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tv   The Claman Countdown  FOX Business  February 19, 2021 3:00pm-4:00pm EST

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that's what we used to say at the new york jets room -- >> i'm a pack fan, so -- charles: hey, liz claman, you remember when we used to do that chant, j-e-t-s! [laughter] liz: at least the jets won. my cleveland browns are like p-l-e-a-s-e! [laughter] the weekend doesn't start yet for all of our viewers. you guys, the dow earlier captured a new all-time intraday high, bitcoin hitting a trillion dollar market cap at the moment. at least getting very close to -- oh, look at this, just happened, 55,086 at the moment. money pouring into stocks. what could go wrong? a lot. what's worrying mohamed el-erian in this last hour of what has
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been a very revealing trading week. the gamestop frenzy picked apart on capitol hill, but two key figures in the legal world left totally dissatisfied. three weeks ago texas attorney general ken paxton launched a major investigation into an online brokerage are. is he now adding to his original focus? he is here with former sec director harvey pitt on why yesterday's hearing wasn't anywhere close to the end, but rather, just the tip of the iceberg on the drama to come. president biden about to make comments after touring one of three plants at the heart of pfizer's vaccine production. we've got cameras on the scene, and we've got our eyes on pfizer's stock. but first, can we take a look, if we can just for the moment, at an intraday chart of uber? it has been a very interesting move today. look at the price action since gapping down at the opening bell. just before 5 a.m. eastern time uber lost a driver's rights case before britain's supreme court
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which basically deemed that the driver plaintiffs were employees versus gig economy freelance workers. now, the stock is completely, at least earlier you see it started gapping down can, then turned around as uber said the ruling only applies to that particular group of drivers, not current drivers. right now though uber's back down at the moment as investors wonder whether the ruling is a bigger setback for uber when it comes to paying drivers a minimum wage with benefits. rival lyft, look at that, doesn't have overseas operations, so it is not getting hit harold. in fact, it's up 3.5%. larry kudlow's going to join us in this hour with what he thinks this really means for companies that rely on self-employed workers and so-called gig economy. 24 hours ago millions of investors around the world sat glued to the gamestop hearings as lawmakers turned up -- the turned the heat up on robinhood's ceo, vlad tenev, and short seller gabe job plotkin
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in -- gainplotkin. amidst all the mud slinging and blame gaming, no one brought this up, hearing coincides with never before seen levels of margin debt, arguably exacerbated by the gamestop frenzy. team "countdown" did some digging. margin debt, the very latest numbers out there now, this means the amounts investors are borrowing so they can leverage up, has reached an all-time high of nearly $800 billion. as markets hit record after record, investors appear to be chasing spiking stocks and borrowing huge amounts against their investment portfolios to do it. does this portend a major collision coming? allianz chief economic adviser mohamed el-erian has been watching and, is it fair to say, worrying about this? outline the worst case scenario, mohamed. >> so the worst case scenario,
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and i want to stress it is a scenario and not a baseline, that we get some sort of market accident that forces people to try to unwind what they have bought on margin. and what you get is a deleveraging of the economy. and as other investors see this happening, they try to get ahead of it, and next thing you know you have that awful word that you and i know called contagion which means contamination, and then everything goes down regardless of how good it is. that is the worst case scenario. liz: doesn't margin debt only become an issue -- and we can put that huge number back up again, 799 billion, a record amount of borrowing to buy more stock -- doesn't it only become an issue when we have some type of, you know, out of left field, swift correction or massive fall and then the phone starts ringing to everyone who borrowed money, their broker on the phone saying, guess what? pay up.
