tv The Claman Countdown FOX Business September 10, 2021 3:00pm-4:00pm EDT
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seconds. >> that's too much. darden restaurants and plume en onion are companies that have pulled back because of worries about the virus, those are great companies so when they pullback, buy in. charles: bloomin has one of the coolest symbols, liz claman is at the new york stock exchange. liz? liz: charles i wish you were here because the traders i've been speaking to are just amazing people and when you think at the new york stock exchange on the very floor where 20 years ago tomorrow it was a scene of utter chaos you see the strength and the vitality here now but it was the market 44 minutes away from opening and hearing the opening bell when of course the terrorists used those two boeing jets as their weapons. two planes and we know the story but it's important because a lot
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of our viewers weren't even alive then and we never want to forget. two planes hitting the twin towers slamming into them just eight blocks from the new york stock exchange. 8:46 a.m. when american airlines flight 11 from boston slammed into the world trade center with 92 people aboard, who knew minutes later the darkness here, both literal and of course proverbial was about to descend. 17 minutes later as we know, american airlines flight 77 with 65 souls on board crashed into 2 world trade center. panic of course set in as america realized the nation was under attack. the two towers smoldered, thick black smoke for the next 56 minutes, and then the unthinkable did happen. the south tower collapsed, sending those on the ground running for their lives. the north tower came down 29 minutes later, after two more planes, one at the pentagon and
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another the passengers had brought down in shanksville, pennsylvania, in a heroic move to avoid allowing a terrorist to slam that plane into the white house, the total number, 2,996 people was the number of people who died in america that day, but new york's financial district really bore the brunt, 2,753 of those 2,996 parished right here in lower manhattan. when you think about the stock exchange, it could not open. they wanted to, but the technical infrastructure was absolutely decimated but in a feet of genius mixed with sweat equity, right? and tireless 24/7 hour work, the strange reopened the following monday, but it be a very long road back. the economy, of course as we all know went into recession, as the deadly event triggered decades of war against those who had perpetrated the attacks.
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as has every single year since then, the new york stock exchange this morning observed a moment of silence, today, to honor the victims right here on this floor here, to honor the victims and their families but in the 20 years since, lower manhattan, you bet its transformed & companies have been reborn. howard lutnick will be with us, the cantor fitzgerald ceo of the company was absolutely devastated by the loss of 658 employees who were stuck on the highest floors of the north tower. think about that. wrap your mind around that number. 658 employees but his unmatched show of leadership, even as he mourned the loss of three- quarters of his company, including his younger brother who worked there, younger brother gary, he has rebuilt the company from ground zero up, and scott reckler is here the chairman and ceo of xr
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realty played a major role , you guy, in rebuilding what now stands as one world trade and the surrounding area of lower manhattan, so this really is the right place to be right now, and with the markets right now edging lower in a rather volatile session, we got the dow down 97, russel of course we see down about three points, s&p in the red too, you know, we are on the track to finish this week in the red of course it is friday, the final hour of trade that we are right here watching. it may surprise you, and hopefully totally thrill you guys, to know that since that day, 20 years ago, the markets have come back like horses at full gallup. there be no trading from september 11 until the morning of the 17th back then in 2001 when the world financial infrastructure was finally backup and running and the entire globe waited with baited breath to see how the markets would open when they did reopen and you know, that
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moment was very iconic and still is today. high above the trading floor, right behind me, new york stock exchange chairman richard flank ed by treasury secretary paul o'neill and then new york governor and hillary clinton back then crowded the same balcony as firefighters and police officers rang that opening bell and as a defense measure, the federal reserve had held an emergency meeting and cut interest rates half a point to attempt to stabilize markets at the open, but the dow immediately went south, okay? there was nothing anybody could do at that point. the dow fell that way 684 points , so the biggest single day loss at that point in exchange history, since then its changed obviously because of the pandemic, but the markets dropped every single day until finally bottoming out september 21 of 2001, but mirror ing america's amazing rebirth after 9/11, the markets
