care about making money. charles: yeah. hey, carol, a lot of small businesses say, hey, i do well with tiktok. i've been able to grow my business there. what do we say to them? [laughter] >> i just say that the whole thing is iron toic. it's okay if the government spies on you. it's okay before elon musk and, you know, before, under zuckerberg if we had our own social media a companies spying on us but, no, all of a sudden it's a step too far. i think we have to put this all in perspective and just realize, charles, this is going to only get worse for everybody once a.i. comes into the game here. charles: yeah. well, a. each's going to be a game-changer on so many levels. ladies, thank you so much, carol and tiana. folks, i hand it over to my colleague, cheryl casone, in for liz claman. it's going to be a rocky hour go. we'll hold on. cheryl: yeah. more than 6000 points down on the dow -- charles -- 600 points. traders looking for cover.

i'm cheryl casone in for liz claman. the jobs report dimmed hopes for two rate cuts in this year. major averages are now turning negative for the year as the dow and the s&p 500 having their worst day since december 18th. we're going to have all that market news and more coming up in moments. but we do have to start with the deadly story out west. a sixth fire broke out today called archer after the other five wildfires ripped through southern california leaving a trail of death and destruction. the unprecedented 4-day inferno that has swept across l.a. county has damaged or destroyed more than 99,000 structures and killed -- 9,000 structures and killed at least 10 people. fox business' max gorden has been following the flames all week and joins us live from california. max, what is the latest? what are you seeing? >> reporter: well, cheryl, you're seeing the destruction right here firsthand. it is absolutely jaw-dropping. scenes like this visible in so

many neighborhoods here in pacific palisades. around 10,000 structures have been destroyed, and right now fire fighters are going from house to house taping them, marking them, figuring out which houses are still inhabitable, which are destroyed, which are just damaged, really just taking an assessment of all of this destruction. right now between the palisades fire, the eaton fire and the other fires that are currently burning, around 36,000 acres has been chewed up. now, to give you an example of how much that is, that's around two and a half if times the size of the island of manhattan. just a jaw-dropping am of acreage. and then when you think about how many structures have been destroyed in that, lives have been just absolutely upturned. this was all caused by the santa ana winds that a blew in 100 mile-per-hour gusts recorded at one point, and the tinder-dry conditions plus those winds led to an absolute inferno. now for many communities the cleanup has just now begun, and the focus has turned to to

looting. twenty people have been arrested for looting, and the l.a. county sheriff says that people need to obey curfews which are running from 6 a.m. until 6 p.m. in the fire zones. take a listen. >> i've given direction that if somebody's caught doing this, they are not going to get cited and released, they're going to get booked. we are not screwing around with this. we don't want anyone taking advantage of our residents that have already been victimized. >> reporter: now, to make matters even worse, the winds are expected to ping over the weekend. we still finish pick up over the weekend. we still have these dry conditions. folks here in southern california not out of the woods yet. cheryl? cheryl: it's going to be a long weekend there. max gorden, thank you for that live report from pacific palisades. we're going to have much more later on in the program on the california wildfires with million dollar listing los angeles star josh flag. stay tuned for that. >> well, markets still sharply

down on the stronger than expected december jobs report. the dow dropping as much as 757 points at the lows of today's session. while treasury yields are spiking right now as we're seeing bonds sell off. those moves began earlier this morning. the 10-year yield jumping above 4.7%, its i highest level since november of 2023. a red flag for many as that yield pushes toward that 5% marker. wall street spooked by strong job gains which are likely going to delay fed rate cuts with the bet we're now only going to to see one rate cut, and it won't happen before june. the u.s. economy adding 256,000 jobs, well above the 160,000 estimate. the unemployment rate fell to 4.1%, that is below the expectation of 4.2% where it would have stayed the same as a last month. labor department also making some revisions. this were 8,000 less jobs created during october and november than initially released

