Transcripts For FBC The 20240703

Thank you, charles. Charles you got it. Liz well, this is the kind of recognition the nasdaq can does not want, folks, there is a reason the that nasdaq is by far taking the biggest punch. The chip stocks have taken a to to if announce ifed leg down led by nvidia. I cant remember seeing nvidia fall more than 8, but that is exactly whats happening. Now it is down9 9. 33 . Low oaf the session here falling about 79 to 767 a shear. Share. You can look right now because as a it falls through the 50day moving average which is considered a sell signal, a lot of the other chip names are following it down the rabbit hole including amd which is down 6 followed by micron. Youve got, you know, im looking at micron now down about 5 . In fact, most of the chip makers are tanking on investor fears that a perhaps interest with rates are will remain high which means cost of borrowing to grow might be a lot higher for longer. Weve got the socks index which is this basket of chipmakers down a full 4 . Just want to show you, though, whats drawing the most blood from the techheavy index. That would be with netflix. The king of streamers down right now 9 . This is a classic case of mom and dad shareholders and analysts unable to deal with the fact that babys apparently growing up. Thats how they perceive the news that starting next year netflix will pull the plug on announcing new subscriber numbers each quarter with. So as the street frequency out about how theyll be able to predict whether the company which is now maturing is growing, coming up, the man who covers netflix for web bush is not surprised. Michael pachter is her t tell us how he plans to now analyze netflixs growth and why he says no matter what netflix wont reveal, its lead among the streaming pack is, quote, insurmountable. All right, to the markets on in this friday. Its been a long time since weve seen markets toggle between risk and reward from hour to hour. Risk off, risk on. But with the Dow Jones Industrials up 137, its the only piece of the green here in the majors. The s p down 49, the nasdaq losing 348. That would be 2. 25 . But this is really exactly how the week had begun and appears to be ending with one hour left to trade for the week. Lets take a look here. Were looking at a virtual repeat of the headline that starts started the week, menacing military strikes between two enemy nations in the middle east. Last night israel truck back at iran in retaliation for the drone swarm and missile attack sunday. Overnight, futures plummeted. And and while the dow has clearly recovered, the s p which earlier recoiled has dropped below 5,000 can right now with this 1 loss stands at 4,963. Finish this riskoff, riskon pattern which began monday in the wake of irans unprecedented, direct attack the on israel has shaken out in fair of the bears. For the week on your screen as you see, the nasdaqs going to be hit the hardest, down 5. 6 . S p down 3 . The Dow Jones Industrials right now maybe too close to call, just kind of lower to flat for the week. Now, the price action in gold often seen as a safe haven trade where people rush if theyre nervous, perhaps if best anticipates how jittery investors might be about the mideast powder keg. Keg. As we once again head into the weekend with questions about whats just happened and what could happen next, gold has gained 7. 75 for the month. Lets take the it live to the pentagon and fox news chief National Security correspondent jen or if griffin. Jennifer, what have we been able to con film firm about confirm if about a us reeses attack on iran and huge question marks floating over our heads . Reporter right now, liz, things seem calm and quiet, and people are taking a deep gareth breath with, frankly, after last night. According to senior military sources, the target of the israeli strike was an Iranian Military base near natanz. The not the Nuclear Facilities themselves it was not the nuclear felts themselves. The israelis hit what they intended to strike, or im told, based on the initial assessments. Reports from the iranians that the explosions were simply the result of their air defense interceptions, not true. The targets within this strike included iranian air a Defense System ises at the air base with including those the used to present their nearby Nuclear Facilities. It was a message to the iranians, we can reach out and touch you. At a very limited strike. The russianmade air Defense Systems were shown to be ineffect weve. There was one target but multiple strikes within that a target, im told. I. E. , the Iranian Military base with its air a Defense Systems. The israelis used missiles and up manned aircraft. In other words, no manned aircraft. No f35s or other fighter jets were used as part of this strike. One possibility, unconfirmed but being discussed, is