your mind. i was just reading there's one project the endless academic initiative, projects, committees and then in december the faculty of arts and sciences task force, 24 members, six students, nine faculty member, nine administrators produced a 26- page report on diversity so what did the dean do when the dean got the report? they created a new administration post, right? and a new committee. i mean, this thing feeds on itself. here is the thing folks. take a look at this. this is what you do learn in school. when demand decreases it usually triggers a decline in prices and quantity. so over the years, only thing i've seen, cigarettes and postage stamps where the prices have gone up as they were a sharp decline in demand. both of those things are moving towards obsolesence. i don't think that happens in higher education but we've got to stop this. it is madness. i'm sure cheryl would agree. >> cheryl: i agree with everything you just said and so much more. thank you charles. all right we're going to start with the fox market alert right now.

stocks cannot seem to makeup their minds as we enter the final hour of trade on this wednesday afternoon. taking a look at the dow we are down by 30 points, as you can see , the index has crossed the flat line more than 70 times so far during this session. volatility is the name of the game today for your mark. taking a look at the s&p 500 right now. that is down about 10.5 points trying to avoid a fifth straight day of declines, and the nasdaq also in the red right now, down 62 and change, heading for its fourth straight session of losses led by declines in technology stocks. this weeks choppy trading coming as recession worries and fears of a rising interest rate continue to dampen investor sentiment offsetting glimmers of positive it in the market. one factor largely overlooked by investors today, reports that china is easing covid restrictions for travel and production. chinese stocks kind of have a mixed story as you can see. in fact most are down. that top name, bilibili is

actually the only bright spot right now, but the other performers as you can see , the adr's in this country negative performances. the healthcare sector, however, one of the biggest winners for the s&p 500 today, helping to prop up the dow as well. you've got johnson & johnson, pfizer, united health, amgen, merck, all seeing healthy gains on the session right now, in particular pfizer up more than 1.25%. oil is interesting right now, moving in the opposite direction of the stock market. fallen for four session to a new 2022 low, right now oil as you can see oil $72.34 the read on this contract but nearing that mark hadn't seen that since december of last year. bond yields pulling back for a second day, the yield curve inversion remaining at its steepest since 1981. that is not helping fears of a hard landing. investors are counting down to that fed meeting. that is next week. in fact, one week from today, we

got the decision and we will know if the fed is indeed hiked rates by 50 basis points, maybe more. there is of course that 10-year. right now, the futures market, strongly favoring that outcome. that 50 basis point outcome, but with all of this uncertainty, i don't know investors play the market especially as we go into the end of the year. let's get to our floor show right now joining me now, seaport securities founder teddy weisberg, hudson valley advisors , and teddy i'll go to you first because teddy, obviously the market is looking ahead to the fed but it is so hard right now to navigate a market into investment decisions especially as we're entering the end of the year when december is such a funky month, if you will, because of tax selling. >> you're absolutely right. december is always a very tricky month. now, sometimes the backdrop has been the so-called santa claus rally. we're yet to see that, so that

aside, december is a tough month , because the weak stocks tend to even get weaker and we certainly have a lot of weak stocks this year as a result of the sell-off all year. you know, people just sell these stocks, cheryl, for tax losses, therefore the weak gets weaker. on the other hand, it also is an opportunity at least we hope to find some very interesting names. what i like to say if you find a few diamonds amongst a lot of lumps of coal, as we get towards the end of the year, and everybody has sort of a different way of playing it. personally, i like to wait until the last couple of days of the year. i work-up a shopping list as the month progresses and then you kind of hold your nose and close your eyes and hope for the best. >> cheryl: hold your nose and hit the buy button on your screen. okay that is certainly a strategies gus. how do you feel, obviously, the big question mark right now, is the issue of recession. i mean, if the fed stays on this

