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tv   The Claman Countdown  FOX Business  June 7, 2024 3:00pm-4:00pm EDT

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wheel or human safety protection driver for protection. charles: in the real autonomous world, there's nothing, no steering wheel or pedals. lauren: no option. charles: i can't let you guys go, did you see this with tesla. 30 seconds they're in the alcohol business and have a mez cal selling outside of the country. that looks so cool. it's $450. would you buy it? lauren: for the bottle and keep as a does play. >> wow. charles: i think they should compromise and if you bought tesla's stock in the last year, they should send you a bottle. lauren: that's a good idea. charles: drown away your sorrows for a bit. lauren: or the cyber truck is stupid delayed, a bottle of the $450. charles: i love that stuff. i don't need to drink it. i like the bottle better than the cyber truck. thank you, ladies, very, very much. lauren: $430? costco has kirkland procespedes
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koenen for like 11 -- never mind. proseco. never mind. one of the wildest hours of trade in the history of business and one final stock, game stop have investors rivetted at this hour and game stop shares down 41% at the moment. the stock had been halted no fewer than 15 times leading up to and during the much awaited youtube live stream by famed meme stock investor keith gill, aka roaring kitty. we're going to show you what he disclosed and the stunning amount in unrealized gains in stock position despite taking this 41% hit right now. all this considering the much larger than expected may jobs report we got this morning and
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all the ivy league trained economists out there predicted a gain of 185,000 non-foreign payrolls during the month and the economy added 272,000 edged up to 4% and initially dropping at the open, we started to see the major indexes pop into the green and we're sea seeing waiverring in the final hour of trade and nasdaq and s&p seeing any gains -- well, not any gains but one point for s&p and could be a fresh record and nasdaq needs 14 points in the paints. bond yields big move here. para boll ick and 2 and 10 -- parabolic and strong jobs rates keep it at bay. more from the floor show traders and first, after a three year hiatus, keith gill, amateur trader roaring kitty appeared live in living color on husband youtube channel sporting longer
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hair and oddly his right arm in a sling to explain why he's taken a massive position in game stop with controversy about his motives swirling, kelly o'grady live with whether he cleared up questions about that. kelly, what was different in his message this time around? the news room was glued to youtube waiting for arrival. >> oh, my gosh, liz, same here. this was one of the wildest investor calls i've ever attended and we had a wait quite a bit. "gill, aka roaring kitty was a half hour late and spoke to 600,000 listeners and no game plan for the live stream and admitted he might be coo coo at one point. that's always been his appeal. he's kind of very counter to the traditional investor. we did glean three key things i want to share with you. first, gill's position in game stop is the entirety of his
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portfolio. what we saw was the value on the close and fluctuating with the stock down roughly 41% right now and still higher than when gill bought in. the second take away i have is roaring kitty really believes in game top's future if you believe him. he reiterated his confidence in the company is revamp its legacy business and said it all comes down to the team and ceo ryan cohen. here's what he had to say. >> the well, the question marks will be what has kemp done? what is he doing? those are the question marks and that's a fair question. is he doing nothing or game stop hasn't been strategizing and testing things here and there and how to move forward. i think that's pretty ridiculous. i think that's -- i think we've seen enough and in particular
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from him to be honest. we've seen enough from him to think he's got a good head on his shoulders and he's again, we haven't seen anything. it's speculation. you can argue that but honestly the way he seems to be handling this, and we don't know a plan and that's fair, but boy you're right sizing the ship and even the legacy business cutting costs, trying to stabilize some cash flow trying to stabilize the legacy and all about the transformation. >> i would say a lot of investors agree with gill after this morning and 29% drop in sales this quarter versus last we saw and $32 million loss and my final take away u liz, is the meme stock leader seems to have learned his lesson versus last time around and chose his words really carefully likely because he's being investigated for his trading activity by multiple regulators and he consistently repeated himself saying you shouldn't trust anyone blindly. might be legally safer, liz, the
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stock dropped 25% while he was speaking and certainly much lower than it closed at yesterday, liz. lauren: i know, very, very fascinated to watch and almost as if you really start seeing the d de-mockization of investig and his influence on trading of game stop shares raises some questions in the finance world. we have at chair of dickinson wright and former e trade come phone lines officer, amy lynch,
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front line compliance and former sec compliance officer. jacob, starting with you. did you see anything during this live stream that looked like market manipulation? >> no, but i'd call @ don't blame keith gill show. i looked at this as trying to take a opportunity to say whatever happens to you in this market, you cannot blame me. to me the issue with respect to whether he's involved in market manipulation or maybe even insider trading given the way the sec is extending the definition of insider trading with trading and coordinating activity with ot others and is , for example, having multiple accounts he controls and trading between the accounts? that's really where the rubber hits the road when it comes to
