Use authorization its covid19 vaccine. You can see pfizer punching up about 1. 7 at the moment. Remember that were looking at a comeback perhaps late in the day, in the next 59 minutes, because that is the dow had fallen 430 points, now we are down just 116. Any gain for the s p, the russell or the transports means another record. Were not there yet right now. The nasdaq up 9 points. Fed chair Jerome Powell also giving markets a boost by calling on congress to get moving, already, on a new stimulus package. Former chair of the council of economic advisers under george w. Bush and now Columbia Business School emeritus dean, Glenn Hubbard is here on whether we need it, how big it should be and how worried he is about the precarious recovery. The ceos of facebook and twitter forced to run the Senate Judiciary committee gauntlet on capitol hill once again. One senator equating the social media sensations as quote, modern day robber barons. The ceo of whats being called the antifacebook is here. Millions have been flocking to this app. Over just the past five days, millions. We will ask what its about, what his platform offers that conservatives are rushing to and where he stands on whether big tech needs to be regulated or broken up or neither. Social media can make or break a brand. Elf beauty sitting pretty during the pandemic thanks to its specific social media strategy but could it take a licking if tiktok stops ticking . The ceo of elf is here. Elon musk doing a happy dance as he inches closer to the top of the list of the worlds richest people. Very close right now, thanks to teslas new spot on the s p 500. And wait until you see what Warren Buffett loaded up in his equity shopping cart this past quarter. We are about to crack open the oracle of omahas newest secret stock playbook. A fox business alert. Got to get you this. The wrath of senators on full display for both Facebook Ceo Mark Zuckerberg and twitter Ceo Jack Dorsey at a Senate Judiciary committee hearing. Both ceos highlighted their efforts, they say, to crack down on misinformation around the u. S. Elections while pleading with lawmakers to handle the legal liability shield known as section 230, handle it with caution as it underpins their Business Models. Edward lawrence listened to every word of this fivehour long hearing, he joins us now with how much damage might have been done. Edward . Reporter yeah, the glaring highlight of this hearing was the Facebook Ceo Mark Zuckerberg caught offguard by senator josh hawley. Hawley saying he has a whistleblower who says facebook, twitter and google coordinate on who they can censor and what topics get censored. Zuckerberg dodged questions saying he has to confer with his team. Listen to the exchange. We should follow up on what would be useful here. It is of course in the operations of the company if someone reports something, sometime its necessary for people at the company to go review and understand the context around what is happening. What we have here is clear evidence of coordination between twitter, google and facebook. Mr. Zuckerberg knows he has the tools to track this but he either doesnt remember or wont commit to letting us see it. I submit to you that this is both totally unacceptable and totally predictable. Because it is exactly what these Tech Companies have done to the American People and to congress for years now, which is why it is time we took action against these modern day robber barons. Reporter both zuckerberg and ceo of twitter, djack dorsey, sy there is mistakes in what has been censored. Senator mike lee saying funny how these mistakes always come down on conservative voices. Some say there needs to be a greater crackdown on information flowing through social platforms. Saying there was styilence from the social media platform. The ceos acknowledged section 230 of the Communications Decency act that gives immunity needs to be changed. Both of them say there needs to be more transparency about what is censored and the decisions about how censorship is made. No concrete steps came out of this hearing, just the ceos on notice that congress is watching. Back to you. Liz okay. Modern day robber barons. We shall see. Good to see you. Thank you for distilling that. As competitors smell blood in the water, around those two names, it appears rivals arent really having to take the time to attack. Take mewe, the adfree social networking app is being called the antifacebook. The app which promises it will never collect your user data has benefited from a growing exodus from twitter and facebook in the days following the president ial election. Mewe now has more than 11 million members. Its still small, facebook has three billion, but mewe has clocked two million new members in just the last nine days. Mark weinstein is the founder and ceo and he joins us in a fox business exclusive. Wow. Mark, mewe has been downloaded, the number one most downloaded social app for the last four out of five days. What specific role do you feel the president ial election has played in serving as the spark plug for mewes outsized popularity of late . You know, people dont want to be censored for having good conversations about whatever theyre talking about, whether its politics, health issues, anything at all, as long as they are abiding by common decency rules as facebook, twitter, google, they decided to be political arbiters of whats okay to talk about and whats not okay to