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tv   The Claman Countdown  FOX Business  February 24, 2021 3:00pm-4:00pm EST

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seconds, but you still think those are places people can make some money right now in. >> i think so, especially if we get any kind of talk of an infrastructure package which, of course, we know is buzzing around right now. charles: that's going to happen. >> it is. well, then there you go. charles: $2 or 3 trillion. michelle, thank you very much. liz claman, got a pretty good move here going into the last hour of trading. liz: how about the russell? the small caps, 2% gain here, 44 points. yeah, you know, charles -- [inaudible] neither do we. if you bought on yesterday's dips, you are cheering right now. dow stocks from american express to caterpillar, to goldman sachs and disney all hitting record highs as we head into the final hour of trade. we've got a hawkeye as well on those 10-year yields. there's a clear inverse correlation going on right now. we are on pace for the tenth dow record because yields came down after heading up 1.4% for the
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first time in a year. we're at 1.394%. doesn't seem like a big drop but, trust us, the markets read it like that. the markets are also moving as president biden meets with a bipartisan group of congressmen at the white house moments ago about protecting critical supply chains for the american economy. it's all about the national security and economic implications of importing computer chips, batteries, pharmaceuticals and rare earth materials, those essential elements used in semiconductors and electric vehicles. our power panel explains it all. mark smith, ceo of nile corp., they are the only company in north america right now that as just launched a brand new development in nebraska to find rare earth. and former undersecretary of state kate brock, both here in a fox business exclusive. and what's that wrist strap
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lebron and patrick mahomes have been wearing and also investing in? if a fox business exclusive on the brand new deal with the u.s. army and how he hopes to take down the apple watch and fitbit in the wearable wars. but first, a quick look at johnson & johnson stock. in fact, right now we are justly off the session highs, up two full percentage points right now. it is now a matter of days versus months before we could see j&j's single-shot covid vaccine in the distribution chain. how many days? as a early as this weekend after an fda panel said today that the vaccine provides strong protection not just against severe covid cases, but deaths from covid. zero deaths reported in those in the case study who got the shot. now, penning a review this -- pending a review this friday, the white house expects 3-4 million doses of the j&j vaccine to be allocated next week. pfizer and biontech, you can see
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how they are moving. pfizer down -- call it flat. point tech up 1.4%. and look at moderna which was second out of the gate, right now down nearly 4%. it's losing 16% on the week. and speaking of the biden administration, president biden is expected to sign an executive order one hour from now that will kick off major scrutiny of four key areas of the nation's supply chain. now, we told you about the worrisome shortage of semiconductors, only something like 12% are manufactured here in the u.s., but there is, perhaps, an even more critical area that is dangerously overdependent on china, rare earth minerals and metals. they're used in everything from cancer treatments and electric vehicle batteries to fighter jets and smartphones. china controls 80% of the world's supply and has wielded that as a geopolitical weapon. molycorp, the one u.s. company mining rare earths here in the
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u.s., went bankrupt a couple years ago leaving north america naked. that is until nile corp. kicked off a $1.14 billion super alloy materials project in southeast nebraska. joining us now in a fox business exclusive, the ceo, mark smith, along with former undersecretary of state for economic growth keith crock who is the former see you of -- ceo of dock you sign. mark, i'll start with you, time for science class. you know, the three elements that you'll be mining for are all named by the federal government as critical miningals, i believe -- minerals, i believe one of which which has to be stockpiled in the event of war. what are they and why do we need them? >> great question, liz, and thank you for the opportunity to be on the show today. we plan to produce nobody yum, scanned yum and titanium. 100% of the use today is imported, 100% of the scam by
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yum is imported, and about 90-92% of the titanium is imported into this country. so we are extremely excited to become a united states supplier of these minerals and add diversity to supply. liz: your elk creek project as identified -- and we're looking at some of the huge sources of raw material that we need, but china dominates -- and we covered this back when molycorp was a big momentum stock and then went bankrupt -- china dominates the refining process. are you working on also building a refinery so that we move them out of the picturesome. >> well, we are definitely building processing facilities to produce the three minerals. i'm also happy to report that, you know, this company before it was nio corp. had a prior name called quantum rare earths. and we have done over 40 miles of total drilling on this
