part by limiting -- the status quo by limiting those involved from getting to the top tier. i think when masses should work out, right, and maybe act. although i do realize it's really tough to do when the market's falling apart, the rent is going up, and is you may lose your house. listen, establishment virtue signaling, it's over for now, but take my word for it, it will come back right around the next election time. in the meantime, let's hope the market can hold up. liz claman, this last hour of trading, as usual, has been a crazy one way or the other. liz: election time, could we just push that out? [laughter] charles: i'm with you on that, by the way. liz: i know you are, that's why we're on the business network. you're right, charles, call it choppy, it's been that kind of session. and as we head into the final hour of trade, for now stocks are in the green. let me show you the dow intraday picture because it really underscores how kind of directionless the blue chips

were up million 12:30 p.m. eastern time -- until 12:30 p.m. dow can crossed the unchanged line 53 times, but the gains have now held for about a, what, two behalf hours. the dow up 91 points, and as we work back to scrape yesterday's 112-point loss, remember the dow can fumbled wave a 400-point gain yesterday with, pretty much in this final hour. so you've got to stay with us. now, the s&p never managed to eke out a gain by the end yesterday. it ended down 3 points. right now we're looking at a gain of 16 for the moment. russell is the percentage leader, but the tech-heavy nasdaq is in second place up about two-thirds of a percent. the gains, 73 pointingses. but if you look at some of the higher valuation maims in the nasdaq 100, not exactly distinguishing themselves. we want to show you life sciences company ill lumina. it is down 6%, the biggest laggard on the nasdaq 100.

tesla erasing some of its 7% gain from yesterday, down 1.8%. and hr solutions leader workday has lost about let's call it 2% at the moment. you know, that's $100 off its annual high, so it stands at about $159 and change. now, health care is leading the s&p sectors with consumer discretionary following closely behind, and you can see that in the baskets of health care stock thes, particularly if you look at the ishares, you know, quadruple i, and then you've got nasdaq biotech looking very nice, up about 2%. the etfs are overflowing with these kinds of stocks. life sciences standouts include thermofisher and adulant. look, the world should be grateful for one thing, federal reserve chief jay powell held his fire during a speech at a swedish banking summit earlier today. he did not really mention the upcoming fed meeting or hiking interest rates, and only went so

far as to say this. listen. >> resoaring price stability when inflation is i high can require measures that are not popular in the short term. liz: not popular. so get ready to be annoyed. he knows that everybody might be upset as they continue to raise rates to tamp down inflation, but you add to that what atlanta fed's rafael boss tick said yesterday, that the fed is willing to hike high must have to overshoot on tamping down inflation, and the 10-year yield going up, up and away. right now it's at 3.62%. yesterday it hoveredded around 3.53%, so that's a big move on any given day. but with the release of the december cpi, the consumer price index, one of the most important consumer inflation gauges, less than 48 hours away what are stocks in for? because that is gonna be a mover. to our floor show traders, sarge guilfoyle and thing of the -- king of the charts, j.c. by

relate. now, even if it comes in slightly cooler, blackrock's bond king, rick reeder, sat here on the set with us yesterday and warned this -- >> markets have gotten very excited about the fed's going to tighten and start easing again. i think that is foolhardy can. they keep coming out and telling you they're not going to do that. liz what are you buying and selling ahead of the cpi release, sarge, and if you're selling, what are you doing with the cash? >> well, i'm not really buying anything. late last week into this week i've been using the strength as an opportunity to the make sales in apple, in lockheed which is one of my beloved names, to make sales in front of banks in wells fargo and bank of member. i exited boeing. so i'm lightening my load are. i'm creating cash and creating a sizable chunk of my portfolio that's strictly cash and 3-month t-bills because going into a recession, a hard time, i want a portion of my portfolio obey me

