its nature descending from the red family, demonstrate ising a new signal of strength. magenta came about as a result of the ine vex of synthetic dyes. invented in 1860, it was named. for investors, this might not be the best omen. first, we don't like anything in the red family, plus we have to be worried of anything synthetic, but we do like a good battle, and look how beautiful it is. so as a con strain, i'll take it. 20 the 23,st going to be a positive, we'll take magenta. liz claman, what do you think? liz: oh, horrible color for redheads. [laughter] wait a minute, is that not what you're talking about? [laughter] charles, real depth here. thank you. charles: you got it. liz: charles, stay tuned for what has turned out to be the killer trade of the week.

59 minutes left, and right now, oh, how about this? the dow just turned positive. it's been steeped in the red, nothing too dramatic, but s&p in the red down 7, nas nasdaq lower by 38, the russell up 11. boeing is the blue chip winner right now. it's not the one of the the week that i just teased. we're going to get to that of. but we've got boeing moving higher. "the wall street journal" dropping a headline two and a half hours ago saying according to people familiar with the matter, united airlines is close to a deal to purchase dozens of 787 dreamliners,ed good for now a 4% pop on boeing. pretty much the high of the session. as we kick off the final hour of trade, it's kind of a mixed market, little bit of a mild retreat from the s&p, but the nasdaq is kind of leading the way down. lower by just about a third of a percent. it's getting tripped up today after that impressive 4.5% high jump on wednesday. much of it today the problem is

the semiconductors which just can't seem to get a bullish break. this is the problem, although it's less of a problem as we finish if out the session, marvel missed. having already watched 50% vaporized off the stock year, shares of the digital and signal process maker down 2%, had been lower by more than 7%. so you can see that we're certainly coming up off that floor. here's what happened with mar marvell, missed earnings and revenue expectations. bigger problems, forecast q4 profits will be below estimate. so look at the names crowding the deep end of the nasdaq 100. marvell gets hit with a flurry of price target cuts and amd, nvidia get slammed. what we found out morning, job creation for november is still, even with all the notices of layoffs we've been bringing you, sizzling. the economy had -- added 263,000

jobs for the month, the unemployment rate stayed at 3.7%. his to to haveically, pretty low. so looks like jay powell's federal reserve will remain on its interest rate hike path. in order to tamp down inflation, the fed will push borrowing i rates higher, you know, probably 50 basis points many december, but regardless in the hunters growth stocks because they borrow a lot of money to function. so the 10-year yield which had fallen since wednesday after powell said it's time to the slow the pace has gone from 3.45%, today alone up to% -- about 3.6%. okay, now to what i mentioned, the surprise trade of week, chinese-focused exchange-traded funds. chinese stock the etfs have gone parabolic this week nearly every single day. invesco's golden dragon spiking 22% on the week, crane shares

china internet fund powered higher by 25%. and china's bully etf looks to clock a, ready for this, 41% gain on the week after china's government sort of signaled that it's ramping up covid advantage vaccinations for the elderly population. either way, investors are diving in first and asking questions later. whether it is china or the chips, this has become a data-driven investment world on this pretty where the market is directly correlated to how the fed will respond. and that has bank of america's global economics chief now saying until job creation goes to zero, paul will not stop -- powell will not stop raising rates. the man making that a prediction, bank of america's ethan harris, and we are joined by trader keith fitzgerald. east, that we just saw -- ethan, we just saw job gains of 263,000 for november. do you really believe fed

concern the fed won't stop until job creation flatlines? >> yeah, because already two inflation problems. there's a problem coming from supply chains which can be fed fairly quickly, and that aspect of inflation will come down significantly in the next 6-12 months. the problem is there's no progress at all on labor cost inflation. as you pointed out, this is a sizzling report. we should be having job growth of maybe 70,000 a month if we're even just getting a trend-like number. so we're growing three or four times faster than normal. the unemployment rate's too low are. you know, this is not going to be, this kind of labor market doesn't allow the fed to hit their inflation target. liz: powell gave a huge hint wednesday when he was speaking before the brookings institution that underpins your argument. before we hear from him on what we pulled out from team "claman countdown" that we thought was really, really significant, we

