Transcripts For FBC The 20240703

Held a News Conference just about an hour ago during which he promised the senate, regardless of the bickering going on in the house ors or would work on keeping the government open. Now, let me just pick this apart for you. The vix was waving the fear nag for the second straight day flag the but you can see it punch back into the red after having been up earlier. Weve got it at 18. 49. Yesterday e the volatility index closed at 18. 94, thats the highest in 4 months. Notwithstanding the momentary moderation of fear, can you blame investors for being jitteriesome we are now less than 3 days and 9 hours away from a government shutdown, and the house is nowhere near agreement on a plan to fund the government by saturday is deadline. Republican factions in the House Holding up a shortterm government funding bill, but we are learning a potential compromise involving southern Border Security and ukraine funding has begun to take shape, one thats getting consideration from a number of republicans including speaker kevin mccarthy. Coming up, republican congressman bill high zynga of michigan does not want to see a shutdown. Hes already got thousands of constituents on the uaw picket lines without paychecks. What kind of compromise is he willing to make, and are others following at this hour . Weve got representative the huizenga in just a few minutes. In the meantime, take a look at the dow, extending yesterdays 38ingpoint 388point loss. Earlier mt. Session it was down 312 points. Yesterday was the worst performance in six months, but if you look at the dow heat map now, fewer names in the red, more poking into the green including visa and honey welk. At the bottom, verizon, Procter Gamble and merck are the laggards, all down anywhere from 1 to 1. 5 president. 1. 5 . The nasdaq trying to lift off the lowest close since may, and right now its doing it. Its back up 38 points, had been down about 100 points, so really coming back a bit. The nasdaq is above 13,000 at the moment, but earlier and im talking maybe 38 minutes ag. Okay. Were back above it, 13,104. Treasury yields showing no mercy. The 10year yield hitting a fresh 16year high. We now have it at 4. 6 3 . Earlier when it hit the fresh 61year high, it was at 4. 593, so this is a fresh, fresh high. [laughter] and the 2year, yo guys, its holding at a 17year high, up 6 basis points to 5. 13 . The Energy Sector is gut punching the bears. Oil just got 3. 34 closer to 100 a barrel oil. West texas intermediate now trading in the aftermarket session at 9 if. 72 93. 72, and thats a gain of about 3. 33 . If you look at the whole Energy Complex, it is the hire, but the drillers and refiners are really gushing up, and that includes apache, neighbors industries up 6. 5 , hammer lick and pain up. High oil means high gasoline prices which have spiked 67 under president biden. That may have at least some voters on both sides of the aisle ready to consider the alternatives. In less than six hoursing, theyre going to hear from seven of them, seven gop contenders mt. Second Republican Debate right here on fox business. So Grady Trimble live at the Ronald Reagan library in simi valley, california, where it will all take place. Grady, were on the cusp of a government shutdown. Four of the seven on the stage tonight have served as state governors who, as we know unlike the federal government request, must balance their state budgets. Do you get the sense tata voters and viewers will be really looking to hear who has a better solution if they were in power . Reporter i think so, liz. And to your point, each of those four candidates, which is more than half of the candidates on the stage, like to tout their experience balancing their state budgets, so we could expect them to do that again and say that they could do it at the federal level with the mismatched spending in the federal government. We are here in the spin room at the ray reagan president ial library, but i want to give you a sneak peek of the debate stage because our crews here have been working really hard to transform the iconic air force one pavilion into a debate venue that is ready for prime time. Rnc chairwoman ron that if mcdaniel says these seven gop candidates hoping to be the 47th president of the United States could emulate the late 40th. The last time a republican beat a democrat incumbent president was Ronald Reagan in 1980, and it was jimmy carter. And i think theres a lot of similarities right now with the world as it is today with joe biden failing the American People and bidenomics and inflation. And its time for are republicans to take back the white house. Reporter the Biden Campaign has also been here in southern california. President biden himself will be many Northern California in Northern California for some Fund Raising Events today. He and his campaign have been trying to paint all of the gop hopefuls as too radical. Were