59 minutes heft to trade, folks, stocks on fire day two. Look at the dow jones industrials. Not even at the highs of the session, right now up 291 points. Had been up 376. Nonetheless, when you put these two days together, yesterday and today, youre looking at 690 points of gains. S p jumping 18 points. Weve got the nasdaq up 36. Earlier though, so were definitely coming off the boil here. The nasdaq had been up 169. Russell 2000, the percentage winner, once again up 1. 25 or 26 points. But we begin with breaking news and kind of dueling headlines here. Apple and the reddit ipo. As we kick off the final hour of trade, i need you to looked at apple. A major lawsuit by the department of justice and 16 astronaut attorneys general slapped state attorneys general slapped on apple is dunking shares of the iphone maker all the way to the bottom of the dows barrel, down 4. 25. The stock the is tanking 4. 25 . Merrick garland announced the Consumer Electronics behemoth has allegedly violated federal antitrust laws by engaging in specific behavior that they say stifled competition in not the smartphone market, but choked off many other industries that rely on mobile devices to reach consumers. Apple creates barriers that make it extremely difficult and, e pepsive for both users expensive for both users and developers to venture outside the apple ecosystem. When it comes to smart watches, apple not only drives users to purchase an apple watch which is only compatible with an iphone, it also uses its technical and contractual controls to make it harder e for someone with an iphone to use a nonapple mart watch. Liz oh, and theres a lot more. Even more worrisome if than the hit that the stock is taking now down 4. 33 , so as you see through the session its getting worse, the doj says it does not rule out seeking a breakup of apple as a possible remedy. Trader keith fitzgerald, by the way, is actually scooping up apple shares on this sell selloff. Hes going to join us later in the show to explain why. In the meantime, that other major headline, the reddit ipo. 19 years after the social Media Community site went live on the web, it debuted on the New York Stock Exchange as a Publiclytraded Company in one of the most highly anticipated ipos in years, reddit which was priced at the top end of the trade at 34 a shower which gives it a valuation of 6. 4 billion opened for trade at 1 15 p. M. Eastern. The stock on its very first prohibit shot up to 47 print shot up to 47. Eye of the session, 57. 80. It has come off that right now. Wert at 47. 96. Still a 41 percent gain. Now, during the peak of the session the company had a market cap of about a 10. 9 billion. So as you see, its moving around but it is still a win at this point. Trading higher or by about 14. 22. Joining us now in a fox business exclusive, Vanderbilt University assistant professor of finance joshua white. He also served as a financial economist at the securities and Exchange Commission. And we have an early reddit user, charles bayer, who declined reddits offer to buy shares. Charles, there has been concern that the stock could lose steam shortly after its opening trade because many of the users, retail investors, said they plan to short the stock. Clearly, that is not happening yet at least. Any regets . Regrets . No regrets. You know, again, i think reddits a great platform. I have no issues with the company. I believe that from a revenue perspective theyre doing well. Theyre moving up year every year. Upontyization wise they have monetization wise they have a lot of opportunity to bump up their earnings. So i dont have any issue with the company. My issue is more Risk Management and just, you know, or you know that, you know, or the ipo launch is going to be a little hectic which youre seeing today, obviously. But the real question is, you know, if youre looking to be a longterm investor, i would hold the stock for a long time out into the future, you know . You may want to wait for the volatility to kind of calm down because what you do see with a lot of ipos is you get that initial activity like were seeing today, but then it will calm back down over the next couple months and level out to a more real a listic number real listic number to the stock. So for me, im more long term, and i didnt want to get in kind of this today act a at this time were seeing. And, yes, in hindsight, absolutely, you know, hey, could i have bought for 34 and sold it for 57 if id a timed it perfectly today . Sure. But no one has a crystal ball. From a are Risk Management perspective, i would rather be on the side of safety thanking with someone who is going than being someone who is going to throw a bunch of to money in the ring and it doesnt turn out the way you thought it would. Liz and the reason you were given the option to buy anywhere from 11,000 shares is because you were one of the earliest adopters. You opened your account on reddit back in 2010. Yeah. Liz im really interested to know about what price you would buy it at. You say you would consider buying it when the volatility calms down. At what price . Well, thats a good question. I mean, obviously, theyre not making money now. They havent made money. Again, theyre closing the gap. Theyre getting closer to profitability. If you believe everything theyre saying, theyre talking about having Addressable Market in the trillions from an advertisement revenue if perspective. So theoretically, you know, if you look at price to earn, where theyre at now is negative, obviously. I would like to see something a lot more reasonable, i would think 20 20 a is a little bit closer 20 is a little bit closer. I do think, again, long term if they can capitalize on the advertising options they have as well as they talked about the a. I. Potential play they have where they, you know, say, hey, were sending out almost 20 years of data, we can sell that that for a. I. You should go from from there. But right now i just want to see the dust settle a bit and see