tv The Claman Countdown FOX Business June 21, 2022 3:00pm-4:00pm EDT
of the companies, accountants, they get in trouble and occasional fund manager but for the most part this happens all the time. big money plays out all the single time, we see it happen with acquisitions, we see it happen with upgrades and downgrades. it's the kind of shenanigans that gets you frustrated but my message to you is you still have to stay in the stock market and it's the greatest money making machine ever, even if it's not a level playing field. liz claman, over to you. liz: am i'll the only one who opens the red berries cereal and picks them all out? charles: [laughter] liz: i didn't do anything. what? [laughter] i'm the one, good to see , hey charles, hot fun in the summer stock market, right? investors celebrating the first day of summer with a powerful rally, markets are on the move look at the dow up 733 points right now, following the three- day weekend and remember, you guys, we are coming off total market losses just last week alone of
$2.5 trillion. now, while the sunshines on the markets there's a sudden chill in the air swirling around the housing market. we're going to show you the latest signs and bring in the ceo of realtor giant remax, here on a fox business exclusive to tell us which regions are starting to see some actual froth and what it means for both buyers and sellers. plus, the company whose knew battery may signal the end of range anxiety. we've got the startup teaming up with bmw to implant an electric vehicle battery that gets 600 miles on a single charge. it's a fox business exclusive you've got to hear that, plus, twitter says okay, we're now ready to accept elon musk's buy out offer but is the tesla billionaire ready? charlie has more to break on that story but first let's get you this fox market alert. we are at session highs right now, after coming off literally the worst week in more than two years. markets are crushing it across-the-board.
check it here. now it's the nasdaq that's taking the percentage lead at the moment, up 2.8%. we do have the russel following as well as the s&p, which is up 2.7%, and the dow jones industrial look at that, 742 point gain or 2.5% jump here. we need to show you right now how broad based this rally is, as we head into the final hour of trade so let me show you. banks, big tech and bitcoin. nearly every name in each of these sectors is in the green. now they say you can't really have a powerful rally unless financials come along for the ride from jpmorgan to bank of america, citi and morgan stanley the big banks have climbed aboard today's market rocket. you can see the leadership here. it's bank of america followed by citi, of course jpmorgan chase, morgan stanley, up 2.5%, and then flip it to big tech folks, look at alphabet at the moment. we do have it higher by 4.7%. that gain by the way partly a
leaf after anti-trust regulators agreed to accept google's promise it will reimburse news organizations for the use of content online but you have apple up 3.5%, microsoft showing muscle on tuesday up 2.6% and you could argue though, when it comes to tech the semiconductors are the boat upon which big tech is floating at this hour, but if you expand all of the sectors here to plays planes, trains, and automobiles, they too are flying higher. the jet eft which basically encompasses all of the u.s. airlines and travel booking sites is moving higher by 1.3% after kind of a horrific weekend where so many flights were canceled. we've got trains, canadian pacific up 3.25% that's an outperformer there and then automobiles tesla gaining 11.5%, but when you broaden that, we've got everybody from pure play ev, like lucid as well, lucid is up 9%, tesla up 11% but stelantis, general motors, ford, all
getting nice pops today but check this. the two sectors that really swooned last week, energy and consumer discretionary, they are having a bull party session right now. we've got xle, the spider, the eft, up 5.7% for energy, and want. this is the eft that has the double increase when it comes to the fancy companies that you kind of spend a lot of money on we do have that up nearly 10%. here's the weird thing. nothings really changed since last week, when stocks got clobbered or has it? to our floor show joining me now chairman of sander morris harris and price futures group senior market analyst and all around energy genius phil flynn. i've got to start with you, phil energy is an absolute standout at this hour. president biden says he's going to make a decision by the end of the week on whether to pause the federal gas tax to bring down prices, but what else has changed here? >> you know, i think it's just stability in the stock market. listen, last week, we're pricing in the greatest recession of
all-time. nobody is going to drive anymore we see all this demand destruction, but we saw some stability in the stock market and then we got a reality check, right? if we look at global supply and demand, we're still the tightest we've been in a generation. there's no room for error at the refinery front, and even president biden's promise to give us a little bit of the gap tax holiday isn't going to solve the problem. liz: why, why, you can't just say that. a lot of people are hoping if we look at the gas tax right now it's $0.18 a gallon. >> 18.6 cents. liz: okay, yeah, true. and then for diesel, we know that the diesel price is much higher, i believe more like 24.3 % if i'm correct. >> yeah but the problem is is that we have demand exceeding supply, okay? the only thing that's lowing to lower prices is when prices get to a level that moderates demand. you lower prices by $0.18 a
