Transcripts For FBC The 20240703

Dow down 64, weve got the s p giving up all of its earlier gains, now lower by 3 points. Nasdaqs clinging to a a 5point gain where it had been up 129 points. Kind of losing some steam. Weve seen in the final hour where things can start getting juiced up once again. Lets look right now at what ises propelling the nasdaq. Its actually china stocks. They are grabbing the top spots on the composite led by netease. Look at that gain, up 5. 25 . The the lift comes on a report by bloomberg that beijing is considering relaxing rules that cap Foreign Investment in public companies. So maybe theyre starting to look like theyre going to be a little bit more propluck publiclytraded companies and not so restrictive. Coming up, famed International Investor mark mobius is going to join us live. He has warned viewers to dodge chinese stocks. Will todays news change his mind . Were going to ask him. Hes coming up at 3 30 p. M. Eastern time. No ree laxing or easing at the Federal Reserve at this hour after this weeks pause in Interest Rate hikes. Fed governor Michelle Bowman and San Francisco fed president mary daley both making headlines over the past couple of hours, signaling the possibility of at least one more hike. Daley saying this afternoon shes, quote, not ready to declare victory over inflation while the more hawkish bowman has warned more than one increase will, quote, probably be required. So right now the 2year treasury yield which tracks fed policy the most closely is at 5. 118 . And we are starting to see a deep coupling among the big three automakers when it comes to the strike. Ford shares are trading considerably higher than both gm and stellantis. Uaw president shawn fein saying today while the union will actually theyve already done it,s i think said they were going to do it at noon expand the strike adding 38 locations but that ford will not be one of them because the union is making progress in its talks with ford. Ford shares up 2. 5 . The oil and gasoline markets are also moving on news out of russia and also a Tropical Storm has just in the last half hour officially formed over the atlantic ocean. But let us turn to jeff flock who ises live in michigan. Hes got more on breaking news on the uaw strike. Hes at the Ford Assembly plant in wayne, michigan. Looks like ford and its stock are benefiting from maybe getting closer to the uaws demands. Reporter the workers are very excited that weve talked to out here at the michigan plant where the strike continues, by the way, but thats the only ford plant thats being struck now, and 38 others from gm and stellantis now with strikers outside picketing outside those locations. Weve got pictures well, first of all, 38. Put the numbers up, liz, its 20 for stellantis, 18. Parts distribution facilities though. Not assembly plants. And weve got pictures outside a couple of these locations. One of them in centerville, michigan. Now, these are Parts Distribution facilities. This does not affect the assembly of new vehicles. It is a place where parts for vehicles already on the road are stored. So that could have an impact at dealerships, and your car if the it breaks down. Also going to show you live pictures in tapen, new york. As we said, these are all over the country, its designed that way. But its only about 5,000 workers, and so, you know, you look at whats it like inside one of these places . Weve to got pictures too. These are pictures from inside one of the stellantis facilities its where they store all the parts, thousands of parts. This risky strategy is its very few workers. Could management bring with people in and actually man those facilities in the place of the workers . Gm not happy at all about whats happened though. They say, and i quote em now, liz, the the uaw leadership is manipulating the bargaining process for their own personal agendas. We have contingency plans, they say, for various scenarios and are prepared to do whats best for our business, our customers and our dealers. And as i said, that could involve management coming in, monounion people working. Nonunion people working. You know how that gets. We talked to shawn fein, the president of the uaw, about all that. He says, bring it on, because the days of the billionaire class making at a profits all the profits, theyre over. Listen. The companies own this. This is on their shoulders. Everything thats happening right now is on their shoulders. They own it because they chose not to take care of the membership. Reporter and so there you go. Its the an expansion of a strike no matter how you want to look at it. But as a i said, only 5,000 more workers, and well see what kind of an impact this has. I should point out that these parts facilities, they are cash cows for the awe to to makers. Automakers. Each of those parts costs a lot of money. Some of them take in a Million Dollars a day. Were talking 38 facilities, so see how this goes. Interesting strategy on the part of our friends at the uaw. Liz yeah. And, clearly, the uaw wants some of the melling coming from that cash cow, jeff. Interrupt us if you see anything else [laughter] reporter good point. Liz i keep checking the headlines here. Ive got the wires on a computer specifically on this right now. As soon as we get more, we will let everybody know. A fox market alert, the major indices are on track, actually, for their worst Weekly Performance since march after the fed hinted at one more rate hike this year. Now even though the bulls are putting their gears in reverse, megatech is still making an