where it comes in. I would think thisll probably cool off a bit, into the 20s would be my expectation. Liz interesting. Down to the 20s, probably. Professor white, what does this moment in time say about the ipo market . If im holding up the s1 filing, okay . The s1 filing is what all companies that are going public are required by the securities and Exchange Commission where you used to work to talk about all the great things about the company but also the worst Case Scenarios for the company just so that everybody goes in with eyes wide open. Yeah. So thanks for having me on. Certainly, the s1 filing is the secs way of informing nervous of the risks of a company. Of theyre supposed to remain investmentneutral, so theyre not necessarily approving the business model. They want investors to have full information to understand what the risks are of reddit and, hopefully, they can price that information in. And so for reddit, this is a big moment. Its a big moment for a tech and a social media ipo. It reminds me of snap in 2017. I think this could be a bellwether for the year, but were not out of the woods just yet. So the ipo process, they had a really successful road show, you know, there was information coming out it was oversubscribed ised. They were able to quites at the top of their range at 34, and they probably priced it a little light so they would have that firstday pop that were seeing today. Even if it closes at 47 in the 40 range, thats still a really good first day return. Liz new constructs, which is a financial web site, called it the return, reddits offering marks the return of the junk ipo market, the junk stock the ipo market. Is that fair . I dont know that i would call it a junk stock ipo just yet. So reddit is a 19yearold company, and as we were just discuss discussing just discussing has not turned a profitability yet, but theyre trending upwards ward upward, and the information coming out is theyre going to continue to grow at 20 a year, or at least try. They have a billion threads that they can potentially sell or license to a. I. Companies for training, and so i think with these new Revenue Opportunities its, the path to profitability potentially there, they just need to execute. Liz okay. All right. Well, right now its down about 10 from its high which was 57. But its still up 40 from that first, from the ipo price there. Its at 47. 86. Professor, thank you. And, charles, do us a favor. When you do decide that its time to buy, let us know. Well have you back on. [laughter] absolutely. Thank you. Liz thank you both very much is. Okay e, overall stocks are rallying yet again to alltime records. The dow, the s p and the nasdaq are hitting alltime highs. The dow inching closer to 47,00. We have it at 39,809. The s p is on pace for its Third Straight record close. That would mark the 20th of the year. And the nasdaq is on track for its fourth record close of 2024. Whats overall a behind this gain . Chips are powering the advance once again. Micron is at the very top of the leaderboard. Thats an alltime high right now of 110. 65 after the Company Issued a Strong Revenue outlook. Micron is a key nvidia supplier. Envied ya, of course, is the 800pound go ill la right now in a. I. Chips. The rest of the a. I. Board everyone from illumina to broadcom, take two interactive, lam research in that chip space. Same goes for the s p 500. Super micro computer is gaining 15 sorry, thats micron is gaining 8. 25 . Weve got Western Digital moving higher by 5. 5 . You could throw in broad cam once again, thats at the broadcom as well. Could it have more room the run when it comes to the s p at 5200 . And if so, 5245, how much more further does it run . If lets turn to the man with the highest s p 500 goldilocks target on the street. He is Deutsche Bank chief global strategist. Binky, your bullish case for the pend of the year, 5500. Do you believe today and is right now we will get there . Absolutely. Its definitely looking that that way. We entered the year with the macro community really looking for, you know, some kind of recession or some kind of severe slowdown. And the macro community and the forecasters have moved in the other direction. Everybodys forecasts are changing basically every day on the macro side its been the case. I would say the freshest forecast comes from the fed yesterday. Theyve got growth this year at 2. 1 . Most people would argue thats trend gdp growth in the u. S. I would argue its probably a little higher, around 2. A 5 . 2. 5 . And so, you know, what i call basically the cyclical overhang is lifting after a year and a half of everybody looking for a big slowdown and recession. Its slowly everybody is moving basically towards, you know, the cycle basically continuing. I would argue a, you know, if you look basically on the corporate side, a casualtity of this very negative sentimenting of growth coming, you know, collapsing essentially was really the corporate sector. And if you look at ceo confidence, its moved up tremendously. And really, you know, better guidance and earnings upgrades should follow. Liz i just want the say to our viewers we have people come on all the time, all the Business Networks do, and its very easy on a day where the markets are skyrocketing or a day after they skyrocketed to say is, oh, yeah, thats my case. Binky, you put in that bullish case at the end of last year. You also said that while the market has solid fundamentals, the perception [laughter] is so poor if on behalf of investors. But you felt that that was the wrong direction. Youve been 100 right. If the fundamentals are good, the perceptions will catch up. That was the thesis is. And thats whats been happening soft is. Liz okay. But then if you want to make some money off this market today as the markets are now hitting records once again, where do you go . So, you know, tactically the question is really the market has been running very strong. Weve been going up since early november if basically at a 4month, at