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you need to administer money in here -- add more money in here, and they have to sell stock to make their margin calls. >> that's one scenario. there's two others. so why is it that this margin debt has exploded? first, because people believe markets only go up, and they want more of it, so they borrow to get more exposure. two, it's because the cost of margin debt is really low right now thanks to the federal reserve. and three is because there's so much liquidity sloshing around in the system. so any one of those three can reverse things. so certainly if people suddenly realize markets don't just go up, they can come down sharply, that'll reverse it. if something goes wrong with borrowing costs, that would reverse it. or if the regulators decide to increase margin requirements, reduce liquidity, that will reverse it. liz: you know, we've got a lot of froth and interest on behalf
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of individual investors from this reddit crowd which, you know, for a while there you could see the big spike in gamestop, but it was actually really working. they were paying off their debt, student loans, they were paying off their parents' mortgages. that's a lovely thing until things do go south. you're saying right now it's just a scenario, but we can't predict what type of black swan event will happen. i'm guessing it's not going to be the fed raising cost of borrowing money because they've been very clear, we've got a couple years before they'll even consider raising interest rates. but, you know, things come out of left field. i was just talking to a trader about this very summit, i said, like what? he said, liz, you never know, right? so look at bitcoin, for example. $55,000 per coin today, the mohamed. it just seems, and you just referenced it, while people think that the market only goes up, they do and it has. we're looking at, we're looking at the nasdaq hitting 24 records
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since election day. >> yeah. i mean, there's signs of excessive risk taking everywhere, but remember this notion of a rational bubble. it is a bubble, but it's rational because there's so much liquidity being injected. i've said my four worries, and two are playing out in a small way. remember, market accidents happen. we came very close to a market accident with robinhood. two, it's not just the fed that controls the yield curve, but it's markets that control the yield curve, and we're seeing yields on longer data securities going up. so keep an eye on these two risk factors, because they'll tell you a lot about what's ahead for the markets. but in general, liz -- liz: yeah, you know -- >> -- a lot of risk taking. there's a lot of risk taking, is what i would stress. liz: well, look at the 10-year yield. it hit a 1-year high today, and,
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you know, when you look at this level, just pulling up the very latest here, 1.343%, just slightly off the 1.36 area here, you're right, the fed opportunity and can't control every single thing. you said we came extremely close to a market accident with the reddit room situation. why? >> because we saw what can happen. so i'll take you back to that wednesday, thursday, friday when robinhood was under pressure, and robinhood had to restrict the purchase of certain securities. what context was that happening in? the s&p lost 5%. hedge funds were degrossing. that's a fancy word to say they were trying to get back on side with their balance sheet. they were reducing both the longs and the shorts. others sensed there was blood in the water, so they started selling. had robinhood not stabilized,
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then you could have seen something much nastier. but robinhood managed to raise over $3 billion and stabilize, so that's why we didn't see something worse. liz: mohamedal air yen of allianz, thank you very much. you know, folks, we're not negative nellies here, we just want people to understand the scenarios that could be out there, and thank you for illuminating that for us, mohamed. thank you so much. >> thank you. liz: also a jets fan -- >> that's right. [laughter] liz: not just charles payne. >> and i like my jets to do like your browns. liz: yeah. you know what? it's all relative, isn't it? thank you. the brutal cold, we've got to get to that, it is still wreaking havoc, it's killing peep across texas. people across texas. millions are still without power and heat, many of them are not taking to twitter to share their the experiences, they're taking to tiktok. ♪ ♪
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liz: yeah. so you're looking at jeans that were just dipped in water, immediately frozen. there are all kinds of different things that people are now going to tiktok for when they used to go to twitter. the on again/off again rumors about tiktok and who's going to buy it. remember, it was an oracle partnership at first? now one of tiktok's former flames is back on the scene for a possible outright purchase of the u.s. asset. charlie, what's going on? >> i thought you were going to break. wonderful. [laughter] it's the nature of the beast these days, isn't it? we're all working from home. here's what's going on, liz. we should point out that the tiktok-oracle deal despite what you're reading in the papers as of last night is still on the table, it's still being pushed by both oracle and tiktok. the biden administration, as we reported -- and i've got this
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tripoli confirmed, it is not shelfed. it is being slow-walked until they make their final decision. i should point out the biden administration does have misgivings about the deal including the fact that donald trump was so heavily involved in putting it together that steve mnuchin acted like, his treasury secretary, as an investment banker and, of course, oracle is run by larry ellison, and you know larry ellison and trump are pretty tight. in so if you were going to bet, there's a good chance the biden administration says no. now, if they say no, what happens? well, it's very possible nothing happens to tiktok if the biden administration says, okay, go back to normal. some people that i talk to that are close, that know the conversations that are going on there that are on wall street say low probability. biden is worried about the same things that the trump add -- administration was worried about, whether bytedance somehow
