tv The Claman Countdown FOX Business December 3, 2024 3:00pm-4:00pm EST
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a stock violation. i mean, listen, i've only got 45 seconds to go. this is a tough post to put out, but a lot of people are so upset that there's insider trading to begin with. do you think this kinked of thing, this heat will turn that around? >> yeah, really tough to say. i think we've seen a lot more people paying attention to t data which is a good sign, like the more eyes on these congressional stock trades the more incentive there is for congress to not make these trades. at the same time its been going on for decades and there's still trades that are happing that are very clearly creating conflicts of interest. charles: do you know what, james? we didn't have quiver quantitative to shine the light. we'll see you again real soon. i have to hand it off to my colleague, liz claman. liz: charles are you watching the s&p here? so it just punched up into positive territory. charles: the cp effect.
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liz: breaking developments from south korea to israel to franc uneasy.ve markets a ttle bit uth koa ough is at the epicenteof thelobal head lines and here iwhatay hav turned the s&p around. moments ago president sakul rescinded hi eaiedearation of maral law but this is a ve picture ght now ouidof parliament where proteste a still facingff against ahorities so it's outse the parliament. this looks pretty ous it's out 5 a.m. localime. they shooting tear gas at the presters pushing back hard against is ptial law declarion. folks it's a shocking 12 hours there. south korean stocks and ets now just comg off multi-year lows but still in the red after late last ght president made the shocking move to declare was cessary in order tohat it eliminate "anti-state forces." paiament and political party
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actities were banned in media me und the meate control as i sai that did not sit well th rliament. the video thatou we have now queued up is of government trps around 11:30 a. easte time, 1:30 a.m. in seoul attempting push their way into thpaiant building where wmakers passed an emernc the ghly-unusual decree. us deputy secretary oftate cu campbell has weighed in saying the us watching these devepments with grave concern but could we take a liveicture once again? is that what we're looking at he? clearly, folks, we have a situation that has not calmed down at the moment and what makes this so stunning is for martial law to be declared in a democratically controed couny is highly unusual. the last time thisappened in south korea was 40 yearsgo. so again, we're watching this very closely. we he all kinds of fight to
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in a secd but meanwhilew you the fragile cease-fire is fire, we'll take you live to tel aviv to ll you what's keeping on eye on france wre the rnment is teetering on thedge. moow lawmakers will ta a st current pme mister'scould fragile alition. so as you see cat 40 in and out of positive territory, at the ment it looks like it closed up about quarterf percent, so with all of that on trader's screens les look at our markets. if the s and the nasdaq can keep even one point on the board thelose, they will mark fresh rerds and we've got it right now. we've got the s&p up 2.8nts, and at the moment e nasdaq is gaining 52 points. the dow, it needs close more an 128ois higher to hit a record. it's in the red down about 51 ints. russel 2000 down 16. nourprise we are sing that
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flight to safe thai just talked about. after declining 3.7% in november, we do have gold moving about a quarter of a rcent or six bucks 26.64. oiat the momen crude, the midd east tensions. with up about% in the after market session. we should check bitcn. bioin earlier today was looking like a flight-to-safet and at t moment, i guess investors can't really decide buit looks like it's still in the green and stands at 95, 362 r ton, and it looks like the us dollar is very mucheen as a stable ple in times of troue. the green back imostly stronger against most currencies. look at the tion between the dollar and the korean an. they are lifting the martial law which was in place for a good 11-12 hos and lower against the us dollar and breaki in the noon eastern hour there's this. san francisco federal resee bank president mary daily telling fox business edward
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lawrence that one more rate cut this year might be under investors christmas trees. that whilehe united states economy is in a really good place, she says, but that the federal reserve needs to keep moving interest rates down. however, there's so many howeve, the fed alsoeeds to keep policy restricted so you've got the two-year yield moving lower, and the 10-yearield u about 3 basis points to 4.226%. wellow is that for sparking a is this good news i can't tell discussion? let's get to the floor show because these guys know joining me now, investment managers, lead portfolio stregist jack and trader scott redler. it all.e here to make sense of jack we're lookingt geopolitical drama that was very intesting, becausehe s&p if you look at the intraday may we can pull that up u can see that it starte punch backup into positive territory when south korea's president basically said okay,kay, i will lift martial law. no dou he was hearing from
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numerous world leaders saying dude, what are you doing? that said, what doou make of how the maet is reacting and holding up actually pretty well under all of these headlines? >> ye, i inthe key reminder is simply a lot of these geopolitical issues tend to be sht-term in into ichor. the us economy is more domestic demand dven as opposed to export oriented so we're insulated from this geopolitical headline stuff so maybe from an investor sentiment perspective it's a little bit of a dent but the bigger picture is that thiis pbably a baground noise to the bigger story the us ecomy. liz: scott this may go down as the shortest martial law, 10 or 11 hours ever which is good news certainly but it was a shock for a democratic nation pictures because still, there is a very tenuous situation going on in south korea, but that said, you look athe us dollar and you lo at companies that have big exposure globly, which usually means when there's a stronger us dollar, what do we