going to stay focused on getting that message and our accomplishments out and making sure that voters understand the extreme agenda that a were going to continue to see tomorrow night coming from that debate stage. Reporter all right. So the stage is set. Most notably, the podium positions tonight are a little bit different than just one month ago in milwaukee. Former u. N. Ambassador nikki haley moving up to the third position after a Strong Performance there in wisconsin, so she could have a target on her back tonight. As you know, liz, at these debates anything can happen, but the stakes are really high because weve only seen one candidate who didnt make debate stage who was on the last one. But after this one the field really could start to narrow. Liz . Liz oh, boy. Its going to be exciting to watch, certainly, but i think American Voters want answers to the real problems of this country. I know dana and stuart are going to crush it there. Its going to be terrific along with ilya, and ilia, and everybody should tune in for number two gop debate right here on fox business. To the markets where risks are brewing beyond government shutdowns. I mean, if you check the s p, it is looking at a gain of 10 points. Earlier though it was adding to yesterday s 63point loss after tuesdays 207point loss. The nasdaq is now back into the green here punching higher by 66 points. But with september ending this weekend, the nasdaq pretty much the ugliest, lacking to close out the month around 7 lighter than where it began. Now, some of that sparked by concerns the consumers buying power is starting to wane. Credit card stocks, they were pretty messy earlier. Lets check them right now. Moodys today says its seeing Consumer Debt continuing to the expand, and the quality of that debt is actually declining. Moodys also notes delinquencies outside of mortgages are now inching up. All of that not good, but Brian Moynihan, bank of americas ceo, in new york today. One of biggest card issuers telling the Economic Club of new york this afternoon he still sees Consumer Spending strength, that commercial credit quality is still very strong and that, quote, we wont have a recession. All right. Lets figure out how investors should see the picture. To the floor the show. Tom hayes and brent chutety. Tom, equities falling and now the russell 2000, actually earlier was the one area of the grain, i want to check it and, yes, its up about lets call it 1 , much more than the rest of them. So where are the flows . Right now, because when money comes out of the market, it has to go somewhere. Thats right. What a difference a headline makes. We were just talking, the whole market was red, moneys been flowing into energy, industrials, small caps. Its been flowing out of health care all day. Its been flowing a little bit out of tech, but thats starting to come back. So the fear, as soon as mcconnell came out, of the shutdown was serious liz so within the hour youre talking about. Within the hour mcconnell said were going to work to keep the government open, and as soon as that happened, the market completely rebounded which shows the amount of fear. Are. Liz so the green room is about, what, 50 feet out that way, and tom was there, im here, our producers in the booth and hes like, you have to look. This is what im seeing from the all of my traders is and everybody that im looking at when it comes to the flows. You say that the semiconductors started to come back. And the vix collapsed ors, which was very interesting as well. You have a number of fears. You have the vacuum going into earnings season, people have low expectations for that. You have the seasonality, the 10 worst days of the year ended yesterday, so were starting to move into a seasonably favorable period, but that was hindered by the potential threat of a shutdown. Liz brent, do you see that as part of the current bull market, a start of a bull market or maybe just a bear market rally . No, i think were headed towards more difficult times in the sewer mediate term intermediate the term. I thinks agree with brian monaghan, i do believe theres a registration likely in the next few months as the liquidity kind of continues to grind that spending to a halt. If you think about it, to me, the most important thing is inflation. That certainly has moved lower, but i think the final frontier for inflation for the fed is wage growth, and right now its too high. Too high or too tight, and unfortunately, the only way that the labor market has loosenedded in the past is through a recession that drives wage growth lower, and thats what i think youre going to see in the coming months. Liz one other comment that Brian Moynihan said was the fed has won the nearterm battle against inflation. Im not, im not an economist, but im not sure that anyone on the fed would say, oh, weve won, lets wave our flags and say we did it, right, brent . Lets just say that the truth is somewhere in between. Where are you investing . You have Something Like 265 billion in assets under management. Yeah. I think where its important is they won the current battle. The current battle is based upon covidimpacted inflation. So the economy was pushed out of equilibrium, and inflation went from goods to services with in between about based upon ukraine and russia pushing Commodity Prices higher. That bout is over. The bout that im worried about is a wage price spiral, and thats where i think the fed is worried, and thats the final frontier on inflation. They have to pull that down, and the only way to do so is through a recession. Look, i think the good news for investors is that bonds yield 5. 