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of course staged a resounding comeback. look at these numbers despite 20 years of war in afghanistan, the subprime mortgage crisis, the covid-19 pandemic, the major indices have really flourished. its been unbelievable. the s&p has gained four-fold but the nasdaq has surged by a jaw dropping, the nasdaq 100 has surged by a jaw dropping 1,282%. we got to bring in the traders. two guys who were there, who were here those 20 years ago and they came back to help bring order and liquidity back to the world markets, just six days later when the manger was allowed to reopen trade it teddy weisberg was at his office on 16 broad street about to head to the floor of the new york stock exchange and hang on, teddy. i want to bring in tim anderson. he was working at solemon as well but in the meantime, teddy are you there? i do very much want to hear
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exactly where you were at that time. >> well, liz, it's funny. geographically completely the reverse of where i am today. i was in my office on the 31st floor at 60 broad street with a beautiful view of lower manhattan, crystal clear day. we could not see the world trade center from our office because it was slightly north from our windows, but i was on the phone talking to a client and good friend in bermuda and today, i'm in bermuda on a clear day talking to you in new york, so we have a little bit of role reversal, but i'm on the phone, the fellow on the other end, he's watching the news, i'm just looking out the window and chat ting and he said a plane just flew into the world trade center. i couldn't believe it and i said well i kind of dismissed it as maybe a small plane that used to fly into the empire state building when i was a little kid in bad weather and he said no, no, no, it's not a little plane.
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basically, what unfolded from that very second was the horror that we all experienced. i got off the phone, i went downstairs to go to the exchange as i normally would but i was in a hurry to get there because of what we perceived was going on. i got to the street and it was complete chaos. paper everywhere, people running and screaming all different directions. you really couldn't find out anything. obviously i wasn't in front of the radio of the tv, but clearly , there was a huge, huge problem, and i called upstairs to my office and i said everybody get out of the office, come down to the street. i called the floor, some of our people stayed on the floor, some left. we met in the street and basically we got inundated by this cloud of dust we were standing on broad street when the first tower went down and then the second tower and we eventually made our way over to the east river because we wanted to get out, you couldn't breathe
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because the thickness of this cloud of dust that had come through the canyons of wall street and engulfed everybody and it was like this white dust. it was horrible, it was everywhere, in your lungs, it was impossible and we eventually started to walk. there were thousands of people doing the same thing and we got to the fulton fish market which is underneath the east river drive for those that know lower manhattan and there was a fellow there washing down after the fish market had closed and he gave us the hose and we literally gave ourselves cold showers with the hoses, put them in our mouths and got rid of all of the dust and just literally started to walk with tens of thousands of other people. we walked in the silent procession from lower manhattan for us up to the upper east side took about three hours. the only sound you heard was the sound of people's feet walking. there were no cell phones
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because all the cell phones were on the top of the world trade center and so when the towers went down clearly there was no way to communicate and the only traffic on the east river drive were ems vehicles and their sirens going through this disaster, as we and thousands of other people were literally walking away in complete silence. liz: teddy? i'm interested to know about what happened a few days later. you said i'm going to be there. i am going to be on that floor. what was the reopening of the stock exchange like after an unprecedented closure of, well it was four trading days but six whole days where people weren't sure if the connections could be made as far as the technology was concerned. there was no way you weren't going to be here, correct? >> right. well, there was no way, at first there was no way any of us weren't going to be there, because we knew where we had to be, and i think anybody who could would get back and do
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their jobs, but it was sunday night the 16th that i did an interview with the smoldering ruins of world trade center in the background and the person was asking what's going to happen tomorrow, september 17, when we open and i said well i don't really know what's going to happen but we are going to open and i said when we're little kids and we fall off a horse our parents would always tell us when you fall down you pick yourself up and get back on that horse, and you keep going, and that's exactly what we did on monday morning, the 17th. it was highly emotional. i remember everybody hugging each other. we were just happy to see each other, and we were, there we were, ready to do business and as it always rings, and trading started and we did our job. it was a highly emotional and for me, quite frankly, liz, 20 years later, it's still a highly