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possible violation or look at him like sam bankman-fried or martin skarelli. lauren: hold on. those guys were put in prison. >> i'm talking about personality and the following as a cult figure hawaii i'm looking at here is nobody viewed martin skarelli as being a violator of securities laws. we talked many times over the years of people like bernie madoff. i'm not saying he fall into that category. i'm saying he's engaging in activity that would invite that level of scrutiny from the regulators and he's bringing it
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on himself. lauren: amy, you were a compliance officer at e trade and said there's no issues and you're the expert, what did you see in what he did today and yes, infact, it looked like a hey, don't blame me. any time you make a trade on any of the platforms, those platforms send you the same type of disclaimer, do they not? >> he was joking showing his e-trade account saying yes, this is me, this is my account and yes, it's e trade and he was even kind of jokingly threatening e-trade about removing his account. he's like yeah, i see all the headlines and know what you're trying to do, and he then tried to -- clicked on hdml code and anyone can do and bring up the
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code and acting like i can mess up your website. i do think he was joking but that action alone could give e-trade pause if they wanted to take that seriously that he's actuallying threatening the company with harp. they every brokerage contract has a clause saying they have the right at their sole discretion to restrict or close an account without notice. they could definitely do that if they so chose. >> thigh group, they go down, you can'tics plain that but be aware of the risks going into any situation and the ones i deal with and they are extremely
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volatile and i like to think that i have a good sense of my thesis, but i get stuff wrong. i have historically, will again in the future. could be -- it's just always important for you to understand that, and i have to understand that too. but i get a feeling and if i have this feeling, i act on it. lauren: jacob, any difference between keith gill stating his position and saying you can do what you want, i'm doing what i want, and hedge fund guys that come out after amassing quietly a big position in a stock and thinking of obviously you get disney activists and all kinds of companies. there's some in salesforce right now and then suddenly they put out a 13f paperwork with the sec and say i've taken a big position. how is what he did any different from from that? >> liz, you hit this issue on the head and they're playing within the system and filing
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13f. lauren: there's no ways for individual investors to file a 13f. there's no public way of file ago sort of retail investor 13f. >> my take on it is in show -- his presentation was for the regulators and plaintiff's bar. it's like i'm teasing you, outrebounded know, i'm putting out all the necessary disclaimers, but the people who really needed to be listening to him are those momentum followers that are probably going to process that important component of his cespedes san juaquin. that's what i'm -- message and he's looking at is he going to be sued? is there state consumer protection laws and bringing himself into this kind of focus
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and regulatory scrutiny. even if the sec has no basis at least under the securities law and i think there's a desire in the regulatory enforcement world to see if there's a response. lauren: amy, one of the things people don't know about him but you do is that keith gill actually was a compliance officer in his previous life; right? jowski that's right. he was a registered representative of a brokered dealer and had customer accounts and was in the business and was a financial specialist for many years. he knows how to operate on the fringes of compliance, and that is what he's done and today,
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which was very different from 2021, he had a whole bunch of disclosures and disclaimers and even before starting there was a disclaimer written into the screening venn jew and read like the -- venue and read like the ones you see on marketing, financial marketing pieces. he's saying i'm giving you my opinion on entertainment and recreational purposes but seek out a financial professional and made those claims verbally as well within the first 20 minutes of his presentation. as a matter of fact he spent a good deal of the first 10 minutes of his presentation
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saying this is me and i'm not trading with anyone and he wills said this verbally and that's the attack regulators will make. lauren: a amy lynch and jacob frankel, thank you. charlie gasparino is joining us later and the jobs picture on fire with 272,000 jobs created last month. does that mean the fed rate cut this is year are one step closer to getting blown out all together for the year? keith fitzgerald and duke financial adviser joining the floor show next with crucial signals they see. dow in and out of negative territory. right now it's just turned negative. we're coming right back. ♪
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there's a smarter way to save. comcast business mobile. you could save up to 70% on your wireless bill. so you don't have to compromise. powering smarter savings. powering possibilities. lauren: dis pp needs to close one point pot up -- s&p 500 needs to close one point to the upside and down four points and the nasdaq needs a point data of about 14 points for a record close and session low tech heavy index down 83 points and it was up 56 at one point and right now
