selling we deal with it every single year. i think this year is even more important because a lot of folks have made a lot of money and we've gotta deal with it folks, do not get out of the market, make adjustments, keith thank you so much, my friend. as i hand it over to my colleague, liz claman, no cp effect today in fact people are having maybe second thoughts about the fed, liz. liz: let's call it a post-fed hangover, charles. in fact the dow just turned negative in the last few minutes , and the nasdaq and russel, well you can call it a splitting headache. tech savvy investors fearful of higher interest rates, or any bad news are pressing the sell button. the nasdaq right now, moving 414 points, names like adobe, sky works raining on yesterday's parade but the russel is down, s&p down 48 points and the dow is down 87. the so-called powell pivot, a quicker tapering of stimulative bond purchases, and possibly

three rate hikes next year, dividing traders into two camps, but will both sides end up being in agreement when it comes to whether the fed waited too long to douse the flames of inflation we've got the man whose been on the inside when it comes to tough central bank decisions. former fed board of governors member fred mishkin is here to play referee. >> the magnetic pole of ev dominance has general motors striking a deal with rare earth giant mp materials which makes the magnet material needed to keep the wheels greased of its new ev hummers and silverados. mp materials ceo is here on how this deal is going to work and when its new texas facility will begin hiring. >> and forget the omg legos and even rolex. the hottest christmas gift this year maybe crypto. block five ceo zach prince is here to tell us how to give the gift of digital currency this holiday season it's a fox business exclusive you've gotta check that out. in the meantime breaking news,

silicon valley trial of the century has just hit a key milestone in the last 20 minutes , i've been told by fox business contributor adam lashinsky whose inside the courtroom that closing arguments in the three-month long criminal fraud trial of elizabeth warren holmes are just finishing up a break and so far the prosecution has been repeatedly stressing that holmes knew she was lying about the viability of theranos, but did so because had she told the truth to investors and patients the company would have never attracted funding or revenue. we are told that the san jose courtroom is jam packed, adam lashinsky is telling us it is quiet. you could hear a pin drop, both sides trying to sway the jury, so far its just been the prosecution that's had its chance. holmes, the stanford dropout, is accused o of lying not just to patients but to the press, business partners, like walgreens and investors, some of whom pour hundreds of millions of dollars into theranos.

she said her technology could test with more than a few hundred diseases with just a few drops of blood. in truth the technology never worked but holmes continued to secretly use third party testing and pass it off as that of theranos. holmes truly believed her technology would eventually work , and claims she was the victim of her overbearing boyfriend and theranos president sunny balwani, who will be tried separately. jury deliberations, when they begin, could continue through the holiday we'll keep in eye on it. >> fox business alert 24 hours after the federal reserve announced it's racing a had ed with its pandemic wind-down the market is selling off which is a far cry of what happened this morning when futures were skyrocketing. the s&p down at this hour, but the nasdaq is really taking it on the chin after struggles in tech stocks weighed on the index you could see with the dow we had been green most of the day we're now down 102 points . when you look at the nasdaq which is losing 427 points, you're talking about apple, tesla,

amazon, microsoft, salesforce, every single one of them is in the red with apple leading the charge downward by 4.5%. major semiconductor names like advanced micro devices and nvidia are also selling off here , al qaeda come down 6%, nvidia down 7% and the 10 year treasury yields is retreating. this is a flight-to-safety at the moment, it's falling to its lowest level since monday, after climbing to about 1.46% yesterday. we have it at 1.417 at the moment. fed chair jay powell described the central bank's plans for combating higher inflation, but he brushed off the possibility of higher prices being in a more permanent state. here is how he put it. >> risk of higher inflation becoming entrenched has increased. its certainly increased. i don't think it's high at this moment but its increased. liz: all right, let's hear from our trader right now, john gogli ardi. john does the market action indicate that investors now

truly understand that the fed is behind the curve? >> yeah, i agree, and i think when you look around the market, what's rallying today are all the defenses. typically, these things go down, if interest rates were going up, but here we are, consumer staples, utilities, healthcare, reit's all breaking all-time highs. liz: what about utilities? i mean, and that's usually sort of the ultimate flight-to- quality because they pay such a good dividend. what are we seeing there? i do see verizon up 4% and that could be a knock-on effect from what's happening with at&t which we'll get to but tell me what you're seeing there when it comes to what normally be the safe play? >> you know, they're all breaking out in tandem so you just have to believe there's a defensive story going on, and i align myself with fred mishkin, since april he was talking about the fed was behind the curve and he was underestimating the strength of the economy and

