cheerleader for opportunities particularly when trying to navigate these rough patches. i hope you never partake in what could possibly be a life-changing experience. i'm never going to be the one that says sell everything and try to pinpoint the exact bottom. if you're playing that game, more than likely you're going to miss the bottom and, ironically, you'll pay more than people who are actually buying as the market goes down. my model portfolio went to cash, 60% cash twice this year. is so we do take precautions. i coappreciate you watching the show. i'm not the doom and gloom guy because i've seen this movie too many times, and the ending is always fantastic if you stay the course and don't lose your nerve. and liz claman will vouch for that, won't you, liz? liz: i know who the doom and gloom guy is, the intel ceo. ty -- did you hear that call? charles: yeah, and it's crazy, because the other chip names are

doing pretty well. liz: folks, happy hour may still be two hours away, but the bulls are stampeding to the finish as we kick off the final 59 minutes of trade. take a look at the s&p, up 99 1 points. -- 91 points. the nasdaq charging higher by 296. the russell up 37 points. but look at the dow, it just continues to deify gravity. right now it's seeing a gain of 812 points. and heading for six days in a row of, yes, gains. can you imagine that? not bad at all. if you really kind of compile this, you add today's point jump to those of the past five sessions, the dow has scooped up a total of more than 2,500 points. and you know what's crazy? what i just referenced with charles, one of the catalysts is intel. it's at the very top of blue chips jumping 9.99 % even though the chip manufacturer posted a 20% drop in q3 sales, lowered its full-year outlook, sees a

sharp drop in demand for pc, and then ceo pat gelsinger told dow we that intel's aggressively cutting costs, they could resort to more divestitures and just to cap off the sunshine and rainbows forecast, he pulls on a full-on dr. doom saying, quote, it's hard to see any points of good news on the horizon. well, here's one, the stock is charging higher by about 10 is percent. now, the gains in apple are a lot easier to understand. last night the tech superstar beat on both the top and bottom line, came in with record revenue of $90.5 billion, but those results superimposed over a miss on iphone revenue and ceo tim cook citing some storm clouds ahead and gave no full-year guidance. web bush's dan i'ves, by the way, top analyst coming up next, on what he sees for apple's holiday quarter, and he's going to tack all of the elon musk-twitter drama over the past

24 hours, and there is some breaking right now. we're just checking it at the moment, but there is more breaking news around twitter. apple, for its part, up 7.8%. investor sentiment, it's also getting a boost by what's on your screen here. the federal reserve's preferred inflation gauge, core pce, showed while inflation did not cool month over month in september, year-over-year it came in at 5.1%, a tiny one-tenth of a percent lighter than expected. that was good enough to trigger this this rally that we see in equities. but mega-tech is in trouble. the wall street journal says muddy quarterly results signal the end of the tech boom. so, folks, in just over the past week more than 550 billion in tech valuation has been wiped away. vaporized. so we've been telling you about this whole year about the tech wreck. amazon down 39%. yeah, year to date. meta, down 70% year to date.

looked at alphabet, down 34% year to date. microsoft, i blue chip, obviously, down 30% year to date. as we like to say here on "the claman countdown," there's always a trade. joining me now, keith fitzgerald and lindsey piegza. keith, let's just say the journal is right, tech's gone cold. where do you turn right now? >> well, number one, i don't think the journal's right because not all tech is the same. so even within tech you have got to pivot. apple is a winner, but it also simultaneously clobbered meta and google's advertising models. but if you're going to go outside of tech the, look to the things that are obvious. for example, chevron. china, north korea and russia have singularly changed the global supply model for oil. that stock's got a long way to run on top of record earnings posted this morning. liz: yeah. what i found interesting is chevron, which is not on this list right here, we should show

it, is that it is not one of the leaders finish. [laughter] right now on the dow jones industrials. but i get it, energy has looked very strong. lindsay, to the broader picture we are exactly, well, i'm not going to count the days, it's next wednesday, the federal reserve is going to come out with its announcement. full-blown expectation is 75 basis points once again. tell me what you expect for december now knowing that core pce, i mean, a tiny bit low lower but not by much? >> it's going to be hard for the fed to change its course and suggest that a lesser course of action is needed or appropriate given the fact that, as you mentioned, the core pce did come in slight arely below expectations, but it also ticked high higher from the prior month. so core inflation is still moving up, in the opposite direction of what the fed is looking for. again, it's going to be very difficult for the fed to justify changing course from a 75 basis

