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tv   The Claman Countdown  FOX Business  November 7, 2022 3:00pm-4:00pm EST

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now the laggard on the dow, we've got nike, no headlines at this hour, nike though down about 2.5%, over the weekend, the sportswear giant cut ties with nba point guard kyrie irving. he refused to apologize for post ing an anti-semetic movie and was suspended five games without pay and nike said forget it we don't care we will no longer launch the shoe and ps , oh, by the way, the nets have posted back to back wins since irving was suspended over the weekend. apple also near the bottom of the blue chips it's not a huge loss here, in fact, you could now call it about flat. the iphone maker right now warning, its foxconn assembly plant in china which according to jpmorgan accounts for 60% of iphone assembly capacity, is suffering serious covid-related slowdowns which will crimp high- end iphone 14 pro and pro- max availability for thes a rkn
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liz: shares of tesla, we just want to let you know, are trend ing at the moment on twitter of all things because they are now sub-$200. lowest close on track in 17 months here, so, at 199.36, the electric vehicle giant maybe expressing concerns that tesla chief executive elon musk will be distracted, perhaps, given all of the moves he's making as the new owner of twitter. as they did when musk's first bid to buy the social media company came about so at the moment we are looking at tesla falling about 3.8%. meanwhile investors are closing the door on carvana stack after being halted multiple times for
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volatility this session. shares are crashing right now, by about 13%, not even at the lows of the session. earlier they fishtailed to a record low of $6.68. carvana still unable to grab the wheel and get control after last weeks third quarter report revealed a wider than expected loss due to rising interest rates on auto loans cooling, and of course, demand. cooling demand. that sent the stock tumbling 39% on friday, for its worst performance ever. carvana is down nearly 100% year-to-date but a totally different story for rival cars .com whose stock has climbed 30% this quarter. alex vetter is the president and ceo of the online marketplace, ntstw dthotghert ia siusle k es >>weokok. cars.com business has been around for 25 years, and has
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weathered different economic forces over those years, and fundamentally a marketplace business model is hyper- resilient to these shifts in changes in the economy. liz: i know, but loans are getting more expensive, because the federal reserve is in full- blown rate rising mode and they continue to appear to be raising rates in december. tell me how that has affected demand? >> well, demand on cars.com remains steady and strong, and you're seeing inventory levels starting to return with increased manufacture production. new cars are growing at around 11% on to our marketplace, used cars are expanding inventory about 9%, and so that is bringing pricing down so consumers are able to find cars that are coming down in value to a degree and local dealers are really easy way to get a hold of one of these deals.
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liz: i just want to say, when you say these prices are coming down. do you mean they're slowing in getting more expensive? because the most recent cpi number, that showed new vehicle prices were up 9.4% year-over-year and used cars are up 7.2% year-over-year, and therefore, that's why i want a little bit of clarification, because this thursday, we're getting the october consumer price index that will give us new numbers. what do you think it'll show? >> yeah, first of all, on a year-over-year basis, prices remain elevated but on a sale quarter basis you're starting to see inventory prices come down. the actual price the consumer is going to pay for the cars. used vehicle prices are falling for the first time largely because they had been growing so fast in terms of prices, there wasn't any new car inventory available as an alternative. now that the new car production levels are coming back, used car prices are beginning to fall, they are still elevated
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year-over-year. liz: i want to know what's hot, because obviously, we know we've got an election tomorrow, but on top of that, the bipartisan infrastructure plan allowed for about $5 billion to build-out an ev charging network, so can you give me a sense of how ev sales are doing compared to internal combustion cars and big trucks and suv's that are bigger gas guzzlers letters? >> the ev push is certainly being driven by a lot of financial interested players but the consumer market has yet to take off. ev search shares on cars.com still remaining low san diego single-digits and while growing such a small fragment of the market. as products start being introduced next year there will be 70 new makes and models launched in this country, over half of that is going to be new ev product. i think you can start to see consumer interest in ev's increase once inventory and the
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selections are available. liz: speaking of inventory the auto dealers association had said nationwide inventory at the end of the third quarter actually is up 44.3% year-to-date. what is the inventory story where you are and exactly what you see , where are things starting to really loosen up and more cars are available? >> well, the production levels coming out of the oem's are reported much higher, with cars .com you're seeing actual cars on dealer lots, and so we are seeing, again, new car inventory rise 11%, used by 9%. the new car inventories largely coming from gm and ford. they are leading the way in terms of putting cars on dealer lots. they are producing much higher but many of those cars are in holding stations, waiting for final parts and/or chips that will allow them to be consumer frontline ready. liz: okay, gm and ford that's interesting because this brings me to the chip shortage. i mean, this is all we talked about over the summer. how is the chip shortage working its way through the system?