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has access to user data and shares it with the communist chinese for surveillance purposes. so if they have to sell it, who is in the best position to buy it? i'm getting this from my banking resources. they believe that microsoft could reenter the talks, that there is -- inside microsoft they're saying they believe there is some, there is chatter about how to reengage and basically try to make a second attempt. remember, they were the first firm that went out and tried to buy tiktok outright. the deal fell through, and they may make a second attempt. the way it's being posed to me, liz, is that they would do it with a partner, possibly a private equity firm. but this is very much a possibility i am hearing depending on the outcome of oracle-tiktok which, again, is not quite shelfed. it's still bouncing around the administration. it's being slow-walked. oracle and tiktok as of yesterday have not given up on
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it, i am told, but microsoft from what i hear hasn't really given up on it either. and these are sources that know what's going on inside microsoft, there is a possibility -- not deaf fit, a possibility -- not definite, a possibility -- that they could go back and try to buy tiktok. fascinating story. what was that song, the kids' song, the song that never ends? ♪ this is the song that doesn't end ♪♪ [laughter] yes. liz: charlie, you know what? our original sources were telling me back then microsoft wants it, they see it as a prize. that was in august. we hall see. >> you know, and that's -- i'm telling you it is not totally dead, according to my banking sources, inside microsoft. we should point out that microsoft has no comment, oracle has no comment, tiktok has no comment9 no one's commenting on the record anyway. anyway, back to you, liz. [laughter] liz: no comment.
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charlie, thank you. president biden touring one of pfizer's key plants in the vaccine fight. the latest there and more when "the claman countdown" comes right back. dow is up 56, russell's up 44, nasdaq's up 29. ♪ ♪ some say this is my greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;) at t-mobile, we have a plan built just for customers 55 and up. saving 50% vs. other carriers with 2 unlimited lines for less than $30 each. call 1-800-t-mobile or go to meet whitney and jane. -hi! -hey! they're always sharing tips on ways to save money and make life a little easier.
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only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ ♪ liz: breaking news, we want to take you to michigan and let you know that pfizer's ceo is speaking right now. he's at the pfizer michigan plant at the center of the pharma giant's covid vaccine prufntle you can see over his right shoulder we have president biden, he is expected to speak. he just toured the michigan facility, spoke to workers who are churning out this vaccine 4 4 -- 24/7. what the stock doing now is seeking to store its vaccine at higher, slightly higher temperatures than the very, very low once up thil til now to ease logistics as the biden administration goes full lot toen on -- throttle on getting shots into the arms of millions of americans. but even as new research out of
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israel suggests just one shot is enough to protect against covid-19 versus the two-short original -- two-shot original protocol, dr. anthony fauci uncysting that it -- insisting that the u.s. will stick to the two-shot vaccine. now, before heading to michigan president biden participated in a virtual 7 session -- g7 session at the white house. blake burman at the white house. go ahead and tell us, you know, we've got two big stories here. >> reporter: yeah. expecting the president to speak at any moment. this is a trip in michigan that was delayed a day because of the weather yesterday. but the president there in michigan, kalamazoo, at a pfizer plant. of course, pfizer at the heart of covid-19, the vaccine and distribution, etc., so that's what's bringing the president there today. the president also spoke on the issue of health care all across the world today especially the fact that he revaled that there
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is going to be -- revealed there is going to be a $4 billion allotment from the u.s. given to poor countries all across the world the try to fight against the covid-19 pandemic, specifically getting vaccine doses into the arms of people all across the country. the president saying that this is part of his plan to try to reconnect the u.s. with the health community across the world. >> even as we fight to get out of the teeth of this pandemic, the resurgence of ebola in africa is a stark reminder we must simultaneously work to finally finance health security, strengthen global health systems and create early warning systems to prevent, detect and respond if to future biological threats because they will keep coming. >> reporter: you mentioned pfizer, liz, and how they are in the news especially with the president there today. the possibility of maybe windows of their covid-19 -- one dose of their covid-19 being effective,
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and there's question about one dose and not necessarily two might be needed. the ceo of pfizer was just asked about it, liz, a little while ago, and doesn't think, will work. but it is manager that they are going the look at -- something that they are going to look at. speaking now still, i believe, and then after that we will see president trump here -- president biden, excuse me, here shortly. liz? liz: yeah. and i will just say that we will monitor, and when president biden begins speaking, we may very well take that to see if he gives us any update, blake, on his goal of 100 million americans vaccinated in his first 900 days -- 100 days. thank you, blake burman. one gigantic step for nasa spending one key space stock into orbit at this hour. that story plus a hole in one for three gaming stocks and a golf giant. closing bell ringing in 39 minutes. we're coming right back. lots of breaking news before we end the session for the week.