that the israelis used a new unmanned hyperglide vehicle that the employs standoff missiles. This is one of the options that the israelis have within their arsenal. No one from the pentagon or u. S. Military is willing to comment on the record about last nights strikes. They are only willing to say on background that the u. S. Was not involved in this unilateral or Israeli Military operation, and they are hoping now that cooler heads z prevail. Our focus has been on, of course, making sure thats israel can effectively defend it but also deescalating tensions, avoiding conflict. And that remains our focus. [inaudible conversations] again im not going to speak to anything other than to say we were not involved in any offensive operations. Reporter theres no confirmation either that there were targets struck byes reel inside iraq or by israel inside iraq are or syria despite reports from the region that preceded the strike by just a few minutes of explosions in those countries. Im also told that as of now no iranian proxies have responded. The next 2448 hours, liz, will be crucial in term determining whether iran will feel domestic pressure to respond or whether the Supreme Leader feels that both sides have made their point. The mood here at the pent if gone, cautiously optimistic pentagon that both sides have made their point and do not want to take the next step thes on the escalation ladder. Liz jennifer griffin, thank you very much. The dow up 121. Keep your eye on the nasdaq, down 361. Immediately following the attack last night, we saw to announced moves in oil. But heres where this riskoff, riskon goes. You can see this really big spike which has since subsided. We do have crude oil now up just under 1 at the moment to 83 and change. What hasnt subsided is Oil Volatility. Since april 1st, the day israel struck and destroyed the annex of irans em bass if city in damascus embassy, Oil Volatility has gained 13 . Were going to hear from big oil names, stocks like exxonmobil and chevron next week. They report on friday. Also next week we get some big name reports. Were talking about tesla, visa, microsoft, honeywell,s alphabet. Big, big tech names, of course. And, by the way, tech is taking its worst hit right now, the sector, since december of 2022. Investors, obviously, remain cautious ahead of the big earnings week. And then we get the Economic Data on deck. The advanced first if quarter gdp reading comes next week as well as the feds feat inflation gauge, core pce. Personal consumption expenditures. That is fred. Ed friday. One earnings move helping the dow buck the trend, amex, shares higher by about 5. 25 after posting a double beat. But the s p and the nasdaq are not getting the same boost and are on pace for a sixth straight day of declines. So lets get to our floor show traders to dissect all of the action. Joining me now from the new york stock exchange, Meridian Equity Partners senior managing partner john corpina and the Price Futures Group Senior Market analyst and all things oil, phil flinch flynn. Phil, oil did sort of this pop and drop. Again, were talking about riskon, riskoff, back to riskon within hours of each other. Does this continue over the next week or two . You sure bet you bet it does. You know, today it was all about a deescalation, but that move that you saw not only in the oil market, liz, but the risk aversion that were seeing in things like gold and silver is really unlike anything weve seen in many, many years. Make no mistake about it, this oil market could explode at any minute. And i think we just saw a preview of what might happen if this, indeed, escalates. Now, right now when you look at the future spreads, theyre basically saying, hey, this thing could be all over. It could calm down. But, you know, or you cant bet on that especially going into the weekend. Liz you know, separate from whats going on in the middle east, john, can you give me a sense of whether you are surprised we havent seen a more pronounced pullback . Yes, week to date were looking at a 5 drop for the nasdaq and 3 drop for the s p. But we really have been seen anything close to a 7 drop here and there with these markets. Right, liz. Its been pretty orderly, what weve seen. Yes, its been over, you know, a 2 of 3 week period ear, but we havent seen that overall fear, that overall capitulation talking to customers, we havent gotten these large influx of sell orders. But take away this isolated incident thats going on in the middle east, the headwinds that weve had on this market have continued to be here. Weve talked about these since january. Oh ski yo my call rest arings that geopolitical risks, interest rates, inflation, how and when was that really going to turn our markets and get some pressure on it. You couple that with whats going on in the middle east over this