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tv   The Claman Countdown  FOX Business  June 27, 2024 3:00pm-4:00pm EDT

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world, i want to share my reply, the irony is the goal of the left is to make america more like those other countries, higher taxes, more allegations, more social barbara, less border security, less energy independence and more government spending. look at this, and they don't have nvidia or the top innovating companies in the world, how can you win gdp is 50% up the government is 50% of gdp. i wouldn't switch places with any of those countries on that list. my always we never become like them. go visit them. we need the money. i need the -- >> the dollar is strong which is great, get on over to louis
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vuitton. breaking news as we kick off the final hour of trade, one eye on the markets, while i down south on atlanta, georgia, the candidate into night's he and in president will debate is about to touch down, looking live in the spin room of atlanta, georgia where president biden and donald trump will face off in a debate kind of like no other. the room will have no audience. that has been done before but the microphones will have a mute button. when you put those two together, the new to button is allow each candidate to complete his answer without being interrupted. makes it very different. president biden departed joint base andrews for atlanta an hour ago, donald trump is scheduled to arrive this evening. we got a big data dump this morning, both of these men will be distilling at of the debate included the final read on
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first-quarter gdp, the output of all goods and services came in at 1.4% and, more than the 1.3% expected but lower than we had. durable goods orders more than 3 to 5 years up 0. one% versus one% versus the expected fall of 0.1%. the capital goods component, proxy for business spending plummeted 0.6% worse than the 0.1% gain expected. the stock and bond markets working to assess the situation, dow jones industrials had been up one hundred 22 points. it down 42. s&p up 12, down three, nasdaq had been down 39 and is up 30 gate. the 10 year treasury yield
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which closed 4.36%, falling to 4.29% at the moment. some individual stocks are widely held the names, look at amazon continuing its record run. the e-commerce cloud behemoth, 2.4%, just at day after breaching the to billion-dollar market level for the first time. no water break from microsoft sprinting higher on case to log its 27th record of the year but that's good for a new record if it closes. we've got an ugly charge for walgreens, stock is sinking to a 27 year low of $11.78. this 24.8% implosion triggered by quarterly profit miss, one of the pharmacy chain executives, they are the point current pharmacy model is not sustainable.
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they will close a sizable chunk of their 8600 stores, they grabbed some of what happened. makes sense walgreens would fall. wall street punishing micron for a double earnings beat and year over year sales growth of 81%. it was pretty solid but apparently normal lies is a 4 letter word, the ceo said its data center business is normalizing after a torrid run up. micron falling 5. 8%. investors and read normalize as slow down, you need to ease your portfolio. to the floor show, scott shelladdy, j jacobs on sector leaders of tomorrow.
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equities taking stronger than expected data versus see as a threat to rate cuts. what's driving the market? >> the market is trying to find that out itself. we are not talking 2% inflation. it does come up every now and again. we are moving towards what the economy can handle or not handle. part of today's gdp report showed us the consumer is inherently weak. we've got inflation under control, the economy is not doing well, the consumer is not doing well and gdp is telling us, spending as much money as they did, that's another show. what's driving that is the narrow artificial intelligence sector that's driving things.
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a lot of other stocks on the s&p 500 haven't had the enjoyment other stocks have had but there is still opportunity there. be careful, this is a great rotation, starting to see the nasdaq and the s&p, and one is up. going into the election, a clearer picture what goes on. people seeing the rally in artificial intelligence stocks, so quickly, so high, not a bad idea to follow the rules of modern portfolio theory when you invest in the local ones. jackie: this is what interesting, micron getting punished for saying the data center business is getting back to earth, not crashing but does
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this type of behavior, your see not just a basic selloff of micron but if all of 6%. does this tell you, they are moving out of these areas and if so, where? oil is back above west texas intermediate, in the after market, and chevron seeing a tiny gain. >> the next ai trade everyone is looking for, i don't think so. we will see a rotation, pairing some of their gains but the next explosion is going to be electricity, a little bit of a fossil fuel type because of the amount of coal we are using but even with this green new deal and green new seal we are using more fossil fuels every year
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year-over-year on the order of 10%. and you thing that conducts electricity, look at your metal harvest list, going to get a boost because we need to power these things going to the market. ai gas's cars come moving so much lectures see towns can't handle it. the next ai trade is in energy, electricity specifically. liz: thank you. what is that language considering we've got one more day of trade for the week, month, the first half, the s&p 500 up 15% outperforming historic annual returns of 10%. %. is it time to rotate through the back half of the year? maybe 2 materials, let's bring in j jacobs. almost a play on ai, copper,
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all the materials that go into it. >> people are so focused on the top ai names, this is part of the economy, not just building ai platforms but materials electricity that goes into it, copper is one of the metals that is underappreciated. data centers. without copper we don't have growing ai. it is in structural deficits. some flows in. liz: it is time to get a new buzzword out of the ai lexicon. you've got pics, i share that has picks and shovels of big technology operations. when you think of the fact we are coming to the first half, just as good performance, better, not worse.
