Transcripts For FBC The Claman Countdown 20240712 : comparem

Transcripts For FBC The Claman Countdown 20240712

The venture never really fit his original parameters with oracle, but coming up, why did President Trump ever get involved in banning tiktok in the first place . What gave him the idea . Is it something he may live to regret . We have breaking news on that, and coming up, we have the lawyer who has argued before the committee on Foreign Investment in the u. S. For many both the domestic and foreign clients on whether oracle has the chance to save tiktok by sunday night. Another superstar unicorn coming into the Public Markets the Video Game Development Software Company unity shooting higher on its New York Stock Exchange debut. The ceo is here with instant reaction right before the closing bell, unitys first day of trade. Commercial real estate faces a looming apocalypse as businesses keep their employees working from home and no longer need all that pricey office space. A ceo gives a state of play from the front office. Is ap until a bear market right now . Is apple in a bear market right now . And why tesla stock is jumping . Were less than an hour to the closing bell. Lets start the claman countdown. Liz breaking news i want to put apple stock front and center right now. The tech whale is at the precipice of a bear market. Now, during todays session, it dropped more than 20 from its record high back on september 1st. Right now you see it down 19. 87 , so its just shy of a bear market number there. If apple finishes below 107. 34, you can see its at 107. 46, so not quite there yet, if it is below the 34 cent level it will officially be in bear market territory. Keep in mind, the stock is still up 92 from its march low. So theres that. We got tesla here getting a charge ahead of its battery day. Thats coming up on september 22nd. Yes, next week. The price target has been raised on the stock to 475. Its at 441. 50 right now. Piper sandler bumping it up to a street record of 515 bucks. The electric vehicle giant also won the dismissal of that defamation claim by a former employee it fired after determining he had leaked Confidential Company data. Tesla getting a gain of 4 1 3 right now. What a welcome 180 for dave buster investors after 26 tumble yesterday, triggered by a report that the arcade chain operator may have to file for bankruptcy. Right now its up 14 1 2 in this final hour of trade after analysts came up for air and said you know what . That report yesterday was overblown. The analysts instead apparently view the pullback as a buying opportunity. Okay. Breaking news at any moment President Trump is expected to hold a News Conference at the white house. It was supposed to begin at 2 00 p. M. Eastern. We are waiting on that. We will bring it to you live when he begins to talk about the Tiktok Wechat situation, but it comes after the news that sunday night, the u. S. Government will start to squeeze the life out of chineseowned tiktok and wechat. Tiktok currently the most popular social media app out there, and wechat is used by u. S. Businesses for supply chain and communication. This latebreaking news on wechat, a federal judge says she will hear emergency arguments by wechat today, where the company will push to delay the sunday night ban. Yeah, like sort of a stay of execution at the moment. Now, wechat is owned by ten cent. You can see there was a reversal here. The stock was falling, and then on news that the federal judge would hear these arguments, tiktok is now up about 1 2 percent. Sorry 10 cent rather. On tiktok the president maintains the huge amount of data that that app collects is National Security issue, first flagged by an agency under the Treasury Department. The committee on Foreign Investment in the u. S. Has been looking at tiktok since last november, but in this july, after the president demanded it be sold to a u. S. Company or be banned, this joint venture has been scrutinized between tiktok and oracle to see if it holds up to the president s original order. An attorney has spent years successfully representing both u. S. And Foreign Companies before cifius for his firm sheerman and sterling. Give it to me straight, john, do you think theres any chance, is this just buying time till sunday night . Do you think theres any chance oracle can turn this thing around . Theres always a chance with cifius. In my experience the staff will make themselves available at nights, on the weekends, to try and listen to the parties. Im sure the parties are working very hard to try and address the concerns that cifius and the other federal Government Agencies have identified. What i would say its never over until its over with cifius and they have time to get it done. Liz this is why we wanted you on. You know exactly how cifius operates. My question right now is cifius and very intransigent . The president has recently said multiple times in fact he signed two executive orders saying you have to sell tiktok u. S. To an American Company or else forget it. Now, this does not appear to be any kind of sale. It appears to be a joint venture with oracle. Will cifius look at that and say okay that addresses some of the issues . To many of us it doesnt look like that. In fact we know the Chinese Government is ordering