here we are, eight months later and that seemed to have been spot on advice. liz: well its been 24 hours since the decision let us bring in the former federal reserve board governor fred mishkin. thank you for joining us you've had a day to mull what's been said and now you see the market reaction. what's concerned about the market reaction and more concerned about what you think the fed has done and whether it's appropriate or enough, considering, and maybe our viewers who were more on the west coast and didn't hear this news, the bank of england tightened rates this morning. should we have tightened rates? >> so, you know, it's nice to be right, and i haven't talked to you about this since april so thank you very much for mentioning that, always good to have somebody tell you that you're right. i think the problem is the fed is definitely behind the curve, and i think that there was three mistakes that they made, and as i've been harping on this for quite a while, but it's

just the way it is. so there are three mistakes. one is the fed is taking this view that the curve is dead and that having a high pressure economy which we now have won't lead to a lot of inflation and secondly, they've also felt that the supply shots mean that the inflation was going to be temporary. well, those two are really problematic. why? because it turns out that they are right that's the temporary part but not if you combine that with a very strong demand shock and that's what we've had from two sources. one is that the 1.9 trillion biden bill was about $1 trillion too much, it was a bad bill, and that added to a lot of demand but also it was a bad deal because there's all this pent-up demand. people's balance sheets, they couldn't spend you say you're richer and you got money to spend, and you can now spend it they are going to spend and that led to a very big demand, and

didn't take into account and that's why this is going to be inflation, it's much less temporary than expected. it comes down from 6% but not all the way, and the other issue is that they also made a mistake in terms of the way they've handled their average inflation target. they have been very unclear about the horizon and that's weakened the inflation target. i'd actually approved of an average inflation targeting policy, advocated that in my writing but on the other hand its got to be executed right so all three are combining to mean the fed has gotten behind the curve and now being hit by reality. this is life. liz: you don't seem like a guy whose worried about offending people, and old friends back in the federal reserve so i'm just going to plainly ask you. should we be tightening rates right now? >> i think the answer is that the answer would have been yes, but it needs to prepare the way

and that's what they didn't do so that would have meant tapering sooner than they did, and they sort of boxed themselves in, given the way they talked about policy, they didn't want to have a taper tantrum but they should have been much more aware of the problem and they weren't, so if i have to tell you i'm good friends with jay powell, he did a fabulous job in march of 2020. but you don't always get it right, it's not so easy being the central banker. i've been there. liz: john gagliardi, a move to higher rates tends to cause often very violent sector rotations. what are you preparing for and how are you putting portfolios into motion ahead of that? >> well, those four sectors, so the easiest place to look are the xl's, slp, xlu for utilitie s, xlv for healthcare and xlre. so one of the things about the particular suite of etf's are they are simply the s&p 500

broken down into their 11 sector s so if you want to play defense and you like the rigorous accounting of the s&p, you kind of get both of those with one symbol, and there is one number out there that scares me the most is 30%. 30% of all dollars in u.s. circulation right now have been printed to november of 2020 , and i'll challenge your viewers. if you look at any chart of m 1 or m 2 money supply on the s&p 500 you have the exact same chart since november 2020, they've both went vertical, and that's going to be tough to unwind. i can't imagine the fed reigning in $6 trillion of new money. i just don't know how that happens. liz: should the fed just quit the tapering cold turkey, fred, because they are still buying bands even as they scale back. >> i certainly would have scaled back faster, and also not only scaled back faster, but communication. they really needed to get out, the fed has been very weak on the communication about what they would do if things didn't

work out the way they had hoped, and this is something i've been critical of the fed not just in the past year, but actually, with some research that i did three or four years ago, and i think that there's a lack of transparencies, a lack of transparencies that's on the average inflation target and that's created problems for them so the answer is i think they needed to be much more aware of the problems that could go wrong and also let people know how they would go wrong, they are now in a little bit of a box and they have to move faster than they otherwise would have and that's higher rates than we would have and higher inflation. liz: well the markets shivering right now. dow is down only about a quarter of a percent but the fact that it had been always in the green most of the day and now revert ing and following the nasdaq down, which is down 421 points indicates the market is waking up with as we said that hangover. fred mishkin, john gagliardi, thank you for the commentary it's very helpful here. we gotta get to the fox business alert. at&t is looking at a nice gain of more than 6% in this final

