♪ our dell technologies advisors provide you with the tools and expertise you need to do incredible things. because we believe there's an innovator in all of us. 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 liz: top of the hour straight up good afternoon everybody hope you are buckled in because we are looking at a major sell-off as we kickoff the final hour of trade. you can kind of forget the santa claus rally at least for the

moment, if you are long stocks, it's a nightmare on wall street at this hour. while the dow is plunging 737 points or about 2%, it was worse. low of the session, a loss of 950 points the s&p down two and one-third percent or 92 points but it's the nasdaq that is getting throttled. the tech-heavy index cratering right now 327 points or about 3 %. add to that yesterday's 85 point loss and you are looking at a combined more than 400 points wiped off the nasdaq over the past 48 hours. there are broad catalysts dunk ing equities but we do need to show you netflix right now because it is the worst performer not only on the nasdaq but also on the s&p 500 eon a report that despite the massive harry and meghan hit documentary the streamer has been unable to deliver promised audience targets on its new ad- supported tier and therefore, is according to digi

day, actually allowing advertisers to take back their money for pre-paid ads. not good. that stock is down 9% let's call it 8.5% right now coming up a fox business exclusive with the ceo of theatre chain cine mark on the battle royale between streamers and theaters on the very day the sequal to avatar hits the screens nationwide but what is at the heart of this more broad based pronounced sell-off slamming stocks? you can call it the quad kick to the solar plexus. we do have lots of red on the screen but it's four central banks, the u.s. federal reserve, and the swiss national bank both yesterday, followed by the bank of england and the european central bank today, all tite en ing rates by 50 basis points to continuing their effort to curb inflation. we are not the only ones getting clocked by this quadruple move. european stocks shuttered with francis and germany taking it on the chin, the cac down 3% the

dax down 3.25% when they closed the united kingdom down just under 1% but let's be clear the sell-off snowballing as fear aggressive central bankers will go too far is triggering possibly a global recession that's the worry. and this did not soothe worries either. a key read on consumer spending, november retail sales on your screen, showing a pronounced and bigger than expected drop of six -tenths of a percent. that is the most in 11 months. will a slowing consumer stop people from traveling because that's really been the hot bed of activity. airline stocks grounded on that possibility, plus we have a few specific downgrades. hitting jets of course that is the aggregate, the etf airline it is down about 2.25% but evercore isi cutting delta to in -line from outperform. that's hitting the stock to the tune of about 2.6%, cowen chop ping jetblue to market perform saying there is no

guarantee yet that that pending merger with spirit airlines will be approved regulators so jetblue is lower not on this screen let me just quickly punch it up here, jblu down about 2% and it's ua almost's loss a bit of a mystery. the carrier unleashing a flurry of positive headlines a few hours ago. closing in on hiring 15,000 pilots, flight attendants, ramp workers, because united is saying today, year-end travel will blow away its thanksgiving numbers which were very busy as well. ual down three full percentage points at the moment and as you see right now it's at $38.86. you know, it makes you wonder when you look at the lower right hand part of the screen with the dow down 709 points is it too dangerous at least right now to buy stocks? let's bring on the floor show joining me now baird asset management's founder and managing director mary ellen sta nick, and fitzgerald

group principal keith fitz-gerald. keith what do you make of the sell-off? we've had ugly days recently but does this one put the lid on any santa claus rally hopes for christmas? >> you know, it's easy to say that, but maybe if we talk next christmas, definitely not. couple weeks from now you know that depends on whether or not the traders believe the feds baloney and i personally don't so i'm actually, actually, liz, very close to being a viking in an all you can eat buffet today. liz: wait a minute you don't believe the fed, the fed has been clear it's going to continue to raise rates. wouldn't this be a reflection of the fear that they will tip the economy into recession by over doing it? >> well, number one, i think we're already in a recession. the fed got transitory wrong so i don't believe a word that comes out of their mouth now, but i do see businesses for example, like chevron that are putting numbers on the board, continuing to spend money, on the heels of existing cost cuts and markets they are going to move forward so that's the kind