short period of time which is still an openended item, and i believe it was jennifer who said the next 48 hours are going to be really, really critical. I think all of that coupled together has shifted the overall tone to our markets to see this activity that were seeing now. With the activity that weve seen since november, this upswing in our market, i want to say it is healthy for this market to flush out. Id prefer to see a fasterout than the small bleed, but eventually it will flush itself out. And as you said, a lot of earnings next week, Economic Data. What is the fed going to do, how are they going to use this data, and as they continue to take june off the table, it appears, when is that next cut going to come, we keep battling this calendar in front of us with the election cycle coming u. And i know the fed says theyre not politically theyre going to be end dependent and not use that as a pause in anything they want to do. I do feel as we get closer and closer to that day its already going to affect the fed from making a incident that move a significant move. Liz yeah. As phil said in his note, you cant hurry cuts, no, you just have to wait. [laughter] whats next . If we look at fed funds futures, there is less than 50 chance by a long shot for a june cut, less than 50 for a july cut, and now youve got to beat until september as far as the market is concern concerned to see 50 odds that we will see a rate cut . What is the trade here, phil . If youre looking to catch something on the upswing and it certainly isnt the chipmakers which i know we already mentioned them, but nvidia, advanced mayo devices, micron, marvell, weve got avago which, of course, is broadcom. On semiconductor, microchip, this is a mess here, a a sml, theyre all a down. Its a total mess here, right. You know, mainly because theyve been all a up. You know, make no mistake about a it, the chip traders and the breast rate traders are going te going to their safe space because they dont want to look or, but theyre going to have to look. Listen, weve got to go back to listen, there is no do you want those sectors were on fire. Theyre going to be good in the long term. If your not in, youre going to get a great buying opportunity. We hope it corrects more. But dont underestimate whats happening in commodities. Its unlike anything weve seen probably since the 1970s. Look at aluminum, lock at copper. You know look at copper. Look at these metals companies. This is going to be a hot sector for a long period to come. And now when were talking about new sanctions on russian metals where the cme group cant trade with russia, theyre going to crack down on that, the London Metals Exchange cant do that, so were seeing a supply squeeze in commodities unlike anything weve seen in a long time. And you add to that the risk aversion into commodities, you know, i feel like im a kid again. This is how the business was when i got started a hundred years ago. I think it was a hundred years ago. Liz yeah9. You know, looking at copper, up 1. 33 , silver up 1. 66 , gold at , 2,410. Let me finish with john corpina. I know its hard because people appear to not want to go into the weekend long certainly when it comes to s p 500. Yeah. The its a tough one with a lot of the risk thats out there and, again, the next 48 hours being so critical to that situation in the overall market. I think were going to try to find some of these sectors that have been hit pretty hard. I think you seeing in some of the Technology Areas a significant discount to three weeks ago. Liz all right. I know youll all have a good weekend but constantly looking at your stock charts and market charts and futures. John, phil, thank you very much. Thank you. Of. Liz will a First Time Ever heavyweight boxing event this july headlined by jake paul and mike tyson bring in more subs for netflix . Investors actually will be able to get that data later this summer, but starting next year the streaming giant says, nope, no longer will it report a key metric, quarterly membership numbers. The move taking some on wall street by big surprise, but web bush saw it coming and preemptively removed netflix from its best ideas list three weeks ago. Web bush analyst Michael Pachter next on the companys move to stop sharing its subs tally and how he now plans to analyze the numbers in the future. Netflix, the first of the streaming pack to scrap the metric probably because it holds a huge lead over amazon, paramount, disney and apple. Claman countdown coming right back. Unnecessary action hero. The nemesis. It appears that despite my sinister efforts, employees are still managing their own hr and payroll. Why would you think mere humans deserve to do their own payroll . Because their livelihoods depend on it . Because they have bills to pay . Hear me now, paycom return the world of hr