hour of trade. this is a welcome move considering the shares of the telecom giant have been idl ing at multi-decade lows. the spark, today coming after morgan stanley said the telecoms recent sell-off reflects a "over ly negative outlook" that does not take into account this year's wireless revenue growth. the bank raising the stocks rating to overweight but lowered its price target to $28 a share. it's at 23.66 right now. morgan also says at&t shareholders will gain if the pending warner media discovery merger goes through. delta airlines, trading lower, despite the company switching its forecast from a fourth quarter loss to profitability. now it had been higher earlier, you can see its been pretty much the trend with a lot of these stocks today. delta is down 2 1/3% and the carrier says strong holiday demand will keep profits floating higher into 2022 let's check the other airlines we do

have ual, american, and jet blue all moving lower, with, you know , call it ual down about 3.6 % the biggest laggard there. mcdonald's though hitting a record, earlier today after it announced it's getting a $105 million infusion thanks to its settlement and the lawsuit against former ceo steve easter brook. the stock is flat right now at $264 and change but earlier, it had gone as high as $267.88 and the fast food chain alleged new information about the fired ceo 's inappropriate behavior, including engaging in four alleged sexual relationship s with employees and deleting evidence from his cell phone, entitled mcdonald's to clawback his severance payment valued at $105 million. the name behind wall street bets is betting on itself. online message board reddit says it is confidentially filed to go public. no word on the float or the price range but reddit back

in august announced a $700 million round of funding at a valuation of more than $10 billion. okay, apes, let's see if you want to buy into that. forget the new fishing pole or necklace, more americans are hoping santa clears them crypto under the tree. block ceo zach prince is here with results of a brand new survey and how his company makes that able to happen. it's a fox business exclusive, closing bell ringing in 46 minutes, dow down triple digits but folks we are keeping an eye on the biggest percentage laggard of the majors and that's the nasdaq down 2.7% or 420 points stay with us we're coming right back. ♪ ♪ no two dreams are the same.

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our switch squad makes switching fast and easy this holiday season. liz: robinhood getting the scrooge treatment from bank of america the bank has initiated coverage on the online trading app with an underperform rating and a price target of $22 a share. yeah, news to bac, it's already below that at $17.84 down 8.5% right now, analysts say the market is not accounting for the reversal in covid-19

restrictions, and its overstated growth trajectory but as market grinches look to steal robinhood 's holiday cheer, the stock trading app is launch ing a new feature this month that will allow users to give cryptocurrency gifts this holiday season. robinhood is far from the only company allowing customers to gift crypto. let's bring in blockfi ceo zach prince who joins me in a fox business exclusive, with what you guys have found when it comes to gifting cryptocurrency. >> yeah, hey, liz thanks for having me back. so we did a survey of not only blockfi clients but also the general public and we asked, do you intend to give any of your relatives or friends the gift of crypto this holiday season, and we saw pretty good response to the survey, but we were relatively shocked by the number. 10% of folks said that they intended to gift crypto to someone in their family this year. now, i work in the crypto industry. i've been gifting people crypto for a while. i can definitely say this year, more folks in my family have

asked if i was still doing that than in years past, but i think that's a really great number for the industry and you're see ing robinhood as you mentioned, of course is available on blockfi's platform but also companies like square and coinbase make this possible. liz: well, gifting crypto sure be nice but it's almost like, i don't know, putting a live fire cracker in the christmas stocking because it can explode and show beautiful colors and then it can blame out really quickly because this is incredibly volatile. how do you guys enable something like this? >> yeah, so i mean, you can buy and sell cryptocurrency on blockfi. what we're most well known for is that if you hold your cryptocurrency in our blockfi interest account, you earn a yield on that. we're one of the first movers making it possible for folks to earn interest on their bitcoin and other cryptocurrencies and also stablecoins, that really attractive rates but i agree with you 100% on the volatility liz. folks have to be really smart about asset allocation, about their personal risk tolerance

but ultimately, bitcoin and cryptocurrencies have been a phenomenona almost investment. the data does not lie. bitcoin is up over the last year 144%. the s&p 500 is up 26%, and gold is down 4%, so you have to ask yourself what your risk tolerance is but ultimately it's a question of how much volatility can you handle in exchange for what historically have been incredible returns over a long time horizon. liz: let's talk about the returns of your what are called the bia, the blockfi interest accounts. 9.5% yields, zach? this is incredible. i saw that and i thought whoa. the average bank account, savings account isn't even giving 1% in many cases, so how are you able to do that because i know, and look the sec is sniffing around a lot of crypto companies but they're concerned about these high interest rate- bearing accounts because they are worried that you can't protect your consumer, if, for example, there's a hack, or perhaps a borrower default.

