and paying them not to work or what you see in california beginning today, minimum wage fast food restaurant soaring to $20 an hour, we already know what's going to happen. price of food, fast food will go through the roof and people will lose their jobs. there will be household in california for bringing less money to the household so the other problem is if you are a school and struggling and you don't want to get better, you have to, society is saying don't worry about it. here's the irony, california is by far the most migrants so why aren't they eating their own kids, kids born in california? it's not but it's going to come back to haunt us in so many w ways. this market looking shaky here is liz claimant. >> thank you very much, happy monday. want to flag our viewers on

trump media stock, shares falling 23% right now to stop the lows of the session after the social media company revealed it lost nearly $60 million last year and a regulatory filing operating losses quote raise substantial doubt about its ability to continue as a going concern. lesions of retail investors piled into dj teeth last tuesday when it reversed march to trade publicly. charlie gasparino is working on this will join us coming up in just a minute. to the markets on this first day of the week, month and second quarter after five straight months of gains, major industries right now in the red, the dow does district down to 84 points. before we get to the other majors, look at the dow heat map, what you see the bottom is home depot followed by boeing, nike, honeywell, travelers and goldman sachs. home depot had a taking because three brokerages and research

outfits hiked price targets this morning. home depot's losses only rival lows down with it. we will show you lows, could it simply be that there is pretty eye watering news out about what kind of salary americans now need in order to purchase a home and go to home depot and improve their homes? cherry fani willis coming up with sobering details and we will check the 30 year mortgage rate. today is the first chance to react to last friday's pc inflation report because the markets were closed good friday and clearly investors don't love it. let's get to the s&p 500 down 15 points. just under one tenth of a percent lower, not a big deal but nasdaq -- s&p down 17 points, is that of a%. nasa than one tenth of a%. could it be the fed's favorite

inflation report core pce did touchdown 2.8%? the lowest since march of 2021 but january's number was revised higher 2.9% from 2.8%. personal spending surged eight tenths of a% in february, that's the largest increase in 13 months. this morning we got fresh manufacturing data march pmi about 50 to 50.3 which indicates expanding economy and prices heat index, kisan of inflation, spikes to its highest since july of 2022. strong numbers need the fed which is interest rate cuts further than the market it helped treasury yields are blasting higher, the tenure yelled moving up 12.7 basis points to a more than two week high.

with socks down and yields rising, the april showers begun on wall street and how long might they laughed? let's get to traders, kenny is extraneous. peter, is the firm fauci data taking a breather? what is triggering the selloff x. >> this is not a blowback, we are talking nickels and dimes. even the numbers that came out were not that disappointing. not the best they could be markets have anxiety about expectations not fulfilled. at the end of the day we have the greatest since 2019 in the market close out the quarter in a spectacular action. let's go back to what was said last week not friday but wednesday he said i'm not going to overreact weaker numbers that came out january and february,

that will not be how i adjust my policy coming in to interest rate cuts. the market data 200-point. the nasdaq is literally a lackluster day, money coming into the market but this is nothing to use great financial term, at the end of the day it's a spectacular first quarter. a spectacular first quarter and the first day after that, all box healthy, this isn't even a pullback, it's a date i think everyone is on spring break and nobody is paying attention. the number fighting a little disappointing market really wanted to react negatively, we would have been down 300) and we are not. >> when peter says we've had a spectacular quarter, s&p 10% during the first quarter, can we see a repeat of that backflip? more like a triple backflip.

