tv The Claman Countdown FOX Business March 5, 2021 3:00pm-4:00pm EST
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justin bieber does something, let me know. i want to get some of that action. >> me too, charles. charles: hey, liz claman, golly, this has been an amazing session. i can't wait to see the last hour of trading. liz: hey, i am so with her on that. an ecosystem that is sticky, that is apple. you want to break away from it? forget it, then you've not to change the app store and the whole -- yeah. i mean, she's right. if you liked it at whatever, you know, now you really love it because it's so much cheaper. thank you, charles. have a good weekend. wall street's one hour away from wrapping up a wild first week of march with an incredibly roll till session -- volatile session that has seen the nasdaq fall deeply into correction territory, bottom out around 11:28 eastern time and then begin its run higher, enduring more than a 500-point swing. right now when i say higher, i mean really high, up 193 points.
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high of the session for the nasdaq. we're blasting through that ceiling just a couple of minutes ago. the dow and the s&p powering higher as well after a jobs report gave the markets a boost. energy names also adding to the rally as oil topped $66 per barrel in the regular session. our floor show traders are up next. now bitcoin, it may be rallying as well, but crypto crypto's don grabbing the headlines. the ceo of coin flip, they're the leader in crypto atms, he's here in a fox business exclusive. he just added doge coin to his network of 1,800 atms across the nation, and wait until you hear the offer he has just made to elon musk and tesla. and movie fans in the big apple finally get the moment they've been waiting for through this yearlong pandemic. nyc movie theaters reopeninged today. we have a live report and top
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media analyst rich greenfield, highly followed on wall street, he is here on which media stocks will benefit the most from those movie theaters reopening. all right, to the markets. a fox market alert, we are looking very healthy and in the pink, i mean, in the green, but they can't decide whether the february jobs report is great news or bad news. at least earlier today, you know, look at the s&p. the s&p alone has endured a 105-point swing even as the economy added 379,000 jobs for the month. let's pull the headline number apart for you. the leisure and hospitality sector looked the best adding 355,000 jobs, most of which were specifically in the food service and drinking venues. retail saw 41,000 jobs added. manufacturing added 21,000. where did we see losses? government and mining jobs saw the declines. to our floor show traders, and we've got andrew and scott here on this friday. andrew, do you read this as
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biden is right, we are far from healthy, or things only get better from here? and if you were to translate this to your portfolio, what are they? >> yeah, definitely. it's one of those things only get better from here. we saw the leading economic indicator report earlier this week, topped expectations. but the employment component of that really has surged higher into positive territory and confirmed by today's economic report. so that v-shaped recovery is intact. we think the global synchronized growth recovery is still in play. today's market performance is led by cyclicality, and so where we tell investors to position after last month's consolidation, comerica. we saw texas coming out talking about removing restrictions, also not having to wear masks, we've seen vaccine distribution really get aggressive, and we think that the energy book helps give a double tailwind into having energy exposure but also
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financial exposure. and the last one we talk about is steele dynamics. we have seen this recovery led by the industrial renaissance, and that industrial activity with higher steel prices has led directly to their bottom line. liz: okay. these are two very solid names, and, scott, i applaud andrew because these are names that we don't often hear. but as you look forward what's been happening with the nasdaq this week, we're still on track to see a decline for the nasdaq thiess when it comes to the week picture -- at least when it comes to the week picture. a big turn-around today. what do you read into these volatile moves? >> first off, liz, i don't like the move today. i mean, i like it because, you know, big recovery, people like the market going up, so don't get me wrong. but in terms of a technical move, i don't like it. 9 and the market doesn't really like these massive spikes. however, that being said, you've got to look at some of these nasdaq stocks that have sold off
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heavily that are now coming down to major, major support areas. i'm talking about really technically valid support areas. i'm talking about stocks like qualcomm, nvidia, service now and even apple. those are the types of stocks i'd be looking at in this type of environment that can probably withstand the volatility over the next few weeks, maybe the next month or so. these are a all stocks fundamentally sound, incredibly fundamentally sound that now are in technical buy areas. those are the kinds of stocks that i would look at. but again, i'm not buying into -- i don't trust this big rally yet today. i think we still have to shake out a little bit further. liz: very wise. and, andrew, you know, you talk about stimulus, they are having that discussion as we speak in the senate, so we're going to be talking with larry kudlow in just a few minutes about that. but give me a sense of what you think a slimmed-down version
