Transcripts For FBC The Claman Countdown 20240712 : vimarsan

FBC The Claman Countdown July 12, 2024

Seemingly inknockous app as the latest threat to americas security. Speaking of bans, when apple ejected a small email service app a couple of weeks ago, the man behind that app launched a david versus goliath battle with the Silicon Valley behemoth and lived to tell. The co founder and ceo of an email parent base camp is here in a fox business exclusive in why this fight with apple may be far from over. Markets looking to close out their second straight week propelled by a major positive development on the vaccine front. The dow popping back above 26,000. And right now were slightly below it at the moment, but were still up 273 points. The s p up 21. And the nasdaq is heading for its third record close in a row, but the high spirits could change come next week if Second Quarter earnings season gets hit with the ugly stick. A stop economist is here to tell us how a top economist is here to tell us how it is going to play out and you can avoid getting bruised. A massive storm is bearing down on the east coast as we speak. Less than an hour to the closing bell on this friday, lets start the claman countdown. Breaking news, looking at a live radar picture of Tropical Storm fay, hurdling towards new jersey, packing sustained winds of 60 milesperhour. Now, forecasts are calling for 2 to 4 inches of rain with the possibility of flash flooding. Looking pretty monstrous right now. Landfall expected somewhere over new jersey tonight as fay currently soaks the mid hasnt region midatlantic region, but the storm is expected to kind of simmer down by saturday as it tracks through new england. Storm stocks from home depot to lowes are moving higher. We have a bright splash of hope thats powering wall street just as new coronavirus cases in the u. S. Hit another single day record yesterday, gilead is sweeping in with some very promising news. The biotech giant is up 2 1 3 . The stock at 76. 48 right now, just as it says its antiviral treatment remdesivir reduced deaths in patients with severe covid19 by 62 . Very good news indeed. Lets get to carnival shares. Oddly carnival shares are jumping at this hour despite the companys loss of 6. 0 7 6. 07 a share in Second Quarter. That stock is up right now. Ceo donald told countdown weeks ago that he planned to resume sailings out of germany in early august. Thats still the plan. That stock is popping. Royal caribbean is jumping 7 1 4 after it has bought the remaining one third in ultra lux cruise line sill ser seas that it silver seas that it didnt already own. A Japanese Electronics firm is investing in a u. S. Game make we are a chinese investor. Game maker with a chinese investor. Sony pouring into fortnite creator epic game, 1. 4 stake in epic, who owns epic . Ten cent, chinas ten cent is the biggest epic investor back in 2012, ten cent bought it at bought a 48 stake. Ten cent may be down, but its 70. 18, it is just below its alltime high. We have breaking news coming out of Silicon Valley. Amazon ceo bezos ordering all employees to remove tiktok from any device that has access to company emails. Amazon is citing security risks for this ordered removal. Tiktok quickly responding saying it doesnt understand the companys concern. This comes as the Trump Administration has said it is considering banning chinese social media apps including the very Popular Video platform. If youve got teenagers, who have been quarantining at home, i guarantee you they have been on tiktok. Heres the concern these kids and everybody else who uses tiktok sharing user data and apparently the belief is that the Chinese Government can dip in and see whats going on, and that is a worry clearly shared by jeff bezos. This after users including my kids, basically my daughter, my sons like im not interested, but were set into a frenzy yesterday when video views and all counts these are like followers vanished. Tiktok acknowledged it was a glitch, simply an error on their end and that it hasnt been banned at the moment, but lets get now to a Trump Administration official who would know a lot about what may happen. A fox business exclusive with one of the top experts in the world in chinese intelligence, u. S. Undersecretary of state for Economic Growth and energy and environment keith crock. Youre also a tech ceo from Silicon Valley, having run docu sign and founding a whole bunch of other companies. Good to have you, sir. First, is the Trump Administration gearing up to ban tiktok here in the United States . First of all, liz, it is great to be back on your show. I appreciate it. You know, with respect to tiktok, i want to put it in a broader context, and that is weve been engaged in a constant evaluation about ensuring that we protect the privacy of american citizens and their information. This is part of the Clean Network program we have in 5g, the clean path program, with regard to incoming traffic. Clean apps which tiktok would fall under, clean data centers, clean cloud, clean carriers, so it doesnt just relate to one company. Weve got to get it right, liz, and this is not to be taken lightly because when you look at these apps, you look at the backbone of 5g, it is laying the groundwork for the communist Party Surveillance state. These apps are an appendage to that, and its a way for china actually to extend their great china firewall, so it is a threat to National Security. Liz okay. Let me just be clear. Because it is part of this clean app requirement that the United States already has, is it fair then to say that it as in tiktok is perceived by the administration as a National Security threat . I know you just said