powder reflects something you will never even hear about when it comes to individual investors. some of this, of course, reflects fear, but more losses and some of the anxieties about this being a lopsided playing field, but you've got dry powder, you're in the position to take advantage of this stuff. ultimately, the goal is to be positioned before the the herd comes in. but i do have to tip my hat to the retail crowd for being smart and nimble. remember, this market's been more like a tournament of poker. you've got to -- by the way, if you've ever been in a poker tournament, it is the most boring thing in the world. you've got to be patient and patient and patient and not make mistakes. lauren simonetti knows exact exactly what i'm talking about. lauren: i'm the opposite of patient. as are you, charles. [laughter] good to see you. markets are down this short thanksgiving week as trading of oil recovers losses after hitting a 022 low -- 20 222 low.

but some major corporations are not taking the holiday week just as slowly. what about bob? the latest disney drama, ceo bob chain ec is replaced -- chapek is replaced by former ceo bob iger. we've got team fox business all on the market-moving stories. jackie deangelis has the latest on the mouse house c suite shakeup, susan li on the twitter drama and hillary vaughn with ticketmaster's not so swift apology. let's given with disney setting off fireworks, the stock is top of the dow jones industrial average, it is up 6% now. of course, that's not the story for disney shares this year. so disney's going out with the old bob and in with the even older bob. former disney ceo bob iger will retake his position as head of the company he's been with 40

years, replacing bob chapek. jackie deangelis has more from the fox business newsroom with how much this c suite shake-up shocked wall street as well as hollywood. jackie, i was stunned when i saw this last night. >> yeah. a lot of people didn't see this one coming, lauren. and it says at lot that bob iger is coming back after less than one with year in retirement, and disney's stock price speaks to what's happening as well as you see the action today. on february 1st, 2021, the stock touched $189 a share, now it's trading at 97 and change. taking into account the market volatility that we've seen, it's still a tock that has suffered -- stock that has suffered more than most. bob chapek succeeded iger in 2020, and while he did face many challenges like navigating the pandemic, he is stepping down. iger was ceo from 2005-020 and after serving as ceo, he remained on disney's board for a

little while. now he's going to serve two years as ceo once again. in a statement board chair susan arnold said, quote: the board has concluded as disney 'em embarks on an increasingly complex period of industry transformation, bob iger is uniquely situated to lead the company through this pivotal period, end quote. the highly competitive streaming business, it's had trouble with attendance at hemoparks because of lockdowns and -- theme parks because of lockdowns and attractions, also faced backlash for what was cart guised as woke tendencies. of shares hit a 20-year low the day after the release. in a memo to employees obtained by reuters, iger said this: i'm an optimistic, and if i learned one thing from my years at disney, even in the face of uncertainty, perhaps especially in the face of uncertainty, our

employees and cast members achieve the impossible. lauren? lauren: you know, i just wonder if investors want even more than the iconic bob iger to turn the disney ship around. jackie deangelis, thank you very much. [laughter] another big story we're following, digital world acquisition or dwac down 1.6%, better than earlier when it was down about 7%, after the new twitter ceo, elon musk, reinstated former prime minister donald trump's twitter -- president donald trump's twitter account. dwac plans to take trump's truth social firm public. trump says he has no reason to return to twitter, january 2021 is the haas time he was on. and according to regulatory the filing, trump is obligated to make any social media posts first on truth social. still, investors are not convinced this merger will go through or that trump stays off twitter.

and elon musk is mimicking the former president in a way saying you're fired to even more twitter employees if that is even possible. susan li in the museroom with the very latest. -- newsroom with the very latest. >> elon musk was reinstating suspended celebrity accounts over the weekend, and a lot of celebrities like kanye, kathy griffin, jordan peterson were back on, and even that trump account after 52% of responsibilities in that musk poll said they wanted rump back on the platform. trump said thanks but no thanks at least for now. >> i hear we're getting a big vote to also go back on twitter. i don't see it because i don't see any reason for it. truth social has taken the place for a lot of people, and i don't see them going back on to twitter. >> yeah. and remember that trump is contractually obligated to be exclusive to truth social at least for a few years. but as you mentioned already, 80