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have? we have weaker big multi-national names but apple is hitting a record high right now. we do have some major major names looking pret strong at the moment. >> listen as a trader y always are listening for headlines and we've haa ton of them inhe past year. so many geopolitical headlines whether it was israel and the ham as, whether it was the ukraine for how many months now, its been going on two years so we're getting a little numb to these type of headlines so this morning when this happened 's like you know what? how the market reacting? i actually bought some puts just in case we had a bit of a pullback. liz: s&p rig? >> yeah, just for a hedge. it seems like they are losing a lot of money trying to hedge and be careful but then all of a sudden like you said flight-to-quality. they ronald reagan flight to the mega cap tech names in the last few namebecause we have buybacks and liquidity. that's where moneys been going and in december, typically, the winners don't get sold. although the mag7 haven't really led over the last three months, theyre up a lot this year so
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whose going to sell apple right now and pay taxes in january? whose going to sell meta right now and pay taxes in february? so these stocks remained owned and then they have their buybacks and you have in-flows and that's what's leading the tape right now and probably leads until the end of the year. liz: can we just make a correction though? because i am just now being told that the video that we saw at the top, folks, was actually not south korea. it is a live picture of what's going on in the country of georgia so that is an important quick correction right there. the unfolding situation in south korea is calmer. we just showed video and it looks like there are still people inside the parliament building. this is south korea. not georgia, but as we continue to watch all of this , give me a sense, jack, of where you look in whatever is happening globally, to an investor who says you know what? i'm in for the medium-to-long-term. what do i buy? >> i think that's the right perspective to take here.
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scott mentioned some of the key things in terms of these mag7 names. they are basically quality companies, but i think if you step back and look at the bigger picture you've got the fed whose potentially going to be cutting this next meeting coming up, regardless i think you'll still see a prolonged cutting cycle maybe not as much as we expected a few months ago but still the fed basically creating a massive tailwind for you, corporate profits are still climbing higher, labor markets are strong. you still want to be invested in the market here. liz: well yeah and especially when you consider what san francisco fed president mary daily just told our edward lawrence. things look on balance pretty stable. let's listen to what mary daily just told us in a fox business exclusive. >> the economies in a really good place. we have a solid labor market, good growth, and inflation is coming down, which is a huge relief to american families. >> if it's in a good place right here at this interest level, then a rate cut is off the table in december for you? >> absolutely, not. because in order to keep the economy in a good place, we
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have to continue to recalibrate policy. now whether it'll be in december or sometime later, that's a question we'll have a chance to debate and discuss in our next meeting. liz: on balance, scott, that's great news, however if you're looking for an opportunity to enter the market and buy on dips, the fed keeps putting pillows underneath everything, so how do you find those less expensive discounted names that you love? >> it's hard. that's why you have to keep looking at the rotation, and each part of this year there's been different flavors to different sectors, just like we said the mag7 was not place to be over the summer, it was the equal weight s&p. that's when the small caps had a run when we figured out the fed was going to start cutting rates and right now like you said it seems to be a bit of a fed put. every time it seems like the fed is gting really hawkish, then the economic numbers are good enough to support the market and as soon as we have a pullback they start getting doveish and then we'll cut so we're in this equilibrium where goldilocks is winning. so goldilocks has been the theme for this year and i think it's
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the same theme that will take us into 2025. that's why a lot of these major wire houses are all putting a 6,500 s&p target. liz: yeah, but jack? >> maybe something else, not only the power put but the trump. liz: i was just going to say because you have noted that in 2016, a lot of things were working really well when he was elected but by the time he was inaugurated they settled down. the market is over valued compared to 2016. the s&p was trading at a pe of about 18-19. we're now at 21-22. do you wait until those come down? >> you know if you wait y could very well miss the continued grind up here so it makes it tough. how many people have been waiting to buy the dip mentality and we haven't had anything close to being a 10% proper correction on the marketplace so you could actually be waiting and waiting and you never just get around to the opportunity to put money back to work. liz: it's almost like you do have to become a trader like scott. follow scott. >> it's different timeframes.