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emotional event. i spent 45 years on the trading floor. liz: they sure are, and we really appreciate that story. i want you to stand by, teddy and bring in tim anderson. he was working about a few blocks away at solemon smith barney. let's talk about your experience , because you lost many close friends. >> well, sure, many close business associates, the street was a very different environment and unfortunately, i did know many people who parished, who worked primarily at the world trade center and either sandler o'neill, cantor fitzgerald, obviously those were people who got in very early in the day and their offices were unfortunately fully staffed when the planes hit. liz: people don't really understand what the situation must have felt like, because i've been talking to traders who
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were actually on the floor. you were a few blocks away. they were shoved down into the basement, nobody knew what was happening. how concerned were you at that point, and then, once you realized what was happening, what emotions overcame you? >> initially people were talking about an explosion and irony icily i was there in the early 90s and in 93 was when there was a bombing in the basement or in the garages of the world trade center facility, and i had been at 7 world trade at that point in time so when i first heard there might be an explosion at the world trade center i was like this might not be something to kind of really think about a whole lot, so i think the initial reaction was like let's just get out of here and see what's going on, and then some information started to dribble in and so forth. liz: here you are today. >> right. liz: thank you so much. >> sure. liz: tim anderson one of the
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brave traders whose been here for so many years now. up next, you just heard tim talking about one world trade, 7 world trade, there were a whole constellation of buildings that were decimated. the man who worked tirelessly to rebuild financial district in the years after the 9/11 attacks , virtually had destroyed lower manhattan's real estate market. rxr realty chairman and ceo scott reckler is the man. he joins us next wait until you hear the story of rising from the ashes. the "clayman countdown" is coming right back, dow jones industrial down 150 points. don't go away.
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liz: for the traders on the floor of the new york stock exchange, not long ago, you know , you'd think about 20 years ago, 44 minutes before the markets were expected to open, they couldn't go outside, as soon as the world trade center was attacked, because just out those doors, it was pitch black with smoke, and that
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smoke continued to smolder for 99 days. 99 days it took the fire before it could stop smoldering at ground zero and more than a year until ground broke on the first of two new towers. 7 world trade, that was in november of 2003 which to me is remarkable because that was pretty fast, but two decades and $20 billion of public and private investments later, lower manhattan has definitely risen like the phoenix from the ashes. scott reckler oversaw the redeve lopment of the world trade center as chairman of the port authority from 2011 until 2016, and i was able to take a tour of the redevelopment with him back in 2015. we got to go up in the elevator of one world trade and he showed how beautiful the new building was and what a message it is to the world. he is the ceo and chairman of the privately held real estate
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company rxr realty which controls 26 million square feet of office space in new york city we welcome scott redler to the "clayman countdown." you know, you were, scott, the ceo of a new york city real estate firm called rex & beck on 9/11 and it was something you particularly witnessed that changed your life. talk about that. >> no doubt it changed my life like a lot of almost any new yorker that was around and saw that, but i was in lower manhattan on park avenue south in a conference room and i was having a conference call and i looked out the window and saw a jet flyby the window and my colleague and i went to the window and i said that plane must be in trouble, and my colleague said if it was in trouble it be heading for the water and we watched it flinstones and then veer into the trade center and i literally collapsed to my knees and called my wife and i said pick-up the kids i think we're at war, and then we saw the second plane
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come and hit the trade center and realize that the magnitude of what was happening, and then ultimately, the buildings collapsed and saw a mushroom cloud basically over all of lower manhattan and for a moment i didn't know if there was a nuclear bomb in one of the plane s or something just didn't know what everyone it was so much confusion, and then went outside and like everyone was trying to get your bearings and at this point you're all covered in dust and there's thousands of people trying to move north from the trade center, and began walking with them and there's f- 15s at this point flying over manhattan. everyone has got cell phones to their ears even though they aren't working because we didn't have the capability at the time, and there was one thing that always i recall in my mind, there's a young woman standing in the middle of fifth avenue and she was crying and screaming