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>> won't be as top-heavy as we've seen. we are focused on what is the infrastructure for ai? this provides data centers around the country, you have to triple the power of those data centers the next four years requiring the power of the data centers, it is semiconductors, not just the semiconductors -- a broadening to cpus, memory chips. an entire ecosystem of computing power. jackie: liz: something we haven't heard a lot of experts talk about, the big financials. we just got the annual stress test results, they came out and all past, you are looking at names that are a mixed picture. bank of america, jpmorgan moving higher. these stress tests are annual
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tests to see if financials can withstand a big implosion of the economy likes of what happened in 2,007-eight. do you just enjoy financials right now? rates continue to stay high but it hasn't paid off of many of these names. >> couple things. the banks are better because mna activity is picking up and we have high equity valuations, this is good for companies looking to acquire smaller companies. liz: in this atmosphere, they, meaning the government, have stymied a lot of in and day. it's tough to get it through. >> that's why we see the ip, companies that stayed private for a long time are looking at the valuations, this economy, financials are in the value side of the spectrum and we see the growth in growth stocks. that is in tech and the
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consumer discretionary needs so that is where our themes are focused. liz: you are seeing a broadening of the market because people might have to when you see the behavior, nvidia is back down today. that's an interesting move considering jensen wong came out with his big announcements about the company in the annual meeting coming in the final minutes of trade nvidia was able to move up but what about the etfs in fixed income, corporate? >> one area where we see investor interest is actively managed fixed income etfs looking at the high yield part of the markets, emerging market bonds, bank loans. investors looking to capture where they get 6%, 7%, 8% yield. they want to decide which of those sectors. liz: active.
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>> treasuries are paying 5% on high-yield up 8%. the stable income stream. liz: it is your world to look at etfs, if you were advising a good friend, some of these are too high when it comes to fees. >> what we are seeing investors do is barbell there etf exposure to the s&p 500. and compare that with an active manager it can be more tactical around what markets are doing, between fraud, efficient exposure and if we have a sideways market, we find a way to get returns. liz: the records with names that are very popular at the
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moment, microsoft and google hitting records right now. good to see you. we will see if we can wrestle people away from the tech trade. it goes on and on. a year ago, you said ai, people saying it is looking like that. the 2,024 presidential campaign's first heavyweight title fight now less than six hours away. president biden has just touched down in atlanta ahead of tonight's cnn president will debate against donald trump, one that could be a knockdown drag out verbal rematch. we take you to atlanta ahead of it. we are taking you there. the claim and countdown is coming right back.
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liz: president biden has touched down in atlanta ahead of the presidential debate. he's greeting people who are on the tarmac. donald trump is still at mar-a-lago, leaving from palm beach international airport, we will follow his travel. history will be made when they take the stage for the big matchup, the first debate ever between a sitting president and a former president. it will also be the earliest debate in presidential history. televised debates have historically taken place in september or early october. pushing up on the calendar. president biden has a slight two point advantage over donald trump, 50 to 48 within the 3%
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margin of error. top issues for americans are likely to suck up most of the oxygen. at 68%, it's the future of american democracy that's the top issue in the latest fox news poll. next is the economy at 66% followed by stability and normalcy with 58%. immigration, healthcare, and abortion are among the top issues. let's go to grady trimble in atlanta, a preview of the big bang between the two presidential candidates. >> reporter: hard to overstate the significance of this moment, the first time these two men have been on the same stage together in four years. we will be listening to what they have to say individually but we will be watching closely their dynamic to gather,
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including no audience and the bikes will be cut unless the candidate whose turn it is is speaking. it will be more difficult for interruptions. the trump campaign gave us a little bit of a preview. >> to secure the southern border and rebuild our economy, rebuild our military, get us out of these wars that president biden has created, he's practicing a lot of 1-liners, he will need a lot more than that to defeat donald trump tonight. >> reporter: we will listen to what the candidates have to say but also how they say it. for trump, will he carry himself in a way that can win over undecided voters and for biden a lot of people say he's too old to serve another four years, can he prove those people wrong in an environment where there is no teleprompter and he can't rely on prewritten
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notecards? new gallup polling shows trump has the edge in the age the bait, voters are twice as likely to say biden is too old to be present compared to trump. biden's campaign says he is ready for tonight. >> one of the things tonight is is an opportunity to break through to a larger slice of the electorate that hasn't been paying as much attention as you and i have. allow him to talk about his record of accomplishment. >> reporter: you touched on the issues, both campaigns are giving us a sense which issues are important to them this evening. they put out new ads giving us a preview what to expect from the candidates. for trump he will focus a lot on the economy and biden's age. for biden he will be focusing on abortion and framing trump as unfit to be president.
