Market Rebound and Crypto Comeback

0:00Good evening. We're getting right down to business here live at five. Yeah, but David do time as of this week. We have we do it live at five all part of the great weekday lineup here in seven 90 KBC including the John Phillips show with Randy Wang from noon to three and also starting this week Dan Bonjino back on seven 90 KBC with the Bonjino report PM with Dan Bonjino right now Mo tech on money live on the air seven 90 KBC streaming live online worldwide at KBC.com and you're on demand. Motekamoney podcast KBC.com Apple iTunes YouTube Spotify all your favorite podcasts platforms and stay tuned tonight at six by the way I'll be back on the air for the way home radio show and podcasts with Mark hood the CEO of the Union rescue mission focusing on homeless solutions here in LA right now we're driving home business in Los Angeles and we had a pretty good rally on Wall Street today with stocks moving nicely higher the Dow up more than 600 points at the closing bill at 53,000 686 the S&P 500 of 81 at 7,747 and the Nasdaq pop 366 points at 26,000

1:10584 the volatility index pulling back six percent this after a rough couple of days starting the month of September this week. Nice recovery over the past couple of trading sessions the yield in the 10 year note at 4.77% pulling back a bid after Federal Reserve Governor Christopher Waller said today he'd be in client of support holding rate steady barring any surprises in upcoming inflation reports the yield hit its highest level since November of 2023 just yesterday. Now Waller's comments along with the sharp rise in the Japanese yen support the drop in yields and offered some momentum to the market as oil prices remained elevated this has attentions continue to rise in the Iran war rising crude oils putting prep word pressure on treasury yields investors concerned that the elevated oil prices and gas prices would drive inflation and force the Fed to increase rates. Snowflake shares on the tech side were winners today up more than 16% after that company came in with better

2:14than expected earnings on the flip side broadcom dropping nearly 3% on its quarterly results gold and crypto is also getting a boost today with Bitcoin moving above 81,000 gold moving above 4,500 announced in fact gold rose the most in a couple of weeks as the dollar tumbled against the Japanese yen. Oil prices little change though as Iran continued to hit US golf allies in the Middle East with Kuwait intercepting incoming missiles and drones today the AP report siren sounded and Kuwait early today where air defenses intercepted missiles and drones during what they called blatant Iranian aggression came after US allies Bahrain and Jordan announced their air defense systems also intercepted several Iranian missiles on Wednesday finding between the US and Iraqis increased this week after the US struck Iranian rocket launchers on an island in the straight of Hormuz last weekend. We're looking at a Brent crude futures settling at 95 52 a barrel down slightly down 11 cents and

3:15oil trading in New York West Texas Intermediate up 29 cents at 91 30 a barrel. For the first time in a couple months SpaceX is again worth more than two trillion dollars. SpaceX stock moving higher today by about 6.5 percent briefly popping above 150 for the first time in more than a month in fact since July 10th after closing at 149 74 SpaceX end of the day with a market cap just above two trillion dollars the last time we saw that was back on July 6th. Little lemon on the earnings front pulling back today betting on away from body pants as consumers sour on form fitting leggings that's the headline in the financial news today. Little lemon stock down about 18 percent as analyst question the yoga wear makers fashion assortment and take in a disappointing outlook. As the earnings parade continued we see shares of Campbell company the makers of soups and snacks

4:15pulling back a dollar 66 to 22 13 and it's the end of an era in broadcast business journalism today Fox News media parting ways with Maria Bartolome after more than a decade the company announcing it today the company did not specify the reasons for her separation from Fox News before Fox Bartolome worked for CNBC for 20 years as a financial journalist. Another milestone reopening on the in the fire disaster area the Pacific Palisades the historic villa Aurora known as a castle by the sea with lots of interesting history has reopened I'll talk about that as well as the history of that impressive villa with the director of villa Aurora Claudia Gordon will be joining us live later this hour and Chris Giel and Ella the president publisher of LA magazine will be talking business with me live later this hour but first on your money the markets the economy and the whole works now joining us live John to gerion dr. Jay Z is known on the major financial networks co