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i just recently saw the jaguar land rover said, you know what? we still have a chip issue that is slowing out our ability to get inventory on to the dealer lots. >> well look. it does vary by manufacturer, depending on their supplier network, but we are starting to see the steady return of inventory on to dealer lots. i think the projections are for mass product introduction in 2023. that will certainly improve consumer selection in terms of what's available on dealer lots but it's on a case-by-case basis with each car company. liz: what do you think you are doing correctly that carvana isn't? >> we are staying asset-light. carvana is a customer of ours. our business sits in the tech sector where we enable local retailers to complete the last mile. the last mile of autos a tough one, because so much consumer in decision about choice and retailers are gifted at doing that so we stay asset-light. we don't take on any actual
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inventory ourselves. 100% of our revenues are technology-enabled and we're letting the last mile transactions be handled by the pros. liz: quite amazing what the digital world has done for the active buying a car, the hageling problem, issue of s chlepping out to a dealer and dealing with that whole situation pretty fascinating and you are doing quite well as we watch this progress, alex, thanks. >> thank you very much. liz: senate candidates, you know this , they are making their last minute campaign stops just one-day ahead of the mid-term elections, but did you know, the balance of power in the senate could actually come down to one single county in one state, in one of the closest races? jeff flock is on the ground there with why that one county matters so much and how the outlook is trending. closing bell 38 minutes away. let's look at the dow up another now we've got it even higher up 457 the s&p is gaining 38, the
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nasdaq up nearly 100 points, russel 2000 gaining 12. we are coming right back, don't move. (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you, your dreams, and the way you care for those you love. so you can live your life. that's life well planned. vo: it's a new day. because covid vaccines just got a big update. just in time for everyone who works.
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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. liz: who sings that song, "the final countdown"? nobody knows, we're not cool. >> [laughter] liz: it's not journey. it's definitely not journey. >> europe? >> europe. liz: star ship?
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>> europe? liz: okay. or is he saying you're up, liz. it's the final countdown to election day and democratic senator raphael warnock doing last minute campaigning alongside fellow georgia senator john ossof at this hour polls show warnock in a neck and neck race against herschel walker, fox news power ranking show while republicans will likely win 49 seats, there are four toss-up races left to decide control of the senate. a win by walker and then mehmet oz in pennsylvania could be a winning combo for the gop. dr. oz in his own horse race with democratic candidate john fetterman. it may come down to one single county in the keystone state that could lift the gop to the magical number of 51. so we said let's send jeff flock right there. he's in lucerne county, pennsylvania with the details. jeff? reporter: liz i come town from
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the town square here in wilks ba rre pennsylvania. this is one of the pivot counties, and then in 2016 pivot ed to president trump and it's the only pivot county in pennsylvania that actually stuck with him, didn't boomerang back to democrats. he won it in 2020 as well. democrats have been losing the foothold they had here in this county. 12,000 registered voters lost to the democrats, 14,000 republican gains among registered voters now it's about 50/50 here. why is that? well it's the economy, stupid. >> inflation is on the minds of everybody, and there just doesn't seem to be an end in site. everybody is worried about heat ing their homes. >> it's money, gasoline prices, it's inflation, it's how it hurts us everyday of the week. >> fixed income, retired teacher 33 years, but the price of gas, price of groceries, you see it everyday. reporter: tight race in the
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congressional race here as well, jim bognet is the republican, matt cartwright the incumbent democrat and the only one in the house who is running to be re-elected in district president trump won in 2016 and 2020. we asked him to come on and talk with us. no response from him, although his opponent did. >> why we've seen a big realignment in lucerne county in 2016 and 2020 is working class voters have come to the republican side. working class voters 20 years ago were voting democrat. the democratic party today of 2022 is not what it was 30 years ago. i can't tell you how many democrats have come and said they don't represent me any more reporter: where it stands here now, in lucerne county we'll find out tomorrow. liz: of course we will be right on it here on the "clayman countdown", and throughout the evening on fox business. we got a fox business alert, so as these gains continue we have a new session high, not right now but just a minute ago, of
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481 points for the dow jones industrials. still up about 463, green on the screen for the majors here, let's look at shares of digital acquisition corp. or dwac. rallying pretty much 55% higher on the news that former president donald trump is looking at a possible run for the 2024 presidential election. the blank check company is set to take trump media and technology group and its truth social platform public and is rallying, perhaps, on the prospect of increased users. by the way, beware here, because our charlie gasparino has been reporting extensively about financial troubles at truth social. that dwac rather is still down quite significantly year-to-date in the meantime, somewhat related, fun wear, a software developer hired by trump's 2020 presidential re-election campaign to build a phone app is up 26% renou aworlesda
