tv The Claman Countdown FOX Business September 3, 2021 3:00pm-4:00pm EDT
for the stock market aiming to close in the green here, and it looks like we might do it for the s&p 500, up just 2 points. but, of course, the all-important final hour of trading on this last day of the first week of september is about now. have a great weekend, everybody. cheryl casone is in for liz claman, over to you. cheryl: thank you. that reddit conversation, very interesting one. we're actually going to talk to another platform if owner right now that has a completely different spin on how these young investors communicate, lauren, thank you very much and have a great weekend yourself as well. and happy labor day. you know, the nasdaq looking at three in a row as the markets close out the week mixed. the tech-heavy index on pace for a third straight record close. the s&p 500 also set a new all-time high if it can hold any gains and barely hang on to gains in the s&p. the dow losing ground by 36 points. investors are trying to, well,
make sense of an august jobs report that missed by a mile. our floor show puts it in perspective. we're going to talk to a ceo about what he is seeing in the american jobs picture. meanwhile, we're going to show you some live pictures. president joe biden is on the ground at this moment in louisiana. there he is speaking right now. he's talking with some local officials there about how they're dealing with the devastation from hurricane ida. a little bit later, he's going to be expected to tour one of the areas struggling to recover then make remarks. we're going to be monitoring the president along his journey in louisiana, take you there live as soon as anything happens. we're listening for any conversation that the president may have. he put his mask on right now though. but we're going to talk, in the meantime, to the owner of a new orleans restaurant group that is still struggling to get back to business. he's waiting for his crews to get electricity back up.
it is a big pain right now down there for him. you're going to love that. and you might call it facebook for investors. we're going to introduce you to the ceo of commonstock. it's a social media platform that is integrating chatter and your brokerage account all in one place. you don't want to miss it. what is the next hot thing? we've got it during this hour. well, we've got this. folks, what a miss this morning. u.s. job growth slowing sharply in the month of august. the economy added just 235,000 positions while the unemployment rate did drop from 5.4 to 5.2%. leisure and hospitality jobs stalled in august as in it was basically zero. it was nada. i mean, technically a loss of 42,000, but compared to last month, complete wash. labor secretary marty walsh discussed why payrolls at
restaurants and bars dropped by this 42,000 number. >> for the last three month, those numbers have been leading the way in significant ways. this month we really had no growth at all. i think we can tie some of it to the delta variant in some places as far as people not going out to eat as much and not working in those industries as much. but certainly, there's positive signs here. the economy is recover. we are adding jobs. we have more work to do. the forecast was off in a big way, but also the forecast was off in a big way last month as well the other way. cheryl: well, july's total was revised higher to 1.053 million. so there was a little bit of good news in this report, but it was hard to find. let's get right to the floor show to discuss all of it, george wall and larry shover. larry, first to you on this big number. what the heck happened to the job market in the month of august? was it delta? was it the unemployment benefits that are still being thrown out there to americans? what was it, sir? >> you know, i think the answer
is, yes, to both of them. we continue to hear about supply disruptions which are real, we hear about 11.6 million americans still receiving some sort of benefit, there's 10 million job openings out there. so it's been challenging. the fact of the matter is, as bad as the report was, if we look at the next report that came out, is ism service subcomponent, that was basically unchanged. so to me, it's saying the supply disruption and dislocations, and we saw that play out today especially in the treasury market. cheryl george, one of the things we saw going9 into the report this morning, we knew based on data that we were seeing a slowdown in spend when it comes to airline tickets, restaurants and, again, leisure and hospitality jobs coming in at flat. mean while, you've got restaurant owners saying i'll give you a bonus if you'll come wait tables in my restaurant right to now.