wouldn't be surprised but it would be some pointing if we didn't. >> i don't actually think we are. we did have a great first quarter. the nasdaq landed have% so a lot of momentum. i do believe the story will continue through the year but i also think the market is ahead of itself, we will have multiple rate cuts and fueling these as well as official intelligence and all that, i get but it's the rate cut feeling a lot of this and i think when the market starts listening to what jay powell is saying and friday he made it very clear, he's in no rush, he could hold rates as long as he needs to end the market, the economy is not spinning off the edge. therefore, there's no reason, the data does not support a rate cut. once the market really understands that and i think we will see a pullback and some

turn and the market will focus on earnings and what is expected to be a better earnings season next week and what the future guidance will be but i want to see the market back. today is not a pullback by any stretch. we are not -- we are done not even a half a% so we need to see five, six, 7% to be more of a significant pullback. >> on the floor of the new york stock exchange, how closely are they watching that ai excitement? is a piece in the "wall street journal" that says it's no longer magnificent, more like fabulous for so either you see names like google, apple and tesla yet when you look at nvidia, micron today ticker symbol and you sending 52 week high $127, it's going back down lightly that 5% gain, pretty impressive and you wonder if tech is the narrative beyond a

year or so. it's sort of the next couple of years. >> i don't think we should be on any of the big people's fear is the market product was fueled by magnificent seven and something underlying foundation of the market strength and i think that is wrong by a large stretch. if we look at russell 2000 which signifies a broader breath, the russell's acted incredibly well. fifty-two week low to 52 week high and 46 trading days so it shows us the bar looking for value elsewhere magnificent seven, tons of money. as a gentleman, one of the brightest guys in the tech sp space, he made it beer this is a phenomena, a generational time and ai with trillions of dollars being thrown into this on a fast

track. he told me by 2025, clear all window look like the jackson's. at the end of the day, it's going to continue through the year end i think there's a lot of interest in other docs within the marketplace and s&p 500. clearly s&p 500 also closed day after day in the last three weeks and record highs, these are real numbers. also i know the dow jones is only 30 stocks but we have approached 40000, a got the hats printed off. we are almost there. these are real numbers and i don't think we should overreact. one day is not the market. >> of course. now you don't think that the market is a gigantic voting machine and we know the hurt by

something and get triggered and stampede and it direction. we are seeing other assets hitting records, not just socks. cold hitting record high earlier and then a stronger economy came out and retreated a bit, 2062 but one other assets, what are you watching us messages for how they may perform in the coming months? >> you have to look at that.because that is now becoming much more of a factor sensing but investors feel about going forward but you have to look at the bond market, you set it on your introduction, bond yields are starting to move higher. i think we see the tenure approach, 4.7, 4.75, he will seek market struggle the way did

in october when we saw the tenure hit at present and nasa call. i think once you get into for 75 -- five range on the tenure, it will be a headwind for the market and i do think it's a problem. janet yellen has to bring a lot of supply to the market and while there will be buyers, the question is, at what price will they clear? a lot of supply in the market. figure supply focus crisis to go lower and yields higher and that is the next thing investors will have to keep trying in addition to earnings which will start next week. >> professor tuckman, always good to have you. thank you so very much. this first day of april, it's only an infant barely one day old april turning out to be an active baby when it comes to board battles. we will disney be the mouse that roars with activist nelson this

wednesday. caltech company basing his own boxing fight for the first second time in two years. a representative of a shareholder joining us live on how he will vote masimo ceo joe is here. activating and advocating for change. are these battles good for the stocks? let's look at the past six months, disney up about 31%, since november 30 but if you look at the six month picture, it would be a gain of 48% while masimo over six months have gained 76%. claman countdown is coming back with a foxbusiness exclusive. dow jones industrial is down. ♪ ♪

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tis the season for proxy battles masimo stock out at this hour, two and a third% after coming out swinging at multiple allegations made by an activist investment fund, two of whose members also happen to sit on the health tech companies board. michelle brennan front capital management are pushing or two additional seats on masimo's board. they hold to already. with this awkward fight and play, masimo ceo joe joins us. you came out swinging with a response, let's define coming out swinging. you detailed a statement refuting several allegations including the claim that brennan excluded from board meetings.

