and change. stay with us. you're a one-man stitchwork master.
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liz: las vegas over los angeles by a kitten's whisker. it was dramatic. the vegas raiders clenched a playoff spot in overtime last night with a dramatic field goal against the la chargers, so of the nfl now has all of its playoff match ups set and by the way as for college ball, lucas oil stadium, gearing up for tonight's finale of the season with the georgia bulldogs facing off against the alabama crimson tide for the national championship.
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nobody is happier than online gaming giant draft kings as online sports betting finally kicked off in the employee peer state on saturday, first time, just in time for the nfl playoffs and of course college football championships and the nba was really hot too over the weekend but is the new york market enough to push draft kings to profitability and a really get it going and, you know, the whole sector has had a very difficult time over the past six months. let's bring in draft kings co- founder and president matt ka lish. matt, give us the numbers here i'm dying to know how opening weekend was, what kind of volume did you see , what kind of new people coming in, and starting to trade. >> yeah, new york is going really really well, you know? we signed up a combination of existing draft kings users, we were already operating in new york for almost a decade between our fantasy sports product and our nft marketplace that we launched last year so we had a really large audience in new york that was ready to play when we turned the lights on draft
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kings sports book on saturday. we saw a good mix, you know, as a combination of football and basketball, where over 90% of the bets between college and professional sports, and that's pretty typical of what we see. the most popular sports early on getting that kind of first bet from a lot of our customers and then overtime they do more diverse kind of bet mix overtime liz: you know, we were looking, geocomply reported the trading volume equaled about $5.8 million from 9:00 a.m. to 9:00 p.m. on the first day which was saturday in new york. give me a sense of the kind of trading, the part of the piece of that pie you guys got at draft kings. >> yeah, well new york came up to speed really quick. geocomply, they do the location that tells us that somebody is in new york so they have that realtime sense of how much action, and what we've seen is we're in 18 markets now and everyone we've launched has been
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faster and faster, immediately after launch that users really come on board and try the products first and that's just a testament to our state launch play book getting more sophisticated we're just a little bit better at it, just getting out the gate strongly, so that led with things like big promotions, you know the knicks celtics game saturday night we did a big promo that drove a lot of interest as well as we did a bet $5 to win 200 on any nfl team to win, so these sort of promotions we found really get a quick start in any new market. liz: i heard the most bet on games were the kansas city chief s versus the denver broncos i am really disappointed about my cleveland browns. come on this is horrifying, but the chargers and the raider game was pretty interesting too. what was the biggest payout that you saw? >> yeah, we see six figure pay outs every single sunday. you know, one thing we saw with
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the chiefs game like anytime a really popular team goes down near the end of the game, you can get better odds on them to win so we saw a lot of people supporting the chiefs in the fourth quarter when they needed to come back a little bit to win that's always really popular with our betters through our live in-game betting. people who use draft kings sports book throughout the entire game can put bets on whose going to win in realtime, so come the fourth quarter we saw a surge of action on the chiefs really people thought they would come back and win and that's exactly what happened, so we were seeing bets like $18,000 to win 21,000 and things like that coming in really late in the game. liz: goldman sachs is predicting that this is going to be a mass massive sector by the year 2023 i think they said 40 billion in annual revenue. doesn't consolidation have to play into this? there are quite a few players, matt and at some point the acquisition costs to get one single new gamer, new player,
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become really prohibitive, we've seen anybody just watches a game , all you see are advertisements for all of these guys, including you. how do you separate yourself from the rest of the pack and avoid being swallowed up in some way, shape, or form? >> well yeah. i don't think we even need goldman sachs to tell us that it's a giant market opportunity. everyone knows it's one of the large else, most successful industries throughout pretty much the history of time, so i feel really confident in the prospects, and i think there are a lot of benefits to being at-scale operator like draft kings with 20-30% market share indifferent states. it can be tough when you don't have the scale and the volume relative to an operator like draft kings who already has a very large market share to be able to bring the market really compelling products, invest in the business, give customers the best experience in-market. like all of those things are easier to invest in when you have a lot of market share, and