35 . I think inflation will falter, and i think that a gives you a real opportunity for real value in the bond market, so were tilting more towards that direction to prepare for any coming recession and the reality that along with that recession inflation is squashed and at 5. 35 versus a 2 inflation target, i think you have a real opportunity to add value in that manner. Liz if you see value as, and im not sure you do, brent, but i know tom does, as certain products that people will continue to buy no matter what the economy is doing, tom, you actually like generac. And i think you said this well before the open today, and its up 6. 5 right now. Yeah. So they came out at their investor day this morning and reaffirmed their guidance. This is one of those stocks that has collapsed, its down 80 off of its recent highs in 2021. Why . Because they overhered like many of the industrial overhired like many of the industrial companies. Theyre trading at 14 times next years earnings as opposed to the their average multiple of 29 times. Theyre basically the kleenex of home standby generators, and and as we move towards electrification, were seeing grids go down, unusual weather events, and that all helps generac. Theyre preparing for the future with the Battery Power walls and clean energy, and their industrial business is growing with the 55g rollout. Theres a lot of 5g rollout. Its exceptionally cheap, and we think this can be an easy double over the next 1236 months. Liz double. The pe is certainly palatable. Correct. Liz brent, when you hear names like that, what goes through your mind if i were to ask you how does an a investor remain tactically bullish e even if you believe, which you say you do, that we will dip into recession . Yeah. I think similar story but in a different context. I think for the intermediate term, i think there are pockets of the market that offer good value. So if you look at a small and mid cap which typically dont to do well during a recession because theyre economically sensitive, i think theyve already discounted some of that. Small cap stocks, the s p 600 raids at 12. 8 times earnings, and there is a margin of safety for those who want to invest with a longer her term focus liz okay, wait. So just could you buy the index . Would you say buy the index . Thats what buffett would say. Certainly you could buy the s p 600 index, but there are pockets of opportunity in the stock market. The s p 500 as tom mentioned, theres parts of that market that are cheap also, and i think value stocks in general are cheap on a historical basis. And i think on the opposite side of this which could be fairly sharp, i think theres good news for investors in those parts. Liz great to see you both. Senate and house leadership, because we just talked about this, it is a momentbymoment developing story. They are still struggling to craft a compromise to avert a government shutdown. Youre looking at a live picture of capitol hill right now where senator Chuck Schumer is speaking. Republican congressman Bill Huizenga of michiganen standing by live next with the latest chatter in the back halls of capitol hill and with his state the nerve center of the uaw strike, what are his best ideas to end the strike thats hurting his constituents . Well, with the strike still going, weve got a mixed picture for the big three automakers at this hour. Ford down slightly, gm up about a third of a percent. Stellantis down onetenth of a percent. The claman countdown is coming right back. In them. At t. Rowe price our strategic investing approach can help you build the future you imagine. T. Rowe price, invest with confidence. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. About a cashew farmer from mozambique named carlos. Carlos lifted himself out of poverty with the help of techoserve. Go to technoserve. Org and see how you can support struggling farmers like carlos. Its a different way to make a difference. 