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daddy daddy pointing to where the trade centers used to be and there were these two other women that were obviously strangers cuddling her like she was their own child and it just sort of symbolized to me the moment we were as a city that of so united that we were all one, we were all one big family going through a crisis and we were going to make our way through this , in a unified manner. liz: and scott, the commercial real estate community became one family. i mean, there were 15 million square feet of office space that were displaced, quite frankly, destroyed on 9/11. how did the commercial real estate community rally around each other and coming together, even competitors? >> yeah, it's a good point and i remember in those early days where we all spent our time trying to help firms who lost their space and their colleagues try to find a place to setup and
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work. i remember talking to jimmy dunn , at sandler o'neill, and he had no place to work and he came up to our offices and we set them up as a temporary office eventually into other space in our buildings and we all, all of the real estate community were trying to help the companies that lost their people and their offices find a place to establish themselves and regroup and figure out where to go, and i think it was a defining moment for the new york business community of a sense that there's a civic responsibility that when we're in crisis, there's an obligation to come and raise the bar as to what we're going to do to ensure that we can navigate this crisis , be there for everyone, no such thing as competition, we're all new yorkers, we're all americans , and we're going to figure this out together, and believe in the sense of resilience that we will get through it. liz: well we have to get through
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the pandemic as well. we now have what in lower manhattan 21% vacancy rates. what will it take to have a more sustainable comeback scott and where does the commercial real estate business community stand now? >> you know, it's interesting. i think a lot about the parallel s between 9/11 and that crisis and the covid-19 crisis that we've been living through, and post-9/11 we had this new threat of terrorism, and the montra was that we had an obligation, you know, a civic obligation to go out and move forward, to reopen our restaurants, to reopen our small businesses, and we were going to learn to co-exist with this new threat of terrorism and we would go through metal detectors and everything else that was new to us, feels like covid to some degree. there's been some level of surrendering that we're going to wait this out versus saying with ehave to co-exist and we have to overcome it and i think that a lot of the people in the commercial real estate industry are talking to our
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clients about how do you do that how do you focus on having the infrastructure, the vaccinations, and realizing that we have to recalibrate a risk we have to live with and move forward. liz: and new york is moving forward. it'll take some time but with people like you, scott, thank you so much, scott rechler. celebrities from lady gaga, cindy crawford, eli manning and many more chipping into help cantor fitzgerald and howard lut nick do the work 20 years later to honor the lives of the 658 employees he lost. howard lutnick joins us next. ♪ ♪ ♪ ♪
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46% intraday gain on august 30, fueled by the buy now pay later services, new partnership with e-commerce giant amazon. meanwhile on the flip side, kroger is slipping to the bottom of the s&p today, as shipping crunches, increased labor costs and in-store discounts to cut into profit margins, shares of the grocery chain closing out one of their worst days of the year, and apple also sliding after some of its app store policies were deemed anti- competitive by a federal judge. the case was brought against the tech giant by fortnite create create or epic games and the judge ruling that apple cannot block or ban app developers from including buttons directing users to other payment options outside of apple 's in-app purchase system. apple down as you can see more than 3% on that news. >> well, coming up liz will be talking to cantor fitzgerald howard lutnick on the firm's annual charity day, in honor of
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liz: let us take a live look at the memorial that now stands in the footprint of where the world trade centers once stood. a memorial to those lost on that tragic day. no company has more names on that memorial than cantor fitzgerald the financial giant offices span the top five floors of the north tower of world trade center when american airlines flight 11 hit that building there was no way out for any of them. 658 of the employees were killed but in the aftermath, the
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immediate aftermath through what i can only describe as an incomparable show of leadership and strength, cantor fitzgerald ceo howard lutnick vowed to keep his company alive in order to support the families of his former colleagues, which included his own brother, by the way, who were left behind. this on the rebirth of cantor fitzgerald lauren simonetti has the story of the relief fund. lauren: 20 years ago, cantor fitzgerald lost 658 employees in one world trade center when a plane crashed into his offices in the north tower. three days later the cantor fitzgerald relief fund was born. at first it operated like a crisis call center, helping the families of the fallen get information and support. it soon became much more. >> let's go help these families out. let's go get out there and ask our clients to help us as much as they can. help these families by steering their business our way and we'll