and you also have the labor force participation at 61.7%, and i've heard a lot of analysts thumb their nose at that, that that's a bad number to look at. >> the numbers were good in terms of the economy itself. i think you could probably say that unemployment going down to 5.2% from 5.4% is a plus. but in the overall context, no, the economic news was not good. by contrast, i think investors will probably next week look at the jobs numbers and what was reported today as being favorable to them because they'll take the paper vapor away climate that's good for stock prices. economically, no, not good news. from the investor standpoint, yeah, it's probably good news over the next several months. cheryl: larry, we saw that reflected in the dollar, the
dollar actually weakening on that, the dollar index, and also treasury yields jumping a little bit as well, although any gains for the dow were kind of erased this morning. i was kind of surprised by how wrong the economists were. can we just discuss, i mean, the lowest estimate we found was for 300,000 jobs added, and even that wasn't hit this morning. larry, at this point i'm not sure i want to look at these economy -- economist estimates anymore. >> i don't listen to them anymore either. i think the price action is feeling us what is -- telling us what is going on. the announcement for the september meeting is off the table most likely, it'll be november if or december. but the problem, the question mark is the --700,000, is that an outlier? if so, i think it's going to be lower for longer.
and also this whole thing is so challenging for the fed because if they have to bring forward a first hike for some other reason like reflation comes a back although jobs numbers don't, that's going to be a challenge what to do. right now it seems the market's very comfortable because there's going to be lower for longer with interest rates. cheryl: george, how do you allocate capital in this market? we kind of think we know what the situation with the fed is, we think they're going to to leave interest rates alone likely until the november meeting or december, to larry's point. at the same time, george, we see people getting defensive, i guess, because of the delta variant and the other two variants now with the coronavirus. i mean, if you're going to get defensive, now might be the time. how do you put your money to work? >> i don't think it's the time to get defensive. it's the time to bend with the trend for now. the fed has no incentive to take away the punch bowl that has
fueled the upward moving stock prices and is apt to do so. and i might point out too representing to something that you said formerly, the punch bowl is no longer just punch with vodka in it, the punch bowl now is probably nor ths-laden gummy -- thc-laden gummies -- [laughter] so the regulators are going to have a very positive influence on the market. so i think for the time being you should be more aggressive rather than defensive, cheryl. cheryl: all right. larry shover, george ball, guys, it was quite a morning. i was breaking the news going through those numbers and i'm thinking, man, these are not the numbers the administration wants to see. but again, the fed did not get what they wanted. a lot of them were pointing to if we had a strong number, we were going to start to taper.
probably not going to happen in september. guys, have a great labor day, both of you. all right. well, the closing bell is going to be ringing in 52 minutes from now. markets wrapping up the week mixed, but the nasdaq about to close at all-time highs for the third straight day. s&p 500, i'm going to wait and see right now, i'm seeing a little over 3 points. but any gain is a record for the s&p. the major averages also mixed for the week. the dow is down, but the s&p and the nasdaq are up two weeks in a row, so we've got that. cabot oil and gas is the s&p 500 leader for the week surging higher along with oil as black gold ran up to $70 per barrel. cabot, as you can see right now, is higher by 14%. wells fargo, the s&p's top laggard this week, as reports earlier in the week indicated that the banking giant could be facing more sanctions from regulators that are concerned it hasn't done enough to fix problems from its sales practices. that is a story that's been
plaguing wells fargo for a couple of years, stock is down more than 11%. and one of the stay-at-home favorites, zoom communications, is the biggest drag on the nasdaq after it said is revenue would be flat for the second half of the year as people go back to the office and school following a year and a half of working and learning at home. you might want to call that zoom fatigue, and the stock looks pretty fatigued, down more than 12%. all right, witherspoon jump -- reese witherspoon jumping on the crypto band band. should you be joining "the morning show" star? we're going to talk about it. coming up next, the ceo of the social network that cuts through the noise of the market to help traders decipher real buy signs from the hype. we're going to talk to the commonstock ceo, that's coming up next. and once again as we go to break, that big board is there, and we've got pressure on the dow again. another day for the dow in the