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property in terms of just depth into the ground. we've run over 20,000 assays of all kinds of different chemical compositions, and we know that we do have rare earths in the ground here as well. and so along with the current administration and their idea of studying this effort more, i've actually charged our technical team with taking a look at the rare earth side of this business again because we feel that since we're mining all the ore and we're going to be processing it, we could recover the rare either earths -- rare earths as well. liz: okay. keith, the trump administration was very concerned about dependency on china for rare earths as well. clearly, president biden is following this path. what must his executive order do to break our dependency on china in. >> well, i think this is really good news, liz, what president biden is doing. and there's three other pieces of good news. the first one is that a lot of
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the work has been done on these supply chains, and that was part of a big study that we did with regard to clean supply chain, also with clean labor. the other one with regard to the semiconductor business -- and, liz, we talked about this before -- is the offshoring of psmc which was the biggest onshoring in history. $12 billion state of the art plant, and it also brought their cosystem. also, we had two theories, one was that it would trigger other semiconductor companies to onshore in the u.s., which has happened, and also trigger the ship act. and then the last thing with regard to clean minerals, liz, is the clean, the clean minerals initiative, and that is in conjunction with the clean network. as you know, that's 60 countries, two-thirds of the world's gdp. we've got 20 companies, actually 20 countries signed up for the
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clean network. you know, to make an illustrative point, i'll give you an example of a critical mineral, polysilicone. u.s. produced 60% of it, now it's down to 10%. china produces 90%, and it's the processing plant. this is what goes into solar panels and semiconductors. 90% goes into solar panels. and the majority of it is being manufactured at a massive plant in china with slave labor, and they have two dedicated fire-powered plants. liz: yeah, we can't have that. >> here what you have, you have the, you know, we're taking down all our coal plants around the world, which is a good thing, but we're replacing them with solar panels that are manufactured with coal power. liz: yeah. >> and this is a typical example. it affects every single industry, batteries, cars, you name it because of the
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semiconductor business. so china -- liz: smartphones, yeah. >> but the output of it, they control both parts of the supply chain, and it's for, you know, strategic control, there's no doubt about it. they're not in this business to make a profit. liz: okay. both of you, we're going to have you back because we want to know when you really do start extracting those minerals, mark, out of the ground in nebraska and, certainly, when we start seeing the processing and refining of it. can't be too dependent on china anymore. thank you both so much. niocorp trades on the toronto stock exchange. and right now we do have about 41 minutes left to trade this afternoon -- make that 51 minutes, sorry. we're witnessing markets finding stronger footing with the 10-year yield firmly shaking off a bunch of basis points after flying above 1.4% this year. the 10-year topped 1.43%, the
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highest in a year. as you see right now, we're at 1.392. but in turn, you've got dow giants from diss to caterpillar -- disney to caterpillar rocking market highs. bitcoin is jumping back above $50,000 a coin, at least it was earlier. we see it trading right now slightly below at $49,000 a coin after square ceo jack dorsey announced -- square, the payments company -- had purchased $170 million worth of the cryptocurrency, adding to the $50 million worth of bitcoin it had bought in october. square joins the fast-growing number of companies, we've talked about this, tesla, paypal or agreeing to accept the crypto. this is a new one, micro strategy, a business intelligence company, announced today it bought another one billion worth bringing its holdings to nearly four and a half billion. tesla's in for one and a half billion. and then you've got lohli,
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zappos, etsy a all either accepting or giving rewards in bitcoin and other crypto. speaking of which, other crypto, doge coin jumping 25% today the after tesla's elon musk tweeted this meme showing the doge dog -- [laughter] planting the doge flag on the moon with the caption, quote, literally. with crypto and stocks rising simultaneously but big tech lagging, let's take you to our floor traders. teddy wise legger. >> -- teddy weisberg. >> we've seen it for weeks, but it's the energy sector, it's the financials, it's the deep cyclicals, and, you know, it's sort of out of tech. i mean, tech is not finished, but certainly out of favor a little bit. tech was the market leaders for the last couple of yearsment you know, we have a new administration, new policy,
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things have changed economically and in the white house, and the focus is different. and mow the rotation is actually, i think, very positive. some people are concerned that, you know, that we're very frothy near the top, but i'm not sure that i agree with that. i think it's -- there's a reason for the financials being strong. you know, it's a reinvention plan. there's a reason for the energy stocks to be strong, it's primarily being driven by policies coming out of washington and a resurging economy, you know, as the vaccine becomes more readily available and the covid problems sort of subside, people are coming out, and the world's economies are coming out of this covid-19 cocoon. you know, this is all good for the u.s. economy and for the world's economies, and the rotation is just into sectors that have more or less lagged behind for a number of reasons, a lot of which has been led by the problems because of covid-19.