impressive showing at least during this session. So let me start with apple because it is the one of the top names on the leaderboard. Earlier it was number one, right now its in the third position. Oh, it keeps toggling between second and third. Right now its second at the moment, up about 1 . Looks to close out the week lets call it 4 lower than wednesdays high of 179 and change. Lines for its iphone 15 starting before dawn this morning in new york city and around the world have investors pretty happy about demand for the new phone. Ceo tim cook, there you see him, he showed up to greet and take selfies with customers outside apples new York Flagship store on fifth avenue. Shares a about 10 off the alltime highs. Will megatech continue to lead, or is it now time for investors to do a little course correcting . Lets get to the floor show. Trader E Keith Fitzgerald who owns apple and morning star wealths chief Investment Officer Martin Norton whos starting to look beyond the socall magnificent seven tech stocks. Keith, you bought more yesterday . We still have time left, just under an hour. Are you buying more today . Well, i tell you what, im pretty happy with what i purchase yesterday, but im not going to take that off the table. This is one of those companies and one of those times, liz, where you just look at yourself, you look at what you want to accomplish, and you look at what the markets willing to hand you. Everybody poohpoohed apple weeks ago because they thought demand would slack. Were seeing it today, preorders are sold out, i hope im smart enough to buy more, and i hope i have time after we get off the air to do it. Liz marta is turning a little bit. When you look at the nasdaq, of course its on path for its worst week since march, but also year to date we know it has actually done quite brilliantly. We do have it year to date up about a lot. [laughter] my computers stretching here. Do you look at apple and the rest of the magnificent seven and say, you know, trees dont grow to the sky . You know, i think thats a good way to put it. When were taking a look at that magnificent seven collection of stocks its not that theyre not Great Companies. They are tremendously good companies. But i think the question thats top of mind is the price were paying for those Great Companies. So were going to look to get into areas around the economy when we think theres a little bit of a price opportunity and a disconnect between the Great Company and the great price. Right now we actually think there are opportunities in the u. S. Equity market, but were not messily concentrating those opportunities necessarily concentrating in tech. We think there are other areas of the market that, unfortunately, have some kind of clouds hanging over them. Liz like what . We know that energy has start to rear its head once again because west texas the intermediate prices have been popping pretty dramatically, so do you kind of triangulate into a certain region of the energy world . Well, we are, we are in energy. So u. S. , you know, the broad energy complex, were a little bit less enthused than weve been in emergency for quite some time. Were able to benefit from the appreciating crisis there, but now were concentrating on mlps particularly. Of course theres a nice, fat yield that boosts that forwardlooking return potential, but theres also some modest growth that were seeing there. Some reasonable valuations. And theres a lot more capital in this space as well. So we think its not a bad place to be. Youre getting reasonable fundamentals and also reasonable valuations. That is one of the areas that were in. Liz look at this, anywhere from a 6 dividend yield to 9 . 9 , western midstream partners, looking pretty good. Keith, youre still actually buying some pretty interesting and potentially volatile names. Not potentially, they have been volatile. Talk about the ones that you picked up yesterday beyond apple. Sure. So i went straight to palantir yesterday which is one of my longtime favorites. That company has got all kinds of things. Excuse me, weve got i dont know if you can hear this, weve got some f18s just overhead our office. Weve got can speaking of defense stocks, i think that company is absolutely beyond the hype, is so i think its the one of these Great Companies in the making. It is volatile, its the not for everybody. Youve got to wait it out. I also went after some tesla yesterday and nvidia because those are key to our economy. Were creating data at a speed weve never seen in the history of humanity. So i want to own both of those names as well. Liz how do you know theyre f18s and not another jet . Well, because, ark, we live right next to the growler base with where i see them every single day, and i know how to hear them by sound because ive been listening to them my whole life. Liz i just thought, wow, thats a pretty good skill. Marta, high quality debt, weve had rick rick reider talk about that, jason katz over at ubs. Is that starts to look more attractive than treasuries . Are treasuries still going to be effective as a hedge against the equity the volatility and risk thats really out there . Yeah, thats a great question. So, you know, most of us are multiasset investors. We have our equity stake, our fixed income stake, is and were looking to that fixed income stake in many ways to be a hedge, sometimes a source of income, but certainly a hedge against volatility. Now, theres anyones guess on whether we really are in an era of higher for longer, but if we are, if were in a period what higher for longer where