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gloves are off tonight, several hours away. liz: they both depend heavily on teleprompters. there won't be one and we will be watching. it's a big one. you can watch the cnn presidential debate simulcast on fox news tonight at 9:00 pm eastern. biden and trump may be an even match up in the polls, a harder drop out, this might sound lopsided, a harvard dropout is aiming his ai slingshot at the third biggest company in the world, the cofounder of etched is here to tell us about how he things he can take down nvidia in his david versus goliath chip battle and he has the biggest venture capitalist in silicon valley backing him. and ticker smh, hit an all-time high, come got by half of 1%.
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we are coming right back. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ [thunder rumbles] ♪ ♪
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call aag, the country's #1 reverse mortgage lender, and get your free info kit. call this number liz: take a look at netflix. it is up 1.4% after the streaming media giant announced it is expanding its west coast production hub well into albuquerque, new mexico. the expansions of the hub which opened in 2018 includes four new soundstages, three hills
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and one production office as well as two dedicated backlog areas across 108 acres. netflix is taking the bigger lead in the streaming world and the competition is pretty huge. open ai, another big competition area once again paying up for journalism. first it was the wall street journal and today open ai and time magazine announcing a multiyear content partnership bringing journalism to open ai product including chat gpt. the collaboration will give them access to content from times archives going back 101 years, rocketing time access open ai technology to develop new products for its audiences. as more of these deals are struck right and left the demand for semiconductors that thrived ai capabilities is soaring, absolutely soaring, a big part of why nvidia stock
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has skyrocketed 150% this year. nvidia dominates, no question about that, the need for chips is so great, it is presenting opportunities even for the little guys. goliath beware. etched is a startup founded by two harvard dropout to claim their chip could be a faster, more cost-effective option for ai models than nvidia's. joining me now, gavin uberte. explain what this is. this is not a typical graphics processing unit of gpu. >> there are many kinds of ai models people interact with, the most common curate or instagram or twitter feed, or the networks that power the filters on snapchat but there's another model called the transporter that powers models like chat gpt, zora or the new
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image generator and right now, all these ai models were reprogrammable chips like those from nvidia, google, and many other companies. the market for chat gpt and these transformers is getting to be so big it makes sense to take this transformer algorithm and burn onto a piece of silverware. etching into the silicon. the trade-off is other chips are able only to run these transformer models. they can't run snapchat filters or recommendations. liz: it's not for example a swiss army knife which can do 12 different things which some of nvidia's chips do. it's very sharp instant plate. >> that is one thing but if that one thing is fantastic,
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facebook's llama 70 can output 500,000 tokens or words per second which is a factor of 20 x with state of the art accelerators. liz: where is this thing? i want to see it. have you started turning it off of the assembly line? >> we are working with the state of the art four nanometer that they are being built on. liz: nvidia says it's the most powerful chip, 208 billion transistors. how many are on yours? >> blackwell is a great chipper. it is built on the same process as the previous generation. normally in chips, every generation uses more advanced chipmaking technology but this
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time, because nvidia couldn't do it. instead for blackwell, we put two chips together and call back one ship. liz: you are saying we are trying this, you are talking some serious smack and people are buying this. your idea, peter teal has invested, former ceo of paypal, is he the one who convinced you to drop out of harvard? >> i dropped out well before that. liz: he offers one hundred grand to smart people who will drop out and back there startup. >> is a fantastic program. i highly recommend it. liz: let's talk when this is going to be ready. our customers signed up? >> tens of millions already for the foundation model companies.