point increase path to a smaller 50 basis point increase. liz: but, lindsey, and this is really important here, if we look at all of the countries that have very recently raised rates, so here's the trend, you have the united kingdom -- which, they don't have a meeting in october, but they raised 50 basis pointeds -- points in september. you've got that, you've got, obviously, the you know, ecb -- the you know, ec -- your are prozone. and then, what is that, oh, bank of england, 50 basis points, qanta can, 50 basis points. and just for fun, we threw in malawi which raised by 400 basis points. that's an african nation, they're on a whole different metric. but we're not in an emergency situation, are we? >> i think it shows central banks around the world are desperately trying to rein in inflation but not undermine the growth in their respective

domestic economies, and that's the conundrum that the fed is also facing. what's different here in the u.s. is the fed is still convinced the labor market is on solid footing. and again, with the report we saw with q3 gdp up over 2.5%, if the fed has been true in its commitment, there's nothing to support the notion of a pivot quite yet. liz: i agree. and so, keith, people keep saying, oh, maybe this is a sign that the pith discussion will happen next -- pivot cushion will happen next wednesday. i just don't see it, do you? >> no, i don't. i think for all the reasons lindsey brilliantly laid out, by the way, i think the only thing that's on the fed's mind next week is how can they continue to promulgate the illusion? everybody knows the emperor has no clotheses right now, and they stubbornly stick to their arguments despite a mountain of evidence that they should, in fact, pause or even -- liz: wait, what was the mountain? see, i don't think so. i think that we still have high inflation. yes, it takes a while to work

its way through the system but, remember, this was the show a year ago that said, wait a minute, transitory? i don't think so. inflation is going to be sticky, it's going to be high for quite some time the, and we're not economists. we just look at the markets, and we have this view not at 30,000 feet, but very close to the ground. >> but that is the key distinction. i was one of the very first people on your show to say this is something wrong with the transitory narrative. the fed cannot fix this by raising rates as long as the government continues to throw fuel on the fire via its spending. so i think the fed is misunderstanding rates and labor just the way they misunderstood transitory. if they're going to pause, they need to at least take a look around and see why inflation continues to move. it's not necessarily because it's going up on its own volition, it's going up because the supply chain still exists. liz: keith, lindsey, we will know next wednesday, and it's going to be one of the most-watched -- i always say this, but lately every single

federal reserve meeting is going to be really, really important until we start to see inflation cool off. but thank you very much, lindsey, keith, always a pleasure. all right, sink or swim, twitter is now elon musk's possession, warts and all. how will the world's richest man remake the social media company in a way that makes users and advertisers flock back to the little bluebird? and we've got breaking news directly from elon musk. we'll get it to you when we come back right after the break with dan ives, of course, he's from web bush. closing bell, 52 minutes away. dow is up 797 points. "the claman countdown" is just getting started on this friday. ♪ people remember ads with young people having a good time. so to help you remember that liberty mutual customizes your home insurance, here's a pool party. ♪ good times. insurance! ♪ only pay for what you need.

♪ liberty. liberty. liberty. liberty. ♪ ♪ what will you do? will you make something better? create something new? our dell technologies advisors can provide you with the tools and expertise you need to bring out the innovator in you. ♪ ♪ ♪ ♪ ♪ ♪ you love closing a deal. but hate managing your business from afar. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire ♪ ♪ mercedes-benz is turning electric... completely on its head.

bringing legendary design... and state-of-the-art technology... to a fully-electric suv. the all-new, all-electric eqb from mercedes-benz.

liz: so here's this breaking news about twitter. contrary to earlier reports, kanye west's twitter account may not have been are reinstated. west had been suspended three weeks ago for posting anti-semitic remarks. he was then dumped by multiple businesses for hate speech, but bloomberg reported this morning that kanye appeared to no longer be suspended from the platform. however, new owner elon musk has just tweeted -- and i believe we have the tweet finish that the social moo yesterday concern media platform will be, quote, forming a content moderation council with widely diverse viewpoints. no major content decisions or account reinstatements will happen before that council con convenes. that just hit twitter. all right. so, well, after nine years on the new york stock exchange, twitter was delisted this morning as musk officially takes twitter private. the stock, which at its all-time high hit $77, ended its final