higher for longer is kind of the normalized environment that were operating in, our perspective is that longdated debt is less effective as a hedge at least historically in that variant than people have been used to over the past decade. And shortdated debt is actually a decent place to be. So when were thinking about shortdated debt, we are still thinking about treasuries, but were also thinking about high quality corporate debt in that area. I think you can get a really nice deal in that area of the market, not take on massive Interest Payments which isnt an insignificant concern given some of the kind of lingering considerations around fed policy. So i think that is a reasonable place to be in a fixed income market today. Liz you know and now, keith, were looking at the dow, s p and nasdaq back with in the green at the moment. Is it time to kind of ignore the talking heads over at the fed . Three of them today susan collins,my e chel bowman and mary daly all speaking today kind of saying the same thing, rates will stay higher for longer, one more hike, one more. Do you even start with this . I wish theyd take the microphone away from everybody but chairman powell. All they do every time they open their mouth, liz, is introduce uncertainty. Thats the one thing the market doesnt like. Now, as an investor, yes, i submit you turn the volume right off when those guys start talking. You focus on the Great Companies, you focus on the products that we cant live without because that business case, the case for investing, does not change no matter what the fed thinks. And i submit the fed has still lost the plot. Theyve already caused the next three crises, as far as im concerned. [laughter] liz great to have you both, marta and keith fitzgerald, so nice to see you, thank you. Thank you. Liz tgif. We are almost at the end of a long week that,s yes, saw the the fed hint and then confirm today, certainly, another rate hike due to sticky inflation. Food prices e included. How is tgi fridays dealing with stubbornly high prices . In his first interview since being named ceo, Brandon Coleman iii standing by live to give us his recipe for short success. We should check on top restaurant stocks as we go to the break. Right now starbucks, chipotle, yum, mcdonalds all up. Darden restaurants down slightly q. 9. The claman count downs coming right back. Things change in this hour. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. Salonpas, makers of powerful pain relief patches for 89 years. Believes in continuous improvement. Like rounded corners that resist peeling, with an array of active ingredients. And sizes to relieve your pain. Salonpas. Its good medicine. [ applause ] the day you get your clearchoice dental implants changes your struggle with missing teeth forever. It changes how you eat, how you feel, and how you enjoy life. It changes your smile and how others smile at you. Clearchoice Network Doctors have changed over 100,000 lives with dental implants, and they can change yours, too. Because a clearchoice day changes every day. Schedule a free consultation. At pnc bank, you can find us in big cities and small towns across the us, where our focus is to always support the people who live and work there. Because you call these communities home, and we do too. Pnc bank. Liz well, for the first time in nearly 30 years mcdonalds is raising its franchise e fees. Shares are actually up on this news by about threequarters of a percent. Heres what happened, a company memo view by barrons indicates mcdonalds will raise its royalty fees from the current 4 to 5 starting january 1st. The price hike will reportedly only affect new franchises, not the existing ones or locations where the new owner bought a franchise from a different operator. Tgi fridays operateses franchises all over including 650 restaurants. Theres a mix in there that they own directly, but a whole bunch of franchisees here across 52 countries. With inflation still diving up costs, will other Large Companies follow mcdonalds and raise fees . Joining us live many his first interview since starting his new role as ceo is Brandon Coleman iii. Brandon, congratulations. You started, what, the last day of last month, so pretty new gig. Yes. Thank you so much, liz, appreciate it. Liz so mcdons has yet mcdonalds has yet to cop firm this news confirm this news, but the first royalty fee hike in 30 years is a big deal. Whats your franchise royalty fee . And do you have plans to raise it . We currently have a franchise royalty fee of about 4 , and we dont plan on raising it. What we plan on doing is driving the top line to generate more revenue in the business as a whole, and that also bleeds down into the bottom line for our franchisees to create a Better Business model. Liz i think mcdonalds is expected to say theyre doing it to remain competitive because the average royalty fee e is anywhere from 48 . But youre saying right here and now you have no plans to raise the Franchise Fees for tgi fridays. Were not planning on raising them anytime soon. Liz okay. Thats correct. Liz why not . You dont feel you have to . We dont feel we have to. We believe theres a lot of upside in this business, we believe theres a lot we can gain from innovation, from focusing the brand on becoming that that bar and really regaining our history e of owning that bar. And so we believe theres a lot of upside for our Franchise Partners and for the business as a whole without having to raise fees. Liz lets talk about food inflation. It is still this certain parts of the spectrum of food inflation weighing on Consumer Prices. If you look at food away from home, and that would include you guys, in the most recent Consumer Price index, august, food away from home went up 6. 