of stock that i'm looking to pick-up especially if the markets are going to hand them to me on a platter. liz: okay mary ellen? i'll tell you something. one thing investors appear to be learning is almost like pavlov's dogs they are getting burned quite a bit here, depending on the day, and that whole thing of course there is no alternative to stocks, because stocks were the best thing going. really appears to be shifting at the moment, so you know, you brought up patty. patty versus tina is pay attention to the yield. this is where you see the opportunity. can you be a bit more specific on that? >> yes, and we really do see the opportunity, so when we look in the rear view mirror at 2022 it was a painful year for bond investors, but on a going forward basis, ink across yield curve, we are seeing in diversified investment grade portfolios 5%-plus yields, and that is very attractive, we

believe, as the fed has marched interest rates up throughout the course of 2022, so for investors, pay attention to that yield. the yield on a nominal basis are looking quite attractive and provide portfolios a lot of cushion or buffer, if you will in here vis-a-vis other asset classes. liz: okay, so, is this high grade corporates? is this basic treasuries and in which part of the yield curve? >> yeah, and it's ink across yield curve, so the yield curve is actually inverted and it's when you look at diversified portfolios that include investment grade, corporates, asset back, mortgage back and treasuries, ink across curb you're seeing 5%-type yields and so that's one of the attractive things with inverted yield curves. you don't have to go out very far in terms of duration or maturity to capture that yield. liz: i've gotta tell you. i am looking at a lot of chip stocks pooling at the bottom of

the nasdaq 100, keith, and chips just, it's like the one side of your brain says everything needs a semiconductor chip and yet, these cannot seem to get out of a deeper puddle here. you've got some of these names, marvel technologies down 5%, nvidia lower by 3.5%, asla, they aren't looking good at all. do you take a shot at them on a day like this? >> well, i tell you what. i'm looking very carefully at doing exactly that, right, when we get off camera. liz: really? >> i already own amd and intel and nvidia and as frustrating as today is going to be i also understand history, so if you look at what you just said, everything from your toaster, refrigerator, car, iphone, it all needs chips and data is just going to be our world for the next 20, 30, 40, 50 years so i'm keen to play that card. liz: mary ellen, when keith says i'm looking to get off the set and at least do some bargain hunting, when you were speaking

to the folks at baird and your team as the co-chief investment officer, what is the sense that you are getting and giving when all the teams go out and fan across and speak to clients you should be repeating at the moment going into 2023. >> so most investors own some kind of a balance. the question is what the balance looks like, the best that meets their objectives and the good news now is bonds are a lot more compelling, ink across yield curve, in the investment grade market. for municipal for high taxpayers , the tax-adjusted yields are even higher so it's compelling. it's not for most investors the entire portfolio but it's a great foundation that provides income, cash flow, lowers overall volatility and predictability and that's what investors need for a portion of their portfolio, so that is our

message. pay attention to those yields, keep the seat belts on because as you suggest, we are in a volatile period of time, but there is attractive opportunities today. liz: spin it forward to january, keith, and the fear that we see right now in the vix. it's still, even as it pops, about 6.8% and off the highs of the session, barely. >> yup. liz: as you see from the intra day. nice try, liz, i'm really trying to camp everybody down but at 22 it's not anywhere near the past two year highs, so do you look at names, say for example, like ford? ford has a headline coming out this afternoon that it is raising, not dropping, it's raising the price of the f-150 lightning. the cheapest one to about $56,000. they are doing it probably because materials are going up, not coming down, but by the same token, they feel that people are

paying this. they have a heck of a long waiting list. the stock is getting hit to the tune of 2.5% but again let's broaden it beyond tech and bonds here. >> well, to my colleague's point, foundation is the operative term & companies like ford, for example, arguably form the foundation of much of our economy around the world, in fact, so a company like that is raising prices, yeah that stinks , i can't imagine paying $50 grand for what was supposed to be an inexpensive pick-up truck but they wouldn't do that if they didn't think they could sell it. the waiting list is key. the quality is key. the looking forward is key so on a day liked to companies like that fall less, stabilize first, but importantly, they recover fastest and that's the point that most investors are hung up on on days liked to. liz: mary ellen, one last question, because as we look at what is working when it comes to equities people are going value, large cap. that's why the dow has not