gallon everybody goes out and fills up their gas tank and we'll get back into the same situation we had before. we have a lack of refining capacity right now, so if you encourage more demand, that little price that you get is made up in the increasing cost of the underlying commodity so that $0.18 will be gone in a few weeks and it'll be replaced with higher crude and gasoline prices and exceed that $0.18 tax. liz: yeah, phil, i know, so what do you like here, because we've got everything, pretty much moving higher, diamond offshore is kind of a laggard here, but patterson, uti energy up 7.8% we showed rig earlier, transocean, that one is having a nice gain of 6%. >> i love the refineries right? even president biden's acknowledging we need refineries right? at least for the short-term, so i like everybody said refineries are like fossil fuels, they're
not. sinclair i think is a value here , but i think you can go with all the big refine reynosas right now, that's very good but that's my pick. liz: that's a pick-to-click. george ball, my man, you are striking a cautious tone at the moment. this rally, do you leave it or not, and i'm talking short-term we know there are probably more legs to the downside, right? >> liz, the conventional list are going to get and are getting today a relief rally. now, there is a trader's bargain in that, which is a relief rally is something you can buy and buy strongly until it becomes a belief rally. the market will probably end up this year at a lower level than today's, but you say let's change. over the weekend, traders and investors look at what has happened and that's that the fed has taken the steps or say they are going to take the steps that will break inflation and so the
hurricane that my good friend jamie dimon forecast may end up being only a tropical storm and if that's the case then yes, we will get a relief rally that lasts long enough to be a belief rally. liz: okay, but jay powell has not changed. he and the markets are going for a 75 basis point hike. july fed funds futures, this is where the guys bet on certainly exactly what's going to happen, not 100% sure but boy 95% sure, 98% sure, it's fluctuating a little bit, but we look at fed funds futures that's coming in july, so where do you stash the money, or do you raise cash , george? >> two points, liz. one, i think that the trepid investor and speculators should be trepid have 10-20% in cash now and that'll be two to four times what they would normally want to keep, inflation erodes, it
doesn't erode it over the short-term. the dry powder is worth a lot and secondly, i think there are two places to look. one is there are a lot of the non-faang big tech stocks that are down by 50-75%. if you could buy them 10-20% lower in today's price, then you damn well want to because the world is not coming to an end, and the recession is not going to break the back of stock prices over the long term. liz: and we just were showing enterprise product partners. i want to let our viewers know 7 % dividend. yes or no, to secure dividend? >> secure dividend and better than that, nearly 90% of the contracts have a cost of living escalator in them, so if you look at something that's pretty much a pure play to offset inflation, at least in an earnings sense and dividend
stability sense, enterprise is a great example of a safe harbor in a difficult stormy sea. liz: this is why we love both of you guys you give our viewers ideas. i didn't know they had a 7% dividend ticker symbol epd, and you wouldn't buy it at the high, it pulled back over the last couple months, george, phil, good to see you. we need to show you guys the chinese stock pushing the nasdaq higher right now and then the one holding it back from going even higher than it is at the moment. pin duo duo was a big winner right now the massive agriculture tech platform shares are up 8-point abby:%. we have at the bottom though jd .com, feeling the heat and we told you yesterday after clocking its worst annual # 18 or june 18 shopping festival in company history. so the chinese e-commerce giant posted the slowest growth ever for its 18 day event. the second-largest shopping festival in china after alibaba 's singles day. year-over-year jd.com is down just over 10% while pinduodou is
down 51%. charles was mentioning kellogg but if you joined us at the top of the hour kellogg announcing its biggest move in decades. it's going to split into three independent public companies. the first of which will be its cereal and plant-based businesses. that's scheduled for the end of 2023. then the next would encompass snacks which i would argue frost ed flakes are a snack. noodles, international cereal, frozen breakfast which include brands like pringles, cheez-its and ego waffles and i eat the entire sleeve of a pringles can. kelloggs is still exploring further strategic alternates for its plant-based businesses including a possible sale and by the way names of the three new companies will be determined later. shares of kellogg getting a nice move here, off the highs of the session though up 2.6%. and if that story didn't make you hungry,mondolese is buying
cliff bar & company for $2.9 billion to expand its global snack business. the company behind chips ahoy, oreo and ritz crackers will get both cliff and cliff kid's brands in the acquisition as well as luna bars. the deal which should close in the third quarter is the mondele z's ninth acquisition since 2018. the company is focusing on re shaping its portfolio for longer term growth. the stock which is up 2% right now, is down about 11% year-to-date. and an analyst call has big data name palontier showing a strong pulse at this hour. bank of america initiated coverage with a buy and says the defense tech company's growth prospects are still strong and investors have highly undervalued the growth for artificial intelligence. palontier had a very rough year, 2022 has been tough down 54% year-to-date and a majority of wall street analysts covering it still has it at either a sell or a hold but bac says there's