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muck ♪ cheryl: i want to give you a quick look at virgin galactic shares which are falling for a second straight day. it was almost exactly this time yesterday that i brought you the news that the space start-up had been grounded by the faa until it completes an information into a deviation in the landing of branson's inaugural space flight aboard the spaceship 2 unity back in july. we all watched that on television together. shares of the meme crowd favorite right now, as you can see, are suffering again. the stock is down again today, and that's a loss of more than 7.25%. and then speak of meme stock mania, reports reddit is looking to hire bankers and lawyers as part of its plan to go public at a valuation of more than $15 billion. the site exploded this year as retail investors got like, got into forums like wall street bets to talk about trading meme
stocks, this is how the whole gamestop, amc explosion happened earlier this year. now there's a company called commonstock. it also allows investors to share info about their holdings. users link their assisting brokerage accounts and share their realtime portfolio. joining us now is commonstock ceo david mcdonough. he also worked in google's start-up division. thanks for being here. >> thanks for having me. cheryl: to be clear, you're not a brokerage, it's a chat forum, but what is the reason that i would link my brokerage account to the chat forum? i personally would be worried about security. >> yeah, so we're a lot more than a chat forum, right? this is a social layer on top of every brokerage. you can think of it like venmo but for investments. 9 and the idea is, for me, i learned about the stock market on reddit. you know, this was almost a
decade ago. i a wanted a way to amplify the people who knew what they were talking about and actually prove that they had skin in the game or, you know, being able to show that they've outperformed the market. so i wanted to weed out a lot of the noise and just amplify the signal. cheryl: what kind of trends are you seeing that -- i'm sure, obviously, you're monitoring communications on the platform. six months ago it was gamestop, it was amc. what's the top one now? >> you know, right now -- fascinating to watch the retail, you know, explosion and market participation which is unquestionably good, and it's gone from the meme stocks of gamestop, you know, last year it was kodak and hertz, and it's shifted slightly into ethereum, bit coin and dogecoin and now nfts are all the rage. we're seeing a lot of discussion around ethereum almost overtaking bitcoin because
that's what powers a lot of the nft world, and we're seeing a lot of action around robinhood, coinbase, and i'm sure there'll be some excitement about reddit if and when they do i portion. cheryl: -- ipo to. cheryl: you mentioned ether. actress reese witherspoon has gotten behind that, and that's giving it a boost. do you have an idea of the academics behind the platform? there was a 9-year-old that made several thousand dollars on the gamestop trade s. that the kind of activity that you're seeing now, and is that the demographic? >> no. actually, i think that narrative is common place but slightly misplaced. you know, we have this remarkable data set that shows the average self-directed investor is actually very responsible. it's a lot larger portfolio, right? we've add had billions of dollars connected to commonstock and the average portfolio is upwards of $400,000, the median
is somewhere between 30-40k. so it's really not just teenagers in their parents' basement. these are real thoughtful investors who are, one of the things we're seeing, they're very careful, right? they're intentional about their risk, but they're also sort of use classic portfolio theory, and they'll outperform the market because for the first time ever retail has this informational advantage. and self-directed investors know that if they love their peloton bike and there's many more like them, go buy a few shares of peloton, and that has become more important these days than the underlying pe ratio. it's a really interesting dynamic. cheryl: and the peloton bike is on sale now. david, i've got to ask you, how do you make money? >> right now we're not monetizing, just focused on building the community and amply fight knowledge, making sure we
can really reward signal if over noise, and we will add premium features down the line. cheryl: all right, david mcdonough, thanks so much. come back. >> will do, thank you. cheryl: president biden is set to tour the destruction in louisiana left in ida's wake. this was him just a few moments ago getting a briefing from officials there. we're going to take you down to the bayou state for a life live report. we monitor the president and, of course, take a look at the dow right now. we're down by 35 points, probably going to end the week to the downside for the dow. s&p, we have another record on our hands, nasdaq as well, up 37 points. we'll be right back. ♪♪