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I want to deal with disaster, but i want to also deal with the border. We should never let 5 or 10 people push us around like this. The problem solvers has what i call a bipartisan bill that has a c. R. , what has Disaster Relief money, ukraine money and Border Security money. I think its a better, better fit. Liz that was congressman don bacon of nebraska. He is a republican. Congressman Bill Huizenga is now in front of our camera as live. He is on the House Financial Services committee. Congressman, what are you hearing in the back halls behind you about that . Is the number of House Republicans who maybe would agree to a deal like that growing . Yeah. Well, liz, first of all, thanks for having me on. But i like to refer to these as robust conversations, not arguments. Maybe a fine definition there. This is, this has been Pretty Healthy so far, but were at the point in all seriousness where its going to become unhealthy very, very quickly. And heres what im hearing from folks. Theres disagreement more on the tactic, not the, not the destination really. Its really more about that journey. And for some folks, and this is what my colleague don bacon was talking about, for some folks they believe that no matter what, we cannot have any sort of continuation of government funding or a continuing resolution, and they do want to shut down the government because with they think that that this will bring greater pressure, ultimately, that will create a better deal and get us back on track. I think theyre wrong. I think theyre absolutely wrong about that. History would show us, and ive lived through a few of these having been elected back in 2010, ive lived through a shutdown with the Obama Administration and the trump administration, and this has never turned out well for those of us that have lived through it. Liz well, i guess appealing to those, as you say, the small handful of republicans who are standing in the way, appealing to them and saying our military starring, if we passes the saturday night deadline, will not get paid, tsa agents will not get paid, the coast guard members wont get paid, but they have to report to duty. And these are people who are living paycheck to paycheck. Whats going on in the minds of the people who say lets just, lets just cut em off in. Yeah liz as part of a bigger fight, obviously. Yeah, it is. And, frankly, thats one of the reasons why i supported another bill a colleague of mine from virginia who is a military background herself that we would keep those folks getting paid. Now, they do get a paycheck that drops on friday because the 1st of the month is on the weekend, so there is this 2week buffer. But nonetheless, i used to represent coast guard city, usa, and we literally they were doing food drives, the local folks were doing food drives and having meals prepared for the coastties and their families. So this is real. And, you know, one of the other things is i chair the oversight and investigation subcommittee on the Financial Services committee, so we have oversight of the securities is and exchange commission. Just had a robust conversation with gary gensler earlier today to. But those investigations stop in my subcommittee. They stop at jamie comers oversight committee. They stop in judiciary and ways and means. So whether its hunter biden or other investigations that are going on, those grind to a halt. So in my mind, it is much better for all of us that a if we can continue to to Fund Government arguably at a lower rate than what it had been last year, give request ourselves an additional 30 or maybe a few more days to go through the appropriations process, were going to be voting on four Appropriations Bills tonight. In fact, were going to be voting til probably about midnight tonight, and then work through the remaining Appropriations Bills, thats a path forward. But weve got some folks who just simply dont want to do that. Liz and quickly because you, obviously, represent many michiganders, the headline coming out this afternoon is that the uaw chief shawn fein says friday they will announce new strike targets if a deal is not cobbled together with the big three automakers. Clearly theres got to be a way to quickly solve that strike. What are we missing here beyond the arguments that, oh, electric vehicles will hurt jobs . I mean, were building batteries here. They could be restrain for Something Like that or not. But what about other options like stopping buybacks at Certain Companies . Investors are now weighing in and saying were okay with that. Yeah. Well, theres a lot of fear, and you have to understand i have a background, my grandfather was part of the first original sitdown strikes in flint, and we have kind of a divided family on this. Ive got cousins who are uaw members and retired uaw, but i also have nonunion kind of family members over on the west side of the state. But heres what we do know, there is the potential for a real impact across michigan and, by extension, across the country if there is not resolution are. Theres a lot of fear thats driving this, fear about the future. And, yes, evs are part of this as sort