rapidly-growing demand for ai in both commercial and government markets, and has slap ped a $13 price target on the stock. it's up 7.25% at the moment but still below 13 at $8.84. okay we just showed you earlier the big spike in lucid and tesla shares and now, we ask the biggest question, car buyers have when it comes to electric vehicles. could range anxiety about to become a thing of the past? our next energy, the company, it's putting a battery in bmws that goes 600 miles on a single charge. how are they doing that and will it be a massive game changer for ev adoption? the ceo is here of that company in a fox business exclusive. closing bell we're 47 minutes away, and we continue to hit session highs. we are literally off two points from session highs we're up 757 right there on the dow jones industrial followed by the rest,
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highs right now, on news that gave the stock a major push at the open. look at that spike over the one- week picture here. the japanese auto giant is partnering with a company called redwood materials. it's a battery recycling company created by tesla co-founder jb s traubel. redwood materials is collecting hybrid electric vehicle batteries in order to recycle and refurbish their ev battery packs, but another battery company, called our next energy, better known as one, may have just one-upped all the battery makers out there. one has successfully created a battery that has a 600-mile radius on a single charge. so, it's partnering with bmw to put the gemini battery in its e vix model. joining us our next energy founder and ceo. how did you do it? let's just cut to the chase.
how did you go from most of these batteries 300 to 350-mile range to 600-mile range? >> good to be with you, liz, and we effectively divided the battery into two parts. one that would deal with the daily range that you need on an everyday basis americans need , around the 150 miles of rated range, and then the second battery, which would contribute 450 miles, can use an alternative chemistry not suitable for using everyday, but suitable for using on those occasions when you need range. by doing that dual battery architecture, we were able to overcome the limitations of the 300-mile range that ev's have today and are able to double that to 600 miles with this technology. liz: well it's magnificent. it's a magnificent development and you're going to be putting these into bmw's by the end of what, next year? >> by the end of this year. liz: this year. i have a million questions so my mind is spinning. number one, let's talk about the chemistry that you just
referenced. the elements that go into these things, they are rare. which ones are you avoiding and eliminating and how did you then make the battery still work? >> that's right. so the majority of batteries today are using nickel cobalt, that is a primary material and then graphite for an an ode material. we tried to figure out a new pallete that be much-lower in cost, more sustainable, and mang anese was a chemistry used early on in the nissan leaf and as it was launching it didn't have enough energy density to drive forward and achieve the range needed for electric vehicles long term, but what we did is we deleted the graphite on the an ode side making more room in the cell for more cathode thereby doubling the amount of energy density so we used a lower cost cathode and then eliminating the cost of the graphite in the an ode, how
we got to a much-much higher energy density with a different set of materials than nickel cobalt. what that doesn't do is it doesn't survive an everyday use so we partitioned that off to being a once a month-type of range extender. liz: got it. >> that then can move the vehicle that full 600 miles when you need it. liz: see , everybody? pay attention in chemistry class , because that's exactly what you're talking about. boy, i'll tell you, we saw nickel break the internet at the start of the russia-ukraine war. there was some concern that the price just absolutely sky rocketed. it's still pretty high. it's up about 6.5% since the start, but the price. i need to know the price of your battery compared to the batteries that you are advancing beyond. >> because we were able to remove nickel cobalt and graphite, that combination drive s the cost of the cell down to a little lower than 50% of
what today's sells. that gives us a big starting point. now, what we added back is more electronics. so on par, the battery, the system level cost per kilowatt hour will be at today's cost or slightly better with this new technology that can double the range. liz: mujeeb, is every auto ceo lining up at your door for this , to get a deal with you guys? >> we have a fair number of conversations that are engaging. first thing you have to do as an auto maker is decide if you want more range and that's not a decision that everyone's made. the debate of about how much range goes on electric vehicle, how much energy and weight you carry around. liz: well what is that number? what is the number you believe will trigger mass adoption. is it 400? are people comfortable once they see a four handle or a five handle? >> yes. liz: is there that number that will calm people from thinking i