5:16found a market rebellion big on social media and its own podcast as well co-author the amazing book it's not an option with his brother Pete John thank you very much for taking the call on this big day here today well thank you very much Frank it's always great to be on with you when markets make a nice move like they made the day and as you were just detailed like they certainly did make a nice comeback going into tomorrow's employment data that's right that's the big enchilada monthly economic reports as we call it the monthly john's report from the from the labor department give us your assessment here we saw pretty good rally for stocks as well as a Bitcoin you also have the laser eyes on too so take it from the top and give us your impressions what we have here well stocks yeah they they made a very nice comeback today you cited one of the many catalyst today which was Fed governor waller he was of course throwing cold water on the September hike odds because that it basically fought its way to a slight majority

6:24into the September meeting by slight majority I mean ever so slight it was like I think 48% versus about 52% that believed we could see a hike in September I think that changed during the day-to-day because those are moving targets of course up until the fed speaks and I think a lot of us are really waiting for exactly as you said that begins a lot of is it going to be something that gives uh uh mr. Warsh the fed chairman uh enough wiggle room that he can calm those among his fed governors that would like to raise rates the voters that would like to raise rates um I'm certainly hoping that they do not raise rates but it's a couple weeks off and nonetheless uh tomorrow's very big in terms of the catalysts that remain before uh that said meeting

7:24right and we've seen those benchmark bond yields move up with oil prices moving higher a concerns about inflation the once again and it'll be interesting to see what happens with that jobs report which the fed of course is also focused on the jobs as well as inflation what about what's happening with with Bitcoin and all this um let's get to the exciting stuff you're right off the bat Bitcoin back at around 81,000 coming off that uh that crypto winter or ice age is some even we're calling it um still well off it's all time high but certainly we've seen a nice rebound there give us your thoughts about what's happening with with Bitcoin and the other crypto as you follow yeah well um Bitcoin did reclaim 81,000 it got all the way up to about 81,500 or so Ethereum climbed about uh to I think 2500 and 11 um it has been a clear out performer among the big three lately uh those being Bitcoin Ethereum and Solana Solana back to about 105 that was a 6% rally

8:28so of those three Solana had the best performance today but Bitcoin definitely gets the most attention deserves the most attention and people are waiting for that um clarity act uh I don't know if we get that one done before the midterms but depending how the midterms go that could be another significant catalyst for Bitcoin to reclaim 100,000 if indeed that is in the cards for this year after hours though I just needed to throw this one out to you because Lulu Lemmon traded down about 18% after they announced what their earnings were it's down below a hundred dollars a share and I think you got to go back basically to 2019 or even 2018 to see it below a hundred dollars a share Q2 revenue was just pathetic that's the best way I can put it I think uh that big competitor ALO is really putting it to him and uh perhaps people just not liking some of

9:36the offerings that Lulu Lemmon has put together so we'll keep our eye on that but this is definitely one of those stories that will get a lot of attention tomorrow behind the jobs Absolutely right and I did note Lulu Lemmon moving lower and uh if you saw the headline Lulu Lemmon bidding on away from body pants as customers sour on form fitting leggings I guess the uh the debate continues on that one yeah the debate continues but certainly the people that um saw those away from body pants versus the leggings uh they seem not to like those as much and uh I've not seen ALO going with the away from body pants yeah I've seen them keeping them nice and tight and uh that's that's the way uh the Marines like it um and that's probably the way a lot of buyers of Lulu Lemmon and uh ALO leggings like it yeah uh next time we take a walk

10:38and in Beverly Hills you'll you'll you'll you'll see you'll see that here as well now uh let's take a look here uh we got Bitcoin at 81,200 Ethereum above 2500 Doge hovering your shy of nine cents here now um in addition to Bitcoin which you follow any of the other ones that are that are getting your attention are in argue placing any any any bets here um among the the crypto names um I am in only those three Bitcoin, Solana and Ethereum I haven't really bought any more and I haven't sold any of those three um in the last three months it's just been um you know keep your hands in your pockets and uh don't get panicked out because you certainly could have got panicked out uh down around 58,000 57,000 just a couple months ago in the case of Bitcoin and that would have been a big mistake um I'm not saying that people shouldn't take profits when