gotten hit as dramatically as say for example, the nasdaq or the nasdaq 100. is there anything you recommend about investing when it comes to big names that do have profits? >> well, certainly, we'll leave that to others who are equity specialists to give specific valuation advice, but i would say where you've started was this all is being driven by aggressive federal reserve board action, along with central banks throughout the world. as long term investors, whether you're bond investors or equity investors, you want your central banks to be resolved, fight inflation and inflation expectations, and that is what jay powell's message yesterday was, as people slept on it and thought about it and so that resolve is, we think, important in the long term best interest of all investors. liz: not keith. i don't think keith slept on it, but that's what makes this kind of discussion valuable to our

investment audience. thank you, both very much. keith and mary ellen, it's a pleasure to have you both, thank you. rising interest rates were supposed to have at least one positive effect. finally rewarding savers versus stock investors but even with the fed's benchmark rate now at the highest level in 15 years, scrooge still appears to have a grip on the average savings account yield. note, we said average. up next, the ceo of a fintech offering with the top rate in the country, on deposits is who is that and how are they pulling it off? with the closing bell ringing in 48 minutes, the ceo joins us live when the "clayman countdown" returns, take a look at the dow heat map here, only verizon, which we mentioned yesterday as a good quality stock, with a low pe is today in the green from the dow 30. the laggard ibm followed by apple, disney, dow, intel, sales force, disney by the way is the lowest since 1974.

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from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. liz: yes, it is a sell-off although we are off the lows of the session. that's the good news bad news is dow still down 757 points and we know the negative effects of jay powell and the federal reserve's multiple rate increases this year. they have made the cost of borrowing on everything from credit cards, student loans, mortgage payments, car loans, spike, but rising rates are supposed to have a healthful effect on savings rates. so, why are large banks still paying meager rates to customers with plain vanilla saving accounts? wells fargo, bank of america,

chase offering .01 annual percentage yield right now on some of their savings accounts. but wait, how does a 4% apy, or annual percentage yield sound to you? that's what a fintech called upgrade is offering on its premier savings account. second in the nation, only to popular direct which is offering 4.01%. how is upgrade able to do that? here in a fox business exclusive , ceo renault leplauche. you're a fintech, not a bank. i'll just cut right here to it. how are you able to pull off a 4 % apy, because it almost sounds too good to be true. >> well, i mean, you know, fed rates are between 4.25 and 4.50 so for our partner banks, being 4% is still less than the fed funds so it's still attractive as a cost of funds so the reason

why wells fargo is 0.01% is we don't need deposits but our partners who are small credit unions or small community banks , have access to a lot of deposits and they're happy to be paying fed funds minus 25 or minus 50 so for small banks and credit unions that we work with, 4% is actually a decent cost of funds and it's a great rate for savers. liz: well, yes, and you just mentioned your partners. let's just explain that to our viewers. you've got more than 200 small banks and credit unions as part of a network and you're able to aggregate those banks and credit unions so that you can find the best rates and enable people to get that. i just wonder, because you are not fdic insured, how do people make sure that if they give you money and put it in this premier deposit that it's not going to somehow leave them holding the bag if the market tables

turn? >> all deposits who upgrade or actually open an account, a bank account which is an fdic- insured institution so all of these accounts are fdic insured, and same limit as any other banks, $250,000 limit, but up to that limit the deposits are there. liz: okay sorry can i just get that starting limit? do people have to have a starting amount of money to be a member for these premier accounts? >> yes, there's a minimum of $ 1,000. liz: okay, not bad, certainly. you founded lending club several years ago, and that was very much a disruptive force when it comes to lending, because old school banks have lost out on a lot of generations of people who may not have the right fico scores, et cetera, but they certainly want to borrow money.