a 4 monthly rate if you annualize that, thats 6 of 5 , and its been going on 65 , and its been going on for almost 5 months now, so you cant dismiss it. At some point there will be a pullback. I think its from a very tactical, High Frequency point of view over the next 34 weeks i think its up likely because the cloud is still living, and while it is and everybodys raising their forecast, its not a good reason to have a pullback. Liz but whats the good reason to buy . You say you like buyback baskets . I do. One of the key themes that is going on and one of the things that is creating, basically, this sort of, you know, gradual move or steady move up, basically, this grind up in the markets is really buybacks and buybacks picking up. So the story with buybacks is very simple. If you think about earnings, translate that to cash flow. First goes to dividends, then to capx. Whats left over goes to buybacks. And so if you look at buybacks and earnings, they move together. And the story here and the context is that in 2022 earnings fell, buybacks fell. In 2023 earnings recovered strongly, buybacks didnt. So buybacks in the Fourth Quarter started to catch up, and thats going to provide, basically, a steady bid until we get to the blackout period for the next earnings season. Liz good to see you. Thank you very much. Well see if that 5500 s p levet 5245 comes to pass. Much more on the Semiconductor Sector the later in the broadcast. We have more of my interview i with intel Ceo Pat Gelsinger in about 20 minutes. Youve got to hear what he says specifically about the money that he got from the government yesterday. And the chips act a. Now to recap, reddit soaring in its first day of trading on the New York Stock Exchange. The social media stock ticking under the Ticker Symbol rddt, chip maker micron hitting a record high amid soaring demand for its a. I. Hardware, and markets, yeah, right now at alltime records. The dow, s p and nasdaq, any gain will get it at a record at the close. All right, just 24 hours after the Biden Administration rolled out new tailpipe rules to push car buyers to hybrids and evs, infiniti goes the opposite direction. So what were going to do is go out to fox square to unveil infinitis new flagship suv, an internal combustion beast of a vehicle. Well show you the coolest features and find out their strategy for selling it to americans. This is not just another eclass. Because it evolves with you. It adapts to you. Engineering. It is the first eclass made just for you. For you. For you. This is not just design because your eclass. It adapts to you. It recognizes you. Understands you. Empowers you. Energizes you. Feels you. It evolves with you. The new eclass. There are many ways to do things. At old dominion freight line, we do them this way. This way has people who start early. People who care and inspire each other to do things the way they should be done. This way uses technology and goes the extra mile to deliver your promises ontime, every time. This way is why were the Number One National ltl carrier for quality. For us, this way is the right way which is why its the only way we go. [narrator] Wounded Warrior project helped me find the strength to go further than i ever thought possible. [narrator] i was able to come outta my shell and really connect with others. [narrator] so i can feel like part of a team, part of the community again. [narrator] its possible to live better. [narrator] its possible to have a voice and to be heard. [narrator] to feel understood. [narrator] to find peace. Because ive experienced firsthand that anything is possible. inspirational music when i was your age, we never had anything like this. What . Wifi . Wifi that works all over the house, even the basement. The basement. So i can finally throw that party. And invite shannon barnes. Dream do come true. Xfinity gives you reliable wifi with walltowall coverage on all your devices, even when everyone is online. Maybe well even get married one day. I wonder what i will be doing . Probably still living here with mom and dad. Fast reliable speeds right where you need them. Thats walltowall wifi on the xfinity 10g network. Liz welcome back, folks, im kelly to gradegy with this kelly ogrady with this fox business alert. Darden services is the Parent Company of restaurants like olive live garden, longhorn steakhouse, it is down just above 7 right now near the bottom of the s p 500 after it cut its annual Sales Forecast citing falling orders from lower income if consumers. And guess though taking the guesswork out, shares of the apparel retailer are up 21 right now hitting a 0year high 10year high after beating on Fourth Quarter earnings. Slower retail sales in its americas segment, but that weakness was offset by robust sales in europe and asia. Online apparel retailer evolve group also getting a boost on the session but well off its highs, up close to 1 . T. D. Cowan upgrading the stock to outperform from market perform and raised its price target from 23 to 25. Of course, or its right around 2right now. And chewy, finally, getting i chewed up by investors after a issuing a lower than expected an annual Sales Forecast. Shares of the pet food retailer or are down more than 8 right knockout now at this hour. Multiple Brokerage Firms piling on with price target cuts. Jpmorgan cut its price target from 25 to 22 and cited sizable headwinds with pet adoptions down 30 yearoveryear. Always sad to see that 30 . Thats todays pop stocks. So lets go out to the woman of the hour, liz claman, live on fox square looking at some cool cars, liz. Liz oh, a very cool car, kelly. You have to see this thing. It is the infin if ty qf08, the flagship suv. It is a fullblown gas drinker, okay . Were talking about a gas guzzler. As the government pushes electric vehicles here in the united states. What is the strategy for infin ty and this infiniti and this brand new big, fabulous suv . That is all internal combustion . We are coming back to talk all about