4%. and -- to pay me. and i'll try to trade the balance rather than invest to make up the rest. liz: well, 3-month t-bills, they are yielding 4.69%, not bad. so you're comfortable doing that, and then you're waiting for what? >> i'm -- [laughter] i mean, i'm waiting for a really tough time. i mean, the second quarter i see recession, i see about three straight quarters of earnings contraction. i -- ubs this morning told the us he was pretty much lost hope for a soft landing, although some others now don't even see a recession. so i see -- and even bostick yesterday he sees 1% growthth? a couple of years ago weren't we whining about 2-3% growth? we're heading for a tough time, and especially if these clowns insist on getting the ffr up over 5% and leaving it there for

a year. liz: fed funds futures. still looking at about a 77% chance of a 25 basis point hike for the january meeting which, actually, we get the announcement on february 1st. let's get to j.c. because you are the kind of guy who doesn't worry about the fed. you don't really look at those things. you are a chartist, correct? >> well, it's not so much a chartist as that our job is to make money in the market. so we follow the market and the market's doing. we can say the market's up because of in this or we could just follow the market, right? stocks go up very regularly in bull markets, and that's exactly what we've seen over the last six months. most stocks have been ripping off the lows since june. the market bottomed on june 16th, that was when the new 52-week high peaked across the board. since then it's been bredth improvement not just in the united states, but globally. at first it was just emergency, remember? then service energy and health care. then it was energy, health care, industrials, material, financial, and not just

financials in the united states with, european financials are leading the way, liz. if the world was coming to an end, european financials would not be the market leaders. liz: so what are you looking at that is coming up to a high and yet you still think it will go higher? >> i think it's industrials. you know, historically industrials have the highest correlation amongst all the s&p sectors. and we're breaking out to new multiyear, relative highs. railroads, truckers, aerospace and defense. look at things like caterpillar, john deere, breaking out to new, all-time highs. and when you look at consumer discretionaries, on an equally weighted basis, take amazon and tesla out of the equation, it's up almost 20% in the last 6 months, liz. those are not things you see in bear markets, those are -- that's helping rotation that you see in bulls. liz: explain what we're seeing here. so you take out amazon and tesla, that's the noise, and consumer discretionary is looking very good. now, that would be the blue line, right? top line. >> almost everything is working

except mega cap growth. those amazons, the teslas, you know, think about the ark funds, still down near lows. a lot of the crypto, when you zoom out, the only things not working are growth stocks. everything else is ripping. liz: sarge, are you looking at anything that has been a momentum name that j.c. just said hasn't worked because the valuations have been too high and you're waiting for that moment? what would you say? what's the trigger? the s&p, i mean, we keep hearing 3,400, 3,000. >> i think we want to see the s&p get up over 3,950 and hold that level. as far as the names that i do like, i like amd still. they still have a strong balance are sheet, they have pretty consistent operating cash flow, free cash flow, net income. otherwise i'm, from an equity perspective, i'm going to lean on defense and aerospace, which i have leaned on for a long time now, until it stops working.

and i took a little something off lockheed because that's my big winner for the last year and change. liz: that must have hurt. >> i don't want to fear peace, but once this group stops leading the industrials, the industrials will stop leaving the market. liz: what do you say to that, j.c.? >> it's not just industrials. materials are working, financials are working, health care's working, consumer discretionary. everything that's not large cap growth. and you talked about the momentum names. those were the momentum names two years ago when those were the leaders. j.c., but only five stocks are carrying the market. remember that? now it's the exact opposite. those five stocks are the laggards. and to his point, aerospace and e do fence, industrials, if that stops working, another sector comes in and takes over. that's healthy rotation. liz: i don't want to ignore the metals. call them silver bugs -- >> silver surfers. liz: i like it. where do you see the metals?