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♪ liz: breaking news, joe biden is speaking now at the pfizer plant. let's listen in. >> i'm here to thank my good friend, governor whitmer. she has become a good and close friend. the governor's been on the front lines of this pandemic as well for a long time, and i think she's doing an incredible job in a -- under very difficult circumstances. gary peters and debbie stabenow have been workhorses in making sure -- liz: as soon as president biden gives an update on where his goal of inoculating 100 million americans within the first hundred days stands, we are going to get that to you. pfizer's stock coming up off the
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lows, still down about a quarter of a prosecutor, but a -- a percent, but a breaking headline from the pfizer ceo, saying they expect to release 200 million doses by the end of may. folks, that is two full months earlier than originally attempted. so that is, certainly, good news. they are learning how to speed up this process. president biden in michigan, we'll go back to it when we get some updates on numbers. we're going to forgive you for the moment if your neck is sore from watching the wild moves in palantir's stock. it is popping today, snapping a six-day losing streak fueled birdies appointing results and the lock-up expiration of the stock. jumping 13.5%. reports are the reddit wall street bets crew is now using this stock as its new flavor of the month, driving up shares of the big data company. the same group, of course, behind gamestop's surge last month. a hole in one for call as
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they strike a sports betting and entertainment agreement with mgm's sport wagering platform. mgm getting a nice bump of 3.8%. mgm digital blanding will debut debut in new states. guess what, they're not the only ones moving. two sports-wagering competitors, penn national gaming -- parent, of course, or barstool sports -- and draftkings. okay, on the heels of nasa's mars perseverance rover landing safely on the red planet, during this hour yesterday, mission control wasn't the only one fist bumping and elbow bumping and cheering. investors are joining the space fray as well. they are bidding up virgin galactic right now at this hour, space is up 3.6%. yeah, that was a big moment,
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cheering. because, you know, they've got to get through that seven minutes of terror going through the atmosphere, and then they land, and it's all wonderful. space, economy, it's all continuing to gain tractionment. let's go to gerri willis for today's fox business brief. hi, gerri. >> reporter: hi there, liz. that's right, six flags entertainment hitting an over one-year high after announcing it was preparing for a full reopening of its theme parks and water parks for the 2021 season. the theme park operator said it is looking to hire thousands, thousands of seasonal workers to fill positions across its 26 low cautions. locations. and deere smashing earnings expectations for its fiscal first quarter citing improving conditions in the farm and construction sectors. investors clearly happy about the company, also boosting its 2021 profit forecast pushing the stock higher. rival caterpillar also jumping today. and the arctic freeze icing over
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texas upending the agriculture markets from processing plants to farmers trying to keep their livestock alive. archer daniels midland has -- due to gas shortages while meat processers from cargill to titan are shutting plants down in texas. the freeze may also cause a supply strain that could boost prices for beef and chicken. now, coming up, liz talks to former sec chairman harvey pitt and texas attorney general ken paxton about why yesterday's robinhood/gamestop hearing may be the start of a whole new wall street fight. ♪ ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward,
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>> we're now on track to have enouh vaccine supply for all americans by the end of july.