strict policy stance, it almost seems like a foregone conclusion and don't forget we already had two quarters this year of negative growth, which technically, was a recession. >> well, where we're looking at things you still have a lot of cash that's out there in terms of consumers. we have about a trillion dollars also state and local governments are full in terms of their budgets so we think actually you'll go through kind of a mid- cycle slowdown where inflation is probably going to get down to 3-4% but we'll see positive gdp growth and there's a lot of things that are tailwinds that are also offsetting some of these headwinds that we have from the fed. >> cheryl: you're not looking at a double dip recession-type scenario because a lot of the major banks are writing notes saying they believe a second dip is coming for the economy. >> one of the things we look at is the underlying commodities and whole host of other economic inputs, and one of the things we're seeing is iron ore is off the charts. that means cars are coming back in a big way and you end up

having if you listen to uri, united rentals, they ended up having an analyst meeting and they are telling you strength is picking up so we had a slowdown in terms of earnings. it started to pick-up a little bit so we'll see the first and second quarters of next year as kind of being in the reset ting period and as we get into next year, you'll see about $250 a share for the s&p 500. >> cheryl: that's a bullish call, and teddy, you know, certainly what goes down must go up and vice versa. i know that as you hold your nose, there are sectors that you like, and you do like healthcare , which is a defensive /safe play, but you're putting your money there. why? >> well, i think, yes, i think big pharma and i think they've certainly the proof is in the pudding whether it's pfizer, merck, those stocks have really acted quite well this year in a very sloppy market and they continue to be defensive plays. good companies, good balance

sheets, and very generous dividends, and i also like the insurance sector because the insurance sector as a group really benefits from higher interest rates, and but best of all, cheryl, and i've been talking about it for months are the short-term treasuries. the three-month, six-month treasuries. cash is king. you don't need to take on risk unnecessarily when you can get paid 4% give or take 25 basis points with no risk and so the best rate of all in my opinion continues to be the short-term. >> cheryl: and gus, you've got a couple picks you like as well as we move into the end of the year. what do you like right now? >> we talked about uri. that's actually the analyst community really strong with that. we listened to the conference call the other day and they talked about these tailwinds that you have. other companies like american express on the credit card side just at the goldman sachs conference and they pointed to guess what the consumers not doing all that bad. i think we'll end up having kind of a split in terms of what we're looking at.

you end up having the low end consumer which is in a recession and the mid and the higher end is actually going to be okay. you know, at least for the next six months there's a lot of cash still on the sidelines. people are getting hired and we're not really in a recessionary environment right now. it depends on what industry you're looking at and what the demographics are being effected. >> cheryl: also dependses on the employment picture and with a lot of these large companies a u.s. naval nothing layoffs or hiring freezes, that will be another part of how this i think plays out in the first half of the year especially with consumer spending. guys great to see you. teddy weisberg as always, grandparent great to see you, teddy, thank you. all right, well, the 2022 mid-terms are official ly over. democratic senator raphael warnock took a victory lap last night after he won re-election in the georgia runoff of a republican nominee herschel walker. senator warnock's win gives democrats a 51-49 majority over republicans for control of the senate. that starts in january. let's go live to connell mcshane

in atlanta with more on the results out of the peach state. connell: cheryl i was talking to this young voter yesterday who said he came out to vote for senator warnock after he saw an ad on youtube and you hear something like that and you start to think that maybe all the spending and there was so much of it in this race ended up paying off in the end. as you mentioned it was a victory lap for senator warnock out celebrating in atlanta. he and his democratic allies ended up out-spending herschel walker the republicans by a 2-1 margin, and his supporters turned out in a big way. in the atlanta metro area when you compare numbers going back to the general election a month ago warnock improved by three or four points in fulton, cobb, dekalb, and the counties that makeup atlanta, and its suburbs. >> are you ready, georgia? >> yeah! >> i'm ready! stand up for workers. stand up for women. >> yeah! >> stand up for our children. >> yeah! >> i'm ready!