if gold has started to rear its head. >> yeah, no to question. there's this misconception that gold is an end of the world trade or a defensive trade. gold can do very well in bull markets and stocks, and we're seeing it, right? gold is doing well, and stocks keep ripping too. i think that can continue. liz: yeah. and you have a pretty interesting chart on the metal, but to me, you get a sense of what gold has done over the year. it's it's starting to pick pup on this chart here, so you think there's more room to run. your call is what for gold? >> listen, if we break out of a 10-year base, remember, gold peaked in 2011, the silver surfers peaked in 2010, we never heard from them again. if we get above 2,000, 3,000 can come quick. the risk -- the potential profit is unlimited. if we're breaking out to new all-time highs and you see gold printing above the 2011 highs, sky's the limit, liz. liz: peter schiff's on the phone, he's saying he loves you. [laughter] j.c., it's great to see you.

sarge, thank you so much. we are turning our attention to breaking news out of california. after years of drought, right now century storms are ravaging the state at this hour. deadly flooding driving thousands from their homes amid mudslides and cloud bursts. look at that. and crop destruction is happening in realtime. the golden state produces nearly half of u.s.-grown fruits, nuts and vegetables. enter, of all companies, tilray? the cannabis company is betting the pardon me, literally. irwin simon with us live up next on company's potential temporary pith from weed to the prudentes and vegetables. will the strategy lead to new highs? get it? or go up in smoke? closing bell ringing in 49 minutes. we've got the dow jones industrials up 68 points. we'll ask irwin simon when "the claman countdown" comes back in a minute. don't go away. ♪ ♪ -what's he doing? -he's cleaning the trash cans.

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join tens of millions of people making the easy switch by downloading the app today. duckduckgo, privacy simplified. liz: deadly storms tearing across the golden state. we're looking at historic flooding, mudslides have killed at least 15 people in washington. -- in california. there have been rescues, all kinds of situations. thousands have been evacuated, more than 200,000 people without power. the national weather service warns that that california is going to continue to get hit with this heavy precipitation week. the state is forecasting the damage to be upwards, so far -- this is just so far -- of a billion dollars. and with more than a third of nation's vegetable, fruits and nuts grown in california, crop destruction could further impact food shortages. but cannabis goods company tilray says it's considering shifting some of its operations to you fresh produce to help the

global food supply while it waits for the u.s. to fully legalize recreational marijuana. how's this gonna work? let's bring in the ceo, irwin simon. irwin, i like ceos who are fleet of foot. how are you going to work on this? have you really a thought the it out? >> so good afternoon, liz, and happy new year. liz: you too. >> listen, i've been at this cannabis business for the last, you know, lee and a half years. cannabis really from a legalization in canada and states have been around for four years. i'm frustrated, you know, what's happening with the government upon legalization. you know, so i'm somebody who can't without for the government to decide what the legislation is, so with that i've got to take things in our own hands. and, you know, my object is to build tilray to a $4 billion business. we've got number one share in canada, we have a strong medical business in the u.s.

we can't sell cannabis in, you know, we can't sell cannabis in the u.s -- i meant to say we have a strong medical business in europe. we ultimately sell beer, spirits and wellness foods in the u.s. so what can i do to grow the sales of this business? we have over 3 million square feet of greenhouses, every we have half a million square feet plus in europe. and with food shortages out there, it does make sense to grow certain produce to cover some of the overhead of some of these facilities. so my -- liz: so, strawberries? i know that head lettuce is in short supply as well. and i want our viewers to know something, you were the ceo of the organic foods company: this is your bailiwick, is it not? so you know how to do this, but how quickly could something like this ramp up, and what kind of revenue would it ad to the bottom -- add to the bottom line? >> so, number one, i was the ceo

and pounder, started it from scratch, so i know all about wellness in foods. and, you know, that's's what ooh i've been trying to do at till ray, you know? how do i build up products and brands. and very much, you know, that's what i want to do. i can't just rely on cannabis. and today, you know, majority of our sales don't come from cannabis. you take our cc pharma business in europe that distributes medicine, our beer, our spirits and our food business, a majority of our sales do come from consumer package goods. so i am going to make sure we're diverse canfy pd. , but you know, what's important, liz, is we have adjacency to the cannabis business once legalization does happen. legalization will happen. you know, cannabis in canada today is, you know, on a run rate of $5-10 billion at retail, okay? from adult use. cannabis business will be a $100 billion business in the u.s. one day. here alone in new york, it just

