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tv   Cavuto Coast to Coast  FOX Business  July 14, 2023 12:00pm-1:00pm EDT

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stuart: okay. who was the first baseball player to be future on a us postage stamp, babe ruth, lou gehrig, roger mares, jackie robinson, who was a? ashley: i will go with jackie robinson. stuart: i will go with him too. lauren: the same, jackie robinson is my guess. stuart: the answer is jackie robinson. the stamp was issued in 1982. first baseball player on a us postage stamp, the markets are in rally mode as we approach the end of the week, dollars up 126, that is it for "varney and company" for the week but coast-to-coast starts now.
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♪ ♪ say goodbye to hollywood. julie: may not see much from hollywood in a long time. a walkout we haven't seen since 1960. that was the year john f. kennedy got elected president of the united states. the guy heading up striking workers at the time was the future president named ronald reagan, very different issues. angry actors and writers determined to get more, this is in the sixtiess. hollywood bosses say times are tough, hits are few and opportunities are not as many. striking actors and writers say that is bull, they were more to the point than that but they are the ones they say writing the checks and have far more revenue streams they can tap and a lot of strikers say they better share or else. we don't know how the strike
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sql ends but it could be a very long way from ending period. welcome, everybody. so good to have you. let's get to the strike. a quick settlement, impossible but not so for the latest mission impossible, still excited delayed in theaters this weekend as planned, don't expect to see tom cruise promoting and don't assume other big releases will come to a screen near you after it. we have the fallout for independent film producer who's sound of freedom seems to be defining the system. first to kelly o'grady in lala land with striking actors and writers literally appending the system. >> reporter: right now we are at netflix headquarters. this is the first time writers and actors are striking together, a lot of passion here.
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a lot of hope among the writers, they have a lot of negotiating leverage. the sticking point our pay and artificial intelligence. i want to give some context with the rise of netflix, traditional hollywood distributional model has changed. when their contracts goes on streaming, for example when scarlett johansson clashed with disney when black window ended up on the streaming service, impacted how much money she made. there's a lot of criticism, why do celebrities need to get paid more? the argument is the strike, they want to make sure the actor, the writer that gets one roller two a year, that they are protected. we decided to ask moviegoers how you feel about everything impacted what you might see this fall. >> they should get what they deserve for the work they put into it. i'm not against that. >> they are at their wet's end
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and i feel the people they are striking against definitely have the means to throw them something. >> reporter: what does it mean for tv shows and movies we are excited to see? major blockbusters this summer, the actors won't promote anything even the oppenheimer premier yesterday the cast walked out in the middle of it and in solidarity with everyone you see here. your favorite tv show, not coming back because you don't have writers to write the script and actors to perform them. the economic impact i want to mention would be huge. in 2007 the writer strike, 2. one billion dollars, you can imagine what that would mean right now. it is loud is loud but i will leave you with one more thing, streamers are caught between a rock and a hard place, they want to focus on probability but also make sure they have content and their subscribers
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like you and me have something on with this writer strike this could mean a lot of things get delay. back to you and show you what's going on here. lauren: kelly o'grady on that. you know all the goodies, hairstyle, fancy stuff, the brains behind sound of freedom itself. independent film bucking the odds here and doing quite well. what do you make right now of what is happening. we haven't seen something like this where writers and actors strike in unison since 1960. this could go on a while. >> reporter: it could. not only in the movie industry, this one i obviously picked up. i wanted to donate this to the world public, something everybody should be seeing. that's my involvement. what's going on is they will work out something in the next
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month. they will work it out. they can figure it out. stuart: it is always about money but there's a lot more pockets of potential money these strikers seem to think they can get their hands on including revenue stream and all that, concerns about ai, pushing them out of jobs. how do you see, what do you see deciding this? >> coming to an agreement, the actors have a good point, the directors, producers, those people have a good point, especially big movie studios have a good point. all i got to do is get together and tell her points to one another and find a happy medium. the way it will turn out both sides will give in a little bit and they will resolve it. lauren: both sides stand to lose a lot, hollywood studios are not making money hand over fist like they used to. for every big offering there are a lot of costs that don't make good on the money spent on
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it to say nothing of the reluctance on the part of americans to go to theaters if there are big shows. then there's the tv part of this and whether it could delay the fall viewing season. >> that's why i think it will be resolved in the next 30 days. financially both groups have a lot to lose. i think it will be resolved rather quickly. sean: talk about streaming, that comes a lot. a little anxious about that, taking advantage of that as well but the fact of the matter is there's a change going on. we want to get the same stuff but we want to get it differently. how do you see that? >> what i see happening, streaming is definitely a thing of the future and people should be aware of that. we will see more of it. neil: think streaming, when i