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liz: breaking news, president biden moments ago saying all americans, if they want it, will be vaccinated in just a few months, specifically by the end of july. he also just said that the administration has made arrangements to have retired doctors and nurses come back into the work force to help administer the covid vaccine. he also urged americans -- he specifically said, quote, the advantage seens are -- vaccines are safe, please take it when it is your turn. also as we look at pfizer's stock, it had been down about a third a percent, it's now down a quarter of a percent at the moment. pfizer's ceo, albert borla, saying they are on track to speed up the process, and they are the now shortening the amount of time that it takes to make it to 60 days versus which was a lot longer. all right, rebel reddit meme
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stocks, amc and gamestop. gamestop is down fractionally, you've got amc up 2.8%. not quite the wild highs that we saw just a few weeks ago which some of the reddit crowd blame on the fact that the gang at the heart of yesterday's house hearing prevented them from continuing to buy the stock. the four ceos at the center of the short squeeze frenzy in late february -- in late january, rather, particularly online brokerage chief vlad tenev, doled out answers and apologies for hours for suddenly halting investors' ability to buy those stocks. but our next guests say that no one should be satisfied with yesterday's excuses. texas attorney general ken paxton who last month filed 13 civil investigative demands against robinhood and others involved, is here along with former sec chair harvey pitt who says one wall street practice must be curbed to improve market fairness.
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attorney general, to you first, welcome and thank you so much for joining us. after watching the hearing, are you altering or adding to your investigation into what happened? >> so we're just waiting right now for responses from all 13 companies. we've sent out what are called civil investigative demands, they're like interrogatories, asking questions about their practices and what happened in this case. they have until the end of this month to provide information. we'll take a look at that, figure out whether we're done or whether we need to ask for questions or pursue something else. liz: but what did you make of yesterday's hearing? did anything jump out at you that triggered your legal mind and what you are trying to do to improve fairness? >> yeah, i don't think we got answers as to what really happened, and i think that's really what people want to know. so many investors were affected by this, and the markets were affected by this. so i think we don't really know, we never got the right answers on what actually happened, why it happened. so i think we still have unanswered questions that at least we in texas would like to know the answers to.
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liz: harvey, vlad tenev blamed dodd-frank restrictions, the financial crisis era restrictions that and regulations that, you know, congress had put into place to prevent these types of problems in the future. is that a fair representation? do you think that vlad was right in making that comparison and that accusation? >> well, i think there are many things wrong with dodd-frank, but i would say the problems here are not the result of that statute, they are the result of demands that were the imposed on robinhood for additional securities and its inability to meet those demands. so that, you would say, is the real crux of the problem here. liz: i want to know if either of you gentlemen believed when ken
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griffin of citadel -- he founded citadel securities, he's the ceo of the citadel hedge fund -- and vlad tenev made the following comments when asked whether they worked in conjunction or cahoots, whatever you want to call it, when they had -- when at least robinhood had prevented investors from buying. not selling, only buying their favorite stocks. overnight this happened in mid january, and let's listen in to what they said, and then i'll let you comment. >> let's be crystal clear, that decision you made to restrict the buying but not the selling of gamestop was based, was it based on pressure from anyone on the witness panel here today? >> not at all. zero pressure from anyone. >> we had no role in robinhood's decision to limit trading in gamestop or any of the other meme stocks. i first learned of the trading
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restrictions only after they were publicly announced. liz: attorney general paxton, i, you know, do you believe that? let's just get to that point. >> well, so i remember ronald reagan saying trust but verify when they were dealing with the soviet group caron. i have no reason not to believe it, but we're going to see if we can find out what the actual truth is and whether he was telling the truth when he testified in front of the house committee. liz: harvey, you know, so much of the question swirls around this issue of payment for order flow. meaning citadel securities is a market makerment they help effectuate the trades and insure liquidity, and in turn they pay robinhood for that privilege. does that issue need to change or at least be moarpdized or tweaked? because what citadel securities does is absolutely legal. >> it is absolutely legal, and it is time for it to be
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reconsidered. the sec has in the past deferred against moving -- [audio difficulty] on order flow, but we're now at a point where this has become such a big business, and it diffuses the marketplace and deprives the market place of certain -- [audio difficulty] re-examined carefully before it's allowed -- [inaudible] liz: attorney general, are retail investors on the same level playing field as wall street big wigs? i mean, obviously not, and i get it. you know, look, one is an expert in this area, it's their entire career, others in some cases have just woken up to investing, and they're doing the very best they can. what happened has highlighted as
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far as the underbelly of investor fairness. >> i think you ask a really great question, and i think investors vary with their sophistication levelment some of these individual investors don't know very much at all, others know a great deal. i think it's highlights some of maybe wall street's advantages because it doesn't seem like things like this happen to wall street. it doesn't happen to the big guys, it happens to the little guys. and one of the great things about technology is -- for small investors to invest on their own, i think that's awesome. we don't want to do anything to inhibit that, but at the same time, we want to make sure that there's transparency and fairness. liz: yeah, harvey, quickly, do you agree? >> i think that it's always going to be difficult for the small investor to deal with the same type of environments -- [audio difficulty] but i also think that's in the any kind of marketplace.