which brings the total revisions from last year to show 239,000 fewer jobs created than first reported. investors taking a flight to the safety. gold, $2, 714, pushing towards $3,000. bitcoin also seeing some gains today, as you can see on your screen. $95,200 and change. markets ending the third straight week of shortened trading in the red. the dow, the s&p and nasdaq, as you can see, nas nasdaq down 2%, s&p down 1.7%, dow down 11.66. -- 1.66%. joining me is main street asset management cio erin glibs and the fitzgerald group principal keith fitz-gerald. keith, i want to refer back to that live report we just got from max gorden. you talk about how thoroughly disgusted you are by big names -- state farm, allstate in particular -- canceling policies on homeowners over several years. you say there's an extreme

dividend risk to this group. keith, what are you watching? >>s. it's going to be anybody that's involved in the property casualty business because situations like in this are going to the roil cash flows, roil revenues. many of these companies are going to try to avoid or skirt the obvious but i think there's going to be federal backlash, i think there's going to be state backlash. if i could short the whole lot of them, i would. cheryl: yeah. well, again, state-regulated companies -- we're going to get into this story, of course, later on in the show. erin, i was just talking about those yields. your focus is on the u.s. dollar compounded by these higher yields. what do you make of the 10-year pushing that 5% mark? many is have said that is a big red flag for them, and that could be the true markings of a correction. >> absolutely. i think looking at this coupling of both the selloff in equities as well as treasuries is important. obviously, it's all about what the yields are going to do. i think we are, as the year

moves on, we'll see more of a decoupling where we see the bonds and the equities move in different directions, certainly as we're still waiting for those cuts. but i think that 5-year, really we should be getting used to higher yields for longer. it is going to be more expensive to borrow for longer and that expecting these rate cuts and going back to a zero rate environment, we really need to get that out of our minds. cheryl: yeah. 9 and the concern, keith, is consumer borrowing. the housing market, the mortgage rate story which we're now looking at the commentary from the mba senior vice president, and he says this data we got today, the jobs data, you know, a pause in cuts is a lot more likely now, and this is going to push mortgage rates higher in the near term, keith, you know? and even hoe you say that it's tough to know which way the wind is going, you do make, i think, a very interesting comment about janet yellen. her recent commentary about inflation was a, quote, joke, and is you didn't think it was

possible to top transitory, but she managedded to do so. >> she did. and to erin's point, you know, i think this is going to be a tipping point. i'm still expecting a net positive this year, but this rise in rates is going to make it more expensive to borrow not just at the consumer level are, but the big traders. that's what this selloff is all about. they don't want to have the equivalent of a margin call at their level. they're jettisoning everything, they're going to let it settle to out, and then i think we're going to get back on the gas with the big trends, the a.i., the data, the money, the movement, the health care. all of those thicks, i think -- things are net positive longer term. short term, not so much. cheryl: earp, you -- erin, you do talk about a correction, and you say this is a time where you're looking at technology stock holdings, and it might be time to do a little selling. >> absolutely. and, please, don't wait any longer. [laughter] take those gains. trim now. don't regret later. we've seen tech stock weakness for the past three trading days. there's definitely a lot of

headwinds when it comes to tech stocks. when you look at their valuations versus what growth we're expecting, they're trading at about a 30% to 40% premiums on valuations, but their is the same as what we're expecting for health care and industrials. so you're not getting paid for owning these stocks, and i would say they're really price preferred. we've seen weakness in europe, we've seen that strong dollar being another headwind when it comes to multi-nationals. i'd really recommend taking some are risk, and let's get back into diversity case. cheryl: all right. but if there is a pullback in some of these big names, keith, is that a moment when you pick if up palantir or nvidia? >> well, i've been shopping all week. respectfully, i'll take the opposite side of erin's coin because i think my perspective is different. i'm hike -- i'm going to look at this as opportunity. i'm not concerned with valuations, i'm more concerned about lining up for that long term that i know is coming. cheryl: all right.