>> yeah, so first off, we've been operating these accounts under a certain regulatory construct for over three years now. the yields have been very reliable. we've generated hundreds of millions of dollars worth of interest for our clients, and at a time where you're absolutely right, liz. it's really hard to get much of anything in a traditional bank account, being able to access this financing opportunity in kind of alternative investment in the crypto world has been a really useful tool for folks, but full disclosure, this is not a bank account with fdic insurance. this is something different and there's definitely a regulatory question right now around whether this should be treated like it is in fintech apps under the money licensing regime, blockfi currently holds state level lending and money transmission licenses, whether it's something that's more like a certain type of bank product, or whether it should be regulated as a security which is , you know, the sec's domain. blockfi's perspective is that we want to work with regulators.

we're very clearly in an education phase at the regulatory level for the entire industry. we're pro-america. we're pro-smart regulation that enables this industry to thrive and support growth amongst our economy and we're working very closely with them with all kinds of regulators to help facilitate that. liz: zach we've got about 30 seconds i need to ask you about something you talked about with last time. you had the partnership with visa, to create a crypto card. how many cards have you issued now? >> we have 75,000 cards out in the market, our clients are lov ing it, they've already earned over 200 bitcoin which is north of $10 million at the current price in rewards, they are on track to spend $2 billion in the first year the cards in- market and we have a lot of new exciting features coming so itch you haven't read about the card we're short on time liz please check it out at blockfi .com. liz: come back and we'll continue to talk about this in

the new year. thanks, zach. >> would love to, thanks liz. liz: zach prince when we come back we'll take you inside the first toys "r" us store that is opening since bankruptcy. right ahead of christmas, stay with us.

liz: note, the dow just turned positive again, all right jeffrey the giraffe in toys "r" us are back, just in time for christmas. back in 2017, toys "r" us was deep in debt and had to file for bankruptcy. now in march of this year, new york-based whp global acquired a controlling interest in true kids, inc. this is the parent company of toys "r" us. now the toy store and its mascot jeffrey are opening a brick-and-mortar store inside the american dream mall in new jersey. the new store features a lot more than just toys, including a multi-level slide. madison alworth is at the mall to tell us if the experiential

component of the store will get people off their computers and back into stores. reporter: liz, this store is pulling out all the stops to bring customers back inside. it actually doesn't open until this weekend, but we got a special preview just for count down. as the kid that grew up going to toys toys "r" us, walking through the store is like a trip down memory lane but now it's even better. this time around toys "r" us is trying to make their physical location a bit more of an experience. the store has a slide, ice cream parlor and the usual interactive setup. toys "r" us is attempting this come back after a ref few years. toys "r" us had 1,400 brick-and-mortar stores and controlled 25% of the global toy market, but after filing for bankruptcy in 2017, all u.s. stores were liquidated. then the pandemic squashed their first attempt at a re-launch earlier this year, but the ceo says now is the right time to get back into brick-and-mortar. >> today's day and age, everything retail is omnichannel

sitting here today you want to have a great digital presence, you want to have a really awesome interactive and engaging retail presence. reporter: they are trying to do things differently this time around, liz, this store is 20,000 square feet. that's about half the size of the stores they used to have. the idea being they don't need to stock every single toy in their inventory, only the most important ones. come this weekend, liz, this toys "r" us will be the only one open in the united states, just in time for that last minute christmas shopping. liz? liz: i will take the slide and the ice cream, thank you very much, madison alworth. one company digging for ev gold in the california hills, by mp materials thinks magnets will be the new auto maker gold rush, the ceo is here to tell us all about his blockbuster deal with general motors and beyond. closing bell ringing in half an hour, the dow is now backup 38 points, the s&p is down 30, off its earlier low of a loss of