5 while food from the Grocery Store went up just about 3 . What are you seeing on the ground where you are . Yeah, we saw a lot of this during the pandemic, a lot of inflation as a result of supply chain difficulties. And were continuing to see some increase in food costs for us. Beef is going up and will continue to go up through the next year is what were seeing. But generally, we want to make sure that our guests have value, right . Were constantly share with other like restaurants whether it be casual dining, fast casual, qsr, and is we want to offer that value for our guests by creating variety and price points. So were creating new items, smaller portions that allow the quest to check down, right . The guest to check down. Still get an appetizer, still have that full restaurant experience that theyre seeking for entertainment, for enjoyment. People are still going to eat. Liz youre not just a pretty face. I mean, they put you in charge because you have a huge backdrop of experience. You worked at dell friscos, you managed a dave and busters, a whole bunch of other chains from both the high end and lower end. Youve been very innovative, thats what youre known for when it comes to to both menus and technology. The technology in the restaurant world has just proliferated, has it not . How much of a spend do you expect in 2024 for everything from 56789 a i a. I. And the kiosks for payment, things like that . What are you looking at here . I think a. I. s going to play a big role and not just appetizer innovation. Were looking at how do we bring in a. I. To help us understand our menus and how to optimize our menus, really getting down to the regionalization of our menus. When you think about chain restaurants, one of the challenges is you constantly look at the average of all of our guests, but the reality is in each location there is a very different profile. A. I. Can help us optimize pricing and start to understand how to reach that guest and what occasions are most relevant to them is so we can drive our business. I see tgi fridays taking the lead on this over the course of the next 18 months. Were really going to look to implement a. I. Into a lot of our business. Liz huh, okay. A. I. Is spanning the globe when it comes to every single sector. We see that. Brandon, you talk about market conditions. Market conditions prevented you from going public in april of 20 to 20. This, of course, was at the height of the pandemic. A company backed out of its plan to purchase you guys outright and take you public. Any plans now to reinvigorate that pathway . I would say theres always the opportunity in the future. I think tgi fridays really is shifting towards a growth mentality, and we wan to show that can we want to show that ability to grow into new units. We have a new capital light model that were exploring with hotels. We do so well in travel centers like airports. We have a location that Just Launched that has a 14 million auv, four of the top seven restaurants in dfw airport, so we want to show that ability to grow domestically and internationally, and then i wont tip my hand, but ill say that anything is possible. Are. Liz right. Just like walking on the moon. As that astronaut did behind you. Weve got a whole bunch of food here with a lot of beef, which im sure costs a lot of money. All i can tell you, brandon, good luck to you and the team there and, boy, kid i spend a lot of time at the tgi fridays in columbus, ohio. Channel 6, action news. Good to see you, sir, thank you. Thank you, liz. Liz gaming giant activision may finally be called to duty in its takeover attempt by microsoft. Details on the 69 billion merger straight ahead. Good time to look at a gaming companies. Theyre all in the green right now. Big leadership move as you see with Take Two Interactive up 2. 333 , activision up 1. 75. Now the dow is up 60 points, were coming right back. Fly to paris. See the tower. Smaller than you expected. Wait in line. See the mona lisa. Smaller than you expected. Check in. See your room. Bigger than you expected. Join one key, where gold and platinum members get travel perks, like room upgrades. New projects means new project managers. You need to hire. I need indeed. Indeed you do. When you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. Visit indeed. Com hire and get started today. Ive spent centuries evolving with the world. Thats the nature of being the economy. Observing investors choose assets to balance risk and reward. With one element securing portfolios, time after time. Gold. Agile and liquid. A proven protector. An everevolving enabler of bold decisions. An asset more relevant than ever before. Gold. Your strategic advantage. This is your season to smile to gather together and discover the moments that matter, to jump into the fun and join in the celebration. To help get you ready, your aspen dental team is celebrating 25 years of Affordable Care with an epic anniversary savings event. Right now, new patients without insurance get a free full exam and xrays. Plus, everyone can get 20 off their treatment plan. But hurry, because while the season wont last, the memories you make together will. Aspen dental. Book today. I got into debt in college and, no matter how much i paid, it followed me everywhere. So i consolidated it into a lowrate personal loan from sofi. Get a personal loan with low fixed rates. Borrow up