past the graveyard. investors have been skipping past it. jump roping past it, right? but today, this move up is the biggest and the highest spike since september 26. so wall street bears, i think they are pretty happy but they've got a long way to go. remember they are saying the vix has got to go to 40 minimum, many are saying it has to go to 90 before they start to buy this market. now, of course it could still happen but i happen to think again, that today, the vix is more about boredom than fear. then again i could be wrong. occasionally i am. right, liz claman? liz: how are you board when we've got this dramatic sell-off [laughter] i'm just looking, i'm riveted. charles: but the percentages though, you know, as we get higher and higher it's like this was 10 years ago it be the end of the world. right now it's a little bit over 1%. liz: i'll tell you whose really not board salesforce, guys can we just punch it up really quick just when you thought things could not get worse for the business software giant it is now cratering another 7.5%

, close to the low of the session here, this is a 52 week low. this time on yet another high level departure, this is moving in just the past hour and a half just take a look at after crm took a beating on the announcement that its co-ceo brett taylor would depart after less than a year and a half on-the-job. slack ceo and co-founder stuart butterfield, the guy on your screen is leaving salesforce, is leaving, and salesforce had acquired the workforce messaging app in 2020 and the news smacked the stock hard last week bringing year-to-date losses to 47%. let's get to the markets right now. folks you really need to pay attention here, as we kickoff the final hour of trade. yes, stocks are getting shall cabbiesed to start the week, dow jones industrials losing 1.5% down 5.17 not even the low of the session just a minute or two ago we were down about 550, low of the session, a loss of 580. s&p down 79, the nasdaq is los ing 248 points or 2%, and

the russel 2000 that one is really getting clocked as far as percentages down nearly 3%. what has spooked the horses? well let's go macro first. it's the old good news is bad news issue. fresh economic news as investors week in the knees selling man blue chips, we do have just a few of them down at the moment. everybody else is up, sorry a few of them up but everybody else is getting clocked of course crm is the worst because the data came in better-than-expected so you see that divit around 10 a.m. eastern, that's when the ism non-manufacturing pmi r eading of services sector activity hit the tape came in at 56.5, versus estimates of 53.3. okay better-than-expected. factory orders were also hotter than anticipated. remember this comes on the heels of friday's stronger than expected november jobs report. yeah, i mean look at this , a gain of 263,000 jobs in the month, expectation was just

200,000. i shouldn't even say just. that's a lot but together the two cast a cloud over how quickly the federal reserve will be able to slow down its pace of interest rate increases because a stronger economy keeps inflation hot and the central bank has said we will hike until prices cool. so what form will that take? well this morning, "wall street journal's" fed whisperer nick ti maros said the fed could pencil in higher interest rates next year while slowing hikes this month. yes, the december 14th meeting. you can see that possibility reflected right now in rising treasury yields. folks look at the benchmark 10- year yield, 3.599% up 10.9 basis points but look where we have the two-year yield. 4.387. the yield curve inversion, which stands at about 79 basis points and is often seen as a sign of a looming recession, is the steepest since 1981 but yet, the data is still pretty good so what recession?

before you start stockpiling the canned tuna and water bottle s, the dow is out pacing the s&p 500 this year by the widest margin since 1933 but the s&p is no slouch lately. it's up 11% quarter-to-date and it is on pace for its biggest fourth quarter gain since 1999. dows quarter to date though is still looking better, 18% gain. does that mean it's time to ease up on stocks? well in october, morgan stanley 's mike wilson said that the countertrend rally could take the s&p to 4,150. now that we're at about 4,000, not too far from it, so it's in the range, wilson said it could be time to take profits and for the first time in two whole years morgan stanley is upgrading chinese equities to overweight from equal weight after chinese tech stocks began vaulting on reports that covid-19 restrictions will ease. pinduoduo up 51% just this quarter, billy billy gaining about 26% and k-web the

crane shares giant internet fund up 20% but why is this intense sell-off taking people's hearts and minds let's get to the floor show and somebody who knows david kelly jpmorgan chief global strategist you've got mike wilson ink across street saying take profits but what opportunity, if any, do you say this sell-off right now presents? >> well i think there's plenty of opportunities for people who can look beyond a few months into the future. first of all i actually disagree with the idea that the economic data has been that strong while the ism pmi indices came in today the services index came in strong, the global one, the market pmi numbers showed biggest global contraction output for any month since the pandemic in the month of november, so we've got even in the u.s. , their measure for the u.s. was weaker so i think we've got conflicting signals but the truth is the u.s. economy is slowing down , and if it's slowing down slowly, well, isn't that kind of a good thing? i don't want it to crash down.