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liz: scott bauer, at this point yesterday in the show stephanie said the j&jing vaccine, if fully approved and into the supply chain, will be a game-changer. so we're one step closer today. j&j looking pretty healthy. but more important arely, if we get a third vaccine going through the channels, that's great for which sectors? >> you know, again, it's going to still be the reopening centers, liz, because what that is going to do is, hopefully, just accelerate even quicker how people get back to some semblance of normalcy. let me just tell you something, i volunteer at a local hospital. i was there for this three hours this morning helping give 500 vaccinations this morning, and all the talk was aboutson -- about johnson & johnson. it's all about the reopening, there's no question about that. so when you look at sectors like travel and leisure, it's crazy actually how maybe they've
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gotten ahead of themselves already because we're not there yet. so i'd actually be concern that maybe three, six months down the road from now we could possibly see a scenario of that buy the rumor, sell the news sort of thing, right? where there's been so much of this anticipation building up to the reopening that that might be a time to actually lighten up. but, you know, throw in the johnson & johnson into the mix here, it's nothing but positive, positive news. it's all a great thing. liz: yeah. i'm feeling good about that. teddy, scott, thank you so much. it's great to hear the trader perspective on all of this. all right, forget i love new york. two of the city's uber-exclusive restaurants no longer exclusive to the big apple. the chic eateries opening outposts in the sunshine state. but why? with the closing bell ringing in 46 minutes and the dow up 414 points, russell gaining nearly 2%, "the claman countdown" is
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taking you live to palm beach when we come right back. ♪ ♪ ♪ ♪ (upbeat music) ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ how do we ensure families facing food insecurity get access to their food? we needed to make sure that, if they couldn't get to the food, the food would come to them. we can deliver for food banks and schools.
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♪ ♪ liz: new york's mayoral candidate ray mcguire pleading with new york business owners to stay in the city. this as huge wall street names wrestle with the appeal of lower taxes and cheaper real estate in, of course, states like texas and florida. but can't you have it both ways? to ashley webster, ordering up the story in palm beach. ashley? [laughter] ashley: hey, liz. yeah, i've got the palm beach uniform on, blue blazer. it's the law, you'll be fined if you don't wear it. listen, i'm outside of a french restaurant. they also have one in manhattan on east 61st street. the owner here, jean, i've had a long chat with him. he says he's been, basically, for the last year on his knees. he hasn't taken a salary. he has three restaurants in new york, all of them basically shut down. he says 25% right now, no good. so he opened this restaurant four months ago and, let me tell
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you, business has been booming. take a listen. >> very profitable over here, and over there i'm losing a fortune. we're finally making a little bit of money here. very happy about it, and i love being in palm beach. i moved to palm beach, i gave up my apartment in new york. ashley: and you haven't looked back. >> haven't looked bark no. ashley: well, there you have it, absolutely. jean says i'm not going back, i'm staying right here. less restrictive, more open. by the way, he was booked last night, he is fully booked tonight. they open at 5:00. now you look at the manhattan property, as i say, it has really been struggling just like anybody else, and they really are thinking about nothing more than survival. take a listen to the partner that's operating the new york city venue. listen. >> identify been in the business -- i've been in the business most of my life, and i've never seen a year like last year. to put it bluntly, we are on
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life support. we've been on life support for a whole year. ashley: well, you know what, liz? it's interesting, we, you know, new yorkers are no stranger to palm beach. they come down here every year in the winter. but what is different, much like jean, these people say they think they're going to stay year round. so that's an interesting development. there's another restaurant about half a mile from here also has a sister restaurant in new york city, same exact story. jean says he can't walk around palm beach now without being flag ifed down by someone from new york city. it is most definitely hamptons south these days. liz? liz: and order the steak frite, for sure. [laughter] oh, boy, i do not want them to close here, that's for sure. ashley, thank you very much. right there with the palm beach uniform. classic. you nailed it. [laughter] electric vehicles taking charge from tesla to ford, to gm. the ev future already in motion.