they say they were, you say what? >> they were not. there's 11 board meetings in the last nine months since they been on the board and they happen every one of them. we held back for a week before we spotted because we thought we should put the facts behind our response. as an exhibit attached to our press release that shows everything we gave them. how everyone of his claims last monday were false. >> they also claim you made the announcement the company was exploring the separation of the consumer business from the health tech business, medical business and you did it on a friday afternoon, again after being they intended to nominate directors and that makes them concerned. >> well, it's not true. first of all, i went to winton, the second board member i went

to in january to say maybe we ought to do a spin and come up with a structure that might give both companies the best chance of success, the consumer and legacy healthcare business. in fact, he and i agreed to terms that then we went to the board, the rest of the board and explained to them, he explained we set up special committee that he became the chairman of to look at a couple of items that were potentially complex for me. he selected the bank, the lawyer for the special committee so for about two months, we were talking about the senate, who weren't talking about him electing nominees. on friday when we agreed to spend and after we announced it, the stock went 154 doors a sh share, 15% of post market close. it opened premarket on monday same price and his negative press release came out and the

stock closed 139. here's a board member that has fiduciary shareholders putting out negative things targeting stockholders. >> they been upset, i'm talking about coffee and brennan about the previous acquisition of sound united which was a little expensive at least from the perception of shareholders, other investors more than a billion dollars and when it went through, he look at the close of the acquisition april 12, 2022. since uncle stock is down 32% and you look at since joining in august of 2022, the stock is up give or take 26%. i'm looking at the numbers, sometimes activist investors just talk. >> we bought the company for one time revenue to give us access to the consumer space.

second, what i've seen, they are opportunist, they want to get credit for it. i am seen for myself now, nine months witnessing winton, he is well healed activist looking out for his own personal gains and career and making moves hurtful to stockholders and if he gets the control of the company which is what he would get these two people were to be elected that he is proposing, it's going to hurt not only masimo shareholders but patients, consumers relying on innovation. >> are you saying they want to oust you, the founder, who has lots of patents for especially, let's talk to viewers what you do make, pulse oximeter watch, he took on apple and you will

and in the courts because you said it was your technology they were using to check blood oxygen rates. are you saying they want to boot you? >> yes, after 35 years, i started it for my garage and built it to a 2 billion-dollar company with 7 billion to 17 billion, yes, they want to oust me and i'm the one who invented most of the technology, i brought the team together and i'm the one who steadily has grown shareholder value and they are going after me and control of the company. there are two individuals who are chaotic. he mentioned spend, he's been on the board nine months, not one time has asked me about this is an idea i went to him because i found a way we could maybe do it such that both businesses can thrive. >> when you say the spend, possibly spin off the consumer business.

we want to let our viewers know with put in a call to college in and asked them, they have an invitation just like joe has and they have apparently just responded yes, they will come ot responded yet, pardon me so we will keep everybody posted. very appreciative you came on to talk about this here with us. thank you. >> thanks for having me on your show. >> realtor.com says it is cheaper to rent in many parts of the u.s. versus buying a starter home. high mortgage prices in place, we all knew that but wait until you hear the rear real barrier holding homebuyers back. stocks mostly done, the new eye watering reality that might have buyers shedding tears. gerri willis is about to tell you, that is next.

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while still higher than they were during the pandemic, mortgage rates taken down a little bit today's average 30 year fixed rate coming in at .88% versus the average rate of 7.11% a month ago but that is small consolation for many

americans to buy a home. gerri willis joins us live to explain. do i even want to hear this? >> yes you do. this is amazing. it takes a six-figure income to afford the median price house. let me tell you about this. a new bank rate study showing required salary to make that purchase jumped 46% as you can see here in four years. homebuyers only need to make a 76000 -- make 76000 and 2020. the issue is widespread, you need a six-figure salary to buy the average home in 23 states including district of columbia. four years ago the number was six. organs rate played a small role in bump but prices by large have kept pace with needed salary to buy in the average home is up 42%. 400 and 12,000. even though the housing market may be pricing people out,

people beat to think renting is a solution. president biden took office, runs are up 22% so where do we need to make the most to buy the average home? some will not surprise you, california tops the list as you can see, $200,000 to buy the average home followed by hawaii, washington d.c., massachusetts and washington state. you want to know the cheapest state to buy a house? mississippi. he is about the average home earning $63000. >> i watering numbers for most of the states thank you very much. foxbusiness alert, fedex lost a huge contract level ups and it's something for it. fedex shares dropping three and a half% right now on the revenue hit expected to take after news ups will replace as the primary air cargo for the u.s. postal