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will do to further add some spike into this punch that we're seeing today. >> yeah, so markets love stimulus, obviously. we've been trading op stimulus highs for the last few months. we embarked on a massive monetary policy injection in 2020 post-covid. the markets are still working that through. we are seeing now surges in commodity prices. so we think any additional stimulus just adds more fuel to this fire. and while the rally, you know, can be questionable, we think there's more lemonade to be made out of this lemon, so why not just eni joy that. liz: yeah. andrew, scott, thank you very much. >> thank you, liz. liz: we've talked about the market numbers, the broader indexes, let's check out the jump in bitcoin that we are seeing right now. the cryptocurrency of record finishing out a crazy, volatile week where it traded as high as $52,000, as low as $46,000. right now it's as $49, 261. so it's bitcoin's furry crypto
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cousin, doge coin, that is making the big headlines today, yesterday, this whole week. dallas mavericks' owner mark cuban announcing that his nba team will now accept doge to purchase tickets and merchandise. cuban has long been a crypto backer and has been allowing fans to use bitcoin since may of 2019. but cuban's move is not the only major stamp of approval for the currency named for the dog meme, right? leading provider coin flipped said this week that doge is legit enough now to have coin flip allow purchases and exchanges at its 1800 crypto atms around the nation. even as doge coin hovers just around five cents, coin flip's not done making splash shi headlines just yet. the man behind the machine, coin flip's ceo daniel pulanski. you just sent an open letter to tesla's elon musk who's been showing doge and bitcoin twitter
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love and meme love, offering to place a customized atm at the chicago tesla store because that's where your headquarters are. have you gotten any response from him yet? >> not yet, not yet. i'm trying to make as much noise as a possible so elon can grab what an amazing opportunity this is, ask we'd love to team up with tesla and elon musk, you know? liz: make your pitch to him. make your pitch to him. he follows me on twitter, or at least he reads me on twitter. he does watch some of the shows, so give me a sense what you're -- >> yeah. he said that eventually people will be able to purchase big ticket items with bitcoin, you know, like teslas. we can facilitate that. you know, we've customized a bunch of bitcoin atms to be kind of elon musk/doge coin atms. we'd love to represent the small business owners that we love to represent at coin flip.
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liz in fact, you even put together a photoshopped coinflip machine that's wrapped in the tesla branding, and you photoshopped it into the headquarters. it's right there. [laugher] tell me how your network is doing right now. you've got 1800 machines this, in, what, 45, 46 states right now? but not new york. why not? >> new york we're just working on. there's a lot of regulatory requirements, we're trying to -- you know, it is the busiest city in the u.s., and there is a lot of interest there, and we're just trying to get the license to be able to operate in new york as soon as this year. i think that, you know, also those bitcoin atms are not photoshopped. i mean, they're photoshopped into the tesla place, but we do have them in the our office if you guys of want to come down and see 'em. liz: well, forget your office. i jumped in the car today on a little mission because i am that local news appropriator who gets out there the -- appropriator who gets out there and starts pounding the pavement. five, ten minutes from the my
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house in palisades park, new jersey, there it is, daniel. i saw one, i found it at banner deli and liquor, which gave me a great excuse to buy more candy. [laughter] there it was, coinflip. and i said to the guy, can i look at it? he goes, yeah, go look at it. what is the usage you are seeing in random machines across the nation? >> it's people who want to get their bitcoin right now, they want to be the custodians of their crypto, they want to get their bitcoin in five minutes or are less. they want to have 24/7 phone support and just kind of an environment where they really feel comfortable buying bitcoin and doge coin, and i think that's what we've done at coinflip. that's why we'll continue to use it, it's such a hit. liz: let's go back to the doge coin offer when it comes to tesla. so. ed: loan musk has already said he would accept bitcoin for teslas. doge coin is about five cents
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per coin right now. granted, it has moved a lot higher from the one or two half a year ago, but you're talking about a lot of doge that you would need. we put this together, to buy a tesla -- [laughter] which is probably usually around, depending on which model, model el y, 37,000, that would take 7. 39-- 739,800 doge. is this real realistic to be having this conversation right now in. >> you know, i don't know. i think that cryptocurrency is still pretty volatile, and it is more of an asset than a currency. but i really think in the coming yearsing the going to stabilize as more institutions like tesla buy bitcoin and stabilize its price. at that point it will be able to be used to buy items like tesla. i don't think that's too far off. liz: you bootstroop strapped your entire operation, you did not take outside money. very impressive, i must say, but