i'd like it to gradually decelerate. that's what it's kind of doing so if anything when i look at these data, it just tells me the window for soft landing is actually opening up a little bit and there's nothing wrong with that so investors just shouldn't overreact here. liz: is the yield curve broken, david? because what you just indicated was that a soft landing is possible and yet, this gap between the two year and the 10- year yield, and for those of you who don't really understand what the concept of the yield curve inversion really means, when the nearer term treasury yields are yielding more than the further out term it just means people are scared and they don't have as clear a vision of what the economy will be doing, but that tells me now that this sort of oh, the yield curve inversion means a recession might be broken. do you agree? >> yes, i do. i think the yield curve has been kind of messed up for a long time because of quantitative easing and quantitative tightening, but also, what it

really tells you is what people think the federal reserve is going to do and what people think the federal reserve is going to do is over-tighten and having over-tightened the economy will slowdown enough and inflation is going to come down enough that by the end of next year they are going to be easing again and so that says interest rates might be a little higher in the short-term interest rates might be higher over the next few months but by the end of next year rates are going to be lower. that doesn't have to be recession. very often recession is what pushes them to do this but this is really a bet that the federal reserve is just going to overreact to inflation right now. liz: can i also get your thought on the dollar? because it is causing multiple spasms in the energy markets. the dollar, which was weaker last week, after months and months and months of really nice gains, has suddenly started to strengthen again today, and that has both brent crude and, you know, west texas intermediate going down. we had them higher earlier, and look at, you know, as we continue to watch what's going on all of the major currencies are lower against the dollar, and oil is denominated in u.s.

dollars, so is the energy trade somehow cheaper now, or is it over? >> i think both these trades are very difficult. again, if you look at more than a few months, the dollar ought to go lower because eventually the federal reserve is going to be cutting interest rates or at least stopping its increase in interest rates and also, you know, the dollar got pushed up this year because of all of the crazy stuff going on in the world between china covid and of course the horrible invasion of ukraine and the problems the europeans were having but as we go through next year, hopefully some of this will calm down and if it does calm down, then there's less reason to be parking money in the dollar so we do think the dollar will come down longer term here and for individual investors it's just a very dangerous game, you know, skating on the thin ice of the dollar as it moves. liz: boy do we have a lot of individual investors watching right now. we hear from them all the time. they really love perspective from somebody like you, david, so can you give me where you

feel now we see companies that are cheap enough, stocks that have come down in valuation, whether it be sectors, or areas , that you feel are really looking much better, riper. >> well sure. we've seen tech stocks come down a lot and i think they will do better in the long run. i think you still have to look at that valuation and look at the price label because there is still crazy expensive tech and there's some very reasonable tech but in general, value still looks a little cheaper, and growth in the u.s. but also do look outside the u.s.. i know this has been a trade that's not worked for many years but if the dollar does come down in the long run, international stocks are selling about 30% cheaper in terms of pe ratios to u.s. stocks than they have on average over the last 25 years. it's an extraordinary discount, and so i think that this is a time when people really ought to think about do i have enough exposure to the world. liz: okay the world is big, david.

is there a region or area that i could drill you down on? >> well, yes. i think europe is definitely, you know, much hated but i think it looks like the uk has a recession. europe maybe able to escape without a recession and if anything happens to calm "the situation" in ukraine, europe will be the big beneficiary here so i think that's one area i'd look at. liz: inflation, back to that. we are expecting to soon get the november cpi, right before the federal reserve meeting. can you make a prediction on where consumer inflation stands at the moment? >> sure. so it peaked out at 9.1% year-over-year in june. it was 7.7% year-over-year in october. we think it's going to be about 7.4% year-over-year in november, so it's still coming down. i think it'll continue to come down. we are still seeing a lot of inflation in shelter and rents but elsewhere, the supply chain disruptions are kind of over and we even think food prices maybe