look at wage growth. so average hourly earnings we got today for the month of november, and we can put up, month over month they tripled, came in six-tenths -- i say tripled, meaning rippled the estimate. i'm sorry, doubled. and then we got, here we go, year-over-year up 5.1%. the expectation was 4.6%. so here's what jay powell said on wednesday that we felt, hmm, this is interesting. >> right now the labor market is incredibly strong. again, before this thing we'd never had 1.7 job openings for every unemployed person. so this is a great labor market in that sense. it's too great in a way because it's going to be adding to inflation. liz: that's the one thing, ethan, that makes me hi you're right. i mean, to 0some and you have said maybe they've even got to go negative. what will that do to the economy and to the stock market? >> well, i don't think the market's pricing in a recession

yet. i think that people are very hopeful that we can get a soft landing, that the fed can cure the inflation problem without a significant shock to the economy. i don't think that's correct. i do think that they need to -- i hate to say it, but they need to push up the unemployment rate. you know, this is an unbalanced labor market. it's just gotten too hot. the fed waited too long to hike interest rates, and now they have to cool it off. he was to reverse some of those big job gains of the last year and a half. so i think the equity market's going to have to adjust to the fact that we are going to have a recession. liz: okay. so you're calling if for a recession. and here we go as we look at the november labor report. i want to then sort of dovetail to the fact that the market has been sending out uni havations to the -- invitations to the fed rate hike slowdown party, and we're just hearing everywhere that, you know what?

don't call the candidate or or -- caterer yet. as you look at particular sectors, do you think there are some that are sensitive to a continuingal beit slowing rate hike path? >> i think the slowdowns in the rate hikes which is going to happen, i mean, they're hiking at 75 basis points a a meeting now? i mean, that's crazy fast rate hikes. so they're going to switch to 50 which is only twice as fast as normal. i don't -- i think that this is going to have a broad-based impact. over time you can a cool off the job market, those businesses that are facing horrendous job shortages should be in a little bit better shape. you know, when i talk to some business leaders, they'll say to me, listen, i'd rather have a recession and get rid of this massive headache i have of having to hire and rehire and train because net-net i'm better off with a better balance in my business. so that just shows you how crazy out of balance the labor market is right now.

so i think the whole job market's going to -- [audio difficulty] i think eventually the companies they're laying off are going to be joined by other companies. we'll get a very weak job market and the normalization of unemployment. liz: keith fitzgerald, to that end, we know that there is weakness in the semii mys, and we've seen many of them cut positions and jobs. there is a headline from the financial times which says intel, down more than 2 the % right now, is going to make sure that it is going to offer, i believe, their irish staffers in ireland three weeks of unpaid leave. so is that a good thing for stocks, when you see something like that as an investor? does it mean heir getting their financial house many ordersome. >> i would submit, and that's a very interesting point. i would submit the answer is, yes, because it's a sign of prudent management. ceo pat gelsinger knows that he has a monumental task on his hands.

he's going to have to cut expenses, realign the ship many a very shot period of time, and the market has not seen that yet. i would submit if you're an investor, you're probably going to be a little bit more downside with the buying opportunity for a 3-5 year horizon. if you're a trader, take the other side of that. liz: heavily bruised companies, it's like shooting fish in a barrel, but haley bruised companies, keith, with great cash flow. isn't that the place to go? >> now you're getting into my wheelhouse. [laughter] that is exactly the kind of stuff i i look for because those businesses not only survive through times like this, but they invest and move forward, and they're already doing that. anybody putting up good numbers right now with strong cash flow, that's the kind of company i want to buy. liz: i want to bring back ethan right now. ethan, when you look at the december fed meeting, which is just a few days away, right? december fed meeting less than two weeks away, tell me what you are expecting.