million plus followers on twitter. so if you want to go back, he has a lot of listeners. as for the layoffs, more twitter staff fired, this time the sales staff being cut after elon musk held an all-hands sales meeting on sunday afternoon, and that means there are only 2700 employees left according to internal counts. so that's roughly a quarter to a third of the staff the that twitter had when they first had when musk took over the company back in october. now, last week you had 1200 resigning after elon musk's hard core ultimatum. but if you look on glassdoor, the company-rating site, only 39% of twitter workers approve of the ceo. compare that to over 90% at apple. tesla workers even rated elon musk at over 70%. so there's a lot of low morale, let's say is, at twitter headquarters and beyond. lauren: that's an understatement. susan li, thank you very much. i can't believe they can still keep the lights on at twitter. and the infrastructure working.

>> however, i would say the platform has gone down when it had a full staff of 7500. 2500 is a lot of people still, especially for a company that's losing money. lauren: 7500 was very bloated, in other words. susan, thank you. taylor swift sweeping the more than music awards last night, winning six major categories including artist the of the year. it comes on the heels of ticketmaster's apology for bungling ticket saleses for her upcoming tour. live nation dead flat right now at 66.44 a share. hillary vaughn joins us now from capitol hill. hillary, does ticketmaster have more problems right now than just fans irate in not being able to buy tickets when they wanted to? >> reporter: they do. it's not just taylor swift fans that think ticketmaster may be in their villain era after many swifties were not able to get tickets. lawmakers now on capitol hill say what happened is a system o.

congressman david cicilline who chairs the antitrust subcommittee says the doj, who has an antitrust probe into the live nation/ticketmaster merger, should break them up if they can't fix it. >> either impose if additional conditions to restore real competition in this marketplace or unwind this transaction so that no longer will customers be taken advantage in this way and prices be outrageously high. >> reporter: but others don't think congress needs to pass few antitrust laws, just enforce the ones already on the books. >> i do think we have strong, strong antitrust foundational rules in place today, and that's up to, you know, folks like you said, ftc and others to look at that and understand how those apply in scenarios like in the case of ticketmaster. but not everything is about writing a new bill. >> reporter: ticketmaster is going on an apolo iy tour saying

this, quote: we're working to show up our tech the for the new bar set by demand for the taylor swift eras tour. if there are any next steps, updates will be shared accordingly. they say what caused the chaos, overwhelmingly, never seen before traffic on their site. some bots, but a lot of fans. the platform saying based on the volume of people that wanted incompetents, swift would need to -- tickets, swift would need to perform a show every single night for the next 2.5 years if everyone that tried to get tickets actually got ticketed. lauren: if.5 billion requests for -- 3.5 billion requests for about how many tickets? >> reporter: i don't know the number of tickets, but it essentially made the site shut down. they had to slow things down so people could get tickets. some bots but, overwhelmingly, demand by the fans because a lot of people didn't get tickets. lauren: go, taylor swift.

that really is amazing. [laughter] hillary vaughn, thank you. good to see you. clarity on sam bankman fried's ftx disaster. how much the failed crypto giant owes to its creditors. it's straight ahead. but first, the dow just edged back into territory -- positive territory 4 points on this thanksgiving week. "claman countdown" coming right back. ♪ ♪

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we are getting new numbers on the scope of the ftx scandal. ftx owes its top 50 unsecured creditors $3.1 billion, that according to a recent filing. now, the largest e creditor is owed more than $226 million and, guess what? ftx may have more than a million creditors who want their money back. tomorrow gtx -- ftx will be in court for one of the first steps to file for bankruptcy. we bring in the cofounder of floating point group, kevin march, in a fox business exclusive. kevin, good to see you. >> you as well, thanks forking having me. lauren: if you're one of these million plus creditors right now, you want your money back. is that ever gonna happen? >> look, i'll be honest, i think at this point everyone is treating it as it should be, pretty unlikely to get back the majority of those assets. there's some markets trading on what the value of those are, and the speculation value is around