about to flatten or turn down a bit so it's gradually coming down. liz: yeah, it's interesting though. there are so many people who have looked on any given day on a sell-off like the one we're seeing at the moment where the dow by the way down about 510 points, and they say oh, now i think things are cheap and then we have another day liked to and, i mean, you can't catch the bottom, can you? >> well that's exactly right. you'll never know the cheapest day and you shouldn't look for it. don't ask yourself what's the best price i could possibly ever get. are these good prices or are these bad prices and there are plenty of good and bad prices. you just have to look at them with a dispassionate eye. liz: don't look for the best price that you can ever get , right? my dad used to say and he was a doctor. doctors notoriously bad investors at least back again. never catch the bottom so if you can get around the bottom, good. david good to see you thank you so much. >> any tsa time. liz: david kelly of jpmorgan.

crypto kid sam bankman-fried could be headed for a modern day tar and feathering as elon musk, mark cuban and the ceo of coinbase all wonder why the ftx ceo is not already behind bars for the epic crypto exchange collapse. bitcoin believer and legendary silicon valley venture capitalist tim draper is stepping up to the countdown plate to tell us what he think should happen to sbf, whether the mit grad is about to play dumb about the disaster and why tim still predicts, you ready? bitcoin is heading to 250,000 by next june. okay, yes, i will ask him about that, and everything else. he's always exciting to listen to, whether you agree. closing bell, 49 minutes away folks we're watching the sell-off tick by tick. we're back in a minute with tim draper. don't go away.

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1-800-217-3217. that's 1-800-217-3217. liz: yes, we've got a sell-off here but the dow is off the lows of the session down 487 embattled ftx founder sam bankman-fried says he will speak in front of a congressional committee about the collapse of his crypto exchange ftx and the disappearance of billions of customer's money, but on his own terms. this is like um i'll get back to you guys in congress. sbf tweeted he needs to finish "learning and reviewing" what the happened before he speaks to the house committee on financial services, but oh, he really doesn't think that's going to happen by the hearing on december 13 and they do plan to center it on ftx's downfall, chapter 11 bankruptcy filing, and they will explore regulatory

remedies. but he can't make it. business leaders are adding their two cents to this conversation. billionaire owner of the dallas mavericks mark cuban who by the way was the first nba owner to accept crypto as payment for tickets says if i were him i'd be afraid of going to jail for a long time. it sure sounds bad. coinbase ceo brian armstrong says it's baffling that sam bankman-fried isn't in custody already, and never want to mince words twitter owner elon who has invested billions in bitcoin says let's just give him an adult time out in the big out, not that elon needs an adult time out, no. i'm kidding. renowned venture capitalist and bitcoin believer tim draper invested in many a startup his own opinion on the ftx fail saying the exchange was centralized around one person. something bitcoin is not, and that makes bitcoin safer. bitcoin, by the way, has lost 64

% this year. stands right now at 16, 924, but draper still calls for 250,000 by the middle of next year. how is that going to happen? let's find out the drape era sos yachts founder joins me now. first, tim, let me hit the headline first. its been just over a month since coin desk broke the story of ftx 's problematic balance sheet and the possibility he was using customer funds as collateral for his other entities without said customers knowing. should he be in cuffs right now? >> i'm kind of a freedom guy. i think there should be penalt ies but i'm not sure you'd put people into a cage, but i do know that we avoided this deal, at drape era sos yachts, we're always looking at the individual , we're looking at whether the company can be an industry and is that a world

i want to live in, and i think that when we invest, we also don't like things where anyone can do it, and what we saw in this case was that it was a commodity that this is just a trading platform and we had seen 15 of them in a row when we ran into him, and we just turned him down flat. liz: turned him down flat. >> yeah, and i don't -- clearly i looked really stupid because somehow that grew to be very big, but i tend to stick to my knitting when i'm investing and that is i'm looking for a business where the entrepreneur has something very special that they can do that a lot of other people cannot do and i'm looking

for something where an entrepreneur gives me a vision of his future and i try to say what if it works? and if it works, how great could it be? liz: but he was that guy selling that and this goes to the venture capital question and for those of you who don't know, one of the , not as smart as tim draper who passed on the ftx deal but one of the smartest groups of guys in the group, the sequoia guys are on the hook for $150 million. they lost that much by investing in ftx. i mean, you now have the new ceo who is basically saying he has never seen such a horrific situation, regulatory gaps, not the right accounting, if any at all. what setup that red flag that they somehow missed? >> well, those are a lot of very smart people that got involved, but sometimes people