>> well, they pretty much telegraphed that they want to hike by 50 basis points. you know, as i said earlier, it's highly unusual for a central bank to hike as fast as the fed has, so they have to at some point slow down. they're going to have an stent if they keep hiking -- an accident if they keep hiking so fast. but i think they're also gown to hint to investors that a, you know, they don't really know when they're going to be done. there's a ways to go here. a lot of what's bothering the markets right now is people trying to guess, oh, if they go from 75 to 50, that means heir going to go to 25 and then to 0, right? if they're extrapolating forward that the fed's almost done. i think the fed's going to continue to send the message that hay probably are is a ways to go here -- have a ways to go here, and hay don't see evidence in the data that convinces them inflation's going to get back on a normal path and the labor market's going to get back into balance. so i would expect a somewhat with hawkish message to go along

with the smaller hike. liz: folks, you may not like what ethan just said, but i believe he's on to something here. we have a job gain of 263,000. i fail to see that as a negative, but when you're looking at it lew the prism of the fed, may go to 0 before we start to see a pause in hikes. great to see you, keith and ethan. folks, strong wage gains in november, that is part of the issue. i don't see that as a problem either, but the economy economists often do when they're waiting to see a pause in rate hikes hawaii's triggering a meltdown as well as business leaders grapple with the cost of paying workers more. how is the ceo of popular 16 handles the with dozens of stores and hundreds of employees keeping his cool? up next, the frozen yogurt chain ceo on how he's handling surging wages, ingredient9 inflation and, oh, what about that tie-up they just announced with oatly? chocolate peppermint fro-yo,

anyone? "claman countdown" is coming right back. yes, the dow has brought out the claw to scratch away the 355 points of losses we saw earlier and is now up 45 points. ♪ ♪ as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com you spend the holidays making everyone else smile, but what about your smile? it needs care too, and when it does, aspen dental is here for you. this season, and every season, we offer the custom dental treatments you need, all under one roof, right nearby.

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liz: okay, we need to look at cracker barrel because that stock is cracking under pressure. we do have it lower at the moment after restaurant chain's fiscal first quarter earnings revealed its profit fell short of expectations. i'm seeing the stock down, what do we have it at, 12% now? kind of the low of the session here. the company specifically citing wage inflation pressures. we just talked about this with ethan harris, which it believes

could persist through 2023. for the year cracker barrel i says this year alone it's endured wages spiking 5-6%. pair that with food inflation, and it's recipe for problem pie. a iconic new york frozen yogurt chain 16 handles is deep in the trenches, inflationary pressures and, of course, sweet treats with 30 locations across 5 states. joining me now is the ceo, neil hershman, here in a fox business exclusive. how many employees do you have? >> we're probably looking around 300 employees. personally, i also run the new york city stores x there we have a hundred staff that a directly all right to me. liz: i mean, what do you think of this wage inflation? as you see it, is it a wage price spiral? which, of course, means that incredibly high prices trigger higher inflation on wage levels. >> yeah, it's definitely been difficult to navigate, and, you know, it's not just the wage inflation, but it's the the benefits employees are expected

to receive. and so overall costs on payroll are just going up for us as an employer. but that being said, if you're able to retain great staff and find those few that work, you make the balancing act work. another thing i think you see a lot of qsrs doing is adding tipping right at the pos, and it offers you that ability to spend an extra dollar to your small receipt, and that goes straight back to the employees, and i think that is a nice retention tool concern. liz: although i think customers get slightly annoyed. we've got some break muse out of "the new york times." yes, it is a publicly-traded company, and here's the news: the times guild, this is their union, apparently more than 1,000 guild members have pledged to walk out millions they get a fair contract by december 8th. this is a tweet, and so as we continue to watch that story, new york times shares are down about 1%. but, neil, this brings in the whole picture of where the power now rests, and that is with the employees. of course, employees for many,

many years had stagnant wages, so i don't begrudge them anything, but i do see the relation, the, you know, action/reaction with trouble for business leaders like you. >> yeah, absolutely. and, you know, wages have is increased faster in some of the urban areas like new york city, but we're seeing them go back minimum wage, and a lot of our different markets in connecticut, for example, it's all rising closer to that $15 an hour minimum, and we're definitely finding that we need to pay even lower level team members a higher wage just to keep them happy and avoid having to retrain and keep hiring for the same positions which is really a struggle business owners don't want to have to face. liz: exactly what ethan harris said just a few minutes ago, when he speaks to business owners, that becomes the problem. so you pay a little more and that, in the end, pays off. but are you still able to make money? >> yeah. it's been a difficult two years, right, because it's not just wages that have increased, it's also a lot of costs for us. we're really in the dairy

business with frozen yogurt9 and soft serve, and dairy prices have really increased over the past few years. we absolutely are able to make up the margin and, you know, inflation has gone up, prices have gone up everywhere from starbucks to big box vendors and so, you know, our prices have also risen. liz: you've just got to operate smarter, don't you? >> yeah. and use economies of scale when able. liz: and you also made it through, for those of you who don't know, neil made it through covid when it came to shutting down, well, almost every single -- single store, right? >> yeah, it was crazy. especially in new york city, the epicenter of covid at some point. and all the stores opened for a few weeks, we opened delivery only, pick-up and eventually back to our full service model. liz: and you survived. that, to me, is fascinating. what is the number one thing you guys feel you did right to survive? >> yeah, absolutely. we're really a high margin, low labor business model, and so that helps.