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just donate everything we can to those families, so what happened is i get up and now i'm motivated instead of being afraid, i'm excited for the day. we created this sort of a rally ing cry of we can help today more than ever on a day that they need the most help. lauren: the charity day raised $180 million to date, with 100% of the days global revenue going to the cantor fitzgerald relief fund. celebrities like cindy crawford, tony blair, bill clinton, eli manning and many more pitch into hundred el the transactions. >> ♪ ♪ lauren: while cantor handles the samly outreach, hiring dozens of children of employees it lost that tragic day. like austin zukosa, just six years old when his father died in the attacks. >> my dad was alfred and he
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worked in i.t. there, the big computer guy. lauren: austin works in investment banking. >> cantor had become a natural extension of my home so it felt like it be somewhere comfortable for me to kind of start my career, and grow. lauren: in new york, lauren simonetti, fox business. liz: joining us now, the man who suffered such unimaginable losses, but then showed equally unimaginable strength, cantor fitzgerald chairman and ceo, and my friend, howard lutnick. howard thank you for being here. you have endured 19 of these and somebody once said and i believe it was somebody who had lost a brother, said this is the 20th reunion that i really dread attending, but how is the 20th year different for you now? >> well now, i think about, i joined cantor fitzgerald right out of college and i worked
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there 18 years and then there was september 11 and now its been 20 year since then so i worked at the company longer now than i did before and that is just such a mind bending thought for me that this is more my life than it was before. liz: you were spared because you took your son, i mean, you took your son to his first day of kindergarten and hence you were late, but there's so many cantor stories of people who were also spared. monica o'leary who was laid off the day before 9/11, she talks about how you guys called her backup and said you know, we suffered this horrific loss. you need to come back. no more layoffs. does that amaze you how people who had even been receive pink slips said we're back. we're here to help. >> they all came back, and you know, the rallying around the firm by those people who used to work for the firm, the
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people who stayed at the firm. imagine they all lost so much while their friends, the firm is crushed and then the fact that they come back and say look, let's go rebuild this company. we'll earn less, we'll take 25% less, send our money directly to the families and that's what we did, and that's why we were able to raise $180 million for these families. it's on the shoulders of the employees who gave up themselves in order to allow us to rebuild this company. liz: you know, pre-9/11, in 2001 , cantor was like you guys were fun. i laugh when i think about companies that have these no nep otism clauses, you can't hire relatives. you guys went all in with that. you had the brothers and the brothers, brother sisters, father sons, mothers sons, you loved hiring family members and on the day that so many of those pairs were lost you made a promise to yourself that no matter what, any child of a cantor fitzgerald employee who
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was killed, if they ever wanted a job you would find a place for them. lauren talked about how you actually have hired many. talk about the numbers of kids of those who died, who are now working at cantor. >> so the policy of the firm was we only want to work with people that we like so we all have the same friends with the ones on the left who are smart, rock star winners in business and the ones on the right who make you laugh in a bar harder than anybody and all i'd say is look let's just hire all of the ones on the left and so that was a policy of the firm. now that's a really unusual policy, but what it did is it created this really tight, not one big happy family but really tight pods of people who just loved each other, cared about each other, backed each other up , so you could imagine how pull vargasizeing that was on september 11 when everybody, you know, i lost my brother and my best friend, i lost a brother-in-law of my other best friend, so it was everywhere and so we all bound together to take care of these families. that's why this company survived because we took care of them and
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now, when we went out to hire again, what were the rules? we're always going to hire people that we like, and let's hire the family members of the people that we lost, and so we've hired over well over 60 of them, you know, you said austin, i saw it today and i saw sarah, this is just amazing the kind of people we have, the young people imagine the widow of the widower is cool with cantor fitzgerald and think it's okay for their son or daughter to work there and never underestimate the strong opinion of a 22- year-old that they don't hate the firm and that they love the firm and you heard what austin said he thinks this is family. what could be stronger and a more compliment to the people at cantor fitzgerald that these young people feel like this is their home. liz: how do you not get consumed by hate and fury after what happened? when i think about you having lost your brother gary and so many of your friends, you could have crawled up in a ball and said forget it, i'm out.
