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tv   The Claman Countdown  FOX Business  July 19, 2022 3:00pm-4:00pm EDT

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better if his first act was to open up an investigation against speaker pelosi and her husband. of course that won't happen. instead, business will have to live with these new arbitrary rules that would make them less productive and foreign rivals more competitive. i don't think things have gotten better there, we'll see. i do hope i'm wrong. i'm never wrong about this though. liz claman, the best to take you through the next hour. liz: charles payne, busting out the yittish. i like that. charles: i know a little bit. yeah, you know, i know a little bit. liz: there you go. all right charles, thank you. guys, can we just show twitter shares right now up 3% on what can only be interpreted as a loss for elon musk and a win for the social media giant after a delaware judge ruled twitter's lawsuit against the billionaire trying to renege on his offer to buy the company, can indeed proceed in september, just wanted to let you know charlie gasparino is getting in the chair right now and he's with us in a moment but first to
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the markets. the bulls are kicking up the dirt. we're looking at a ripper of a rally as we kickoff this final hour of trade, dow, s&p, nasdaq, russel are all jumping here, the russel is really the shining star up more than three and one- third percent, dow jones industrial up 670 points or 2% gain, s&p better by 2%, the nasdaq at its high, you ready for this? a jump of 351 points we're up 324 right now. we need to show you bitcoin. not only is bitcoin above 22000. we have some serious bullishness right now in the crypto world up 8%, so we've got this proposed ethererum merge in september we told you about. well, we're more than a month away from that but yet, we do have optimism with cryptos, everything is moving higher. we've got ethererum up 5%, litecoin up 2%, xrp up 3%. switch it over to apple at the moment. apple at this hour is gaining
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2.5% after goldman sachs blurted out that the strong u.s. dollar will bruise apple's fourth quarter guidance more than originally thought. goldman says foreign exchange headwinds will come for the pricey laptops and iphones but the strong greenback definitely dinging ibm shares even though big blue reported a second quarter beat on both the top and bottom line with revenues rising 9% eps speaking 80% year-over-year, the stock is tanking about 5% at the moment after the company said the dollars powerful rally, have we heard this again, would hurtful year results more than expected. yes, do we hear an echo? the goldman apple call so morgan , jefferies, bank of america, bmo all cutting price targets on ibm but flip it over to oil prices as triple a announced that gasoline dropped below $4.50 a gallon for the first time in two months. crude seeing intraday near $4 swing. now before 8:00 a.m. eastern,
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the price per barrel was $99 and change but then by 12:30 eastern it was brushing up against about $104. right now i've got crude at $ 104.09 in the aftermarket and if we can let me show you why i want to put up got goldman sachs and netflix on the screen, to illustrate this rally you see in the markets is in great part because investors are appearing to take their queue from earnings and anticipated earnings. first to the earnings, so yesterday, you know, goldman, goldman is enjoying a nice 5.5% gain on its strong quarterly reports, second day in a row of gains here. beats on both top and bottom line but netflix, that's still a question mark, and yet, shares are popping right now, nearly 5% ahead of earnings which come out after the bell. with the big question, will the streamer defy all the doubt ers who believe netflix will lose subscribers and by the way, are investors right to focus on earnings and tune out all the other market noise including next week's fed meeting? let's get to our floor show
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traders keith fitz-gerald, scott redler. keith, first to the macro earnings picture a lot of the names are citing the strong dollar as a headwind and yes, j & j blaming it as well the dollar cutting its full year sales and profit guidance. dollar is retrenching a tiny bit but at parity with the euro. what is it about earnings right now that has the markets all in the green look at our screen with the graphics in green. >> what a crazy day to have a rally but the bottom line is getting ahead of it so i think earnings are going to come in stronger than people expected all of the bearishness is a very bullish indicator so the fact we're running high and hard on anticipated earnings is a good thing and i'll take it all day long. liz: okay but keith we've got tech headwinds, we know that. netflix coming out after the bell. i'm of the personal belief it will surprise to the upside and if we can show netflix we will expect to see a possible short squeeze if they come in certainly better than the ugly guidance that it gave last time