and then our product is just super addictive. and so by really working with landlords ask -- [laughter] you know, getting the cost fixed, we knew our consumers still wanted us to be around. liz: speaking of addictive, yes, i am a big fan of 16 sandal -- handles. as you guys expand -- >> we're many 5 states, and i just brought in two new vps, and we're looking at new developments and franchising nationally. liz: you started as a franchise other than, and now, i find this very interesting, you have a deal with oatly for a new flavor. what is it? >> we just launched the chocolate peppermint flavor. it's been a year-long collaboration of six different flavor launches, and it's a really popular product for us. this is an out milk soft serve, so nondairy -- and it's, of course, vegan, but also, you know, it's got a lot of health benefits and for somebody who's looking for something that's a little bit alternative, we want to be that place. 16 hand handles has always a been on the forefront of new

product categories and a market leader in thatten sense, so the vegan market has always been grow, but this is the next direction for us. liz: i know our viewers are looking at you thinking how'd this 14-year-old -- no, i mean, you're young. and i want people to know that neil began as simply an owner of his neighborhood franchise of 16 handles, and if hen you moved it from there -- and then you moved it from there. and i did interview neil for our podcast, everyone talks to liz, and that's how we found you, so congratulations. hang in there, when you go public, we want you here first. >> absolutely. liz: this week, by the way, we're revisiting the store of josh kilmer and brent ridge. you may not know those names, you know this: the beekman boys. you talk about resilience at the start of the 2008 recession, they owned weekend farm many upstate new york where neighbors' goats would just roam, and we were like, what do by do, we don't have a job.

they asked if they could milk the goats and make soap, which they googled how to make goat milk soap, and it's incredible bl. now they are multi, multi, multimillionaires, huge on home shopping network. it's unbelievable. so listen to the everyone talks to liz podcast. if you're feeling down and out, you've got to hear every one of these stories because they are stories of amazing resilience. google, apple, spotify, wherever you get your podcasts. we just marked one million downloads this year. very excited. all right, tesla delivering its first electric semi truck to customer pepsico. last night to mark the occasion, ceo elon musk -- always to present things with big flare -- rode that semi into the event in reno, nevada, where tesla produces this truck. as musk takes time out from running twitter, his newly acquired social media company, lawmakers are laserring in on the biggest social media name right now. we'll tell you what both democrats and republicans agree

must be done about chinese-owned tiktok. 36 minutes before the closing bell rings and, yes, the dow has evaporated and completely vaporized -- same thing, right? 355 points of losses and is now up 41 points. s&p kind of straddling the flatline, down 2 points. nasdaq damage lower by 8, the russell up 1%. we are coming right back. don't move on this fri-yay. ♪ ♪

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liz: i need you all to stop what you're doing and look at the dow, and here's why matters. and same with the s&p and th nasdaq, which looks slightly read -- red right now, but just a few seconds ago turned positive. dow is still up, losing some of those 40 points we just saw a few minutes ago. we've got ourselves a horse race here, folks. let's look at investors dashing away are from doordash. the stock is down about 4.6%. same thing here, that lower chart is well off the messier part of the session. rbc cut its price target from 70 to $60 per share citing slower core order growth. all right, they have order growth slowing in the third quarter. will continue to decelerate further. earlier this week doordash showed 6% of its staff the door in an effort to rein in if costs. year to date it is down 62%.