the world is shifting, obviously , from spenders during the pandemic to savers. most of the stimulus money has dissipated or been used up, and being a saver, people are still waiting for that great opportunity. what is the number one thing beyond this 4% that you can offer people? >> yeah, so we have customers on both sides, customer with excess liquidity and the premier settings act of 4% is a great opportunity but we also have customers who need to borrow and the cost of borrowing has increased and the cost of everything has increased with 7% inflation and wage inflation that's been 4.5%, so there's still about a 3% really pain that customers have to go through in terms of increase of the cost of gas, groceries, and

really basic necessities, so what we've done is we launched a new credit card called "life" that reallh back necessities, gas, groceries,sic utilities, things where our customers have been feeling the pinch and so we're trying to we've got 3% cash back to fill the gap between what we've seen as average increase in salaries about 4.5% and what inflation has been which is 7.5% so we're trying to give back that 3% of value for our customers. liz: i mean, is it worth it for you to apply or maybe you have already for a bank charter so that you can go whole hog into really offering everybody everything? >> no, we really like operating as a fintech company, as a more capital-light. we don't like to build our own

balance sheet so instead of collecting deposits and then lending them out, we work with this network of 200 banks and credit unions and we can sweep deposits to them so that we can benefit from these deposits at a 4% rate and we can also buy loans and account receivables from us so in the middle of the network of banks and credit union we have them operate at a lower cost and we think we can deliver more value to our customers that way. liz: i can almost hear our viewers speaking through the camera saying liz, i know that he said there's a $1,000 minimum. is there a maximum did you say that? i might not have heard for these >> no, there is no maximum. there's no maximum, but keep in mind, above $250,000, you don't benefit from the insurance. liz: we're watching upgrade what an interesting play and we'll continue to follow it and we'll see if that rate goes even

higher, renaud. thank you so much. >> thank you. liz: renaud laplanche. even during the two day long sell-off one major name is scoop ing up tesla shares while another is dumping them, both tesla ceo and elon musk and ark invest cathie wood made singular moves with tesla hitting a two- year low earlier today whose buying and whose selling? which one, the answer is next. closing bell 36 minutes away. s&p 500 down 2.5% or nearly 100 points, again it's that nasdaq that is the percentage loser down 3%. we are coming right back.

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for the gifts you won't forget. happy holidays from mercedes-benz. see your mercedes-benz dealer today for exceptional offers. liz: fox market alert. we do have one sector that looks pretty healthy and that's the homebuilders right now. they were the ones that were looking really ugly yesterday, but today, you've got lennar up four and one-third percent, d. r. horton up 4.6%, toll brothers up 1% and all you need to do is look at the 30-year fixed rate and see what is propelling this. so december 15, today, 6.6% for the 30-year fixed. can we put that into perspective here? it has fallen multiple basis

points. anyone? okay, so anyway, the point is that week-over-week it has definitely come down just a bit and therefore, the homebuilders are looking pretty good, but you know, when you start to look at mortgage rates, refi rates and the rate of people, you know, filing for mortgages and taking out new refi, it's really falling month-over-month. cathie wood backing up the truck to scoop up what elon musk dumped, filings show during yesterday's session the ark investment founder bought 75,000 shares of tesla worth about $11.7 million while tesla ceo elon musk disclosed he sold another 3.6 billion in the stock yesterday. this latest move takes musk's total tesla stock sales this year to $40 billion. today at least at the moment, tesla is one of two nasdaq 100

names, only two climbing into the green; however the stock is down year-to-date about, let's see , well quarter to date down 40% and year-to-date down 55%, so you're looking at a stock that at $157 is well-off at least even the annual high of 402 bucks. electric vehicle competitor niko la inking a strategic deal with plug power today to advance the hydrogen economy. plug power is going to purchase up to 75 hydrogen-powered trucks over three years. plug power plans to attach its liquid hydrogen tankers to nikol a's trucks to transport green hydrogen fuel across north america and it's up 1.5% plug power down 3%, and this is an interesting one, folks, down 16% for online game platform roblox. what a stumbling block at this hour after reporting mixed