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you put money long-term. every month the bull markets will win if you want to find key stocks and create alpha then you have to learn technicals and be a market timer to create extra alpha to find the big winners besides the slow gradual percentage moves which have been happening year-over-year which is what, 70% historically? so that works also. liz: scott, jack, happy holidays. thank you very much. another financial slap in the face for the world's richest man after a judge again rejects tesla ceo elon's record breaking pay package. how much money is now at stake? the number has changed and we're going to tell you next and later the cyber criminals have now found a way to tunnel under and around your mu multi-factor security efforts and z-scaler is here on how his company plans to scale up as it matches with the bad guys it's a fox business exclusive. "clayman countdown" coming right back dow jones industrials down
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about 54 points and we have the s&p in the green and the nasdaq too. (♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com this holiday season... -kevin? -catherine! all aboard the freedom unlimited! kevin... kevin? kevin... kevin!!! and kevin - uh, i mean, macaulay - take a very special trip to the mall where anything... come and get your little kev! is... cashbackable!!! -really? -yeah. anything is cashbackable!!! chill. sorry! 'tis the season to cashback
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liz: fox business alert. we should punch up tesla shares kind of blowing a fuse at this hour after getting hit by a double punch. last night ceo elon musk learned he has lost the bid to get the largest pay package in history reinstated after a delaware judge denied it for a second time. let me rewind here for you. ba in january, chancellor cath li mccormick out of delaware court ruled his plan was excessive and there was shareholder lawsuits about it too but back then the package was worth about $56 billion. however, because tesla stock has jumped a lot since then,
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the reward is now worth $101 billion. mccormick upheld her january ruling even after shareholders voted to approve musk's package saying, "were the court to condone the practicef allowing defeated parties to create new facts for the purpose of reviesing judgments lawsuits could become different." tesla down 2.25% and news that its china-made ev sales last month dropped 4.3% year-over-year. well, no matter what the worries politics may smooth over some of the wrinkles musk faces tesla shares jumped more than 21% since january 6 when donald trump officially won the presidential election. musk became trump's unofficial right hand man during the campaign. investors are optimistic the new administration might bring favorable policies for tesla. blackrock is expanding private
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credit portfolio with the purchase of hps investment partners. the $12 billion all-stock al creates a new private financing solutions busiss at blackrock which will be led the leadership team who rrently mages nearly $150 billion iassets. the deal marks the thirdajor prate market acquisition this year for blackrock which is the wod'rgest asset manager. shares arisingn the ne 25%, actually lor a bit earlr and punched back up. at&t let's take a look atha one. itpoweri higher by nrly4% haviny of 2021. thisfter theompanyevealed speed connectivi marbygh the lecom giansaid it ll double its fernternet lotions listen to this.0 milon they say they will expand their etwork to cor 0 milln peop. the united states.population of
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&t said it's going to vest 22 billion annually and expects to generate 18 billi in ee cash flow by 202 the coany also announcedt's going to reward sharolders through dividends and stock buybacks. at&t ceo jn stankey is here on the "claan countdown" tomorrow at 3:00 p.m. eastern and going bhis first intervieafter the company's investor day, which happens in the first par of the morning. we're going to a him how he plans to reach these very ambitious goals to position at&t as the leader of the telecom industry. happy 30th birthday to the sony playstation. even at the ripe old age of 30 the gaming console is still topping many holiday wh lists this year for both children and lae children aka grown umen. we're about to take you live to a video game store in chicago where people are lining up to
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see a most unusual celebration of the big 3-0. and what do politicians do when their careers hit the skids? two former republican congreman matt gaetz of florida and george santos of new york joined the ranks of celebrities and former athletes hoping to make bank on video messaging platform cameo. think you could be just as compelling if not more? the ceo is here next in a fox business exclusive with an offering that could make you a star as in anyone can now join. we're coming right back and we'll tell you how much money regular people are making.