>> yeah! >> to build a stronger georgia. connell: a short concession speech meantime last night from herschel walker saying that he makes no excuses for his loss. his campaign was dragged down throughout by controversy and the candidate backed by former president trump ended up losing statewide here in georgia and the same that another republican , the governor brian kemp won his re-election race. now, the senate majority leader today chuck schumer says it makes a world of difference to be up 51-49 as the democrats are now in the senate, not having to rely on the vice president any more to break the ties. you know, it's debatable whether it makes a world of difference but it certainly does make life easier for schumer, and the democrats. they get one extra vote to pass legislation. that certainly is part of it but they also now control all of the senate committees, and many say that'll make a number of things easier for them. for example, maybe passing judges. cheryl back to you. >> that's a good point at least

on the other side if you look at what's going on with the house, that's going to be republican- controlled and they control the purse strings, so maybe the markets will celebrate a little bit on that side of the gridlock that we're probably about to see. connell mcshane live report from atlanta. thank you so much good to see you. all right, well, apple's tim cook helping taiwan semi boost chip production in the u.s. yesterday, but should we focus on moving more manufacturing back stateside? we'll ask that question to jay t immons, the ceo of the national association of manufactures. that's coming up, next. take a look at the big board, another choppy day for stocks. its been kind of one of those days, a lot of volatility. we'll see how the next 50 minutes play out dow down 58 "clayman countdown" coming right back.

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>> cheryl: well, apple embracing american-made chips, after ceo tim cook confirmed yesterday that apple will be buying chips from taiwan semiconductors new fab plant in phoenix, arizona. cook emphasized the significance of apple's new era of american- made manufacturing, after covid protests have ravaged its iphone production in china. chipmakers eager to get their boots on the ground, but what else does the u.s. need to be focused on in manufacturing? joining me now in a fox business exclusive, the national assassination equation of manufactures president and ceo, jay timmons. i think it's great to have you here and that's the biggest question. with all of this drama to be clear over in china, with iphone production, in particular, iphone city, why doesn't tim cook bring back more manufacturing to this country?

why doesn't he bring iphone production, air pod production to the united states? >> hey, we'll take it all. i represent manufactures in america and we be making everything here in this country, but as we all know, that's not always practical or logical. but really, i think cheryl, the big issue for policy makers in washington is are we always going to be doing the right thing to encourage manufacturing production here? or are we going to be making mistakes but if you look back now over the past few years and the things that we've done right , we had the tax cuts that president trump signed into law in 2017 where that tax reform was truly rocket fuel for the manufacturing economy in terms of investment. job creation, wage growth, and then, in the last two years, we saw infrastructure investment and we saw the chips and signs act and all of that led to more job created and more manufacturing jobs created in

the united states in the first two years of the biden administration since two years of the first administration of ronald regan. that's been really great news. we just got to keep moving that progress forward. >> cheryl: they focus on the chip manufacturing sector and fair enough that the chip shortage is what really i think to really derail the supply chain and derailed a lot of things and in addition, to covid , but is there a way for us to, i mean that's a d.c. story. you've got your bucket list of things you want to finish by the end of the year. you've got your priorities from a washington perspective. what are they? and how do they help the sector? >> well, so again, the most important thing is not to undo the things that we've done well. so we've got to make sure we're not going to be making a mistake in undoing the 2017 tax reforms. those were great, and again, infrastructure and chips and science, but we have a few things on the list this year that need to get done by the end of the year or they expire and

go away. the research and development tax credit. research and development and innovation has super-fueled our economy in this country for decades. that's about to go away. interest deductibility, allowing manufactures to make those investments, to build new plants and facilities here in this country, and then, immediate expensing so that again, we incentivize investment here. long term, we need to be looking at the fact that we have a very significant labor shortage in the manufacturing sector. right now we have an average of 830,000 open jobs in manufacturing and if manufacturing is the life blood of any successful economy and every politician republican or democrat or independent will agree with that fact, we've got to have the people to do the jobs. so we need to look at some very targeted immigration reforms that allow us to hire the best and the brightest and bring them out of the shadows and into the economy to be productive members of our society.