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down 53. shocking employment and payroll increased by 272,000 jobs last month and well above the 585,000 estimate and the part with fed watchers worried. average hourly earnings also rose more than expected. month over month up four tenths of a percent and year over year up 4.1% and that raises concerns about wage early intervention program fellation. july, let's look at it. the market is now predicting just an 8.9% odds of july rate cut. september 50.8% odds and that was near 70 yesterday. we'll learn more tuesday and they kick off the two day
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meeting and bring in expert know show trader and duke professor and investor harvey campbell. we should show the treasury yields inverted and shorter data d builds are harvey, this is the most incorrect recession -- campbell rather but is this version a failure this time? >> it's way too early to declare a failure f. you look at last eight recessions, the maximum lead time is 23 months and the
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historic maximum, wait till october and few recessions and we're not even outside and going to be calculated based upon monthly averages and you just presented dailies and in terms of monthly, there's plenty of indicators and yield curve for them. including the jobs number today. lauren: let's just explain, when talking about a yield curve inversion that basically means shorter data treasuries and you go by the three month are yielding way longer. keith, you as stock trader how
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closely do you watch this and do you ignore these kind of signals and dive into what you think are the best companies out there? >> when i started in this business and dinosaurs roamed the earth that was a important data point and the amount of liquidity increased and that point is a side show. i'd rather concentrate and spend all my time getting that profit despite it all and going beyond that source of amusement and excitement for investing like you, keith, lauren: nvidia not doing as well today and yesterday as investors would love to see, stock split 10-1 into the session and dow, s&p
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for the week and what can you predict for the equities market and continues to climb mark ahead. >> it's a single yield curve and really simple and difference between 10 year and three month yields i would be hesitant to call something a side show when it is delivered eight out of eight with no false signals in predicting no sessions and it's a piece of information that should be used consider the broader picture and the
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announcement and extensively and interesting to me that most of this spin is the establishment survey number and digging deep and number of th things that we consider a red flag. lauren: professor harvey and keith fitzgerald, great to have you on a very busy friday. one company stock sliding off the backside of the mountain and why vail resorts is seeing an avalanche of selling and the "claman countdown" is coming right back. ♪ (bell ringing) someone needs to customize and save hundreds with liberty mutual! (inaudible sounds) (elevator doors opening) wait, there's an elevator? only pay for what you need. ♪ liberty, liberty, liberty, ♪ ♪ liberty. ♪
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lauren: take a look at mtn mountain. yes, shares of veil resorts and they're now.ing down the mountain by 10.5% with earnings report and on pace for the largest percent decrease by december of 2018 and jp moray dan downgrading resort operator shares from underweight to neutral and cut the price target from $276 from $217 and at $173 right now. look at dock ewe sign dock u sign down after the electronic company posted earnings that beat estimates and inched up full year guidance and what's the problem? leeanne lists for disappoint -- analysts disappointed by slim
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revenue and it was a beat and slim of four tenths of a percent and skinnier than the usual 2-3% and ford brokerages customer price target on company shares to between anywhere from $59 to $72. they're all out of luck and at $52 and change. sketchers hit ago record high and going for upgrade to a neutral and up about 2% right now and analysts describing a footwear maker with a double digit and stock earnings to a discount to the peers and bank of america raising price target to $87 from $71 and scythers at $72 and -- sketchers at $72 and change. the boxing match between mike sigh scorn and jake paul will now air in november. it was shifted from june after tyson suffered an ulcer flair up
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an a flight and unable to train and set to take place at at&t in dallas on november 15th. investors eagerly awaiting the conference on monday and the plans for generative artificial intelligence wow the street? ceo tim cook teased big plans and miles investment management founder tannase up next to tell us what he wants to hear from app and will how he is trading that stock. not even a tech giant like apple can stop this week's podcast guest and ceo and founder of masimo a medical and technology company was only 19 when immigrating from america and that was hard but then during the revolution, the parents had to rush back and left joe and his sister alone in california. joe was 14 at the time. by 15, he was with his cyster and he's getting free grades and
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both started college early and san diego state armed with a dream of become ago doctor and that didn't work out and did the next best thing. medical device company in his garage. years of developing the pulse ox similar terrific and took on apple and apple watch for allegedly copying his oxygen monitoring and courts ruled in his favor he won. today, joe holds more than 500 healthcare and consumer wow. tens and they're used to monitor more than 200 million people a year. got to hear a story, apple, google, spotify and talk to liz claman and ask me questions and viewers pile n. "claman countdown" is coming right back.