talk about. People are done, they are over it. They dont want their data sold. They dont want to be targeted. They dont want their opinions manipulated and purchase decisions manipulate d. So people are flocking to mewe because mewe is social done right. There is no fartargeting, theree no ads. It is pure authentic we are connected [ inaudible ]. Its really common sense. People call the movement a revolution. Mewe is social done right. Liz im a big believer that when there is a monopoly out there, for years, or a duopoly, twitter, facebook, that kind of thing, the upstarts really get their shot when those big goliaths stumble. But youve got to be ready for that stumble. Tell me technically how you are ready, are your servers holding up . Give me a sense of how you are capitalizing when this opportunity arises. We have been engineering, we only have one person on marketing. We are an engineering focused company because if you take on facebook, which is what we chose to do, you have to build the best social network and its got to scale perfectly. We are scaling perfectly. We are engineered to scale perfectly. So its easy for people to register, get started, get the groups they want to follow. So its simple and our server astruc isre compl complyely gndeed tgngnt hgnt hgnsedsf milliofmemberer okayay i w wt, ient went on was g somg oe grgr. Ps. S, aot of lot of conseivseiv p. Ou bhe t genentyen has a a a sean hanty oas oneheretsi meaea his,ut theress a sh, he heot a lffa, 00. ,6 tucktuckas aas fess l tn th at. Onaltititicocovatiervati sherehe a a a s se qan qan gro ell an well my qd uen uecome jack dorseysey s thatha h flagged agorge twitterer h fla some 30 0, pie of ot ty aboutabouou electiel. Tielorsimar u sayu saou will wilil do tha. However, what happens if somebody puts something on your site, lets just say for example a terrorist who puts an outline of how to make a pipe bomb on your site in a group of we love pipe bombs whashgs a, what are to do about that . Nothing . No, no, these are great questions. These are great questions. First of all, the problem with facebook and twitter is their Business Model. The fact that you or i or anybody or a russian or chinese, the government, can go in and target millions of members and drop data and content into their news feeds unsuspecting, change their minds, change their purchase decisions, change their votes, thats completely absurd. At mewe, nobody can target you or me. Its only what i follow. My friends, the pages i choose, the common interests, hobbies, whatever, its all what i choose to follow. Liz but its out there. Youre saying they can have their groups privately. Hold on. Hold on. We do have strict terms. We are not anything goes. I am completely against anything goes sites. On every post, on every group, on every profile, on every page, we have a trust and safety team. We dont allow inciting violence. We dont allow anything like that, bullying. We dont allow any illegal content. We are very strict. But yes, we have people from all walks of life, conservatives, great, welcome to mewe, but everybody else is welcome to mewe, too, because mewe is founded on democratic principles of we argue, we disagree, thats fine. Isnt that what our republic is about . Isnt that what democratic principles are about . Thats what mewe is about. If youre a bad guy, youre out. Liz okay. We would love for you to come back. We are following this story because if there is regulation by congress, you may get swept up in that, as you are a social media company. Im sure you wouldnt be thrilled about that. But we will be watching it. Thank you so much. Thank you. Liz mewe is the company. They are calling it the antifacebook. Pretty popular app lately. Fed chair Jerome Powell has made borrowing money for anybody, mewe included, as cheap as possible, or has he . Are we about to see him take it a step further . Is he going to ponder negative Interest Rates . Former council of economic advisers chair of Columbia School of business dean emeritus Glenn Hubbard games that possibility and the dangers of it even if the economy is desperate for it. Closing bell ringing in 49 minutes. Dow jones industrials down 174. The claman countdown is coming right back. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. The recovery continuing at a solid pace but with significant downside risks, especially in the near term. Of course, the near term risk that were most focused on is the spread of covid these days. The concern is that people will lose confidence in efforts to control the pandemic and they will pull back from activities that they think might put them at risk of infection. There are some signs of that already. So yeah, this is very much a concern. We have been saying all along, the economy cant fully recover until people are confident that its safe to resume activities involving crowds of people. Liz fed chair Jerome Powell speaking just a short time ago at the Bay Area Council business hall of fame ceremony, outlining just how a precarious recovery can suddenly go south after just a few steps. But look at the intraday chart of the s p 500. We have gotten pretty much to the highs of the session a few minutes ago after he spoke. Is that on the belief that the fed may resort to negative Interest Rates if it means it will help the recovery . Joining me now, Glenn Hubbard, former u. S. Council of economic advisers and chairman and dean emeritus of Columbia University