>> cheryl: let me pick-up on that immigration reform. are you talking about visas for say engineers? are you talking about high level white collar immigrants coming in from i'll go back to india. even parts of china or are you talking about the lower-skilled labor force that we don't have, which is it? >> so about half the jobs in manufacturing can be obtained with simply a college degree. others is as you know, require four year degrees or maybe a couple years of technical or community college training. some are advanced degrees, so we're talking about h 1b's for sure, but also h 2b, and then we need to look at the temporary protected status so think about the 100,000 curt cobains we invited to come here to escape their war torn country that russia has created there. you think about the afghans that helped us with the war that needed to escape that repressive government, 100,000 of those. we invited them here and because

of the bureaucracy we can't even get them a green card to work. that's crazy. so we have some pretty basic things that i think we can do to improve the employment picture not just for manufacturing but for every sector of the economy. >> cheryl: okay, all right, well a lot to look forward to from your group before the end of the year, jay timmons, thank you for being here. >> thank you, cheryl. >> cheryl: well, elon musk throwing out more than the kitchen sink at twitter, as we await more files relating to the social media giant's content moderation. we're going to get the latest update as jack dorsey encourage 's musk's transparency. let's take a look at your markets right now. there is a transparent number the dow down 73 s&p down 16 nasdaq down 78. we'll be right back. i may be close to retirement but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control.

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>> cheryl: got a fox business alert for you right now. markets as you can see are solid ly in the red. the dow down 52, s&p down 14, nasdaq down 73. dow has crossed the line now 88 times, s&p 500 crossing the flat line 62 times. taking a look at airbnb right now. that stock is in the red. down more than 2%. morgan stanley downgrading airbnb to under weight from equal weight. that's basically a sell rating. the firm sent slowing growth enlistings and lower room night demand. morgan stanley also cutting the price target to 80 bucks.

separately wolf research cut the travel sector as a whole to under weight for market weight due to a potential downturn in demand next year. despite the record number of travelers this quarter and last, wolf cut expedia and trip advisor to sell and booking holdings to a hold. revenge travel, but never mind that. okay, taking a look at shares of campbells soup right now hitting a two and a half year high, the prego pasta sauce maker is raising full year sales and profit forecast. campbells citing easing supply chain issues and demand for its products even as it jacks up prices to offset the inflation. it faces campbell also beating on the top and bottom lines in the first quarter, up almost 6%. its been a volatile day of trading for carvana. the used car sellers been halted for volatility, a lot of times lately right now it's trading at a record low. brokerage wedbush has raised the possibility of a debt default which would increase the risk of a bankruptcy for

this company. stock is down 40% at four bucks and change a share. the firm cut the price target to a street low of a buck a share downgraded the stock to under perform. carvana has suffered from waiting used car demand and also high costs. they are in a lot of real estate bloomberg has reported that the companies biggest creditors including apollo global management and pimco signed a cooperation agreement to act together into restructuring the company. somehow those negotiations could be seen soon and tesla under pressure at this hour after a long time bear lowered fourth quarter and 2023 estimates. bernstein tony socconagi says the ev maker needs to lower prices. socconagi has a price target of 150 bucks per share for tesla it's at 172 now. this as the elon musk-run company launched two ev models in thailand as it competes directly with asian car makers in the nation. the first time that's ever

happened. deliveries are scheduled to begin early next year. tesla down almost 4%. well, speaking of elon musk, former twitter ceo jack dorsey is calling on musk to release twitter's internal communications without filter. in the latest development in the saga, the social media co- founder tweeted out if the goal is transparency to build trust why not just release everything without filter and let people judge for themselves? well, musk is under scrutiny after writer matt taibbi leaked memos discussing how twitter handled the 2020 story on hunter biden's laptop right before the election, the story which broke in october of that year was censored on twitter and facebook and taibbi only released some documents given to him including apportion that revealed twitter's deputy general counsel and of course former fbi general counsel james baker was at the center of twitter suppression plan. musk announced last night, baker has exited his role at the company.