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you want to buy a hundred refrigerators, you're going to be the treated better than a consumer who buys only one. will. liz: great point. before we go, attorney general paxton, i have to ask you, your state facing this horrific crisis right now. any legal liability you'll be looking into on how the grid was set up in texas? we have people dying now in that state. >> no, it's been horrible, liz. we are definitely going to be looking into it, we're going to be sending questions and going to investigate, try to get to the bottom of what happened just like we're talking about with gamestop. we want to find out what they did, why they did it and why this happened so that we can prevent it in the future. are. liz: okay. harvey pitt, ken paxton, thank you very much for joining us. we're looking at the dow jones industrials up 66 points. up next, larry kudlow on uber's loss in a gig economy showdown in the united kingdom that could
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have ripple effects for the gig economy workers out there across the pond. is that a good thing the or a bad thing? larry's going to weigh in. and as bitcoin trades at record highs right now, i sat down with alex edelman who see how he's bringing the most mysterious form of current i to the wallet of everyday consumers. lolly allows shoppers to earn bitcoin in the form of a shop ping reward. but lolli wasn't the first successful company alex has started. learn about his rise into the e-commerce and crypto world on my everyone talks to liz podcast. it just dropped. it's on spotify, apple, google, anywhere you get your podcasts. you've got to hear the story. the closing bell ringing in 15 and a half minutes, please stay with us. ♪ ♪ i invested in invesco qqq.
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♪ ♪ liz: well, uber is still lower after a group of uber drivers -- this was before our markets opened -- won their battle to be deemed employees versus self-employed or independent contractors as part of the, going, gig economy. the move and higher wages and benefits that come along with it, this according to the british supreme court, could be the latest threat to the entire gig economy model. let's bring in larry kudlow. larry, you know, you talk about be careful what you wish for, right? the decision and the rise in costs that come with it, speeds up, perhaps, a push to autonomous ubers and lyfts. what do you make of this ruling? >> well, i think that it's a bad idea. the british economy will suffer, there'll be less
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entrepreneurship. there'll obviously be fewer ubers. you know, prime minister boris johnson, friend of mine many years, we had lots of bi-last lats -- bi-lats with president trump, i begged him for the last several years to two pro-investment, pro-individuals. don't have the welfare state. lower taxes and regulations. this is a regulatory barrier. he really hasn't done it, by the way. he's awfully good on some things. we convinced him to kick huawei out for 5g, but he really hasn't done the reagan, lover, supply-side, liz claman approach to free enterprise. don't i get a smile for that? i put you in with laffer and me -- liz: you do -- larry: you haven't done it yet. liz: worker want fair wages, they want breaks, they want vacation days.