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sector added absolutely no jobs last month and vaccine mandates are in effect, restaurants are at their wits end. charlie gasparino is out in oceanside, new york. what are they telling you there? >> you are jealous, aren't you, that i'm here, you're there? cheryl: yeah. >> not eating the great food. look, guido and rich -- i said that right -- these guys are the owners of this restaurant. it's been a rough two years for them, cheryl. i'm not going to tell you about it, we're going to let them. first, the pandemic shut you guys down. how'd you survive? >> we kind of did a lot of takeout and, unfortunately, we had to let a few people go and kind of, you know -- >> muddled our way through. >> yes, we did. >> ritchie, you and i were talking before about inflation. that's your big problem -- >> yeah, absolutely. >> the best stimulus package in
the world probably was the vaccine is. it's working. people want to eat here, despite the fact -- the president said, oh, people aren't going out because of delta. >> they're coming out. >> but your problem is finding workers. >> yep. >> tell me a little bit about that. did you ever think you'd be in a position where you'd be competing against the government who's giving checks to people to stay home? >> at one time you couldn't get people to come in, and now they're all afraid to come in. they don't want to work. it's just collecting unemployment, they don't want to work. they'd rather nonwork. before you'd have a list of waiters, bartenders, waitresses and busboys, now nobody's coming through the door. >> right now, guido, the fed chairman, president president by say inflation is transitory. you have been seeing it for how long? >> it's been a couple months, but i don't think it's going to go away anytime soon. hopefully, it does --
>> how's it affect you? your food costs? [laughter] [inaudible conversations] >> $veal, 18 a -- veal, $18 a pound? and it used to be what? >> $8. >> chicken. and so this eats into your profits. >> we're going to feel it, definitely going to feel it. >> how do you -- >> well, hopefully this thing kind of slows down, hopefully, and we'll go from there. but if we don't, we have to keep up with the inflation also. >> right. so that means you have to raise prices. >> correct. >> okay. you know, it's interesting, president biden today said one of the reasons why we need to spend another $3.5 trillion is because the economy's slowing down, he thinks. what he didn't do is read the fine print in his, in the employment report today which said, you know, there's lots of job openings. and you guys have jobs. >> correct. >> what would you tell president
biden right now if you could about how to handle the economy? >> well, they have to cut back as far as the unemployment. that's the only way i feel people will come back, you know? >> right. >> come to work. >> gunpoint? i'm only kidding. [laughter] >> i think people are, it's not even taking advantage, it's just whoever's creating this, they do what the government's doing. >> right and you see it too, obviously. >> sure. why would you want to go to work when you're getting a check every week? >> i wouldn't want to go to work. >> if you're happy with a couple hundred plus in your pockets -- >> by the way, for all the economists they stuff in a room, you guys give us the real deal. this is why you saw the dropoff, because you're competing in employment, you're competing against government. it's hard to compete against a government check. go ahead. >> and the guys who are actually working it, the owners are working it washing dishes --
>> right. >> owner-operator. >> they're giveing me the hook, but one more thing. you like the invest. [laughter] tell me about your portfolio. >> invest in wine. [laughter] i drink a lot of that. >> bitcoin. >> bitcoin or ethereum. >> what'd you buy bitcoin at? >> that's private information. [laughter] >> cheryl, back at ya. great -- [inaudible] cheryl: you really do. i'm going to let you gentlemen go since you've got a large bottle of wine right there that you need to open because it is friday, remember. [laughter] charlie, thank you. >> i think it says casone on this wine, by the way. cheryl: probably does. it's been a long week. thanks, charlie. all right. it is time now for today's fox business brief. docusign climbing to the top of the nasdaq today after beating on both earnings and revenue estimates. the e-signature giant also a raising its full-year revenue
forecast. the stock right now up 5.5%. fubo-tv moving higher on its second sports wagering win of week. just three days after securing permission to offer mobile wagering in iowa, arizona also granting the sports streamer permission to offer online betting service in the grand canyon state. fubo up 1.25%. didi shifting into gear, the company possibly being put under state control, it's higher up more than 2.25%, but this is well below the i portion price. remember, this was $14, this is $9 right now. didi's been suffering alongside its fellow chinese tech titans following a regulatory blitz by the xi jinping regime. >> coming up, covid and hurricane ida battering louisiana. we're going to speak to one
local restaurant owner about the one-two punch and president biden's visit to the state. we'll be right back. ♪ ♪ it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.