and also, erin, when you've got that global inflation story, we're having a change in the political leadership here in this country, but other countries having -- they've got more economic problems than the united states does. does that affect your view of emerging markets and emerging stocks? is that maybe another place where we need to the maybe back out just a little bit? >> absolutely. that's a great point. we're seeing weakness across emerging markets as well as europe. and, again, it's just another area where i think you're not getting paid for some of the risks. you really have to be country-specific rather than just doing a broad emerging market because there's just so much weakness. and very high risk out there. so, you know, i think within technology, i think we have to be a little more specific. software services are some of the more vulnerable also when it comes to crypto, security also where we see the greatest weaknesses. and maybe in the semis might be one of your safer spots within technology but, again, i'd like to say just take some money off the table.

cheryl: well, no, it's been a strong year. real quick, keith, before you go, if you look at kind of the general mood of the street right now, you know, do you think that the banks are going to change the mood right now on wall street when those numbers start to cross next week? >> that that's hard to say because not all banks are the same. i think jpmorgan is clearly at the top of the list. full disclosure, i do the own it. i think they're clearly the one to own. everybody else i'm worried about because i don't think they're going to to have the numbers. i may be surprised. i may be completely wrong. but there's very clearly going to be leaders and laggards. i think small and medium banks are going to be a problem area for some time to come to. cheryl: keith fitz-gerald and erin gibbs, thank you so much for joining me today. well, to recap, stocks tumbling to finish this short trading week, down for the second week in a row. the economy claiming 256,000 jobs in december as the unemployment rate slipped to 4.1%. consumer sentiment dipped on

surging inflation expectations. all right, coming up next, tiktok influencers like charli d'amelio, the costco guys and and the prisonler may have to sharpen up their resumés if the popular social media app did not make its case to the supreme court today. we are going to get an update on a potential tiktok ban live from the nation's capital. the "the claman countdown" is coming right back. ♪ ♪

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cheryl: we've got some breaking news, shares of hershey are selling off. as you can see, the stock is losing more than 2.5%, hitting a 3-year low on a report that the ceo is set to announce her departure from the chocolate maker. this comes after hershey called

the cftc for help the stockpile more than 90,000 metric tons of cocoa on the intercontinental exchange. cocoa prices at a record high right now. well, disney, warner brothers-discovery and fox business parent fox corp. throwing in the towel on a joint venture for a streaming service called venue sports. shares of the media giants are moving lower on this news. excuse me, disney, fox and warner brothers-discovery all in the red, especially warner brothers. that one's down more than 3.5%. the companies made the announcement with a shared statement saying, quote, we have collectively agreed to discontinue the joint venture and not launch the streaming service. in an ever-changing marketplace, we determined that it was best to meet the evolving demands of sports fans by focusing on existing products and distribution channels. meanwhile, tiktok is trying the make its case to the supreme court today. the most popular visited owe app in the world -- video app awaits the highest court or, if it will

uphold the ban, the law that will ban tiktok on january 19th, one day before the inauguration. this comes after a justices heard oral arguments from tiktok's lawyers saying the ban would be unconstitutional by minimizing free speech while the justice department argues that the chinese-owned app is a national security risk. i want to go live the hillary vaughn right now on capitol hill. and, hillary, fox news' shannon bream reporting earlier that the justices seemed to support the ban. what do we know at this hour? >> reporter: yeah, cheryl. from listening to this hearing this morning, it seems like the supreme court justices are pretty skeptical of the idea that they would step in and overturn this ban that's expected to take effect in nine days from now. they heard from two attorneys who were trying to save tiktok from this ban, the attorney representing tiktok and also an attorney representing content creators that use tiktok. several justices though didn't seem to buy tiktok's claim that

this divest order means that they are forced to shut down. multiple justices telling tiktok it's a choice. they could divest, but they are choosing not to. >> if bytedance divested the tiktok, we wouldn't be here, right? if bytedance was willing to let you go and willing to let you take the source code with you, that would be fine, right? we would not be here. >> what this law does is it says that tiktok incorporated, if bytedance doesn't exercise a qualified divestiture, you have to go mute. you cannot speak at all -- >> no, i don't think it say that is. you're wrong about the statute being read as saying, tiktok, you have to go mute. because tiktok can continue to operate on its own algorithm, on its own terms as long as it's not associated with bytedance. >> reporter: the attorney representing tiktok's users is trying to make the case to the high court that banning tiktok would deny americans of their first amendment right to freedom of speech.