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liz: the numbers are in for cyber monday, and they are pretty jaw dropping. adobe analytics put the final sales tally at $13.3 billion. that's a 7.3% increase over last year, making this year's event the biggest online shopping day in history. millions of consumers logged on to their computers to score in demand items and the hottest is sony's new 30th anniversary special edition playstation 5. kelly saberi joins me live from video games then and now which is a place where everybody goes in harwood heights, illinois with the latest on the gaming industry and how the sales are going of this special edition playstation.
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kelly? reporter: liz, it's going to be difficult to find one, because they are sold out. so you'll have to find it on resale. let's talk a little bit about the state of the gaming industry. microsoft last year acquired activision blizzard fo for $69 billion. they make call of duty so it was a huge deal in the gaming industry. this as sony wants to acquire a japanese game maker, and now this is interesting because microsoft also had its eyes on the company. they know that it's a huge industry in fact in japan in 2022 the industry reached about $20 billion. now let's get to why we're here. the ps 5, 30th anniversary edition pays tribute to the original first console that came out. it has a great aesthetic. i have the best person in the business to talk about this. we have the director of the national video game museum and owner of video games then & now shawn kelly here to walk us
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down memory lane. something we were talking about off camera is these controllers are very similar even though the consoles have really seen this. what makes these controllers special? >> somebody reinvented the controller with the playstation 1 dual shock controller and as you follow down the line, you can see it branches off to the original controller but not only sony controllers, every controller, microsoft controllers, game cube controllers every console followed that same basic premise since the ps 1. reporter: so we're going to need a controller to keep playing but what's next for the consoles? >> it's an interesting question and i don't think anybody knows the answer but a lot of people are saying the next thing is no console at all. basically you're just going to need a controller and they stream everything to your tv and some way or another. i don't know if we're quite ready for that but it's coming. reporter: that will definitely be a change for a lot of people i think. shawn we appreciate you.
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liz, they again are sold out. the 30th anniversary edition. there were only 12, 300 consoles released, because today is 12-3, december 3. liz? liz: kelly, i'm still playing pong. so no playstation thank you very much. it's good to see you kellyanne eand if you can't scare up the cash for a new playstation you can sell something unique to the world. your personality. permizeed video message marketplace cameo was reserved for celebrities to sell custom videos to fans but now it is opening to anyone who wants to enroll as a create or. the new program is called cameo x, and it has been swamped with interest since its soft launch but now, it's out there. some 3 1,000 new self-enrolled creators completed over 1 55,000 cameos collectively earning are you ready for this? more than $5 million in bookings. joining me now in a fox business
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exclusive is ceo steven galanis. steven, wait a minute. before we even get to that, celebrities have rushed to this site for years, because they can make an extra coin here and there doing customized happy birthday to your dad or whatever it is but matt gaetz, the former congressman, has just joined. can you give us the back story on that? when did he join? >> he joined not last friday but the friday before, and he followed a very similar playbook that george santos did. if you recall george santos had gotten expelled from congress the very next day he joined cameo, he was a revelation and he actually at the time broke bon jovi's record for biggest first day on cameo ever and matt gaetz came in with a lot of similar at the time and his videos are awesome. liz: what's he charging? >> $500. liz: per pop? >> per pop and just to put in perspective average video on the site is $70 so to be able to
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come in demand it's really impressive. liz: but george santos has been on for a while and he's become a meme and thrown out his personality big time and obviously former congressman disgraced left congress, but he's now making a lot of money. what is he charging? >> he's done really well. they can charge their price at any time. i think he's in the hundred handle, but i know he also does special edition ones in drag for like 300 bucks. liz: i think we have video of george santos doing his but this is an interesting way of people making some money when perhaps they are down for the count. both of these guys have left congress. one not of his own. the other, matt gaetz, leaving because he thought he be serving in a big position, attorney general of the united states, but then stepped down because there was so much opposition to him. tell me about the new program though that really enables anyone, not politicians, or
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celebrities, to join? >> yeah, so 18 months ago, we launched something called cameo x. this allows anyone in the world to just join if they want to. historically, there were three ways to join the platform. one, my team could reach out to you if you were a person if we thought there be demand. secondly if you're on the platform you could refer somebody else, and make them talent and third, they would ally and say how many followers they had on instagram, tiktok, snapchat. we looked at the beginning of covid and saw there were over 100,000 people that applied to join that we hadn't let on and when we looked back at the data many people would have been really valuable to our platform so we missed singers that hadn't had their hit song yet. we missed actors who maybe were auditioning and then they end up on a hit netflix show. we missed athletes that had joined we didn't let on and now they are starting for the new york giants. liz: well let's show a person we could say is a no-name up until
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now, and whose actually bringing in a lot of money and you can describe what's going on here. >> hi, liz, i am absolutely excited to be doing this video right now and one of the first wish you a happy birthday, coming up on december 12. you've gone from the cleveland news to being the awesome, most highest-rated female anchor in the business, and i love watching you on fox and even moreso when we got our chance to hang out at the superbowl down in miami quite a few years ago and i've misplaced your number, so absolutely check me out and, liz, awesome congratulations on your birthday. liz: oh, my gosh how much did the team have to pay for this? bernie? i love bernie. he's not a no-name. oh, my gosh. >> he's not a no-name and one of the other things too.