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o-dsulds" monebstok $lierga ts wiwoes wl ste coorldiegaitcut .esy y,t' hthese aln y.s ut m tm, cutteuts touus in the meantime global pharma
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company, viatris jumping higher it reached an agreement to acquire oyster point pharma for $11 per share in cash plus a contingent value. so oyster point is up 39%, and the cvr entitles stockholders to receive a payment of up to $2 a share and at the moment, oyster point, yeah, 11.63 viatri s is at 1.96 and lid ar makers are apparently merging. the two companies said joining forces will help them increase competitiveness, as investors have grown disillusioned with autonomous vehicle technology, after this deal closes, each share will be exchanged for .8204 shares so that shareholders will in about 50% of the combined company shares. both companies will continue to operate their businesses independently. oyster up 2.5%, and okay, got
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off cheap. the chief twit overseeing chaos and confusion reportedly trying to rehire some of the employees who were mailed pink slips back on friday by somebody who was signing their name as just plain twitter. yeah, no name signed to their pink slips. tim draper is a silicon valley venture capitalist legend and early investor in all things elon musk. twitter, tesla, and spacex, he's here to tell us what he makes of the twitter dog and pony show right now it's a fox business exclusive. closing bell 26 minutes away. the dow is still gaining about 471 points, we've got so much more ahead and you can't miss tim draper. he knows all things silicon valley, stay tuned.
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liz: with polls on the east coast opening in fewer than 16 hours, elon musk is making his political beliefs very clear in his latest twitter tirade. tweeting, "to independent-minded voters, shared power curbs the worst excesses of both parties. therefore, i recommend voting for a republican congress, given that the presidency is democratic." musk continued "hard core democrats or republicans never vote for the other side, so independent voters are the ones who actually decide whose in charge." okay, captain obvious. right? right now, we know it's independents but in the meantime the election has caused musk to delay verification check marks for twitter subscribers which were supposed to rollout today. the new york times reporting the decision was aimed at limiting any fall out from users
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impersonating political or other government figures. susan li has the latest on elon 's twitter decision see saw and clearly, talk about imitating people, twitter just announced its banning unlabeled parity accounts as well he's walking back on his decision to lay off employees calling them back. this is very chaotic isn't it? >> yeah, never a dull moment in elon musk's day i'm sure so he laid of 3,700 staff in a single e-mail on friday, now dozens are being called back because twitter, elon musk kind of needs these workers to build the changes that they want to implement, for instance like that subscription business, and also laying off 50% of staff comes with costs. you have musk writing that regarding twitter's reduction in force, unfortunately, there is no choice when the company is losing $4 million a day, adding that everyone exited with three months severance. now cost cutting is crucial to try to make twitter profitable at some point. the company lost over $300 million in their last quarterly report, and also, it was interesting that you had
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twitter's former ceo and co- founder jack dorsey taking some of the blame tweeting that i realize that many are angry with me. i own the responsibility for why everyone is in this situation. i grew the company size too quickly and i apologize for that now, as for actual content moderation no big changes yet, with musk saying twitter rules are still evolving, and as you mentioned that $8 verification program that doesn't kick in until after the mid-terms, but that hasn't stopped activists from trolling musk on his own platform including kathy griffin among others that changed their own verified accounts to a picture of elon musk that came with his name and they were trying to make the point that anybody paying $8 a month with a blue check mark, well they can impersonate anybody else that they want. now elon musk of course announcing that there will be temporary suspensions for accounts that are trying to impersonate others including him meantime, more advertisers did pause on their spin on twitter the latest this morning german
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asset manager aliance, amongst a growing list of corporations that includes car companies that directly compete with tesla, then also carlsburg, rei and others but i'd note it's really a small percentage of the 3,700 companies that have paid for ad s on twitter but you also have to remember, liz, that advertising accounts for 90% of twitter's revenue so they kind of need the ads, at least for now. liz: kind of, definitely, susan thanks for wrapping that all up in a nice ball because as the elon musk saga plays out, the man who was one of the original earliest investors in tesla, spacex, and twitter, has come forward to support the billionaire. venture capitalist and bitcoin enthusiast tim draper tweeting yesterday "i think elon is awesome and we're so lucky to have him on our planet. i believe he wants to save the planet with tesla, make sure we can get off it with spacex, and now allow everyone free speech with twitter and he does it all profitably. i hope he lives forever."