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around. you say not so fast. >> i say not so fast, because i think that company has more red flags than a communist parade. everything is going the wrong direction, and you know, here is the thing. the only numbers that matters in this report, liz, is going to be did they lose 2 million subscribers or more? the spin doctors will be out in full force and that companies going to continue higher. i don't think that's the case but i might be completely wrong. liz: okay you have to stay until after the show so we can do the told you so. >> absolutely. liz: it's going to be me, but you think it's going to be you. scott redler, the s&p 500, look at this chart. now, it has languished below the 50 day moving average for quite sometime. i believe the longest streak since 2008 which was of course the financial crisis. what are you reading into that? you're the chart guy. >> well, at this point, we're actually a little bit above it and we're bumping against it, which is always something to watch and see if can the market do something different. so far the markets done three or four things different in the past two weeks which is why we've had this rally. if you remember, you know, bull
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ish right now is better than fear and that's starting with micron which put a low in the semiconductors, then bullish is better than fear, we had with citi and goldman an friday and monday so the banks are actually leading today so now the question is, can we sustain this better than fear which unfortunately is the only case we have because expectations have been so ratcheted lower with netflix and with tesla on thursday so at this point i do think we've broken many down trends today like the slides right now are at 391.85 i think we can close above 390 and actually digest above there for a day or so not let it be a false move but a chance that the s&p can get up to about 4,100 through earnings season, if we continue to react to these results the way we've been reacting over the past week or so. >> i think that's absolutely correct if i can jump in for a second because the psychology has changed. people want this market to go higher. they had enough of all of the negativity and humanity being what it is they play to the positive and markets reflect that. liz: did you guys see the bank
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of america survey that came out where they surveyed financial managers i think he had about 259 participants, billions, hundreds of billions in assets under management so these aren't just people like me and keith and scott, people here who weigh ed in and said oh,, we are the most bearish we've been on risk assets. we are capitulating. when i see that word capitulate, that to me says the end of the big sell-off. i disagree. i mean, what do you think, scott i mean, do you believe that we've seen capitulation and now, even though you are saying you're pivoting to bullishness here that this is it we won't see downward legs considering we do have a fed meeting next week? >> well, i think with what happened with the cpi and retail sales, they went from a full basis point back to a .75 basis point which i think helps the action in the past few days so i do think that we've had some facts to reinforce peak inflation and now we
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probably have peak hawkishness so liz, we've talked about how people who had the sidelines i put two tier to work so my cash accounting is 50% in, just in case the bottom is in because everyone's calling that it's not in, usually, it's in, but you know, it's an opinion so you want to make sure you do it systematically. actively trading wise, this week i switched some gears from neutral to negative to a positive because we did start buying things that should have had us go lower like the cpi, like micron, jpmorgan canceling their buyback, citigroup went the other way, so i do think i'm cautiously optimistic here, trying to buy dips and i think there's room to the upside as long as we continue to react this way. trades are on their toes because you have to be. liz: keith, 10 year treasury yield back above 3% what does that tell you, keith? >> well it's tells me risk is being priced into and out of the equation at the same time.
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there's a lot of chess players pieces on the board so don't read too much into that, stay focused on on the earnings, the energy, and the psychology because to scotts point it has changed. liz: keith fitz-gerald, scott redler, you know, to the gills with action with you guys. thank you. up next, charlie gasparino getting in the chair about this latest twist in the elon musk twitter legal drama that just played out in delaware court. it was the very first faceoff in what is expected to be a multi- level dog fight. what does this portend for twitter, tesla, and the future of wall street deals. don't go away we're coming right back dow jones industrials up 705 points. folks this is a pretty significant rip roaring rally at the moment, stay with us.