to 100k. And no fees required. Sofi. Get your money right. Liz fox business alert, green. Okay. Well see if it can hold. The dow up 43 points, thats a fraction of a gain here. The s p up a third of a percent or a gain of 12 the, and the nasdaq is up of 63 points. Microsoft, nasdaq, dow, s p stock, right . Its one of those components. Clearing its biggest regulatory hurdle to date in its attempt to acquire Activision Blizzard u. K. Authorities announced the modified 69 billion deal resolves most of its antitrust concerns. The the new proposal includes a provision that has activision selling its cloud gaming rights to ub soft in an attempt to lessen any fears of diminished competition in the cloud gaming industry. The u. K. Competition board added that it would ask other companies in the market for feedback on the proposal before issuing a final decision. Microsoft is down a quarter of a percent, activision up 1. 75 . Amazons announcing it plans to start running ads in shows and movies on its prime video platform. The streaming platform said in a blog that it would begin to play ads in the u. S. Early next year. Great. If if you want to remain ad afree in 2024, prime will offer an option without commercials, but youre going to have to shell out an extra 2. 99 a month if you are already an amazon prime membership in the u. S. Amazons gaining about half half a percent. Its been a choppy trade today. Shares ofal Alibaba Group rising following reports that a Logistics Firm is planning to file for a 1 billion ipo in hong kong as early as next week. This would be the the first ipo by a tech giant since the Chinese Government cracked down on the sector in late 2020. Right now alibaba doing very well against most of the other stocks in the nasdaq 100. A lot of chinese stocks, we already pointed this out, gaining with alibaba in the lead about 5. 25 . All right, we are coming right back. Dow jones industrials above 34,000 right now. We have it gaining 26 the points on this friday. Much more ahead. Every day, businesses everywhere are asking is it possible . With comcast business. It is. Is it possible to help keep our Online Platform safe from cyberthreats . Absolutely. Can we provide health care virtually anywhere . We can help with that. Is it possible to use predictive monitoring to address operations issues . We can help with that, too. With the advanced connectivity and intelligence of global secure networking from comcast business. Its not just possible. Its happening. Meet the future. A chef. A designer. And, ooh, an engineer. All learning to save and spend their money with chase. The chefs cooking up firsts with her new debit card. Hungry . Uhuh. The designers eyeing sequins. Uh no plaid. While mom is eyeing his spending. Nice. And the engineer . Shes taking control with her own account for college. Three futures, all with chase. Freedom for kids. Control for parents. One bank for both. Chase. Make more of whats yours. The day you get your clearchoice dental implants makes every day. A lets dig in day. Mm. A chow down day. A take a big bite day. A perfectly delicious day. Mm. [ chuckles ]. A love my new teeth day. Because your clearchoice day is the day everything is back on the menu. A clearchoice day changes every day. Schedule a free consultation. sfx stone wheel crafting 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 . Say goodbye to daily insulin injections with omnipod 5. A tubeless system that automatically adjusts insulin to help protect against highs and lows. Try it today. Go to omnipod. Com for risk information and instructions for use. Consult your doctor before starting on omnipod. vo the new iphone 15 pro with titanium is here. Get it on us, with verizons best business unlimited plans. Get the new iphone 15 pro, on us. Its your business, its your verizon. Liberty mutual customized my Car Insurance and i saved hundreds. With the money i saved, i started a dog walking business. Oh. [dog barks] no its just a bunny only pay for what you need. Liberty. Liberty. Liberty. Liberty. Were traveling all across america talking to people about their hearts. Ooh, take this exit. Hows the heart . I feel like its good. You feel like its good . How do you know when its time to check in on your heart . How do you know . Let me show you something. It looks like a credit card, but it is the kardiamobile card. That is a medicalgrade ekg. Want to see how it works . Yeah. Put both thumbs on there. That is your heart coming from the kardiamobile card. Wow with kardiamobile card you can take a medicalgrade ekg in just 30 seconds from anywhere. Kardiamobile card is proven to detect atrial fibrillation, one of the leading causes of stroke. And its the only personal ekg thats fdacleared to detect normal heart rhythm, bradycardia and tachycardia. How much do you think that costs . Probably 500. 