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think about a lot of people rebelling against the high cost of streaming, having so many services. my son scrapped up doesn't streaming services. i looked at my american express and said what the? that could be the protest move. where do you see this going? >> that could be but people like me that get into being an executive producer, putting money against good messages across that hope the, when sound of freedom is out of the theaters it streams everywhere see because it is exposing something. the more people see something the better it is and if they want to pay for it that's up to them. julie: great seeing you again. >> can i talk about sound freedom? if you don't mind, sound of freedom is a movie about child trafficking. i got involved when six years
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ago friend of mine, eduardo came on over and was telling me about a guy who left for dea to go after and exposed child trafficking, and they had to get this movie made to expose it because no one wants to talk about it and there's 2 million children out there being sexually exploited every day. little children. he told me about it and said why can't you get it out? he says i talked to a lot of people and show them the script and they said we will think about it but no one ever got back, this is a story that must get out. here is $1 million. i will be your executive producer, you can use my name, talks all the people you want to and say i believe this message should get out. i'm putting $1 million into it and in a few months it was an unbelievable surprise, nobody would touch it. three months before it came out they got a call from angel studios saying let's go for this one and all of a sudden within three months it is out there on the fourth of july at
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the box office, it topped the top movie out there, was never one the first date came out, has done very well. it has done well because it is a message everybody needs to here. child trafficking is going on. this is a real thing. diane: too shabby for something the got little attention. >> i did it not expecting a time back. if i could get a dime back i want to get the message out. a lot of people say we are full of baloney, people are afraid to get this information out. we are not. neil: very profitable putting. >> the senate of the united states, kevin mccarthy was with édouard oh yesterday and is setting up the senate to watch a private showing of sound of freedom because he thinks it is important enough the senate should see it and pay attention to child trafficking. it is a big deal.
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neil: he's the speaker of the house and can push his way around and make sure people pay attention to it. great seeing you. another story we are following if at first you don't succeed try doing the same thing all over again. the department of education said to forgive $39 billion in student debt by updating a technical requirement under the existing program, different way to get different results. the supreme court shot it down a couple weeks ago. does nobody know what a branch of government, the supreme court of the united states, doing this, that is happening now. they are redoing this. former acting us attorney general. good to have you. it used to be you didn't pass muster with the supreme court you couldn't go back and try a different way. you made it, tried to push new
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laws but this looks a little different. >> it does, good to be with you. this obviously they went back to the drawing board and tried to see if they could legally do anything to live up to the promise and what they've done is they have seen where if you spent 25 years trying to pay off your student loan it made payments but can't get the balance down, based on your income you can get debt forgiveness. the problem is they are lowering the standard for proving what your income is, that could be fraught with peril and you don't get rid of the primary problem and that is asking plumbers, electricians and those who didn't go to college to pay for people who went to bed school, law school, to pay their student loans off. biden is trying to purchase votes from a certain demographic of people who didn't get value for their college education recently so that, he's going to keep trying until finding a legal hook.
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neil: i watched enough law and order to qualify as an expert. i was differentiating with this, that borrowers made up the equivalent or have the equivalent of 25 years of payments and they can prove it, they can get in this line to get loan forgiveness but it is still the president of the united states setting this up, bypassing congress to get it. congress dispenses the dough. what happens? >> this administration has been consistent over the last 30 years going back to the bush administration and before that the executive branch continues to take more executive power, the supreme court sees that trend, obviously introduced its major issues doctrine which they wielded pretty powerfully. neil: going back to this record as a possibly. with the supreme court be like
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the view of parents, i told you know. no means no. wasting a lot of time here. >> there you go practicing law again. the supreme court will have an opinion on this no doubt. >> the administration swears on a stack of logbooks that will go through without any difficulty. we shall see. we have one of my favorite guests here with what is happening in the financial arena, big banks reporting earnings than in a lot of cases are off the charts. there was one thing i want to ask joe about concerning citigroup's numbers. a lot of it annoyed by credit cards. ♪ ♪
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adam: the banks are coming out with earnings and revenues that beat expectations. they are down 728% from a year