♪ cheryl: breaking news right now, president joe biden is on the ground in louisiana at this hour. he's expected to soon get a tour of a neighborhood that was devastated by hurricane ida set to begin any moment. he's expected to give some is remarks about what he's seen and the federal government's response to the disaster. again, we're still hearing reports of gas lines 8, 9 hours long if you can find a gas station open. we're going to take you there live when he does begin to speak. meanwhile, homeowners and businesses on the gulf coast are still struggling with shortages
of water and power. fox weather multimedia journalist robert wray is in new orleans with a live report, robert. >> reporter: cheryl, yes, indeed, it is pure devastation here in new orleans and the metropolitan area. where the president is, i was there just a couple days ago where neighborhoods were flooded with water and people with no power. you can see this is right at the edge of the french quarter, and this is just some of the destruction that people are seeing. this is an awning that was ripped off early on sunday when ida came in right at the beginning when the winds first started to come in before we even saw the strong category 4. but the french quarter just got power about, oh, 24 hours or so ago. unfortunately, over 900,000 people in the state of louisiana still out of power. i was down in grand isle, lei, on the shoreline, and that's where biden's going to get in a
chopper. i was there yesterday and if we could roll some of that video, unbelievable devastation. unlike devastation i've not seen in all my years of covering these natural disasters. a councilman said 100% of the structures are damaged, nearly 60% a total loss, and you believe it when you look at those images. those are scenes you see all around this area of louisiana. grand isle's about 90 miles to the southwest of new orleans. but, you know, you said it in the beginning of the report, there are so many people right now who are in need of food and water, and the temperatures are absolutely scorching with the humidity. you can imagine if you're a family that is in one of those homes that took damage and you have no power at all, cheryl, and you have kids and you're trying to feed them and just going through the mental and physical game of making it through this natural a disaster. the power company here says that power will be restored, they hope, by next tuesday or wednesday here in orleans parish
and the surrounding area, is so we still have a very long weekend ahead of us and, unfortunately, many days and of course, weeks and months of trying to restore this great part of the state of louisiana are. unfortunately, up to nine people have lost their lives in the state and up in the northeast where you guys are at, devastation as well from hurricane ida, around 46 people, unfortunately, dead. cheryl? cheryl: it has been a devastating week, frankly, for the country, robert. and, you know, we were showing pictures while you were speaking of grand isle and 100% devastation. we know the prime minister's going to be going there as well as laplace, buy buschon, so we're going to be watching. thank you very much is, robert ray. fox weather is going to be coming in october. you want to watch for it when it debuts. well, it is no secret gnat restaurant industry -- that the restaurant industry was pulled
through the wringer with businesses being shuttered left and right. but many new orleans restaurants who were able to stay open have a very uncertain future ahead of them with hurricane ida knocking out electricity and destroying buildings, state officials estimate it could be up to three weeks until lek san francisco fully restored. what could this mean for the food industry in the big easy? president of the ralphs brand restaurant group, ralph brennan joins me now. and you, actually, our reporter is standing there in the french quarter, you've got two restaurants rights there. right there. do you have any sense of when you'll be able to reopen or each access your property? >> well, actually, we've -- hello, first, and thanks for covering this story. we actually have been in our restaurants already, and they seem to be in pretty good shape. two of the restaurants, brennans and napoleon house, both got power yesterday. so that's a good sign, and we're
hoping that the third one will get power today or tomorrow. the power company just released a little while ago a neighborhood by neighborhood and day by day schedule of when they plan to restore power in the city, and hopefully by next week the city will be fully powered back up, and that's good. it daves us an opportunity to -- gives us an opportunity to look forward to the future. cheryl: what kind of financial impact does a storm like this have on a business like yours? >> well, it's huge. and we're moving into our busy season which is the fall all the way into the spring. so we're going to lose at least a month of sales, which is a big number. plus we're out there trying to take care of our staff and helping our staff out, because many of them need help. they've had to evacuate because of the lack of power, and so we hope once the city gets repowered, they'll come back in. cheryl: do you think a disaster like in that has just struck new orleans and, obviously, a lot of us have very fresh memories of katrina as i'm sure you do even
though they were different types of storms, how long -- i mean, first off, how long do you think it's going to be before the city looks like itself again, and the second thing is what do you think federal support would mean and what kind of federal support do you think you need to get the city back up on its feet? >> well, for us the most important thing getting the power back on. and is once we do that, then people can move back into the city. i really can't comment on the amount of federal help, i haven't given that any thought. we've just been focused on our staff and trying to find out where they are and how we can help them. but if we can get power back on and get operational, you know, the end of the year -- which was strong before, and if our business in those months of october, november and december hold, we could finish out the year pretty good, but it's going to be an uphill battle like it was after katrina. it took a lot longer because the buildings were flooded. we don't have that situation now, but we do need to get the power back on. cheryl: what about all the food that was in the freezers?