of this headlong rush towards evs has caused a lot of uneasiness within the workers e themselves because theyre not sure what that future might look like as well as the original equipment manufacturers too. Liz gotcha. Congressman, go talk to some of your friends who are holding out here because a lot of americans do not want to see a shutdown. Thank you for joining us. Thank you. Were working on a balance im sorry, on a budget commission. So hopefully liz all right. Thank you so much. We are coming right back. The dow back in negative territory, down 12 points. Were talking more of the barbie effect floating one stock. So you only pay for what you need. Thats my boy. Now you get out there, and you make us proud, huh . Bye, uncle limu. Stay off the freeways only pay for what you need. Liberty. Liberty. Liberty. Liberty. This is american infrastructure. Megawatts of power, rails and open road, and essential services of every kind. All running on countless invisible networks, making it a prime target for cyberattacks. But the same aipowered security that protects all of google also defends the systems running americas infrastructure. For these services. For the 336 million of us living here. Liz breaking news, meta shares have just vaulted 12 off their lows in the last couple of minutes here. They have been, as you see, well below where they are right now. Right now were trading at 298 and change. Earlier the low of the session for meta, i just want to get you the right, 286 ask and change. So a big move to the upside, still slightly down, but mark zuckerberg, the ceo, Just Announced that the facebook parent will roll out an update to its rayban smart glasses in mid october. Zucker zuckerberg says at the meta connect event that its smart glasses will be able to live stream broadcasts directly from the glasses to facebook and instagram. They will have a meta a. I. Voice assistant built into them that actually will be able, he says, to identify what people are seeing in the real world. It would also be able to perform language translation. The smart glasses will be available on october 17th. Theyll be priced at 299 a pair. Of course, ray ban, that stock is down about a third of a percent. Those are the adrs, it is an italian company. Investors are jumping into the playpen with toymaker mattel. Shares are powering higher by 3. 5 after Morgan Stanley initiated the stock at a price target of 27. Its at nearly 222 right now 22 right now with an overweight rating, and they named it a top pick. Mattel stands to benefit from licensing deals relating to the super success of the barbie movie. Transport provider xpo logistics, up 3. 8 . It started up high, then it nearly kind of fumbled all of the gains, and now you see it going even higher than earlier. Its getting a boost if an an a list upgrade. Evercore moving the stock to outperform and lifting the price target to 79 and 72, as we mentioned, its at 70 and change, citing an operational turn around. Well, we talked about how well the Energy Complex was doing. Everybody but nexterra. The Energy Giants being sucked out of the stock, it is down 19. 33 at this hour after the Renewables Company slashed its Growth Outlook citing tighter Monetary Policy and higher interest rates. The news adding a tough year adding to a tough year for nexterra whose stock has fallen 44 . And Data Analytics giant palantir getting a boost from a new 3year, 250 Million Contract with the u. S. Army that involves research into Machine Learning and a. I. The company also plans to integrate generative a. I. Into its software platforms. Shares of palantir are moving higher by nearly 7 percent right now on that a headline. Hollywood writers putting down their picket signs and picking back up their pencils. The writers are heading back to work. Could the actors soon follow . Not right now. Weve got actor the, writer, comedian and saturday night live alum Rob Schneider whos standing by live to talk about both sides of this and what the actors these to hear now from the big studios. And heres a look at how the Hollywood Studios are trading at this hour. Mixed picture here, comcast, pararah mount a bit higher, claman countdown is coming right back. Im sherry and im john. Im a pharmacist. As we were starting to age, its like, well how can we help our cognitive abilities . We saw prevagen. I did read the Clinical Study and went ahead and gave it a try. I feel that prevagen is helping me with overall clarity and as a pharmacist, ive recommended it to, not only just customers, but also to friends and family as a safe product to try. Prevagen. At stores everywhere without a prescription. About a cashew farmer from mozambique named carlos. Carlos lifted himself out of poverty with the help of techoserve. Go to technoserve. Org and see how you can support struggling farmers like carlos. Its a different way to make a difference. Were traveling all across america talking to people about their hearts. Ooh, take this exit. Hows the heart . I feel like its good. 