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i would also say the strength of our balance sheet is really important here too. we raised money to make sure that we could always fully invest in the opportunity to grow our business, and so like those things are really starting to show up in new states like new york when we can get out to a fast start with the number one rated app, really go out, compete effectively, and invest in the long term. liz: and before we go, when do you predict new york will become bigger than new jersey, which is really kind of in the leader when it comes to online free gaming. >> well it's a little unfair, i guess, because new york has about almost 20 million population, new jersey is under 10 million and so it's like i don't think it will take long at all given how many more people live in new york. liz: all right matt, thanks very much, matt kalish of draftkings we appreciate it. the supreme court, we need to get to this. it is expected possibly to rule
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as soon as later today on the government's vaccine mandate that requires businesses to get their employees vaccinated. we are headed live to the white house where edward lawrence is on scotus watch, closing bell ringing in 37 minutes dow jones industrials down 321, nasdaq is down 130, s&p down 37. still a rough day for the bulls at the moment. we're coming right back. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq
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liz: we are being told that it is possible that we could get a ruling from the supreme court as early as sometime today or this evening as to whether the federal government has the power to impose a vaccine requirement or mandate on businesses here in the u.s.. now, the rule would basically require all employers with 100 employees or more, 100 more workers, to be either vaccinated or undergo weekly testing.
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let's get to edward lawrence, he's live at the white house as the business world waits. what are the odds makers inside the beltway saying, edward? reporter: liz, let me check my sports book draftkings app here, actually, not allowed to gamble so it's not on an app but it depends on really who you ask and as you said yes, the osha says they plan to start writing citations on that mandate today, which is the reason that we could see that decision by the u.s. supreme court at some point today, as early as today i should say. it could be later on, but you know, the attorney general from missouri is saying this , you know, not only will affect vaccines but this also could set a precedent. listen. >> osha was created to make sure fork lifts beep when they backup, not to force the vaccination of, you know, almost 100 million americans. i think if you take a step back, this is about a much broader question than even just the vaccine mandates. we've been the freest country,
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we believe in individual rights, we believe in individual liberty that people could make these decisions. reporter: and it goes on to say that left unchecked the administration could use climate change, for example, as a way to band driving suv's for example, on mondays. now, some big name companies have listened to president joe biden's words and they're taking a queue from that and actually firing some workers. you have the mayo clinic whose fired 700 unvaccinated employees you have citigroup saying that they are going to fire all un vaccinated employees on january 31. you also have google sending out the message that no jab, no job. now, this is a time when we have 10.6 million job openings in this economy, so some economists are very concerned that that could further slow job growth if more larger companies take this measure. back to you. liz: thank you very much, and we're going to be, as i said, waiting with baited breath, this
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heavily affects the business world, interrupt us if anything happens, edward, thank you very much. he is known as the wealthiest person in crypto, and he's not even 30 years old. billionaire sam bankman-freed here next on his rapid rise to bitcoin billions and where he thinks digital currencies are headed in 2022 even as bitcoin endures its seven-day sell-off streak. closing bell ringing in 29 minutes dow jones industrial right now down 317, the nasdaq lower by 127, s&p still down about three-quarters of a percent or 37 points. don't go away. ♪ ♪ ♪ ♪ ♪ ♪
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liz: all right, take a look at bitcoin it's enduring its seven day losing streak which continues now, earlier today the original crypto dipped below
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$40,000 of bitcoin, it has claw ed backup above 41,000 year at 41, 457 or so, but the sub- 40,000 drop is pretty much the lowest point since september, as we head into 2022, some bulls are still very optimistic and pounding the table on cryptocurrencies, specifically bitcoin, and believe that prices could stabilize and then rocket higher this year. let's go straight to the man known as the richest person in crypto, billionaire and ftx ceo sam bankman-freed is joining us in a fox business exclusive. in this new year, sam, bitcoin is enduring the longest losing streak since 2018. what is pulling bitcoin's leash right now where you sit? >> yeah, some of this is just a general sell-off in similar types of assets. we've seen some things happening in stocks particularly tech and growth stocks. some of this is a reaction to signals that there might be some tapering off. there might be a reduction in
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inflation forecast going forward. some of this might be profit taking at the end of what is a really large up-year for the crypto industry. liz: would you say i'm wrong or right if i say that suddenly, well not suddenly, because we seen this before, but that bitcoin is trading in lockstep with equities which have sold off? >> it's definitely been increasing in that manner. i think that's like every month, we've seen, you know, that correlation start to inch y it's i it'ns i lks loct q yre dec elcoatrredghhrt f mke mtar m events.vent a yreos s lowe rlo twenrn the $100,0$10000w this tyear tye > certa ciner that e of of tmentst amedv i w year.arat the end of thee that there is certa cer c cutut plisityos thatyt i u ind i performtily as well.