that, but im trying to make sure were clear on this. Yeah, were evaluating that very carefully right now. It would be premature for me to say anything until theres anything official, but i can clearly say that were evaluating all those kind of apps with regard you know, you talk about chat or alibabas browser. You saw india ban 59 apps for their National Security purposes. Were looking at it right now. Liz all right. We have chinese stocks all moving down. I point that out simply because were a business network. We have an investor audience, but that said, and my last question on tiktok is i want to talk about huawei and other issues that you are focusing on. Some might say if the Trump Administration were to ban tiktok it would be in retaliation for what a lot of teenagers who use tiktok claim sent that they were able to sort of sabotage the president s rally back in tulsa a few weeks ago by ordering up a bunch of tickets and then not showing up, hence there were empty seats. Would it be in any way shape or form retaliation for that . Absolutely not, not in any way shape or form. I have children. You know, i want to make sure their privacy is protected. I have five children, as you know, liz, and it has nothing whatsoever to do with that. Liz you got me beat there. Ive got two, but weve talked about our teenagers. Its a little bit of a challenge no matter what they are doing onli online. Let me get to huawei. Where do we stand on that . We know that the United States and the u. K. Have not exactly seen eyetoeye on this, but now u. K. Phone carriers say they could face mobile blackouts if they were to strip all of huaweis equipment from their 5g networks. What do you say to the United Kingdom with whom we have a very strong relationship if theyre concerned that they dont want to see blackouts there . Whats the answer . Well, by the way, i think theyre reevaluating it right now. I think the foreign secretary put it really i think he hit the nail on the head when he talked about referring to the global pandemic, referring to them breaking the agreement that they had with china on hong kong, he said, it all comes down to trust. How can you trust somebody that breaks these agreements . I think the u. K. Is aware of huaweis is an extension of the Chinese Communist party and their surveillance state. So i think they understand. It boils down to one thing, who do you trust . And do you trust a company that m cos from a country that a company that comes from a country that has a National Intelligence act that requires any company stateowned or otherwise or any citizen to turn over any information proprietary technology or data upon request to the Chinese Communist party or suffer the consequences . Liz i remember nick christof spoke years ago china wakes and boy have they woken up, and while they look capitalistic in certain ways, they are still an authoritarian regime which leads me to the sanctions that the Trump Administration has just handed down to certain individuals in the Chinese Government. A top secretary in a bureau has been sanctioned, and now the chinese are saying they will retaliate against the u. S. Sanction. How tightly will the Trump Administration hold to this because there are a lot of human rights abuses going on, and that is specifically what the administration has cited in these sanctions. Well, we will hold very tight to this. And, you know, we secretary pompeo gave a Business Advisory for businesses that are in some way shape or form the supply chain touched [inaudible]. This is probably the worst human rights abuses since world war ii. You know, now we have discovered forced sterilization, forced abortion, slave labor, torture, and this is 2 million uighurs and other Muslim Minority groups, and so i think this shows the level of seriousness that the Trump Administration looks on this abuse of mass proportions on human rights, and as you know, liz, i sent a letter to every ceo in the United States, every board member, recommending that they analyze their supply chains, number one. Number two, look at these companies, these Chinese Companies because theyre also exploiting the slave labor throughout china, and Many Companies are using it, and recommending to their board of directors if they havent already to establish a set of Governance Principles that have to do with human rights and also for the Financial Institutions if they are involved in human rights divest, and as a matter of fact, as you know, that these Chinese Companies dont have to do sarbanesoxley which as a former ceo who has taken three companies public, that kind of makes me bad, but it is not about me personally. Liz got ya. It is about the american investors and about american businesses because it tips the favor in terms of the Chinese Companies. Liz of course. At a bare minimum, emerging index funds, pension funds, endowment funds, they should really disclose what are the Chinese Companies that they are invested in either directly or indirectly. I think that transparency is key, liz. Liz okay. Well, i think its been a horrific abuse, human rights abuse going on, with the uighurs, and well be watching all of this closely. People can vote with their pocketbook and their investments. Keith krach, always a pleasure to have you, undersecretary of state, so grateful that you come on and talk about tiktok; right . Were two old people talking about the hot story here, amazon banning tiktok, thank you very much. We have the closing bell ringing in about 45 minutes. The dow is holding on to triple digit gains here, 332 points to the upside. The airlines, united and american adding to todays rally, after united announced an agreement on voluntary furloughs and early retirement packages with its pilot union and american reportedly might have to cancel some 737 max jet owners because boeing cant find financing. United airlines and American Airlines both moving higher. Ual up 8 . American better by 5. 