metrics for the month of november. now, during the month, daily active users climbed 15% year-over-year, not bad, but the average bookings per daily active user what is that? that refers to roblox virtual currency the players can spend in-game to upgrade their avatar was down 7% to 9% year-over-year people. don't buy pixilateed dollars. really? i'm old, i know. snap, crackle, drop. shares of snapchat parent snap losing 7% after jefferies downgraded the social media company from a buy to hold, jefferies said snap is facing intense competition and a worsening macro picture, quick check on the competitive landscape there, meta, pinterest , alphabet has been a rough time certainly for meta over the past year, it is down 5 % today, pinterest losing 4.6%, alphabet, google down 4.25, of course the parent of youtube. bitcoin and other cryptos, which

actually did not look bad yesterday, amazingly, kind of falling pretty dramatically right now. we do have bitcoin now below 18,000, along with the broader market. it's losing 379 bucks right now, disgraced ftx ceo sam bankman-fried is still, remember we told you on wednesday? that he was arraigned? well he's still sitting in a bahamian jail until his next scheduled hearing on february 8. this , after a judge denied his request to be released on $250,000 bail, citing him a flight risk. now state-side the fall out from ftx's collapse put lots of pressure on lawmakers to look into regulation of the crypto space. let's get to susan li now. susan, one senator is going all- out, setting out and making some moves here. >> yeah, actually two senators and bipartisan, so this is after one of the largest corporate bankruptcies in u.s. history and consensus finally seems to be building in washington d.c. for

more crypto regulation, so we have this new bipartisan bill that's being proposed by senator liz warren and also republican senator roger marshall. now, warren tweeting that their new bill puts common sense rules in place to help close crypto money laundering loopholes and protect our national security and she's arguing that's really suspect organizations and individuals that largely use crypto. >> crypto has become the preferred tool for terrorists, more ransomware gangs, for drug dealers, and for rogue states that want to launder money. >> now also testifying in front of that senate banking committee in that ftx hearing was shark tank investor kevin o'leary, who made the argument the problem isn't really crypto. >> currencies have been used for drug trafficking since the 60s and the american dollar when it was thrown out of a pipe or aircraft in a duffel bag. the american dollar is also used by bad actors all the time. >> in reality there's little chance that this bill will pass

in the final weeks to the current congress, the lame-duck session but you also had senator s gillebrand and luumis h ave been pushing their own bill for the last year and a half trying to pave the way for crypto to be used more like digital cash than stored like digital gold. lawmakers holding hearings on capitol hill the past few day on the ftx collapse and we know ftx founder sam bankman-fried as you mentioned still in jail behind bars until the hearing on february 8 but here is breaking news last night and this is stunning. we now know who the insider whistleblower was, newly- released documents suggest that the whistleblower was a top ftx executive, ryan salom, the ceo of ftx digital which is one of the ftx subsidiaries. he warned bahamian authorities of the illegal transfer of money that was taking place, that he noticed from ftx the crypto exchange to bankman-fried's personal hedge fund alameda, liz liz: wow. there is a lot there, but yeah,

luumis and gillebrand are drying to be part of the solution here well before the ftx implosion. somebody needs to listen to them at the moment thank you very much susan li. following its 2009 debut, all the way back then, the first avatar movie still to this day remains the biggest film of all-time with more than $2.9 billion getting raked in at the global box office. now industry reports say the sequal, avatar the way of water, is on track to deliver the biggest opening at the worldwide box office this year, but what about the future? we're going to take you straight to the source to get the low down on advanced ticket sales opening today, the state of the movie business, and what the next big release might be on the horizon. the cinemark theatre chain ceo is next and speaking of acting in the movies, this week's everyone talks to liz podcast guest packed up her entire family in washington state and moved to l.a.

she didn't want to, but her daughters were so intent on pursuing acting and singing careers. super mom bonnie wallace sacrificed her own dreams and endeavors in the comfort of her home in order for her children to reach their goals. after all without her, we wouldn't have gotten disney star and singer doug cameron or the top singing coach in los angeles. you can get it on apple, google, spotify or anywhere you listen and she's now written a very interesting book on how if your kids want to be actors how you make sure they don't get fleeced closing bell 23 minutes away. dow jones industrials still los ing 744 points right now, stay tuned. we are coming right back with ci nemark ceo. wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna.