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Big protections from artificial intelligence, more transparency about ratings from streaming services, pay increases each of the three years of the contract and writers room staffing requirements. Now Union Members still need to ratify it, but voting begins october 2nd9th. This stage though of approval lets writers go back to work right now if they want to. The studios, however, must turn their full attention to making a deal with striking actors. Reports coming out now indicate that after two months of zero meetings, the studios and actors could actually sit down to talk within days. Joining me now live is a man in a unique position. Rob schneider, star of movies from the hot chick, 50 first dates and comedy writer is a member of both the wga and sag sagaftra. Is one half of you happy in. I dont know who you could get today who wasnt an expert. Im not an expert on anything, ill tell you. This looks like a pretty darn good deal. Its a 5 minimum increase upon ratification and, in other words, if its a group of writers working on one thing, they dont have to split their health ask and pension benefits, each of them get treated as a single writer. Thats a pretty good one. But the big one, liz, was a. I. , thats the big one, okay . Now, that was something that i think they went to the wall for, to the mat. And if it was 150 days of a strike and it was over this, so a. I. Now, according to this agreement, cant write or rewrite literary material. If a book comes in, they cant just put it to a. I liz and write a script from it. So the a. I. Generated material cant be used to undermine a writers credit. That is a big one because a lot of folks are always turning to the movies. A the studios cant require a writer to use a. I. Software, but the writer can, its up to him. The studio must disclose if any of the materials was a. I. Generated, but the biggie though, studios cant exploit a writers material. And they cant use that writers material to, in essence, are replace the writer. So they cant use that to train a. I. You cant put Jerry Seinfeld script and say, hey, come up with a Jerry Seinfeld episode, we need it. We need a couple more. Thats a big one. Liz im guessing youll vote for it. Yeah. Thats a good one and, hey, ive never seen this, netflix, theyve been around a while now. Theyve never show or agreed to show number of viewership. Yeah. Actually show it to writer withs. Liz lets explain to our viewers, rob, why that matters. Lets just say you were a writer of a show that nobody watched or you were the writer of squid games, perhaps, you know, any of the other big ones, the last of us, i can think of many. Stranger things. You want to know so that you can say, well, now i deserve more because i got, you know, butts in the seats, you know, people watching it on their couches or phones, whatever it may be. Exactly. Well, the thing is before because hollywood, believe it or not, theyre in this for the money. [laughter] so whatever makes them the most money, they want to also brag and say how much money liz yeah, exactly. It used to be they used to just brag about and sometimes exaggerate the number of viewers and how much money they made on the weekend. Like if they were close to making 20 the million on the weekend, they made 19. 5, just say 20 and deal with it. So thats what they would do. But at the same time, streamers have been very tight on showing anybody and giving think of hair competition or the writers, letting them know how much, how many viewers liz god forbid they pay for performance, which is what ceos love to see. Rob, lets turn to the actors strike because you yourself are an actor as well. They are in their 75th day of striking. What is the big holdup here on this one, and do you think that their strike might go longer than the wgas . I think that this is going to put pressure on both sides to get the actors back. And there i dont know enough about exactly what the writers were striking about, but as far as the a. I. Aspect of it, i mean, lets be honest, its really hard for a new technology to be held back. So when you can save producers money, in other words, when you can have your actor in the foreground and just put other actors in the background and not have to have real actors there, its hard to go back and say we want you to spend that money. Its basically saying, look, weve got a faster horse and buggy, and were going to make you use it, but youre like, yeah, weve got this thing called an automobile called an automobile. You might not see actors in commercials anymore, and i just dont know how much power are. Liz im thinking of actors who do voices, obviously. You are very good at it. I mean, they could somehow, and weve seen this happen with drake, the singer, where a. I. Mimicked his voice. And that is