11:39they have them not when they have to but uh the leverage that's in some of these products um has eased somewhat um because of so many people uh perhaps getting to the sidelines so the demand for double levered triple levered various ETFs that trade any of those cryptos um has uh slowed down pretty significantly it's not done it's not gone but I say slowed down and I think that's pretty accurate so uh I think people that our patient could certainly pick it up still in the seventies I bet you get a chance again in the next couple weeks probably ahead of the fed move in fact um or non-move depending which way it goes Frank um in September here. All right and we see the uh the crypto related to equities moving higher uh strategy up more than uh 21 today to 144 and change a lot of we get a lot of calls about ibit um that moved higher today by uh

12:45256 to uh 46 35 and let's bring up that um bit mine immersion stock that's the uh Thomas Lee stock up more than three today to 26 45 are you doing anything uh with those um and what do you thoughts about how uh bitcoin and other crypto ETFs have evolved um up till now. Well um they certainly have evolved that is and a year ago we were all talking about um a lot of these treasuries um which was a strategy very very similar of course to what uh Michael sailor does with strategy um MFTR and the the strategy that many of them employed was simply to um raise money one way or another and then to get into these uh treasuries they'd call it every time they made money they would buy more of one or more of those top three in particular and Tom Lee um but an

13:45awful lot of uh uh uh ethereum and i believe his fund now is the largest owner of ethereum larger than vitalic buterin the the founder of it um and i think there are real reasons that some of those crypto fanatics that are into ethereum and or salana are in there because those are utilities those will be used it's not the same as uh bitcoin which is more or less something that uh doesn't really make sense as a currency it does make sense i think as the store of value but it doesn't make sense as a currency it's too expensive on the transactions and so forth but uh salana again is the clear winner uh among the two big ones ethereum and salana but the ethereum folks are always working to try to make that one more efficient so it can better compete with salana on their live with dr jazzy's known in the major financial networks uh john de jarian and um and john what about

14:50what's happening with with precious metals here now we we have seen a rebound in uh so-called analog gold we've been talking about digital gold here but are you are you doing anything with the precious metals here now um i am um and you know just i think three weeks ago we were talking about gold being below uh four thousand to the ounce in the first time in a very long time today that closed uh if it ever really closes it's 24 hour trade just like crude oil as folks but gold was right around uh four five hundred and twenty seven dollars i'll say um at least where i'll recognize it as a close um i think that uh both gold and silver are seeing a lot of interest in particular the miners and if you want to own those ETFs that's of course gld or slv depending whether it's gold or silver um but i i think also the gold miners gdx and

15:54gdx j the j at the end is the junior miners mean slightly smaller of course uh the the the big massive miners like free port and so forth and helca those are going to be in the gdx and they are the ones that have really benefited from what has gone on at this five hundred point rally for gold just like i say in the last three or four weeks so very strong move by those and uh i would say uh you can certainly tell the demand is back um for uh as you said analog gold and silver it's uh it's never really gone but uh there were a lot of people that were taking profits when it traded to the new records and then they uh probably have been reloading ever since it got down to four thousand all right we should also note uh it's a new era and apple john charnis now the chief executive officer and apple that's happened just in the past couple of days and taking over from

16:55from tim cook also known as tim apple some call him that right uh but uh new era and apple in the stock higher today uh more than three at three twenty eight and change uh what about apple here under under this uh new leadership well uh even under the new leadership just as uh tim cook did as he took over for um steven jobs um they will still have a september event i can't imagine that they're going to push that off really and at this september event they will probably bring out as they have somewhat eighteen times in a row something like that a new version of the iphone and perhaps some upgrades to some of their other uh offerings whether it's mac or whether it's macbook pros or ipads they generally do this um on a very recognizable time schedule so uh apple has made a nice little comeback from the recent dip that it had um but one that i highlight for you frank i know