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does that mean pumping old school gas will be left behind by none other than big oil companies? folks, it's already happening. up next "the claman countdown" drills down on how gas stations are preparing for the future thanks to a push from big oil. closing bell ringing in 38 minutes. dow is up 414. we've got the nasdaq up 83. ♪ ♪ from fidelity -- a visual snapshot of your investments, key portfolio events, all in one place. because when it's decision time, you need decision tech. only from fidelity.
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liz: well, you could say the top of r pop stocks living up to its name, soaring eagle acquisition corp. winging higher by more than 9% on its first day of trade. the special purpose acquisition company, or spac, was launched by the team that took draftkings mix. the ipo was founded by harry sloan.
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while that soars, churchill capital four, the spac that announced it'll reverse merge with lucid motors, is down 20% at this hour after falling more than 40% yesterday. its merger with lucid sparking a few bubble concerns as churchill's stock price applies a $56 billion valuation for lucid once the deal closes even though the first ev won't go into production til later this year. in other kind of bad ev news, the mail delivery hangover crushing workhorse. shares dropping nearly 50% at the lows yesterday after the u.s. postal service chose the bid from oshkosh to replace its delivery vans with next gen vehicles, not workhorses. oshkosh better by 2.9%. workhorse says it's regrouping at this hour saying it has requested information on how the u.s. postal service made its decision. workhorse hay be moving in
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reverse, but u.s. gasoline prices are pumping higher. the national average price for regular gas rising by 19 cents in just the past year to more than $3 a gallon. some of the i highest prices, not surprisingly, are in regions like tesla's birthplace of california because, you know, they need special boutique fuels and hawaii at nearly $4 a gallon. and the pressure on prices at the pump may only just be the beginning. shell, big oil, announcing in recent weeks it will reduce its dependence on fossil fuels in favor of meeting the demands of the growing electric car industry. so could we be on the vernal of the death of -- verge on the death of the old gas station as we know it? jeff flock is at a service station in illinois with the very latest. jeff? >> reporter: you know how young people today, liz, look at a rotary phone and go, what's that? well, pretty soon, perhaps, they'll look at what's behind me
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right there, the shell station here in hinsdale, as you report, and go, what's that? what are those pump things? maybe not tomorrow, but that clearly is the trend. take a look at what shell, as you report, royal dutch shell, big oil is doing when it comes to electric versus gasoline. they have plans by the middle of the next decade or this decade to have 500,000 -- that's half a million -- charging stations. gas stations turned to charging stations. they're going to cut their oil production by between 1-2% each year between now and then. they're going to double their electric power generation, that is to say the stuff that they generate from wind and solar. and they're going to focus their petroleuming business on lucratives and chem chemicals. pretty amazing. ing they've already got 60,000 of these charging stations primarily in europe, a handful of them in the u.s., and we've got a picture of kind of what they look like. yeah, i guess it looks a little
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bit like a gas station, but there's no gas, of course. again, half million by 2025. you know, the number of actual gas stations in the u.s. has been declining for a long time. maybe you and i remember being younger, and there was a gas station on every corner. in 1994 there were 200,000 gas stations plus in the united states. a decade later it was 168,000, we're now closer to 100,000. shell not saying which of the stations it's going to convert and where that will be because it's very competitive now, as you know. tesla and general motors both saying, you know, they're going to do charging stations. tesla, of course, already doing them in a big way. i checked, tesla doesn't even make gasoline-powered cars. do you believe that? i leave you with stock boards, and that is the european oil companies -- that is to say shell and bp -- they're focusing on electric. they haven't done well over the course of the past 52 weeks, both way down. the u.s. companies, exxon and chevron primarily, which have
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not picked up the electric ball, they have actually pared their losses, and they're about where they were 52 weeks ago. you know, it may not be anytime soon that we lose the gas stations, liz, but to quote the old songster bob dylan, you don't need a weather man to know which way the wind is blowing. i'm paraphrasing. liz: ah, perfect. perfect. so it may go the way of the curb feeler. see, now, nobody knows what that is -- [laughter] >> reporter: oh, usedded to have those on my dodge, 1965 dodge. [laughter] liz: yeah. tweet me, if you know what a curb feeler is. or they used to give you a set of glasses if you got a full tank. we'll be watching, but it is interesting to see that the big oil companies are saying, you know. >>? if we don't bend, we will break. jeff, thank you. facebook may be ready to enter the smart watch argument, but apple, fitbit and garmin are
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already facing new competition from a start-up that's attracted some of the hottest names in sports and business to not just wear it, but to invest in it. the ceo of woof on why his latest tie-up may be his secret weapon to winning the wearables war. we've got the closing bell ringing in about 29 minutes. the dow back up to session highs, we're up 443 points right now. we'll see if we can make it to the top there, but that's a record at the moment. stay tuned. ♪ ♪ ♪♪ you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you.