99 oh, really . You could carry that in your wallet of course you can carry it your wallet, right . Yes, yes. Get kardiamobile card for just 79 this world heart day. Dont wait. This offer wont last. Get yours today at kardia. Com or amazon. upbeat music awww. Awww. Awww. Nope. Constant Contact delivers the Marketing Tools your Small Business needs to keep up, excel, and grow. Constant contact. Helping the small stand tall. Liz ewell, the line of Goldman Sachs ceos helming the behemoth over the past two decades ranges from hank paulson to jon corzine, Lloyd Blankfein to current chief david solomon. My next guest worked for all three four and helped the firm navigate many major transitions. But its the her own transition thats now the subject of her new memoir, coming out trans in corporate america. Maeve duvali joins me now along with charlie gasparino. Welcome. Thanks for having me, nice way to end the week. Liz we say corporate america, but wall street takes it even a step further, does it not . Yeah, it does. And a lot of people find this surprising, but i had a pretty good experience coming out of Goldman Sachs. I felt sported and accepted, is and i was happy. We broke the story on fox business. You did, charlie. It was in early june of 2019, and you guys did the first story. What i was most impressed about a, just your courage for doing it and coming and doing it publicly, essentially. You know, a week before you were maeve, i interviewed you probably as mike back then. Yeah. And i thought the way you described your journey, to me, was poignant, and it kind of got me. Why dont you tell us what your life was like before this happened. You were a journalist, and you werent a very happy person even as you transitioned from journalism to pr. You had some issues, correct . Yeah. I was a journalist for 15 years, and i worked in Corporate Communications at merrill and goldman for 20 years. And, you know, i, unfortunately, i was an a active alcoholic for most of that time, and i didnt know who i was. I was very unhappy with myself. And i did the best i could, and i showed the world the best happy face i could, but inside i was really hurting. Right. And did you, are you im assuming youre clean and and sober now . Im clean and sober. Its interesting, charlie, because i got sober in january of 2018, and then i realized i was transgender quite suddenly, and for me the two were intertwined. I dont believe id be sitting here before you alive, or if i was alive, looking like this if i hadnt gotten sober. You were one of the most honest flaks thats what i call them, i know you dont like the word no, i dont mind. I think part of the job is picking up the phone and talking to journalists, and some of the people in my profession just dont do that. We cant have you op on here without asking about david solomon. Hes always in the news. You told me at the time that goldman treated you great, that david was very understanding. He spoke with you. Why is he so, i dont know, is it hate now . I mean, whats up with him . Yeah, this is a complicated question, charlie. I worked for goldman for 18 years, and part of my job was dealing with current and former employees that complained about the company. Thats just what comes with the territory. Ill tell you that when a stock price is rising, when people are getting paid, when the companys doing well, the griping diminishes. So davids not a bad guy. No, i dont think davids a bad guy. Maybe davids an investment banker. Maybe its as simple as turning up the charm a little bit because thats what Investment Bankers do, they have charm. Liz you kind of brushedded over it, but you said your realization that you needed to transition to a woman came ratherred is suddenly. What was the trigger . Was it something at work . Was it something where you just got clean and sober and realized now i see clearly . I think its both of those, liz, and for me it was a sudden realization. But when i went back and looked at my life, and thats what this book has allowed me to do, to go back and look at my life from a sober perspective, from a transgender perspective, and i notice things that i hadnt noticed before. And a lot of things thatten didnt make sense to me before made sense right now, but it e really for me, it was a conscious, sudden realization many of course of 2018. In october of 2018. Corporate america is now marketing actively to transgender people, as you know. Theres a huge controversy with Dylan Mulvaney and budweiser, the target sort of ads the target displays. Where do you think these companies are going wrong in this area . I mean, was the dylan mull rainy, was that just poor brand management, not understanding, or do they not just get essentially, could they have done it in a more nuanced way in. Well, they certainly could have done it in a better way. [laughter] charlie, you and i talked about this, but Dylan Mulvaney was just thrown to the wolves. I agree with that. After it was the over we dont even know his version. So that was horrible. Was it, did it make sense doing the commercial . So, well, we dont really know because another marketing person got fired, right . Well, they got theyre not officially fired. Yeah, okay. Thank you. And so the issue here is once a company sticks its neck out on a particular issue or for a cause or an a underrepresented group, they have to keep in the game. And if they backtrack, thats the worst possible thing they can do. And weve seen that bud light is reviled both by its traditional Consumer Base and by my lgbtq right. They helped, they satisfied nobody with this thing. Yeah. Theyre in a rotten position. Liz well, youre in good position, it feels like, with your brand new book. Maeve, thank you for coming on is it selling . Yeah, its selling. I bought it because i know you. Oh, okay. I will read it. Buy it. Thank you very much for having me on. [laughter] liz former Goldman Sachs pr, and we wont say flak, america aeve, thank you. Good to see you. Chinese exchangetraded funds popping as market regulators hint about a changes to Foreign Investment making things a little bit easier for foreign money to flow in. Will the moves for more investment in chinas 9. 