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the announcements coming out later this year. liz: tens of millions, this is pretty interesting. are these fortune 500 technology companies? >> we have news coming out. liz: have you -- the you have data centers that are huge energy golfers and want them to be energy sippers and you tell me your chips use much less electricity? >> energy will be a key thing moving forward. what people don't realize is the bottleneck is not the cost of electricity but availability. you build up data centers that only so much power you can wrapping that place but drying more power, ten years ago four kilowatts was pretty common. and a blackwell set of chips,
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take more than 130 kw. liz: i'm got to go with two things, what is a conversation with your parents like when you say i am dropping out of harvard? >> they think i am a little bit crazy. what's happening with ai is so unique that it makes sense. liz: jensen wong took 20 years to build nvidia. how are you guys to started this company going to do? >> one very specific targeted but. it has a lot of risk, transformers may or may not be the future but it could be one of the biggest companies of all time. liz: you heard it first here. it is amazing. please come back. be our friends. we want to follow the story, thank you very much. fox business alert, international paper getting
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shredded after susanna ended talks for its competitor. it is the world's largest pump manufacturer and reportedly approached ip last month about buying the company in an all cash deal worth $15 billion. why is the company falling 6. 8%? %? because ip's market is just under $15 billion. just checking it. these things move, 15.074 billion, susanna says ip didn't engage with the highest price it was willing to pay and the deal has been pulled off the table. shares of blackberry in the black after posting a revenue beat and narrower than expected strong demand for cybersecurity services in the wake of high-profile attacks, the stock powering higher by 11%,
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blackberry service enterprise, corporate businesses and government clients. we should point out the stocks of several cybersecurity firms are topping the s&p and the nasdaq 100, is the scale are up 5%, palo alto networks, crowd strike up 2%. speaking of bolstering defenses, nose diving 7. 5% after% after quarterly report showed a smaller backlog of orders than a year ago. they have yet to receive high-profile contracts announced by the pentagon. contracts will be finalized this fiscal year but absent from the company's guidance. investors and through guidance, shares are having their worst day in a year. mccormick is enjoying spice and everything nice was the company behind frank's red-hot is having its best session since march after beating both the top and bottom line in this quarter.
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mccormick said it is seeing strong demand for spices and seasonings in europe, the middle east and africa with strong demand for the stock up 3.6%. and all elite wrestling, is up for it steel cage match over broadcast rights. you can slice off a piece of the pie for the streamers. the ceo is here next. we walk wary him squaring off against the wwe and what is behind the forbidden door? we will ask about that and more on "the claman countdown". dow is up 8 points. did i read this?
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2024 nba draft, the atlanta hawks -- liz: he has a wingspan of six feet 10 and a half, big arms. fans swarming the berkeley center for the first round of the nba draft, he is 6 foot 91/2. he has taken number one overall but hoops fans don't know how to watch their favorite teams play games after next season. they agreed to initial deals with espn and amazon with 1.8 billion but the third package is in the midst of a tug-of-war between warner bros. discovery and comcast and while warner fight to keep showing nba games on tnt it is in talks to bring a broadcast deal of
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increasing importance, all elite wrestling. forbes valued aew placing it in third behind ufc and wwe e for the most valuable combat sports. could lucrative streaming deal health evaluation even higher. joining us in a fox business exclusive, tony con who owns the jacksonville jaguars, you know from sports. let me get the uncomfortable stuff out of the way. the clock is ticking. ordeal ends december 30th one. what is the latest on the talks with warner bros. discovery? >> appreciate you having me on. you are so well researched. what's going on in sports, an exciting time and a great thing going get, on tnt that i love
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the partnership, five years approaching dynamite episode 250 on wednesday night coming up on that. we have a great thing going. david zaslow off has been great to work for. i have a great relationship with him and it is cool because we are having really productive talks but the future is bright, 5 hours of weekly tv, we do every wednesday night two hours on tbs. on tnt saturday two hours on tnt which is a new package which is successful and for a new package done on a proven handshake deal we have beaten the top sports leaves with a startup show we just started. liz: makes you more valuable
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than when you first struck a deal, not short on cash, they want their nba slice and if they pay up for that, concerned you won't get as good a dealing your renegotiation? >> it will be strong for tbs either away. they added the college football playoff, they created a partnership with espn and seen this collaboration. there will be venues for it. there's a lot of exciting interesting things, collaboration, fox is a big part of, warner bros. discovery is a great media partner, talking get to me, what the age of of the meteorites is going to be. every wednesday night for five years delivering great results.
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liz: and shack, big star with charles barkley, he performed for aew. are you expecting to have more celebs like that. >> one of the most recognizable athletes and greatest people i ever met and can't put value on that. one of the greatest people, shack has unlimited value. anytime he came back, we had great celebrities over the years but certainly we have the best, fascinating stories, ubs arena sunday, the third year in a row $1 million in ticket sales, 1000 at ubs arena this
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weekend pay per view, partnerships i'm talking about where we see warner bros. discovery with collaborations, we know aew will team, and converge in new york, that's the collaboration that wouldn't have been possible. liz: we watch with baited breath in december with warner bros. discovery with the nfl. good luck with the nfl. >> great to see you. had -- appreciate you having me on. dodging the first question. you actually did, got a great relationship. we watch to see what happens with warner bros. discovery.