17:59you always like oh john what are you buying now there's there's a stock called dragonfly um dp ro and it is a drone company that is um now uh drones and drone software that is focusing um its attentions instead of the uh uh people who just like drones into the military which where most of the money is quite frankly and so that stock has been making a very nice move in the last few days and strong unusual activity in that name um in terms of how much stock and options have been bought just at uh what monday this week the stock was four dollars and twenty cents and today it's six dollars and forty cents might not seem like as big a move as i'm making it sound like but percentage wise that is a gigantic move and uh i think that anybody who's in this space like red cat or like dragonfly um is really betting on uh the technology that will keep their drones

19:07flying when other drones are knocked out of the sky by various us tech that were applying from Palantir or whoever fantastic ironically a dragonfly was buzzing my car earlier this afternoon so you noted that and highlighted that well john we should have more time we'll have to stop there unfortunately but let's do this again as soon as possible wish you a great day holiday weekend and look forward to our next conversation as soon as possible thanks for joining us at our new time year in the uh the five o'clock hour year in Los Angeles and uh appreciate it thank you very much share for joining us live here this evening thank you very much Frank have a great one and congratulations on uh the new timeslot well reserved sir thank you thank you john de jerry and dr jazzy's known in the major financial net works co-founder market rebellion big on social media by the way check him out and co-author the great book it's not an option with his brother pete de jerry and live with this here on motek on money on seven ninety kbc motek on money continues here seven ninety kbc residents and businesses might be impacted by the remnants of hurricane marie heading into the

20:11labor day holiday weekend we're watching what's happening in the uh film and tv business here with president trump this week renewing his push for congress to pass federal film tax breaks to help keep movie and tv production in the united states i'm going to be talking about here uh this week of course we're watching what's going to happen with this uh potentially huge mega merger between a paramount skydance and one of brothers discovery following this closely as well as well as all things business here in the long sange wissierie joining us live now is chris jel lenella the president and publisher of la magazine chris thank you very much ever taking the call here this evening hey how are you frank thanks for having me on great to have you with us and you guys are doing a great job there covering the business scene here as well as well as arts entertainment and the whole works and uh of course uh coming off the the fire storm all the uh the epic recovery that's continuing and give us uh your impressions here uh you know you uh you hang out with the movers

21:11and shakers here in los angeles in a big way and uh what's the uh what's the mood out there as far as a business is concerned here in los angeles at the moment we're feeling pretty confident and excited about la and what's coming obviously the Olympics are coming and we feel that we're gearing up for probably one of the best Olympics around i know the city businesses are getting excited and our role is la magazine to be celebratory and find the best things for people to do so we're feeling pretty good right now you know um we've been through a lot with the fires you know and i think there's also a lot of great things happening i know in a couple weeks i know uh have it after humanity is going to be out in the palestade doing a lot of exciting things so again we're about connecting the community and it's great to see people out there and helping and supporting certainly with rick caruso the reopening of the palestades village recently that was an epic

22:14milestone and some other significant things happening as well as far as that area is concerned uh what about uh what's happening in the palestades malibu in al-tadena and this uh still very slow recovery that's underway yeah i mean there's still a lot of people who are displaced i was especially in al-tadena you know and we're continuing as los and joys magazine does is to really help and support you know frank when all this all these fires started you know when recovery was happening and people were displaced we created a lot of really great vehicles to raise money seed people clothes people we had um a comedy night we had a donations center we had all sorts of things going on and you know and i think it's so important being a Los Angeles magazine to be the vehicle to be able to do that in the community that's wonderful we salute you for your philanthropy and i know you had a major role recently at the concern foundation the block party at

23:16paramount studios the great organization that raises money for for cancer research and i believe they raised a record amount this year you had a very prominent role there so it's great to continue at all all these uh major events yeah and if you can't notice front my voice got a little bit the shovel that that concern foundation event from doing the auction and you know it's fun but it's a lot of work you know getting people to donate but i think we did a pretty good job really magazine that's for sure that's absolutely wonderful you you certainly did and of course a lot of people talking about the big changes in the film and tv business here since the strikes a couple of years ago among the folks that you're talking to in that world what's uh what's the expectation here and now push for you know what's the past federal film tax breaks and so forth i think it's great and i think it's something that needed to happen and i really hope everything goes the way it should be because so many of our friends here in lost an enjoy us have been out of