4 trillion stock market, would that also spur investment from emerging markets . Mark mobius. Earlier this year he told fox business viewers to be very, very careful investing in china. Mobius joins us live next in a fox business exclusive. With the closing bell ringing in 15 and a half minutes, look at the dow now, it has completely reversed once again, down 69 points. Were coming right back on this friday. 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. Thats life well planned. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. psst psst ahhh with flonase, allergies dont have to be scary. Spray Flonase Sensimist daily for nondrowsy long lasting relief in a scent free, gentle mist. Flonase all good. Also, try our allergy headache and nighttime pills. Blackrock silver is bringing new life to one of the Great American mining camps in the silver state of nevada. With a new resource estimate imminent, one of the highest grade silver projects in america is about to get bigger. Blackrock silver. That first time you take a step back. I made that. With your very own online store. I sold that. And you can manage it all in one place. I built this. And it was easy, with a partner that puts you first. Godaddy. Im so glad we did this. Im so glad we did this. Im so glad we did this. Im so glad we did this. Im so. Glad we did this. [kid plays drums] life is for living. Lets partner for all of it. Im so glad we did this. Edward jones so, youve got the power of xfinity at home. Now take it outside with xfinity mobile. Like speed . Its the Fastest Mobile Service around. With the best price for two lines of unlimited. Only 30 bucks a line per month. Thats hundreds in savings a year when you wave bye to the other guys. All on the most reliable 5g network nationwide. You really shouldnt walk out the front door without it. Switch today at xfinitymobile. Com. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Liz is chinese xi jinping doing an about face . Okay, go oaf to if go back to 2020 when beijing aim at a its own Publiclytraded Company first with ant group, jack ma ofally baa a baa, okay . Derailed the ipo of ant, and then subsequently slapped all kinds of restrictions on other chinese stock that is trade in the u. S. But today with a backdrop of a waning economy in china, reports out of bloomberg are that chinese officials in an effort to boost Investor Confidence of stocks listed in shanghai, shenzhen and beijing will be allowed to accept soon Foreign Investment. So are chinese stocks back in the game . Lets bring in the man known as one of the most successful International Investors, the godfather of emerging markets here in a fox business exclusive, Mobius Capital Partners Founding Partner mark mobius. What do you make of this news . Do you believe it, a, and, b, does it make you more inclined to opening your mind to investing in chinese stocks . Well, yes, i believe it. I believe china wants to have more and more investment. But with a very, very specific goal, and that is in technology stocks. If you look at what has happened in china, it just up to this month of this year, the Chinese Markets have raised Something Like 41 billion in ipos versus Something Like 10 billion for the u. S. So the chinese the have really gone in for a lot of ipos. But these ipos are techoriented. Xi jinping wants to grow the tech sector and, of course, achieve the objective of having the tech sector in china surpass that of the u. S. Liz would you consider so theyre going after investments in a very aggressive way. Liz would you consider chinese ev makers and related companies in that space as Technology Companies . Yes. Software with, hardware, every aspect of tech. But the emphasis is going to be on chips. In other words, the chinese have got to surpass what is happening in taiwan with dsmc. And in order to do that, theyve got to go into the chip manufacturers and all of the subsidiary, supporting companies that support the chip manufacturers. Liz but let me just put a finer point on this. Does it make you more comfortable when it comes to investing in chinese names now that the Chinese Government is appearing to relax its iron grip on these publiclytraded Tech Companies . To some extent and very, going to very specific companies, perhaps yes. But the problem now is that you have companies which meat be very profitable may not be very profitable in this early stage. If you look at the ip os, youll see that the chinese have imposed a lockup for investors. Yards, they cant get out in the short term. Now, it doesnt mean these companies are not going to do very well in the next 3, 4, 55 years, but 5 years, but our thinking is that we have to be very cautious about looking at a these companies and making sure that were in companies that are going to be profitable and have a lot of roe earnings coming in. Liz uhhuh. Major u. S. Corporations are pulling their investments out of china. In fact, theyre trying to move operations in the case of apple, thats the most obvious one, to places like end e ya. India. Does that make you sort of say, well, like i told you so, everybody, because youve been banging the table, pounding the table on indian investments. Yes. I felt that it was very, very important for American Companies or International Companies to diversify out of china into india. But china is still a very important market, and you cant ignore it. So i recommend people diverse thefy their diversify their base into india but also hold the chinese stocks that are attractive. And, of course, it remains to be seen to what degree the new tech stocks are going to be attractive in china. Liz okay. So youre saying hold on to chinese stocks, not necessarily