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godzilla x kong, the new empire roared to $80 million in domestic ticket sales this past holiday weekend. box office tracker comes or. warner bros. coproduced the film the brings them together. they finally get together instead of fighting each other. guess what -- is a godzilla versus kong battle going on at disney right now, the stars of the show? bob iger and activist investor, nelson felt the deadline for votes and what's turning out to be the most expensive proxy battle in history down ahead of shareholder meeting wednesday as pension funds across the country. sides, find out who the new york city employees pension fund voted for and why. first on foxbusiness, new york city controller brad lander joins us next. ♪

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the are getting very close to the big moment disney's courtroom battle. the proxy battle with activist investor nelson helps will come to a close wednesday when the results of the shareholder vote is held. bob iger, ceo of disney bat battling. they are asking for two seats on the board, disney want to keep current plight of them. the plan in the united states, california public employees retirement system says it's going to vote in favor of nelson felt and jake to join disney's board. the new york city system says it's on team disney. new york city controller brad lander is here first on foxbusiness to tell us why you

voted in favor of iger, keuka 2.61 million shares of disney stock which is a big chunk, why are you team iger? >> it's great to be with you. 2.61 million shares are to $90 million, the retirement security of new york city's teachers and cops and firefighters and we are long-term investors. our shares performed well at disney over the long-term of bob iger's readership during the first tenure, 579% and even since his return from the share price has been better than its competitors we are cautiously optimistic about strategic transformation he's proposing and we just don't believe nelson peltz's philosophy is aligned with our long-term shareholder interest in the company's success. >> you work a little more

sharply owned when it came to peltz at least in some of what i saw. what is your issue with nelson peltz? a long-term shareholder, iger is the man. are you saying peltz is one of these guys who hit it and quit it once he gets the money he's out? >> let's look at the data, 15 of the 22 times he's come onto a board like this, companies have underperformed the s&p 500. 68% of the time so his track record is not good compared to iger but in addition, it's a short-term approach and we are long-term investors and there's often an effort to prioritize short-term extraction of gains and we are looking for long-term value. disney has delivered that long-term value we have concerns about the way felt led at wendy's and other statements he's made which we don't believe are consistent with our approach to long-term value.

>> your west coast compatriot siding with peltz. they have a bigger share, 6.65 million shares of disney. have you talked to your counterpart? >> i can't say why they made that decision, we have not spoken with them about this but i will say number of pension funds, california state teachers and new york state have withdrawn over the past few years because the returns have not been good. >> can i just ask you about our performance? since nelson peltz started to get involved and if you look at the chart, it certainly at least over the past six months looking like 48% to 50% gain in the stock and i find it interesting as you continue to watch what's going on in the world, disney

made major missteps and you could argue that bob iger was the one who really made one of the biggest and that was to pick successor who really wasn't at all a hollywood guy. he ran the perks business brilliantly, no problem with that but no real relationships or contacts with anybody who matters in hollywood. >> we were not happy, we voted against board members several times. we want to see a better plan for transition to the next ceo so all those things are critical. i don't know whether houston sure value has to do with the activist interest, bob iger has had pretty quick returns over time. i think nelson called has sought to get on the disney board 24 times and i don't know he can take it for stock price increases. i think he might just be looking for a fast pass perks and we

should give him the fast pass to take his grand kids and not cause chaos at the border. >> this is sure getting feisty. let's hear what rich greenfield, the analyst told us last week about this. >> you seen shareholders flooding in excited about the fact that there is activism and the company is cutting costs faster pushing new initiatives like investing in. there's a flurry of activity that's helpful and why the stock is at a 52 week high, excitement about stemming from the activist pressure. it will be interesting to see after next week what happens because the key problem with the number one problem with been focused on what disney is creatively, the companies creative engines, movies and television have not been firing in all cylinders.