get sort of crazy in a time like that. they get a little greedy at the top of the market, and they will invest in something that's trendy rather than focusing on something that can become a trend. they're looking for something like trying to catch that thing and they're going oh, look at what he's doing. look what he's doing and there is this frenzy of activity and that tends to be when i slowdown i speed up at times like this when everybody is kind of looking and saying where is the cash? liz: [laughter] yeah, quite a simple question. >> so it's a very different way of looking at things, and i tend to look where that long term success and i look and i say well what if this entrepreneur underestimates how great this could be? is that a world i want to live in, and so we, you know, i'm a

part of a family of venture capitolists. we've been doing it now for a century, and my three kids, my grandfather was a first silicon valley venture capitalist, my dad was a pioneer in ventura capitolists, my kids, adam runs boost ventures, jessie runs halogens ventures only backing women and billy runs path ventures and so we've got a long history and we think in terms of managing money for family offices and we're looking at the long-haul. we're not looking for sort of a quick hit, and i think you get into trouble when you're trying to make money fast, and another thing i learned was is that it's the mercenaries don't make any money. it's the missionaries that make all of the money. liz: okay. of course. >> that's one of the ironies of life. so you look for a missionary. liz: tim, i want to get to

bitcoin. >> and also i kept hearing him quoted in sort of a strange way, which was he said oh, i'm going to make all this money, so i can give it away and i think, you know, when you're just getting started, you need to make money. liz: of course. i want to get to bitcoin, because this bitcoin definitely took a hit whether that is fair, on the ftx collapse, even though ftx had its own token coin, ftt. you're still calling for $250,000 per-coin by mid 2023. how are you going to see a 1,400 % gain on bitcoin from this level? >> well, i think there's going to be a flight-to-quality. it's pretty clear that centralized coins probably aren't a good bet, and so i'm going to be continuing to push the decentralized coins, and the

other thing is that women haven't discovered crypto that much yet, and they don't see what the real benefits are yet, but when women control about 80% of retail spending and when it's very easy for a retail provider like through open note or something to jump in and accept bitcoin, then the women and the retailers will see how beneficial this is to them. liz: okay. >> bitcoin creates a decentralized economy that can take humans to a leap forward. it's the equivalent of going from shells-to-gold or whatever when money moves around that fast, then you get this boost in wealth and that's going to permeate society and 250 might

be, 250,000 for bitcoin maybe conservative. liz: okay, we're keeping that on tape. tim, you hear the music we have a hard break here coming up. thank you so much. we are coming right back. they're looking for you. who?

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liz: all right, yes, it's a sell-off but i am just keeping a very close eye on the nasdaq here. it's down 2.25%, lower by 261 points, so yes, the tech companies out there are getting hammered. the vix, the volatility index,

is up about 9.7% but barely above 20. so, you've got fear, let's call it angst, call it a little indy greg. united airlines taking off at this hour actually off the highs of the session at the moment but boy did it look strong, right out of the gate. up about 1.9% at the moment, it's landing near the top of the s&p 500 after morgan stanley upgraded the airline from equal weight to overweight. morgan says 2023 could be a goldie locks year for united airline as it continues post- pandemic recovery. opposite situation, vf corp., the maker of north face left out in the cold down 11.7% sinking to the bottom of the s&p after cutting its forecast for profit and announcing the departure of its ceo. the apparel maker and by the way you know their other brands, timberland, vans, supreme, said consumer demand had weakened and

brands have had to offer steeper discounts in order to unload excess inventory. how many of you had kids who said mom why can't i have the $200 supreme t-shirt? because it's a t-shirt. the colorado-based company also announced the retirement of ceo steve randolph, former chair will step in as vf corp.'s interim ceo. mgm having some good fortune at this hour up about 1.7% after true it's upgraded the stock from hold-to-buy. an outright buy nice move. the bank also hiking its price target from 40 bucks to 50. it's at 37.72 right now. analysts said that shares of the casino operator could jump more than 30% citing a strong 2023 las vegas strip calendar. checking on blackstone, and this is sort of a crm-type of story last week a problem, this week a continued problem. the private equity outfit that is publicly traded down 4% after offloading its remaining stake