legalized many new york, a couple stores opened, there's lines and lines around the corner. you come to work in new york every day, and every corner -- can. liz: just so you know, we were there yesterday. we had our reporter right there on the ground concern. [laughter] >> right. liz: there were lines. people were very interested. there is a huge weed dispensary in fort lee, new mexico, that i pass. it looks like a disco just from the outside. i don't really mean that in a negative i way, it just is very architecturally interesting. and here you see video from yesterday. new york city, this is the day two the of people being able to buy weed, but it's still catch as catch can. you're saying you need to just do something to bring in revenue and survive. now, i want to talk about your products because last time you were here you talked about, and and i still have it, the breckenridge bourbon whiskey, was i'm such a concern because i'm such a drinker. >> what are you still on dry january? a dry 12 months.

liz: a year later. one of the things that i saw in your quarterly numbers release was that there have been a few, you know, less interest at least for now of the cbs or cannabis products. but what about the beverage business? >> listen, our beverage business is strong, we just recently bought montauk brew arely, it's the number one craft beer here in new york city. our bourbon business has been strong with good growth and our sweetwater core 20, which is a staple, we also bought -- from california. look at companies like the constellation, brown foreman, they've got great multiples, great margins, so it's a good business to be in. but step ising back, we started as a cannabis business. cannabis is basically from a medical standpoint there's tremendous amount of use in pain, anxiety and sleep, and there's a tremendous amount of

demand for cannabis and recreational cannabis where it is legal. our big problem today, you know, either medical or, you know, legal from a recreational standpoint, it's legal in 35 states. we can't do anything because it's not federally legal. and in canada alone, liz, over the last couple of years we paid close to a quarter of a billion dollars in tax, created over 750 jobs, have built over a billion dollars in infrastructure. you know, our, you know, politicians need to listen to consumers out there that want legalization, that want cannabis, that goes through regulation, cannabis that has good quality out there and just listen. if you think about it, look at the demand in front of the stores that you have driven by. just think how big of a business this is. and, you know, is cannabis safer than some alcohol drink cans? liz: well, i've always said i would feel better if i were digging through a teenager's

drawer and found a joint versus a bottle of jim beam. had make me very nervous. >> well, there's a lot of parents out there that feel same way, and i i think that's what's important. liz: let's be clear, i don't like either of them for kids, but, you know -- [laughter] let's be concern. >> you want breckenridge bourbon, not jim beam. of. [laughter] but but the i think the important thing is as the world evolves and changes and the gen z population, i have four kids, you have two, you know what they're doing out there, and you want to make sure they're doing something that's good quality and regulated. it's a big business. and the thing about till the ray is this here, we are that the diversifieded company in cannabis which is very much going to be a part of the future. we are in spirits which is a big part of business today. we are in wellness foods which, as you heard me say before, is a big business out there. so tilray will be will. liz: when you get your first crop of fruits and vegetables,

please come back on. we really want to see that, because that's an interesting business strategy, irwin. thank you so much. >> thank you. liz, mice to see you. -- nice to see you. liz: irwin simon. apple taking a chip off the old block. details on how the iphone giant plans to slip its own modem chips into its top product and which companies could be heft at the bottom of the apple barrel -- left at the bottom of the apple. that and more ahead in today's pop stocks. and, listen, we talked about it yesterday, but the shocking near death experience buffalo bills' safety damar hamlin suffered during last week's nfl game only underscores how injuries dramatically shorten the shelf life many pro football players' careers have and often their financial security. four out of five players in the nfl go bankrupt or suffer financial distress the once they retire. so how did ravens' linebacker brandon copeland begin preparing for that all the way back in