and payroll to its rightful place of chaos or face a tsunami of unnecessary the likes of which you have never seen the need for domestic lithium production is crucial. Surge Battery Metals is filling the demand and reducing our reliance on foreign sources with its best in class lithium discovery. Surge Battery Metals, energizing our future. Liz folks, we need to punch up, this is specifically a 2week chart so it encompasses the nasdaqs last eight days. It was just eight days ago that the nasdaq hit a record high, and since then it is down around 7 from that high, so its almost in correction well, its getting very close to correction territory. We just want to flag you on that. We changedded the bug to the nasdaq here because it is now down two full Percentage Points or 315 points. Investors signing out of netflix at this hour. This is a big problem for the nasdaq at least today, falling 8. 9 , the second biggest loser on the s p 500 as well despite if a beat on both the top and bottom lean during its First Quarter earnings report. Line. The leader in streaming revealed that next year it will no longer disclose quarterly membership if numbers in order to focus on improving profitability. Investors are worried its a signal subscriber growth stemming from it password sharing crackdown has slowed now despite if netflix adding. 3 million subs 9. 3 million subs during the quarter. So if investors wont be able to judge Company Growth from new subs, can metric should they which metric should they now look to . Joining me nowing or Michael Pachter, web bush has an outperform reading and a 725 price target on the stock. Mike, you telegraphed this move before todays announcement. Wall streets behaving as if its shocked, shocked, like as if netflix is hiding something. Is it . Well [laughter] they are, in fact, hiding something. But, you know, i think that that they should have probably telegraphed this a couple of years a and said, you know, at 250 million if subscribers, were approaching a peak. Theyre the up to 270 now and probably will grow to 300 or 35 if 0. But, you know, the rate of growth is going to slow. Theyre going to i think that the adsupported tier probably adds about 10 million a year to their subscriber count, and thats just 5 million fewer people curve churn out. So thats sustainable for another few years x thats boosting the numbers. We saw that in q4 and in q1. But thats going to probably lap itself in another year or two. I dont think password sharing is actually adding new members as much as its adding revenue per user. My two 24yearold college grad daughters are going to move out of the house this year. Im going to pay for both of them to be part of my plan, so my numbers going to go to 30, and thats a smart move by netflix. But revenue is the number. To answer your question, we dont look at users on amazon. We dont look at users on facebook or google. We look at revenue growth. And this company has figured out, just like those companies, how to grow revenue, how to grow basket sides. So i think thats size. I think thats the right metric. They just didnt telegraph it. Liz okay. So if theyre scrapping subscriber number release so people wont be able to look starting next year on that, can you open your analyst playbook with, if you will, and explain to viewers how you will use which formula is and which metrics to really gauge netflix growth each quarter that they report . Well, i, you know, i think that a were going to they havent really been Crystal Clear on how frequently well get things like average revenue per user. Theyre going to give us subscriber milestones, so were going to be able to figure that out anyway when they hit 300 million sorry, my dog is excited that im on tv. [laughter] when, you know, were going to hear 300 million subscribers and get a revenue number, this is ca exactly what amazon did with amazon prime users. They never told us the number but they gave us a revenue number. Of so im going to looked at revenue, obviously. And as long as revenues growing in the mid teens, then these guys are going to drop a ton to the bottom line. You know, think about their spend. If theyre spending 17 billion on content right now at 270 million subs, do they really need to spend 10 more when theyre at 300 million subs . No. Theyre creating enough content to keep everybody happy with whether that number is 200 million, 500 million or or a billion. So i think youre going to see massive accretion as they grow subscribers even modestly. All thats going to drop to the bottom line. Liz really quick, you have said that netflixs lead is, quote, insurmountnd. Yes. Liz okay, fine. Whos closest behind them this on the racetrack . Well, hbo is doing it right liz you mean max . Super high quality. Disney and peacock and paramount are doing it completely wrong. Amazon is that