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who endures losing 658 of their friends and employees? i'm just interested to know, because i don't know how many people be able to go on but not only did you go on? you grew that company from what was left to now 12,000 employees around the world. how did you do that? what inside you kept you going? >> well if you think about right after september 11, i had a phone call with all the families, and all the people who survived and so look we have two choices. we can go to funerals, 20 funerals a day every day for 35 straight days. think of something like that or we're going to work harder than we've ever worked before but let's face it. the only reason we go to work is to take care of these families so what we did and i asked them what we thought and they all agreed what we did is we twisted our desire to get out there and rebuild this company into making it that the reason we're doing it is we'll take care of these families and it was the love we had for these families coupled with our
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twisting, our objectives and our entrepreneurial spirit that we're going to do it to take care of these families and that's why we survived because i agree with you, liz. i just wanted to hide my head, i can't say whether it's hide my head under a pillow or stick it in an oven, it was one of the two but creating the desire to let's go help these families because they need our help and they need it now, that was the driving force on why we survived. liz: and look what you've done. it is certainly an example that i try to follow yours, every time things get rough nothings rougher than what you endured you pick yourself up and you say move forward. howard lutnick, of bgc cantor fitzgerald, thank you, great to see you. >> thank you liz. thank you for always supporting us we breachly appreciate it. liz: easy when it's you guys. you guys have all heard of the meme stock phenomenon, right well now, there's a meme medal that has captured the attention
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of the reddit crowd why investors are going nuclear on this investment. charlie gasparino, breaks it next, with about 16 minutes before the closing bell rings and the dow is now down 212, the "clayman countdown" is coming right back. flexshares are carefully constructed. to go beyond ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind? yeah. stay restless with the rx. crafted by lexus. experience amazing at your lexus dealer.
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liz: i just ran over to this part of the new york stock exchange floor, i want you to peak over my shoulder here and you can see that they are gearing up for the closing bell in memory and gratitude to the new york stock exchange, going all the way back 20 years so you have first responders, you have the leaders of the fdny, the fire department of new york, the nypd, and a lot of applause s they just walked down the port authority, police who
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of course as we know lost 34, 34 people and nypd lost 23 on 9/11, firefighters and paramedics 343 killed and there is the bell. can you see that? that's the bell and they are taking pictures at the moment and we do have about 11 minutes before the closing bell rings, and as we watched this incredible moment, it's really a special time. i have to tell you because the traders are gathering around and trying to do their job but we got some luminaries here as well and we're really honored to bring this to you, right there. we didn't expect that it would happen this way, but we were able to make our way right in there. now to a commodities, as we wait for the closing bell so you have to stay tuned for that but we don't cover this commodity very much because it is very thinly- traded on a terror lately take a look at the uranium chart
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and check this out charlie gasparino says move over amc and gamestop make room for the meme metal, charlie? charlie: this might be the new meme stock it's not really a stock it's a commodity and it's plastered on the reddit board people are talking about it. you got a massive spike in the price of uranium lately you'd think nuclear power is dead it's not really dead i'll explain the spike in a minute. we're talking about a frenzy of traders on the hopes that both nuclear power will expand and there's some technical factors involved too a major hedge fund is buying the physical assets of uranium. i hope they aren't putting it in the ceo's basement, the uranium but from what i understand they are buying the physical assets and while they are buying these physical assets, nuclear power plants apparently need the assets, need the uranium as well so that's contributing to a supply shortage. you throw that on top of generally bullish sentiment, natural gas prices are going