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ago so we are seeing a different issue because they talked about the credit card business. a lot of people read that as are we continuing our lifestyle. you don't want to get on his bad side, the former ceo of coastal carolina university, coach yourself to success, that's a theme. >> i would watch you. >> that's one. joseph, good to see you. let me ask you a little bit about the bank earnings, people are very concerned earlier in this quarter, three banks went belly up, that we would see a nightmare, we didn't. it seems contained. is it still contained? >> i think it is. part of the reason the markets
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have been doing well is i think the fear that existed because of the silicon valley blowups have subsided and people feel reasonably good about that and one of the indications is the deposits moving from the small bank to the big banks has really slowed down and it was a huge issue. neil: no problem the would be hurt by this. >> people had anxiety that if we are not going to get a formal guarantee from the fed and the treasury they won't tell us for sure they will protect us, why would we were scared at all. that is really slowed down. people have money in smaller banks, either comfortable or never afford it through. i think from that perspective what i would like to see you, would still like to see, the fed and congress get together and say we are going to protect 250 grand, why not move that from 2 million to 5 million,
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but middle-class america, for people to have more money than that they can purchase their own insurance but get that done, get that done because they act like they forgot that. julie: banks would certainly revolt at that. >> reporter: their number one priority they would say out loud, they have to protect their deposits so from 250 to 200 million is fair. we just had serious blowups, we shouldn't forget that. the priority is to protect the depositors, banks have to pay up to protect the depositors to do that. everybody is going to have to have some responsibilities, but most of the country doesn't have too much money. neil: talking about the love fed and congress working together. either with stable inflation news we've been seeing of late,
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12 months in a row of regional inflation rates going down and it is down from the 9% we've been looking at, now the 3% neck of the woods, the administration crowing about 2% at election time. >> that certainly possible. i wouldn't avoid the fact that it is election time. every politician will spin it the way they want. anybody in office will act like everything is hunky-dory but the reality -- adam: chairman of the council of economic advisers said the administration is more to the point and that is their right. but this is the fed's doing. the fed raised rates, clobbered inflation a little bit. they are not done. they are not done. >> they said out loud they are
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confident they will need one or 2 hikes and maybe 1/3. neil: are they overdoing it? >> we have a strong labor supply, pretty good balance sheet, so far, the point is well taken. what they are doing so far has been right. the only criticism i have is i don't know why they came out last time to pause when they said we will do one or 2 more. do it, do it, step up and do it. neil: the end of the month there's another hike, another one coming in september as well. >> we will see what happens. the fed themselves said one for sure, probably two, maybe 1/3. more than what the fed says when they increase rates 25 basis points is what powell
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says in the afternoon. he will give a reason. neil: soon as he talks -- >> if he's a debbie downer markets haven't tanked. julie: let me ask about this environment. what would you tell investors? the market has been fine. it is widening out beyond the original ai and technology days so what's going on? >> you could paint a good story why the market has done well. on the other hand, you can also say the current is as inverted as it has been for decades, as of yesterday 108 basis points. slowdown. i think that is what the bond market is telling us. lauren: 1 do you see?
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>> here's the other thing i worry about. i think the geopolitical situation around the world is as stressful as i have ever seen it in my lifetime other than the cuban missile crisis. the ukraine/russia thing. you've got canada and russia together, north korea unhappy with biplanes in the united states, they are saying we are going to shoot them down. the economy in europe really struggling. this is happening at a time i feel we are not nearly as united. we are as divided as a country as we have ever been. neil: agree with you on everything you mentioned. the wall of worry, you keep climbing. >> the way to handle that from an investment perspective is for a decade there has been no fixed income allocation portfolio. right now, if you have the front of the curve out one year
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5 and a quarter of one%. if you do that barbell, 50/50, 50% with no credit risk, 50% is whatever you want, individual stocks, index funds, individual -- julie: like that strategy? >> i'm not confident the market doing this or that, i don't know. i want some exposure, the market is doing well. i will get that from over here but still getting 5% this way. of the market crashed which i'm worried about if that happened it is more painful. the market crashes, i only had half of my money invested. won't be as bad as it would have been close guarantee 5.4%. the fixed income opportunity goes away or it is a clear direction for a year or two or we will have a problem the next 3 to 6 months. neil: you as a wealthy
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individual, very successful. a lot of rich men and women come on the show. do you look at your portfolio? i am surprised by those who are very anxious. >> they probably get with regards to their portfolio, don't have this strategy. in 19 you've got a disciplined strategy. we don't get emotional when there is a problem. we tend to purchase pretty well on weakness. neil: do you know what you said? it's good to be joe. >> got to make sure we did a good job managing this and then i say it. neil: thank you very much. former td ameritrade ceo. a coach like that with gains, the cleanest on my team. i am pushing it big time.