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happy birthday i'm the 15th so we're right around each other. but anyways the thing really interesting is you ask the question about gaetz and santos. we've long been a place where people like bernie who are hall of famers and maybe not getting paid the endorsements or playing anymore, we've long been away for them to continue to earn a living because people like you care so much about them still, and that's an amazing gifted. what we were missing was the beginning of your fan curve. people that are emerging and that's why by rolling these -- liz: they left money on the table. >> rolling the tools out and being with them from the beginning of their journey we're part of their native creative stack and we help them earn a living. liz: one of them, not bernie whose very famous, bernie, i love you, my team that was such a nice surprise, is mona the puppet. can we show some of mona the puppet? tell me about this , because mona the puppet is hauling in huge amounts of cash,
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correct? >> mona has done over $600,000 in the past year since joining. liz: do you want us to be quiet? let's listen to mona. oh, okay so can we just see mona how about that? >> you've got to see it. liz: so it's a puppet. and making $600,000 worth of cameos? i don't see a puppet here. >> it's coming. so he also has little butterflies and bees and sets the mood. and then all of a sudden -- liz: mona you're making we wait too long for this. oh, there you go. that's oh, wow, 600 grand? >> yeah and here is the crazy part. i'd not ever met jamie the guy that actually runs the puppet until last night at dinner. he told me that for years he had been reaching out to our team to get on because the puppet didn't have a social following every time he tried to apply or reach out we never accepted it. liz: they are big ones i'm sure. >> again people just able to come on the platform and join,
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and santos the same thing. i woke up to e-mails a year ago on december 4 or 5 a year ago almost exactly a year ago from all these reporters that are like did george santos just join cameo, and my team didn't even know. liz: let me just quickly ask you though last year you hit a valuation of about $1 billion. that has since come down. i think at your height it was 2021 you were worth about 1 billion but you still have been raising money. any chance of going public at some point if this cameox really takes off? because you take a cut from that? >> we take 30% of every video so it's still a very viable business and as you know, covering the public markets consumer marketplace businesses really took a bath from their 2021 valuations to 2023 in fact i remember a famous slide the bankers at bank of america sent me was every publicly traded consumer marketplace business in q1 of 2023 they were down 80% in valuation from their
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march 2021 value, so the nice thing is the business is profitable, we'll be positive this year, and the talent on our platform love it. just as much as always, and we've still got big goals and hopes for this platform and this is a big part of the story. liz: this is a great story thank you so much, and bernie, bernie should be in huge demand. my cleveland brown quarterback. yes, bernie. my telephone number is, write this down. i'm kidding! thank you, so much. >> thanks for having me. liz: good to see you. steven galanis. as america's allies battle global ukraine and israel, the war in cyber space is still hot and growing. the ceo of z-scaler is here with his threat labs analysis on the rising incidents online and how he is now using a.i. to fight back. it's a fox business exclusive. and one pioneering ceo provided the ammo and battle against wall street advantages over retail investors.