outrageous. He was unhappy about it. You know, why should that company or whoever did that make some money . I mean, you do a great leno, you do a great Jerry Seinfeld. Who knows if a. I you also have to come down here with [laughter] i do think, you know, the cats out of the bag. We just dont know, actually, we dont even know the specialty of what a. I. Can really do. Can they just make movies and replace all actors . We dont know. I think its a really tough negotiation for the producers and the actors. But i do think just like the writers, they have to just stand their ground, say this cannot be used to replace and and cannot replace an actor, a writer and a writers credit. And i do think that we have to have the same protections with the actors. We have, you cant take an actor and just use his face or use him to, you know, computer generate him and then use him again throughout the show without being compensated. I think thats liz okay. Using do the impression of leno and say thank you to the claman countdown viewers for you know, you guys are the best. You guys, the countdown you again, doing it all. Hi, its a pleasure. [laughter] i hope they dont a. I. Me soon. Liz a little mix of seinfeld and leno. Great to have you. Im very pleased that both sides have come to this agreement, and lets hope the sagaftra a finish. Lets hope so, because its the caterers, the people liz the whole ecosystem. Its everybody. Its the drivers, its everybody. Im glad were getting people close to back to work. Liz good to see you, my friend. Thank you, liz are. Liz nonpartisan Political Group no labels ramping up at this hour the outreach to their donor base touting a brand new strategy thats targeting a specific generation of voters. Charlie is breaking this story. Who are they reaching out to . Hes next. Dont go away. Is it possible to fall in love with your home. Before you even step inside . 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Wifi y estudiar. Buenisimo. Wifi y pedir una pizza online seria buenisimo. Presentamos storm ready wifi. Solo de xfinity. Ahora puedes mantener una conexion confiable durante apagones, con datos celulares ilimitados y bateria de respaldo de hasta 4 horas para mantenerte conectado. Obtenlo solo con xfinity. El hogar del 10g network. Enterate mas hoy. Liz we are just over five hours away from the second republican president ial debate hosted by fox business where gop candidates will try to convince voters why they should be picked to run the country. Meanwhile nonpartisan Political Group, no labels is at this hour ramping up efforts to convince millenials to vote for an independent candidate. They are targeting millenials. Why . Biggest voting block, potential voting block, more millenials out there in the population according to no labels. They had a very statistical analysis, more millenials than any other group. Theyre not as politically sort of active as boomers. Boomers still vote in greater numbers but theyre there for the picking. Here is what no labels is saying doing this in concert with what we are reporting exclusively on the show for their outreach to people, outreach to donors to get on all 50 states this basically saying we can win this. Here is how we can win this in a threeway race. If we get millenials engaged and millenials are increasingly independent. So that is the pitch theyre making to donors. I got, i got the pitch today. It came via a source that is part of know labels. Liz okay. In a couple days well see something significant. Couple weeks liz dont they need a ticket first . They do. Heres what i would bet, i dont know if i bet my pinky or anything like that, an appendage, but i bet some money probably. Liz on whom . They will be in all 350 states. They will get on the ballot. Here is why i think that, because theyre convinced that its biden versus trump. Theyre convinced that most people, like there is a huge radical middle of the country that doesnt biden versus trump if they really had their druthers. They are convinced they can get on all 50 states and the fact that biden and trump are so out there in so many ways. Joe biden is not mentally equipped as he was maybe 10 years ago. He is not there. Trump has got his own issues, particularly legal issues. Lets be real clear, donald trump basically incited a riot january 6th. I hate to say it like that but it is what it is. I watched it. You cant sugarcoat that. Im not saying he should go to jail for it but he did this pretty irresponsible. A lot of people believe that too. They think they have a shot and a lot of money people sitting there saying we think, if you can get somebody legitimate in there, a joe manchin, a glenn youngkin, it could maybe right this ship because were going down biden and trump in the wrong direction. Im not saying i agree with that. Im telling you that is their pitch. It is increasingly popular with republicans. Now here is the weird thing. You