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at o o o pointntntt lololo allf 80 poioiois.rid ititit plus anor righnononow thououou it' u u upn the green. the u.s. economy added 261,000 jobs last month. that is better than the estimates of 200,000. definitely looks good if you're hoping for job gains, but it's the lowest pace, the slowest pace in nearly two years. unemployment ticked up to 3.7% versus 3.6% expected. wednesday you remember, because we were right here, federal reserve chair jay powell sternly said his rate setting committee will continue to raise interest rates until the economy slows down. the october report though as good as it looked and doesn't look to be slowing down, not capturing this minute right now in san francisco where today some 3,700 twitter employees just got pink slips. then you've got amazon, stripe which is not publicly traded and lyft, all announced fresh hiring freezes and layoffs as well.

you got lyft unchanged, amazon up a third of a percent. but day after day, amazon and you know i'll check it right now, amazon continued to hit 52 week lows. yes, it happened earlier and dropped to about $88.05. we're at $89.56 at the moment. this is the stat we got today that worries the markets and probably the fed. year over year, average hourly earnings grew 4.7%. now if companies have to hike wages, they often will raises prices rash raise prices of the products they make to cover that rising labor costs worry the federal reserve but workers need them to cover inflation. they need the higher money; right, better salaries and the labor secretary told "varney & co." this about that. >> i don't want to see wages come down. we -- the ideal world we live in, we need to bring wages up and the pressures of the kitchen table for cost of food and energy down on the average american person. liz: yeah, we need to see people able to save money, put more

money in the bank. let's flip it over to price of crude. we have to look at that. it's doing anything but coming down. oil right now up 5% in the after market to $92.74 a barrel. driven by increasing signs china may be starting to ease covid rules, which means demand will increase. following suit, a strong rally in chinese stocks. look at all these, all punching higher with neo up 18%. this on the possibility that chinese will loosen covid restrictions and that is spilling over to u.s. stocks, nike and starbucks, two consumer names with major exposure to china. you've got nike up by 5.5% and starbucks up 8.13%. % where did investors get the idea that china will loosen their iron grip on these restrictions? the chinese government finally agreed to allow ferneries don'ts to get bion tech's covid-19

vaccine, mrna vaccine, and they discussed a pathway to open that vaccine usage to broader population in china. the first time since the pandemic began. biontech up and i wanted to give you a little detail as to why the stock names are moving higher. with both china and econo day tay here in the u.s., let's bring in a big brain on wall street, chief global strategist david kelly. david, just a whiff of china relaxing covid restrictions has some stocks that get revenue from china roaring higher and have investorring fretting about the fed -- investors fretting about the fed. how do you see the landscape? >> the chinese news is good news. i think china will have to move on from zero covid policy. the truth is omicron is way too contagious and unless they lock down the society forever, they'll have this happen.

that's good news and one thing in this jobs report, that's in a month where consumer prices up about 8% year over year. now that means work is falling behind but means you can't blame accelerating wage inflation for pushing inflation higher. what's going on is it's surprising the workers can't get a bigger wage increase. what's really going on is wages are slowing the pace of which inflation is coming down. e with do think -- we do think inflation is coming down and part of the story is workers don't have bargaining power or don't think they do and not giving as big a wage gain given inflation. less bad news of inflation and the employment report and overall it's a pretty good report. liz: okay. now knowing what we know right now, do you expect the federal reserve will move in december? 50, i guess i could say 25 all though the fed funds futures don't really indicate that, 50 basis points, another 75 basis

points? >> i think they'll go 50. i think there's a split on the committee. i think chairman powell is on the bullish side of the committee and only half of the committee felt they should be going 25 in december and that's implied and they'll continue to get better news on inflation and the real question is, you know, can they accept this? i mean, if inflation comes down slowly, they really should stop. they talked about that and then talked about pushing rates higher and it'll be 50 in december and 25 in february. liz: okay. 25 in february, that would be a slow down. is that when we we see the most -- would see the most dramatic 123457 back for the markets and everyone -- snap backs for the market and everyone envisions seeing hard and fast evidence, the fed will slow its pace of rates and the market will have some type of spring-loaded move that will shoot to the moon. do you anticipate that?