10% right now. lauren: everyone says just invest in bitcoin and cryptocurrencies what you can afford to lose, but let's face it, one year ago when bitcoin and other cryptocurrency prices were at record highs -- [laughter] right near 70,000 for bitcoin which is at 15,000 now, maybe people invested more than they could afford to lose. what do you say to them? >> i say this is a really important lesson to learn about the market, right? the general concept of only invest what you can a afford to lose is still applies, and it should apply when things aren't exciting and when things are exciting. whether that's buying into bitcoin or if it's a venture deal that looks particularly exciting. lauren: can cryptocurrencies right now prove that they are valid or sustainable business models in that they can be viable in a downturn, which is what we're seeing right now? >> so i think this is a really important part that we should talk about, which is

cryptocurrencies are often not the same as the businesses, the central the eyesed businesses that are built -- centralized businesses built on top of them. some of these cryptocurrency businesses create their own tokens, and those are the ones where it's really important to evaluate what the business impact of that business is on the token. but many of these are more or less, like, they're decentralized run by organizations across the world with millions of contributors like in the case of bitcoin. and i think in that case you need to think about it a little bit differently than a company with a balance sheet. lauren: so when we start to talk about regulation in this global marketplace, where do you begin? [laughter] >> moving quickly would be a great start. that. [laughter] i think at this point there's a really important question we need to answer which is, how should these exchanges in these crypto intermediaries hold their assets. and i think this is one of the parts that we're not going to wait on the regular laters' a

answer for us. based in the u.s., regulated, we don't have time to wait for our regulators to answer this question. we need an answer to this now, and i think it's going to fall on the upstanding participants in the market to come up with their own rules for how we should be handling this and maybe technology to help with it. lauren: that sounds pretty utopian. [laughter] >> it is, but the reality is if we don't do that, we're going to have another ftx situation. lauren: right. >> and, personally, i'm not going to let that happen. lauren: neel kashkari says the entire notion of kip co-- cryptocurrency is nonsense. is that too harsh? >> i think it's way too harsh. i think invest a knee-jerk reaction to what's happening right now. it's the easy reaction. the hard reaction is going forward and thinking about how we can actually use these technologies to improve capital markets without the distraction the of what's happening right now. we learned some critical lessons that we need to move on from. how should we work with

cryptocurrency exchanges when they're holding our assets, and there are some serious questions we need to work on. but the notion that crypto is bogus because of one bad actor, i think it's nonsense. lauren: doesn't it peel like just more than one bad actor? i understand that sam bankman-fried was this 30-year-old wonder kid, right, that really got wall street and big withtime investors and even politicians on his side. i get that. but he pulled the rug out from urn them really, really fast -- under them really, or really fast, and he blindsided some really experienced investors, sequoia with, the venture fund at softbank. i mean, they all fell for this, and they know a lot more than i do and regular people. >> that's true. and i think you're right, right? it's not just that there's one bad factor, i think we're all just talking about the biggest one. but the let'ssons -- lessons

we've learned, there are a couple of really important ones we've learned a couple times, and i hope this is the last one. is your counterparty issuing a token that's a critical part of their business? if yes, that's a risk you immediate to factor in. is your counterpart engaging in lending that is either unsecured or taking unique forms of collateral for? if yes, that's a big question. either to invest or to trade the, to deposit with, the market will be better. and i think right now people are getting reminded they need to ask those questions. lauren: due diligence. kevin march, thank you for the time. >> thank you. lauren: black gold is reversing course as the saudis claim, yeah, we're not planning any oil production increase. what are you talking about? our floor show trade thers are here on that and what the rest of opec is saying. plus, toed's other market moves and, first, check dow jones industrial average. it is still -- oh, barely in the red, down 5 points. the s&p is down 12. the nasdaq down the most, it's down one pull percent, 105

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lauren: all right, 35 minutes left until the first trading session of this holiday week, and we have markets all still down. the dow is now down by 47 points. the nasdaq also sliding, down 120. so the losses are accelerating as we head towards the closing bell this monday. take a look at the dow at

33,695. it's been up and slightly up and lower much of the session despite these outsized gains in disney shares. so what is weighing on the averages right now? the first is fears that china may once again ramp up covid restrictions after reporting the first deaths from the virus since may. chinese stocks, especially the ones that trade here, taking a beating on the session. jd.com down almost 6.5%. and the second is crude prices. oil is right now trading at $79.77 a barrel after hitting a new low for the year. we got mixed messages going on from opec+ with saudi arabia now disputing a "wall street journal" report of a production increase ahead of restrictions that could be coming on russian crude oil. all of this while goldman sachs warns the bear market is not over. so where can investors call opportunity in this volatile market? let's get to the floor show,