day as a public company at $53.70. web bush securities managing director dan ives have been doing a play-by-play of this soap opera since it began back in april. now the hard work begins, turning twitter into a money-making business. how does elon musk accomplish that and quickly? >> it's going to be an uphill battle. twitter's been a train wreck from a monetization perspective last decade. for musk, the easy part was buying it. the hard part's going to be fixing it. a lot offed wood to chop ahead and i think a lot more questions than answers in terms of how he's going to get this. liz: you just saw this breaking news, right? now it seems he is going to have a council that he is going to form that will make sure that we don't see a lot of hate speech. i don't know, i don't know what their fete ricks -- metrics are going to be or benchmarks, but 90% of twitter's revenue still comes from advertising. yesterday one of the first

appeals musk had made as he entered the building was that he was very entered in making sure advertisers understood that this would not be a hellscape of all kinds of horrific speech out there. it sounds like he's understanding he needs those advertisers. >> well, and there's # 4 billios he's doing this. if he just wants to throw away 44 billion, he could let it be a town hall or a cesspool, whatever they want it to be. that's the problem, how do you monetize that? this is a debt deal in terms of that 13 billion. so it goes back from the beginning, saying that you want a free speech platform. now the execution of it given what he's paying, that's going to be, what i view, a very complex journey ahead. liz: well, he's faced with the same exact things that the old boss, welcome the new boss same as the old boss, may have to be dealing with. so let's talk about this because

twitter is no longer tradeable, obviously. but we here at the business network are very interested in what is the trade. is it that he says he wants to be very precise and targeted with the advertising, i mean, what web site doesn't these days. but we started to look at programmatic ad sites. these are publicly-traded stocks that a work on the kind of search, it's sort of, you know, action/reaction. you search for something interesting and then suddenly you start seeing ads that are popping up having exactly what to do with what you were searching. so everyone from, for example, trade desk or mag night, pubmatic, digital turbine. what do you thing are obvious opportunities if elon has to go down that route? >> yeah, and super interesting business model, trade desk as you talked about, being one. the problem here there's a perfect storm. there's the apple ios privacy issues which has killed meta and

some others as we've seen their earning, and then there's just tiktok, competition and overall engagement. the first thing musk needs to do, he's going to cut costs, then ultimately look to monetize in themes of a paid subscription, likely, and then it's going to be targeted advertising. and that really, i think that's always been the rubik's cube that twitter's never figured out. liz his yeah. yeah, i see that, but what do you think has been elon musk's real problem? and i say that because if you look at tesla, he had to to use some of his tesla stock to fund this, not to mention morgan stanley, bank of america and a bunch of other people throwing some money into the bin to make it happen. is tesla's situation now in the rearview mirror? if because since elon musk announced that he was going to buy twitter, tesla's down 31%. i know you look at tesla very closely. what happens here? >> look, i think, obviously, he was selling tesla stock to fund

twitter with. i would call that selling caviar to buy a clash 2 -- $2 slice of pizza. and that's been a frustration of tesla investors. finally, the overhang is in the rearview mirror. but, look, there'll be some worries about his attention because ultimately the golden child of tesla, now spacex and, of course, twitter, i think he'll navigate that well, probably get another ceo with social media experience in there. but i think musk's issue that he paid $44 billion that we think was worth closer to $25 billion, it'll go down probably as one of the most overpaid m and a transactions in the history of tech. and that's the fundamental problem. he basically got into a bad deal, looked at the courts and, ultimately, had to buy it. liz: let u.s. just -- let us just transition to the big tech report card. we had so many of the so-called blue chip names, mega-tech, coming in with kind of muddy earnings picture. of what do you give as far as

grades? put on your professor hat. >> the one that's pretty easy is an f for meta, facebook. that felt like ted striker in the movie airplane in terms of that conference call with zuckerberg. you know, metaverse, what i view as a risky bet and they have major digital media headwinds. i think, clearly, the best is apple. that's the one that came out maybe smelling like roses relative to a strong number. and then you look at microsoft next in terms of cloud even with some cracks. and then, of course, look, amazon. i think you saw just a little negative reaction, knee-jerk haas night, but this is not a good picture. it was a harder show for big tech. they cut numbers, ripped the band-aid off, and now investors will consider valuations. and i think apple and microsoft are the names that lead us out of this. liz: is apple going to do well this holiday quarter? it's crucial for them with the iphone sales. >> and i think that's what they should. you take out currents, they