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li li yli y are a r forwardwa thinker andnd risk-taker you are as forbes put it, the most wealthy cryptocurrency investor, i believe they put your net worth at $26.5 billion. tell me when you bought your first bitcoin and at what price? >> so it was late 2017, as bitcoin was going through its run-up from 3k to about 10-k per token, and at that time, i was just getting involved in the cryptocurrency echosystem, trading in the low to mid-single-digits and arbitrage back and forth between different markets at the time. liz: but you know, there is this outlier issue and it's not even outlier. it's front and center and that is the sec holding regulations over the crypto market like the sort of damacles.
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what do you anticipate will happen and does it make you think that i should buy more today as it dips below 40,000 or hold off for the moment? >> well obviously you have to see per share but i'm optimistic over the next year or so we'll see some really substantial steps forward in the global regulatory environment and the u.s. regulatory environment for cryptocurrencies. its been a pretty tough struggle back and fourth i think for a while, and i think industry is as much to blame as anyone else in terms of the relationship that's been developed between the industry and regulators but i think that there's a light at the end of the tunnel there and i think there's some straightforward policy proposals that could solve for what regulators want while also allowing for cryptocurrencies to really grow a lot as asset class moving liquidity volume onshore. liz: we have bitcoins futures etf's do you predict this year an actual etf tied to the price
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of bitcoin will be approved? >> it might or might not. i think it will happen eventually. i'm not sure whether it'll come in this year and i think the big thing it be a lot more efficient right now when you're trading bitcoin futures etf, you're paying rolling costs, you've often been buying effectively bitcoin at a premium, and you can see that in the under performance. it's going to come it's just so obviously should come from the perspective of customers and everyone else. it's a question of when and the big thing that that's waiting on is a spot bitcoin market that the sec feels comfortable with from a regulatory oversight anti-market manipulation perspective. it has that what they say in the future is there isn't an equivalent spot right now. liz: yeah, gary gensler has made it very clear he wants to protect investors and make sure that these etf's aren't just
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sort of piling in and not ensuring the safety for investors. you guys are way ahead when it comes to developing in nft, non- fungible tokens in fact as i understand it, building some type of office in the metaverse that enables, sam, people to do what, purchase plots of land that are somehow in the digital universe? >> yeah, that's right, and you know, i think what we're seeing right now is just the very beginnings of what this could be and i'm really excited for it but i also think that this itself is the be all end all. i think it's starting to show what could happen when you have a more comprehensive digital universe and then you start to see applications, programs, businesses plugging into it and starting to interoperate with assets back and forth between their universe and a more general metaverse. i think we're pretty excited to sort of take a stake in the early development of this ,
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but mostly i'm really excited for where this could be a few years from now. liz: sam, you're the wealthiest person in cryptocurrency. we're liking the t-shirt. we're liking the fro, we're liking the headset. stay true to us, we want to continue this conversation throughout the coming months, so please come back. >> anytime. liz: those 30 and under, i never made that 30 under 30 list, the reddit revolution is talking about joining the wall street elite. yes, as a publicly-traded company charlie breaks it on reddit's ipo plans, next, closing bell 18 minutes away, we are looking at the dow jones industrial still down about 288, nasdaq down 77. what a comeback though for the nasdaq at the lows of the session it was down 405 points. as a dj, i know all about customization. that's why i love liberty mutual.