graduate school of business. Great to have you, dean hubbard. Do you get the sense that if congress cannot manage to pass some type of help, that that is the next step, or at least a few steps away, and that would be negative Interest Rates . I dont. I dont think negative Interest Rates are in the interest of the economy. I think they would distort Capital Allocation and might really just push on the strain. The fed does have other tools through the programs that it has, but chair powell has been right in his comments that what we really need is more fiscal support if we want to correct some of the demand problems during the virus recovery, weve got to do that. The fed cant do it. Liz yeah. But the congress cant seem to get it together to do what he is asking them to do. So it makes me wonder, the last three times hes spoken, i listen very intently, he continues to say we have to be careful because now what you see across the United States are sort of revived lockdowns being instituted from the coasts to the midwest and everything in between. What are you seeing as a top economist out there who has watched all kinds of issues that this country has faced, if there are market slowdowns, we got retail Sales Numbers this morning that missed estimates on both the top line headline number and then of course, ex autos it was a decent miss there. It makes people start to wonder how bad its getting. I think youre right. Chair powell was correct when he said unless and until we fix the virus and get people comfortable with normal activity, whether thats work or shopping or anything else they do and entertainment, we are not going to recover. The fed cant fix that, though. Lower Interest Rates or negative Interest Rates arent going to change any of that. What we need is assistance for people who are unemployed, for businesses who are struggling to make it, and for states. I do think theres a potential for compromise on some of those individual pieces, members are not that far apart. Theres been a big battle over headline numbers but if you look under the hood, theyre not that far apart. I think a couple of missed numbers puts a package on the table. Liz we have millions of people unemployed and about 30 million still getting some form of government help. The heroes act that the democrats had passed back in may, i believe, couldnt really get together with the republicans. President trump tried to broker a deal that came close. Were looking right now at what they had come down to. Democrats said okay, 2. 2 trillion. President trump and Steven Mnuchin had said we will go up to 1. 88 trillion. But Mitch Mcconnell said forget it, i dont have the votes. There isnt the taste anymore on behalf of republican senators. Is this a mistake . Well, i think from the economys perspective, a package of at least 1 trillion is needed. I have done some work with aspen, with some other economists this past summer. If you comply with aid to states and Unemployment Insurance extensions and more funds like the paycheck protection program, you could get up to about 1 trillion. I think the heroes act is probably too much and a trillion would get the economy going again. Liz okay. Because the heroes act wants to put 1200 direct payment checks into peoples hands, expand ppp, the paycheck protection program, give some state and local governments assistance. It seems that there are so many needy areas. But you say 1 trillion. All right. I do have to ask when you put on your dean emeritus hat at Columbia Business School, jobs out there, are they plentiful . Because im hearing anecdotal evidence that graduates of a lot of top mba programs, not just columbias, are having trouble finding jobs, even after graduating with that platinum degree. What are you seeing . Well, the job market is actually pretty good for our students. The real issue of course is which industries you are interested in. If you are interested in technology, consulting, finance, thats fine. Obviously things that are more real estate or travel and entertainment oriented have been hit. I think it really depends on the sector. Overall, its not columbia mbas im worried about. Its many lower skilled americans who are really struggling to find work. Liz us, too. But you know, if the columbia mbas are having trouble, you can only imagine how hard it is out there for the average lehmaayla laywoman. Thank you. I appreciate you coming on. Glenn hubbard. Look at gamestop shares. They are falling. This is interesting. After chewy cofounder ryan cohen, one of the video game retailers largest investors, called out the company in a letter to gamestops board. Cohen complaining about quote, gamestops outdated Business Model and failing brick and mortar strategy. The stock is kind of failing right now, down 4 right now. Talk about playing and winning the game. Elon musks tesla, topping the nasdaq as it supercharges its way into the most exclusive club on wall street. No wonder hes dancing. We are tracking all the electric moves, next with the closing bell ringing in 38 minutes. The russell 2k now positive, up 4 . If we close right now, thats a record for the install asmall a midcaps. Or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Metastatic Breast Cancer is relentless, but im relentless too. Because every day matters. And having more of them is possible with verzenio, the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopausal status. And its the only one of its kind you can take every day. 