don't want to get stuck without a full battery. >> i've seen quite a few studies and the number is 400 miles but that number when people answer it is real-world. the problem is is that as you take a vehicle, an electric vehicle, through winter conditions, on highway speeds and hill climbing, when you throw the real-world at an electric vehicle, you can diminish its rated range by 40% so what we're really doing is overcoming that with more energy , which gives you the capability to really deliver that 400 by rating the vehicle at say 600 or 600-plus. liz: is elon musk sleeping on your front stoop at this point? >> [laughter] well i would say that the electric vehicle market is just beginning right now. it's really at the very beginning. every oem wants more range. liz: mujeeb, your next big deal we want you back. please come. >> very good. liz: i find it fascinating and especially considering gasoline prices are at multi-decade highs
it's very much a focus for many of our viewers, thank you so much. >> thank you, liz. liz: and by the way, speaking of elon musk, twitter's board unanimously approving elon musk 's $44 billion takeover of tesla, but does he want it at that price? charlie gasparino up next on musk's financing plans for the deal. closing bell, 36 minutes away. dow was still holding on to gains of 718 points. s&p up 100 points. flexshares are carefully constructed. to go beyond ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.
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ing to provide proper notice that the cuts were coming. meanwhile, musk continues to speak with bankers, regarding his deal to buy twitter. charlie gasparino with the latest. so now twitter says we want it, we're ready. charlie: point out that job cuts generally are positive for the stock, right? liz: yes. charlie: stocks under pressure, he's going to use some of the stock theoretically at least as of right now, i can tell you, because i spoke with some bankers involved in the deal. he's still interested in the twitter deal so if you cut jobs, lessen your costs, it's a net positive for tesla that's why the stock is up. let's turn to twitter. here is what we know. i always preface this this way, liz, that what i'm saying right now, this very second, could be different in five minutes from now with elon musk. liz: okay. this is true. charlie: you know that. liz: mercurial. charlie: what bankers are telling me he's telling them he's still interested. they are bouncing around, creative financing ideas. one thing was called crazy financing ideas was how it was
described to me by one banker. how does that, what do i mean by that? they are looking at structures that can satisfy twitter, which they want the 44 billion obviously. he doesn't want-liz: now they do remember weeks ago where they were like stay away we're not interested. charlie: he doesn't want to go there for the full 44 billion and the market is suggesting that, but, but, there are ways to sort of massage this where he doesn't put up that much equity, there's some debt, i'm not a banker, and i don't know the details. liz: engineering. financial engineering. charlie: you could go into this where you could satisfy everybody involved, at least that's what they are working on. some people call the crazy financing ideas, some people call it creative, whatever it is obviously, it's not a deal until it's done. i will say this , that he's telling his bankers he still wants to do it. the other thing i found fascinating is the amount of time he's spending on the twitter deal. from what i understand he will
have an hour conversation about this or a 20 minute conversation with a banker, but most of his day is not on twitter. most of his day is tesla and spacex from what i understand. this is not at all, it's all consuming for us because it's a big deal. the all consuming thing for him apparently is tesla and spacex making those things work, doing what he's doing with those two properties. it is not buying twitter. a lot of this is being handled by bankers who are then pitching to him on based on his parameter s what he wants now. we should point out that he signed a deal with twitter. it was 54.20 a $44 billion deal. their board approved that deal even though musk a couple weeks ago said he wants to pay less essentially, that they have a bot problem. liz: it's at 38.93 right now. charlie: it's nowhere close to where he bid, but it's up today, and popped on my tweet on this. it did pop intraday on the tweet , so there is some movement on this deal in terms
of ways to try to get it done. it's being handled mainly by bankers from what i understand. i can't give you odds whether this will happen or not. if it blew up in 10 minutes, i wouldn't be surprised but as of now, what they are telling me, is he's telling them, the bankers, he's committed to it. how he defines commitment is like, i mean, it's not the way you define it. it's not the way i define it or wall street generally defines it, the way elon musk defines it which is yeah, my last and final offer, take it or leave it. liz: until five minutes later. charlie: and then maybe i should have done my due diligence, because he signed the papers without due diligence so that's where we are and my status update on the twitter deal and it's exclusive to the "clayman countdown." liz: that's his story, he's sticking with it for the next couple minutes until elon tweets charlie: check his twitter feed. liz: here is a question. have we reached peak housing yet
what was once a red hot housing market is now seeing a few tiny little fissures in the foundation so remax ceo is here to tell us what his agents and he's got hundreds of thousands of them, what they are seeing with prices still high, and mortgage rates skyrocketing and where are we starting to see these cracks? closing bell 28 minutes away, dow is up 711, s&p up 100, nasdaq up 304 we are coming right back on this tuesday.