high schoolsome by interning at a hedge fund and getting so knowledge if bl about finance that today during the off seasons he's a finance professor at the famed wharton business school. you have got to hear the brand new episode of my everyone talks to liz podcast. just dropped a couple of hours ago on spotify, apple podcasts, google or wherever you get your podcasts. closing bell 36 minutes away. we've got the s&p up 17, half a percent. nasdaq up 69. the dow holding on to triple double jilts here, 108 points. stay tunes, we're coming right back. -- stay tunes -- stay tuned. for a payroll tax refund of up to $26,000 per employee, even if it received ppp, and all it takes is eight minutes to get started. then we'll work with you to fill out your forms and submit the application; that easy. and if your business doesn't get paid, we don't get paid. getrefunds.com has helped businesses like yours claim over $2 billion but it's only available for a limited time.

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liz: all right. so green still on the screen. we've settled at least to the point where we have now been above the flat if line and in the green since about 12:36 p.m. eastern time. dow jones industrials up 170 -- 107 points, the s&p up 16, the nasdaq better by 68. we've got to look at shares of broadcom, they are under pressure at the hour, down about half a percent. and, you know, you've got to look at apple as well because this is all on a report that broke after the bell that apple is going to replace broadcom's wi-fi and bluetooth chips with its own semiconductors by 2025. okay, apple's platte to slightly higher at this very second. the iphone maker has also been toiling to develop its own first sell you with lahr modem chip by

the end of 2024, swapping out longtime partner qualcomm's 5g modem chips that enable the phones to have connectivity. qualcomm's up 1.5%, but exactly a week ago today during my exclusive interview with ceo cristiano amon at his san diego headquarters, i asked him about the possibility that that apple is working hard to drop qualcomm chips in future iphones. >> and we're always going to be available for appleawe they choose to use -- the. liz: are you friends with tim cook? >> absolutely. liz: you talk? is you say -- i mean, come on. we've been together a long time. >> i'm sure they will recognize we are one of their best suppliers. i think we have, if you look at the quality of our technology in their products, and as i said, we'll be available for them should they want to continue with qualcomm. liz: during its earnings call back in november, qualcomm said it expects minimal contribution

from apple product revenue in fiscal year '25. so it was telegraphed just a bit, but it looks like apple -- and our sources are telling us apple has been trying really hard on that 5g modem chip. he was failed so far. they have not been able to make it work just yet. so who employees if by 2025 they are still suck, maybe christian know gets the call from tim cook and says, yeah, you got any inventory will? virgin orbit's first u.k. launch failed to reach orbit. the mission yesterday was supposed to carry commercial and government satellites from several nations into space via air launch but suffered a tech issue that prevented it from reaching orbit. the stock is down 76% over the past year, it's off the lows of today's session which was earlier, as you can see on the left-hand part of that lower chart. but right now still down about 11.5%. shares of oak street health looking robust after bloomberg reported that cvs health is

exploring an acquisition of the company which owns primary care facilities for medicare patients. the drugstore operator may purchase oak street for more than $10 billion. oak street is up 26%. we've got cvs down just about 1%. the three ame -- amigos, as they are called, meeting in mexico city, presidents of the united states, mexico and the prime minister of canada gathering for the north american leaders' summit. trade, the hot topic. we are going to head to mexico for a live report and former ambassador ron kirk is here to react as energy, agriculture, semis and mere-shoring take center -- near-shoring takes center stage. he knows, he helped craft the original -- yes, the original one. closing bell ringing in 27 minutes. dow is up 100 points. we are coming right back. please stay with us. ♪ ♪