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Liz weve got a fox business alert. Take a look at the markets top pharmacy names, looking a little pale. Thats with amazon launching its latest disruptor. Amazon pharmacy is a Prescription Drug service that includes twoday delivery, steep discounts for prime members. Yes, walgreen boots down 9 . Cvs down 8. 7 . Riteaid getting just crushed, down 16 . The new competition causing real pain for the drug sector. Theyre not the only ones experiencing pain. Xpresspas latest Quarterly Report is stressing investors. The airportbased spa chain says it has no plans to open any of its u. S. Locations of the spa part of it, the massages and manma manicures in the near term. They just cant with the pandemic. The ceo says the focus for now is converting its storefronts into rapid covid testing sites. Three Wellness Centers already operational now in newark airport, jfk and bostons logan airport. The stock down 8. 9 . Snowflake heating up, thanks to the oracle of omaha tipping his hat to it. Berkshire hathaways latest 13f filing, where the company must reveal what its bought and sold during the quarter, shows its snow pile increasing to 6. 13 million shares which as of yesterdays close, would be worth 1. 5 billion. The stock is up 1. 7 . Definitely more than that. The cloud giants 3. 4 billion public debut two months ago made it the top software ipo in history. Snow trading at 246. 12. Weve got more on Warren Buffetts latest Shopping List and what he jettisoned as well in just a few moments, including the one sector hes absolutely going gaga over. Or maybe its his Stock Traders that hes hired. But we will take a look at that in just a minute. And to probably the most soupedup pop of the day, tesla. The s p finally opening its hallowed doors to elon musks creation. The ev giant will gain entrance to the s p 500 on monday, december 21st, sending the stock and his net worth skyhigh. Right now, believe it or not, even with a gain of 7. 9 , its off the highs of the session today. It had jumped 10 which of course is helping a number of ev makers shift into cruise control. Lets go to Cheryl Casone in the fox business newsroom with more on what its done for both the halo effect of other companies and also elons net wealth. Cheryl i was interested to watch in the premarket, the overnight trading when it jumped about 13 . This stock has been the story for the last two days. S p announced monday tesla would be joining the index prior to the beginning of trading december 21st. When it becomes official, it will be one of the ten most valuable Companies Based on mondays closing price. Stock is up 8 right now. It spiked on that news earlier as i mentioned. The fund managers, all of those guys out there, they have got to add the stock as they track the s p 500 index to their portfolios, the market cap of 8. 2 billion makes tesla now the latest powerhouse in the index. One of the top stocks in the index. That is going to make elon musk an even richer man. His wealth, talking about 15 billion on teslas entrance into the s p. Hes about to become the worldworlds third richest person. Hes now overtaking facebook chief mark zuckerberg. As of last night his net worth is sitting at 117 billion. Theres the performance for the year of tesla. The reason they reported their fifth consecutive quarter of profit, 8. 77 billion and they reportedly delivered 139,300 vehicles during the Third Quarter. That was a new record for the company as well. On that news you mentioned this, liz, most ev stocks got a nice boot. Lordstown, Ticker Symbol ride, that stock up more than 9. 5 . But this is kind of i guess the tide that lifts all boats, if you will, or whatever, the reverse of that. I forget how the saying goes. There you go. All the boats and cars are getting lifted. Its fun to watch. Its fun to watch. Liz yeah. The rising tide of course. Fisker, Henrik Fisker worked at tesla. Thats an interesting one. Hes been on the show. We will be watching him. He went public via spac. Again, its a crowded field but maybe its the future. We are watching it. Cheryl, thank you. All right. Dow jones industrials down 188. The elf that just cant stay on the shelf. From new star powered relationships to going big on social media, the ceo gives us the secret keys to his publicly traded makeup giants success even in the face of the pandemic. The closing bell ringing in 29 minutes. Yes, the russell 2000, keep an eye on it. Its trying to eke out another record close. Nasdaq down 24. S p, any gain, were not there, but yeah, any gain would give it a record. Well be right back. Hi, my name is sam davis and im going to tell you about exciting plans available to anyone with medicare. Many plans provide broad coverage and still may save you money on monthly premiums and Prescription Drugs. 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Learn how you can use a reverse Mortgage Loan to cover your expenses, pay for healthcare, preserve Retirement Savings, and so much more. A lots changed since 1961. Since then over a million Older Americans have used a reverse Mortgage Loan to finance their retirements. It meant so much to nellie, maybe it could mean as much to you. Call now and get your free infokit liz weve got a tale of two retailers right now. First, look at kohls. Kohls is crushing it right now. If you are a shareholder you are really happy, its jumping 10. 