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and it stays off. (soft music) liz: yeah, nice rally here, dow still up about 692 points, real estate stocks, anywhere real estate, zillow, redfin, they are all in the green at the moment. all on the move, even though existing home sales actually fell to their lowest level since june of 2020. according to the national association of realtors, sales were down 3.4% month-over-month,
making it the fourth month in a row to see a decline. home buyers still rocked by sky- high price tags that feel like they continue to rise. i mean look at this the median existing home is now costing, and this was the most recent number, may, it hit a new record high of 470, 600. that's a 16.3% year-over-year increase; however, with high prices and climbing mortgage rates, is the red hot housing market starting to show a few cracks in the foundation? one of the most well-recognized names in real estate is here in a fox business exclusive. remax has more than 140,000 agents, 9,000 offices, in 110 countries and territories. so, remax president and ceo nick bailey snows exactly what's going on on the ground. nick, great to have you here. the existing home sales numbers yes fourth month in a row we know inventory is very thin so
you had can people buy when inventory is very thin but it feels different this time. >> well, liz, thanks for having me and you're right. there are dynamics that have been changing in this market but look they have in the last couple years. we've had 123 consecutive months of a run-up in this business and so the changes that we're starting to see and talk about are the reality of this market returning more to an equilibrium i mean let's face it. buyers and they know it really well in the last couple of years they have not been in the driver 's seat. they have been competing against other buyers, markets properties have been flying off the shelf in a matter of minutes and hours and they still continue to do so , demand is very high and sellers have been driving the market. i think what we're going to start seeing is buyers may not be returning to the drivers seat but certainly may get in the front seat here soon. liz: where? regionally we know that real estate is all local, right? so talk to me about which areas you're starting to see a few fis sures on the map. >> well, we seem to be coast line generally, california,
always seems to lead the way, as the west has. the west over the last couple of years, they led the industry with double-digit price appreciation, the most number of transactions, and so we're starting to see some of the dynamics of inventory levels starting to increase which is good for buyers, we're starting to see those happen in the west first. liz: in the west, but specifically, how much and how much do you attribute that sort of retracement to climbing mortgage rates, because that is certainly going to put a damper on activity. we do have the 30-year fixed averaging 5.78%, that's a 51% year-over-year climb, so tell me exactly how and what kind of role higher mortgage rates play in cooling off this market. >> yeah, here is the one thing we have to look at, the rise in mortgage rates will likely offset the price increases that have been at record levels, but right now, it seems like we're only talking and comparing the 30 year fixed rate. we have to keep in mind there are alternative mortgage options out there, and so i believe that
we're going to see the adjustable rate mortgage , the 5-1, 7-1 arm loans more favorable on rates helping people with affordability in a time of rising rates, and i do believe we're going to start to see some of those products be at the forefront, not just the 30- year fixed rate. liz: where are the highest prices right now? >> highest prices are in out of the remax housing report we analyzed on a monthly basis 51 metro areas, and certainly, la is leading the charge, but you look at areas in utah, salt lake city, business e, idaho let last year in over 24% price appreciation so those areas likely with the highest increase in price appreciation will likely cool at a faster rate as well. liz: and tell me, nick, what is the number right now and this is a key number in real estate. the average days that a house is on the market before it is sold, or snapped up. >> well, that's what's crazy right now. demand remains so high, we are
estimating around 4 million homes that we're short and so right now, days on market is 16 days. it came down one day from april, which was 17, but a year ago it was 17, and so the reality is, we really haven't had an inventory problem per se because we still last year sold over 6 million homes. we've had a days-on-market problem for buyers so a couple things are going to happen. we're going to have to see inventory levels increase. we're going to have to see days- on-market increase before we see prices stopping to rise. liz: look, i don't think we're going to see inventory rise until the homebuilders build more homes and people start selling their homes, and who knows. maybe going into renting. it's a very weird market right now, but quite historic i'm sure nick, thank you. >> great to be with you, thanks , liz. liz: kids under five, now eligible for covid vaccines and president biden just visited a clinic and handed out the life saving shot minutes ago.