i know that a lot of perish bls are going to have to be thrown out, but i've also seen some restaurants pulling the food out, cooking it all up and delivering it to people that are, at this point, homeless. is that something that you've considered or done? >> actually, we've emptied our coolers, and we made donations of food where we could. in some cases the food was not at the right temperature, and it became a food safety question, so we had to throw the food away. you know, it -- everyone's trying to help. many of the smaller restaurants have been able to get open and to empty their coolers. we did it by donating it to other agencies to give away. cheryl: well, thank you for that, and we certainly wish you and your staff at all of your restaurants down in new orleans the best. ralph brennan, thank you very much. >> great, thank you. cheryl: we've got a lot more coming up, folks. what one meat if giant is doing to fight covid and keep the workers safe at work. the kelly services ceo is here
to tell us if it's a trend that we're going to see from many more employers this fall. want to take a look at the big board, little bit of selling here on the dow. we are down 56 points. s&p and nasdaq trying to hang on for new records. "claman countdown" coming right back. ♪ ♪ that spin class was brutal. well, you can try using the buick's massaging seat. oh. yeah, that's nice. can i use apple carplay to put some music on? sure, it's wireless.
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♪ cheryl: we're following breaking news out of louisiana. president biden is expected to speak at any moment. this is the scene at laplace, louisiana. first he's going to take a tour of the devastation wrought by hurricane da, then we're going -- hurricane ida, but he's going to be going through laplace. he's also going to be touring
some other places, areas that i mentioned were just, had incredible devastation because of ida on sunday. so, again, we're going to be following and taking those remarks from the@. tyson foods becoming the latest company to offer perks to vaccinated employees. the meat-packing giant announced that all vaccinated workers are entitled to 20 hours of paid sick leave in its latest push to get workers vaccinated. tyson actually went a little lower, as you can see, down more than a quarter of a percent. a lot more company, though -- delta, walmart, kroger -- are offering benefits to pros with the -- to employees with the advantage is seen. is this something you think is going to become common practice across america? let's bring in kelly ceo peter quigley. that's the big question here, is this where companies are going to go? i'll give you more money, more vacation, more sick leave, just get your shot? >> hi, cheryl.
it's good to be with you, and a very appropriate question on the eve of labor day weekend. i think companies are going to have to come up with creative ways to get employees to work. we need to get more workers off the sidelines and into jobs, and i think creative companies like the ones you've mentioned are going to figure out how to use incentives of a variety of forms to get more employees back to work. cheryl: i want to move on to the august job numbers. obviously, a lot of these companies are still making decisions about coming back to the office and want to see who requires vaccines and who tries to, again, bribe their employees. but i want to talk about this jobs report. this is your business, okay? what happened to the labor market in august? >> yeah. clearly it was disappointing, although i would say probably some of the predictions were a little rosy given that the july blockbuster numbers, the survey
data were before that delta variant became known. so i think it's probably more an issue of the labor market rather than the economy. we continue to to see strong demand across all of our sectors, our science, engineering, technology, professional and industrial, our education continue to see strong demand both for temporary employees as well as permanent employees. so companies are looking to hire employees permanently which is usually a sign of business confidence. cheryl: well, i had the see of land's end on yesterday, and he flat out said he's having trouble getting employees. i mean, that, i'm assuming that's happening across a lot of sectors right now. >> yeah. it's clearly, there is a labor shortage. it's an issue for companies across all industries. but i think we also have to recognize that it's not just thelabor shortage, there's also
a lack of desirable jobs. the fact is workers' priorities have changed in the last 18 months, and while employees -- employers need workers right now, workers are taking their time and choosing to get the right fit. now, we can point to unemployment benefits or childcare concerns or health care concerns as contributing factors, but ultimately at least our research indicates, and we released a work force agility report last month that indicated that the top percentile of companies are focusing as much on the employee experience as they are on the customer experience. and they're thinking about the employee value proposition is, the work force, the workplace, the work time and the work style. cheryl: good. well, as an employee myself, i like it. peter quigley, thank youing very much. appreciate you being here. >> thank you, cheryl. have a great weekend. cheryl: you too. coming up next, our countdown