7 after beating earnings expectations. Yes, it missed on quarterly net sales with a 13 decline as shoppers shifted their spending away from apparel and footwear but listen, shareholders really like the story today. Walmart, heres the other part of the two cities, the tale of two retail cities here. Not so much. Walmart is flagging just a bit, down 1. 5 after the Worlds Largest retailer beat on earnings but heres a Third Quarter highlight that investors are choosing to ignore. Ecommerce sales soaring 79 . Weve dug in, what were some of the most popular brands for walmart online. E. L. F. Beauty. Its taking the Beauty Industry by storm. The company just brought in its seventh consecutive quarter of Net Sales Growth and is amping their marketing and digital presence using one social media platform in particular, tiktok. We thought lets get the ceo in, tarang amin joining us now. This is so exciting to see for you guys. As a publicly traded company now in, what, your twelfth year, its nice to see that you are really one of the most popular on walmarts Online Presence but give me a sense of how the quarter went and what during the pandemic has encouraged customers to jump in and press buy . First of all, thank you for having me. Im so proud of our team. As you said, we delivered our seventh consecutive quarter of Net Sales Growth in a very difficult environment. The pandemic has not been good to color cosmetics. People are kind of locked up at home and havent been able to kind of express themselves the way they normally do. So the category itself has been down and we have been able to buck that trend by really posting pretty strong growth, even in the face of this category headwind. Really, it comes back to our fundamental proposition of extraordinarily great products at great values and our strong dim digital presence. Again, really proud of the team and how were executing in a tough category. Liz lets get to that. The strategy, especially when it comes to marketing. You launched a tiktok show, a guess a reality show, called e. L. F. , eyes, lips, face, but tiktok has been important to how you have been able to reach a huge audience. What gave you the idea . Were looking at some of this right now that goes on tiktok. Can you put a pinpoint on how important that particular social media giant has been for you guys . Yeah, its been a great driver of our business. As has our overall digital ecosystem. On tiktok in particular we always follow our consumer. We have a strong following among gen z and gen z happen to be on tiktok quite a bit. We did something unusual and decided to get into tiktok, instead of doing what most brands do and sponsor something or do something that is more akin to their other efforts. We actually composed our own original music track because as you know, gen z loves to dance on tiktok, they love to use these challenges, and im happy to say our collective challenges now on tiktok are approaching Something Like 10 billion views over six and a half million liz whoa yeah. Its been an incredible including we were the first, we created the first tiktok reality show and we continue to build on kind of the success weve seen. Liz now, tiktoks in a little bit of limbo here. We know that cfius, the committee for Foreign Investment in the u. S. , has given it a 15day reprieve starting a couple days ago, but how concerned are you that it might get banned in some way, shape or form . Well, i hope that gets resolved but meanwhile, we were created 16 years ago online so its always had very strong presence across all the different social platforms. We are strong on facebook, on instagram, on snap, really across our entire system so for us, its really about how we engage our consumers. Im hoping everything gets resolved on ik the to beitiktok doesnt you will see us continue to innovate on other platform as well. Liz we are coming up on the Holiday Season, albeit a different kind of Holiday Season obviously because of the pandemic. What is your strategy as we look ahead . Well, we are expecting a really strong Holiday Season. We talked in our earnings call, q3 will be a particularly strong quarter. Part of that has to do with holiday. Part of what we did this year, what the pandemic might mean on shopping patterns, we started much earlier. We started putting our holiday kits on elf cosmetics. Com all the way back in september. We have just seen really strong growth as we have across our Digital Business. Our Digital Business is up between our retailer. Com so we continue to feed it the best way we know how, through innovation that consumers can see. Liz you know im available for eyes, lips, famous. [ speaking simultaneously ] youre more than welcome. Liz yeah. Be careful what you wish for. All right. Tarang, thank you very much. Tarang amin of e. L. F. Cosmetics. The coronavirus pandemic, we talk about this with each and every business story, has really crushed the travel industry. None more than airbnb. But the Vacation Rental marketplace bouncing back and has finally filed for an ipo after all these years. But what does that filing reveal . And kodiak cakes. Have you had those pancakes . The ceo joel clark shares how he bo bootstrapped his company starting at age 8 dragging his moms pancake recipe in his little red wagon door to door to building a multimillion dollar pancake powerhouse. Boy, did it take a long time. I want you to listen to my latest podcast episode of everyone talks to liz. How