byte dance, the chinese parent of tiktok to not let that algorithm go because it was proprietary information that was developed in china. Who knows, china is probably looking at this and saying if we allow the president to ban this, who knows where he will turn next . He may ban alibaba and other chinese companies. Obviously there are sometimes that cifius has concerns that cant be overcome by proposals of the party. They are always willing to listen. The staff always makes them available to listen. It doesnt mean that the partys proposals will always solve the problem but the staff will generally make themselves available and try to resolve a problem. Obviously the government and the cifius staff and everybody wants to try to resolve those concerns to get a deal across the finish line. We will have to see with that can happen. With cifius things can come down to the wire and i think were definitely getting there. Liz uhhuh, but sources have told me, and these are sources who were part of the original early negotiations with the Treasury Department, after tiktok was told youve got to be bought by a u. S. Company, those sources are telling me because i said where did President Trump, july 3 1st, suddenly start saying on air force one, we can put up the time line, im going to ban tiktok. In fact then shortly thereafter in early august he started to say that in fact he signed the executive order saying this thing had to go. Then he signed another executive order on august 14th. So these sources were telling me that the indian Prime Minister banned tiktok summarily in one day, thats it. On june 29th, and when President Trump saw that, he thought that looks tough, and he has always wanted to be tough on china, so he went ahead and did it. And this source was telling me that they werent sure that the president really understood what a beehive he was kicking on this. This is 100 Million People in america who use this, and thats a voting block. Right, thats a good question. Theres several different authorities that the president has, one is cifius which gets its authority under the defense production act, but then specifically with respect to the economic, you know, issues it is really the International Emergency economic powers act, iepa that provides the president with Broad Authority and been around for decades to suspend Business Activities and commercial transactions with certain entities the president deems to be raising National Security concerns. The president has brought authority and really the question i think before the court and before the administration is how far does that authority go . Can they really do what they are proposing to do here . Im sure that will be figured out in the course. Liz john, before we go, have you ever argued for a Foreign Company before cifius where you were told this will not pass muster unless you cleanse, unless you cleanse any tentacles or code, so to speak, from the Foreign Company coming to the u. S. . That really is the question because the concerns the president has said he has is that theyre able with their 15 million lines of code to know all about location of data users, where they live, what their browsing history is. Yeah. I unfortunately have. I can tell you this, the u. S. Government has, you know, somewhat longstanding concerns about u. S. Customer both data, large amounts of u. S. Data being made available to foreign entities through a software, through mobile applications. You know, theres a variety of ways that it can be collected and maintained and stored, and the government has expressed concerns in other deals. This isnt the first time that they have had these concerns liz got it. John has argued before cifius. The president is speaking right now, holding a News Conference at the white house about vaccines. Were going to put up all kinds of vaccine stocks as well as he makes this announcement. China virus, all nations have under that our top priority must be to develop a vaccine as quickly as possible, to end the pandemic and get life back to normal. The successful vaccine will not only save millions of lives, it will put an end to the restrictions and some of the things that go on and have to go on in the meantime. Today i want to discuss the historic progress were making to deliver a safe and effective vaccine in record time. Theres never been anything like this, ever, in our history, in history, period, world history. Since january americas brilliant doctors and scientists have been working around the clock. These are the best medical minds in the world, by far, and the vaccines are going through the Gold Standard of Clinical Trials and very heavy emphasis placed on safety. Three vaccines are already in the final stage. Joe bidens antivaccine theories are putting a lot of lives at risk. Theyre only doing it for political reasons. It is very foolish. Its part of their war to try and discredit the vaccine now that they know that we essentially have it. Well be announcing it fairly soon. Liz all right. Were going to dip back out of this until we get some news on this. You know, we tend to as a Business Network want to focus on the Business Aspect of that, and as soon as we start to hear about that, we shall once again take it. In the meantime, we just want you to turn to the nasdaq at the moment. We are watching very closely the nasdaq in the final hour. Right now it is selling off. If it falls more than 62. 