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tim johns us now live in a fox business exclusive to talk musk the venture capitalist space. >> go elon! whatever you can do, buddy, you're awesome. liz: we know you support his ideas but how do you assess his handling of the takeover had of twitter? >> oh, [laughter] well -- i look at it from a couple of points of view. one is i think as a businessman, i would look and i'd say well, it was a high price in the market, all that went away from him and he's going to be, you know, so as a businessman, i'd say whoa, i've made that commitment at the top, and then, but as a visionary, i think elon really has identified something and he's making people wake up to the idea that free speech is
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great. it's great for you, it's great for me, it's great for everybody , and the moment you start putting words into people's mouths and making them say certain things, is the moment you start moving toward a dictatorship, or socialism, or government control, and that's what, you know, they have in north korea, that's what they now have in russia. now they have it in china, and the whole country is starting to lose its economic power. liz: well, tim, let me tell you what they had in 1930s germany. they had the allowing of people saying horrific things about jewish people, about romaine, gypsies and gay people and then we know how that story ended and here is the thing. he is allowing some of that speech right now and suddenly, i mean, you're talking about the minute you start putting
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words into people's mouths. he's allowing any words to come out of people's mouths so where do you stand on that part, and what does he need to do to fix that in this early start of him as the lead guy at twitter? >> well, i believe in free speech. i think it's very powerful, and you should too, because your -- liz: do you believe in hate speech then, counting that as free speech? >> well i think if you say something bad usually people respond pretty strongly, and one way to do that is in software. you can build it so that somebody says something bad, you can, the world can say i don't want to see that anymore. liz: he fired a lot of the software coders. i mean, that becomes part of the problem, tim. he fired a lot of the coders who are able to do this , and now he's calling them back.
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that shows disarray and chaos, i mean, this is the guy who and believe me, i've known elon for 15 years, 20 years, and he is an absolute genius. i watched as the short sellers tried to kill tesla and he couldn't understand it and neither could i, because he's the next biggest thinker here in the united states and in the world quite frankly, and yet , he's looking very haphazard in this. >> yeah, i know he's time- constrained with a lot to do and a lot to figure out and he wanted to make some quick changes so that people understood that it's going to be a different twitter. he's going to allow free speech and open it up and that's kind of, that's a great thing. i mean, i think free speech is a great thing. liz: what about this thing, let me jump in because i get that you believe that. >> when you start taking it
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away, that's when somebody like a hitler or president xi now or president putin starts putting people away for their speech, and that is not what you want to do in this country. liz: that is true. i would stand by that. >> its worked out very very well for everybody in america. liz: the issue though of amplification, tim, okay, so free speech, yes, but the amplification that twitter enables, would you tamp down on that a little bit? >> yeah, twitter, it's interesting. twitter has free speech and people seem to glom on to things that are not always positive and i think that that, there maybe something that needs to be done there, but boy, i think people should be able to say what they need to say and then let the debate begin and let us all learn from what everybody else
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says. i think people were so much better with freedom. freedom and trust, you've got to trust people to do the right thing, they live up to that trust, and then you create a free country and that free country builds economic values, social values, people live better lives. if you don't want those freedom, go check out north korea. liz: yeah see how that feels. your role as a venture capitalist involves a lot of guidance when you invest in a company, and they come to you and say well, how do you think we should handle this or that. the way he is handled layoffs has been not a pretty picture at all, so he fires about half the 7,000 people who work there, then over the weekend, reportedly he's calling them saying wait a minute, he not personally, but saying we need you back, so we did this on my tiktok which be considered a rival to twitter but we did it
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and got a lot of responses because i asked them, if you were called back, would you come back after being fired with very few days notice, and simply an e-mail that was signed " twitter" and not the guy, so here, we have some of the responses we can start with a guy named bruce, who said yeah , i'd come back with a raise and bonus, sure, and then goots came in with no way, let me switch to the next one, no way, i'd return to the cesspool of a place, no way i'd trust management again. they mass-fired without taking time to understand the roadmap and then nunes said heck yeah, i'd come back with a lawn chair and six pack and kick my feet up and take a front row seat watching the chaos. robbie, robbie then it gets better, robbie says double my salary and i'll come back. rokie says triple my sally are and i'll come back and then wopi e says sounds like a horrible situation. elon says hey, come on, i didn't mean it, only to ghost you three months later.