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i do wonder about the regulatory landscape here. janet yellen put out this statement where she said, you know, cryptos are of particular concern. they're used mainly for illicit financing, and how would you respond to that? >> i think that cryptocurrency is just kind of, you know, a little bit of a misunderstood field. i think we do everything we can at coinflip to stay aboveground. we're always having a good dialogue with the regulators, and we want them to understand that this area is, you know, a great way to have inclusive banking and really include everybody. so we're always ready to talk to regulators and always make our case for bitcoin. and we think that, you know, they actually have respected us through the years and, you know, we've done a lot to make sure that compliance is at the forefront of our company. yeah. liz: well, you're following the regulations. we'll be watching you, daniel
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polotsky of coinflip, good to see you. president joe biden get an update on the jobs report from none other than treasury secretary janet yellen in the last hour, but why is the white house so down on what looks like a very strong headline report? well, there's more to this than meets the eye. we're going to take you straight to the nation's capitol for a live report. blake burman is getting in front of the camera right now. closing bell ringing, we're 47 minutes. dow is up 849 points. we're coming right back, you're in the right place if you care about your money. ♪
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to discuss the health of the u.s. economy. and again, we just got a very strong jobs number, but the mixed messaging is coming out of the white house, blake. it isn't exactly tinged all bright green, right? >> reporter: well, they're using this jobs report, liz -- and you're right, there was a meeting with the treasury is secretary a little while ago -- to still make the case, in their view, that the $1.9 trillion american rescue plan is needed. part of the argument that the white house is making today is that we are still two years away at this rate from full employment, and it's why they say that this rescue plan needs to be passed. here's the president. >> the rescue plan is absolutely essential for turning this around, getting kids back to school safely, getting the lifeline to small business and getting the upper hand on covid-19. >> reporter: but elsewhere in washington republicans here say that today's jobs report proves their point, what they've been talking about for weeks, that targeted measures, they believe,
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could be used at this point. but they say a $1.9 trillion package doesn't meet the moment. >> our country is already set for a roaring recovery. we are already on track to bounce back from this crisis. that's not because of this bill, it's because of our work last year. >> reporter: so, liz, there was that meeting with the treasury secretary just a little while ago, and the sales pitch is going to continue this afternoon at the white house as the president will be hosting a round table believed to be somewhat small in size but, nonetheless, continue to put out the message that they believe that this $1.9 trillion package is needed. and, again, they are holding up the jobs report today, their estimation, saying why it's needed. liz? liz: i see. i see, yeah. when you look out and you say it's going to take two years to get back to where we were just a year ago, that's their justification. we'll be watching it. blake, thank you very much. and as we look ahead, virgin
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galactic coming back down to earth after one insider financially flies the coop. and you know what? it's already become one of our most popular everyone talks to liz podcast episodes. at 15 years of age, george day, founder and ceo of gt's living foods, dropped out of beverly hills high school. 15 years old. dad's a lawyer, right? dad says, don't do it, you're an idiot. why would you drop out of high school? and he says, but i'm making kombucha in your kitchen. yeah, he started an empire out of his parents' kitchen. 25 years later his health tea is everywhere, on whole foods' shelves to walmart. how he never let his dream be slow ld, his story revealed in my latest everyone talks to liz podcast. people are loving this one. it's available on spotify, apple podcast and wherever you get youred podcasts. folks, we have had a wild swing from lower to high in the
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♪ liz: space tourism giant virgin galactic getting hit pretty hard today. it is down about 10% at this hour after the chairman sold his remaining personal stake in the company he took public back in 2019. he unloaded 6.2 million shares this week, worth about $213 million. he a had previously sold about 3.8 million shares in december. he says it's to raise cash for other projects. now, he still indirectly owns about 15.8 million shares, a roughly 6.2% stake in virgin galactic for social capital holdings. all right. you know what? let's talk yoga. because yoga is saving gap,