he found Sweet Success on spotify, apple, wherever you get your podcasts. Slow and steady won him the race. Closing bell ringing in 18 minutes. The dow is falling a little deeper, now 205 points down. Well be right back. When i was in high school, this was the theater i came to quite often. The support weve had over the last few months has been amazing. Its not just a work environment. Everyone here is family. If you are ready to open your heart and your home, check us out. We thought for sure that we were done. And this town said not today. But what if there was a Hidden Treasure . A prolific area,evada. Untouched for decades waiting to be rediscovered . What if one gold explorer is set to unearth the potential and transform the area into the next big nevada gold district . Corvus gold, gold rediscovered. Adapting. Innovating. Lsetting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. You know limu, after all these years limu emu and doug. Its the ones that got away that haunt you the most. [ squawks ] cause youre not like everybody else. Thats why Liberty Mutual customizes your car insurance, so you only pay for what you need. What . Oh, i said. Uh, this is my floor. Nooo only pay for what you need. Liberty. Liberty. Liberty. Liberty. Liz breaking news. The u. S. Senate has just blocked the confirmation of president trumps controversial Federal Reserve board of governors nominee judy shelton. I need to give you context here. The vote was 4750. Two senators missed the vote. One of them, Chuck Grassley of iowa, hes quarantining. This is the first vote he has missed in 27 years. But we should tell you that three republicans, susan collins, mitt romney and lamar alexander, all said they would not support miss shelton due to her controversial and somewhat unorthodox policy views as they put it. She wants to return to the gold standard. First time around, senates blocked it. Airbnb looking like it is perhaps well on its way to recovery from the pandemic. The Vacation Rental platform opening the door to a december Public Market debut with its ipo perspective prospectus, rather, which it filed late yesterday. The Hotel Disruptor reports it narrowed its revenue dropoff from 72 in the Second Quarter to just 18 in the Third Quarter. That rebound helping the travel unicorn turn a 219 million profit during the period. Travelers appearing to agree with the cdc that airbnb is a less risky alternative to hotels when it comes to coronavirus. That seems to go for the markets, too, at least. Marriott, hilton and hyatt all in the red at this hour. We have marriott down about 1 , hilton down 2. 8 , hyatt down 1. 7 . The pandemic is also squeezing profits in the banking world and it looks like that could mean more pink slips getting handed out at Financial Firms this christmas. Terrible timing, charlie. Always terrible around this time of year to get a pink slip. Charlie this is breaking news, liz. I just want to say that the two firms we found out about today, the ones we found out about. Every major firm on wall street will do major cuts next year. Unclear exactly how much, it could be pretty significant. What they found out is this. They can work with a lot less. Thats what they found out during the pandemic. Even though the markets are going up at record levels, even though today we saw them off a little bit, these big banks are looking to reduce their footprint in manhattan, looking to cut staff. They dont need as much to make the same amount of money. The two firms we found out, Goldman Sachs and credit suisse, as we reported first on my twitter page earlier today. They are the ones we found out about. But its every firm. Heres what we do know. Wall street is now beginning to chip away at its work force in a fairly significant way. Credit suisse today issued pink slips, from what we understand sources at the bank tell us, to executives in the equity and prime brokerage division. I didnt get the number. We dont know. They have be describen describe as not massive layoffs but modest amount of layoffs. Goldman does now have plans to lay off people in the new year. Weve got that confirmed from someone inside the bank. I got that confirmed early today, right after we tweeted about credit suisse. I saved it for your show, liz. Thats how much i love you. Just so you know. I saved it for your show. Liz yay. Charlie they are planning modest amounts of layoffs. We dont know exactly how much. Again, from what we understand, what people inside goldman are saying, it will be firmwide. Analysts predict more layoffs in the coming year. Its simply this, liz. Wall street firms are notorious for cutting. They always overcut and they always overhire. Liz yeah. Yeah. Cycles. Charlie its how the cycle goes with these guys. Now they are in a mode of trying to figure out what how many people exactly do they need to make the same amount of money when they dont need to fill people inside big firms in manhattan. They are looking to cut costs. You know, they are figuring out that maybe they need fewer bankers. Theres all these trends where you are doing deals without bankers, without middlemen. Obviously they dont need as many traders anymore. Most trading is done electronically. So and the pandemic did have an impact even though markets are up, it did have an impact on certain businesses. Particularly banks. If theres an issue with people, with the pandemic going on and on, and these vaccines not working, you know, does