there was a lot of twists and turns that kelly o'grady has been following everyday at her career. just kidding. but this week anyway. hi, kelly. i don't know what happens here. does musk just release everything and let the world have at it? what's going to happen? reporter: oh, cheryl, it really has felt like everyday of my career you're right but you never know with elon musk. he had us all on the edge of our seats last friday. the next batch of files should come out soon, so one of the reporters, matt taibbi, that released the files tweeted this. said reporters resumed searches through twitter files material, a lot of it, today. the next in stallment of the twitter files will appear at bari weiss, stay tuned so we expect the next in stallment to come from her but we're already expecting another dump regarding the laptop saga over the weekend but that was delayed following the bombshell that twitter's deputy general counsel jim baker who you mentioned was vetting that first batch of files without knowledge of new management, when musk was asked if baker had anything to explain

himself, the billionaire respond ed, "yes, his explanation was unconvincing" so just some context on who jim baker is and why this is raising eyebrows. before twitter hired him he was the general counsel for the fbi where he was a key figure in the boroughs investigation into that alleged russian interference in the 2016 presidential election. the journalist that musk tapped to release files sharing they were shocked to learn of his involvement but not more than the republican lawmakers who are now calling for answers on just how closely the fbi and big tech are tied. >> the great thing is now he can bring people like james baker in and put him under oath and depose him. thankfully elon musk identified this issue with him and terminated him and escorted him out of the building and now we'll get these unredacted documents and obviously subpoena some of these documents. reporter: and the important thing to remember is that with republicans taking majority of the house in january, they will now have the power to do that, but cheryl, you have to appreciate the irony here.

musk's push towards transparency turns out to be tainted by an employee at twitter suppress ing information, so the twists and turns keep coming here. >> cheryl: obviously he has to figure out who is going to be loyal to him and whose not. >> right. >> i think the answer is clear on brady. there you go. the best part about twitter is following elon musk on twitter. like i've got to say. reporter: 100%. he's giving me lots of airtime. >> cheryl: tomorrow it'll be the ftx scandal. no there's already a big one. never know. kelly thank you very much. all right well the housing market as winter approaches but homes are still in short supply. a lot of markets are still hot right now. will high rates stop the builder s cold? we're going to ask the ceo of ferguson where the nations top plumbing, heating, and hvac suppliers. what is he see being on the construction sites? it's coming up next. taking a look at the blue chips the dow as you can see , only

down 10 points right now, and at one point the dow was higher substantially by triple digits, 177. so we'll see what happens. "clayman countdown" will be right back. 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 at adp, we use data-driven insights to design solutions to help you manage payroll, benefits, and hr today,

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(fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right?

(fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when our clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. >> cheryl: while we've got breaking news coming in right now. the new york times is reporting that indiana's attorney general is suing chinese-owned app tiktok. first lawsuit by an american state. indiana is accusing tiktok of deceiving users about china's access to their data and expos ing children to mature content. the popular video service owned by chinese company, that is bite dance, indiana is seeking penalties of up to 5,000 per violation and asked the state superior court to order tiktok to stop false and misleading

claims about its handling of data and an app that's appropriate for young teenagers, developing story on tiktok. we'll keep you posted. well mortgage rates are continuing to hurt application numbers. today's 30 year fixed mortgage rate 7.32% up 15 basis points compared to this time last last week. this is of course a bank rate number and new data out on mortgage application volume shows it fell again, 1.9% last week compared to the week prior, a sign of continued softening demand. ferguson can offer a unique perspective to the housing market. many don't think to seek out the british american company is a leading distributed or in home infrastructure particularly plumbing, heating, hvac. you know what it means ceo kevin murphy joins me now and kevin what's so true is you don't think about, you think about the home and you look at it's beautiful but underlying components like hvac and plumbing are where the sauce is made in the industry.