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liz: breaking right now, the leaders of the u.s., mexico and canada, also known as the three amigos, remember that? are in mexico city for the north american leaders' summit. president joe biden, his mexican counterpart lopez obrador and canadian prime minister justin true doe discussing supply chain concerns to migration. edward lawrence has the latest headlines coming out of the meeting. >> reporter: hey, liz. yeah, that meeting happening literally about a mile and a half that way in the grand palace which is where the mexican president does his business. this is meant to get the three leaders on the same page. now, they each met individually, now they're meeting together on this. here is what the president, the white house, hopes to get out of this deliverables, meetings from this. president biden will commit to reduced methane emissions by 15% from 2020 levels in the next 7 years, outline best practices

for decarbonization zones by making all buses electric in north america and creating a north american hydrogen market that includes sharing research and development. the president also wants to align policies and promote semiconductor investment that will secure north american supply chains. >> we talked about strengthening our supply chains so that no one can arbitrarily hold us occupy -- up or a pandemic in asia cause us to not have access to critical elements that we need to build automobiles and some other things. >> reporter: now, there's an economic and environmental component. prime minister justin trudeau on the same environmental/economic train as president biden. listen. >> -- with critical minerals and energy and how we're going to continue to move forward to create those efficient and resilient supply and value chain as that we need. there's a lot that we're going to be able to do together.

>> reporter: and we've learned the mexican president has asked president biden for a coordinated effort of investment, of money coming from the u.s. in to mexico to yet on the same page -- to get on the same page as president biden. the main economic message from mexico to the u.s. is they need more money for, to get up to the standards and the levels that the u.s. and canada are already at. back to you. liz: edward lawrence, thank you for that. is the the usmca working as well as it was originally hoped? because it is up three years from now for renewal. let's bring in ambassador ron kirk who served in president obama's cabinet for four years. he's here now with more insight on what we can expect after today's meeting concludes. ron kirk joins us now,ing first on fox business. well, what is your opinion? you know, you were a trade representative, you mow the ins and outs of these kinds of things. how would you assess the

framework of usmca is currently working? >> well, there are underlying tensions -- and and, liz, thank you for having back on again. i think the changes that were made to what we then called behalf tata and then express now as the usmca largely were, i think, an effort to allow the trump administration to say, hey, we've struck a better deal. so it's at least kept this very important relationship going. but to be honest, there are underlying tensions. now, what we've heard from the leaders is what you'd hope to hear, focusing on those areas where we have an opportunity to work together particularly as all of us try to strengthen our supply chain outside of china. but there are tensions. mexico has taken steps under the president lopez obrador to block the import of some u.s. corn, and we know there's tensions around movement of automobiles and component parts.

but i think it's working about as well as could be expected. [laughter] but there's certainly a lot of room for improvement. liz: well, when you talk about some of the tensions and then also mexico seems to be pushing their own national energy companies versus, you know, pushing all of north america's energy companies because it is supposed to be that agreement that encompasses all of them, tell me exactly how you handle that, and is it really mostly mexico that's the agitator here? >> look, there's tension on both sides. both mexico and canada, i think, were a little bit annoyed by the insertion of the minimum component standards that the u.s. put in, for example, on autos. canada the's got some issues with dairy. but the big picture is to remember, as you all noted earlier many your program -- in your program, this is sill the largest trading relationship in the world.

and i can tell you as a texan, a former mayor of dallas, no state benefits from that more than we do here in texas. but the issues of immigration, the issues of energy, the issues of fair access to one another's markets are always going to be a little bit of a source of irritation. but the good thing, this is now a 30-year, mature relationship, and i know that our current trade ambassador is speaking very frankly to mexico about some of these issues underlying, as you mentioned, whether it's nationalizing -- some see the effort to nationalize the energy industry, block u.s. exports, that we'll just have to find a way to work through. liz: it sounds like a family thanksgiving dinner. somebody's always annoying somebody else, but we're all family. [laughter] ron, as we look at covid situation in china, we know that companies like walmart, for

example, are now onshoring, bringing back workers that they had in china to the u.s. then there's near shoring between mexico and the u.s. is this a point of contention, or do you see it as an opportunity to bring our nations closer together? >> well, i think it's very much an opportunity. and i'd say even going back as far as when i was in the obama administration, we were beginning to see anxiety among u.s. companies over china's behavior even pre-covid, over the issue of lack of respect for intellectual property rights, china trying to force the transfer of certain technology. but certainly, covid in the last few years under this new xi regime, i think, has accelerated that. and it is a great opportunity if we manage it collectively for the u.s., mexico and canada to attack this collaboratively. if you put all of north america together, we're probably still --