>> yeah, when people start pricing in the fact -- i think people know that 50 is likely in december, but if we get markets believe that it's only 25 in february, that will be good news. i think inflation is coming down from here, but we need the fed to avoid pushing the economy into recession. if they only go 25 in february, there's a better shot at that. liz: how do you advise investors invest ahead of something like that or do you wait? >> don't wait. don't wait for the good news. you don't wait till you feel good, you wait until you look good and look logically at where things are and put your allocate your money accordingly. i don't think this is a time to be very cautious. i think this is a time to be very diversified, but the biggest thing that's happened first ten months of the year is prices falling all over the place in financial markets. bonds are cheap and value is

cheap and international stocks are cheap and put your money to work in a diversified way and wait for the economy to sort through. two years we're not going to talk 5:00 o'clock inflation or re-.s we're back to slow -- recession and we're back to slow growth for both stocks and bonds. liz: you'd position ahead of the move. i get you're supposed to go where the soccer ball might be versus where it is at the very moment or the hockey puck if you are the famous hockey player. i'll tell you something, when i listen to people saying where should i be. there's a magnetic lure by the megacap stocks in technology that keeps burning people. they keep trying to go in and then those names fall even further. they may be up today but again you see names like amazon, meta, even microsoft touched 52-week lows, many of them this week. >> i think -- not going to talk

about individual stocks but look at valuations and i'm not going to pick the one that's obvious there but look at valuations of the stocks. you'll see what the problem is. when rates rise, valuations matter more. i think a lot of the problems for megacap tech stocks have been very highly valued ones and they just don't make sense when interest rates rise to more normal levels and that's what's been going on. liz: p ce ratio for amazon is -- meta is 8.64. some of these have come way, way down. is there any sector you love the best here? >> that's right. i think, you know, cheap tech is better than expensive tech right now. but i think financials look good. they've been in the wood shed for the last 15 years basically because of the great financial crisis, but they are very cheap here. then also healthcare i think looks very reasonable here. there's a lot of innovation of the healthcare space and a lot of demand coming down the pike. i think there's plenty of opportunities there also and

finally international equities are just on a fire sale relative to u.s. equities at this point. liz: looking at mixed picture for healthcare but we've watched some of the names, particularly merck over the last couple months moving much higher. while you were talking, the markets liked it and dow up 256. much more comfortably above the flat line. keep talk. >> i'll keep talk. liz: to yourself in your office. thank you, david. disaster of the stock session today, warner brothers discovery hitting a new 52-week low just above $10 a share. you're going to hear what ceo david zaslav said on the earnings call about whether to lure more streaming subscribers and how much you pay to do that. speaking of streaming wars, they're almost more exciting than the t targaryns battling fr

the iron throne. closing bell 49 minutes away and major green for the industries. nasdaq, dow, russell, strains ports and bitcoin up 4%. we're coming right back in just a minute. please stay with us. ♪

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liz: scorching shares of warner brothers and bbd shares plummeting to a low of $10.27, just off the session lows at the bottom of the s&p 500 after the media conglomerate missed on top

and bottom of the quarter line. hbo max, turner sports, warner bros pictures, cnn posting wider than expected loss due to restructuring cost, foreign exchange head winds and despite hbo max record breaking game of thrones spinoff, house of dragon, warner brothers discovery added fewer than expected subscribers but ceo david zaslav is throwing in the toll pretty much. here's what he said. >> i believe the grand experiment, taking subs at any cost is over. let's face it, strategy to collapse all windows, star, linear, and theatrical and spend money while making a fraction in return all in the service of growing subnumbers has t t t t t t t tre s s s c c cc

enenenpopopop p p g g g g gndna itteteteteteteter r r r r r r rerereren expected loss and 31% year over year spike in subs and streamer hitting a new record of 1.23 million total paid subs. let's hear more with fubo tv ceo david gandler. >> we're offering a service that people can get the most premium content with the most personalized service. we're offering an aggregation of all the best broadcasters in cable companies.

liz: why don't i get that with apple tv? talk to our viewers about what makes you different and special. >> we're similar to a disable company but we're streaming everything over the internet so what we're doing is aggregating all of the best channels, the 100+ channels you have at home or that you had at your mom's house and can have them at your house, on your mobile phone or connected device, they're streamed to you in a package very simple where you get to search amongst sports, entertainment, and news generes. but that's sort of the main business. it's one package, very simple to use and you get everything. liz: everything. i mean, i would say david zaslav would say at warner brother's discovery or hbo max he's going to combine everything. then he says what he says here, i'm not going to spend a lot of money to try and attract each subscribers. how much is it costing you to attract a single subscriber, and does the revenue that comes through really balance it out