5 . Up next big banks are set to kick off the covid quarter earnings season officially next week. One of the Top Economists in the world here to tell us if markets could be set up for an unhappy surprise. A chief Economic Advisor with the friday countdown interview next. You cant miss it. Just over a year ago, i was drowning in credit card debt. Sofi helped me pay off twentythree thousand dollars of credit card debt. They helped me consolidate all of that into one low monthly payment. They make you feel like its an honor for them to help you out. I went from sleepless nights to getting my money right. So thank you. Because now you can expewatch all your favorite hulu shows and movies on xfinity. Youre only a voice command away from Award Winning shows like the handmaids tale, to new hits like little fires everywhere. And fx originals you can only watch on hulu. Thats just the beginning of what you can experience with hulu on xfinity. Tv made simple, easy, awesome. Liz just when we finished up First Quarter earnings, now Second Quarter earnings season, it begins next week with all of the names often mentioned during this pandemic, health care, travel stocks, the streamers, the ppe companies, the lenders, all of them are reporting. In fact, our calendar is not big enough. Delta, united health, netflix, many of the big name banks, jpmorgan just to name a few. Profits are expected. Im telling you, dont be surprised, to plunge 43 in this Second Quarter report. Revenues expected to fall 11. 8 . But should you just throw that baby out with the bath water . Lets bring in wall streets most closely followed economist, the chief Economic Advisor. We know this is going to be one ugly earnings season; right, mohammed . So therefore should we just 10 miles down the road versus 10 inches in front of us . I think overall, liz, and thank you for having me again on your show. Overall that is what the market will do. It will look through the data, viewing it as temporary and largely reversible. Having said that, within the different sectors, theres going to be a lot of interest in how each companys navigating what is a very tough environment out there. Liz well, how much should investors value a really ugly number that comes out of a big company that they may own or even a small one . I think they are going to look at how the competitors did, how did it do in relative terms, thats first. Secondly they are going to look at the components. Lets take banks for example. We know depending on your composition of business, you either have a tail wind or a headwind. If you are heavily in lending, if youre in the card business, thats a headwind. But if youre in the market business and the mortgage business, you have a tail wind. So people will be either looking at the details to understand how individual companies are navigating both the risks and the opportunities. Liz its been an unbelievable Second Quarter. I mean, you just look at the s p, for example, and over the quarter, it finished up 515 points. I mean, the nasdaq was a winner here, up 31 . Dow wasnt a slouch, up 18 . Were watching the bulls drive this market higher and higher. You know, if they overlook disappointing earnings, whats wrong with that . So i could take an example of tesla, up 55 in the last two trade weeks. What you are getting is basically technicals. [inaudible] push them higher and higher regardless of valuation, regardless of the underlying fundamentals and regardless of more uncertainty about the policy environment. This has been about technicals. You and i have talked about it. This market has benefitted from enormously strong technicals, and thats whats pushing us higher. It is about liquidity more than anything else. Liz well, one technical, its called the golden cross, i want people to understand this because its always good to learn about these things, but the golden cross is a bullish sort of breakout pattern that in essence is backed by heavier volume. Are you seeing that . And should this be yet another signal to keep buying because, you know, any bad headline that comes out may very well rock these markets. We have already seen that even a couple of times during the Second Quarter, but then theres a recovery. Look at today up 346 points for the dow right now. And we have, you hear these two phrases there is a fear of missing out. Every time this market has been hit, it has bounced back. Even though the underlying reasons why [inaudible]. The second one is i was talking to a friend today who i really respect and he said im really uncomfortable about the market but there is no alternative. Where do you want me to go . I dont get paid anywhere else. Those two things have driven it higher. We just need to avoid a shock, because if there is a big shock to this market, the down side could be considerable. Liz mohammed, i hope you have a very relaxing weekend out there on the west coast because right now were getting pummelled with torrential rains, typical; right . Thank you so much. [laughter] thank you, liz. Liz good to see you. Mohammed, any time. The closing bell is ringing. Folks, weve got 36 minutes to either add on to a 351 point gain here on the dow or somehow ruin it, back above 26,000 at this moment. The tim cook regime taking a page out of the steve jobs play book. According to tech website the information, apple reportedly reaching a new stage in the development of augmented reality products, namely g

© 2025 Vimarsana