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right, gerri willis? you've got today's business brief. [laughter] >> reporter: that's right, liz. shares of the gap are end leaping after the apparel retailer says it's predicting a bounceback to sales this year as it expects sales to double in the next couple of years and expects more consumers will come back to stores. meanwhile, norwegian cruise lines, are they sinking along with ore struggling cruise names? the company announced another share offering. norwegian is selling about 47 million shares for $30 apiece to repurchase debt. and electric vehicles continue to lose steam after a downward trend this week. work force, lords town and tesla all trading lower. feeling pressure ramping up on concerns that investors may have bid up the stock too fast ahead of a huge electrification push. coming up, new york city reopens movie theaters today at limited
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thank you for having us. [laughter] we're here at amc in times square, as you know. amc is opening all 13 of its locations across the city today, but right here we're kind of seeing a tale of two theaters. i want to show you exactly what i mean, so come with me. you can see right across the street is regal cinema, and what does it say on the marquee there? temporarily closed, because it is not opening. why? because it can't open with a 25 percent capacity limitation and turn a profit. now, regal actually shared a statement saying, quote: we are encouraged with by the recent announcement regarding the opening of theaters in new york city. big movies are made for the big screen, and we look forward to the capacity restrictions expanding to 50% or more so that we can operate profitably. meanwhile here at amc, we've been seeing people pouring in off the streets throughout the day. they are excited to be able to see a movie in the theater once again even with the new protocols in place, the
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cleanings, the hand sanitizing and even the mask wearing. listen to this. >> i think the fact that it was open, it wasn't crowded and we got to enjoy the movie, you know, i felt like i was at home but in a bigger setting. >> here you get the whole experience, the seating, snacks, just the atmosphere. so it's way worth coming to the movies, not being at home. you've been there for so long, so it's nice to get out. >> i feel like it's way better because when earn in quarantine, we've all been in our houses. we can actually hang out with our friends again. >> reporter: and now we know it's been a really tough year for the movie theaters. they've been shuttered here in new york city for nearly a year. but it should be noted, liz, that amc in particular benefited from that recent reddit interest where the traders identified amc's stock and started investing like crazy.
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because of that recent interest and activity, amc was able to shed around $600 million worth of debt, so that certainly helped them along the way, liz. liz: it's amazing. that, in some strange way, may have helped save amc at least for now. ya, thank you. great report, we appreciate it. and now comes the question, how will survive and who will sink before we see the full reopening in the world of entertainment and media? let's get to wall street's premier media analyst, rich greenfield. you just heard the report, she was great in the way she described the tale of two theater companies. regal can't find the economics to open while amc is trying here. who wins and who will not survive in this world? it doesn't necessarily have to be, you know, a pick from the entertainment chains, but also movie companies. >> well, look, the consumer clearly wins, right? what's a happened over the course of the last are 9-12 the
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months is that all of the major movie studios have realized that they need to figure out new ways to get content to the consumer. at an investment conference in this week they said you're never going to have to wait months to see a movie in your home. obviously, warner brothers is putting movies out on the same day. so the real winner is the consumer because you're no longer basically being told, hey, this movie's coming out today in the theater, but it won't be available in your home for, you know, months on end. so i think that's the clear winner, is the consumer. i think from the movie theater standpoint, i think the thing to remember is there was a woman who you just had commenting in that clip saying it was a great experience because there was basically no one in the theater. well, i can tell you, that's the problem, right? [laughter] that is not a recipe for making money. it might be a nice experience for her having her living room outside of her living room, but that is not going to help ark mc
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theaters stay afloat. and the problem is small reductions in attendance because of the profitability of concessions have a very significant impact on profitability. and, you know, amc is a very, very challenged company as you look out especially with so many movies now going direct to the home or having very short windows. these theater chains are still in a lot of trouble. liz: do you foresee it surviving? >> you know, i think as long as parents want to get away from their kids and kids want to get away from their parents, i truly believe the movie theaters will always survive. that's a very different thing than will these stock prices hold in. i think there'll be a lot less theaters. there's probably, you know, if you think about in the u.s. there's probably 40,000 movie screens right now, we probably don't need more than 8-10,000. so i think a lot of movie theaters will not ultimately survive, but the business of movie neaters, i think -- theaters, i think, will survive for a long time.