would have raised guidance. if i'm betting for anyone to fly the plane, it's cook. i'll get on that terms. look at cook and apple compared to zuckerberg with meta. i mean, on that call, i mean, that was one that really gave white knuckles to investors. i think that's where you're seeing a bifurcation that's happened. liz: by the way, ted striker did land the plane safely. does zuck land this plane at some point with a meta logo across it? >> it's possible, but i think we're going to go go through some of those airplane scenes before he lands it. [laughter] ladies liz i hope everybody's see seen airplane. if they haven't, one of the best movies ever. dan ives of web bush. from the tech and twitter soap operas to the world series, major league baseball's fall classic set to take center stage in houston tonight, but details

on the personal life of the football world's g. o.a.t. is stealing some of the attention. what's happening now between nfl starting quarterback tom brady and his supermodel wife. closing bell ringing in 39 minutes. dow jones industrials up nearly 800 points. look at the s&p, 89-point gain. nasdaq jumping 293 or the k2.7% and the russell bringing up the rear, up 2%. we're coming right back. ♪ ♪

vo: it's a new day. because covid vaccines just got a big update. just in time for everyone who works. with other people. just in time for... ...more togetherness.

just in time to say “oh, you bet we'll be there!” because the updated vaccines can now protect against both the original covid virus and omicron. and that's a moment... we've all been waiting for.

liz: wow, okay, now the dow is up 820 points. believe it or not, high of the session, 850 points. so it's a really big rally at this very moment. s&p gaining 91 points still, and then the nasdaq up 298. plenty of interest in pinterest at this hour. look at the percentage gain here. 12% after the digital mood board leader reported third quarter revenue that beat analyst stills. the social media platform's results showed it ad-based business remains healthy in an industry that has seen a major downturn. guggenheim raising its price target on the stock from $22 to 26, and barclays hiking it from 23 to 25. bed bath & beyond though sinking right now because it's still a bottomless pit in need of cash. the stock down 8% right now. the home goods retailer

announcing it's filing for the sale of an additional $150 million worth of shares. in august, not too long ago, bed and beyond came to the market with 12 million new shares, $75 million, saying it will use the proceeds to rebalance its inventory and pay down debt. the new jersey-based retailer also reports that a third party improperly accessed its data via a phishing scam. they are currently reviewing the data to see if any sensitive day the a was -- data was leaked but believe no personal data was stolen. credit suisse, it's at $6.52 right now. the analysts there say that the post-pan deming recovery may soon or already be over pointing out that september and october box office sales are down double digits and that fourth quarter attendance is 66% lower already than the same pre-pandemic quarter in 2019.

are they not hearing that we have what what -- wakanda forever coming out? and chinese tech stocks, you see a lot of red on the screen can, falling on fears that the chinese government is not ready to back away from its strict zero-covid policy. we showed you the stocks dropping after ruling communist e party granted president xi an unprecedented third term. they continue to fall due to the covid lockdown threats. "the wall street journal" reports a lockdown disrupted food supplies and that universal theme park in beijing is shut down at least since wednesday, so buy due down -- buy due down 4%. it is now official, tom brady and gisele bundchen have finalized their divorce. in a statement the superstar couple said, quote: we've grown apart. the nfl's quarterback of all time and the supermodel

splitting am cab by, and tmz says a judge in florida has looked at the settlement, approved it, it's done. there is a huge cash pile of property to split up. the couple's combined net worth estimated to be about $650 million. giselle is actually the heavyweight in the financial world here. her net worth hovers around $400 million while brady's after 22 years of paying -- playing pro ball, about $250 million. the high profile divorce stealing some attention from the world series. it kicks off tonight amidst, what am i looking at? bad weather here in houston? what is this shot? okay. the philadelphia philly phillies are trying to win their first world series since 2008 as the houston astros look to do the trick the after dropping the fall classic to the atlanta braves last year. fox business' chief national correspondent mcshane -- this thing has a roof on it, right? >> reporter: yes, yes, we're fine. that's crazy. that was some shot.