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♪ ♪ liz: in the world of wearables, a new contender is rising. whoop just today announced a partnership with the u.s. army to track sleep, training and stress levels of 1,000 paratroopers. i mean, if those guys are not among the most stressed in the military.
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the army not the only bigtime clients. athletes from lebron james to michael phelps, patrick ma homes, steph curry, sue byrd, podcaster joe roganing, a whole bunch of nameds not only wearing the. whoop, but some are investing in it. here in a fox business exclusive, we welcome whoop ceo will ahmed. tell us about the partnership first with the u.s. army. what can you do for the paratroopers that nobody else can? >> well, first of all, you know, whoop is a technology you can see here on my wrist across hardware, software and analytics, and its big focus is on measuring important metrics for health 'em improvement. and we've -- improvement. we've partnered9 with the u.s. army. the thousand soldiers wearing whoop in alaska which, obviously, has extreme condition. and this is really an investigation, a partnership to uncover what ways can our soldiers train in a more
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productive way and be healthier. you know, a lot of what whoop does is it tries to position training behaviors, you name it, towards how can you improve your health. and this is a population that is serving our country, brave men and women, and so we're very proud to partner with them. liz: and how did you sort of hook up with the patrick mahomes of the world? i bring him into this because not only does he wear it, but he actually has invested in the company. >> well, we always believed that if we could truly build technology that could accurately measure sleep, accurately measure recovery, actually tell you like how prepared is your body to perform, that professional athletes would wear the product and even want to invest in the company. and that's really what's happened. positional athlete market was really our first market, and so
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many athletes -- patrick mahomes included -- have become investors. and it's been great for us in building our brand, and i think it speaks to authenticity of the product and that it truly is something that the world's performers are using. liz: it collects physiological data 24/7, but, look, how are you going to pull me away from my apple watch? i swore i would never wear one of these. but honestly are, i now feel a little bit attached to it because it tells me instantaneously exactly what's happening. with yours you lock into an app -- log into an app, correct? >> well, the apple watch is a great product, and it does, you know, a hundred different things. i think what makes whoop unique in this market is we're very focused on health improvement. and what do you need to understand about your body to improve your health. and so everything that whoop does from the data collection to the coaching is designed to improve your health. and whoop has proven that if you've billion on whoop for a
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year -- been on whoop for a year, you have a lower resting heart bait, you're sleeping more consistently, and you're spending more time in bed. so we've been able to prove that we can actually change behavior and improve health which i think is the hardest thing to do in this space. and i'll add that i think. whoop is great at all the things that it does for all of the things that it doesn't do, right? whoop does not have a screen on it, it's not sending you push notifications, you're not going to make a phone call with it, it has no gps, no speakerphone, it has no microphone, we're not listening to you. so when you think about a population like the army, it's a population that really values security. liz: i would imagine that they vetted, definitely, and they tested it out. but i've got to tell you, you know, i went on your facebook page, and i saw out of more than 400 comments there were a lot of complaints. and this isn't anything that you don't know, but everything from great idea, appalling execution,
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uncomfortable to sleep in, auto billing's a nightmare, connectivity glitches, defective from the outset, and these were, you know, dated december, january, recently. how do you answer those criticisms? >> well, look, any whoop member who's had a bad experience, that obviously hurts. we want to make whoop the best product for changing behavior and improving health. i think if you look at the last two years of our business, you know, we've really been, we've been growing enormously fast, and we've been able to execute it at a high level. that's not to say that there aren't areas that we want to improve. and part of what's unique about whoop is that it's a subscription. we really build our relationship with our members that's an ongoing relationship. it's every day, every week, every month we have to earn their dollar. and so while there may be positive feedback out there and negative feedback out there, we listen to it because we know woe
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to build that -- we have to build that relationship for the long term. liz: yeah. well, customer service is key, i'm sure you've learned that. we'll be watching it, and we want to see how the paratroopers do and how they improve with their health. keep us posted. thanks, will. >> thank you. liz: will ahmed of whoop. all right, the jaws of life rescuing tiger woods from a rollover crash. what. doctors are saying right now, this afternoon, about the pro golfer's history. and anthony sank, he's the cofounder of a whole bunch of companies, he found a shortcut around "shark tank" which pushed his start-up envoy into the public attention of peter thiel, no less. but one fateful night if, a tragic accident torpedoed his entire world. today anthony is back, and his new company is taking a new angle on how to approach investing in wine.