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larry: we all want vacation days, and there are basic laws to deal with that. but, no, you talk to uber drivers, i mean, i use uber all the time, they want to be independent. most of them, not all of them. at least the ones in the u.s. and there have been big battles, right? it went all the way up to the supreme court, and they granted them the gig economy, you don't have to join a union, you don't have to pay out a lot of dues for wages and stuff. the margins are thin anyway. you know, after the pandemic in 2020 and the subsequent collapse of these economies, now they're starting to come back, gratefully, but i think9 that the u.k. made a mistake. i had no idea what the prime minister had to do with it, but they're going to miss out. now that they're out of the e.u., lizzie, out of the e.u., i call it magna carta 2.0. britain should flex its muscles for economic freedom and low taxes and regulations and revive the great british traditions of
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free trade and commercial advancement and come on the liz claman show. that's what they should do. [laughter] i'm not hearing it yet. but boris johnson's a good man, but i'm not hearing it yet. liz: okay. boris has been on the show, actually, during the london olympics and, boy, he is a funny guy. it's great to see you, larry. you've got former white house senior adviser ken hassett coming on and new york mayoralling candidate, account kudlow" airs right after "the claman countdown. " larry, thanks. robinhood drama potentially changing the way stocks are traded forever. so what's the play? what would you buy knowing that? our countdown close arer on two particular stocks he says stand to benefit most from the meme stock frenzy fallout. ♪ ♪ this is decision tech.
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liz: four and a half minutes to go before we close out the trading week the dow just turned negative by a couple of points, so for the week, the dow is barely clinging to a positive move here by just a fraction of a point for the week the s&p looks to be down about three- quarters of a percent the nasdac down 1.6%. that be the first weekly loss in three weeks. back to jerry. jerry give us the week's biggest leaders and laggards. >> yeah, this is interesting. it's all about travel. take a look at these, carnival, ceo arnold donald this week saying guess what by the end of the year we'll have all of our fleet in action and i know you've heard that before, but apparently, people taking him seriously now, all those players in this category, royal caribbean, also higher. also, fcx, freefort mcmoran, that stock is up dramatically, because as a sharp recovery in
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copper price, the company's gold and copper production rising, good news there, let's look at the nasdac winners,, as i said, travel on fire. they reported a quarterly profit for the first time since the covid outbreak, so that really bodes well for that sector. they're saying it's a bounce back in travel in china. jd, the chinese e-commerce company, also on fire here. they have filed to list its supply chain arm, jd logistics on the hong kong stock exchange, this is worked well in the past and they have done similar things looking at a possible valuation of 40 billion and book ing holdings, the self- described leader of online travel what they call themselves and kayak doing very well indeed so seeing big moves for the travel stocks back do you, liz. liz: all right, gerri have a good weekend, thank you. the congressional reddit hearing opening the door to more regulation and oversight, maybe, forcing the asset management
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industry to get ahead of it and upgrade their technology. so says today's countdown closer who believes there's a trade there. time timothy chub chief investment officer, 4.1 billion in assets under management, what do you foresee here and how does an investor watching get ahead of it and say what names could move? >> sure, yeah, thanks, liz. there's really two different ways ancestor to get access and it's great to talk about i guess more regulation being a good thing for investors, abdomen and i think with the democratic administration in particular it's more likely than not to take place after what transpired toward the end of january and so i think we as a firm and others hedge fund, institutional investors, investment managers across the global investment community are all using software to file reports with the sec, have risk management oversight, ultimately be able to monitor portfolios in a better way and i think increased regulation when it comes to filings and
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oversight and just transparent it with firms like ours, ultimately the good thing for the u.s. and global investor , but it means us spending more money on the technology that we use to ultimately provide that transparency for our clients. liz: like enterprise banking software and financial data and analytics in there so we've been looking at some of these names. how soon do you think we'll start to see regulations, washington move slowly? >> yeah, washington sure moves slowly but i think companies will take notice now and start to make those investments. this has been a secular growth tailwind for many many years. financial data and yams stand to benefit quite a bit as more investors and generation of investors gets involved in the market and there is so much data out there for firms like us and others to consume and i think being able to analyze that and have retail investors get access to it ultimately will bode well for some of those data analytics and providers.
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liz: folks look the dow is straddeling that flat line right now. it's too close to call we'll have larry kudlow to figure out what happened with the markets but right now, s&p down 7 the nasdac up 7, i will see you next monday. hello, everyone, welcome back, i'm larry kudlow. so it may have been a change today in president biden's push for a proposed minimum wage hike that's a minimum wage like that would do damage to the economy and according to the congressional budget office cost this country 1.4 million jobs so it's not good. now far left democrats, the progressive wing, bernie sanders, ms. alexandria ocasio-cortez lobbied the president to include the increase in a proposed $2 trillion coronavirus relief bill but it has to pass through a special


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