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former td ameritrade ceo joe moglia grew the bank and brokerage site from $700 million to 100 billion, ballooning client assets from 24 billion to 7 trillion. what a far cry from the floor he slept on in dart mouth university's sports equipment room because the ivy league schools football coach he couldn't afford an apartment, didn't pay much, thanks. the discomfort was enough to push him to apply to merill lynch's training program at age 34. he was the oldest guy to get accepted with no mba, by the way. he rose to become the firm's most successful salesman. you want to see the complete reinvention of a life and its got several reinventions. joe's story is incredible and the latest episode of everyone talks to liz podcast. listen on apple, google, spotify, iheartradio wherever you download your podcast. we're coming right back dow still in the red by about 48
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points, s&p at the moment at a record with just a 2 point gain and the nasdaq up 47 that too is a record. e let curiosity light the way. asking smart questions about opportunities like ai. and how the industries born to support ai might better support us all. better questions. better outcomes. to go further, you need to be ready for what's down the road. as energy demand continues to rise, we're harnessing breakthrough innovations to increase production in the u.s. gulf of mexico. our latest deepwater development, anchor, produces previously inaccessible oil and natural gas, allowing us to deliver the energy we all need today
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liz: breaking news out of the middle east. the fragile cease-fire between israel and hezbollah showing some cracks at this hour. israel's defense minister warning today that the country could directly target the lebanese state if it cannot stop hezbollah from targeting his nation. israel reacting to the deadliest day since the cease-fire went into force last wednesday. hezbollah, the terror group, backed by iran, targeted israeli occupied territories with mortars yesterday. israel then responded with strikes in southern lebanon. both a violation of the truce. there will be no more exemptions for the state of lebanon if the peace does not hold. israel's fight against hamas and hezbollah getting new support from president-elect trump who made a stern warning of his own. alex hogan joining us live from
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tel aviv. alex? reporter: hi, liz. here on the ground israeli prime minister benjamin netanyahu thanked the president-elect donald trump for that strong statement and urged pressure on hamas, again that statement that he released yesterday said in part, "if the hostages are not released prior to january 20, 2025 the date that i proudly assume the office as president of the united states, there will be"all hell to pay" in the middle east." more than 100 hostages remain in gaza. today the idf released footage of its forces operating in a central part of the strip after yesterday, hamas fired a rocket toward israel from the city of hanunis, and that shows how the cells of hamas militants are very much active even 14 months into the war. the war also means widespread hunger across the strip. massive lines formed like this one with people begging for basics like flour, the world
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food program warned of worsening conditions, and an even great in breakdown of civil and public order. >> we're being looted across the southern strip. in the north income, the problem is ongoing military operation which is hampering our access. reporter: israel's northern border with lebanon there is new escalation despite the cease-fire which is nearly one week old. hezbollah says it attacked israeli military targets yesterday with rockets and in response to that, israel says it struck at least 20 hezbollah 20h sites across lebanon. today the country's defense minister visited the northern border where he told troops if this cease-fire does fold that israel will resume strikes across lebanon. liz? reporter: liz: alex hogan live from tel aviv thank you very much. those hot wars in both israel
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and ukraine not the only major issue president-elect trump must tackle when he gets to the white house. the growing number of cyberattacks and the spread of information that is incorrect, misinformation has only gotten more prevalent amid the rise of a.i. and the creation of deep fakes but there's new word from meta which is actually a little bit encouraging. the social media giant says it caught a large number of attempts to affect the 2024 election cycle and by the way, those attempts were not nearly as prevalent as everybody predicted. according to meta's president of global affairs, meta confirmed its systems rejected 590,000 user requests to generate a.i. images of the presidential and vice presidential candidates. people who were trying to create troubling deep fakes were not necessarily successful. during elections across the globe, meta's fact checking partners said a.i. content represented less than 1% of all
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fact checked misinformation. so whose winning the a.i. tug of war? the deep fake artists or the cybersecurity experts? zscaler ceo jay chaudhry joins us in a fox business exclusive. some of this is encouraging, jay. >> yes, liz. there's a lot of progress being made. meta talks with the consumer, we are focused on securing enterprises from a whole range of deep fake and other attacks. we're doing a lot of work where whether it's zero trust architecture, where they use strong identity and only connect people to the right application, to make sure they don't get in and start asking for ransomware. liz: yeah, well, that's the thing. the multi-factor authentication, but first give me a sense since we're talking about the election which just happened november 6. tell me exactly what you saw and what you were able to stop as part of your efforts