crowdstrike's warning earlier this week about customers if cutting back on cybersecurity spending proving to be a little prescient here. remember, warning took down many of the cybersecurity socks on wednesday, and today zscaleer is falling, and it is not a pretty picture there, down 10%. this is the one-week gyration for z scaler. the company says deals are taking months longer than usual to close which negatively impacted the firm's billing growth. still raised its full-year growth forecast, but steeple analysts noted it was smallest hike in years. ulta's latest report is just a thing of beauty. the cosmetics and fragrance company's comparable sales grew by 14.6% year-over-year, and the company's also forecasting a rosy future. you can see this one, the stock had been up, then it dipped into negative territory shortly after the open and kind of straddling the line here, just up a fraction. they've raised their annual

forecast because consumers are continuing to pay up for makeup. credit suisse raising its price target on the retailer from $480 to 535 a share. we're at $472 and change at the moment. ford in focus at this hour, the automaker reported electric vehicle sales were up 103% for the month, that's more than double a year ago. however, ford's total u.s. vehicle sales in november fell 7.8%, the decline driving the stock down about 1.6%. and speaking of evs, electric vehicle king and twitter owner elon musk probably got very little sleep last night. not only was he marking the first delivery of his all-ev semi truck by driving one in to reno last night just to display it because pepsi's taking ownership, he also made the decision to once again ban rapper kanye west from the

platform. just a month after a getting locked out due to anti-semitic comments, yesterday afternoon west, now known as ye, posted a virulently anti-semitic image which has a since been removed from the site, but musk tweeted, quote: i tried my best, but he has again violated our rule against incitement to violence. this is the parent company of parler said it's terminated its deal the sell parler to ye saying parties came to that decision mid november. twitter has seen a mass exodus of users flocking to fast-growing alternative tick o.k. but also maston don. and post news, the company still in its beta testing phase, but you've got to look attic doc right now because that, in reality, continues to be the social media star now making headlines after a new report

indicates accounts run by the chinese government are attempting to meddle in american politics. hillary vaughn's on capitol hill where lawmakers from both sides of the aisle are coming together. that's rare. >> reporter: yeah. liz are, it is, it's a rare moment of bipartisanship. this criticism of tiktok and concern that they're a major national security implication for those that use tiktok and are seeing content on tiktok. reports that i china is using accounts on tiktok to post content that is critical attacking u.s. politicians, posting this political content right in the leadup to the midterm election are. "forbes" is reporting that these tiktok accounts are run by the propaganda arm of the chinese government. they've gained millions of followers and tens of millions of views on their posts without career -- clearly disclosing the people pushing the videos out are affiliated with the chinese government. tiktok says heir working on a policy that would fix this problem with a clear label, but

it's not unique to their platform, they say. they point to similar content posted on youtube and facebook. a spokesperson telling us this: we plan to introduce our policy and corresponding labels globally next year as part of our continued focus on immediate media literacy. the global rollout will include chinese state media. while china publishes content on tiktok attacking u.s. politicians, some of those politicians -- republicans and democrats -- are looking to crack down on the platform. >> this is a danger to our kids, it's a national security threat and, ultimately, we don't want the communist party to control the most powerful media company in america. >> very concerned about what's happening with tiktok and its parent company, bytedance, the amount of propaganda and information it's sucking from young americans. >> reporter: tiktok is currently under a national security review. several lawmakers though want the u.s. to push an all-out ban

on tiktok. and there's also a growing movement to pass legislation here on capitol the hill that would ban lawmakers from using tiktok in the meantime over until securitiens. liz? liz: i know ceos who won't go on it, and if they want to, they use burner phones. so there is real concern there, hillary. thank you very much. be watching how that develops. a gift for drivers this holiday season. aaa reporting that a gallon of gasoline is now cheaper than well before russia invaded ukraine. but will opec+ deliver coal in vehicle owners' stockings in the form of production cuts to hoist the pricesome up next, we're getting you a key preview of the oil cartel's highly anticipated meeting this sunday from the guy who knows. closing bell, 24 minutes away. well, dow's not holding on to those gains it fought so hard for, down about 11 points at the moment. stay tuned.