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liz: okay, so, twitter is definitely holding on to its gains at this hour. it is at this point up 2.5% but what you see here on the screen is that since the deal was announced, that elon musk was interested in buying it the stock has dropped 23%. all right and this of course comes as this hour, the chancellor delaware court judge cath even st. jude mccormick ruled in twitter's favor to fast-track its lawsuit against elon musk. twitter is suing musk for attempting back out of his $44 billion deal to buy the social media company. the five day trial will begin in october, another loss for musk who was pushing for a delay to next year. back in april musk reached a deal to buy twitter at $54.20
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per share to take the company private and of course as we show ed you the stock has dropped dramatically since then. musk backed about the purchase citing concerns over spam accounts on the platform and backed out of the deal, but the judge may hold his feet to the fire, and his pen to that dotted line. charlie gasparino, this kind of will get to do more expensive discovery on what he said were outrageous number of bots correct? charlie: well, not the exact time twitter wants. remember it's a month out. what you assume from this thing, surmise i guess is the best way to put it, is that the court is generally favorably disposed to twitter's arguments that it's not a pro-musk judge. they don't like people that back out of deals; however -- liz: musk of course the ceo of tesla. charlie: right, are you okay? why are we showing tesla when talking about twitter but go on. charlie: well, but, and here is where it matters. the reason why he's backing out is because he lost like
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$60 billion of value in tesla. liz: net worth is held in tesla, obviously. charlie: and that's how he's paying for this so what are some of the trades going on? let's backup. what are the bankers telling me, they say look at the stock price about $39, $40, they think that's where they strike a deal. that is the general assessment among bankers, okay? i'm not saying it's going to happen but i'm just telling you when you talk to investment bankers they think settle, they think musk goes through with it, they think this is just a dance, to get the deal down to 40. now, does twitter go for 40? that's where it becomes interesting. liz: can i just tell you right now, the market cap for twitter is at $30 billion. do you think twitter is going to go from 44 billion and accept this? charlie: because it might go to $20 billion. i mean, there's not much in this company right now. we are heading towards a secular decline in online advertising. liz: doesn't matter, he signed it. charlie: doesn't matter. liz: what do you mean it doesn't matter? i guess that's what the judge will decide. charlie: hold on, hold on. they want to fight this out for
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possibly a long time. liz: looks like they do. charlie: they want to roll the dice where the judge might say oh, maybe he only owes you 10 because what were the real damages here? there's not a lot of damages. liz: well she obviously ruled today in agreement that it should be expedited because they must have argued properly there is a reason there is damage happening. charlie: i don't believe she said there's damage happening. i believe that -- liz: doesn't her ruling say that charlie: no, not at all. her ruling says that you don't need that much time to prove your case, that there's a lot of bots, more bots than usual. that's what her ruling implies to me. unless she said something different. liz: this is the judge, obviously. she's a tough one. charlie: i'm just telling you there is a case to be made to settle in the middle, because they are never getting $40 a share. okay let's suppose they get 20 billion, 10 billion out of musk. stock goes to where? in a declining advertising environment, does it go to 30? does it go to 20? i mean this is not a great company. liz: but does the judge rule on what a stock price could or
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could not do? charlie: i don't know. i just know the judge is going to weigh a lot of factors, including the fact that twitter has a bot problem. elon signed a deal that said that he waived due diligence which is insane. twitter, for its part, doesn't have a lot of, there's no other buyers, forget about nibbles buying it, ever. liz: but what about this bot issue? charlie: you have to weigh the fact that do you force a sale to some guy that doesn't want it? liz: okay, this guy, elon musk, agreed to dispatch and leave off due diligence, he signed that away and the point about the bot s though is that they put in their reports and their sec filings that they do sampling work on bots and that it looks like 5% or higher. well, it's hard to argue that that is actually wrong. charlie: now, going forward, suppose advertisers continue to bauk, because they think it's higher. i'm telling you this and then
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the stock goes back down to 20. there's a lot of, this game ain't over yet, and the judge maybe the final decision and might not. i can tell you that bankers are telling me that the judge that they think they will settle in the middle. now i know you had the university professor on, and a smart guy, you know, he's been very good on this and what are the powers of the court, but you've got to ask him, because i think john would agree with this , and it's in the middle and doing the deal, if that's the case. liz: well i think we also want to know from john coffee and let me tell you he's coming right up and he's a legal mind like no other, he's coming up in a fox business exclusive and we're going to specifically ask him if elon musk has any hold left, escape hatches through which to crawl and we will bring that up and we will also ask him exactly how a judge would indeed decide