>> the congress doesn't care about what's on tiktok. they don't care about the expression. that's shown by the remedy. they're not saying tiktok has to stop, they're saying the chinese have to stop controlling tiktok. >> it's very curious why you'd just single out tiktok alone and not other companies with tens of millions of people having their own data taken, you know, in the process of engaging with those web sites and equally, if not more available to chinese control. >> it just doesn't matter that you have creators who want to work with bytedance because bytedance is a foreign corporation with no first amendment rights. is that what you're contesting? >> so that is what i'm contesting. >> reporter: and, cheryl, the u.s. vis or general made the case that the end game was never to get tiktok banned, they just wanted it to divest from chinese communist party control. but they think that that bytedance is basically engaged in a game of chicken with them. they want to let the clock run

out, call their bluff, see if they're actually going to face a ban on january 19th. and if then at that point they'll regroup and decide who they should ultimately, which buyer they should go to, to ultimatelity to stay operational here in the u.s. cheryl? cheryl: and there are several that are interested, hillary. i thought it was interesting, really it was only justice gorsuch that seemed to kind of side with them. he said the laurented a, quote, paternalistic attitude. but he's the only one that was willing to give tiktok a voice in the room. >> reporter: yeah. and the free speech argument, cheryl, is relevant, and it matters a lot to some lawmakers here an an capitol hill. you saw senator rand paul with other senators issue a late night if brief to the supreme court basically saying that you cannot revoke freedom of speech. it's not optional no matter what, how good of a case againse if there are national security concerns. so there's definitely two sides to the issue, but it did seem to definitely sway in fair of -- in

favor of keeping this ban in place from the other justices that chimed in. cheryl? cheryl: well, we'll see if -- i know that president-elect trump wants to, he wants a say on all of this until he can come to some type of, quote-unquote, political resolution. but shannon's saying we could get a ruling within a few days. the supreme court, they usually work on molasses time. >> reporter: yeah. cheryl: this could change things. [laughter] hillary vaughn, thank you so much for that life report. hillary, it's great to see you. all right. well, on monday is going to be back. she's going to a talk to billionaire and project liberty founder franklin court about his bid to buy tiktok, monday, 3 p.m. eastern time on "the claman countdown." we've got a fox business alert for you. delta airlines' stock is popping to a record on stronger than anticipated fourth quarter earning. delta posting adjusted earnings of $1.85 a share, $14.44 billion in revenue. that surpassed expectations of

$1.75 and 14.18 billion. the company offering up strong guidance. walgreens is set for its best day since 1980. better than expected results, reporting 51 cents adjusted earnings per share, 39.46 billion in rev. analysts forecasting earnings of 37 cents a share, $37.36 billion in revenue. the company did maintain its fiscal 2025 the adjusted earnings guy guidance. that range between $1.40-1.80 per share. constellation brands hitting a 52-week low. it cited weak consumer spending on its modelo and corona light beers. hay expect annual set sales to to -- net sales to grow from 2-5%. maybe that's the dry january effect, i don't know. constellation brands, from that that one to constellation energy. shares hitting a record after confirming they're going to acquire privately-held calpine,

a $26. 6 billion deal that includes cash and stock. constellation guiding full-year adjusted earnings per share to above where analysts were anticipating numbers the to come in. well, the oil patch also on the move today as the biden administration slaps major sanctions on vladimir putin's energy sector. goldman sachs' top oil man is here to tell us what it will do to the price of oil as the wars in ukraine and in the middle east rage on. we'll be right back. ♪ ♪