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go to innovationrefunds.com to learn more. liz: okay. fox business alert, with all the complaints oil producers aren't drilling enough, wait until you see what they pulled off when it comes to drilling and oil in september. the energy information administration reports the highest monthly output since the start of the pandemic. crude production climbing 2 the.4% to 12.27 million barrels per day. and guess who leads the pack? new mexico. the state gushed 1.68 million barrels out for a record 4.7% jump. but oil producers in the states say it is becoming increasingly more difficult to keep the taps on full blast. madison alworth at a drilling site in artesia, new mexico, to outline the issue. >> reporter: hi, lizful you can see the pump jack behind me actively drilling oil here on principal land in new mexico. most of the oil-rich land in the

state here is federal land, and that's concerning to producers like mack energy if which is responsible for the pump behind me because hay think the biden administration is auctioning off less land which is the future of drilling if you want to get that permit. take a listen. >> you know, the federal government's only had one lease sale since the biden administration take of. we're supposed so much to have one every single quarter according to the rules of congress, and we have not seen that. we've seen one. >> reporter: so in the two years in office there's been one resale near new mexico, and the amount of land that is auctioned off is also a lot smaller. we're talking about 630,000ing worth of land compared to the trump administration which woul- [inaudible] closer to $3 million every single time they did it, which was typically once a quarter. i also want to bring in claire chase with mack energy. we talk about these leases, why is that important to you guys? what does it mean if we see less frequent auctions and less land

when those auctions do happen? >> typically at mack energy, when we plan our program, it's 3-5 years out. we're not able to access those leases, then we can't even apply for permits, and this is no way we can drill for the oil. the biden administration likes to use this number that there are 9,000 permits we haven't drilled. even if we did drill every single one at a rate of 300 rigs bear year, we'd be done many three and a half years, and then what's america going to do? >> reporter: they've been saying we have these permits that no one's wising -- using. why would a company like yours not be able to use the permit? >> back to that 3-of 5 year plan, what we do is we submit all our permits, we get those back for a specific area of principal land, ask we might drill the first well, it may not be economical, or we might be able to drill a well and it's a good well, but we don't have the right-of-way or the environmental permits that we need to continue that.

so then the timeline's passed, and we'll have to move on to the next location. >> reporter: thank you so much, claire. liz, i'm so glad off the top that a you mentioned that new mexico was leading the pack. really important to note this is mostly a federal lands state, and without those leases, people like mack energy looking to see what their future holds, they're actually looking into other options, state and private, even though right now 70 percent of their drilling is on federal land. liz? liz: but they're crushing it. they're doing really well. madison, thank you for bringing us that report straight from the ground in new mexico. now, as u.s. drillers like the people in new mexico work to ramp up domestic oil production, opec+, the charming darlings of the cartel, could be about to impose deeper output cuts this sunday. why? because they do not like the price that you see on your screen for black gold. in the aftermarket it's at $80.23, down 1.25%, but it is so far from the annual high of more

than $125. this as the european union today announced it has reached an agreement to cap the price of russian oil at $60 a barrel in a bid to limit moscow's revenues that feed its invasion of ukraine. to lipow oil associates president andy lipow who lives and breathes all of this stuff. andy, what will opec+ do at the sunday meeting? >> well, i expect they're going to leave their production quota unchanged. remember, a couple of months ago they diseased to reduce -- decides to reduce that by 2 million barrels a day, and in practice it's only saudi arabia, the emirates and kuwait who have been able to cut a total of 700,000 barrels a day. and meanwhile, some of that has been offset by some production increases that we've seen in other countries. opec+ is really many a quandary because on the one hand they're trying to gauge the chinese covid lockdowns' impact on demand, and on the other hand,

they know that on december 5th the european union ban on russian crude oil supplies takesfect, and they don't know how that's going to change the supply die name ings around the world. -- dynamics. so i think they're going to take a wait and see attitude, and if any change happens, it'll be at their upcoming january meeting. liz: this is great news, in my opinion, andy. i'm hearing you say they'll leave it unchanged? i so would have thought they look at crude oil, $80, arbob gasoline, for example, and much of that is made stateside, but both are down considerably. arbob gasoline down 44%, natural gas over the past six months down 27%. and i would think they panic and they say, well, we've got to get that back up again. we've got to make even more money hand we already do. >> well, certainly, they don't like these prices, but they looked at the bartend price which is closer to -- the blend

price, and i think they're targeting $90 a barrel. what we've seen in the past is when energy prices rose to 130 and 140 a barrel back 2008-2009 and again in 2014-15, the world does not react very kindly because it slows down the economies around the world, and then oil prices plummeted to 30 and $40 a barrel. and, certainly, opec+ doesn't want a repeat of that. so they're trying to manage very closely now many a more proactive way keeping that brent price closer to $90 without i inning the world -- tipping the world really into a recession, the signs of which we see around us. liz rig count. now, i want to just explain to our viewers, baker hughes comes out with a weekly rig count of how many are up and operating. week over week it remained unchanged. i believe they've got about 784 rig counts -- and rig moving.