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or calculate what kind of damages -- charlie: how could the judge, suppose he thumbs his nose at the judge. is fing boxinuses urse as him li w b on o o i tom,oum,m, c cot it,cof at e p charlie, thank you very much. how about this? buying like buffett, round four. billionaire warren buffett shopping spree in the same stock continues. we're going to tell you where he's upping his stake again and what it's doing to those shares, that's next, closing bell 40 minutes away we've got the dow jones industrials powering higher by 695 points look at the nasdaq gain, three full percentage points a gain of 343 points, well, could we hit nasdaq 12,000 at some point soon we're at 11, 703 and we're coming right back on the
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guessing game has lately become pretty easy to win. the game was what is warren buffett going to buy? well, for at least i don't know, the fourth time over the last several months the oracle of omaha continues to beef up his bet on occidental petroleum. an sec filing posted last night reveals buffett's berkshire hathaway has bought another 1.94 million shares of the energy company that's latest purchase gives buffett's conglomerate a 19.4% stake in the energy company. now if it reaches 20% ownership, berkshire could then record some of profits as part of its own earnings. right now, both stocks are pretty pretty heated up here, ox xy up 3.7% berkshire up by 2.5% to $424,000, there you go. cinemarc shares putting in an oscar-worthy performance this hour after morgan stanley upgraded the movie theatre chain to over overweight popping 12.75
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% because the theatre chain is insulated from a slowing economy as consumers become more comfortable returning to theaters, following the covid lockdowns. we all ran to maverick didn't we i went twice. am i the only loser who went twice? sorry. imax catching a bid of 5.8%, amc was higher and reversed and it's now down half a percent. let's look at shares of cigna signature bank falling after reporting a drop in total deposits for the second quarter shares down 4.8% after the bank reported deposits in the second quarter declined by $5.04 billion driven by a drop in client balances for its digital asset banking team. signature by the way was one of the first fdic insured banks to launch a blockchain based digital payments platform. hasbro shares look at this , up about half percent. this after, you know, you would think it be higher after the toy maker topped wall street
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estimates for the second quarter on the profits level hasbro reporting adjusted earnings of $ 1.15 a share that beat analysts expectations of just $0.94 a share. they are the makers of playdo and mr. potato head. don't eat playdo. i used to want to. i still do. it smells good but don't eat it. okay they make playdo, mr. potato head the price increases in demand for its magic the gathering trading card game helped it offset higher freight costs we've got mattel up 4.8%, but listen, like i said , playdo, big seller there. covid-19 rates are rising across the country as the latest variant, ba .5 now makes up more than 60% of reported new cases, but despite covid rearing its head again, cruise lines look at these jumps in shares. you've got carnival up 7.5% norwegian up 4%, royal caribbean better by 6.5%. this rally by the way began
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yesterday when the cdc said officially that it ended its covid-19 cruise program which required cruise lines to report the number of cases on each ship and subjected cruises to certain testing and vaccine requirements now, they will only make recommendations. joining me now the ceo who steer ed carnival cruise line through the pandemic, carnival corp. arnold donald who is stepping down to serve as vice chair. you couldn't step down before the pandemic so you'd avoid all these headaches, arnold? >> good afternoon, liz, always good to be with you. some people thought it was a good idea but i was glad i was with my team to navigate through it. liz: indeed, look at the shares today, the cdc's move obviously is great for the stock, but is it good for passengers and in turn, your revenue? i mean what kind of plan do you have in place to keep cases from blossoming on your ships and by the same token, have you seen any kind of move in the bookings
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>> well, you know, liz, we have almost 90% of our fleet sailing again. our carnival brand, for example, here in the u.s. is sailing as we said in the last business update with occupancy of 110% throughout this pandemic, cruise has demonstrated that we actually have lower incidents of cases on ships than there are on land and that's because of the extensive protocol we have but we've had protocols in cases of other viruses. once this virus was understood, once epidemiology was understood , the transmission characteristics, protocols are put in place, once vaccines became available, but even before that, we're managing it well, even without vaccines, the way vaccines of course that helps tremendously, so bottom line is people are sailing again we've sailed as an industry over 10 million people and now since we started up again, and we're sailing safely. people are having a great time, bookings are robust looking