24:21work have been struggling and you know you go to the studio sometimes you don't see anything happening so you know this is where lost an enjoy was originated with the entertainment industry the work started to see things come back to a good place um i think there's going to be a lot of changes if the merger happens um but we'll see what what's in store you know but i think everyone's kind of feeling good that you know entertainment is going to be back in LA and you know we're not to go abroad and we could do everything in our own backyard yeah so important to keep that industry going here with a new new facilities being built in hollywood as a matter of fact and hopefully they they will see action and certainly on the commercial real estate scene in another area that you guys uh touch on um certainly that that area has also suffered quite a bit especially downtown but on the flip side there are few places in the world where office occupancy is nearly a hundred percent in few places in the world where they're building office towers but that is the case in century city which is is being called the new uh downtown a pristine compared to to downtown

25:27LA so uh so there's certainly um a lot of interesting things going on in century city where c a is located the century plans and all of that and i know you spend uh some time there as well there is a lot going on in century city and uh the century city plaza has lots of new restaurants coming there and and you're right it is kind of like the new downtown i mean Los Angeles magazine headquarters are downtown Los Angeles on figure oah in the old engine 28 building and you know we've seen a lot of changes obviously with the pandemic we've seen city streets empty um people aren't taking the subway to work anymore restaurants around the but you know what slowly but truly we're seeing you know some some building thriving again i think people are starting to come downtown so you know my hope is that LA is you know set to be on fire come 2028 and hopefully before that all right and of course the big uh preparation for the Olympics uh includes the expansion of the

26:31LA subway system all the way to UCLA westwood where that huge construction site is right now and there'll be a couple of new stations in Beverly Hills so uh that that's going to be big too it'll be interesting uh to see what happens when the Olympic village is set up there at UCLA and and athletes and visitors will be shuttled between the UCLA and downtown and and uh points beyond that so uh that's going to be exciting it's really exciting in you obviously we have the super ball coming to Los Angeles but that's going to also be a very exciting time we just got through the World Cup and it was really great to see so many people in town and all the watch parties and again people coming together and i think that's what it's all about and i think LA is such a strong community with diversity and you know our job is to bring people together and speaking of i don't know if i can talk about what we have going on but i'm happy to talk about some initiatives that Los Angeles 90s eat are doing in the next couple months Frank certainly

27:32we like it okay well yes obviously we all love food and Los Angeles 90s is a big food source where we talk about the best restaurants the best chef and we are going to be celebrating everything that we love about LA's food scene with the food event on October 4th at Calamigos branch up in Malibu and we've got you know 35 restaurants 40 wineries we've got a cigar lounge we've got a margarita bar we've got great bands and music and we're pretty excited about it because last year it rained the weekend we were supposed to have the event and we had a postponement so we're looking forward to celebrating hopefully before you know the they're claiming El Nino is coming back to LA in the winter but i think the event is early enough where we won't be affected but that's the goal well congratulations on that and hopefully we'll talk about that sometime again soon as you get

28:33closer and in the meantime got hurricane Maria coming in this weekend or the remnants of it so we get our umbrella is dusted off for that possibly some rain here on monday already so residents and business and need to brace for that right so we'll be doing that Chris so thank you very much great to connect with you here live on the air that is the president and publisher of LA magazine Chris geolanella live with us here on motek on money on 790 kbc motek a money continues here in 790 kbc good evening another milestone reopening in the fire disaster area of the Pacific palisades the historic villa aurora known as castle by the sea has reopened the mansion is served as an artist resident since 1995 the former home of the german jewish author leon foist vanger and his wife they bought the house back in 1943 and it was an important meeting place for artists and the community of german speaking emigres fleeing Nazi

29:37Germany today the villa is operated by two institutions the villa aurora and tomas manhouse in Berlin and the friends of villa aurora here in los angeles joining us live now is the director of villa aurora claudia gordon claudia thank you very much for coming to the line here this evening yeah thank you very much for having me wonderful wonderful happy with us here and congratulations on the reopening of the villa following the the heroic effort to save everything in there and those harrowing moments when the fire broke out uh back in january of last year tell us about what happened there and uh and uh and what's uh what's happening there now yeah well i mean we really went through a really difficult time i mean as as as you all know um on january six we were just able to watch kind of the fire uh move across that hillside and we initially actually thought that the villa must have been lost um this morning initially we weren't that worried because we had