you couldn't even see it. the roof is closed because of that weather outside. you know, it's funny, this is the widest gap we've ever seen in wins between two teams playing in the world series since way back in 1906 when it was the cubs and the white sox. so it's the widest since then. the astros won 106 regular season games. the phillies, just 87. of course, houston's been a top team for years and years, but their only world series win was back in 2017, and that was under the cloud of the cheating scandal. so we asked alex gregman if there was extra motivation to win one the right way. >> we love playing this game. we've loved this game since we were little kids. this is the best game in the world. we want to play and have fun and compete at the highest level against an unbelievable ball club over there. yeah, we love winning, we love competing, and let's play some ball. >> reporter: as for the phillies, they've been on a magical run of playing ball

topped by bryce harper's dramatic home run on sunday that knocked out san diego and got them here to houston. or harper surprised people a few years back when he signed with the philliess as a free agent and we asked if maybe now he feels a little bit vindicated. >> i mean, i didn't think any of that, i thought with the -- i signed with the team that i thought had the best chance to get to this point. being able to have them open their arms to me as a fan base, as a city, that's all i could ask for and, you know, i'm just excited to be here and to have this opportunity to play for them. >> reporter: harper wanted -- one of the big money players on display here at the world series. there are 54 players in the game of baseball that have a total contract value over $100 million. seven of hem will be playing in this world series, and bryce harmer -- harper is one of them. game one of the world series tonight live on fox, and it will

be okay weather wise, liz, i promise, because the roof is closed. liz: go, guardians, i know they'll win. oh, wait -- [laughter] cleveland's not in it? how did that happen? >> reporter: yep. liz: you saw what i did there, connell. you did, didn't you? thank you very much. >> reporter: very mice, very nice. liz: connell mcshane. not a cleveland fan, but i am. game one of the world series airs tonight, 7 p.m. eastern, only on fox. do not miss it. interest rates still on the rise, driving up the cost of everything from buying a home, loaning, you know, getting a car, even credit cards. but the it -- is it slowing interest in loans or credit? if wait until you hear from the ceo of valley national bank. he's got his finger on the pulse of people who are taking out loans right now. there are some very interesting shades of gray, or should we say green here? ira robbins up next in a fox business exclusive to give us the temperature gauge of who and why people are taking out loans.

closing bell, we have it ringing in about 27 minutes? yeah, how about that. dow is still up about 840. remember, high of the session, 850. could we best that, at least during the commercial break? we're coming right back. take a look before we go at the dow 30. ♪ ♪

this isn't just freight. these aren't just shipments. they're promises. promises of all shapes and sizes. each, with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you. moving forward with node- positive breast cancer is overwhelming. but i never just found my way; i made it. and did all i could to prevent recurrence. verzenio reduces the risk of recurrence of hr-positive, her2-negative, node-positive, early breast cancer with a high chance of returning,... as determined by your doctor when added to hormone therapy. hormone therapy works outside the cell... ...while verzenio works inside to help stop the growth of cancer cells. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor, start an antidiarrheal,

and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. life-threatening lung inflammation can occur. tell your doctor about any new or worsening trouble breathing, cough, or chest pain. serious liver problems can happen. symptoms include fatigue, appetite loss, stomach pain, and bleeding or bruising. blood clots that can lead to death have occurred. tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain, and rapid breathing or heart rate, or if you are nursing, pregnant, or plan to be. i'm making my own way forward. ask your doctor about everyday verzenio. the day you get your clearchoice dental implants makes every day... a "let's dig in" day... mm. ...a "chow down" day... a "take a big bite" day... a "perfectly delicious" day... - mm. [ chuckles ] - ...a "love my new teeth" day. because your clearchoice day is the day everything is back on the menu. a clearchoice day changes every day. schedule a free consultation.

liz: you know what? i want you to look at amazon shares. right now they are falling about 7.5%. this is a 5-year picture here. already the stock today has hit a new 5-week low -- 52-week elope, tumbling on a pretty sad holiday forecast as consumer spending weakens in a high interest rate environment. but when you look at this 5-year picture, we're heading back to

levels from about 2 years ago. so keep an eye on am. it is, certainly, a gauge of how the consumer is feeling. and speaking of the consumer, this next story really works into it. the countdown is on to next week's fed meeting tuesday, rate decision on wednesday. the market fully pricing in another 75 basis point rate hike next week, that would be the fourth in a row. that move would lyft the fed funds rate to 3.75% to 4%. remember, start of the year we were at 0-.25%. now, banks historically are big beneficiaries of higher rates, but the relationship can be very complicated. the increase in rates can also dampen loan demand and high inflation hurts bank customers as well falling the hardest on average americans. regional banks do often offer unique insight. valley national bank, it's a regional bank, $54 billion in