inbetweener because we dont really pay for a streaming servicing we pay for free delivery. So i think amazon will last forever because were going to continue to subscribe to prime. I think disney will be stupid and stay in much longer than they should. Peacock and paramount if probably are going to fall by the wayside, and hbo is here forever. Liz michael pacter. Netflix down just under 9 . Have a good weekend, thank you. Thank you, liz. Same to you. Liz the nasdaq down 321, its really netflix and nvidia hard dragging it down. Lately, or though, it seems like tesla just cant catch a break. Shears dropping for the fifth straight day as the ev maker recalls close to 4,000 cyber trucks. Whats causing all the trouble . Weve got the details next. The stock cratering to a fresh 15month low. We are coming right back. Stay tuned. A lot of action on this friday. vo a law partner rediscovers her grandmothers artistry and establishes a Charitable Trust to keep the craft alive for generations to come. From preserving a cultural tradition to leaving a legacy, a Raymond James Financial Advisor gets to know you, your passions, and the way you enrich your community. Thats life well planned. Sup . Who are you . Im your inner child. Get in. 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Helping the small stand tall. Hello, ghostbusters. Its doug. We help people customize and save hundreds on Car Insurance with liberty mutual. We got a bit of a situation. [ metal groans] sure, i can hold. Liberty Liberty Liberty liberty in theaters now. Liz fox business alert, the big chill is on for yesterdays hot i e po. After. Zooming higher in its debut as a public company, i bot that shares are down 4. 5 , well below their opening price. Yesterday the firm spiked 33 at its high of17 in the very first trade. 117. Shares ended the session at around 103. 25. Thats a respectably well above ipo price of 88. The Company Offers consumers cashback rewards via its ibotta performance network, raised 177 million in the offering and just keep in mind it has put together three quarters of profitability. Super micro computers, this is just an ugly mess right now. It is at the very bottom of the s p 500, down 22 after the a. I. Hardware Company Changed its way of preannouncing earnings. In seven of the past eight quarters, smci has issued a press release with bullish Financial Guidance ahead of its normal release. But today the Company Issued a press release that simply set the date for the Earnings Announcement that comes out april 30th, and that of course sets off all kinds of questions and investor nervousness that maybe super micro may disappoint for the fiscal Third Quarter although theres no idea about whether that is going to happen. Right now super micro at 723. 99. Tesla recalling 3 ks 8 3,878 cyber trucks to repair and or replace faulty accelerator pedals. The ev makers filing with the nht nhtsa, right . Says that a pad on top of the cyber trucks accelerator pedal could come loose and get trapped in the interior trim causing unintended acceleration. Tesla down about 1. 99 at the moment, but the recall comes after a tiktok video by cyber truck owner Jose Martinez depicting the trapped pedal issue. That went viral. That happened last week, so you can see it getting caught right under that thing. Gosh. All right, teslas stock has gotten slammed this year, so far losing 40 . How do you say Artificial Intelligence in french . Today olympic organizers unveiled their strategy for using [speaking french] to better determine whos faster, stronger or most graceful at the paris, france, games. But when it comes to corporate track and field, should there be hurdles placed on how companies go for the a. I. Gold . The founding c. O. O. Of paypal and all in podcast cohost david sacks standing by live on whether congress new idea on a. I. Regulation is on rack the or way off pace. Plus, he talks about google swiftly firing dozens of employees who defaced Company Property while protesting googles Business Partnership with israel. Stay tuned, were coming right back. Nasdaq down 323 points. Im gonna hold you forever. Ill be there. You dont. You dont have to worry. Hi, im kim, and i lost 67 pounds on golo. 