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the latest state to ban tiktok for all state employees. they cannot put it on their phones or use it. this comes as government officials try to limit overall u.s. exposure to the controversial app which is believed to be used as a surveillance tool by the chinese government. now, a bipartisan bill has been introduced in congress that would block all transactions from any social media company with ties to china, or russia. fox news aishah hasnie is live on capitol hill with more. aishah? reporter: hey there, we are getting so close to some kind of tiktok ban here on capitol hill and yet we are still so far away from seeing that happen as time is running out, really, here on the hill so let me start with senator josh hawlly's bill that would ban tiktok on all government devices nationwide. that got through the senate, went through the senate by a unanimous consent vote and speaker pelosi today though sort

of hinting that it might stalin the house by not committing to putting it on the house floor for a vote, before the end of this congress. watch. >> we'll leave here today for what's on the agenda now, i don't know that that will be on the agenda next week but let's see , but it's very very important. reporter: and as you mentioned, some states have already banned tiktok on government issued devices. georgia governor brian kemp joining those governors announcing his own ban today meanwhile senator marco rubio and representative mike gallagher have put forth a bipartisan bill that takes this a step further. they would ban all transactions from any social media company that is run through adversaries like china, russia, or even iran. >> that's a national security threat but it's a direct threat to our way of life our economics it's allowed them to interfere in the mid-term elections. this company should be banned i don't know why they are allowed to operate in the united states. reporter: but again, not everybody on the hill is on

board with even that idea. in fact, the chairman of the senate intel committee, mark warner, a democrat thinks tiktok is not all bad, so perhaps we could keep the app in some capacity but maybe have it regulated by the department of justice. that's already getting pushed back from republicans like senator marsha blackburn. back to you. liz: aishah, i have a quarter of a million tiktok followers for my morning market minute. am i going to be, is this thing going away? give me your gut reaction from what you're hearing in the halls of capitol hill. >> it is an insanely popular app. that's a fact. a lot of people out there including yourself use it, so i don't know that it's going away tomorrow but it sounds like the first it might be getting rid of it off the government or state-issued devices things that could become a security risk for this country. liz: gotcha, thank you, and then there will be an outcry of teenage girls all ink across nation. aishah good to see you. god forbid, thank you very much. nearly 14 years ago when zoey sa

ldonna said "i see you" to jake moviegoers around the world were all, i want to see the sequal. well, it's taken this long but finally the sequal to the world's highest grossing film hits theaters today. james cameron's avatar, the way of water, looking to smash the $760 million domestic box office record set by the original back in 2009 hollywood trade publication variety reporting the disney film is expected to bring in 150 -$175 million for its opening weekend alone here in north america, but with a run time of more than three hours, will the sci-fi blockbuster live up to the hype? let's find out joining me now in a fox business exclusive, the ceo of cinema chain with more than 510 theaters and 5,835 screens across north and south america, is the cinemark ceo and president shawn gamble. shawn?

tell me right now, i know you guys are looking at every possible piece of data coming in from all your theaters and your screens. sell-outs if so, where, how many , what are you seeing? >> well, liz, thank you, thank you again for having me. you said it. this is a movie that has been long-awaited for. we're looking at a big, big weekend and weeks ahead. we have sell-outs throughout the country on opening night, this coming weekend, you mentioned the run time of these movies, this is a movie that was clearly was made to be seen on the big screen. it's an event. these large type specatacle films like the first avatar, like avengers end game they breeze on by and leave people wanting more and we certainly from what we've heard and from what i've seen of the movie that certainly will be the case in this instance. liz: how does the ceo like you handle a film like this , meaning multiple showtimes are you clearing out all pretty much all other screens to make room