assets, reported a 45% increase in third quarter earning, also saw an increase in costs though. the stock is up 4.5% on the session but down year to date. joining me now in a fox business exclusive, ira robbins, the chairman and ceo of valley national bank. we always knew that regionals were very different from the big money center financials, but tell me what you're seeing on the ground when it comes to loans specifically as these rates continue to rise? >> it's a great question, you know? largely, most of the large money-centered banks target a large pocket of consumers where banks like valley are in bed with the wiz communities and what goes on -- business community ands what goes on in our environment. we were able to see significant loan growth of about 13, 14% across our entire footprint which is a function of still being demand from a commercial business perspective. which is different from what we're seeing at the many large organizations today. liz: could that also be that people are rushing to lock in loans because they feel and,

quite frankly, know that rates are going higher and higher? we have just seen the 340-year fixed -- 30-year fixed mortgage at the highest in something like 22 or 21 years, so i'd love to get some perspective on the motivation of people who are taking out loans. >> i think you hit the nail right on the head with that, liz. there are absolute concern regarding where the absolute level of interest rates are going to end up. we're in an upward trajectory, and and i know there's perspective that the fed may actually slow going into 2023. but when you look at some of the underlying data, there is an absolute expectation that rates could continue to rise throughout 2023. one of our commercial lenders referred to the market as being a buyers' strike where there's concern as to the ability for people to really enter into the market. so i think they're really trying to get ahead of the curve, and for others it's a wait and see approach. liz: for years we didn't talk about bank deposits or cds.

now there are the better returns, inmean -- i mean, incremental, certainly. how high are these cds going? what do you forecast? >> i think there's been a general shift in deposit base from core consumer deposits that were earning 0% to some of these cd products. at valley specifically, we have wealthy, large institutional customers, and for them the ability to migrate into higher yields son op -- on some of their deposits is atrack attractive to them. and it's something that we're seeing across the footprint. if you take a look at the entire industry, we're down about $230 billion in deposits as an industry. valley being an outlier, being up about 13% for this specific quarter. liz: okay. do you think that's because you have a much more intimate relationship with customers in your communities? >> we have a better relationship

with our customers, and we have better people working for us that are definitely more connected to their customers. and being able to hold on to those deposits is something that is unique to regional banks. liz: we have just heard from our floor show at the top of the show that they think that it's really time to read the writing on the wall or at least read the tea leaves that the tamping down of inflation needs to take time to work its way through. do you feel that way, and do you think that the fed should pivot soon or at least pause? if. >> i think both, i think there's always a lagging perspective from the fed as to when is the right time to actually stop here, but i think the other piece of it is, is inflation is not easy to tamper. of and part of the problem is we have this society that looks for instantaneous gratification when it comes to things. inflation is troublesome for many in our country, and it takes a while to actually curtail. and that's going to be a problem as we think about the duration of where i think interest rates are going to actually be.

liz: ira, we'll check in next time. a thank you very much. >> thanks, liz. liz: ira robbins, valley national bank. so as the world digests the fact that elon musk is now, indeed, the owner of twitter who overpaid -- even he has said he probably paid too much -- charlie gasparino's been talking to the top financial minds on wall street about what elon has up his sleeve for the now privately-held social media company. charlie breaks it next. closing bell, 15 minutes away. dow is up 826. big week for the dow, as we said, on track for the sixth straight up session. nice move here, we're very comfortably above 32,000 at 32,858. ♪ ♪ if you wake up thinking about the market and want to make the right moves fast... get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity.

♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. (lighthearted music) - "best thing i've ever done." that's what freddie told me. - a person like me needed to get a reverse mortgage to change my life. it was the best thing i've ever done. - really? - yes, without doubt! - [tom selleck] joanne said just about the same thing.