>> what about that? >> nelson. [booing] has no entertainment experience so i don't know what he will add for star wars. what can a company be doing to increase value? that's why strategic transformation the board of management proposing is a good one. he want to see eagerness to keep improving the activist interest shareholder price is not a good sign of long-term for anybody else. >> got to ask you, compensation at disney has been enormous. this for an industry in decline. this is an industry that isn't exactly, i'm talking overall legacy media, it is going south in many ways and hence the rush to disney+. as a public servant yourself,

you clearly understand limited salaries, how do you justify a huge pay package, i think iger got 31.6 million, his compensation doubled from 15 million in 2023. how do you justify the huge pay package he gets? even the board members are getting a lot of money. it doesn't really align with incredible performance. >> i will say we voted against executive compensation at disney several times in recent years. this is an area we keep an eye, express concern. you are right that they are high. at the same time as i mentioned, from 2005 to 2020, 579 cents shareholder increase and up to 5% since the start of his tenure so we do look at this from a clear some of the most active on compensation and probably check your concerns your.

>> you are not just a good steward of your shareholder money in the public pension fund but you are a steward of the taxpayer money. new york city is going through right and expensive situation with the migrant influx. it now appears they are going to get paid debit cards that are loaded i guess prepaid debit cards an average of $13 a person a day for 28 days. where's that money coming from? 's is going to bust the person up new york city? >> new york city's person is doing pretty well in tax revenue collections are up more than $3 billion the budget was adjusted in the fall. that's probably more than the entirety of this year on asylum-seekers. it is an additional expense, no doubt but the debit card and save money, people in the city's shelters and a lot of food going

to waste thing high prices so i think debit cards an opportunity to save money. i disagreed with the mayor on many pieces of the implementation, and audit that showed spending way too much on staffing services using emergency procurement carelessly but the democrats are an area to get better results and save money. the real key is to help folks get to work, that's what they came to do and we need to help them get work authorization so they can take the jobs and childcare and restaurant and construction. the economy is growing in real opportunity keep it growing and the key is to help will get to work. >> this going to be a big shareholder meeting wednesday. we will be watching, thank you for joining us. >> maybe they will stream it on disney+. [laughter] >> you guys. brad lander new york city. great to have you. thank you.

there is a trump media and technology plunging worries of other former president trump media company can stay in business. the company is saying this. whether it can take business efforts public debut because of all the losses. charlie gasparino working, he's got more next ♪ cus ♪ w many people did you tell? only pay for what you need. jingle: ♪ liberty. liberty. liberty. ♪ baby: ♪ liberty. ♪

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♪. liz: shares of trump media are getting pummeled at this hour after the social media platform released financial metrics that have investors fleeing for the hills. charlie bass gasparino is workie story. give us a sense what the financial stuff said and this is from the company. >> listen, let's be real clear you didn't need the company to disclose it. i said it on your show. i said it on neil cavuto' show. social media is a tough business. twitter in its form now, with hundreds of millions of daily active users sometimes breaks even. when it was a public company. you don't know now when he took it private private. one of the reasons he got out of

the deal with the former dance, it shows sometimes it is barely profitable, not profitable and it is all over the place. it is a rough business. you take that scale, put it towards truth social, donald trump social media networks, along the same lines, basically the same business model and you're talking about a fraction of the users, a fraction of it. and then you start thinking about, okay, it has computer systems, it has up keep. you factor all of that in, i knew, you knew, neil cavuto knew it was not making money. when you don't make money and you're a public company, and they are a public company now, trading under the symbol djt, you will have to do filings and basically tell the investing public material events. one material event, couple of them it is losing tons of money as we know but also one of the things in there that it was strike striking, it did warn, i have to get the exact language,

that something along the lines it has a very questionable future t might not be around so long. you put all of that together, you have a massive move downward in the stock. i think the stock would go down more if donald wasn't holding obviously. donald controls 60% of the shares. you know, once he starts selling, if he sells, and this is my personal belief, nothing i know, i think he will because i don't think he wants to sit on the paper while, as, in a slow burn, you know, this thing could go down really fast, really fast and really hard. i will say this liz, and this is something i think you got, i saw this with the meme stock craze, all the meme stocks have been crushed beyond belief. the only one that is standing gme, gamestop, even that is down 25% year-to-date. amc all crushed. bed, bath & beyond, out of business. there are cult followings around these stocks.