[laughter] you know, approaching half population of china. so i'd rather think it's a great opportunity for us to figure out a way to address that where we all benefit from it. liz: let's not forget that usmca was crafted by then-president donald trump and speaker nancy pelosi. it now comes up in about three years for renewal. we have a situation in washington d.c. kevin mccarthy, republican who is now speaker of the house after a pretty epic battle, had raided out some -- traded out some things that would enable others who aren't too thrilled with his leadership to stand in the way of certain bills and certain decisions. is this going to be a huge issue when usmca comes up for renewal? >> well, liz, i hope i don't sound too flippant, but i'm -- there's a little bit of a pot going on down here whether ken mccarthy is going to be speaker at the end of the

summer. [laughter] i don't know what he might do three years from now. but it is a serious issue that that for the first time under the trump administration we can't just sort of reflexively count on the overwhelming majority of republicans to support trade agreements. but i think, again, going back to part of our strategy to counter china, if we can couch in a thoughtful way as part of that response, i think we'll have a good time -- a good opportunity to get it renewed. liz: ron, thank you. helped, this helped a lot of our viewers really kind of wrap their minds around the framework and what's happening. and as soon as there are headlines coming out of that summit, we will bring them to our viewers. thank you, ambassador. good to see you. >> liz, always good to be with you. thanks for having me. liz: you're well come. we've got to look at coinbase because early this morning it was way higher, all right? it was way higher, and now it is continuing to jump and pop right and left. this is a session high, up

10.9%. so it started high, it then dippedded, and now here you go, we're at $4 42.47 after the crypto exchange unveiled plans to cut 0% of its work force -- 20%. this is the second round of cuts. now the securities and exchange commission may have more pain in store for coinbase, piling it higher and deeper. charlie breaks that next. closing bell, 13 minutes away. we've got the dow jonesvilles up now about 138 points, so climbing. maybe we'll see it go i higher. stay tuned, we're coming right back. ♪ ♪ if i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living.

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♪. liz: after announcing this morning 1000 employees will lose their jobs that it will reduce operating expenses by 25%, shares of coinbase just hit session highs moments after charlie gasparino tweeted breaking news. charles i, what's going on? >> it is interesting at coinbase you would think the roof is falling in, you know people are leaving, all these cryptos will, they will not be traded, they will be declare securities. from what we understand, they were up front with us, they told us this that they do have a plan to sort of meet with this new regulatory environment particularly -- a lot of this

hinges on the sec case against ripple. we talk about this all the time but this is key. if the sec whips with ripple, basically sold an unregistered security with xrp to build out a cross-border payment platform that is a security, the judge agrees with that, that case is still going to court, a court date is set later in the year, if the sec wins, it is pretty clear gary gensler will deem everything, every digital coin but bitcoin a security. even possibly ethereum, ether. what happens then? well do these coins cease to exist? do they go and register? what coinbase is doing they're betting a lot of them will register with the sec, they will pay the fees. ethereum, if it was operating illegally for this long, you know the sec believes that, they settle, pay a bunch of money this is all big ifs by the way. they do have a plan. they have broker-dealers. they will start trading what is