- it absolutely is the best thing i ever did. - jack put it a different way. to him, it was about having his grandkids over. - you want to have the kids over, you want to have the grandkids over. - yeah. - you want to have the family over. you want to say, "this is my place." - great people, different people. that's for sure. and all of them had different reasons for getting a reverse mortgage. but you know what? they all felt the same about two things. they all loved their home, and they all wanted to stay in that home. - [announcer] if you are 62 or older and own your home, find out how you could access your home's equity to give you cash now. and when you need it in the future. a reverse mortgage could put more money in your pocket by eliminating your monthly mortgage payments. it could also pay off higher interest credit cards, medical costs, and give you some extra cash to help your retirement lifestyle. - i don't have any anxiety about money anymore. - it allowed me to live in my home and not have to make payments.

- a whole lot of families have gotten tax free cash from a reverse mortgage loan for a better retirement. - i don't have to worry about a mortgage payment every month. - it's a good thing. - [announcer] call right now to receive your free, no obligation info kit. the kit will show you how you may get the cash you need using your home's equity as a reverse mortgage from aag. - call the number on your screen. - look, why don't you call aag and find out what a reverse mortgage can mean for you? - [announcer] call aag, the country's number one reverse mortgage lender. - call the number on your screen.

liz: elon musk's official takeover of twitter has been very headline-grabbing. he did fire top executives at the social media company, but charlie gasparino's now been talking to business leaders who may have some insight into musk's future intentions. >> and not just business leaders, people that know him. and, you know, i'm trying to figure out, they're trying to figure out exactly what he wants to do. we're never going to know exactly what he's going to do until he does it, if he does anything. we'll see, obviously, he has to

make some major changes. twitter does not make money, it has very bad cash -- i don't think it has cash flow. it had negative cash flow last year. the reason why there was never a alternative bidder to musk is because no private equity firm would buy this. so musk, essentially, became the private equity firm, overpaying by anywhere between $40 and maybe 20 billion for this thing depending on who you talk to. dan ives has told me it was the worse lbo in tech history, and it is a leveraged buyout which makes it more problematic. he's doing this with a lot of debt. so what does he want to do? again, from people that talk to him, they said it's some or the -- it's not a fully-formed thing. i don't think he really knows. something like a wechat combine- liz: superapp, yeah. >> -- combined with a financial transaction -- liz: payments. >> where you can codifferent stuff. maybe he's looking at a

combination of wechat and bloomberg news,. [laughter] something along those lines, something that is financially oriented with data, and you can do transactions. he's not really saying, but that's the vibe he's giving, that's the sort of -- i guess, those are the sort of crumbs he's leaving for people around him. now, the question is, you know, is this task easy or hard or whatever? here's the problem with this company. because they have so much debt, they have to lay people off to make numbers work. if you ever want to sell it, unless he just wants to keep it as a vanity project, not making money, never selling it -- liz: after spending 44 billion -- >> that is not the vibe he's giving off. but unless he wants to keep it as a vanity project, it's going to be a herculean task. these are the words used by everybody i talk to including the afore mentioned mr. ives -- liz: who was just on, yeah. >> and it's going to be really

hard because you have to figure out a way to boost revenues. is it advertising? is it making people pay to go on? he wants to get rid of the bots, okay, and he wants to bring back more people that have been canceled, the donald trumps of the world that, you know, thread the needle between censorship and you don't want rampant free speech where you could -- liz: now he's saying, this is hitting the tape, that kanye's account was restored by twitter before elon bought the company officially, and he said they did not consult with or inform me, and yet we are hearing that nothing's been restored, that the account is still deactivated. >> i mean, who knows? listen, this is kind of a s-show until he gets in there and figures everything out. and and, again, he is not -- you know, one of the things i've told you, and i've said this time and again as we were covering this, and our reporting was pretty much on the money. we said he still wanted it. remember when he backed out, i

reported he still wanted it according to bankers he wanted to pay less -- liz: didn't get that. >> he couldn't, i thought they'd settle but they called his bluff. and cue cose to them. that's why -- kudos to them. that's why he escorted them out of the building, the management. but, you know, if he could pull this off, again, liz, he's got to do something different. what he's talking about to people isn't fully formed, you know? it's sort of, it's amorphous -- liz: who's going to run it, that's the thing. >> we don't know. by the way, there are no synergies between any of his businesses, did you ever -- >> well, tesla doesn't advertise, but twitter needs to advertise. >> think about this, all these media companies, what they could do is take one marketing department, one pr department and across the board sell, you know, if it's us us, it's fox news, fox business, the various properties. if it's comcast, you know, there's not that much difference between an entertainment part and a news part. you can kind of sell the ads.