you don't invest because you like a company, because you think you're saving the world by buying a company. liz: very true. >> people at amc thought, let me make this point, they thought they were smart saving the company and it hurt them. you know, the impulse on trump is like let's help donald trump who has been unfairly attacked. that is now how you invest. you invest, you throw money away. if you want to do that give him a campaign contribution. better off for investors, giving donald trump a campaign contribution than trying to support him through the stock because this company has lots and lots of companies. ace greenberg always used to tell me, you never invest with your heart. he took losses knowing once he took the loss, he would have 20 chances to make a gain. he was never wedded to a stock. never believed in a stock. believed in making money and investing. liz: same with buffett. don't fall in love.

>> same concept. liz: thank you very much, charlie gasparino. all right we have the closing bell ringing in four minutes. yes, sir the markets are lower to start the quarter. the dow and s&p on the way to snapping two day winning streak, first day of april, first day of the second quarter, listen we know it is april fool's day. our "countdown closer" says he has sector picks that can foolproof your portfolio. this i want to hear. phillip palumbo is here. how do you do that, fool-proof your portfolio? >> in terms of our portfolio management. we're believers in balancing with long-term treasurys, medium termed treasurys, mixed gold and commodities with equities as a hedge. no matter what type of economic environment you're exposed to, all our research it helps protect capital on the downside which is really important with the type of clients we serve. liz: helping to protect against the downside. you're now speaking my language

but we also want growth at the same time. how do you do that? is it by picking dividend-paying stocks? >> well the core portfolio we manage there are three key criteria we look for. number one is stable earnings. if you have stable earnings then you're generating lots of free cash flow. if management is very good what they do, deploy that capital and earn investment capital returns of 10% or greater, those three critical criteria with businesses will make for a great sound portfolio that could help minimize risk on the downside but also get you a decent return on the upside. liz: look. you like entergy. that is a name that does have a food yield though. i tossed you a blooper softball and when you look at the yield, 4 1/2%, that's certainly attractive? >> not only is the dividend of 4 1/2% attractive but also they increased their dividend over the past three years by 6% a year. the dividend is attractive. trading relative to the whole of

group 150% discount to -- 15% discount. utility sector is 15 1/2. entergy is a phenomenal business. they made a lot of investments in renewable energy. with that renewable energy will increase margins in a lot of businesses. think of about the demand for he can electricity that will happen next two to three years because of a.i. there is growth potential you mentioned before but you also have margins that can widen. they're trading fair market value i said before 15% below that. think about the next two or three years, you mentioned buffett's name before, this is a great quality business, if you have some, if you're a long-term investor you can perform very well. liz: about 22 billion market cap. anything worry you right now about the overall market and equity investing? >> of course. i think that the biggest thing is interest rates, where we're going with interest rates. i think the fed keeps telling us he believes that inflation, he wants inflation at 2%, continues to say that.

we're not there. so if we're not there, what does that really mean for the fed? what is the fed really going to do? there is a chance the fed may not do what the market wants the fed to do. that will create volatility. that could move rates higher. that is a concern overall for the market and that is some of volatility we're seeing here today. liz: phillip, volatility it is up. we have the vix up a couple percentage points here. we don't often see that. good to see you. thank you so much. we appreciate it. >> thank you. liz: all right, march did go out like a lion but april coming in like afraid did i cat, at least with the dow down 230 points. nasdaq only index in the green today. [closing bell rings] tomorrow we get the jolts report. that could affect the markets. go daddy founder entrepreneur, bob parsons will be here. we'll see you tomorrow. ♪. david: hello, everyone, welcome to a special edition of "kudlow," i'm david asman in