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listen to my incredible conversation, inspiring. my everyone talks to liz podcast, fresh episode just dropped a couple of hours ago. it's available wherever you get your podcasts. closing bell ringing in 20 minutes. we are coming right back. ♪ good morning! the four way is a destination place. right here, between these walls, is a lot of history.
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we tried to operate a decent, respectable place that anybody wouldn't feel bad to walk in. i am black. beautiful. i must be respected. it was for everybody. you never know who you're going to meet. black lawyers, doctors, educators, martin luther king, b.b. king, queen of soul aretha franklin. you're sitting in the place where giants ate. the four way, as a restaurant, and the cleaves family meant so much to this neighborhood. to have a place where you have dignity and belong, that's the legacy of the four way.
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loving people. sharing and caring and loving people. that's a great way to think. ♪
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♪ liz: whoa, breaking news, take a look at shares of gamestop right now. they just started trading again after being halted about seven minutes ago for volatility. now spiking 103%. the roaring kitty and reddit room favorite now back in action. a couple of piece of news here, and this was earlier. the chief financial officer of the video game retailer, jim bell, said he would be gone by march. he resigned late are yesterday.
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but reports are that he was not part of the chewy founder and activist investor ryan cohen's plans for the future, so perhaps investors are piling in feeling that ryan cohen -- oh, wait, it just got halted again, folks. okay, there is quite a bit of volatility here on gamestop. it is now standing at $91.70. i want to see, let's see, it last closed yesterday, it was $44.97. once again gamestop has been halted, up about 103.9%. this is the second halt of the day, i believe. and again, it appears that the big activist investor, ryan cohen -- who has been really pushing, months and months ago before the spike to $493, 483 -- had decided that he was going to make this more of an online company. he saw real value in it. add diss the reddit -- as did the reddit room rebels.
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gamestop halted again forking volatility, jumping 103%. >> we just sat there, and we were taking it in the head with nothing to do in the guy, the firm that's supposed to have our back is, essentially, the one who put us in this mess. liz: that was barstool sports ceo dave portnoy facing off against robinhood ceo vlad tenev in a heated discussion yesterday about the limits the online trade thing platform had placed on users amid the gamestop frenzy. the limits they placed, charlie, where you can't buy gamestop, so the stock fell precipitously. but again, breaking news, gamestop has been halted twice now for volatility, and it is not yet trading once again, but it's up 103%. >> our story that i tweeted out earlier today might have something to do with that, and i'll tell you why. remember, part of the whole conspiracy theory that portnoy if's putting out there and why
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the management of robinhood thought that was good to, you know, subject their ceo to davee portnoy -- [laughter] whole other matter. part of it is, the conspiracy theory of the portnoys out there was that rob. en hollywood had -- robinhood halted the trading because it was in bed with big hedge funds that were short the stock, and it was bailing out these hedge funds like citadel. citadel securities buys its order flows, its owner, ken griffin, invested in another hedge fund that was losing money. that's the conspiracy theory. amid all that, liz, this is taking an interesting turn, that there are members of congress, there are people probably in the administration who are talking about limiting short selling. that's profiting when stocks go down. and because of that the, there is a lot of worry on the part of short sellers that there's going to be new regulation on this practice which is very necessary for the market, liz, because
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most stocked are touted. game -- stocks are touted. grahamstop, you know, it traded as high as $500 a share, amc -- by the way, when was the last time you checked your blackberry? people don't go to the mall anymore to buy games, you can download it on an app. short sellers are worried about regulation, and here's what we know. one of the most prominent short sellers is a guy named jim they nose. he has reached out to the white house economic team to lobby why short selling is needed in the markets. we should point out that chanos is one of the leading short sellers on wall street. he uncovered the enron scandal many years back and many more, and also this is where it's interesting, he's a very close friend of president biden. now, from what i understand, he didn't reach out to biden himself. he did talk to white house economic aides about the need for short selling.