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liz: breaking news, jpmorgan chase ceo jamie dimon just telling maria bartiromo that while his economists are saying that they will see three to four , we already talked to david kelly about this , three to four rate hikes this year, he believes there could be even more and that sets the u.s. economy for a good run in the new year. listen to what he told maria. i think that the table is set for a very strong economy. that consumer has a lot of money and they are spending it, confidence levels go up, jobs are plentiful, wages are going up, it's pretty strong. this is one of the strongest economies ever seen in 2021 and 2022 will be pretty good too. liz: she just completed a wide ranging interview. you've gotta catch it tomorrow on ""mornings with maria"" which
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begins at 6:00 a.m. eastern on fox business. in the meantime, deere wowing investors you know i was just at ces in las vegas, the consumer electronics show, and they were one of the center pieces of the entire show, when john deere launched its fully self-driving tractor, totally autonomous, in las vegas. i've got to see it up close and personal like yes, i hoisted myself in at one point into the cab, very cozy but it's autonomous so the farmer could actually be on the couch, looking at his or her app, and this thing is just tilling the soil away. we talked about how excited farmers are about the new technology and the best part, john deere has been predicting this since 2004 so they retrofit ted every single tractor they've sold since 2004 and left it able to be retrofitted with the new technology when it was finally available, it is now so you don't have to spend half a million dollars on a brand new
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tractor. barrons is calling deere the tesla of farming, john deere trading all over the place it is pretty much flat at the moment but when the markets were down last week, john deere was in the green. reddit the forum behind the famous wall street bets reddit crowd which sparked the meme craze last january for meme stocks like gamestop and amc is set to go public as early as march with a valuation of between 10 and $15 billion. charlie gasparino is here now with how he believes the markets are going to receive the company 's debut. what are you hearing charlie? charlie: we're hearing from underwriters that not good, particularly as the ipo market could unravel but i'm not quite sure what jamie told maria. i have to watch the show tomorrow morning, but if he's talking more rate hikes sooner, is that kind of what you just said? liz: lots. charlie: okay that means the economy and the markets will slow down and that's what we're getting so i don't know what he's talking about the consumer and all this. yeah, we're not going bankrupt
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but guess what? the markets are going to trade-off. they are trading off now on this whole rate hike fear that occurs a lot sooner and it's going to upend the ipo market. one ipo i keep hearing about that could be upended and delay ed into next year, particularly if these market conditions as you see right now, which is reactive, purely to what jamie is talking about, extra rate hikes and a potential economic slow down, reddit will be one of those that get pushed out into the new year. way into 2022 until market conditions improve because this is a crazy market, and you know, this is like when you have easing money for so long and you stop that, you end the taper, you raise rates, you quell inflation there's only one thing that you do with that is you start to really put pricing, get better pricing on riskier assets that's stuff like reddit, a message board that helps feed the meme craze, it's leverage on top of leverage so to speak, so a lot of people think goldman sachs and morgan stanley are going to push that into the future. i want to hit on one other story
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there's a guy named alvin brag, the manhattan da, which has jamie dimon, all the major ceo's james gorman, everybody that does business in new york worried as hell and through their lobby group, known as the new york city partnership , they're asking for a meeting with mr. brag after brag came out with a memo that said he's not going to incarcerate most crimes in the city, if anything but maybe murder, but most crimes will not receive an incarceration attempt by his prosecutors at least that's what the memo said. we should point out mr. brag also did not return fox business ' comment but they haven't denied it either so what i know is that kathy wild, the head of the new york city partnership, has demanded a meeting with mr. brag to discuss this , because members, like jamie, like the rest of them, are up in arms. literally worried about crime is pretty bad in new york city as it is. if this guy has its way, will their workers be safe going to