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cheryl: oil is gushing today, as you can see. crude up a little more than $76 and change. brent is 79.63. by the way, these contracts both hitting their highest level in over three months today, as you can see on your screen is, despite coming as the biden administration is delivering a parting blow to russia's oil economy. the white house announcing sanctions today targeting two of russia's largest oil companies and 183 oil tankers. in what a senior official called the most significant sanctions yet against the russian energy sector. despite the yee -- geopolitical headwinds, goldman sachs is not forecasting a big jump in 2025. brent will braid in the range of $70-85 per barrel this year with an average of about $76. joining me now in a fox business exclusive, goldman sachs' global commodities research co-head,

don. it's great to see you. you've done a lot of research that you've released this week on that. let's first talk about the sanctions from the biden administration against russia. now that the concerns about inflation are over, the biden administration in their last days seems to put them, has put them in place. the question is, will donald trump enforce these sanctions? >> yeah. thanks a lot for having me. it's definitely a broad package affecting the full supply chain of the russian oil industry. producers, traders, export if terminals, insurance companies. i think the two big questions now are, as you pointed out, number one, will the trump administration continue these tighter sanctions on russia? and second, as russia has sort of built out this alternative supply chain, how much bite are these sanctions really going to have? or base case -- our base case does not look for significant disruptions and brent, indeed,

staying in the $75-80 range. but in the short term, the risks to oil prices are very much to the upside both because of the possibility of lower iran supply which seems to be a big focus of the trump administration and also possibly especially during this transition time of potentially lower russian supply. cheryl: yeah. they're calling it the russian shadow fleet because with russia exporting in particular with all of these vessels, it's not that the united states didn't know that these vessels were out there, it was they just weren't willing to do much about it in particular with the inflation story. but gas prom and circa net gas, those are the two companies. this is liquified natural gas as well which, if you look at western europe, western europe has been concerned about being cut off. with the new incoming donald trump administration, we can kick start out those lng exports again to western europe. does that -- you know, on the nat gas front. is that that your thinking? what are you expecting? >> we have seen not only a rally

in oil prices this week, also pretty significant rally both in in and and european natural gas price. on the back of colder winters across the atlantic. sometimes winters can still be cold, after all. and also structurally, the european natural gas market is still vulnerable. we have lost about 30% of supply in the european natural gas market with end of russian pipeline flows. and we think that this vulnerability and this sort of lack of competitiveness of europe in terms of producing energy-intense i have goods -- intensive goods is here to stay at least through next winter until all of these extra lng cargoes from arrives both from the u.s. and then down the road later this decade, a lot of cargoes from qatar. so europe is still in a vulnerable spot, and we see a significant risk that european natural gas prices could easily rally another 40% if weather

realizes are cold or if we see additional -- cheryl: yeah. and i'll circle back to iran, but i want the to pick up on the u.s. cold weather story because that's something that you and your colleagues write in your research, it is about colder weather here in the united states. the technical side of the oil contract. but you really talk about oil demand for heating and and that, you know, you do see -- despite seeing potential declines in iranian crude exports, really the weather story in the united states, in fact, we're going to into a weak weakened expectations. you got 45% of the nation that uses natural gas. that's going to affect prices, no? >> yeah. we have seen a pretty significant rally in oil prices not only because of the increased risks of lower supply in iran and russia, not only because of the seventh consecutive drop in u.s. inventories, but also colder colder weather. it can boost energy prices directly. also on the supply side, maybe

we're going to see again freeze-offs across north america imimplying lower production. and finally, this is a little bit more technical, if european natural gas prices rise very sharply, you will have to balance the european natural gas market by moving demand away from very expensive natural gas to oil. for instance, diesel. and then you would get another boost to oil demand. cheryl: now, let me stay domestic just for another moment because the biden administration, they were sued. the state of alaska filing suit on monday against the biden administration. and it's over these trump era, it was a trump era law, basically, that was to establish access, you know, the awarding of leases up in the national refuge. but the way the restrictions are playing out, the state of alaska, the governor there says that they're really because of the laws, there's really no way for them to effectively, cost effectively drill at all. if is so they filed suit.

we don't know where that's going to go. again though we're going to have a change in administration, and the term is drill, baby, drill, which i'm sure you've heard. >> absolutely. cheryl: how does that play into the story? >> so boosting u.s. energy production is an absolute top priority for the incoming u.s. administration. we do think that over time regulatory easing, you know, may support u.s. oil production. in the short term though, we think the main drivers of oil production are prices and shareholder, so we think of this as medium term upside to production. but in the short term, you know, we don't look for -- cheryl: real quick, i've got, like, 10 seconds, but with the incoming trump administration or you believe they're going the really push on those iranian sanctions, and that will hurt their exports. >> base case, a modest drop in iran's supply, but significantly larger drops. cheryl: the risk is big. daan, we appreciate it. >> thanks a lot.