george ball and to have to it senior portfolio manager rob sumall. gentleman, good to see you. george, do you believe that, a, do you believe this is a bear market still and all the rallies that we've seen, not toed, are bear market rallies? -- not today? or do you think there's more pain ahead? >> on balance, i think the market is poised to rally both over the short term, the next month to -- month or two and also into 2023. right now you can see the market is batting around a great deal of -- without a great deal of direction. for the past two years, people have been watching the fed rate hike expectation, and that's been the driving force behind everything in the market, which way is the fed going to do. lauren: yeah. >> at this juncture i think people are fairly comfortable in saying the fed will raise rates in december, they may raise rates in early 2023.

but after that there has to be a long pause. the fed doesn't do anything in terms of moving rates up or down, so we have to look in a different direction. over the shorter term, if you look at the put call ratios, the sales of puts by the large, supposedly smart money investors, you'd have to think that a there is some degree of rally in the end of '22 the, start of '23. lauren: oh, okay. rob, goldman sachs says more pain to come, and they see the s&p 500 at the level of 4,000, which is up barely from the 3950 we're at right now. at the end of next year. so that implies no growth. >> yeah, lauren, so investors can look in that case stocks will pay dividends, and that's where you look at the energy sector. the energy sector has a lot of free cash flow, it returns a lot of that cash to the shareholders, and it's still a cheap sector, relatively

speaking. so the energy sector is one area where investors have made money the last couple of years and likely going forward as well. lauren and they have strong balance sheets. can you say profitability? although i know the future is very uncertain with the administration and the transition to green, i got it. george, come in here and talk to me about bitcoin because jpmorgan says, well, it might go to 13,000, but you think it's going back up to 20 the, and you say buy it at 20 the ,000? 20,000? >> i was going to say something slightly different than that -- lauren: you're changing it. >> no, i would buy bitcoin if it goes above 20,000. lauren: okay. >> you've got charlie munger, you've got the people at the fed saying bitcoin is not a fraud, but it's without value. a very famous old investor once told me to buy things when others are buying it. so if a rejuvenation of faith in the cryptocurrencies, bitcoin's probably the easiest way to condense it, then i would ten to

buy it on strength. don't try to pick the bottom, don't try to average down, but if it gets strong in the speculative and the investment pcs are reaffirmed or affirmed once again, then i'd be a buyer. buy it on strength, don't try to buy it in the here and now. lauren: uh-huh. you know, rob, we're looking at bitcoin u.n.ed pressure, cryptocurrencies -- under pressure. we're looking at the market down this year, we're looking at oil hitting today its lowest level of the year. is there a catalyst that investors can be looking at to get us out of this malaise, or is your answer going to be the fed? [laughter] >> well, i think what you have to think about is when does the demand come back globally, when does the economy improve. with these lower oil prices that that we've seen actually are a good thing. we've seen gasoline prices fall dramatically. gasoline prices are only a little bit higher right now than they were a year ago. and so that means economies will

reopen. the interest rate hikes will stop. economies will start to grow again. china will reopen. that's, you know, the second largest economy in the world. that will increase demand significantly as well. and, you know, put all those factors together, and you can paint a pretty bullish picture especially for oil and natural gas going forward, you know, next year and into really the next decade. lauren: love the optimism, rob, but china's going back to shutting things down, mass covid testing and all that comes with it. rob, george, thanks for joining us today. have a good holiday. >> thank you. lauren: and let's check the markets overall one more time before we do pop stocks. dow i down 33 points, nasdaq down 117. domino's pizza is adding 800 chevy bolt evs to its delivery fleet. the first 100 are going to arrive later this month. the pizza chain hopes the additional evs will help them

attract delivery drivers who don't own their own cars. dpz up 2.4% at 376 a share. caravana laying out 1500 employees. the online used car dealer suffers from a weakening market. the ceo, mr. ernie garcia, says they failed to accurately predict how that would impact its business. this is the second round of layoffs in the last six months for carvana. one year ago shares traded at $296. imagine that annual chart, doesn't look good. home furnishing companies are taking a hint as well, barclays cutting its rating on williams sonoma down to equal weight, also cutting its price target to $114. barclays bearish on rh or restoration hardware, cutting its rating to equal weight, slashing the price target to $243.