he's expected to speak any moment we'll take you straight to the white house and show you the stocks that might be involved and might have a move and you have to hear the incredible success story of that guy on your screen. you may not know this name jeff kavanaugh he is my guest, brand new we just dropped it on everyone talks to liz podcast the co-founder and ceo of a company called worldwide technology, he grew up in a blue collar household in the deep part of the midwest and he watched his dad who was a brick layer work so incredibly hard with just a fifth grade education, and that led him to fight hard in everything he did, including on the soccer field, he went to the olympics and he was on team usa, and then, he figures you know what? after he plays soccer this ain't going to last for so long, he started a little business, which is now a billion dollar business and he's on the forbes billionaire list. how did he do it? what was the secret sauce inside
his mind that got him to where he is today? you can find it right there, on my podcast, apple, google, spotify, anywhere you get your podcast it's called "everyone talks to liz." we've got much more closing after the closing bell rings, before the closing bell rings, all over the place, we're coming right back. don't go away. (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you, your dreams, and the way you care for those you love. so you can live your life. that's life well planned. lemons, lemons, lemons. the world is so full of lemons. when you become an expedia member, you can instantly start saving on your travels.
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liz: take a look at jet blue shares, jet blue is sweetening the pot in its attempt to buy spirit airlines. the new york-based airline increasing its cash offer by $2 a share to $33.50 a share. the stock is not responding well it's down about 1.5%. spirit is up 7.8%, as it weighs whether to go ahead with the planned acquisition with frontier group holdings, or
except the jet blue offer which is a 68% premium to frontier's offer. it may look very easy, wow, 68% but spirit has turned down jetblue multiple times now on concerns regulators would ding the deal due to anti-trust issues. the discount airline expects to decide before the shareholders meeting on june 30. frontier, up about 1%. breaking news, president biden and the first lady are visiting a vaccine clinic in washington d.c., to highlight the recent cdc and fda approval of covid shots for kids five and under. now the president is to speak at any moment and highlight the milestone for the last age-group to be approved for a vaccine against the coronavirus. let's go live to edward lawrence at the white house with more on what is no doubt a historic moment post-pandemic, edward? reporter: exactly, and liz the president was swamped by kids. they flocked to him. he took pictures with the children, he got hugs from children at that clinic in d.c. that clinic also gives out those
vaccination shots and is doing shots for kids under five years old. we saw a couple of them in the video with the president getting those shots. any minute, the president is expected to talk about how his plan, the rollout the shots across america for those kids five years old and younger. now the cdc, their guidelines haven't changed with who's fully vaccinated. adults considered fully vaccinatedded have two shots, not the booster and cdc data shows that 78% of people in the u.s. have at least one vaccine shot. that number dropped to 67% of americans who are considered fully vaccinated, as of last thursday, the seven-day moving average of deaths due to covid across the country in the u.s. is 266 people per-day. at the peak that number was averaging 3,300 people per-day so many doctors are saying if you look at this data, we're managing the virus better, able to manage covid better so today, the president pushing those vaccinations for kids
under five years old. listen. >> marking a key milestone that ensures for the first time since the pandemic began that nearly every american can access protections from life saving covid-19 vaccines, including our youngest americans, age six months and up. reporter: those vaccinations open to every american. the president did that tour in d.c. at the health clinic, he's now back at the white house, those remarks will be any minute from the white house. again pfizer, looking at moderna , those shots available to the entire population now of the united states. back to you, liz. liz: yeah, pfizer is up about 3.5%, moderna moving higher by 1.6% edward thank you, very much , edward lawrence. well, the summer solstice celebrated at stonehenge today of course this is the longest day of the year, and today's countdown closer has some picks for a bright summertime portfolio. closing bell ringing in nine minutes, dow is up 687, and the
leaders for the dow right now, guys, united health, chevron, merck, and walmart. [ "back to life" by soul ii soul ] what if you could change your surroundings with the touch of a finger? now you can. biometric id... inside the innovative, new c-class. if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen...