30:41heard that the fire broke out and the vicinity of a fire that had already um yeah the same area where fire had already occurred uh on new year's eve and that fire was extinguished very quickly or at least so we thought so initially we just thought well we have to um keep an eye on things and we will probably get the all clear in an hour or so um but what actually happened was that within half an hour of that initial um yeah the initial alert to that fire we had to evacuate the villa um and get everybody out and then of course we had our eyes on the tumultman house which was also evacuated just a little bit later and then we could only do what everybody else was doing like staring on the screens and trying to follow and trying to get a glimpse maybe of one of the houses to see if they were still standing well very harrowing and uh so uh the house

31:46was able to uh sustain that uh firestorm right but there was some damage and and just there we opened in the last two weeks or so so tell us uh tell us what was the the condition when you were able to get back in there and uh and how does it look now yeah it was uh we were lucky and that um the house mainly sustained smoke damage there was there were very few things that were actually really um destroyed uh among them the parking lot gate but but that was uh bearable because the fire department needed to do that in order to access our parking lot in order to extinguish the fire so we're really not mad about that um the smoke damage of course was significant because it's an old house it was built in 1928 and it has old windows which um let some of the smoking in two of the room actually uh the windows also flew open um and there was significant uh smoke stood and ashes that that came in and of course they were toxic so we had to have a

32:52toxic all the toxicology report done um which showed that um yeah that the house was in pretty bad shape and then of course we had to do um extensive cleaning and we had air filters in there um for months uh we had to um yeah we had to replace the insulation and all of these things but our main problem really was the hillside because um the garden of Velora um is partly on that hillside and it completely burned down so um they are concerns about erosion and stability so what we're doing now is we're replanting um we're building a small retaining wall and so we are also in the planning phases of building a big retaining wall kind of at the edge of the grass the area there end of the lawn all right and tell us more about the history of that villa and uh I know you host

33:54a wonderful events there uh important uh events and and and certainly important people who are residents there as well artists in residents uh tell us more about about the history of the villa well um the villa as you already mentioned was the exile hall to the unfaustbar and also somebody who also has to be mentioned um every time with his wife Martha she not only saved his life actually numerous times um throughout exiled history but was also a collaborator in his work she was somebody who was became active in LA politics um and was just also a very uh well-known figure in the Los Angeles cultural sphere up until she died in 1987 um her husband Leon is not as well known any more as we would like him to be but um he really used to be a best-selling author um and also he was a

34:54very outspoken critic of fascist ideology and Yulef Gubbos actually dubbed him the enemy number one by the German people and so the foist founders were Leon Foist was one the on the first list of people who lost their German citizenship in 1933 and they had to uh yeah they couldn't return to the country they were actually out of the country luckily in January of 33 and first took up uh their first exile residence in the south of France and then in 1941 they came to the united states and bought the villa in 43 and um during that time there the villa really was a meeting place of um the German-speaking exile community but also of their friends um from the u.s and uh great Britain for example Charlie Chaplin was a very great friend of the unfaustbar and Thomas and Heinrich Mann were there Bertrand Brecht-Franff-Wathel I'm not sure in fact this whole um yeah this whole community

35:59would gather there and exchange ideas and read each other from their respective works and things like that well well thank you for sharing that uh important to history with us and thankfully the the house has survived and uh and you have a artist and residence there again right uh praying well the ones who support your efforts are they able to do that and uh working to get information about uh the various uh programs that you have there from time to time yeah we have regular programs our first artist actually moving in uh in the beginning of October and you can find um all of the information about events the history and things like that on our website which is vatmh.org so vatmh is short for villa aurora and Thomas Mannhaus and you can also just put us in a search engine and that will take you right to that website we also by appointment offer historical tours of the house or if that is something that is of interest

37:00give us a call or send us an email um and we can make that happen by appointment. terrific Claudia thank you very much uh for sharing that important news with us that is Claudia Gordon the director of villa aurora in pacific palisades live with us here on motek on money on 790 kbz