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um, you know, do you think people come back? >> [laughter] you know, layoffs are never easy to do. liz: yeah. >> and people and there are very few ceo's that do it exactly right. the key is to try to project out exactly what you're going to need going forward. figure out what your costs are, how you're going to manage that, how are you going to manage through a bear market. how bad is the bear market going to be? you've got to go through all of that thought process, and then you've got to do it quickly and effectively and then, you've got to get the rest of the team fired up to stay. liz: yeah, i know, i know. >> and not to worry that their job is in danger too. liz: and not to sabotage. >> and a whole bunch of other people are having, i mean, i think you'd get a zillion different answers to that one question. liz: sure, tim, we've got to run >> everyone is different. liz: will you come back and we
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talk bitcoin at 250,000 and when >> it's coming, baby. it's going to be up to the women liz: in my lifetime, oh, now you're putting the blame on us, okay tim draper, our good run of the program, we're are coming right back dow is still holding on to gains of 430 points. 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. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. . .
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dolly varden is a silver focused company in bc's golden triangle and we are truly size meets grade in a safe jurisdiction. and what we've successfully done is we've expanded
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the strike length 19 metres of 584 grams of silver. we're going to expand known deposits and we're seeing that in the results that we're putting out. dude, what're you doing? i'm protecting my car. that's too much work. weathertech is so much easier... laser-measured floorliners up here, seat protector and cargoliner back there... nice! out here, side window deflectors... and mud flaps... and the bumpstep, to keep the bumper dent-free. cool! it's the best protection for your vehicle, new or pre-owned. great. but where do i---? order. weathertech.com. sfx: bubblewrap bubble popped sound.
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well, we fell in love through gaming. but now the internet lags and it throws the whole thing off. when did you first discover this lag? i signed us up for t-mobile home internet. ugh! but, we found other interests. i guess we have. [both] finch! let's go! oh yeah! it's not the same. what could you do to solve the problem? we could get xfinity? that's actually super adult of you to suggest. i can't wait to squad up. i love it when you talk nerdy to me. guy, guys, guys, we're still in session. and i don't know what the heck you're talking about.
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♪. liz: there is a land grab going on in the health care sector today. smaller companies getting snapped up. so let's start with walgreen boots alliance. it is at the top of the the dow on news the village md unit reached a deal to buy summit health. this is the smaller one, right? this is the parent company of city md urgent care centers for those who don't know help weekend warriors in new york who pull muscles, anyone suffering from covid can't live without. city md came through for our intern this summer when he fell off his skateboard. the $8.9 billion combo will have 26 locations provider markets. h croicrethlindoeinletthheures
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mainivhtow thanbject actually needs some type of a semiconductor in it. robert, thank you. great to have you on the show? robert stimson. so the major averages on this monday showed real strength ahead of a big question mark. [closing bell rings] that of course is the election for the midterms tomorrow. fox business will be all over it between now and tomorrow night. the "claman countdown" will be in the thick of it. ♪. larry: hello folks, welcome to "kudlow," i'm larry kudlow. so on the eve of the midterm elections as joe biden makes his closing arguments, he decided to remind everyone that he intends to shut down coal plants all across america

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