inmgm grand las vegas to v icci properties last week that already owned a substantial portion of shares but this was the problem last week. blackstone limiting withdrawals from its $69 billion unlisted real estate trust. this is like a breit, blackstone real estate investment trust amid a surge of redemption request. people want their money out and they are now saying hold off. you only get to take out so much during a certain amount of time so blackstone is now at $81.80 a share. and let's look at tesla, because tesla is losing about 6.7% on a reuters report that the ev maker could cut model y output by more than 20% at its shanghai plant this month the ev maker refuting the story , telling reuters, it is false news, but then they didn't elaborate. the company has cut the price of its model 3 and model y cars in china by up to 9%.

just want to check one thing about tesla. it has had a very rough 2022 down about 48.5%. we've got this breaking news, georgia senate candidate republican herschel walker expected to make a campaign stop in calhoun, georgia at any moment, ahead of tomorrow's runoff election, that is very closely-watched in this country. walker trying to unseat democrat incumbent senator raphael warnock campaigning in atlanta in this last hour both working very hard to rally last minute voters to the polls in the final race to determine how much power democrats could hold in the senate next year. connell mcshane is right there live in the peach state where he's been tracking all the movements from both candidates. connell? connell: hey there, liz. we're on campus for you right now at georgia tech. senator warnock just wrapped up an event held here short time ago. he was telling the young people gathered at his event that he needs their restlessness and in patience in order to make change

and then he stopped and took questions from reporters including a response to whether he's just a rubber stamp for president biden, as herschel walker has alleged. >> i am the 18th-most bipartisan senator in the senate , period. now, i know that that's an inconvenient fact for mr. walker, but we also know that he's allergic to facts, even the facts about his own life. connell: warnock also making some comments on former president trump's plan to hold a rally by telephone. later this evening, walker says that walker is just donald trump 's "hand picked candidate" and now warnock often stops and do these q & a sessions with reporters. this particular event was tightly controlled. one of the staffers just called out a small group of outlets. fox business, not being one of them, walker, on the other hand, rarely stops at all to answer reporter questions on the trail. he tried to avoid it earlier

today as well. we saw him in hall county at a local restaurant. on the way in he briefly told me he feels pretty good and then ignored almost all of the other questions being shouted in his direction. finally looked up just for a moment when i asked him this. >> herschel, what's the key to winning this thing at the point? >> vote, vote, vote, vote, vote connell: there you go. get out and then vote, vote, vote, vote, was walker's message i'll say this , liz. i would say raphael warnock probably agrees with that sentiment. he was quite clear before he left this event that herschel walker in his view still has a path to victory, he could still win the race and he wanted his supporters to hear that so they show up to vote those that haven't of course already voted early. liz? liz: oh, boy down to the wire, connell thank you so much, connell mcshane on the ground in georgia. apple alternatives, the big tech king pin eyeing a slim down in china production as it looks to diversify its iphone supply chain. you can read that as "get out of

china" too dependent on china. apple shareholder ross gerber here next to tell us what a shift to india or vietnam might mean for your next smartphone but more importantly apple's stock price. closing bell 24 minutes away. we're going back and fourth here above and below the 500-point loss line, we're down 486 for the dow jones industrials. transports down a full 3% or 452 points. stay tuned we are coming right back talking apple. what should the future deliver? (music) progress... (music) ...innovation... (music) ...discovery? or simply stability... ...security... ...protection? you shouldn't have to choose.

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liz: wow, we are just getting this breaking news, house financial services committee chair maxine waters says she is not accepting former ftx ceo sam bankman-fried, maybe, i might, when i'm ready, when i've learned enough, when it comes to appearing before congress and

testifying at the hearing on the crypto exchanges collapse next week. waters tweeting in just the last few minutes, that it is imperative, it was in response to sam bankman-fried's tweets. it is imperative that sbf attend the panels hearing on december 13. waters saying, "based on your role as ceo and your media interviews over the past few weeks, it's clear to us that the information you have thus far is sufficient for testimony ." so, gang, this is getting awfully interesting. there was quite a bit of attention given to the fact that bankman-fried had donated a lot of money to democrats in d.c. but now, sam bankman-fried has told a crypto commentator, i donated to both parties, same amount, but that his republican donations were dark. dark money, meaning not publicly disclosed, and his reasoning for that as he was telling, she's a youtuber, he basically said that the reason for that