cheryl: all right. early estimates of the damage from california's wildfires looking like it could be the most costly fire ever. what's it going to do to the luxury markets in the areas that are burned to ash? million dollar listing los angeles star josh flag job g -- flagg is going to join us next. he's going to tell us what he's hearing from his real estate clients and friends as they deal with the unfolding tragedy there. we're going to be right back. ♪ ♪

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at t. rowe price, we're asking smart questions about opportunities like clean water. and how clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price cheryl: okay, we're getting some breaking news. we are watching fire-fighting airplanes dropping fire retardant on the fires in southern california. this is from moments ago. this is near route 27, the pang georgia canyon boulevard. -- topanga canyon. in just a couple of days, the damage costs have skyrocketed. on wednesday act you weather

forecasted it'd be anywhere between $52-a 57 billion worth of damage and economic loss. accuweather almost tripling that forecast this morning. they now say the cost could be between $135-150 billion. the estimated total insurance losses are also rising. jpmorgan forecasting $20 billion in total insurance losses, another company estimating about $9 billion in property insurance losses but that number could balloon to $20 billion once you factor in commercial and auto claims. insurance stocks taking a beat as they prepare to dish out all of this money for these claims. mercury general, allstate -- by the way, mercury general, they're based in los angeles. allstate, travelers are, chubb, progressive, all these stocks are lore. insurance costs are urging -- surging and will continue to do so. here's my question, how is this going to affect the l.a. real estate market? want to bring in million dollar listing los angeles star josh

flagg, and my first question is, is your property and home objection, and how are you -- okay, and ho-ho how are you and your family doing? >> we have a place in new york and l.a., so i'm here, i wanted to get out of there. if the house burns, the house burns. i don't need to be anytime, right? let's just put into perspective how big of a deal this actually is. i think people raze it, but i was walking down the street today, this is the size of manhattan. cheryl: i think two manhattans at this point according to our reporter. >> this is apocalyptic. every one of my friends' beach houses are gone. candy spelling, melissa rivers, gone. all of these people rah -- are really close in my life, gone. of it's like something that has never happened in california history. it's insane. and, by the way, this didn't need to happen, if we want to get political. cheryl: well, okay, let's talk about karen bass, the mayor of los angeles. she's been criticized left, right, up and down for her -- she was reportedly warned before

she left about the high winds, and she went to africa. >> if rick would have won, this would have never happened. this would have been handled is so completely differently. i mean, this is just absolutely insane. this is not like we're in the middle of the country. we're in the most sophisticated city in the world, in the u.s. between new york and los angeles. this doesn't happen. can you imagine if man hat tan burned overnight, if the city didn't have -- cheryl: and if we didn't have water? if. >> it's not, it is so absurd. cheryl: right. >> so, i mean -- cheryl: there is a lot of blame also being pointed on the insurance side of the story at, excuse me, sacramento. lawmakers in sacramento because of the way that the insurance market is regulated and the way that it operates. and that a lot of these homeowners, either they don't have fire insurance or they were dropped. about 100,000 people just around the santa monica mountains reportedly -- >> i know people that are self-insuring houses that are

mull by million dollar houses because who wants to spend half a million a year on insurance? it's absurd. cheryl: so what happens to these people? their homes are gone. do they rebuild? do they just sell the lot and walk away? >> that's the question. i think it's going to happen, this is my personal opinion, it's going to come down the age demographic. if you've been living in the palisades or malibu request you're in your -- and you're in your 80s, are you going to sit through permitting your house, spend nine months for permits, can and then you're going to spend two years to build? i don't think so. i think those people are going to buy very high-end condos and what not. let's take people in their 340s and 40s. you know -- 30s and 40s. the question is, this is apocalyptic. do you want -- your house is gone. the palisades looks like mars, right? if do you want to start this process and build up again in the palisades and start, you know, seeing a thousand lots and then all of a sudden these