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ahead to the future, and the industry is definitely on the return and certainly our business is poised overtime for a great success. liz: well that capacity number is really impressive. the people appear to finally be saying i'm comfortable getting back on a cruise ship. i know last month your princess cruise line basically began allowing it will be 10% of the passengers on board to be un vaccinated. i don't know how i feel about that, but how is it working out? what are bookings like there? are you seeing fewer because people say wait a minute they have 10% of people unvaccinated or are you seeing more because unvaccinated people are now given the option. >> you know, liz, one of the things is that people that cruise a lot, once we started cruising, they weren't concerned about cruising, so we haven't had a big concern about cruising there has been concern about travel, so people will be uncertain, in fact, leave to go to another country, can i get in what happens if i get covid
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while i'm there, can i get back home, all that uncertainty in travel put a big cloud and impacted demand for cruise for general demand for travel but in terms of the vaccinations and what not we encourage everyone to be vaccinated of course is the best way to mitigate the risk of severe consequences if you do contract the virus, and as you can see , most people are getting the virus, so it's wise to be vaccinated. having said that if you are vaccinated, and you're practicing good protocols then, you know, you are as protected as you can be and in most cases that's plenty enough protection to be able to weather any contact with the virus. liz: arnold, notwithstanding the gains that we see today and again, right now, carnival corp. is up about 7.25%, shares have fallen pretty dramatically year-to-date down 48%. there is this belief that some investors are hesitant to dive right back in because of the debt load that you guys have i mean it's at about, i believe
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$30 billion, your net debt and it's going to remain that way for the foreseeable future apparently. how do you get investors over that hump and more bullish on the stock? >> i think sailing and sailing with good occupancy and high yield, that's how we're going to generate the cash and the revenue. obviously we're focused on that to accelerate repayment of debt and overtime we turn to the great credit rating we had which allowed us to weather a complete pause in our operations, for an extended period of time because of the virus, so we definitely have the capacity. we have the demand. we have the execution on the ships both on board revenues as well as ticket pricing, et cetera, to generate the cash, and the earnings that ultimately will allow us to repay the debt and return to a great credit rating and create shareholder value. liz: well, i'll tell you something. to have been a ceo at any company that dealt with what the cruise industry dealt with, a no sail order, to have gone
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through that is epic, it's historic, you made it, the cruises are sailing once again, but what do you hope your legacy is as you step down from the ceo position? >> well, you know, i want to complement our industry because we cause before there was a no sail order when things were uncertain and people didn't understand the epidemiology and the translation characteristics because first and foremost, we stand for compliance, environmental protection, and the health, safety, and well being of everyone, and that's our guest, the people and communities we touch and serve and of course it's our carnival family, our shore-side and our shipboard personnel so it's so important to us and we voluntarily called before there was a mandate. i hope the legacy when i first came in almost nine years ago i aspired to have the employees say that they felt really proud to work for the company, that
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they felt their individual contributions were recognized and valued, and that they have the opportunity to accumulate wealth for themselves and their family and i thought if the employees said that then all of the other things that would make them say that would have occurred, which includes compliance, environmental protection, health, safety and well being of everyone, exceed ing guest expectations which is the engine that drives ultimately shareholder value. now, we had a great run prior to covid. we have momentum coming again and feel very confident about josh weinstein whose going to follow me as ceo. he's well known in the company and well known to me so we're excited about that and we feel really good about the future. liz: we want him to be well known to us. tell him to come on the "clayman countdown", okay? we're killing it. >> he will, liz. liz: so make sure. all right, thanks so much arnold donald, ceo, soon to be former ceo of carnival cruise lines. all right, in the legal boxing match between twitter versus
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elon musk, round one as we told you went to twitter, but will the billionaire come up with a counter punch to get him out of this $44 billion deal? up next, the columbia law professor who predicted the twitter win is here in a fox business exclusive on what's next and whether there are any legal holes left for the tesla ceo to crawl through. closing bell 24 minutes away, dow gaining 681 points we've got a rally on board here, you can't miss it all the way up to the closing bell. with my hectic life, you'd think retirement would be the last thing on my mind. thankfully, voya provides comprehensive solutions, and shows me how to get the most out of my workplace benefits. voya helps me feel like i got it all under control. voya. well planned. well invested. well protected. i have moderate to severe ulcerative colitis. so i'm taking zeposia, a once-daily pill. because i won't let uc stop me from being me. zeposia can help people with uc achieve and maintain remission.