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For a whole bunch of things but also personalizing training, improving judging and helping identify future promising athletes. As oo. I. Transforms the world of sports and beyond, lawmakers and courts are scrambling to figure out a way to egg late it as regulate it as many creators face copyright lawsuits, including the New York Times over literary early thats being used without payment to train the technology. The latest legislative push from california representative adam schiff. The a. I. Copyright disclosure bill would require companies to reveal the copyrighted material they use to train their a. I. I want to bring in one of the most followed voices in silicon valley, paypal founding c. O. O. And all in podcast bestie david zacks, hes here in a fox business exclusive david sacks. I want to get your reaction to the olympics announcement about using a. I. To improve the world of sports. What do you think about it, and could it really change the way we look at this iconic event and future athletes . Well, i read their press release, and i thought the use cases for a. I. Were pretty thinker to be ohioan. I interpret this as a bid for relevance. Etchs talking about a. I. , and the olympics want to be relevant is, so theyre announcing their a. I. Central. [laughter] its not so to say a. A i. Wont play an Important Role in the future, but i think the time frame should be more like 2028 to figure this out, not 2024. Liz boy, it sure feels like 199 where every Company Including ktell records threw out the term internet strategy just to get a juiced effect on tension or the stock. Yes. Liz how do you tell the difference between whats actually relevant and smart and a possibility for increased revenues or something thats just, like, we want to look relevant, as you say . Well, its got to be a use case that just seems really revolutionary and compelling. Were investing in startups that are harnessing the power of a. I. , and by that i mean Large Language Models to truly disrupt industry ises. You kind of know it when you see it, its got to be a profound disruptive use of a new technology. Liz whats the most exciting one that you see right now that you are investing in . Thats interesting. We Just Announced an investment in a Defense Company called allen control systems which uses a. I. Computer vision to shoot down drones. If you think about the battlefield of the future, drones are completely transforming it. And i dont know if you saw that story about, in the, in the red sea, the u. S. Has been using 2 million air defense missiles to shoot down 2,000 drones, and thats going to bankrupt the u. S. If it continues. So you really have to figure out much cheaper ways of shooting down these drone. So we just invested in a startup thatsing looking to do that thats looking to do that. Liz a week ago iran launched a swarm of drones, hundreds of them, these attack drones, and israel had to use up so much of it weaponry. And its not cheap to using you know, the very, very things that the iron dome and davids sling uses to bring down some of these weapons. Right. Liz come back when youre ready to break more news on that, david. Yeah. Well, thats a really good example because it costss ream about 1. 3 billion in air defense to stop that attack. So, yeah, warfares becoming very asymmetric right now where with if it costs more to stop an attack than conduct one, thats a huge problem. Liz whats the name of the company again . The one we invest in is called allen control systems. Their drone killer technologys called bull frog. Liz wow. All right. We want to get them on. Thats an interest story. [laughter] interesting story. Lets get to something a little less militaryfocused, and that would be a. I. Copyright issues. The last time you were on, we talked about how all these famous singers had written an open letter saying stop stealing our songs, mimicking our voices when it comes to Artificial Intelligence, but now all of these a. I. Molds need to train themselves. Models. Theyre doing it by using input9 from copyrighted material whether from magazine articles, newspaper articles, all kinds of intellectual property that journalists have created and writers have are created. Listen, dont you think that there has to be some type of model that remunerates the the originators of that important protection, that intellectual property before a. I. Models use it to train their own companies . Possibly. But, first, we have to decide what fair use is. So in other words, if an a. I. Model trains by using publiclyavailable data on the internet and then i produces wholely new original content and that out output does not violate anyones copyright, is that really an infringement on anybodys rights . I think its a novel legal question, and we have to find out the answer to that before legislation like what adam schiff is doing makes sense. Liz yeah. Well, youve got the New York Times engaged in legal issues. Youve got news corporation, parent of the wall street journal, in talks, certainly. They are very interested in making sure their journalists get paid. Want to quickly ask you about that sitin at google this week where lots of employees impeded the work of others, pelt made other workers feel threatened, and they also decimated some of the office areas according to google. Google very quickly did an investigation and fired 28 of those employees. Theyre investigating others. Feel like theres a different sheriff in town now who says, you know what . No more. Either, like alex karp at calleu want to work with us, we do business with western companies, too bad if you dont like it. Well, theres no get out of jail card free, basically. Google has a business to run, and you cant i run a business when people are doing a sitin or tear trespass, being disruptive. So i dont think google had a choice here. If youve got employees disrupting the workplace, you have to fire them. Liz i think you guys are going to talk about that in the brand new all in podcast. When does that bob drop . Today. Just a couple of to hours. 