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a lot more coming up including are you noticing things joe manchin has been doing? monday he will talk -- a lot of people pushing him into a third-party run, taking a leap, if that were to happen then what happens? you are watching fox business. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.
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neil: of busy time for the candidates crossing iowa. we are still a long way to go. a lot of tension on that state and new hampshire especially what's going on in new hampshire come monday, having to do with someone is sensibly running for reelection, senator from west virginia but the attention on joe manchin in new hampshire, it's and no labels event, group trying to find a moderate way to bridge the chasm between the parties and whether you might be interested in making a third-party run of
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his own. the independent women's forum, democratic strategist, i might be making a bigger deal out of it than is warranted to but i was struck by a poll that shows a reasonable moderate candidate in the eyes of a wide swath of voters gets a quarter of the vote, 23% right out the gate. >> good to see you and that's pretty significant because of that word absolutely tank the campaigns of a matchup between trump and biden. i think joe manchin absolutely is setting himself up to be a third-party contender. not just look at the fact that he's going to be speaking in new hampshire with the no labels party, he gave a thumbs down to julie sue, biden's department of labor nominee, big supporter of the unions and
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pushing through some labor policies but also teamed up with ted cruz to get through a hands off our gas stoves bill. neil: the issue that comes up as a third-party candidate can't win, ross perot got 19% of the vote in 1992. the argument is they are more spoilers than anything else. maybe that will change some time sometime but that is the history. >> we are seeing a dynamic situation here with 44% saying they would consider a third-party candidate. ross perot i might remind you as of july 1, 1992, was actually leading the presidential race. neil: got a little crazy.
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>> 6 months, 5 months before the election he was in the lead, 350 electoral votes. never say never. this is a unique election with both candidates or prospect of candidates, trump and biden with high negative ratings in the theoretical possibility that 24% -- would be a floor, not a ceiling. neil: i follow the money around here and sometimes that can be helpful to look at trends. i hear a mega don't like ken griffin having doubts about ron desantis, don't know where he might put his money, democrats getting anxious about giving too much money to president biden. i'm wondering what you make of that. >> reporter: interesting to see biden since he announced, $72
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million, that is below president obama and donald trump and the number of donors he raised the money from, almost 400,000, president obama, the number of donors he raised money from at the same time in the campaign when he was running for reelection. the enthusiasm is not there. that's showing up in early fundraising numbers. everyone on the left should be raising their eyebrows out of concern. neil: when we were talking about this not long ago, times change. there was a time in 2,008 the john mccain looked like he was stumbling out of the republican race and was given up for gone, storms back in new hampshire, right the ship, got the nomination, we were -- hillary
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clinton who was the guaranteed winner on the democratic side until suddenly she wasn't. maybe we make a big deal of this which i wonder if money was effective during those times. >> i think it was. obama was able to raise enough money to be competitive in iowa and out big upset catapulted him to the nomination. money is critical. i would say incumbent president one way or another can raise what he needs. the one thing about manchin, billion 3 is a lot of money but for presidential race, many hundreds of millions is a drop in the bucket. neil: the billion dollars at least. i remember when i covered abraham lincoln's race. not the case. thank you so much.
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have a wonderful weekend. if you are thinking about getting away from all this, royal caribbean is going to have a brand-new monster of a boat. of using this icon of the seas? it is the largest thing afloat. it has 20 floors, can hold 7,000 passengers, a couple thousand crew members, nice quiet time at sea after this. ♪
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ask your doctor about switching to dovato. (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. >> welcome to cavuto coast-to-coast. another scorcher in see in the city is a heat wave sweeps across southern and western part of the united states. 96 degrees in las vegas with a high of 112, that will be
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nothing compared to later this weekend with a high of 117, 118 sunday which could break an existing record. all-time highs could come record energy consumption in the energy of the state's energy provider says they will be able to handle the heat. blackouts are expected, the grid will stay stable and they are not asking people to cut back on electricity usage. they have a dedicated team which includes a meteorologist to watch out for extreme weather conditions. they are bringing on extra staff to anticipate they will get out to potential outages and they increased generation recent years between 25 to 30% needed during this surge in demand purchased from the open market and with the heat wave spreading across america's southern tier officials are confident there will be enough power to go around.