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♪♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations. this is "the planning effect" from fidelity. liz: take a look at twitter we're checking it every other minute, shares are just slightly off their highs but still up three full percentage points at the moment, after getting a pop right after the delaware court judge ruled in favor of an expedited five day trial which will take place in october it is a win for the social media company and its legal wrangel ling to get tesla ceo
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elon musk to complete his $44 billion purchase of twitter. what does this first ruling tell for the trial? john coffee is the columbia law school professor who predicted this outcome. professor coffee joins us now in a fox business exclusive. john great to have you. look now the judge ruled on expediting the suit are we incorrect in believing clearly that says she agrees with twitter's argument the companies reputation and health are at stake so much so? >> i think she did share twitter's argument at least it resonated with her that twitter saw this as an alterior motive on the part of musk who wanted to delay and keep twitter twisting slowly in the wind and suffering injury and she did say that. she said delay was going to harm twitter and face it with business destroying uncertainty so this is so far suggests that twitter and this court, this judge, are on the same wavelength. liz: let's go into this judge's mind. she has made a ruling last year that you feel is extraordinarily
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significant to the potential outcome of this one. >> you are right. this judge has dealt with the big mysterious question. would a delaware court order specific performance ordering the bidder to complete the deal and buy the company at its original price even though there were billions upon billions at stake. it's a $44 billion total deal, but she had this case last year, and in a case that she decided on april 30 she told the private equity firm that they had to complete a smaller deal, a half billion dollar deal, but she said there had been no material adverse events, no reason to get out, a deal was a deal and more importantly, in looking at specific performance, which the contract here does authorize , she says the critical factor is going to be whether the balance of equities favors the plaintiff, favors the party, seeking a specific performance.
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that means it's going to be a discretionary decision on her part. does she think more equitable factors favor twitter than favor musk? and there are a lot of those equitable factors. the fact that musk rushed, the fact he didn't negotiate, and any specific representation the fact that he's disparaged the company, all of those factor s are going to be very helpful to twitter and i think they have looked at a much stronger position than they did maybe last week. liz: but over just a week, things appear to have markedly changed. the whole point of the delaware chancery court is to show whether contracts are worth the paper they're written on. when you sign something does it not have to be upheld if we're going to have a functioning economy but to that point, elon musk marchs to the beat of a different drum. he's trying to get out of this , isn't he? are there any holes that you see that he could crawl through, maybe it's this bot accusation where he says twitter had way more fake accounts than they are
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admitting to. >> well, his lawyers are good and they will push several different arguments that things were done by twitter, they were outside the ordinary course of business, that there was a material adverse event. i don't think those arguments have much weight, and i think she sees through them quite easily and if you could get down to simply balancing the equity. is it equitable to order him to complete the deal? well delaware has long believed that a merger is a deal is a deal, and a market turnaround and change in market price is the risk that you accept when you go ahead without specific perfections, protections. he could have negotiated protections about this bot issue , but he didn't, and he knew all about it and from a discretionary standpoint, if you knew about the risk and you talked about it, and you negotiated nothing then you're going to have no sympathy from the court in deciding whether to order you to complete the deal. liz: what if he says i'm not completing the deal? how then would a judge assess the damages?
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how do you calculate what he would owe? because the breakup fees a billion but breakup fees are special. those are for much less drama, are they not, and i don't know if a breakup fee works in this case, does it? >> well the breakup fee was this million dollar fee for a damage suit, but there was an alternative remedy which is the one twitter is pushing, that the court could order specific performance. order him in effect, to complete the deal and pay the deal price. the deal price was $54.20 a share, and that right now is still about $15 above the current recently-risen twitter price so that $15 difference is going to translate into something like $15 billion or so and that's a huge liability to put on one entity, mr. musk, and his affiliates. liz: what if he just says i'm not doing it? i mean, this is what charlie gasparino was just saying, that he thinks in a way, and this has
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helped him become such a successful ceo at tesla, again short sellers and against all these people who bet against him and now he is the number one electric vehicle company in the world, because he is who he is and he thinks the way he does could he -- >> i think we're going to see tesla possibly fall, because the only way he could pay his possible liability here in the twitter case be by selling tesla stock, and selling tesla stock is going to be a real drag on the market, supply and demand will lead to a significant, has already led to a $10 billion decline at tesla and we could see that again. liz: professor, this is going to go on for quite sometime. we know the trial is now scheduled for october. will you come back again and help us see through all of this? >> this will be in negotiations we could see a settlement by october but we'll see. liz: okay, a settlement by october, possibly. professor john coffee, of columbia law school, thanks so much. thank you. we're at session highs right now , take a look at this.