brought up yesterday liz larry hogan was a National Chair of no labels, joe lieberman, former senator, independent, founding chairman. You brought up wouldnt this hurt democrats, hurt the democrats and liz it will hurt joe biden. Why would it hurt him . If you run someone in the middle, more republicannish, larry hogan, i dont think they will be him. They respect him probably the leader of the party, i dont think they can get up there and go toetotoe as sort of a charismatic figure with maybe trump but if you had someone up there like glenn youngkin, joe manchin, someone right of center, joe manchin, face it is right of center, why wouldnt that pull out for republicans . Liz it might. Their data shows they get equaled. The ross perot, the last independent serious campaign, not one state. 18 of the vote, not one state. Liz charlie, keep digging i appreciate it. Retail is alive and well. At least thats what the shark tank stars kevin oleary, Barbara Corcoran and daymond john told us yesterday. Its back. Amazon 40 up yeartodate. The nrf has expected another 4 increase. People are at home now. Working on computers at home. They want to see people. My staff probably half the time at a mall during a time they should be working. They have to give people a different experience. Going into the world with a different experience. Macys should have a live stream from macys. Everybody hooked up to instagram. They walked down the runway where they can buy everything theyre wearing, macyses is the most Popular Store in the world. They need someplace theyre going they cant experience someplace. Liz bring in the experience. Valuengine Capital Management jordan kimmel. The headline, target shuttering nine stores due to shrink, that means employee theft in four different states. Not employee theft, im sorry. Thieves attacking employees. Things have gotten too, too dangerous for them. Jordan theyre somewhat in the middle of a retail area to invest in and do you suppose this shrink issue is a little bit less of an issue as time goes by and people figure out how to fight it . It is great to be with you, liz. I tell you this i would not like to own or run a retail shop and i think damon is right, that the consumers are out there. It is a much discussed recession coming and you cant even take all consumers paint them with the same brush. The some are price insensitive. Others are spending too much on gas and food. I think you know me well enough. I like to do the math. There are opportunities but you have to have value growth, and momentum, liz, i would hate to be running a Retail Operation and dealing with the crime thats out there. Liz super difficult. One thing that damon mentioned he really likes apple because apple stores give you that experience. We have kevin oleary saying that he loves rolex. Not that rolex is your average retailer. He is a big watch collector. Talk where else you see opportunity here. At top of the show we said value. Tom hayes talking about names like generac. You give me what are your ideas. What is in our portfolio, mattel earlier came up, we mentioned also Jakks Pacific in the toy group. There is something called a earnings yield. How much the price is, what the actual net income is. You look at margins and actually the earnings yield on jaxx is for times that of mattel. Tell damon to give me a call. He is really entertaining but is is right about macys but the stock is a little bit broken. It trades very cheaply. Analysts are actually reducing their estimates where the other analysts are raising their estimates for jack. What i like is this narrow, narrow group of companies called magnet that have value growth and momentum. Those are the only things that can get into my portfolio. We were holding some cash but were actually thinking the market is ready for a little bit after run here, sold off. That is what were looking at, only one we own in retail now is jakk. Liz you like health care, amgen, in tech you like mmci. I want to say micron is reporting after the bell. Were waiting on that. Were trying to see the china effect on chip stocks. Money is coming in. The dow reversed. It had climbed into the green earlier this hour. It is down 80 points. A lot of that is the looming government shutdown. Give me 15 second. Here is the thing i think you need to look beyond over the hood of your car. I know there will be rough times. I dont think you want to be chasing overvalued companies, and you have to know what you own. Liz good stuff. Always good to see you. [closing bell rings] liz thank you very much, jordan kimmel. Markets mixed at this hour. S p popped into positive territory. Well call that too close to call. Russell green, Dow Jones Industrials red. Larry hello, folks, welcome to kudlow, im larry kudlow. Were here at the Ronald Reagan president ial library working with our colleagues for the second republican president ial debate tonight. Now as an alumnus of