1 is 75. Liz own plaintiff my, d were one of my favorites. David can, good to see you. Dade can sacks. The 27th annual cable hall of fame if celebration was held here in new york city if last night, and a whos who of cable industry were on hand to honor six leaders in the media world of entertainment, one of whom you may recognize. [laughter] whos that the redhead . Were going to show you some of this and this great event and when we come back, youll hear a little bit of what neil cavuto had to say. Details next. Have inherited the best traditions. woman 2 vo i have a great boss. 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Hmm get paycom and make the unnecessary, unnecessary. See you down the line. Liz claman is within one of the hardest working people in tv news. [cheers and applause] he started as an intern with she started as an intern delivering newspapers and scripts to ann curry and paula zahn. She worked her way up in local broadcasting and then made the jump to cable start. And today the claman countdown is mustwatch tv for Business News junkies, and millions of people follow her podcasts and tiktok posts. Please join me now in welcoming liz claman to the cable hall of fame. Liz i was blown away when two giant ises of the cable industry, former showtime ceo matt and former cox ceo pat esser, introduced me as i join ised five other cable industry luminaries to accept induction into the cable hall of fame for fox business. The event, put on by cendeo institute, was held last night here in new york city. This was the great part, my entire claman Countdown Team was there to walk the red carpet with me. Also the ceo of imax, rich gelfond, and his wife peggy, dear friends, were there to join in the celebration. Fox business Cheryl Cheryl casone, kennedy and my family as well as hero veterans from building homes for heroes also a came for the dinner. It was just a wonderful honor precede ised by a glowing tribute from fox business own neil cavuto. Liz started, of course, the idea behind the final hour of trading. She recognized how important it is that a lot of people are focused on that. Thats where you can have the wildest movements, where you can have sudden developments. She got the urgency of those 60 minutes, but she did it and continues to do it in a way that you want to be at that ringside seat. You know, there are a lot of shows that go through the numbers. She goes way beyond those numbers. She gets to the personalities behind the numbers, the drama of making money or losing money and seeing it in a big way. Liz thank you so much, neil cavuto, for all the kind words. And thank you to all a of our viewers for letting me be part of your business day for the last 25 years on cable news, 16 of which are here at fox business. And Charlie Gasparino also came but mostly for the filet mignon, right . Not very good steak. Liz oh, i thought it was good. My brother and kennedy witched because she wanted his and he switched. It was, like, industrial produced. Liz oh, my gosh, you are just [laughter] the then again, im such a foodie, or you know . And it was a great night. Liz thank you very much for being there. It was well deserved. Liz Charlie Brady was there. It was so great to have everybody. It was great. Liz what have you worked on today . Thats an interesting intro liz better i didnt want say what have you got . This is why this story is so fascinating. A couple weeks ago people were talking about ken griffin of citadel, mega republican donor who is kind of lukewarm with trump maybe coming back into the trump fold and giving him a lot of money for his if president ia liz maybe or is . Maybe. Liz okay. People were talking about that. He was kind of leaving his options open from what i understand, kind of saying no but with hedging. Well, we might do it. As you know, he supported nikki haley during the primaries. In the past hes given to desantis. But now i think thats totally off the table, expect reason why because there is a Battle Royale going on right now between devin nunes who runs trumps media company, you know, the former republican congressman, and he essentially picked a fight with ken griffin of citadel. And heres what he claimed. He said