left, what is declared securities as securities and through their broker-dealers. so they will be more like a firm you know, robinhood, you name it, a trading firm, than they will be what they are today. so it is very interesting, it is, they are talking about it internally, they are preparing for it. of course if the sec loses they can keep their business model the way it is right now, liz, which is essentially a crypto exchange that's registered and then you know, if the sec loses just about anything can trade. liz: why is coinbase popping to session highs? >> well, first of off when you lay people off i hate to say it. liz: i know t wasn't this high. >> this is a net positive that i'm saying that they actually have a plan to survive. i think that's the way it is being interpreted. and let's face it, people are not, saying buy the stock based on this story. i'm just telling you why the stock is up. this is, this is, the least

coinbase, brian armstrong has a clue about how to tripe to make it if the regulatory axe comes down. and again if the sec wins expect that regulatory axe by gary gensler and company at the sec to be hot and heavy. he already said it, already said, everything but bitcoin is a security. get your rear ends in here and register. after the ftx implosion, the question why didn't ftx to register beforehand? liz: they weren't based here. >> no, ftt, people were trading it here. liz: they were but based elsewhere. >> or gave a lot of money to joe biden. liz: gave to republicans in shadow money. >> he gave directly to joe biden. changing -- liz: not just coinbase but the dow jones industrials, we just touched the 200 handle. right now we're up 192, charging higher. the nasdaq up three days in a row. it is about to close at the highest level since

september 15th. speaking of nasdaq, what about a nasdaq stock meta, which has been brutalized over the past year. nasdaq's instagram, i'm sorry, meta's instagram is removing the shopping button at the bottom of the homepage. this could be good news for users to have one less distraction on the home feed. today's "countdown" closer says the tech company is one to watch in the new year, and maybe invest in, jeff? great to see you. what is going on? why do you believe in meta right now? >> hi, liz, great to be back. it is sort of hard to defy the fundamentals of meta, i think meta is a 500-dollar stock masquerading around in the 120s. that implosion to 88 it hit after the earnings release was such a buying opportunity. everything is streamed, retracement to gap fill at 129.

if i'm not mistaken it is trading 133. talking about a company, they are spending billions and continue infrastructurely that has a subscription base that is more than half the planet. it really to me, it smells like apple years ago right after the great financial crisis. apple was sitting there, very established company at, you know, i think it was one of the last shoes to drop. it was 180. it fell to 60. it went to 700, from one-to-one hundred. went to 400. split four to one there, then to 185. i think undeniable the future of that company. liz: i get it. but again the drop-off that you see came when mark zuckerberg, the cofounder and ceo, decided that he was going to bet the entire company on this metaverse that a lot of investors could not wrap their minds around and sure, nice avatar, zuck, but it is really not enough to give

oomph to many investors until we see real revenue coming from it. >> i know, you're 100% right. i believe that revenue model is inevitable. it is widely talked about as next iteration of the internet. a single shared, immersible, virtual space where people live, shop, work, play, learn and, you know all the guns being put behind it. it's a speculative may certainly but i think it manifests itself into success and extreme multiples on that stock. it will take, three, four, five years, for that to occur but it's a great place. liz: jeff, as we look to thursday, getting consumer price index, the markets could go wild one direction or another, depending how hot inflation looks. rick reader of blackrock was here yesterday, this is what he says about what he sees as far as the fed raising rates. >> some parts of the economy interest rate sensitive, things like housing, commercial real estate, real estate markets are

very sensitive. the auto sector is very sensitive. liz: he said stay away from interest rate sensitive areas. you actually like real estate. that is interest rate sensitive. are you worried? >> well, i always worry. i'm paid to worry but you know, the, there is a big difference between private institutional real estate and publicly-traded reits. the private institutional world is relatively not correlated. you have a lot of historic evidence that shows a very bullish setup right now. [closing bell rings] to put that into perspective they started trading about -- liz: jeff, thank you so much for joining us. major averages closing higher on another chop day of trading. ♪ larry: hello, folks, welcome to "kudlow," i'm larry kudlow. you ever think about what a bunch of pain in the neck nags the biden administration are? that's right, nags. as i