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at zscaler? >> so, regarding the election, it's a broad consumer play. we are focused lesson that, our focus ends up being protecting our enterprise customers and there are two issues we're focused on. one is making sure our customers don't get compromised and they don't have to pay ransom. the second is, many of our customers are government agencies and critical infrastructure, running plants, factories and all that type of stuff to make sure nation states can bring their operations down, or don't steal state secrets. that's our focus and they are doing it for 45% of the fortune 500 companies and hundreds of government agencies including 14 of the 15 cabinet agencies for the united states. liz: you know, i want to ask you this , because bradley tusk, a venture capitalist whose come on this show and is promoting
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vote-by-phone, vote by mobile phone and he says you know what? we'll get so many more voters engaged if they are simply vote on their phones and they rolled it out in some municipalities and its worked pretty darn well. do you think eventually, jay, that if zscaler and maybe some of the other companies out there were put in charge of trying to vote by phone that it could eventually come to pass? >> yes. technology will work and when you talk about vote-by-phone, there's a voice part of it but the phone these days is no longer an old school phone. phone devices a lot of intelligence. you combine that device and its intelligence, along with the voice of the person, i think those things are possible. this will take some time to mature but it will happen when it can happen. liz: you recently reported earnings beating on both the top and bottom line. wall street is a little bit worried about the fact that
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billings anticipated billings acceleration not as fast as expected but you basically said billings growth is 13%, far ahead of your average competitors. what do you think is the disconnect because the stock responded negatively here. >> you know, the market pays too much attention to day-to-day stock price. i think if you do that you miss out on the big picture. we are focused on the big picture of securing our enterprise customers. even from a results point of view i'm very proud of the results we had. our revenue grew 26%. our gross margin over 80%. our free cash flow margin 46%. you combine the free cash flow margin, the revenue growth, the two together is called rule of 40 or rule of 70. most saas companies aspire to get to rule of 40. we did real of 70. we are in a very fine area among a handful of public saas
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companies out of 145 companies who are in in the rule of 70 so i think our numbers are good and we are serving the great customers. our customer count for fortune 500 went from 42 to 45 45%. i'm staying focused on companies and the stock takes care of itself. liz: you do you, jay, thank you very much. jay chaudhry ofs scaler. tomo liz: openai sam altman and executive chair michael sailer, two of the biggest names right now in the markets in technology. you can't miss it, 2:00 p.m. eastern tomorrow only on fox business.
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liz: we want to give you an update on a rapidly changing situation on the ground in south korea. i shares msci south korea right now is coming way up off the lows you can see here. it had been down about 9%. right now it's down 1.6% and you're looking at live picture at the moment of seoul, south korea and the country's president is lifting the marshal law he imposed at 9:00 a.m.
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eastern today, etf plunged when the news initially broke and looking at news outside of the u.s. and thought south korea was safe. it gets crazy in the world. south korea is a democratic nation and we all worry about turmoil and count down closer has eff that diversifies you $9 billion under asset management and rick pitkaren is joining me now. tell me about global equity pick for etf. >> it's 60% of u.s. equities as percentage of globe and they've done so well over the past few years. liz: give the name and tell me what's in it. >> it's a broad base and the stock market and etf you'd hold
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and you'd be exposed to equities moving forward on a market cap basis. liz: acwi. >> correct. liz: the best part about this is it gives you expose uroto the u.s. even though the name haves run up and we're talking about apple, nvidia, those must have names for a portfolio, but it's all in the one basket with a lot of over global stocks. >> correct and the small and mid caps and the market is broadening out right now and you want to hold that basket. liz: amazon, microsoft, meta. what about some of the names overseas that are in here? >> certainly the stocks haven't gone as far as u.s. stocks but when you have a little cycle and have this liquidity pull back from the market, those cheaper stocks overseas will do well. liz: taiwan semi and samsung and
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that's south korean stock that is shaking a bit over this situation with the marshal law and do you see them catching up in they've been done for quite some time? >> the normal cycle of the dollar is eight years and we're in about year 18 right now. at some point, that would reverse and all the momentum you have behind the new presidency and all the things that will happen with the trump presidency, it could take a bit of time, but we believe in having that strategic portfolio. liz: momentum for you, record close for s&p and the nasdaq. how about that. good to see you. thank you so much. russell, dow jones industrials in the transports in the red tomorrow, a huge day and you've got to join us. ♪ larry: hello, folks, welcome to kudlow. i'm larry kudlow. so will the republican senat
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