was reporters freak out when you donate to republicans, so he did not disclose it, but it looks like all of this talk about how democrats are in trouble because he donated to them, he apparently says he donated to both sides. so, there's that. apple maybe saying good morning vietnam, very soon, after a report from the journal revealed that apple is looking to move its iphone production out of china to vietnam and india. this comes after weeks of unrest across china over the most extreme zero-covid policies that fueled an employee rebellion at foxconn, the world's largest iphone factory. they call it iphone city. apple down about 1.25%. it has turned negative, was green earlier. analysts predicting the disruptions to cost apple up to $8 billion in revenue, and delay 15 million shipments in its current quarter. to apple shareholder and investor gerber ceo ross gerber who says it's about time apple

diversifies its supply chain. do you think they will? we've heard this before. >> i do. i think it be irresponsible for them as a massive business to not diversify their supply chain, especially because xi has been so clear about the direction of china being anti-capitalist so you know, they really need to do what's best for their shareholders and their users and that's diversify their supply chain and they could easily do this. liz: well, look the stock is down about 17% year-to-date. compared to so many other tech stocks that's not even that bad, and somebody like warren buffett would say great, it's on sale, i'm buying more of it. do you look at it this way or are you getting frustrated? >> well, apple has different issues that i think are less related to production was that are definitely short-term in nature and we expect china to be back on track with covid and their policies next year or else they have real problems, so i really think apple has a different problem which is where do they go from here and it's a question i've been asking our

investment committee and we had quite a fight about it because i'm sort of like, i feel like they've reached the limit of steve jobs innovations and the limit with what services and if they don't come up with new products or categories it's like how do they really drive growth and i think that's really the question that apple needs to solve and to show shareholders is what's next for apple? because there has to be something. liz: oh, my goodness. you read my mind. this weekend i was watching david rubenstein on another network, and he did a great interview with lorraine jobs, steve jobs widow, and asking about remember when he was creating the iphone. did he let you see it? it was top secret and i thought to myself, when is the next revolutionary product versus evolutionary? something that is completely separate from the ipad or the iphone, and is it the apple car? where is the next thing? what do you hear? you're out in california. >> well here is what i hear.

first of all the apple car we've been sort of waiting for for a long time and we know that's not happening nor have they been able to develop any self-driving software of any significance that would drive an operating system. google has done better at that but my friends in hollywood are all talking about are these potentially ar/vr-type glasses that apple may or may not be making and this is an area that everybody is looking for and a lot of people have been working mostly around the occulus under facebook but boy if apple could come up with some sort of game changing glasses that would really, you know, be next level and i've seen some technology recently that's pretty cool actually and its been a long time since i've seen any vv/ar type of thing anybody would use in scale, so the question is, does apple get into this market and make glasses and that's the only thing i see where they could make a huge impact and a lot of money. liz: oh, man, what would they call it and i think about the air pods where when people

first started wearing them it was like you're a geek. that looks ridiculous. now everybody does it. so maybe that is a possibility. super-interesting. wedbush says i want to go back to the production pulling out of china because i'm sure tim cook is getting very frustrated here. wedbush says apple could produce more than 50% of its iphones in india and vietnam by 2025. do you sigh any problem with that? >> yeah, that's incorrect. i think if you think that india has the infrastructure to like put in place a massive factory and scale of apple, they would have already done it, if it was easy to do, so india is a very difficult country to work in and one that i don't like the government and don't necessarily think it's a huge improvement from china. on the other side of the coin, you have countries like vietnam which are much more attractive to me for countries, for companies like apple and you've got all over asia that you can look at, along with latin america, god forbid, so i

just don't know if india is a solution for your problems in china. you know, ironically, so i think apple, this is a really tough thing for companies ink across globe as they look to diversify supply chains but it won't be as low cost a solution as they've had in the past and i think that's the challenge that companies like apple face moving forward. liz: okay, ross gerber says forget india. it's good morning vietnam. thanks, ross. >> thank you. liz: great to see you. take a look at this chart. this mystery company has gained 71% this year, and today's countdown closer says this thing is going higher. we're going to tell you what it is when we come right back. closing bell, 12 minutes away and we are still languishing in the red, pretty much across-the-board and now we've got the vix, the fear index, up 9%, okay? just a bit ago it was up 6% so a little bit of angst kind of creeping more intently into this market. dow is down 490. don't move, we're coming right