for this so that a whole bunch of audiences can come through at different times? >> absolutely. that is one of the things you get into with a movie that's this long is making sure that you can strategically program it to maximize audiences, but we think with the size of our auditoriums and the content in the marketplace right now we're going to be in great shape for that and it's the kind of movie that will run for a really long time so you'll have the opportunity to be available for people to see multiple times , and multiple different times. liz: do you think it will dislodge maverick, "top gun", from the top grossing film of the year at least for 2022? >> tough to say. we would love to see two films of that scale this year but obviously "top gun" maverick ran for so long, there's less run time in 2022 so maybe it'll get there in the aggregate within year, we'll see but would love to have that result. liz: i want to ask you one thing , because this is developing news today, and that is that netflix, the streamer,

arguably one of your competitors for at least eyeballs and people 's dollars, when they want to see entertainment, is in real trouble on reports at least digi day is reporting that its ad subscription tier is not delivering the numbers of audiences that it had promised advertisers and therefore, they are allowing advertisers to get their money back, even as they have this incredible harry meghan audience drawer so tell me how you look at the streamers right now and what the movie companies have learned about exclusive theatrical releases versus simultaneous with streaming. >> yeah, well you know, actually, we don't view netflix as a competitor. in fact we view them as a partner, or a potential partner , much like our traditional studios. the reality is that the most active streamers tend to be our most frequent moviegoers. these are people who love films. they love movies, they love to consume them in all formats.

we continue to hear now from our traditional studio partners how the movies they are releasing they at rickly are performing, are better on their streaming platforms than those that they aren't, so we've been testing things with netflix for quite sometime. we have an optimistic view about the mutual benefits that releasing their movies will provide them as well as us so we think things will continue to move in that direction, so look, we want to see more and more content from them. we're again, we think there is a lot of promise to put them out and delight their customers. liz: sean quick check of the markets the dow is back down about 806 points it has been a very rough time, not just for large large caps but mid caps and small caps, the s&p down 103, the nasdaq down 369. very difficult market opportunities for any ceo whose looking to see their stock come back. to me, as i look at your stock,

you are actually down much less then competitor like amc theaters. what do you think it is that you're doing right to at least be hit less dramatically? >> well, you know, just speaking to cinemark, i think for a long while, we've been very focused on disciplined financial management of our company. we've been able to take advantage of a lot of proactive evolution of our business during the course of the pandemic to do things more efficiently and we're on a great path for positive free cash flow generation this year as our industry continues to recover, and there's many opportunities ahead. i think it's interesting, you know, there seems to be some market skiddishness broadly about concerns in the retail sector based on some of the data that's come out. for our industry, i think sometimes there's a misnomer. our industry has historically bucked the trends of recession. we've actually grown, box office has grown in six of the past eight recessions, so i think as you look at what's happening even today, when movies are in

the marketplace, people are coming as aggressive as ever and they are even continuing to upgrade to the most premium offerings we have, so the higher price points, so we think that we tend to buck some of those trends and that's something that we always try to remind investors and remind the markets about. liz: as i'm looking at these trailers of avatar, way of the water, the three hour time suck is really crazy to me, but we'll see what happens there. what do you project for 2023 as some of the bigger movies? we're looking at dune coming out , the next indiana jones film , ant man, is there one in particular that you feel will finally get you over that post- covid hump? >> well look, i think many have already done that. i think we've seen audiences recover across all categories of film, across all demographics when the movies are there, they're coming at levels compar able to or better than pre-pandemic so i think we've already crossed that. it's just a matter of getting

more films into the marketplace but you said it. there are so many promising films in the lineup next year. personally, there's many just to call out one because just saw one of the recent trailers in 3d , you look at a film like little mermaid it's such a beloved story for the masses and you look at a film like that and action films and art house films and there's so much there for a wide audience i think it's really highly encouraging about further recovery in 2023. liz: sean we're looking for that recovery as you are as well. thank you so much for checking in on a very busy opening day for avatar, way of water, thank you. >> likewise, thanks for having me. liz: we just want to flag our audience we have decided to go commercial free, because of this sell-off and when you put it together, with yesterday's losses, which were much smaller, very important to be watching this on this thursday. we do have nasdaq is lower by 367. small caps getting clocked to