closer revealing his top three picks for a runway-ready portfolio. that's your hint. let's take a look at your markets as we go to break right now. the dow, we've been under pressure all day. that's probably ott not going to change, down 46. s&p not going to hit a record as of now but we're close. nasdaq up 27. we'll be right back. ♪ ♪
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>> a couple of tech headlines going into the close, it may be elon musk love so much but the cyber truck not getting under the road anytime soon. the tesla ceo confirming production on the side of the truck has been delayed until 2022 the announcement coming during all hands on deck meeting with employees warning the month ahead could be the craziest ever for deliveries due to the chip shortage and ongoing supply chain that even rocking the
board tesla is fractionally down and take a look at amazon according to insiders e-commerce giant is not only close to releasing the amazon branded tv equipped with alexa the television offering could be on sale as early as october amazon relatively flat on the news of course they will make a television. one month ago to the day victoria's secret made l briand breakup debut and that has since been up as you can see on your screen it's been up about 14% or so, almost 15% since august 3 our countdown closer says you should add it to your portfolio why you can let's bring in andrew graham portfolio manager, in the middle of the retail rack that we have seen during the pandemic especially brick-and-mortar's an interesting choice, why do you like it. >> a lot of the retailers
typically the pandemic is opportunity to get rid of underperforming assets, reduced as g&a victoria's secret is no different post people to understand it, you have had l brands turned into two different companies you have bath and body works in victoria's secret both are inexpensive but victoria's secret is way mispriced it trades at about three and half times next year's estimates and you can pick all of that up by listening to the last call, distressed retailers trade five times ebit a with a little over and this is trading at or below levels you would associate at department stores relevant in five years or so speak unto. >> they struck their brick-and-mortar and i was a kid in a research note the fragrance, the sleepwear, those are things that are going to
propel the brand but is it going to be online sales, that's where you think the growth is? >> they added to that, that is really helpful and that helps operating margins the company is keeping the same operating margins in the same guidance mid-teen operating margins that they had from 2015 when it was basically a distressed retailer. it is not now the balance sheet is flushed with cash, billion dollars worth of cash they have one leverage of what it half, 1.6 times, they can hold the debt making increase debt leverage to a reasonable two times by $2.3 billion worth of stock which is 38% at current levels. we just think there is a big opportunity for earnings without that buyback, luscious assume they don't do that and you price it off at a five and half times
multiple on even a you looking at a target price of a hundred dollars and if you do it and do the debt move and spend the cash and buy back stock you looking at a target price $200 almost 200 upside. >> the bell is going to ring but i have to jump in a have to ask about brookfield a big-name in real estate, you like them? >> i do it's a real asset manager, real estate and infrastructure they are in the middle of a fund-raising cycle and is going better than plan they change the way that they do things the raising funds from third-party capital whereas before all the funds they were doing with their own money. what this does it should change the way at 12 times earnings it appears that apollo and carlisle and someone and blackstone trade at 17 times because they have a distributed earnings model which
brookfield is adopting right now, i love the stocks 25%. >> they have been making some very interesting moves in real estate, andrew graham, thank you so much for the nasdaq wrapping up the week three straight record closes, s&p 500 maybe not going to make it, the dow is down 74 that is it for "the claman countdown", "kudlow" is next. larry: hello everyone and welcome to "kudlow" i am david asman and for larry kudlow. first off the dismal jobs report released today 235,000 jobs added in august of economists were expecting a number three times that 728,000 pre-done employment dropped slightly to a pandemic low of five-point to percent the hourly wages were up only 0.6% that came in lower than the rate of