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lauren: apple's worldwide developer conference kicked off at 1:00 p.m. on monday and this one is most important yet and apple fallen mind in the ai race and investors are very eager to get a better sense of how the tech giant is responding to the global ai boom. apple is tight lipped and some of the guesses tafanely ai capabilities will be woven into ioa's s18 and maybe siri and the iphone next chip processer and a18 and what it can do. apple also in the market cap battle with nvidia right now after the semiconductor giant crossed $3 trillion mark for the first time ever this week, but right now nvidia is back below $3 trillion at $2.96 trillion and apple has retaken the crown.
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just above $3 trillion. dan niles is thinking outside of the apple box and might have a performance despite being up 1% this year and bringing founder and portfolio of niles investment management joining me now. dan, you like apple so what's your best case right now? >> if you're going to call on apple for never over the last five years and stock may have gone up but that was driven by multiples. it's not driven by revenue growth. the magnificent 7 up and the revenue was a whopping 1% and magnificent 7 up 90. so no growth for a long period
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of time and apple after sprucing ai on the smart phones and by the way getting ai on smart phones from most of the other leading manufacturers and they'll introduce that at the worldwide developer's conference, and i think that might enable them to get an upgrade them and the fundamentals are being updates like this is an update on the stock and we've gotten some fundamental data points down the margin looking good already and sales in china up for iphones and 52% year over year and i pads selling well and driving business and getting fundamentals turning before the unusuals. lauren: i get that and yet we still haven't heard and we
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understand that with the operating system and watch or phone or what have you. >> this is a really great feature to have on the phone and do it and hopefully apple would have a really good relationship with whoever they choose. honestly i don't expect necessarily a wow factor coming out of it, but apple hasn't had an innovative product in a very, very long time and this will be a new feature and everybody unless living under a rock and haven't heard about ai and it's cool if you're trying tout on your pc and running on your iphone, that would get a lot of people to say, i haven't upgraded since i bought o phone during covid and that was in 2020. yeah, you know what, maybe i'll
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go ahead and upgrade because i made so much money in the stock market and i have a job and my wanes are going up and sure i'll splurge on an irk phone. liz: department of justice and ftc are launching investigations and antitrust investigations into microsoft, openai and there's a third one, nvidia. capital released industry note saying that entry notes could see them more hesitant to come out with big new sploshy announcements like this. have you looked into how that type of investigation or regulation between no could affect the stocks. >> it's innovating and these are
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tech companies and innovate or die. they're all doing it and nvidia has got ton where it was and gone for a ton of companies and jenson started working on this success with years in the making and a loot of stocks were happening decades ago and they're investing into it and so not spending time really thinking about it and is it going to be an overhang and hear new stories? absolutely but based on the companies that have gotten there to me it's perfectly legal and innovated their way to the top. lauren: got it. bring up tesla last year and closed out a short position and you're on our show on february and looking to re-bounce and have you row opened a position and short position and what level if not are you waiting for for the stock? >> yeah, i'm not currently short
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because the stock is performing and shareholder going next week and the package and going to be ridiculous that we have and negated and he created a ton of value for clients and having said that, if you look at the stock, if you get a big relief rally, the fundamental picture hasn't unfortunately still changed, which is you need to man globally it's not that strong and tesky will had down revenues year over year for the first time since 2020 during the heat of covid and financing cost and interest rates have gone up are making things more difficult to buy a car. that all exists and there's a very high pe multiple as well. so on tesla, they're in a tough
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spot but put r more into ai or x or other ventures. lauren: just to clarify, are you sill in the cam and see a bounce, let's say the pay package is reapproved and the stock get as bounce. would you then get shorted? >> p innovations being that high and long and tesla and negatively in terms of my view on the stock on a bounce. liz: got you. for those wondering pe at tesla is now at 70. dan, great to see you once again. please come back. >> my pleasure, liz. liz: dan niles, roaring kitty, he made his return to youtube and the apes rejoiced. stock did not, but will the retail army come away with cat
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scratch fever and the stock did not bounce and gains disappeared but charlie breaks it next on the "claman countdown". ♪ (luke) this will be a gold mine of local intel. just you wait. (marci) right. so, tell us about this corn festival? (stylist 1) oooh you got your corn pudding... you got your corn chowder... (marci) so... is it safe around here? (stylist 2) sometimes. (luke) if a family of eight were to need a cold plunge, where would they find it? (stylist 1) ...and then they dip it in butter, then bam, it goes right in. (stylist 2) ...really cute vampire bar. (stylist 1) the reverend does like a blessing on the corn. (luke) donut shops. how far from here? (marci) no eyebrows? (luke) think of how light it'll feel in the summer. we've got to run. eleven thousand more neighborhoods to go! (vo) ding dong! homes-dot-com.