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in the world's richest uranium region and a supportive partnership with two of the worlds largest uranium suppliers. purepoint uranium. liz: general motors has teamed up with the only rare earth magnet miner operating in the united states. it's mp materials, and they will ramp up domestic electric vehicle production. gm is drawing plans to open a magnet supply chain facility in fort worth, texas, with mp materials to produce this magnet. you know the element is neodimio n iron boron. the magnet alone is the key component in ev motors which helps put the cars wheels in motion and to break this magnetic deal down for us is mp materials chairman and ceo , james letinski. this blew us away and this is a really fascinating deal. i'd love to know how it came

about. who approached whom? >> thank you, liz, nice to be back with you. this is a really transformational deal for mp, frankly for gm and the country. we are bringing this supply chain home, so we are going to take materials, rare earth materials, that we mine and process at mountain pass in california and send them to an mp built magnetics facility in fort worth texas so we'll be breaking ground early next year and gm will be the foundational customer of that facility and this supply chain will be 100% u.s. sourced. liz: james explain to our viewer s how magnets actually help ev's roll their wheels and get going? >> yeah, great question. i think a lot of people get confused because when we think about ev's a lot of times people talk about batteries and there are lots of chemistries in batteries but regardless of how that energy is produced, the energy has to go to a motor. the motor, you know, is what makes the wheels move, and those motors north of 90% of the cases are moved by rare

earth magnet, so rare earth magnetics are really key for the energy transition and de carbonization future whether it's an ev or wind turbine, a drone, robot, these things pretty much require rare earth magnets. liz: well, gm has talked some serious smack. they are saying we're going to beat elon musk, we're going to overtake tesla and of course they've already rolled out the hummer that's all electric. this is really getting a ton of attention in fact president biden already took a spin in one of them. tell us exactly which cars you plan to provide for , all of them, and we know that gm is pouring a ton of coin into all of this as well. >> yeah, and so this is really an exciting commitment from gm. we're going to provide for their whole platform, so their ev platform, so whether it's the hummer, the lyric or many others, you know, the magnets will be produced, hopefully, at our facility in fort worth and

so it's exciting. it'll be in a lot, we hope all those models are successful and so it's a long term commitment and exciting. liz: it's not just gm. every single car company has now suddenly woken up in the past, i don't know, six to eight months, tesla, of course was well ahead, but i'm sure you're talking to a lot of these companies. we just, yesterday saw toyota saying lexus finally started the ball rolling. i used to be a lexus driver but all they had were hybrids and i said i want to go all electric. now they just made the announcement yesterday they have 15 different lexus models that are all ev, good for them, whatever, but what kind of deals are you striking with other companies? >> well it's a great question, and you know, we've openly stated we hope to be the magnet producer to a number of el moussas, gm certainly has led the way with their vision and becoming our foundational customer. we expect to have many others. you can imagine we've been talking to a lot of the names you would suspect, and you can

certainly imagine that the phone has been ringing even that much more since this deal was announced, and then i think liz, what's really fascinating is when we look around at the ev landscape and you mentioned the toyota announcement yesterday, gm, ford, tesla, or the new upstarts like lucid and rivian, if we look at the aggregate value across these companies, and the wall street estimates of how much needs to be produced i think we're going to find in the next three, five, or seven years, that the supply chain just isn't there for everybody, so the early leaders like gm, who clearly understood that and are moving upstream are really going to be positioned well to win this new race, because it is a new industrialization so to speak so the supply chain is going to be really critical as the next few years unfold. liz: well yeah, and in the past the rare earth supply chain had to go through china and you guys are the only ones here in the u.s. so you're really sitting quite pretty here. i do have to ask, when do you guys expect to start hiring in

fort worth? so many companies are moving to texas for the tax implications but on top of that, its just got a very motivated and educated population in those areas of austin and fort worth. you guys ready to hire in that plant? >> we are, liz, we've already started hiring, so for anyone out there, we are looking to grow our team so please reach out to us, you can find it on our website but yes, we're hiring in fort worth and we expect to grow our team there as well as grow our team in california. we are doing quite a number of expansion projects at our site in mountain pass so we're hiring all over the country and we're looking for talented people to help us and join our mission. liz: james, the stock, you guys just went public last year. the stock is up about 30% year-to-date, 50% year-over-year , you now have a nearly $8 billion market cap, i'm glad you're friends of the show and come back on the "clayman countdown." thank you. yeah, we appreciate you having us, and we have a long way to go