liz: all right. let's call it about three minutes before the closing bell rings. we are off session highs. the nasdaq is having, five minutes. the nasdaq is having its best day since may 27th. the dow is rebounding from its lowest level since december of 2020. we need to tell you, we mentioned broad-based. all 11 s&p sectors are up right now. we have a verdant stock market with lots of green arrows on this summer solstice session. if per chance you have is cream on your mind, our "countdown" closer with his scoops which have chocolate flavoring.
we have david harden. david, what do you make of this rally that we're still looking at that is still pretty darn powerful in final minutes of trade? a flash in the pan or short-term bottom and real upturn? >> enjoy it. summer has started. enjoy it. i don't think it will last. liz: i know you have a base ace the recession is coming in the first quarter of 2023, but could show up as early as 2022 in the fourth quarter. what are your numbers you're looking at here and what stocks do you say buy now to benefit or at least be safe? >> well, as we all know gas prices are not going down. we've seen that in airline prices at the pump, et cetera. for me you need to have some exposure to energy. i think two of the best is exxonmobil is doing great. it has nearly a 4% yield. that is a great yield in today's environment. still, and only a 15 pe. it is still relsieve tiff cheap.
energy is doing well. another one is chevron. both of those companies are very similar positioned and i think that's a position you must hold throughout this summer. liz: your scoops, those two plus mckesson and hershey. these are all names that feel like got to have. certainly with hershey, you got to have hershey chocolate. >> if we're going to into recession i tell people we'll eat more chocolate. all these companies do well with really strong dollar. with the interest rates rising, fed raising interest rates in july 75 basis points, face it you want your money invested in very quality, high convicted earnings type of companies and these, this is what these companies do is they make money in markets like today. liz: which ones don't? if you could throw out some you say they don't fit into these parameters, stay away? >> well i think there is some
that -- anybody that is very dependent upon exporters because of the strong u.s. dollar. so you have to be very, very careful of that. ibm has to translate a lot of revenue into u.s. dollars. remember energy, commodities are all priced into usd. so none of that has to happen there but ibm, a lot of their revenue come from overseas. you want to be real, really careful there. some of the ones that did really well during the pandemic, the pandemic and how we treated things are over. a lot of workforces want to come back to work, revenue from zoom, those things i want to stay away from. i would be seller of zoom, seller of ibm. look for themes where government and governance is not working where where there is lack of transparency there. you want to be careful of downside risk. you talked about sprint earlier today. what if one of those offers or both of those offers were withdrawn? to me i would be a seller of sprint at these prices and take your profits while you have
them. liz: what risks do you really see out there? any flashing red lights when it comes to liquidity or anything that we saw the likes of which back in 2008 really brought the markets down? >> well i think, the risk is is that i think we're too eager here. there is still fomo in the market about wanting it to go up and the reality is, you look at the vix, we really haven't flushed it out yet. this capitulation, maybe we felt a little of that about a week ago on monday. other than that there really hasn't been the capitulation. the vix has not even got close to 40 yet. i would really think you see more volatility in the coming days and the risk, the risk is still, i think that the fed get it wrong. they're in the driver's seat but they're way behind of curve here. we have high, high inflation. we have to deal with inflation and the fed has to deal with that, mortgage rates going up, that's risk. more homes on the market. we've seen that layoffs across the board in all the mortgage
space. we're already seeing cracks. we hope it doesn't go there but that is the risk that we actually see an r, a recession by, first quarter next year. liz: well, listen, there have been 12 since 1945. they happen. [closing bell rings] david harden, great to have you. markets open shortened week. much higher. big move in the green. that will do it for us. "kudlow" is next. ♪ larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so never let a good crisis go to waste. you probably thought that was coined by president obama's chief of staff years ago, rahm emanuel but actually it was first uttered by winston churchill. churchhill was referring to originating the u.n. which at the time seemed like a good idea. perhaps not so much anymore. emanuel was referring to a left-wing big government agenda which was a bad i