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to their bottom line and it's not from inflation or macroeconomic headwinds. target just revealed in early november it has lost $400 million in gross profit margin this year from theft. crime and retail theft, often brazen shoplifting, it is also hitting best buy. according to the the national rl federation last year, retail shrink, a very lovely way of saying shoplifting, nearly doubled compared to the number reported in 2018. if the big guys are suffering you know the small businesses which are the backbone of our economy as well. jeff flock live at a very small boutique in philly, jeff, you give me the number. this is extraordinarily upsetting. >> reporter: $47,000, liz, at this boutique in philadelphia, south philadelphia. mizzo, street wear men's boutique, knocked over three

times in the last two months. what did the owner do, install $18,000 worth of greating to keep the place safe. they were busting the windows in. they will buzz us in if they don't look like a criminal. mohammed has been in business, liz, three years, only last couple months has crime taken off. >> last three months, we had three break-ins and a few attempts. >> reporter: show viewers video you gave to us from your security cameras. it is amazing $47,000 in three separate break-s in. >> the criminals are showing their face. police station haven't found anybody that is you know -- >> reporter: you found one guy. he got prosecuted and he was convicted. >> he was convicted, yeah. >> reporter: whats watt penalty? they just gave him a cryization,

$250 citation for the break-n that is disappoints what i have been through the last six months. businesses all over the area have been experiencing high crime. >> reporter: 250-dollar ticket, i have gotten speeding tickets. >> it is terrible. encouraging them to do more. >> reporter: liz, as you know this just isn't here. a store in poured lant, oregon, rains, outdoor apparel store, they had 15 thefts and they got to the point where, i read from the note on their front door, due to constant and unrelenting criminal behavior we decided we will shut the store down. maybe i leave you with one other one, liz in terms of pushback on this, a tractor supply store, alabama, two guys attempted to, you know, knock that one over. one of the guys got pulled out of his car by a shopper. another guy pulled a gun, shot

the tires out of the car. people are fighting back. mohammed you're fighting back saying in business, right? >> i am, i am. it has taken a lot for me to stay in business. a lot of family helping out but if it wasn't for them i would have been closed already. >> reporter: mohammed, the stop mizzo. mom-and-pop store. there is mom-and-pop behind us. liz: everybody should go to the store to help him buy things. this enrages me. here he is a young man, mohammed trying to make an honest living and these cretins are smashing windows, ruining it for everybody else. man, there is a nice place, nice warm place in hell for them. good luck to mohammed. this is a huge problem, jeff. thank you for bringing it to light for us in a very stark way. we have some guests coming on our show recently to tell you, buy energy, buy fossil fuel companies but take a look at one

company, our countdown closer loves right now, one of those companies, cheniere energy, lncg, liquid natural gas. 71% year-to-date, as europe turns away from russian natural gas could help returns more down the line. kirk mcdonald, 3 1/2 billion in assets under management. sir, make your case. i look at something that is up 71% this year, i think, that is it, i missed the good times. >> liz, thank you for having me on your show. i don't think you missed the good times at all. there is plenty of runway for growth for cheniere energy. arc capital, we're looking for good businesses and positive change. the positive change is cheniere looking away from russian natural gas to provide liquid natural gas to them. they have that growth in europe a new and growing market.

asia has tremendous demands for lng. china as their economy improves hopefully going forward is a huge buyer of cheniere liquified natural gas. they have plans to increase capacity by 33% over the next three years and while they're doing that, they still will return $20 billion to shareholders. which is almost half of their market cap the next three years. liz: there is his case for cheniere, lng. at a time where natural gas today is down 10 1/2%. [closing bell rings] kirk, pleasure to have you here. folks, there is the bell. it's a day we saw a monday selloff relatively big time. we're not at the lows of the session. let "kudlow" pick it up from here. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. once again elon musk proves himself to be a free speech hero. he released various internal