beautiful houses rebuilt? the are you moving to brentwood or back to beverly hills? i think in terms of, you know, this is too soon to tell, but the question, i think it's going to be -- either way it's sad to say, it's going to affect the real estate market in a positive way. i mean, rentals -- cheryl: in other areas where people are going to try and buy. >> yeah. i looked yesterday. look, facts are the facts. i looked yesterday, houses that were for rent sitting on the market for six months, all of a sudden there was a red arrow meaning the price went up because they're taking advantage of the fact that people need places to go. so the rental market's going to explode if. and for the people that are not going to want to sit there and rebuild, they're going to buy a house. so all of a sudden these houses in beverly hills and even brentwood, those houses are going to go up if value. cheryl: sure. okay, understood. now, you have some listings in pacific palisades. are those properties still standing? >> no. [laughter] cheryl: your listings are no longer, because -- >> they're gone. we might as well change it from house to land.

who wants a single piece of land? cheryl: have you talked to any of your clients? >> first of all, right now i'm trying to move them into places. right now i'm trying to get them into, just literally sitting in the green room i got a call from if somebody, we need something right away, is so i'm putting them in a house in bel air that i'm putting it on next week. cheryl: we're looking at your lustings. are these homes gone? >> well, these ones are -- some, yeah. cheryl: pacific palisades is, these are your pacific palisade- >> some of these houses are gone. some of these houses we don't even know if they're gone because the homeowners can't get in. they're evacuated. i was talking with my friend melissa rivers, she didn't know for two days, and then we found out, well, the house is gone. cheryl: it is heartbreaking about what has happened. and the bigger question, especially for pacific palisades, a good friend of mine, her home that she was remodeling, it's gone. their rental is gone, and their children's school is gone.

what happens to pacific palisades? if because you don't have a community. you don't have stores. you don't have -- i mean, all the commercial side as well. >> it's going to be a long time before it returns, because it's gone. it's literally like a city is gone. it's not like, oh, a couple of houses or a couple streets. there's no infrastructure. there is nothing left. so the question is, like, that's not something we're waiting nine months to get permits and start rebuilding. this is building up an entire community. and the real question is going to be what's going to happen with the cost of construction, because you know the contractors are going to have a field day with this one. they're going to jack the prices up, obviously, and what's going to happen with insurance which was outrageous to begin with? cheryl: it -- the premiums are going to go up 30, 40% from the research -- >> i pay 100 grand already. do you know what my insurance is going to be next year? i guarantee it's going to be $400,000. cheryl: we are grateful that you and your family are safe and we will pray, of course, for your clients in l.a.. josh, thank you so much.

well, fox news' jonathan hunt is on the ground in pacific palisades. , you know, san, i don't know -- jonathan, i don't know if you heard that conversation, but it is heartbreaking what's happened in this area of los angeles. >> reporter: it truly is, cheryl. heartbreaking. it's breathtaking. it is among the worst natural disasters i have ever seen, and i've covered a lot of fires in southern california and northern california, and i genuinely have never seen anything like this. we're standing in the middle of what you can clearly see is a completely destroyed street right now. smoke still the rising from the rubble over there. you can see, probably just make out the fire hose that is spraying that down. just trying to stop any hot spots breaking out because as you can see right behind that, there are a couple of buildings that are still standing, so they want to protect the few remaining buildings if from burning down as well. and in the middle of all of this, cheryl, what i find catches you very often are the little things. you're looking at such a big

picture destruction. the little things. one of those is just over here next this white picket fence. you can see a wheelchair there. you look at that and just imagine the terror that the person who was in that wheelchair was feeling as they knew the flames were coming towards them, and their caregiver or caregivers trying to get them out of here. as we understand it, they successfully did, thank goodness. but it's all just an extraordinary picture. and then i want to show you further up into the hills beyond the tree line there. that is the palisades highlands. that is where the fire started and swept down that hill. and talking to people here down in the heart of the palisades, they said we, you know, things like we've seen brush fires up there many times before. we never, ever believed that it could make it down here. and then just rip through this beautiful urban community. but that's exactly what it did, sending all of these people, thousands upon thousands,