both companies have suffered as spending on home goods, especially expensive home goods -- williams sonoma, home of the $40 spatula, and rh, home of the $1700 mirror -- both stocks are down, 3% for williams-sonoma, 5% for rh today. and investors are running away from a sneaker company despite ubs raising their price target to $32 from 30. so on holdings initially popped at the open after goldman sachs upgraded to a buy. it's now down 1.25% to 16.72. black pretty deals, well, it's been black friday all month, if you ask me. those deals certainly underway as retailers compete for consumers' holiday dollars. the ceo of jcpenney is here with us next as experts say americans may be playing scrooge with gifts this christmas. and a fox news rewind series returns today with season three, fox news rewind: financial

crisis 2008. fox news and fox business' biggest stars like liz clay banker neil cavuto and charles payne take a look back at the events leading up to the great recession. get the six-part series now on apple podcasts, spotify or fox news podcasts.com. another check on the big board before we go to the break, and you can see, well, it's about mixed performance for the dow. more stocks in the green like disney, the number one stock the, than in the red. but the dow jones industrials down just 38 points. the tech side of things is looking worse today. "claman countdown" coming right back. ♪ ♪ you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow! yeah! it's time to take control of your investing education.

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tree, painting a mixed picture at this hour. in a time that is supposed to be joyful, many consumers are struggling to keep up with rising prices. according to a research company called attest, 351% -- 51% of americans are pulling back on spending due to inflation, and instead they're prioritizing day-to-day e expenses and planning for economic uncertainty. many consumers this year deciding to give presents to fewer people including fewer presents to their loved ones. with that, the jcpenney ceo, mark rosen, is here. mark, i don't mean to be a bah humbugger -- bah humbug, but are we really pulling back? what do you see as the head of jcpenney in your stores? >> first of all, thank you for having me. and what we're seeing is were been here to serve our customer, which is america's diverse working families, for over 120 years, and that customer is looking for value. and i think this year more than ever the customer is looking for

value, and we have value there for them. they are still shopping, they want to have holiday, and they're going to have holiday with their family, but they want to do that by finding value, and that's what we're offering in our stores this holiday season, is value is. lauren: what exactly does that mean though? >> well, i think it means a couple of things. first of all, for this holiday season we went live with our black friday deals early, at the beginning of november. all of our deals have been live as of this weekend, and we're focusing on offering our customer pre-inflation prices because we know for the customer that's really, really important. so you're going to see islands like our st. johns bay cable knit sweater for 9.99, our home education presses bath towel for 2.99 and boots for 19.99. those are great, incredible deals. they're pre-inflation prices, and they bring great value to our working families. lauren: mark, is that because you had the inventory? you had it? it's bloated for nearly every

retailer, so you were able to offer those pre-inflation prices? >> we actually bought into that a inventory intentionally knowing as we were going into this holiday season. so we feel like from an inventory position we are in a good place with the right items and the items that our customers are going to want to be buying this holiday season. so we're focused on having those items that they want to have, and we believe we're well positioned for that from an inventory perspective. lauren: i want to say congratulations, you are one year now as ceo, correct. >> that's right. lauren: and jcpenney is 120 years old. it's kind of ironic that jcpenney survived the world wars, the great depression, the financial crisis, but then came covid, right? and everything changed. people went online, they didn't go into the store as much. jcpenney had this massive retail physical store footprint, and now a few years in or past covid, i guess, and we are going back into the store. are you able to meet customers where they are?

>> yes. we are able to meet them where they are, and we actually believe where they're going to be in the future is both a combination of the store and online. so we're still seeing, just like we saw during covid, a significant percentage of our customers and our business are shop ising online, but they're also coming back into the store, and we actually think that's going to ring true through the holiday season too. we expect on black friday we are going to have customers back, we're opening our doors at 5 a.m., and we're offering doorbusters that we've not offered since pre the pandemic. so we're going to be offering a $10 off $10, 100 off $100 and $500 offer 500, and it's going to be a combination of online and in store. lauren: value wins, but are you part of that trade down that walmart is seeing, the higher income consumer with more disposable income wants values, so they're going into, let's say, or walmart but also dollar

tree and dollar general? those stocks are both up nicely this year. >> i think what the consumer's realizing is that they can get great product as -- at a great price, and they can shop some of our private label brands. we also have great brands throughout the store, we just rolled out our mutual weave which is a new men's product, and the customer's known for a long time if they're looking to dress up for a holiday that they're going to find the best deals on great brands that we have in store at a great price. and for women, great dresses. so we're seeing that customer come in. what we are seeing is that on certain occasions they're buying more of our private label and more of our opening price point. those are great values for the customer during this holiday season and when they need to make sure that they're getting value. lauren: yeah, i know. i feel like at least in my family is not really what do you want, it's how much is that going to cost us. mark rosen, good to see you. thank you so much for the time. >> thank you for having me. lauren: of course.