you've got that bandwidth. how to you sort of rationalize selling stuff for tesla and twitter in these are way different products. and soing you know -- liz: don't count him out though. >> i know everybody says don't count him out but, again, i'd just like to know what the thing is that combines wechat with financial transactions because that's the word i'm hearing from people -- liz: also known as a super app. >> what is that? liz: it's a one-stop shop. remember, he founded paypal, so he knows payments. can't pull the wool over his eyes -- >> right. so explain to me -- liz: social, payments, buy stuff. >> in the but seconds we have left, explain the user experience. i go on twitter -- liz: and you never leave. do everything you want. >> so i could buy -- liz: whatever you want. >> a toaster oven? liz: wechat, you can strike contracts -- >> i can buy stuff from amazon through it?

i mean, is it -- liz: i don't know that. [laughter] we don't know yet. [laughter] >> i'm just trying to get my hands around it. maybe there are some smart people out there that get it. did dan say anything about, like, what he has up his sleeve? liz: well, he said the easy part was buying twitter -- >> again, anywhere between, he overpaid between 40 and 20. if the worst lbo -- liz: in history. >> -- in tech history, according to dan. liz: charlie, thank you. we have got a major rally right now. we are very close to session highs, lots of green on the screen. dow is up 822, s&p up 95, nasdaq now up 320 points. the dow, as we said, is close to closing out six straight the sessions in a row to the upside and now higher for the fourth straight week. that is the longest winning streak since november of 2021. the s&p and the nasdaq are also up this week. let's turn rallies -- will today's rally turn into a rout

next week though when the fed announces its interest rate decision or will a potential pivot or at least a little bit of chatter be the spark that sends markets skyrocketing? joining us now, tim courtney if with $3.8 billion in as sets under management. make the call, what do you think? >> yeah. well, i to think the market is expecting the raise to come through. and, you know, but the good thing is for the market we are, we have discounted these prices. we are probably going to go into recession. the market is not surprised by that. 2032 earn -- 2022 earnings where about a third higher than they were in 2019. so there's still a lot of good things happening. consumers are still relatively strong. so i think there's going to be continued volatility in markets. that's probably going to be many quarters as interest rates continue to be higher than what we've been used to over the last decade or so.

liz: you know, it's interesting, just as you said that, i looked at the victim and said, wow, i haven't seen the vix at 25 for a while. it's down about 5.25%. even as we close out a week where mega-tech had pretty dismal numbers. i know meta is a whole different story. but it's not like microsoft looked amazing. we know what amazon is, and amazon, of course, amazon work space, that is a massive tech company. so what do you love here? >> yeah. you know, we like the areas that are, some areas that are value-oriented. so those have been beaten, those are holding up well. they generally do better with high inflation. but then we also like the areas that have been beaten down like growth and technology. those are now trading at good prices. they have their growth intact, and so long-term investors look at those areas that are down say 30 and 40%, long-term investors

will be well reward there. and like you said, even microsoft if at 20 times, i think i'd rather own that than maybe some of the staples names and utilities that are trading at quite high prices that the market has kept high. liz: well, i know you like nxp semiconductors and lamb research. i think they're highly interesting companies, but value? they're value companies? or did i misinterpret that? >> yeah. no, those are not value companies. you know, we've been saying because we've had this very come pressed business cycle, basically a 10-year business cycle come pressed into two years, there's so many factors the market is trying to take into account, we would recommend a well diversified portfolio including some value names like banks, industrials, you know, energy and materials. those companies are actually trading below, say, their average valuations over the last

several decades. liz: true. >> and so we till want to hold those -- still want to hold those pieces which are less interest rate sensitive and perform better in high inflation environments. liz: tim, thank you. it is wonderful to have you on. and as we look at the names of the dow leaders, folks, intel, apple, honeywell,s some of the other names that are pushing the dow to close higher for the sixth straight session, 833 points, very important to tell you that next wednesday -- so you can set the dvr well ahead of this, do it to "the claman countdown" and, of course, charles payne, because that's when the federal open market committee is going to make its announcement. all bets are off as to what they say in the statement and what jay powell, who chairs the federal reserve, will be asked by reporters about when or where we might see a pause or a pivot. that'll do do it for us, have a great weekend. "kudlow" is next. ♪ ♪