the tune of 2.6%. s&p, 2 1/2%. it is nasdaq and tech-heavy names that those are the ones that people are not willing to hold at least right now. so with markets, you could call it tanking right now, what are the stocks you need to protect your portfolio knowing that rates are probably going to continue to rise? joining us henion and walsh asset management, kevin mahn, manages 6 billion in assets. miramar portfolio manager, max wasserman. you and i are here on the set. we're keeping eye on the avator and sean pictures, and markets, what is at the gut, what is at the heart of what is going on now? >> one thing largely reported yesterday after updated projections for gdp growth. looking next year forecasting growth of 1 1/2 of 1%. with the bulk of that growth taking place in the second half

of the year. i believe investors would be wise to prepare portfolios for recessionary environment as the consumer becomes more entrenched starts to spend less. retail sales reported yesterday, down .6 1%. roughly double the estimate. so if you're looking ahead, consumer will spend less. guess what? the consumer accounts for0% ofof 70% of the growth in our country. liz: retail sales were reported and, they dropped the most in 11 month, max. that said if you believe as we said earlier that spenders are shifting the paradigm and becoming savers is it really a place to put money in the stock market are there specific pocket the you're a believer in at the moment? >> good to see you again, liz. people mead to take a step back, market went up 7% from the

november 3rd rate increase. they are giving back a little bit of because they didn't get the psychological report that fed will cut in 2023. trading 17 times forward earnings growth, 225, 230ish it needs to come down. s&p is market weighted, nasdaq affected heavily this market. it is still too expensive. we're not negative on this market because we think there are plenty of opportunities in companies that have been beaten up. we would stay with dividend paying companies with a lower p-e multiple, have the ability to take advantage of this. we think high-tech, high beta investments is a place you need to avoid because the fed is giving awe blueprint, they're cutting, they're cutting liquidity. if that is the case high growth stocks and high valuations get hurt the worst. liz: you're saying general dynamics and advanced auto parts are your picks.

those do have good dividends that you believe are dividend growers. kevin, let's get to you and your picks. where do you see opportunity if anywhere right now? i with understand people said my hands, my hands are off at the moment. >> there is always opportunities, liz and one sector that has historically done well in periods of economic slow down up through and through recessionary periods are utilities. i know utilities are boring but three names we like to own within the sector, start with american electric power, a regulated electric utility. has been growing their dividend the for five years. provides electricity to their customers and customers need electricity regardless of the economic environment. a more interesting play in utilities if there is such a thing, sempra energy, more a energy infrastructure provider. they provide liquified natural gas exports. the other name we like xcel energy and provide natural gas, electricity, pay a good dividend, strong balance sheets.

that is a way to weather this economic slow down. liz: max, looking at two minutes left on a rough-and-tumble day, dow down 770, nasdaq down 58. vix is higher by.9%. you're saying in essence that the market is something that you feel where there are opportunities still, specifically when you look at earnings for q4 when they start coming out in january, they will be ugly and how much, how much stock are you going to put into the numbers that you see? >> i'm not going to put a lot of stock in the q4. i will look at companies are telling us going into q1 of next year. keep in mind when you're trading 17 times earnings in a market multiple right now with interest rates going up and a declining economic environment it's still too high. so earnings need to come down but there is plenty of companies that have been washed out, whether it is in the financials,

whether it's like general dynamics we like defense or advanced auto parts companies are beaten up i wouldn't chase heavy growth. there is downside in the nasdaq, multiples are too high. i wouldn't be afraid of market. the market ran up 7%. if we're knee the end of a tightening process, 75 bps maybe we're at the end and choose good companies and good dividends you will be fine. we're near the end. waiting for the bell. here it comes. four rate hikes of different central banks over the past 48 hours spooking the markets here. [closing bell rings] we're closing off the lows of the session. we'll be bag here tomorrow. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so at one poin