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alsod tried to shoot down a proposal by vlad tenev -- remember, the reason they had to stop some of the trading is he didn't have capital to settle the trades, and it takes two days to settle the trades. liz: yeah. >> -- even more capital. he wants immediate settlement. what jim said to the white house is simply this: if you have two-day settlement, first of all, you'll have a lot of back office problems because these firms make a lot of mistakes, number two, you won't have short selling because it takes a couple days to locate stocks to short. now, why do we need short selling out there? here is simply -- liz: amazing. charlie, amazing, can i just tell you that the stock opened at $44.70 today. it was halted -- >> okay. now, this is why -- liz: -- halted again and it's still halted. >> this is why we need short selling, okay? gamestop, based on its fundamentals, is not a great company. blackberry, based on its fundamentals, is not a great
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company. we need the other side of the coin here -- liz: agreed. >> listen, to point out that there are problems. tesla, jim chanos was short tesla. he said its finances were horrible, it wasn't producing good cars, and he was right. guess who agrees with him? liz: no, he -- >> yes, he was. liz: okay. we're not going to have this discussion. >> you know, look it up! look it up! elon musk said they were on the vernal of bankruptcy. he said it. you don't believe -- [laughter] google -- liz: that's because short sellers tried to kill it. rah. [laughter] >> no. shorts don't change the fundamentals of a company. the fundamentals were he had problems in production. he couldn't meet 'em. he said it. liz: would you concede, charlie, that some short sellers, not all, some, really don't have the best interests of a company in mind -- >> of course they don't. liz: -- or investors. >> would you just concede that
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the market is much more filled with touts than are trying to sell people -- liz: oh, no. i think short sell ors, absolutely -- >> by the way, you should talk to jordan belfort, one of the biggest pump and dumpers -- liz: he's been on. >> ask him is there more problems on the short side or the long side with people like him pumping and dumping stock. and i guarantee you he will tell you there's more problems on touting. markets are mostly touting. that's why you seed short selling. liz: okay. let me just tell our viewers, we are still looking at gamestop, it is still halted -- >> that's why you need short selling! that's why you need short selling, okay? this is why, think about it -- liz: go on with your bad self. i've got to get to the tiger woods story, charlie. thank you. okay. charlie, actually, we'll get that right after the commercial break. a lot going on here. we do have the markets jumping up. dow is up 437 and, again, we'll
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let you know the minute if gamestop is unhalted once again, if that happens. stay tuned. we're coming right back. ooh! ♪ ♪ ♪let's make lots of money♪ ♪you've got the brawn♪ ♪i've got the brains♪ ♪let's make lots of♪ ♪uh uh uh♪ ♪oohhh there's a lot of opportunities♪ with allstate, drivers who switched saved over $700. saving is easy when you're in good hands. allstate click or call to switch today.
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because when it's decision time, you need decision tech. only from fidelity. ♪. liz: all right, closing bell, we're just 2 1/2 minutes away. we could be looking at history in the making. the dow is 13 points shied now of 32,000. it would be the first close above that level ever, if we get there. meantime gamestop is still halted. let's get to ryan detreich, senior market strategist for ltl financial. 19 billion under management. give me a sense what this market is telling you now? >> right here, liz, it is telling us it doesn't want to go down. we had a five-day losing streak. one of the smallest five day losing streaks ever. then chairman powell lit the wick. semiconductors is coming back. we don't think it is quite yet
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to write obituary of growth an value. growth is catching up lag lagag a las coupl cpl wee weeeeee liz:liz:ou yay don don't write e tellllwhe ate like e.e.e. bch,municamunionskook ettypr gdood to ts. me won't l l icalclicalue.ue. if getif a pulk,k, wee like lik them sthem so,oo wl. dusts,als, finals,als, matetes. as the emy epens opensns lat lat is year, yea thosehose gs look greagr at l l res rearch.h. liz: chaz:rl and i i had h ar we w hav only only we't n'tdll but we need bears and short sellers. do you see too much frothy and too much touting? >> near term there could be. a there is a lot of excitement
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after 76% rally off the lows. maybe seasonality comes in. [closing bell rings] liz: gotcha. >> maybe we're too excite the as great as things have been lately here. liz: ryan, thank you. a big day for the markets. time -- ♪ larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. let me begin with a familiar reprise. stay with me, show, stay with me, built on the shoulders of "operation warp speed," vaccinations are exploding that means the economy is booming. this is the key point for the entire country. to me nothing else matters. think of it as conquering adversity, putting america back to work. putting kids back to school. frankly i don't care about stimulus packages and a lot of

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