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president biden storming through georgia, back there tonight to face donald trump in the cnn presidential d bait. charlie gasparino is going to tell us what they hope to hear and what they hope to see happen in the peach state tonight. we've got the russell in the green, nasdaq and the dow and the green in the green, the s&p down fractionally. ♪ if you have wet amd, you never want to lose sight of the things you love. some things should stand the test of time. long lasting eylea hd could significantly improve your vision
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♪. liz: "fox business alert." let us take you to palm beach airport and that is where president donald trump's plane a right now is taxiing to take off for atlanta in tonight's first presidential debate. president biden, former president trump will come on the debate stage for first time in four years. the flight from palm beach to atlanta is 90 minutes. cnn host jake tapper quite as much as he does joe biden. that is what charlie gasparino is hearing. he has got more on how the trump team has been preparing for tonight. >> not just the trump team. i've been speaking with the biden people, people close to biden to know how they're
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preparing. go to trump first. it is interesting, they do not trust jake tapper, the cnn host. they believe he is belligerent, anti-trump. i'm not saying he is is. to prepare to debate jake tappers much as joe biden. expect pointed questions on january 6th, election nihilism. liz: you know dana bash, standing there next to him. she is as pointed. >> what do i know. not in their minds. i'm just telling you what they're telling me. dana bash -- liz: dana. >> dana has not been cause i cannily anti-trump or critical of trump i think as jiang tapper. -- jake tapper. maybe the perception. that is the perception of him. so they're preparing for that. in terms of biden, it is kind of interesting. i don't think you are going to
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be, i don't think, they can't give him total softball questions, although the trump people are saying they expect him to get softball questions but the biden people are saying that their gameplan essentially to get really aggressive at first. i think you might see a redo of the state of the union at first. at least that's what i'm hearing. you will see him come at him, energic, fiery, maybe nasty. he was pretty rocking and rolling during the state of the union. liz: this is video from a few minutes ago where president biden made an unscheduled stop and spoke to supporters there. you can see, but go on. >> right. so much so that you know trump has been, trump has been saying that in his words, biden got shot up in his rear end with steroids. that is what he has been saying on the campaign trail. so they expect him to come out firing on all cylinders, being very energic, whether he is shot up or not, i can't tell you. i'm not administering blood
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tests. that is what they're saying. the question what he does after that. i think the way i'm hearing it from people who i have been talking to the biden people, come out guns blazing, hope that you can rely on jake tapper to take on trump. then survive, because this thing will be how long, hour 1/2? liz: yeah, the debate? >> yeah. liz: right now you see president trump's plane has taken off heading toward atlanta. >> my point is if it is an hour 1/2, that's a long time for joe biden to be speaking on his feet. he is usually not good after about 20 minutes unless he is -- liz: well, to be fair, former president trump has gone after teleprompter operators who somehow messed it up too. i mean, listen it is not easy to do what anybody does -- >> no matter -- liz: accusations are flying on both sides. >> whether you like donald trump or not he is energic, he stands
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on his feet and talks and says crazy stuff sometimes i know but he is not joe biden and i think that's the biden gameplan. come out swinging at first while the you know what is circulating through adrenaline whatever is still second quarter lating through your blood and then survive. liz: thank you, charlie, very much. we'll follow all of this tomorrow. meantime one of the key issues biden and trump will have to tackle, consumer prices especially energy prices lately have been climbing. nat-gas, which has been very, very low, has jumped over 11% in the past three months. our "countdown" closer says electricity demand is expected to surge with a new generation of gas-guzzlers. capwell chief investment officer says there is a trade. give us the names you think can capitalize on that, tim? >> i think williams is the best equipped to hand dealt new generation of gas-guzzlers. one of the largest natural gas pipeline transmission companies in the world. 4.4% dividend yield.
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very reasonably priced, positioned to meet the demands for electricity very quickly. liz: chevron, occidental petroleum as well. finally. >> yes, chevron. liz: i was saying inflation, we're getting pce tomorrow. 10 seconds sorry we're running out of time but what do you expect from that inflation gauge? >> core pce which excludes, which includes food and energy compared to what you will see tomorrow, it's up 3.7%. wouldn't it be nice if we didn't have to eat, power our cars and air condition our homes. everybody is selecting the index to suit their purpose.liz: tim,. tomorrow democrat maryland governor wes moore will join us. we end the session with green on the screen across the board. larry: hello, everyone, i'm larry kudlow

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