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the office if anybody, nobody but someone who shoots somebody goes to jail. i mean there's a lot of crime in between that. they demanded a meeting. mr. brag said he will give them a meeting. mr. brag did tell kathy wild that his policies are being misunderstood. he did not say how they have been misunderstood since the memos are the memos and they're out there, but they'll find out on january 21 when that meeting is. kathy wild told me that she has not gotten feedback from members being this worried in a long time, since that memo came out. new york city, as you know, is coming back from covid. a lot of businesses are thinking of leaving the city because of taxes, crime, and covid, and this is a 180. bragg's message is a 180 from eric adams the newly-elected mayor, so we'll see what happens we should also point out that there is, amongst some business and leaders in the city, talk about a recall effort against bragg. by the way, recall efforts work
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a lot differently here in new york city, and new york state. there's no elections. you have to go petition the supreme court, but there's lots of talk in the business community about that, liz. it's going to be an interesting 2022 here in the city and this is where business, finance, crime, this is a story where it encompasses all, and it's a big, big story for people like jamie dimon, james gorman of morgan stanley, david solemon all of the real estate people that do business here and are thinking hey, are we going to be doing business here in new york? is it worth it? are people safe when you have a prosecutor and by the way this office, liz you remember robert morganthau? he ran this office, went after everybody, drug kingpin, mobster s, you name it, didn't care put you in jail if you deserved to be in jail, is now being run by some guy that doesn't want to put people in jail if they commit a crime. back to you.
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liz: businesses create jobs. they're not usually criminal, but yeah, we'll be watching it all. charlie gasparino, thank you very much. dow jones industrials down about 230 points right now, we are coming right back.
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♪. liz: three minutes away from the closing bell. which need to look at the dow jones transports. they are the loss leader. mostly all day it was nasdaq. we're seeing transports down 1.6 or 7% depending when you're looking at it. nasdaq looks to go positive. it is now down onlypoints -- seven points. it had been down 405. dow is struggling down 236 right now.
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it has come to the fore front pretty dramatically since the pandemic began, but our "countdown" closer says it is time to look past that subsector and look at a company already performing robotic surgery on things as small as a grape. huntington vice president and senior strategist, jill garvey. jill, we covered this name for many, many years. i have not mentioned it in a while. i'm interested to know why you're picking it now? >> good afternoon, liz. i think it is worthy of mention. it's a strong secular growth name especially those who are skittish about the market. as you mentioned for 20 years they have been at the forefront of soft tissue surgery. during that time they amassed a great deal of data. we can capitalize with the data as new oil theme with intuitive surgical. we think going forward, focus on robotic surgeries we know that
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improves overall outcomes including reducing surgeons fatigue. we think the robotic surgeries have the long runway. intuitive will continue to stay at the forefront. liz: yeah. it is at a pretty nice one year picture up 19%. we need to tell you that the nasdaq just turned positive, jill. what do you make of such a dramatic swing today alone, mostly related to the fear interest rate hikes will come more quickly and bigger multiples than had been expected by the fed? >> well certainly it is the rate hikes, liz. it is continued hot inflation concerns. and of course the virus. so that's the market. one of the leading national banks we're very fortunate, we're able to work directly with our individual and business clients, liz. so we're constantly looking for opportunities on days like today and certainly last week where we have seen a drop in the market,
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to put cash to work that our clients have on their balance sheets. liz: yeah. jill putting cash to work he specially things are a little bit super. [closing bell rings] nasdaq up 1points. not often you get to see a swing like that after having been down 405 points that will do it for us. ♪ larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. so i'm extremely worried this evening over a 1% drop in the tech-heavy nasdaq index. why this sudden concern? because it may do great damage to nancy pelosi's almost perfect investment track record. you may have read that one website has already nominated her as the 2021 wall street trader of the year. in fact reading

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