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>> higher temperatures, additional strain on the power system throughout the west but we are fully prepared and ready to handle this heat. we maintain year-round to ensure that it is ready to handle these types of extreme situations. >> reporter: for power outages does occur, get to a place with air conditioning. cooling centers have opened across the las vegas metro. neil: if you want to get away from that, royal caribbean has a special treat, the icon of the seas, launches in january 2024, the largest thing afloat. royal caribbean has the five largest ships on the planet, but this one, we are told, is a game changer. it is 19 floors high, offers 20, 15 bars including two
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karaoke bars, spread across what it says are 8 neighborhoods on the ship itself, it is 1200 feet long which makes five times larger and heavier than the titanic. i could go on. but gary could afford to be on it. he joins us now. that is a special treat, crew members, the closest friends. what do you think of this? >> i was on one of these big ships seven years ago, this one is 75% bigger, longer than the eiffel tower is tall. all i can tell you is where there is demand they supply, that it's too big they make a bigger one and the cruiseship
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industry in florida continues to go gangbusters. if you look at the stocks, cruise lines, they have gone vertical the last couple months and for good reason. neil: they are not providing a lot of financial incentives, focusing on the caribbean. people getting big rooms, they are lunging at anything they get there hands on. that justifies the view that things are slowing down, we are retrenching, what's going on? is this a different universe? >> cruzing is popular and has been popular until covid hit. people are willing to pay. i paid an average price in the mid-2500s and higher.
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the first things to go. that is why royal caribbean, stock broke out $80 and went to 110, a lot of coin on it. a few of those pools once the ship gets out. the amount of money florida makes off of the cruise lines, 8 trillion a year helps, 200,000 jobs and feeds into the theme parks and everything else that goes on. gangbusters ahead. there will be a lot more ships going forward. neil: just to win you over they had two helicopters, if you are working. you are the best, thank you very much. what if you had friends, we are on the 17th. this is something jackie would
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deal with. jackie: we have a big show coming up, charles payne talking about what we heard from banks, how to invest on it. kayleigh mcenany will tell us about the democrats quiet plan to replace sleepy joe and a-list actors striking in hollywood. will backfire? more coast-to-coast after this. ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description.
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♪ neil: i have a producer with me. kevin fitzgerald. you are almost as bad as my dell fixation. here comes the federal reserve, crediting taylor swift with boosting hotel revenues. i think she stands to make $1 million off of this. a couple of million more than a dell. that is something one artist can do to affect the economy. this is chump change. the american ingenuity fund portfolio manager, let's talk about these markets.
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my son went to one of the concerts. >> that is what it took. neil: what do you make of what is going on, it has expanded and wondering, more people going your way now. >> wasn't easy being me last year. i was the sole optimist, the only 1 on wall street. finally being vindicated. so many people haven't come on board. think of the merrill lynch cash holdings, incredibly high. not the highest ever. that was three months ago. adam: the fear index? >> that the irony of a mindset.
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i'm positive on this economy. the whole thing is american ingenuity. there is a lot of that. a lot of upside. ironically, i actually want enough people to be negative that it keeps some cash in reserve. when those people capitulate they come in to purchase or the shorts have to cover. that's what we are seeing. what is amazing, 37%, down just real up 5% or 6%. a dinero rally. it is broadening out. does this last day while? >> if you look at the financials, great individuals out of the banks, not the cover off of the box. it is cheap, trading, banks
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typically trade. 5, 1.6, finally above 60, into the low 40s. all the big guys, you need to be. nvidia is coming up to my target. i wrote up nvidia at 175, 15 months ago. i said my base case is 475. now that it is 475, by definition i have to sell a portion. my boss said your only rational once and it is before you purchase the stock. what i have adopted is a target, when it gets to the target i sell half. neil: you want to see it
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happen? >> i'm keeping the other half. because it is up three times, there's a real position. there' s not a lot i am selling right now. neil: i missed that video. we have a lot more, 21 points. this is american infrastructure. megawatts of power, rails and open road, and essential services of every kind. all running on countless invisible networks, making it a prime target for cyberattacks. but the same ai-powered security that protects all of google also defends the systems running america's infrastructure. for these services. for the 336 million of us living here. ♪ after advil.
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you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. neil: this is where we stand on
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the week, the fact that it continues to go up, up, up, north of 33% or year to date, but he points out something interesting, and others have pointed it out as well, the dow is about 4-5% of your money, and there is this argument as this widens out against more conventional issues, a lot of people say dow is representative of manager more myopic for the economy, what have you, it too is advancing, and it's picking up teem. so this market and whether you argue it's climbing a wall of worry or risking breaking apart as it does so, it is what it is. the jump continues, and this month continues to be very strong as the year itself. we have a ways to go here, but with the dow up about 119 points, i leave you to go to jackie deangelis as they get ready to pick apart these numbers on "the big money show."

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