in our mission. it's exciting, it's an enormous opportunity, and again it's important for the country. we've got to get this supply chain home and that's what we're about, and we'll just keep doing it. liz: thanks so much. we'll see you next time. >> thanks, liz. liz: throwback thursday but not in a great way. broadway shows canceling, colleges sending kids home, all due to a spike in covid-19 cases , and wall street not immune to what is happening right now. charlie breaks it, next, we'll hear that closing bell ring in 19 minutes now the dow is backup about 90 points so we'll see how this one ends. it's going to be really interesting, either way though, the nasdaq is still struggling down 325. as a professional bull-rider i'm used to taking chances.

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liz: we need to look at apple shares right now, they are very near session lows at the moment, as investors rotate out of growth and into value at this hour. that's part of the problem, i mean, apple is a big laggard on the dow but also, you know it's a member of the nasdaq and the s&p. apple is down 3.5% to 172.86. on top of that the news that we broke here yesterday right during the 3:00 p.m. eastern hour that the iphone maker has temporarily closed three stores due to increased covid-19 exposures. miami, maryland, and ottawa, canada stores shutting their doors and the company also announced it was delaying the requirement for its workers to return to the office. they will delay that indefinitely. the pressure on the stock has apple still waiting to become the first company to hit a market cap of $3 trillion. the gain that we need to see , the level of the stock that we have to see for it to hit that

3 trillion is 182.86, i remind you, we're at $173.06 market cap 2.837 billion-trillion. charlie: trillion? liz: what's a few trillion? charlie: what's going on with amazon? are they picking up with this? liz: we'll look at that but apple is not the only one chang ing its plans due to covid. top wall street, more than you just heard a few days ago are canceling their holiday plans and morgan stanley doing a 180 and now encouraging their employees to work-from-home for the rest of the year. charlie gasparino has more. charlie: we should point out that the morgan stanley memo that fox business has exclusively obtained pertains specifically to brokers. now we should point out that morgan stanley has the biggest brokerage salesforce those are people that deal with the average investors, you're a broker when you want to buy stuff from morgan stanley that person has been encouraged particularly if you live in new york to stay home and do your business from home. that doesn't mean you can't meet

with clients but you probably shouldn't meet with them, they said, in the memo, keep gatherings extremely small, stay-at-home, still provide what they consider good customer service, but do it remotely and i think this is just the beginning. i think what you see now, liz, is aside from this exclusive news is like a movement directly towards a rehibernation on wall street as covid surges again. ubs this is exclusive to fox business, canceled its christmas party, lion tree canceled its christmas party. we just confirmed that goldman sachs canceled its christmas party after saying it was okay, we reported that earlier in the week just today they canceled it. jpmorgan is weighing a more flexible return-to-office mandate. remember jamie dimon was head of jpmorgan along with james gorman , the head of morgan stanley, they were very very, they were the covid return to office tough guys . they're backing off that, jpmorgan on

top of that canceled, or will be holding its big biotech conference in san francisco virtually. they were planning to do it one on one. you want to finally meet with the guys at moderna that have invented the vaccine. liz: by the way the cdc has just recommended in the last few minutes, the moderna over j & j for the vaccine. charlie: how about pfizer, that's what i care about? i've got that. liz: i do too but carlyle as well gets thrown into this pot. they are canceling a few things charlie: private equity, a smaller firm. you know when you get a big bank with thousands of employees and by the way the morgan stanley thing is pretty significant because a lot of their brokers are here in new york. they have a huge office. liz: gotta figure this is going to ding the economy. cancellations? charlie: really this is a new york city story too. particularly new york city's economy is in really desperate shape. we had harsh lockdowns in 2020. mayor deblasio and governor

cuomo turned manhattan into essentially a playground for the homeless and criminals, people weren't working in manhattan, you couldn't, restaurants were like closed and 25% open at some point and closed again, so the economy is now just starting to pick-up. you could see it in restaurants, and this is going to hurt. people are staying home. i will say this though, and here is the thing. i've never been a covid denier, you know me. my brother is on the front lines with i believe your sister, right? liz: my sister-in-law. charlie: and my brother runs the icu at brooklyn hospital. he contracted covid, had three horrible days where we didn't know what was going on. this was early last year, because he got it from patients. he was seeing an immense flow of patients. we don't have that now in these hospitals. liz: what are you talking about into? michigan hospitals are overrun. charlie: listen to me, not in new york and do you know why? we're vaccinated and i'm just

