Transcripts For FBC The Claman Countdown 20220929 : vimarsan

FBC The Claman Countdown September 29, 2022

We do have the cboe volatility fear index at 32. 89 at the moment. Now, if we turn our attention to a different kind of risk and real problem and fear, its the destination across florida fr from desimation is the hurricane devastation in florida. It is expected to be a cat 1 later tonight because its a Tropical Storm at the moment and the entire country is watching the storms path including wall street. Looking at stock market here, the dow has fallen below 30,000 once again. Were at 29,034 tech star apple received a rare downgrade from bank of america due to weaker consumer challenges. We see the s p, this is the one that gives you a sense of how all stocks are doing down 2. 7 , losing 103 points and anything you check whether its the airlines or utilities or financials, theyre in the red at the moment. But lets take a live look at Fernandina Beach camera shot we have. This is in florida and Atlantic Ocean side north of jacksonville dropping buckets and buckets of rain causing even more devastating floods as it tracks north ward. We now know that at least five confirmed deaths can be attributed to this hurricane. At the moment, officials in florida say they unfortunately expect many more. We wanted to show you this, residents on Sanibel Island are almost completely stranded after whats on your screen, the causeway, this is the only way to access the florida mainland by auto, completely collapsed at one portion. The only possible way to access the island now is by boat or air. This damage has made rescue operations more difficult. Not even just for the worst hit areas, dramatic video out of key west shows this man struggling to rescue a dog through flood waters all the way up to his waist. We wanted to show that to you because we know of course human lives are also at stake here but this is just one tiny viewpoint, one tiny prism through which were looking at hearts that are being tugged from the images that we are seeing. All the major florida theme parks are still shut down at this hour, disney, comcast, sea world shares all down 2 to 3 because of course you shut these parks down for, you know, a minimum of two days, youre talking about quite a bit of revenue here. They are set to reopen tomorrow and well see if that happens but disney confirms crews are currently assessing the damage at the park. Now right now floridas utilities are down along the power lines all across the state and all over, duke energy, nextera and the Parent Companies of Florida Power electric and theyre not looking they have more than 2. 6 million florideans without power right now across the state. As of the latest 2 00 p. M. Advisory, ian is still, yes as i said a Tropical Storm, sustained winds of 70 miles per hour. Lets go to fox weathers robert ray in ft. Meyers which, you know what, you could call this very much ground zero, cant you, robert . Reporter liz, yes. I would say good afternoon but its nothing like that at all. Look at this disaster here. These boats, some of them very large vessels pushed in by the winds and the storm surge on top of each other colliding so violently. Where im standing these are piers that are concrete below them. There is foam that makes them float and as one owner told me earlier, he lives in a highrise and watched this last night. He said the wind came in those hurricaneforce winds and the surge record amount of water pushed into the ft. Meyers area, the downtown area was under water last night and since receded but the businesses and the shops and the historic area totally destroyed here this morning. Liz, i have to tell you, you know, we just got back. Were out of Cell Phone Service for about two hours. We took the drive down to the shore to the ft. Meyers beach area because we wanted to cross that bridge, which is where we started our coverage yesterday morning but left because of the surge. We wanted to see what was going on there because the destruction down there according to officials is just perhaps epic, some of the worst. We got to the bridge and we could not cross. Theyre still doing search and rescues in that region and you cant blame them. They need to focus. At this point, theyve rescued over 500 people in the two counties surrounding here in ft. Meyers and theyre continues to try and grab more people that are in harms way that were down on the coastline but on our drive down, liz, what we saw was just disaster after the next on each side of the road. Downed trees, power lines, homes with roofs ripped off and huge vessels again on the sides of the road blown in by the surge. Standing water that vehicles were having to drive through one, two feet for a mile, a mile and a half. It was merky as well. There was people elderly walking through the water trying to get goods into their homes and putting tarps on their homes and we have a historic hurricane. As bad as it gets really in the aftermath here in south florida right now and to think the swath of this storm heading up into the peninsula and causing Power Outages and damage and again, georgia and South Carolina in the bulls eye a aas we approach evening and at 3 11 p. M. Yesterday, just 20 miles to the northwest of where im standing and, boy, the furry of it as it came in yesterday and what we are experiencing today. I just hope theres no more loss of life in the coming days as the search and rescue efforts will continue for at least the next 72 hours according to Governor Desantis and other officials. Liz, just a very bad situation on the ground here. Liz your pictures, robert, are about the starkest evidence right now that i have seen of the aftermath here, and please, you and the crew, keep us posted on every detail you find out because a lot of boats, folks, robert will tell you too, theyre actually peoples businesses. They take them out with tourists and they also use them for fishing and this is their income so were talking about some real business pain as well as human angle and robert ray is one of