how is business for you? >> business is good. we came off a great quarter. our associates did a remarkable job servicing our customers making their complex projects more simple, more successful, and more sustainable, and if we look at our company, we're doing everything from the underground infrastructure up through the rough plumbing into finished plumbing, appliances, lighting, and hvac, so we're involved in all aspects of construction. >> stock is up more than 1.5% and it's interesting too, because we've seen this big softness in residential in particular, like we follow the builder sentiment and it's obviously negative. that's probably not a surprise but it's also market-specific as to where you're going to see like there are still hot markets we're talking on the break louisville, places in st. louis, for example. that, to me, be a more targeted approach for your company on the residential side. do you think like that as the ceo of the company? do you look for new opportunities in these places? >> we do. we have 1,700 locations across

america. the bulk of our business is in america. we're 100% north america, but if you look address den shall new construction, it's just south of 20% of what we do and yeah, there are hot markets but there's also good markets around multi-family growth, so -- >> apartments. >> looking at the residential side that balance of new construction, repair maintenance and improvement for us serves us well, and just over half our business is residential, but the other half is non- residential. >> commercial. >> commercial activity. >> let's talk about that because a lot of attention on tim cook yesterday. you know, the taiwan semiconductor plant in arizona. you were telling me as well that it's plants. it's facilities. it's manufacturing. you're seeing a big opportunity in those markets. how so? >> it's really moved the needle activity for us because historically, there's been great knock-on build-out of commercial after residential, but what we're talking about is onshoring we're talking about liquefied natural gas. we're talking about chips, and what tim cook and the

administration were talking about yesterday, is really important for us. these are mega projects and there's a great many of them. electric vehicles, battery and storage and those are great projects for us. we did a production facility in texas last year. we brought 150 miles worth of pipe. 5,000 line items of material on to the site to help produce it. this is real activity for america. it's real activity for us. >> cheryl: that's really interesting as well. now what about tilt back here to residential but also some new construction but existing home sales. obviously there's pressure in that sector and that's probably going to continue until 2023, but at the same time, if you look at the earnings story from lowe's or home depot, their earnings were very strong based on people coming in saying i'm not going to sell but i'm going to fix things up. that's something you've seen strengthen as well at your company? >> we used to look at existing home turnover, as the leading indicator for our repair model activity. today we're looking at people

staying in homes longer that activity to renovate a bathroom and kitchen there's still a great deal of work around if your hvac system breaks down you'll repair it, you'll replace it. if you're going to need a new water heater you'll be there. that's a big part of what we do. it's about 36% of our business. >> cheryl: one big question in real estate right now is what happens in these big urban cities like new york, san francisco, of these high-rises? these offices, that aren't going to be filled up again. does that play into your business at all? have you looked at that sector? >> we do. high-rise offices certain play in, and the beauty -- >> if you're going to convert an office building to apartments , that's you. >> yeah, the contractors that are doing high-rise offices, also can shift their business and start to work on high-rise residential. can start to work on schools, healthcare, pharma, and the like , and so it's still an exciting time. we're still bullish about what our long term end market demand is going to be.

>> cheryl: i can see why and obviously investors are as well considering your stock. kevin murphy great to have you on here. >> thank you for having me. appreciate it. >> cheryl: be sure to join me every week on the fbn prime real estate block "american dream home" airs every wednesday night 9:00 p.m. eastern time right after mansion global. we've got brand new episodes for you tonight. throwing this out there, colorado springs, st. louis, couple of great gone country episodes coming up tonight. all right the streaming wars looking more like a game of thro nes. today's countdown closer says he knows who will end up sitting on the iron throne. hear his pick, it's a good one coming up. plus the big board right now, it's just been one of these days back and forth, dow is down 38. more of the "clayman countdown" coming right back.