here? >> yeah, this is the $64 million question. the thing about a virtual mbpd, which is the type of streamer we are, when we spend money, when we acquire a customer, we acquire them once. we acquire them once and get fox, cbs, paramount, warner brothers, et cetera. when you're a straight streaming direct to stream consume, you have to continuously reacquire customers and that's why it gets really expensive. people are coming in to platforms to see a particular show like house of dragons and go onto netflix or something else. the churn is tremendous. david is correct. the model is flawed for direct to consumer services. since we're able to spread our acquisition costs among all the contented and different products, that's why the business worked on our side as opposed to direct to consumer streams. liz: not to sit here and hammer

warner brother's discovery or fubo because i believe the high of the year was about $35 for your stock and you're 3 and change. >> painful. liz: yes, very painful. when david zaslav took over discovery in 2007, 2008, that stock went public at about $8 a share and not only at $10 even with the big merger. what's your strategy to not be that? the future? >> yep. well, that's the thing. when we acquire a customer, we're spreading costs over a larger number of content partners and different products. what you see is our pool continues to grow. with a streaming company, they're continuing to take assets, content channels or tv shows and continue to bunked them together and the bundling is creating the stress. you're not really able to window the content that makes sense. liz: i don't want to throw out terms arpu, average revenue per

user. >> yes. liz: is sports the biggest attraction for customers? >> yeah, sports and news. when you think about fubo marketing itself, what happens is people typically will come to the platform knowing they can find the sunday night game, the saturday game, the monday night football game, all of the different college games that we have versus having to go to a streaming service where you're not actually sure what you're going to get. get.liz: wait a minute, i watchd last night on amazon prime the baltimore colts game. >> yes, amazon has one game which is the thursday night game and most people want the largest package possible. frankly you can see that in the ratings. the first week amazon had something like 15 million viewers and that has come down roughly around 40% because people just aren't switching

apps often enough, quickly enough to be able to catch everything. liz: we talked the last time you were on the show about your sports wagering business. you were pretty gung ho. that's out. you're done with that. why'd you drop it? >> yeah, so this was a very difficult decision for me. i believe in the thesis, i believe that, you know, again as an ago re-gator of content -- aggregator of content, my job was to subscribe the cost. the problem was when we came up with the idea and the calculus was done, the 30-year mortgage rate was at 2.25. so 19 or 20 months later, i think today on the channel was like 7.3. so things have changed dramatically and as a public company, you have to -- you have a responsibility for all shareholders so we felt that there was probably another way we could do this that wouldn't be as cash intensive and that is probably going to be to look for

third parties to continue down the path. liz: anything with the cash you're not spending on that now? >> that extends our runway and improves cash position. the cash burn you were talking about was really driven by impairment to the gaming business. it was a noncash expense that drove that . liz: you missed a opportunity when i said sports is the hottest thing. you should have said the "claman countdown" because we're on. we're on fubo. >> you are, you perform very well and congratulations to your network for continuing the drive ratings. it's great to see. liz: well, with help from fubo tv. thank you so much. great to see you. david gandler. the world's wealthiest man thinks twitter can ultimately be one of the most valuable companies in the world. elon musk got on stage today to talk twitter on the very day 3700 of his new employees get their walking papers. we've got details on the latest takeover drama straight ahead

and wait till you see adidas stock. we'll show you that and tell you the story of why it is going pretty sky high. closing bell, we're 36 minutes away, dow up 212, s&p better by 28, nasdaq green up 63 and russell, a small cap up 10.5. we're coming right back, don't move.

liz: take a look at this. after weeks of getting just hammered, adidas is getting a

boost and pumping higher by 24+%. the sportswear jo giant confirmd it's in talks with the puma ceo to be the possible successor for out going adidas ceo. the company came under fire for leleleyeyeyeyeyeyeye-s-s-s-s-s-t yeyeyeyeyeyeyeonerererererererk apapapape e e r r r r r etetetet 'r'r'redededededed f f fsisisis.

connell, this is a developing story every minute. >> it's. it's been tough to confirm some of the details because some of the people impacted by this at twitter have been affected by this. it's only been one week and what a week it's been. he said today there's been a massive drop in revenue at twitter and that was the big headline and we now know this rouge round of layoffs -- round of layoffs we've been anticipating is underway. at that conference in new york, the new owner of twitter expanded his thousands on revenue de--- thoughts on revenue decline and said the troubled started before he arrived. >> twitter was having pretty serious revenue challenges and cost challenges before the acquisition talked started. any company that's dependent on advertising has had a hard time.