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liz: triangulate the thesis with the consumer winning and a rough road for the movie theaters into stocks that you think are the best picks and the ones to stay away from. >> well, look, i wouldn't touch the movie theater stocks. i think that's pretty obvious. they're very challenged. and i think, look, the winner of all this is as you see the normalization of movies going short windows or no windows, that's what netflix has been fighting for for years. if you think about what reed hastings, he's been pushing for talent to get more and more comfortable with not having that theatrical window. and so i think the collapse of theatrical windows across the industry is a great thing for netflix and a reason why you should be buying netflix stock here, for sure. liz: netflix stock is the pick, and you'd stay far away from the movie theater names. does that include, say, for example, an imax or the movie
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companies that are pushing some of this out that really depend on big screen stuff? like maverick is coming out, the remake of, you know, top gun. >> it is, but remember, maverick's only coming out for 45 days before it goes on to paramount if plus at no extra cost. so, yes, there'll be some people who rush out to see it in theaters. but i think as you start to realize that more and more movies are available at no extra cost for the whole household, not per-person. spending $10-20 on a movie ticket especially if you're not sure of people's vaccination status and health and all of that, i think it's going to be a slow rebuild. as soon as theaters open up, you'll see -- like you heard today, there'll be some people that surge back, but i think it's going to be a slow road back. i think imax though, you know, you bring it up, liz, they're in sort of a unique position because they don't have tens of thousands of screens. i think rich gelfond and the imax team do come out a relative
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winner because they have the premier experience. and if you going to leave are your home, i think you're going to go and look for the best possible experience for movie-going rather than just going to any old theater. liz: yeah. i definitely agree because that is sort of the choice that people have to make right now. gotta ask you about the amazon rumor or at least "the wall street journal" report that amazon may very well steal away from fox, our parent company, you know, the nfl thursday night games. do you think this happens, exclusively streaming? my son said to me, well, be a pain if i can't watch it on fox. people like that team but, again, amazon is in it to win it, are they not? >> we predicted at the beginning of the year, this was one of our key predictions for the year, that amazon would acquire thursday night rights. and it's really because the networks -- fox, cbs, nbc -- they're all struggling with less and less viewership.
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cord cutting is growing. anyone under the age of 30 is certainly less and less interested in linear it's. it's just a fact of life. so the nfl needs to find new partners. if the nfl's going to be successful from a league, teams, players, you need more and new bidders. and i think having amazon come in, amazon's been showing more and more interest in sports for years, simulcasting, now stepping up and being a broadcaster of thursday night football, i think this is a really good thing for the nfl. is there some inconvenience of watching someplace else? sure, but, i mean, look, you know, i'm old enough to remember when rupert murdoch was able to jump in and steal rights away from cbs back in 1994, and all of a sudden you couldn't watch nfc games on cbs, you had to go to fox. and and that was sort of the beginning of the arms race for nfl and sports rights in general. people figured out what to watch on fox, they'll figure out what to watch on amazon.
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liz: yep, and i agree with that. quickly on fubo, because i think our viewers need to understand the power that analysts do have sometimes. back in january you called for fubo tv which, of course, is the live sports streaming outfit which hasp seen a huge jump, 249% since it went public, you called it the most compelling short your team has seen or identified in your entire career as analysts. $6 price target. we had the ceo of fubo on, and i asked him what would he say to you if he had you in front of him about this. here he is. >> rich came out with our full-year 2020 subscriber number somewhere around 490,000. so we very easily exceeded that. you know, he also suggested that, you know, sports wagering is not a reality, and here we are with a deal in iowa for market access license. liz: and we know that sports wagering is a huge rainmaker for money. what is your response to that?