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>> cheryl: the securities and exchange commission announcing it will hold an open meeting next wednesday with various agency staff to discuss gary gensler's new market structure plan. its being described as the biggest change to the stock market in decades. charlie gasparino was right on

target with this and you reported on this two weeks ago. charlie: that it was coming and coming significantly before the date, december 15, will be the open meeting. just want to get a little bit of breaking news in here, because this is breaking on the sam bankman-fried ftx justice department investigation. we understand justice department is ramping up interviews with various people that know about sam bankman-fried. they are talking to these people they are essentially trying to figure out a money laundering angle here. now, that doesn't mean he's guilty of fraud. he's not been charged. i have to protect myself on the network here. he hasn't been charged. he says he's innocent let's get all of that out of the way but from what i understand, the u.s. attorney' office is let's just say skeptical. it's the southern district, and they are looking to make a case before the end of the year. >> cheryl: he lawyered up. charlie: because they are ramp ing up their investigation. they are talking to many many more people.

looking at all the different aspects of what went down here in terms of losing money and whether the silver gate, this bank that is semi- affiliated with ftx or they own a piece of it, whether silver gate is somehow, you know , involved in transferring of the funds that were taking out of the customer accounts potentially illegally. again, this is what they are looking at. the silver gate people say they didn't do anything wrong just so you know, another thing i need to get that out of the way but be that as it may this investigation is ramping up fast. let's go to gary gensler as we reported a couple of weeks ago he has plans to redo the market in a major way and it essentially effects retail investing. he will tell you that so much of retail order flow that buys and sells of average people, get processed in these sort of dark pools. no one really knows what they are doing. those whose screwing who, how much money the dark pool operators or the market makers

like citadel and virtu are making, are they skimming profits that should go to these small investor? he wants to push all of that into some sort of a public auction market. it's a huge change in the way the markets have worked. since i would say 2004, okay, sec has setup the securities and exchange commission has setup a sort of system where markets compete with each other for pricing, and it's the companies that the brokers send it to the place where they can get the best execution. he's saying now i want everything in the public realm. we should point out there will be tremendous pushback from congress on republicans. they say just tell us where, in fact, the ripple shohei ohtani curriculumming. if you believe that these private exchanges, that these market makers are skimming, give us the data. he has not done that so there will be pushback from congress, republicans will control the financial house service committee there's probably

lawsuits by the market makers, v irtu already sued on a narrow issue involving this in terms of what he's disclosing, and may sue about the whole ball of wax. >> cheryl: why is he opening up this can of worms? charlie: i think gary gensler is a very ambitious guy and sees himself asport potentially the next treasury secretary and elizabeth warren believes he's anti market maker and one of the major market makers is citadel securities run by a guy named ken griffin one of the major republican donors right now. >> cheryl: who moved to florida along with all of citadel. >> charlie: but my point is ken griffin isn't a guy who goes to the elizabeth warren and the democrat party. i'm not saying that's the reason just sometimes confluence does not equal concurrence but sometimes it does. >> cheryl: charlie, thank you. very good stuff. well closing bell will ring we

have got seven whole minutes to go. talk about a decision. dow has had quite a day very volatile day, 98 times we've seen the dow cross the line, s&p 500 is 62 times and markets overall, we have been in the red repeatedly, but as we move into the close, we've only got the dow down now about a little more than seven points and at one point the dow was up 177. we were down 92 the highs and the lows for the dow so we'll keep on the markets for you. also there's this story, interesting. warner brothers streaming service, hbo max is back on amazon prime video channels, after about a year-long dispute. last year, the two media giants could not reach a deal to extend distribution. so hbo max was kicked off amazon prime service. that being said our closer says the new deal should not effect your trust in the biggest stream ing site out there. i want to bring in chief investment officer of wealth

management he's got $500 million in assets under management and it's great to have you here. so let's start with this because especially with disney and this change with bob iger, and a general sense, do you feel that bob iger is about to right the ship of disney, because disney stock has had a rough year and we are still dealing with high inflation and weakened consumer. what's your answer to that? >> cheryl, thank you for having me and absolutely. disney can right the ship with bob iger back at the helm. he's aligning and realigning management and this really, what disney needed, if you look at the last couple of years. so this management changeover is all about refocusing internally. if you think about it even with the streaming wars and disney plus is projected not only to have an increase in the next couple of days but increase in 2024 for profitability, we're going to have disney is in the category of one. they have to return to