59 points, which as you see it has, that puts it below last tuesdays correction low. Todays quadruple witching is not exactly helping the bulls. Quad witching for those of you who dont know is this quarter event where big derivatives and futures positions expire fuelling volatility. Now, for those who missed the last market selloff, is fomo still a thing . Are investors torn between missing out on more moves and the glaring headline risk ahead not the least of which could be the president ial election . To our floor show traders. How do you thread that needle, john . Yeah, the fomo is always on. Right now the fomo has changed a little bit and instead of people chasing tech, tech is selling off and normal sector rotation, financials, consumer discretions, and tech have led the way in every bull market since world war ii. This one looked very similar. As we discretion and tech sell off, the fomo is shifting to industrials [inaudible]. Kind of right on track, maybe not so much energy, you know, every cycle is different. Were definitely seeing some green chutes on things like basic materials and industrials. Liz does that surprise you, phil, that we are seeing materials start to look healthy . I mean to me we have a very strong housing market. Clearly theres that. We dont have any kind of infrastructure bill thats being formulated at least not that we can see in washington, d. C. , but why do you suppose we have a market selloff on this friday . It doesnt look like anybody wants to go long into the market, even though we have some very healthy ipos that have been sprouting up right and left we have been, like the old days. I will tell you what fomo has been replaced by fear of profit taking, taking all your profits before the turmoil. Thats fopo. Its a buying opportunity. When we get to the quadruple witching areas, sometimes these moves tend to be exaggerated. On top of that, you have all these other things that the market is concerned about, whether or not were going get a vaccine, who is going to be the president. But youre absolutely right. I do look at the strong material sectors, and the housing sector here in the u. S. , you know, it slowed down a bit, but that but you say theres no infrastructure spending, not in the u. S. But take a look at china. China is talking about a huge infrastructure bill. You know, they dont have to fight in congress to get you know, they just have to call the president of china and say hey i want an infrastructure bill, it gets done. Thats whats happening in china. If you look at the price of raw materials, for example, if you look at copper and iron ore, they are going through the roof, and they are signalling good times ahead. The you look at what were if you look at what were seeing in the nasdaq stocks, they are having an incredible run. A lot of people are thinking it is time to take some profits. We are seeing that today. Were getting a little bounce off the lows. It is not over. You never know. Liz i mean you have activision blizzard, verisign, a lot of names moving to the upside. John and phil, thank you very much. Great to see you. When the market gyrations are this hot, you kind of take a risk naming your company snow flakes. The closing bell ringing in about 45 minutes. The dow down 219 points. The cloud Data Warehouse shares which priced at 120 but spiked as high as 319 during the wednesday beau are trading higher by 8 1 3 percent. Attention now turns to gaming where unity will end its first day as a public company. The Software Gaming tool developer spiking with 44 minutes left to trade. The ceo joins us live right here next. I wanted more from my copd medicine thats why ive got the power of 1, 2, 3 medicines with trelegy. The only fdaapproved oncedaily 3in1 copd treatment. 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Okay, wednesday, sony play station 5 reveal and surprise preorders actually crashed the internet as fans, who have been home bound, right, this is so covid driven, flooded websites like best buy, amazon, and target to guarantee themselves a console for the holiday season. Today gaming tools giant Unity Software entering the stock market trading under the coveted Ticker Symbol u, yeah the single letter tickers are the hot ones to have; right . They got it priced at 52 a share. The stock gapped up, went very high. Were still thereupon right now, up 32 to 68. 83 as we approach its very first close of session. Unity technology Ceo John Riccitiello is pulling himself away from the stock screen to join us live for these last few minutes of trade. John, what an incredible day for you guys. Tell me what do you think is so exciting about your company that on a day where the Broader Market is down, your stock is really popping . Well, i think theres three things, and thank you, liz, for having me on. Three things really, one is i think were at the beginning of what most people may not see, but they will certainly experience over the next three to five years. The world is moving towards realtime 3d technology and content. What i mean by that is, you know, unity already powers half the worl

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