president joe biden giving pardons to the white house turkeys today. those are beautiful birds. but how our countdown closer says ditch the turkeys in your portfolio -- [laughter] he's got the picks to replace them. let's check big board, dow jones industrial average now down 60 points on the first day of the shortened trading week. thing it is a holiday week, that means there is low volume. we're seeing that today, is and with that a lot of volatility. "claman countdown" coming right back. 15 minutes til the bell. ♪ ♪

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♪ lauren: wall street's top cop, gary gensler, is determined to make his mark on the u.s. market structure before the year is out, and it is winding down. he's pushing to propose a plan that would bring the largest changes to stock market formation in decades. with what this means exactly, charlie gasparino. >> no one knows exactly. wish i had it right in front of me, but i do have sources who have seen it. apparently, the plan is before the commissioners right now. remember, the sec is led by the chairman, and then there's are, i believe, four commissioners, two democrats, two republicans,

and they generally vote on stuff. and one thing they'll vote on soon, can't tell you if it's going to be before the end of the year. obviously, this is, like, a big thing, it's market structure. a massive change to market structure that gary gensler has been envisioning for a while. is here's the plan as of now. now, again, i should point out republicans on the commission are very skeptical of this. they may push back so viciously and violently -- vehemently, i should say -- that gary withholds this and puts it out sometime next year as they go through it more. but his plan, according to democrats and according to commissioners who have been briefed by him is to have this thing debated at a december 16th open meeting which has not been called yet. and you'll likely hear, see notice of that meeting if this is where they're going sometime next week. i think it's, like, a 10-day -- you meet 10 days before. so sometime next week the plan is, as of now, again, if it

doesn't change, to have this open meeting on the 16th. and right now, as you know, stocks are made -- are marketed, excuse me, are buy and sell orders are put together both on the new york stock exchange, on the nasdaq, on the new york stock exchange's arka electronic trading platform. they're also done on what's known as dark pools, right? these off-exchange outlets that compete with the major exchanges, some would say on pricing. gary gensler says it's too to peake pick -- too opaque for his taste. but retail trading in particular, this is the way the broad outlines of this is going to go, will be funneled into some sort of an auction market that's going to be run by either one exchange, various exchanges compete on these auctions, but it's going to be a public-lit market. it's not going to be the off-market stuff. again, this is controversial. he'll tell you, if gary

againstler was here, hollywood say the fact that they're not in the public realm, no one see ises them like you don't see the new york stock exchange price movements is a problem for investors. the other side would say, wait a minute, stock trading and the execution has never been more seamless and cheaper. that's why you have robinhood, and to suggest someone's getting screwed on the execution is insane because it is so cheap right now to trade. and these off-exchange things that occur, the citadels where they match buyers and sellers and pay for that order flow, they pay it pretty exhibiterly and match all the orders, even the odd lots and weird illiquid securities. they do it seamlessly through electronic trading. if you really want to mess with that, you know, you're playing with fire because right now stuff is working pretty good even though they canned make the it's not a public-lit market.