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>> so two things. one, they lose money on every subscriber they bring in. so whether they have 490,000 subscribers, orb i think they ended the year with 525,000 subscribers, they lose money. so losing money on a per-subscriber basis meaning the amount they charge you at $65-70 a month, it actually costs them even more to deliver that programming. so that's not a sustainable business. the hope is that they make it up in advertising sales and, honestly, there's just not enough advertising sales to make it a valuation of $6-7 billion. it's just that this company is not worth anywhere near where it's trading. on the point about sport betting, it's really comical, honestly. you know, when you think about sort of the what it takes to build a sports betting company, remember, they're not just taking a fee and saying, hey, go over here to draftkings to place your bet. they've actually trying to be the company that takes the bet. if you look at fox, they're working with a company, flutter, flutter owns fanduel, and that's
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how they're participating. flutter and fanduel and fox bet spent in the u.s. last year $500 million to acquire customers, just to market. the same thing was spent by draftkings last year. fubo doesn't even have $500 million, doesn't even have a product. he's trying to go to war with massive companies, with massive brand recognition, and fubo -- as you heard on your interview -- has 500,000 subscribers spread across, i don't know, probably 10, if not 20 or 30 states. they have no scale and no balance sheet to compete with fanduel, draftkings, penn, barstool, you could go down the lust. but if that's what investors are hoping forking heir going to be very, very disappointed -- they're going to be very, very disappointed. liz: let's all have a drink together, all of three of us -- >> i love david gandler, i just wouldn't buy his stock. [laughter] liz: fair enough.
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please come back. and by the way, rich said he wouldn't touch theater stocks in we've got the ceo of amc theaters, adam aaron, ceo and president, monday. why monday? we want to talk to him about the big reopening weekend in new york, how it went for his chain. 3 p.m. eastern on "the claman countdown." dow jones industrials at this very moment are still roaring higher. we're up and the s&p is up 73 points. we're 15 minutes away, you're looking live at capitol hill as the senate is voting on the $1.9 trillion stimulus plan, but could today's jobs number slow it down on its tracks? we'll ask fox business' larry kudlow are when "the claman countdown" coming right back. ♪
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♪ limu emu & doug ♪ hey limu! [ squawks ] how great is it that we get to tell everybody how liberty mutual customizes your car insurance so you only pay for what you need? i mean it... oh, sorry... [ laughter ] woops! [ laughter ] good evening! meow! nope. oh... what? i'm an emu! ah ha ha. no, buddy! buddy, it's a filter! only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪
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aquatica attractions in orlando, san antonio, san diego locations some starting as early as tomorrow. of course, there will be extended scheduling and increased covid-19 protocols that guests must adhere to. but for now, they are all open. up 3.8% for sea world's stock. and six flags has announced it too will open all 26 locations nationwide, cedar fair has seasonal opening dates. interesting, we did have our countdown closer yesterday pick six flags as his number one stock. we do have this breaking news, the senate very close, nearing hour five of its voterama on the $1.9 trillion stimulus bill. final passage is not expected until the wee hours of saturday morning. this comes just a day as we saw a solid jobs report with two
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upward revisions from the previous two months. yet we are nowhere near where we were when it comes to job creation just back in february 2020. let's get to larry kudlow, host of "kudlow." he's joining us now. larry, how much legitimacy do you put in stimulus keeping people out of the work force? because that's the republicans' argument, and yet we are seeing the democrats making some moves toward what the republicans want to see in this bill. larry: yeah. one of the better things coming out of this voterama is instead of $400 a week for the federal unemployment assistance, it could be 30. 300. that was a number, actually, that we worked with last december, and republicans would like to see that. and that would lower the threshold. in other words, the disincentive would come way down, probably fewer than 50 or 40% would make more on unemployment. so that's a good thing. and if they get rid of the minimum wage, which i pretty
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much hear they will, they tightened eligibility. i'm not saying there isn't 4 or 500 billion or even a trillion of wasted money on liberal social and pork barrel programs, liz, but i'm saying that maybe this thing around the edges will be a little bit more constructive. liz: so, larry, that's three things that people thought when with it appeared and turned out that the democrats would control the presidency, the house and the senate that they would never do, they would just steamroll over the republicans, that's three let's call it compromises that democrats have already made on this. will republicans take yes for an answer? larry: well, look, they're going to get rolled on the vote. it all kind of comes down to senator joe manchin, okay, and senator sinema of. and maybe the tesla from -- whatever his name from montana. but it's mostly manchin and