storytelling and that's what bob iger will just do that. >> cheryl: your taking this on the streaming side, robert, because obviously the streaming, i mean, streaming lost $1.5 billion. just in streaming and i think that's word has that that's one of the biggest reasons that bob chapek was shown the door and iger was bought back in because of this misalignment and then that disaster in florida, but but overall the theme parks business, the the production business, there's still talk they should be spinning off espn. do you see any major moves under iger, do you think, could happen? >> iger is known as the dealmaker if you look at pixar, "star wars," marvel. again, their storytelling is there, and the opportunities is great for them in terms of executing. and bob iger, you know, he's going to not only realign the management, but also right the ship in making a deal before he turns over the keys once again. cheryl: all right. let's look at some other stocks

as we go into the end of the year, your shopping list, if you will. we had a quest at the top of the show saying he's doing just tha. unitedhealth is one of your picks. the stock is actually up about 8, so it's been a decent performer, and it's the health care. what do you see at unitedhealth right now? >> as we look into 2023 -- and there's a lot of uncertainty with the economy -- you also want to be defensive in your portfolio, and that's why we like unitedhealth, up 8% this year. strong dividend. they just reported a great quarter this third quarter. and if you look at the next three years, their growth rates are double digits. so if you want to be defensive like we are for our clients, health care is the place to be. cheryl: interesting. yeah, that's for sure. north. run grumman, stock the up about 39% -- northrup northrop grumman. what do you like about this one? >> what i like most is when congress can't agree on anything, they're actually increasing president biden's proposed budget for 2023 under

the defense category. and if you look at northrop grumman is in that defense category, able to capitalize on that going forward. they just unveiled the b-21 bomber, and the air force just said, hey, listen, we have six under contract, but if they could, they'd order a hundred more. and in a backdrop of uncertain global and geopolitical risks that we're seeing right now, defense is another category that we like. cheryl: i wish i'd thought ahead of time to get a picture of that bomber. it is such a cool looking aircraft. it looks like something out of a sci-fi movie. that's interesting. only, we've got the fed meeting next week, we're looking ahead to that. the bet seems to be a 50 basis point hike, but as long as the fed stays with this aggressive stance and after cpi, after the jobs report seems like they likely will, what does that do to the broader market? because it's really the economy that seems to be taking a hit, rightly so. the fed's doing what they said

they were going to do, which is tame down inflation. >> if we just take today's trading action that we've with seen, that's really what's happening right now. you know, the market doesn't know and, you know, the fed's going to be data-dependent, he was to be, and they're going to keep interest rates higher for longer. they have no choice. they can't really do a stop and go policy as they did in the '70s. so what we're going to see see is next year more of a restrictive policy. that's what we're banking on, we're positioning accordingly. and if you look at the 2-10 spread, it's telling us not in -- not if, it's when. cheryl: yeah. as we're looking at the dow, 105 times now we've changed over. real quick, i've got to ask you as you look at the end of the year in january, does the volatility continue? >> it does. there's no question about that. even though the vix is down right now, we're going to see that spike in the next couple of months. cheryl: you still think we're going to have this much volatility going into the new

year. >> absolutely. but, again, it's a stock picker's market. so you want to look for opportunities, like i said before with disney, which is down 40 -- -- 40%. versus some of the others that are out there. cheryl: robert, it's great to have you, we appreciate your time, sir. >> thank you for having me. cheryl: the major averages, as you can see, the dow just went positive by, well, a fraction. it could be five straight losses though for the s&p 500. longest losing streak we've seen since october #th. -- 12th. dow seems to be finishing in the green. well, we'll see. well, never mind. i don't know, i'm going to give it 20 the seconds. anyway, nasdaq on pace for a fourth down day in a row. the numbers are going to settle after hose bells ring. there you go. that is going to do it for me and "the claman countdown." i'll be back tomorrow. "kudlow" is next. ♪ muck. larry: hello, folk