public-led market. the end of the year is key because i think the republicans take congress in january, right? is it 1 -- lauren: i think it's the 3rd, not positive. >> it's not like the president on the 28th, right? that's when the president is inaugurated, goes into office. in early january, they don't have the direct ability to stop gary gensler, but they could call his, call him up there to congress, have multiple hearings which heir planning to do, make his life miserable for him and try to put riders on bills where he can't get stuff passed -- writers on bills. so there is a sense at the sec that he wants to get this thing done before they get in there and have a 3-2 vote, three two democrats plus him over the republicans, to push this market structure deal through. again, calmer heads might prevail, he might back off this thing, he might say this is too much too soon, i've got a lot on my plate right now including

crypto, why do i want to go there with this? it's very possible. as of today, the word is at the commission he wants done before the end of year, december 16th or so, a midweek open meeting with the full commission to be announced next week -- lauren: all details to be announced next week. >> i think the details will leak out if this is where he's going. if he does go through with this, you get the open meeting announcement and everything else, details are going to start leaking out from me, the journal, it'll be an iterative process, and lauren: any word if he has spoken to robinhood or -- >> yes people he has spoken to at robinhood and virtue, citadel, saying you're playing with fire. it sounds good. lauren: you have another market that is really broken that you might want to fix as crypto. >> the market is pretty

efficient as it is now do you feel you're getting ripped off -- lauren: that's what i'm saying crypto. >> money disappearing, right? they have told him, you're playing with fire with this. changing something that probably doesn't need to be changed. he is saying no, you're making a lot of money off something that so he make. lauren: december 16th you said. >> if he goes through with it that is what i hear. that ask the date. next week they announce an open meeting. i think he might change. that is in the back of my head, he will say too much, too soon. i have crypto. i have sam bankman-fried coming, i have got a lot of stuff. lauren: charlie gasparino, the latest headaches, right? closing bell rings in less than five minutes. the s&p and nasdaq are on pace for their third down day in the past four trading sessions. let's check the leaderboard for the dow jones industrial average. disney leading the charge by far. you can see disney is up.25%.

walgreens, coca-cola, merck, home depot all firmly in the green. at the bottom of the list intel, united health, sales force, visa, apple. basically in a nutshell, look at sectors, tech, energy are getting beaten up. other sectors doing better today. president biden keeping up with thanksgiving tradition. some say goes back to abe lincoln's presidency. two turkeys named chocolate and chip were pardoned. i know, very cute. on the white house south lawn saving the them from the fate of their fellow foul fowl. we'll connect with these. the "countdown" closers says he has picks that save you from turkeys lurking in the stock market. we have muhlenkamp portfolio manager, jeff muhlenkamp. good to see you. >> thanks for having me on. lauren: chocolate and chip, how cute. you like energy stocks. one is schlumberger. oil is not doing so well. put in a 22 low earlier.

why do you like slv? >> oil is very volatile, particularly early on news of china either opening or closing due to covid but energy has underinvested for five or six years. we think schlumberger will do very well as we are forced to put more money into the ground to find energy resources. lauren: as we are forced to put more money in the ground. that is how it feels when you're looking at the oil patch these days. united health, you like that stock. why is that? >> i do. they have got half of their business is much more technologically oriented than the insurance business. growing revenues 10% a year. i think that continues for the next several years. it's a reasonably defensive play what is arguably a tough market. lauren: the third stock we're talking about you like and own is berkshire hathaway class b shares. >> that's correct. i think mr. buffett does a great job of allocating capital. he is starting to put some of

his cash hoard to work. i'm perfectly happy to let him do that for me. lauren: he is dabbling with tech more than he has in the past few decades that he has been investing. >> that's true. i think that is a little bit the changing nature of tech. tech is not quite as disruptive as it used to be. you have got some companies that are quite large, quite robust, quite profitable. i would say they're the blue-chips of you know this decade. plus you've got some young guns working for him i think understand tech better than he does. lauren: what is your forecast for the s&p 500 year-end 23? >> i really don't have one. i don't know what it is going to do specifically in the next month 1/2 but i suspect it will be on a downward trend not an upward trend. i remain pretty defensively oriented. lauren: likely in the goldman sachs, morgan stanley camp maybe more pain is to come. the san francisco fed president mary daily said, look, too much

tighten something unnecessarily, could be unnecessarily painful for the economy. at what point do you think we'll really start to feel the effects of all of these increases by the federal reserve? >> i think you already are feeling it in some places. the housing market is feeling the pain as interest rates have gone up. i think the rest of the economy will continue to feel the pain more and more. the question when does the fed think they have done enough. i think the answer is when they have tamped down demand enough where they think inflation is under control. we're still a long way from that. or create a market we care about, one of the treasury markets. [closing bell rings] lauren: jeff, thank you very much. we appreciate the short answer to wrap it up. markets are finishing the first day of the holiday shortened week to the downside. larry: hello