that there is credible evidence or theres evidence, theres potential evidence, im paraphrasing, that theres faked short selling in shares of djt. Its a short selling technique where its essentially illegal. It helped push down the shares, thats why djt lost for a time 60 of its value. Its popping up a little bit today. And there are firms that are kind of involved in that, in that, in that genre of potentially illegal trading. And one of them is citadel. That prompted this response from citadel. We should put it up there. Devin nunes is a proverbial loser [laughter] who tries to blame faked short selling for his falling stock price. Nunes is exactly the type of person donald trump would have fired if he were on the apprentice. If he worked at citadel, we would fire him as his ability and integrity is at the center of everything we do. Okay. So, obviously, they deny [laughter] now liz some denial. Now, nunes is back again. Lets put up what djt just told us. This is funny. I mean, come on. A corporate behemoth that has been fined and censored for an incredibly wide range of offenses including issues related to naked short selling and is world pa famous for screwing over everyday Retail Investors on behalf of other corporations is the last company that should talk, that should lecture us, anyone on integrity. By the way the. Liz this is, like, an algonquin round table type of very highbrow. I would say this just parsing through that, parsing through both of them, im not saying devin nunes is not a loser or you know . He was a successful congressman. The company that he runs is problem mat problematic problematic. Parsing to the other one, wheres the evidence that citadel skew over investors . Liz thats the thing, he didnt give evidence. There is no evidence. The reason why you can trade on your phone, right, on robinhood for free is because citadel makes markets, buys the payment for order plow flow, pays will been hollywood robinhood. They give you nocost investing. Does it for schwab, all the way town the line. To this is a battle, i think, is going to keep going. Its a little odd that nunes attacked citadel when his stock is getting crushed, blaming the stock price falling not on really bad fundamentals, you know, problematic business model. The fact that Everybody Knows its going to be when the people, when the lockups end, insiders are going to sell like the president. Just very strange that hes doing it. And, you know, kenny g. , ken griffin, fighting back. Are. Liz in fact, were understanding that theres another response. I know you are but what am i. [laughter] youre an idiot. Liz youre a dumb dumb. Youre corrupt. Liz youre a baby. Youre a behemoth. [laughter] liz charlie, thank you very much. Thank you, thank you. Markets are wrapping up quite a wacky week of trade. The s p is on its way to the Third Straight week of declines. Nasdaq right now down 5. 5 on the week. We are just about three minutes away from the closing the dow flat, too close to call right now but ope, just turned positive and not calling it at the moment. Recent volatility and count down close r said its a good time to add risk and we have eric friedmann. Why is it a good time right now just as theres so many questions hanging over the markets to add risk . Well, liz, first and foremost. Congratulations and very well deserved on your part. And many, many happy trails in terms of whats to come. I think in terms of our viewpoint this is on its way to tech centric ai, viber and data are the places to stay and using this as a opportunity to either get involved or even rebalance up would be the way were thinking on guidance here. Liz what would you buy . Talking about sectors and whats a risk on sector at the moment . To me, it looks obvious but considering the powder keg and theres the diligent and discidisciplined and the chancer cybersecurity unduly punished and ai and people think about one company with ai and theres a big ecosystem that you can get involved with so again, we do think a as we start seeing corporate guidance in terms of spend, cyber and ai will be the two big beneficiaries and again, in the selloff of rates and warming up on real estate and a bit on the financial space as well and those are certainly things to keep in mind on the budget. Liz two day fed meeting and no rate cut expected and when did you say rates coming . Yeah, probably not till middle of summer. Part is predicated on the idea that inflation is too high and economy is doing really well. Retail activity and the summer at earliest. Liz its great to see you, eric somebody that says lets go for it. No risk assets and here we go, closing bell ringing right now and looks like the s p will close below 5000. Nasdaq is the loser and led by nvidia and coming up on monday is the bitcoin billionaire. Larry hello, folks, welcome to kudlow. I