literally running for their lives and leaving this behind, this sort of monumental destruction. it is the really quite indescribable just how far it stretches and how deep the destruction is. and the real estate agent you were talking to there is absolutely right. there isn't really a pacific palisades as we knew it left. many of the stores are gone. many of the restaurants are gone. places -- my daughter goes to, one of my daughters goes to palisades charter high school which is right there. we don't know yet, 30% of that school was destroyed, so we don't know yet, they're due back from winter break on monday. we still haven't been told whether they can physically go back to that school. it seems hard to imagine, you would think. so the 3,000 students who go there and all of their families, we might be back to remote learning for our kids for a while. with schools gone, that's just one school. there's elementary schools completely destroyed as well. so there is very little here.

it's going to be months and months and if months before this is a functioning community again. the tragedy of this, cheryl, really is -- i've tried to put it into words but, frankly, it's really hard, cheryl. cheryl: jonathan, i've been watching your reporting e over the last three days, and it is heartbreaking and devastating, and i know that that is home to you as well as the place that you work. jonathan hunt, thank you. thank you for that live report. well, please join fox in support of families impacted by the california wildfires. your donation enables the red cross to respond to and help people recover from this disaster. please visit go.fox/redcross, support these efforts or scan the qr code on your screen. ♪ n. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment...

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cheryl: closing bell is going to ring in just about three minutes. take a look at the markets we do have a sell-off on our hands dow down 686, s&p down 89, nasdaq down 305 for the week the major averages looking at a second straight week of declines as you can see on your screen. nike is trading higher after brokerage piper sandler upgraded the stock to overweight from neutral and raised nike's price target, and the ceo elliott hills intensified urgency to

clean-up the marketplace by taking product back and markdown support to its partners should translate to a visible recovery in fiscal 2026. today's countdown closer thinks nike will just do it. so joining us solidarity capital managing partner jeff mc clain. you are recommending nike to your clients right now? >> yeah, we're positive on nike. we think this is a great opportunity for a comeback, for nike. i think they finally have the right ceo in, and it's going to be an incredible story if he can pull this off. the guy who started as an intern, coming back, having the potential to rescue the company, so we're super bullish on it. he already made a big difference already. he closed the nfl deal that was lingering. they were able to get that closed to re-up with the nfl through 2038. that's a big deal for nike. you've got to lockdown that relationship. already making a difference even though he's been very, very quiet. cheryl: and look at soccer. not just the nfl but look at their presence in the soccer

world as well which is a global story so i want to move on to you say that with the incoming administration, that we're going to see m&a, the ipo market heat up. how soon do you think we're going to start to see that action happen? >> i think you're going to start seeing it even this quarter with the s-1 filings which is what you need to file to ipo so i think this comes together with ipo's with m&a. you're going to see it combined so one of the caveats with that approach and it's not just me. it's obviously a lot of the investment banking shots put out their 2025 projections which are fair to say bullish of what their business is going to be like this year. it is all contingent a little bit on if interest rates stall, if there are no more cuts this year which is starting to be built into the market. as you know, part of making an m&a deal pencil if the rates stay high like they have but there's a lot of excitement and a lot of pent-up demand that hasn't hit the market the past two years.

cheryl: we're going to have big bank earnings next week. there is sectors we need to watch you say with the new administration. >> yeah, i think with the new administration coming in, there's some great opportunities out there. i think as you look at in particular from a sector perspective, one of the most interesting ones is defense. there's a lot of people who sold that off because of the worry of what's going to happen with defense spending, or cuts, and the incumbents being replaced by others. i think that's a big overstated right now but it's an industry, a sector you've got to watch but from a big picture perspective, i think there's some great opportunities in the small cap space. [closing bell ringing] cheryl: we're off session lows heading into the weekend dow, s&p and the nasdaq lower for the week as well that'll do-it-for-me and the "clayman countdown." kudlow is next. larry: hello folks welcome to kudlow i'm larry kudlow. all right,