but year over year 784 right now, year-over-year up 38%. had been as low as # 15 rig -- 215 rigs a year ago. what does this tell you about what we are able to extract and do an end run around opec and russia as well? >> well, this is kind of a good news/bad news story. the good news is, is that the oil producers here in the u.s. have responded to the higher oil prices by putting more rigs to work as you just pointed out in new mexico as well as in texas. but the bad news is, is that they're running out of acreage in order to continue with this program. at the same time, their costs are going up and they're feeling supply chain shortages and drilling pipe, fracking sand, crews as well as trucking, and as a result, our anticipated production in 2023 is only going to rise to about 12.3 million

barrels a day. liz: you know, energy names like chesapeake, con cophillips, chevron moving lower this hour. what do you make of president biden now granting a permit for chevron to restart its operations in venezuela? >> well, in the scheme of things, in oil supply this is a very minuscule amount. chevron's production down there is less than 50,000 barrels a day -- liz: then why do it? seriously, why do it? i mean, they saw their operations privatized -- sorry, nationalized when chavez, you know, grabbed them and said i own this now. i mean, fool me once, shame on you, fool me twice, shame on me. >> well, we actually saw venezuela nationalize the oil industry in the 1970s. but i would see that chevron is still an owner in four joint ventures down in venezuela. they've maintained some small

amount of operation there. i think we should look at this in a different context as a step between maduro negotiating with the opposition to get some funds released for humanitarian a efforts. this shouldn't be looked at as the reopening of the venezuelan oil industry with its 300 billion barrel of oil reserves. and in fact, if we were to expect any increase in production, it's really either six months or many years down the road as the industry needs to refurbish a decrepit infrastructure. liz: andy, good to see you. thank you very much is. andy says no production increase come sunday from opec, we'll see. the dow is now down 44 points. ♪

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even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. liz: four minutes remaining in the period. l.a. kings are up -- oh, investors undecided after the stronger than expected jobs report. for the week, a win is a win. the major averages are on track to finish positively.

the dow looks to be up .6%. nasdaq up 1.5%. mass layoffs from major companies. but our next guest says the cost cutting my actually help the stocks. you are doing pretty well. what do you think? one of these days? >> we are getting there. so good to be in person with you again. liz: let's talk about the art of cost cutting. it's painful for people affected. but this an investment audience we are talking to? >> at the end of the day, what matters is what you bring to the

bottom line. any time a company has the guts to reduce costs, and the hardest thing to do is show people the door. but the fundamental business is still strong. meta, 2.5 billion people are tuning into some of their websites every month. the digital advertising is going up. and tiktok with their reels. why have they been unpressure? because you are putting all this money in meta. but you make fun of zuckerberg at your peril. he is the guy who created social media and town a way to put it in your hand on your device. i'm a value guy. but nosebleeds valuations, no,

thank you. it's 10 times precrash, why not. liz: i can't believe you are calling meta a value stock. the earth is not turning on its axe is anymore. it's so far ahead. it's the cart before the horse. but 10 miles down the road, is it not? >> perhaps the stock bottomed out in the 80s. that's why wall treat is taking a look at this stock. we are realizing we want profits today, not tomorrow. if they just reduce spending on meta and get rid of the free spending they have done, i think they can do well. liz: amazon down 44% year to date. how about that one. >> look at two great things they

have. the cloud. companies are migrating everything to the cloud. microsoft is back in the dust. the e-commerce. walmart in terms of total retail sales, but the largest increase coming from e-commerce. they are still number one. liz: disney has the hiring freeze. the ones that may start to get back into the group. great to see you on this friday, david. are you hearing those closing bells? it looks like a win for the dow. what a crazy week it's been. let's do it again next week. [♪♪] larry: hello, folks, welcome to "kudlow," i'm larry kudlow. on the surface today the november jobs report was pretty

good