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higher, people are saying the biden administration is going to have emission controls, so that's bad for that means maybe more nuclear power in the future, bill gates is involved in this , saying that nuclear power should be the future. you throw all of that together, liz, and you've got, you know, it could be a short squeeze in uranium right now but you got etf's blowing up, you got stocks that are tied to uranium blowing up. this is a major move that kind of caught everybody by surprise. the reddit crowd is involved in this , some people are talking about this is the new meme stock , even though it's not a stock. it's uranium, it's the futures, it's stocks tied to uranium, it's the etf, given the amc ape s a run for their money, so there's a lot going on here in terms of what's going on in uranium, and plus, nuclear power. i meanings if you think about it , why haven't we had expansion s in nuclear power,
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well people are afraid of the downside, but as bill gates said there's got to be a way to use technology to make it a lot safer. this is not 1973 so that's where we are right now, liz. it's a fascinating story i think it's going to keep going. i do, i would like to know, liz, where that one hedge fund that's buying the physical assets is actually placing. i hope i don't live next to that person. back to you. liz: [laughter] charlie gasparino we thank you very much. charlie: i hope you don't live next to that person. liz: well i'm in jersey, so it's probably already there, okay? thank you. the dow, yes, we are at session lows, but somehow, that doesn't seem to matter as much as we prepare for the closing bell, 20 years later after 9/11 we are coming right back with that and more.
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liz: all right we are about three and a half minutes away from the closing bell on this friday, the dow and the s&p 500 are capping off five straight losses for the week, longest losing streak since juno session lows, dow down about 276 points and the red continues to follow. it is, of course two in a row for the dow and s&p 500 the nasdaq will snap two-week winning streaks. hurricane ida, okay? thank god that's in the rear view mirror. it's still keeping things at a stand still more than 75% of the gulf's rigs are now shutdown , as we look at oil prices right now, our countdown closer sees an opportunity in an energy name for your portfolio. let's bring in brian smolich, portfolio manager at hood river capital management. talk to me right now about why you are a believer at the moment
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and what is the name? >> well, chart industries is one of the names that we really like here. it's an energy infrastructure equipment company, so they provide a lot of the holding tanks and equipment for different types of energy and chemical solutions around the world. the companies growing at around 20%, trading around 30 times earnings. the ceo has done a great job of acquiring hydrogen assets so that mix has gone up substantially over the last 24 months, and has also growing at a significant amount. it's also a great play on lng, which was kind of left for dead last year, spot prices have moved up significantly and spreads are up a lot too so we really like that company as a play on energy and industrials. liz: tell me about how you view the trend toward electric vehicles, really quickly. >> well, it's obviously extreme ly powerful. there are lots of ways to play
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it in our small cap fund. we do it through semiconductor companies primarily. one of the companies that we own is vicore which is a power management solution they make a 48-volt chip that we think is designed a lot for different autos over the next two or three years, mid-term, however, most of the upside is coming from data services and artificial intelligence solutions that their products are growing into. liz: well we do have west texas bumping up against $70 a barrel in the after market, brian smolu ch, thank you very much for joining us and with a minute before the closing bell rings i personally want to give my remembrance of 9/11 20 years ago tomorrow. my dear friend, david alcher, died in the north tower. he was a dear dear man. he ran a brilliant mutual fund company and i always think about him because i was eight and a half months pregnant and he looked at me two weeks before 9/11, and he said i'm the father of three daughters, you're going to make a great parent.
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think of me so i always do. >> [applause] liz: as you look over my shoulder, the new york stock exchange paying tribute to the people who ran toward the danger and not away. >> [closing bell ringing] >> [applause] liz: the closing bell, the leaders of the nypd, fdny, the port authority police on the balcony to commemorate the 20th anniversary. larry: hello, everyone. welcome back to kudlow, i'm larry kudlow. so i begin with a quote, and i quote, if they'vell not help, if these governors won't help us beat the pandemic i'll use my power as president to get them out of the way. don't take it from me folks take a listen to the president himself, whose thumbing his nose at our nation's governors and after he thumbs his nose at them he's putting his finger in their eye. federalism could be dead. don't take it from me here is
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