>> well, the big name advertiser pausing their business including general mills, auto makers volkswagen and audi and in terms of layoffs, we know from wall street journal's reporting that 50% of the work force has been hit by this. as you pointed out at the open, this is a company that had a work force of more than 7500 employees when this year began. so twitter today said to its workers, stay home. wait for an e-mail and it'll tell you whether you're in or out. when the e-mails were released, some of those on the outs took to twitter, michelle austin headed up public policy tweeting "woke up to the news my time working at twitter has come to an end. i'm heart broken and denial". paul burkes said it's been a whiled four and a half years. to the friends, partners and tweeps that make this place so special, thanks for the add venn sures and love you all so much.

see the love where you work hash tag. a lot of people were using that as well. the journal said people will get salary and benefits through a separation date and varies by worker and can expect to get one month's base pay in seven pointe and should come about 45 days after the date. some are pushing back through the courts. there was a fall lawsuit that was filed yesterday, handful of twitter employees claiming the company violated the law by not providing enough warning about these layoffs. as you say, this is coming in and there's probably more to come. liz. liz: yeah, well if he wants to turn it into a business, he has to look at every line item, it's very difficult to be there right now. connell, thank you very much. fox business alert, let's look. we have 28 minutes before the closing well rings, investors not seeing the fun at all in funco after the toy maker posted disappointing third quarter numbers and it's a stock hitting

a 52-week low of $7.76 today. it's the maker of the pop culture collectibles posting net income that was 39% lower than the same quarter a year a. the company posted a very gloomy outlook and it's down 58% to $8.14. jp morgan said, you know what, we're going to downgrade the stock and had it at an overweight. they downgraded to neutral and they're lowering their price target from $32 to $16. it would have to double to get there. the stock is down 54% this year. software stocks having a very tough session as well. this is the maker of teen collaboration software dropping -- if we get a second to put up this. they reported a fiscal first quarter loss of $13.7 million and th missed analyst estimates for.

twillio slumping along after customer communication software company reported aarge third quarter net loss and provided a bleak fourth quarter outlook. twillio down 36%. the san francisco based twillio expecting a net loss of 11-cents a share. we have an update on it tupper. it was 48 hours ago when we posted that big drop and falling another 9% and citi group cutting its price on the stock to $7. the food storage maker is working to negotiate with lenders to amend credit agreements and raising substantial doubt about as the company put it, its ability to continue. then they didn't say continue what. continue this part of the business, that part of the business. you know, investors are left assuming continue on at all. stock is down 47% this week

alone and hit a 52-week low of $3.87 today. shareholders getting a good caffeine jolt. we showed you starbucks at the top of the hour but look at it again. it's up 4.5%. the coffee chain reported record revenue and earnings that topped analyst estimates and seattle based coffee company said u.s. traffic improved in the comparter and is almost back to pre-covid levels. that's good enough for an 8% pop to $91.61. starbucks says inspite of inflationary concerns, customers are spending more on pricey drinks. pumpkin latte, extra hot. coin base up 4.5% after crypto ex-chain reported the news in the quarterly report showed a jump in monthly users but revenue numbers missed analyst estimates and revenue down more than 50% from a year ago and investors have been turning away from cryptos and platform stock down 80% over that time weird but they're not turning away

from bitcoin at this hour. it and ethereum have been moving higher and look at this move here. up 4%. bitcoin earlier was above 21,000. it's at $20,966 right now moving higher after the u.s. jobs report came out. bitcoin is still down about 65% for the year. jaguar land rover locking up a chips supplier and semiconductor remain relatively scarce. the wolf speed ceo, they're the chip maker out there and here to tell us how he plans to produce enough silicon carbide microchips to get the new ev range rovers on the road. closing bell, we're about 24 minutes away from that. the dow up, let's call it nearly 280 points at the moment. 32,276 is where the dow stands. we will also in just a few minutes check the weekly numbers for the major indexes. stay tuned, we're coming right back.mi