saying, i'm worried do we just take a one-size-fits-all approach to this? governor hochul is mandating stuff in new york city because of a problem in upstate new york where people aren't vaccinated and the variants are spreading. that's one thing. the other thing, i think, is paramount, you start talking enough people in the health industry, they want to know why build back better has nothing nothing in it that could potentially speed up the distribution of any sort of treatment. why isn't monoclonal antibodies which are very hard to get and pretty effective, some people say it's not, but it's still pretty effective, but why isn't there $1 trillion going to get them into hospitals or this new pfizer pill? this is something we're going to have to live with and the tog gereeepl co ,me yananou kw?no li wre wreoo a hn i

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liz: five minutes to go before the closing bell rings. the dow can't seem to make up its mind. it is flat, slightly lower. up 80 points, down 80 points in this hour alone. the one underwater for most of the session really, the worst day for the nasdaq tech-heavy index since september 28th. right behind it of the s&p.

point loss for nasdaq 385. s&p down 40. russell struggling down 40. transports down 89. the clock is ticking for you to buy and then have your gifts delivered before christmas day. the deadline for first class mail is tomorrow and december 21st is the last day to send three-day mail via fedex and ups. ups is up 1.25%. fedex is up most of the session. it has turned negative in the past hour or so, down half a percent. today's county countdown closer says move the shippers aside. he has a name to bring you on time portfolio. we have kevin mamn joining me. 6 billion in asset management. 1-800 flowers. i want to start with that one. we covered that many, many years. they have done so many bolt-on acquisitions. why do you love this one? >> it just an example of an

e-tailer that continues to thrive as society purchase more goods and services online. u 1-800 flowers provides growth for months and years ahead. it is forecasted that $270 billion will be spent online in the u.s. alone but e-commerce isn't just a passing fad. it is not just a seasonal trend. we think it is marking a seismic shift away from in-store purchases to online purchases across the globe. liz: amazon is a pretty obvious one but the reason that i think 1-800 flowers is something to look at specifically is, because they have under their umbrella sherry's berry's and cheryl's cookies, popcorn factory, harry and david. >> they're more than just flowers. absolutely, they're more than

just flowers and they offer a wide variety of goods and services particularly appealing during the holiday shopping season. we see they continue to grow their earnings. their stock price continues to grow over the last five years. not just a december play. liz: visa is also on your list. more of a tollbooth opportunity here. they make money either way, right? >> absolutely true. they're a tremendous opportunities even beyond just the e tailers with regards to the paint processors, the credit card companies, the delivery companies. i heard you mentioned ups and fedex earlier and of course the industrial reits, warehouses and distribution centers but visa one name we particularly like. they pay a little bit of a dividend but continue to grow their earnings as well. liz: kevin, a few minutes ago we look viewers live for the toys "r" us store that opens officially at the american dream mall in new jersey. why do you feel e-commerce is a better play than

brick-and-mortar stores? >> i this the best overall play, liz, those that have a physical presence but continue to expand their online footprint. liz: okay. >> whether because of pricing points, convenience measures or perceived safety more and more consumers prefer to shop online. it is forecast by the end of to 24, 2024 one in every four purchases in the globe will be done online. if toys "r" us provides an on line footprint in addition to the brick-and-mortar presence that will be more opportunities than just for toys "r" us. liz: we have a minute. fed telegraphed we'll see three rate hikes next year. how are you positioned your portfolio? >> i will be surprised we'll see the three rate hikes. that is what the dot plot is suggesting. i believe we'll see only two rate hikes. we're in infraction nary environment. the economy continues to expand. we like stocks in the e-commerce

ecosystem. liz: kevin, great to have you. happy holidays, merry christmas to the whole henyon and walsh team. we said that the dow could not make up its mind. [closing bell rings] colored red like the s&p and nasdaq. pretty much a hang over for stocks post-the fed decision. that will do it for "the claman countdown." "kudlow" is next. ♪ larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. so save the bill, no, save america, thought i would have you there, save america and kill the bill. folks it is happening. merry christmas. the white house and the democratic leadership have given up at least for the remainder of this year. joe manchin has been indom minutable, unyielding, very much in tune with the american public. bet a couple of democratic senators have been