the many fox whether reporters tracking out and covering ian and its going up to georgia and the carolinas and what you need to do is go on foxweather. Com and download the app. The app store, apple, google, wherever you get your apps. Even before Hurricane Ian hit, snapping clean through the 2foot sanibel causeway we told you about. Look at this picture here. Snapped in half. Cant go on it anymore. The American Society of Civil Engineers estimated more than 40 of american roadways are in poor or immediate condition and dozens of bridges are over 50 years old and now impassable roads in florida have Immediate Impact on businesses and those fanning out to start repairs. Yesterday before ian made landfall, you are looking atd video of doors that were completely blown out from a business and people rushed in this is before the hurricane even hit; right, they rushed in to press those doors closed and obviously there was thomas way p the no way to keep the glass from shattering and more to come as ian aims north ward. Scott burris is the ceo of storm smart and one of the biggest Storm Protection Services in florida. Hes in ft. Meyers where his headquarters and manufacturing businesses are headed. Scott, can you just tell me how are your employees . Is everybody safe and okay and well get to the Business Aspect . Thanks, liz. Thats our main focus is the safety and welfare of our 300 must employees and making sure their fiscally going through i think thises and theyre safe. Liz absolutely. Youve got a lot of customers who are desperate for exactly what your empl employees and yor company do. Are you able to start working on all of the damage you know is out there . We were lucky that all three companies had minor damage and power is out but once its restored well serve our customers. Liz what kind of damage do you expect to face. Your customers are calling you. What are they saying . Its a tale of two sides. One is that our product worked well and theyre calling to thank us and others saying damage with roofs taken off and trees down and will have to do a lot of work on rebuilding as it most of our community and well be there on the backside of that to make sure our liz protected by the windows and storm products you sell. Weve been in business this year 26 years now. Weve been through charlie in 04, irma in 07 and now ian. Through all of those our infrastructure stood and its early this time but the feedback has been 100 positive and well do a full evaluation on the backside but i feel very strongly of the success of our product out there. Liz i do want our viewers to understand one thing, even before the hurricane hit, you had crews out till 4 00 a. M. Of the morning that it was going to hit installing; correct . That must have felt like a rush likable falling of saigon to try and get some final jobs done. Its installation and service in helping the community. We were getting flooded with calls on monday and tuesday from people that had never really been through a hurricane with all the migration over the past few years. Someliz by theliz the dow do3 points at the moment and it is an ugly session and only two dow components are higher and that would be travelers and visa. Everybody else in the red and look at boeing. The top lagger here. It was the top gainer at this hour yesterday. Boeing right now losing 9 and change. Were coming right back, dont hi, my names steve. I lost 138 pounds on golo and i kept it off. So with other diets, you just feel like youre muscling your way through it. The reason why i like golo is plain and simple, it was easy. I didnt have to grit my teeth and do a diet. Golos a lifestyle change and you make the change and it stays off. Golos changed my life in so many ways. I sleep better, i eat better. Took my shirt off for the first time in 25 years. Its golo. Its all golo. Its smarter, its better, it will change your life forever. Liz b believe it or not, were off the session lows and Dow Jones Industrials down 527 and the session dropped to the very bottom here is a loss of 686 points. Nasdaq, thats the problem here down three full percentage points, three and a quarter make that 359 points. Worse part of the session down 428. You can see the s p down two and a third percent or 88 points. Lets look at individual stock names that are definitely, you know, moving in either direction here, mostly down shares of carmax hitting a 2. 5 year low after reporting one of its biggest earnings misses in the history of the company. Ep s4 3 below estimates. The used car dealer blames an uncertain economic environment thats taking a toll on vehicle demand but guess what . They cited inflation and that means people do not have the money right now to buy a car or a new car, even a used car. Theyll hold onto the one they have because they got to spend money on things they actually really do need like food. The fallout felt across the auto sector first with carmax down 23. 6 but you can see vroom, carvana, cars. Com and these are competitors putting the brakes on these dealers and we have them all down anywhere from 4 ta down 20 . Dove tail to auto part stocks and auto nation penske and auto zone all lower. Auto zone is flat down under 1 . Auto makers, look at them. This is a bigger picture. Theyre getting yanked down and ford, General Motors in the red anywhere from 4 to more than 5, close to 6 in the case of gm. Meme stock favorite bed bath and beyond, i mean, down 6. 13 and its a 6. 05 stock. It was a much uglier picture e earlier and bed bath and beyond hit a session low of 5. 