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liz: breaking news, president joe biden continuing his campaign trail tear at this hour four days before the midterm elections and the president is speaking in carlsbad, california, where he's visiting communications firm viasat that provides satellite, mobile, and fixed broad band service. it's pushing higher to 700 veterans, roughly 10% of the work force, but he is also talking very detailed about the resurgence of american manufacturing, particularly semiconductor companies. he's talking exactly about that right now. edward lawrence has been monitoring the conversation at the white house. edward. >> yeah, the president is talking about how he wants to bring the chips manufacturing specifically back to the u.s.. he says it's a national security issue to have those chips here and in fact he said that the javelin missiles we were sending

ukraine we had trouble building them and sending to ukraine because we didn't have the chips to finish them. viasat provides high speed satellite broad band services and secure networking systems and some of the equipment that the company uses as been on back order over the years and been waiting on chips for it. the president using the chips act as a campaign tool over the last couple days. listen. >> we've invested in new technologies. we invented the computer chip. we're invested $200 billion and it's going to grow in making sure we produce these chips. they're smaller than the tip of your finger, but they run everything from automobiles to your home appliances to -- across the board. >> since the chips act has passed, there's been big investments announced and watched the president speak live with a $20 billion investment in

ibm and ai and quantum computing and qualcomm spending $100 billion in the eventually the jobs will materialize but not for a few years now and the president making the case through the chips act that will jump start the manufacturing of technology here in the united states with covid shutdowns, it has really revealed that vulnerability of the u.s. not being able to have that manufactured here in the u.s. and have shortages that were shown during those covid lockdowns because as you know, still those chip shortages still affecting car makers. back to you. liz: i think it's great to bring that back here to the united states finally. so we're not dependent on other countries that will pull the plug at any moment. pull the chips. edward, thank you very much. that money from the chips and science act should start getting meated out next year. wolf speed is a semiconductor manufacturer that no doubt is gearing up to apply for some of the funds. you have to solicit or apply for

them. the stock is up 3.7% on this, announcement of new partnership with jaguar land rover and the company's silicon car byte chips used in ev range rover model set to hit stores in 2024 and a new all electric jaguar brand, which will baiaiaiaiaithththth a s s s s s s smitotototototot cecececececece ljujujujuju t t , trtrtrtrcococoththththththth a g rtrtrttotototototoly s s s s s f elelelananananan f f f fggg e e e e ororormememet,t,t,didide

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chchchchererersisisisisisisirbce lilililiorororhehehehehehehem m manufacturing with higher than expected and we also saw them up about 4.7% year over year and knowing about the labor situation, labor shortage, lay ruer training and how much you're paying these people. >> well, there's two aspects to that. you know, the first is from a -- the sign fio ick engineering -- scientific engineering community and we've been very benefited by

this change in semiconductors from silicon to silicon carbide. basically if you're a scientist and engineer or technical person that's interested in the power semi-conductor industry, you're going to want to move to wolf speed because of fully silicon carbide industry. we're battling that and we're putting incentives in place and not only financial incentives in place but creating an environment where people are excited to be working at the company. liz: all right. so all of you stem people out there, go. call greg. greg lowe with wolfspeed. >> thank you, liz. liz: maintaining position as best in class of the recked tech stocks but the countdown closer has a warning and why you should be aware of apple. ♪

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with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. liz: four minutes before we hear the closing bell ring to finish out the week. what a turnaround. we have been up, we have been down. now the dow is up 182 points. but the main averages look to close down on the week. the nasdaq is down 8.5% on the

week. had it been down more than 7% it would have been the worst since january 2020. let's talk about fall, apple picking. but my next guest says he's ready to sink his teeth into other names. he says beware of the tech titan. dick, why do you not like apple? >> let me first say i almost feel un-american to say you should be lightening your weight to apple. you shouldn't be shorting apple. but i would say this. this is consumer stock. they have a lot of subscription

revenue. if we hit a recession, those subscriptions will fall. if you hold apple today lighten your weighting towards it. if you want to hold it to a strategic hold. liz: you are not a total hater of am. but you love others you say that can give you a much better return. >> i think inflation is here for longer than other people would like. cash is king. if you are thinking of companies with high cash flow, if you think an etfcwz. they have high free cash flow. cwz is up 14%. this is the pace on the cash

cows. let's talk about the biggest holdings and why people understand what'sn in it. >> they are look at the russell 1,000. they are taking the top 100 free cash flow companies. that's weighting towards names like chevron, exxon, as well as healthcare companies, bristol myers squib. when rates are rising the high flying tech names have. where these companies have cash flow. liz: explain to our viewers so they understand what you believe is a beneficial move for their portfolio. >> we had a long-term hold in

this space. it can go long and short. if you think about all the currency moves. it can be long u.s. dollars and short the yen. and long industry but short the metals. you can taking advantage of the inflation in a volatile environment. liz: are we going to see a 400-point gain on the dow jones in 405 and climbing. it snaps a four-day losing streak. first week of november. let's do iall again on monday. kudlow is next. [♪♪] larry: well come to "kudlow." i'm larry kudlow. four days left until