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sinema. and i think the most powerful guy in the senate today is, in fact, senator joe manchin. he's a very, very moderate, pro-business democrat, he's pro-energy, pro-fossil fuels democrat. so he's the guy. and he's got a pretty strong backbone. want to know the truth, he's doing better than i thought he would, because those guys want to roll him, schumer and company, and he's not getting steamrolled. so i give him at lot of credit, a lot of credit. liz: well, your friend ron johnson is going to be on the show, and it's because of him that they had to read all 606 pages -- larry: i love that. i love this. he -- senator johnson -- [laughter] has forced the senate to suffer the indignity, liz, of actually hearing and knowing what's in that bill. [laughter] it's a terrible thing to force them to actually try to understand what's in that bill. because you remember a certain house speaker once said about obamacare, we won't know what's
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in there until the bill's passed, remember that? liz: til we read it. yeah, yeah, i get it. well, as we're speaking, larry, we are hitting session highs. session highs, right? not bad. all right, larry's going to be at the top of the hour. we are coming right back, dow is up 639 points. ♪ ♪ a visual snapshot of your investments, key portfolio events, all in one place. because when it's decision time, you need decision tech. only from fidelity. it all starts with an invitation... ...to experience lexus. the invitation to lexus sales event. get 0% apr financing on the 2021 nx 300. experience amazing at your lexus dealer.
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♪ ♪ liz: three minutes away from that closing bell ringing. stocks at session highs. nonetheless, the dow can is still -- the dow is still up 587. we were just up more than 600 to points. the nasdaq -- can we flip it over for the week? did we just turn positive for the week for the nasdaq? did i hear that correctly? no, i did not. i don't know why that says that. nasdaq looks to be down 2% for the week, s&p and dow will be gaining for the week. but the dow has turned positive for the year at least. all right, nasdaq,
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dangerously close still to correction territory, but is the tech sector the place to be even more today than it was a couple of weeks ago? today's countdown closer says, yes, it's on sale. retirement planners of america senior retirement plane, $4 billion ins assets under management. make your case. you like tech, you are not concerned with the nasdaq close to correction territory. >> no. as a matter of fact, you know, every year we do our fearless forecast, and this year -- we do it with the dow. and this year it's for the dow to be at 35,000 before the year ends. and the reason for that is that people have a lot of discretionary money, they have -- they've got pent-up demand, a lot of savings because of covid, and the other thing that the pandemic has done is it has changed how we purchase, how we do things. i think t accelerated us into the future, and so technology is the beneficiary of that. so so the down that we've seen,
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in my view, is a buying opportunity. and, because we're going to see technology always be part of our lives. it's a fact at this point. liz: right. well, you don't pick subsectors or give individual names, but we just decided to pick out the largest large caps of the nasdaq and how they are doing, you know, apple's down 8% year to date, microsoft down 6%, invidia, 6%, paypal still up 2% year to date. intel is up 22% year to date. do you like the larger names that are big leaders here at least? >> yes. i like the larger -- and, you know, essentially what's happening is it's a row talkings. you know -- rotation. the technology stocks, especially the large ones that you're mentioning, were very bought because of the fact that we were all staying home, and it just made sense. people are staying home, they're buying on amazon, watching netflix, doing all that kind of stuff. now we're rotating out. as you talked about earlier, the outdoor trade is starting to
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take form. but that just means that people are taking profits -- liz: yeah, they are. hey, ken, it's great, great to have you. there goes the closing bell. the nasdaq gains 197 points. dow and the s&p positive for the week. ♪ muck -- ♪ ♪ larry: hello, everyone. welcome to "kudlow," i'm larry kudlow. good to see you. good news for the economied today. a solid 379,000 jobs were added in the month of february, far outpacing expectations. payroll employment with revisions actually were up 417,000, and private payrolls up 465,000. the unemployment rate ticked down to 6.2%. the markets loved it. the dow, as we know right here at the top of the show we'll get a final reading, the dow's up almost 600 points. so this is all good numbers.
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