add to the positions . What im saying is probably lighten up on the consumer names because thats where the Chinese Government is not going to give support and go into the tech names, but only those that are profitable now and that have a very good future going forward. So thats going to be a difficult task, but i think thats the way to go. Liz such as a, do you have any names in particular that you think would be a safe opportunity . No. At this stage of the game, i havent found any that have the criteria of high roe that we impose on companies that liz i see. But that doesnt mean that its not going to happen going forward. Liz well, its the always dangerous in these emerging markets, india included, because you never know about how mercurial the leaders can be. We know that xi jinping controls all of the strings on the puppets down there, and he, he makes sure that comments like, oh, well, weve seen problems with the iphone 15 and its security issues, he makes sure that those are things that come out, or he at least approves them. Now theres comments about the leader of india, modi, that hes ruling with a tougher and maybe more strong sort of hamfisted approach, and canadas upset. They feel that the government has meddled many some of their citizens lives. In fact, theres a sikh leader how was assassinated, and canadas in canada, and canadas blaming or at least saying that the government there, how deeply do you look into each leader before you put money into that country . We look at it very, very closely. To see to what degree the leader is going to support private enterprise. And i think modi has demonstrated very clearly that he wants to the support an opening of the Indian Economy and private enterprise. So this is a very, very good sign for us. Liz okay. And thats the reason why even though they have these problems with canada and, of course, internal politics are very complicated in india. Nevertheless, the push is towards private enterprise, Free Enterprise system which is very beneficial to stock markets generally. Liz mark, weve got about 30 seconds. You got any money in cash right now . I have money in cash waiting for the market to correct substantially. [laughter] but we still are investing in india and other countries around the world. Liz okay. Well, good to see you, mark. Thank you very much for joining us and giving us your ideas and your thoughts. Thank you. Liz mark mobius. Weve got plenty of Economic Data to look forward to next week, yes, including the Federal Reserves favorite inflation gauge which often has the most power lately to move the markets. Core pc everything, personal consumption expend your, for august is anticipated to clock in at 3. when it is released next friday 3. 99 compared to the more recent print of 4. 2 . Joining us now is chief global strategist at lpl financial, quincy crosby. What are you expecting here . And in light of the fact that we still dont have 2 inflation, quincy, what is the best investment that you see right now . Well, because of that, you know, the treasuries are often a great return. And if you go into the short end of the yield curve, its extremely good. Its safe, and you could wait it out there. But you always, always risk the potential to get back into the market. If we start seeing rates coming down, you get capital appreciation, but then youve got to move over perhaps into the market. We expect rates to be higher for longer, and we take the fed at its word. I mean, even today we had two fed officials, both suggesting that we may need more rate hikes or another rate hike. They have got to stick to price stability. That is their mandate. And powell, he underscored it at the press conference so often i lost count. Liz yeah. Yeah, he did. So lets believe him because so far he has not, hes not diverted from what he has said, and that is he is still in this game to tamp down inflation. Quincy, one thing that hasnt been stable is the price of oil. The do you like energy here . In the aftermarket, i can look at west texas intermediate, and we do have it at about 90. 34 a barrel. Theres been a big move this month. Its not only been yeah, a big move. Its leading the market as a it did almost a year ago, and then it went into decline. But what you have now is the supply being cut back by russia, by the saudis. The saudis are the consummate put on the oil market, and hay want that price to be they want that price to be probably about 90. Thats what they want. And theyre getting it. Brent crossed 90 just a week or so ago. Theyre going to cut, keep production tight. But the one thing they dont want is to have it rise so much that it could cause a deep downturn in demand and the economy. So its a fine line. They have the meeting october 4th, its a ministerial meeting, and were going to see what a they have to say. Chances are the Saudi Energy Min ester has been very active in the market, you know, preparing the market for their ability to, how do i say this, keep supply and demand in a normal equation. Liz yeah, well see. Yeah, we know they like higher prices, so they squeeze the supply. Quincy, great e to see you. Have a good weekend. Here we go, the bells are about to ring. Markets ending kind of a brutal week in the red. For the week, the dow losing about 1. 8 , but the s p has lost 3 . Biggest loser . Nasdaq, down more than 3. 5 . Thatll do it for us. Larry hello, folks. Welcome to kudlow. Im larry kudlow. All right, kids. Its friday. How about a quick discussion of the news of the week in review . Well, much in the news was the nations explosive illegal