the consumer get hit, do credit card defaults ramp up, does that hurt the banks bottom lines, the bank banks, not necessarily Goldman Sachs. Although Goldman Sachs is turning in a bank, as you know. Its becoming much more consumer. Thats what all these guys are dealing with right now. Those are the two we know. I would put my money on the fact that jpmorgans going to do the same thing. I put my money that Morgan Stanley is going to do the same thing. People inside those firms have dropped the dime, they told me they are looking at everything. Thats where we are right now. Wall street could be up and it is, as you know, markets are doing pretty well. But the big firms are looking to cut costs. I think the next thing you are going to see out of wall street is some sort of massive reduction of their footprint in manhattan. Thats kind of another way to save a lot of money. Move to nashville. You can still do the same business in nashville, apparently. Aga again, heres the thing. I cant stand doing stories like this. I dont like it when people lose their jobs. Its part of our job to do that. Anyway, thats where we are right now. Back to you. Liz you know what, yeah. The banks are cutting employees. Thank you, charlie. Warren buffetts cutting banks. Yes. We just cracked open Warren Buffetts secret playbook. He has to cough it up to the s. E. C. Four times a year. He is shedding bank stocks including jpmorgan. But whats he adding . The four names from one attentiongrabbing sector that hes adding to keep his stock empire healthy. You got to stay tuned through the commercial break because im about to tell you. Closing bell ringing in seven minutes. The dow, down 166. Well off the lows of 430 points. Stay tuned. We could make a run for the border. For over 30 years, lexus has been celebrating driveway moments. Heres to one more, the lexus december to remember sales event. Lease the 2021 is 300 for 339 a month for 36 months and well make your first months payment. A. I knew about the tremors. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. Liz. 3 1 2 minutes before the closing bell rings. Russell, dow jones transports, new alltime highs. Can we do it here . Russell about to acknowledge Third Straight record close. Dont move. You have to see this. It will be the second Straight Record for the dow transports. Nice moves. We see if we hold it. The oracle of omaha scooping up four names from one single sector. Warren Buffetts Berkshire hathaway stock portfolio spending 5. 7 billion doll on big pharma giants abby, Bristolmyers Squibb, merck and pfizer. Everybody from Bristolmyers Squibb getting a nice move to the upside. Not just among vaccines makers. Among these names only pfizer has a vaccine. Todays countdown closer has two stocks to recover your portfolio from covid19. Center square investment management. Chief Investment Officer scott crow. Sell me on these names. Liz, great to be with you. One thing your viewers need to know about commercial real estate and covid it accelerate ad lot of trend already in place precovid. There will be bifurcation, some lose, some recovery plays. Think about our lives have changed. Shopping, working from home. The movement from the cities to the suburbs. This is helping some real estate types, right like, industrial warehouse distributions, Single Family rental, all the i. T. Related real estate infrastructure and cell phones and data centers helping this conversation happen. It is also hurt a number including apartments, big cities, malls, obviously and Office Buildings as well. You can pick through that, definitely find areas of opportunity. Liz you like rexford industrial reality. Looking at three month period. It absolutely recovered. What is specifically in the portfolio you say can keep people safe . We heard Charlie Gasparino how banks will move out of manhattan and big sy centers because of the cost of commercial real estate. It is hard to put your finger on retail and Office Buildings. Rex ford is a company focused on last mile infill industrial. We understand ecommerce, 20 to 30 of retail sales as we go through covid. Climbing by the day. The big problem that amazon, and all these retailers and etailers have, how we get to the population centers. Rex ford focuses on last mile industrial warehouse distribution. It has this sort of growth in their portfolio. Liz you like equity residential, eqr. It is up 33 yeartodate. Were seeing a record close for the russell and transports. You like stocks here or too expensive overall. I like residential it is up on the back of vaccine. Its a focus to bet on new york city and San Francisco coming back. [closing bell rings. Decline in real estate values. [inaudible] liz we have to wrap there, scott. Thank you so much. Scott crow. Its a record for the russell and the dow transports. Take it away, connell. Connell falling from record highs. Rising virus cases and stimulus uncertainty dragging on stocks today. The dow and s p are in the red as we close it up a day after they both hit new highs. Off the lows but still down 166 on the dow. Nasdaq turned green early in the afternoon after being down in the morning. Not able to hold the gains down lower by 25 points. If you want to see green on the board. Take a look at tesla, the stock jumping on the announcement that it will indeed be added to the s p 500. That will be on December December 21st. Amazing run
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