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..
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her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.
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liz: we have 8 minutes left, shares of game stop off of session lows but down 38% after a wild day that included stocks biggest cheerleader, keith gill, a.k.a. roaring kitty, reemerging for his first stream in five years and news the company is planning a stock sale of 75 million additional shares after selling 45 million last month as roaring kitty said during the live stream that he is not investing with anyone else and his trading positions are his. was wall street convinced? what are they saying? charles: they are saying charlie gasparino told you so yesterday. this is a troubled company. they preannounced losses, they
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preannounced declining sales year-over-year. they then turned around the on the pump, they turned around and issued more stocks to current shareholders, this is a troubled company that's making money raising cash and not from selling stuff but diluting shareholders. if you want to buy something like this it is a recipe for disaster. here is the thing that gets to the heart of it, not that there's anything illegal here, i have no idea but not working with anybody else, i think it is legitimate for the ftc to inquire whether any of this was preplanned between him and to brian cohen. i'm not saying that it is but it is a legitimate question to ask. you go out and say this stuff, people will get excited and
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people will buy the stock and get people excited and the usual pumpers about short squeezes that this one will not squeeze, it's not going to happen, too many shares outstanding but that being said, when he says of this and turn around and shareholders are down 40%, that is something the sec should look at. not saying he did anything wrong but i would say this about the stock, amc and any of these companies. they are operating on borrowed time in many respects because they are fun dramatically problematic businesses that don't seem to have a good shelf life. ryan cohen has gone back to the old business model of selling in brick-and-mortar. kids by these games at the mall anymore?
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amc is a movie theater business, people stream, not saying streaming is a great business, it has problems, wouldn't be in the crappy state that it is in but people aren't going to movies as much. these are problematic businesses. if you want to throw your money at it. likely to go down in the future. and re-engaging on social media and it is down 40% year to date. liz: it is up year to date, 62%. charles: he reengaged on social media it is down 30%, amc was down similarly and based on its financial metrics it is not
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unreasonable -- liz: my question to you is no buddy is saying this is some amazing company. he sees a trance formation. you've got to talk for three minutes. i'm talking now. charles: you said it was a good fundamental -- liz: it made 5 billion in revenue last year. that's not a zombie company. let me speak. simply say to you the world is littered, charlie, stop, the world is littered with analysts who went out and pumped a stock and said it was amazing, they doubled down and lost a lot. go to the dot.com world. warner bros. discovery back in april, $22 in april 2022. it doesn't -- can we put analyst calls on warner bros.
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discoveries after it is down 70% there are 11 analysts with a buy rating on warner bros. discovery, can we put that up? charles: warner bros. discovery made money. liz: it depends. it has a huge amount of debt. last quarter it was. i am saying you act like the people who invest in it are eating crayons. they are retail investors. charles: you are comparing game stop to warner bros. discovery. >> there are analysts who pumped it out and they have been wrong, wrong, and wrong the. they are 13 analysts who have a hold on it. charles: will analysts said warner bros. discovery, trade at 50,000 times earnings. he's only doing what activist
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investors have done in the past, take a posed addition, he has gone out, done exactly that, quietly amassed a pose addition and said this is what i own. charles: compared to activist investors. they would disagree with that. he has taken a position and come out and showed that pose asian and allowed himself to stay -- charles: he says i like the fact, brian cohen. the stock can be disconnected from its internal, the stock can be a mess but the fact is he has done nothing wrong that has been proven. people can riot if they want. charles: the exuberance is
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absurd. it's not a good business. not even close. it is basically a potential -- liz: we can agree it's a huge question mark. it may go down but we are looking at a company -- it is still 39%. it didn't go up. it might never. you can hang these people out to dry because they invest in it. you can't hang them out today because they invest in it. thanks for weighing in. that was fun. the closing bell comes and while stocks are in the red for the session they close higher for the week, that will do it for "the claman countdown". kudlow is next and don't worry about me and charlie. we are friends

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