82. This after they reported another quarter of falling sales and widening losses. Revenue dropped 28 and its net loss ballooned to 366 million. Its been a brutal 2022 for this company. Billionaire investor ryan cohen had taken a stake in bed bath and beyond earlier in the year, which sent the stock skyrocketing but then kind of threw up his hands and didnt like how management was handling the company and sold out his entire position in august. That really slammed the stock. Bed bath and beyond down 70 over the past year. What can save it, if anything, was the Company Moves to shutter 100 plus bed bath and beyond stores by the end of the fiscal year. Bye bye baby, the buy buy baby chain will grow by 14 stores. This is all part of bed bath and beyonds attempt to transformation. They say its on track, its starting to show positivity. We shall see but at the moment, buy buy baby might be the one savior. Warren buffet filling his investing tank with even more Occidental Petroleum stock and Berkshire Hathaway bought another 6 million share in the last week of september adding to the conglomerate stake standing at 21 . Oxy up 115 year to date and a lot has to do with the fact when that guy on your screen decides its a good buy, a lot of people know that hes rarely wrong. Berkshire hathaway down just 1 at the bomb. Those are the b shares. Long time bear and famed letter writer, yes, publisher, were talking about newsletter writer Dennis Barkman expected a market bounce earlier this week and was sprouting some bull horns but is he now sharpening his bear claws that quickly . We got to talk to dennis about this. 39 minutes left to trade and this blow out real problematic picture for any bull at the moment with the dow down 537 and look at russell down 2point as well. 2. 8 as well. Were coming right back with dennis garton. Liz fox market alert. I want to get to the drivers of the selloff that you see on your screen. Lets cut to the chase and investors wiped out all of yesterdays 2 rally and in some cases more. After rallying 548 points yesterday, the Dow Jones Industrials well give it 8 points, its down 540 points at the moment and it has been considerably lower and driver number one for the second day in a row, apple is getting sliced and diced. Listen, there are a couple of issues here but this just hit the tape, breaking news, bloom burg is reporting the tech giants Vice President of procurement tony blevins is leaving the Company Abruptly due to alleged crude remarks he made in a tiktok video. Blevins was a 22 year veteran of apple and yesterday we got a report that the company was abandoned its plan to boost production of the new iphone 14. Today in a very rare move, bank of america slapped apple with a downgrade taking it down from a buy to a neutral and cutting apples price target to 160. Its 141. 29 right now. Driver number two, classic case of good news versus bad news. Good news is bad news on wall street. A surprise drop, this is good news in weekly jobless claims to their lowest level since april has investors fretting with such a strong labor market and fewer workers applying for Unemployment Benefits the Federal Reserve will continue on aggressive rate hike path. So cue the hangover. With 32 minutes left to trade, its the nasdaq where the retreat is really looking at as the leader here and led by tech. If you drill down deeper into what is right now a 377 point loss, which of course blanks out yesterdays 222 point gain, the top 20 nasdaq laggards are peppered with Semiconductor Stocks and advanced microdevices and nvidia is down and that is down and amd down 7 and nvidia down 5 . Micron, mu down two and a third percents and they report after the bell so stay tuned for that. Its days like this where longer term investors can be tempted to become short term traders. Monday with ian heading to the u. S. , a long term dennis ga rtman expected a market bounce. We expected that yesterday. Where is he right now. Were bringing in Dennis Gartman to find out where he stands at this moment. Your point was a co a contrarion bullish bent would happen. I have to remember when i got into business in the early 1970s, the dow was at 475 so you went twice what the dow was when i first got in the business. 1,000 point rally is a pretty decent rally. I thought it might take a week or two to get a 1,000 point rally out of the dow. We go from being severely oversold to being modestly overbought and we got overbought very quickly and ive been bearish of the stock market since january 5 of this year and relentlessly bearish and as the chairman, i got us to move 12 of the portfolio out of the market the very last day of last year and i wish i had more influence of my board of directors to take us down even more. I said monday morning, i thought youd get a bounce and reduce the size of long positions and not a point to get bullish but less bearish for a matter of a few days and use the strength to reduce the size of ones position. Thats what ive done for my own account and what ill continue to do. Liz you continue to be bearish, and i like your point about the endowment fund. For those that dont know, universities Like University of akron have endowment funds. How big is the fund over there, can you tell us . Were pretty small. Almost 450 million and not 20 billion and its our 450 and its important to us. Liz absolutely. You went to at least 12 out of equities, which obviously was a very smart move, but this is not the time to be selling, is it . I mean, when im looking at this point, you know, charles just ended his show talking about somebody who said, am i supposed to sell out of my 401k . No, you dont sell into a down market; correct . As charles said, it depends on your perspective and in five years from now, stocks will be higher than where they are now and three months from now, theyll be demonstratively lower. Theres problems with the Federal Reserve bank and rouse resolute in the comments from the f1c and fight against inflation that they themselves created and theyll continue to raise the overnight fed funds rate to 4. 5 or 5 before its done and thats given the fact that theyre going to be selling 95 billion or allowing to pull it out of their assets, which they had risen from 900 billion to 9 trillion in the last decade. That was the fuel to drove the bull market and taking that fuel away. For the next three months you have to be very careful of being a buyer. Very worried about another 10 or 12 on the downside and worried about the next five yea

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