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we are now up 754 points, we've got very close to a gain of 800 points a minute ago, look at all this. i love our green graphics. that's why i'm wearing green today. all right, the electric chevy blazer is going green. it's scheduled to arrive in show rooms next summer but fox business getting the first view of gm's newest ev. how is it going to stack up against tesla's other models and yes, ford. everybody is coming out with ev 's we're going to find out next when grady trimble shows it to you, right here, on fox business. closing bell we're 12 minutes away coming right back. meet leon the third... leon the second... and leon... the first of them all. three generations, who all bank differently with chase. leon's saving up for his first set of wheels... nice try. really?
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north hollywood design center to give us a sneak-peek. grady, i want kate to see this thing this. reporter: liz, i have two to show you. there are four trims, four versions in total. this is the rs this will have a range of 320 miles on a single charge. starting price for this version of the blazer ev will be right around $52,000. but i want to show you this one, this is the sportiest and priciest blazer ev available. it is the fs. i think they made this one just for you, liz, because it is red on the outside and red on the inside as well. price tag on this one starts at $66,000. range of 290 miles on a single charge but there will be a version available with a starting price of around $45,000. that is well under the average price for a new electric vehicle. the head of chevy tells me hopes that the more attainable price
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point for an every day american. >> that is a rate which consumers are adopting to evs, we'll have to go beyond the early adopters now right? we're getting into mainstreams. we're not going for small volume here. we're going for the masses, big volume. that will help bring costs down. reporter: ev sales are increasing. in the first quarter of 2022 this year, ev sales increased 76% from a year ago. they now make up a little more than 5% of all new vehicles sold but chevy understands it's a barrier for some people to get past the range anxiety i know a lot of people have, liz, as well as you know, dealing with charging infrastructure, building that out, just the price point. they know they have to get the prices down. this is the start. they have the equinox they will unveil later this year with a starting price around $30,000. the blazer evs by the way will be produced in mexico where they
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produce the combustion engine blazers right now. liz? liz: that lipstick red interior, does that thing have a volume button? that is insane. do they have enough lithium? lithium is the new gold, isn't it? for the batteries. that is really important. i have so many questions, doing a wait list kind of thing, what ford did with the all electric f-150? >> exactly. you can sign up right now for one of the blazer evs on chevy's website. they won't be available like you mentioned in the intro until summer of next year. so a little bit of a wait but these are vehicles that will be in demand. so people want to get on the wait list as soon as they can. they opened up last night, the reservations. liz: all right, the new chevy playser get on the list. blazer. i get geeked up on cars. we're four minutes away from the closing bell. the major averages having the
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best day from june 24th. just to let you know the session high for the dow jones gain of 763 points. we're up 759 right now. s&p gaining 107. nasdaq up 358. bring in america investments president and cio axel merk. you've seen rallies and falls over the year, what do you make of this move today? does it speak to any kind of bullishness that has a longer tail? >> great to be with you. it speaks to the yo-yo environment we're in. we have a sledgehammer fed and right now the sledgehammer might come off again. the fed will pivot. the mark is looking forward. fed is not front of the curve. pointing to shortage of lithium. these are bargain prices, 60 grand for a car, right? they don't have enough lithium. that is probably where some investors warrant to put their money. it is not easy to invest in that space but we've been poo-pooing many things and we've
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underinvested in lithium and other things that will be an amazing area to be in the time to come, if you have the spirit for it of course. [inaudible] liz: we have a broad spectrum of leadership here. nasdaq leaders like booking. semiconductor names nvidia, nike knee in the top three. goldman sachs, in the s&p. carnival corp, expedia. seems to be a broader based rally. all major sectors are moving higher. where do you put the money when we heard one resounding tone here through at least some of the early reports. a stronger dollar is hurting some of these companies full-year guidance? >> that's right. although i'm not so sure it will continue. remember we have key hawkishness here right now. the market is currently pricing in september price hikes. the usually pivots before the market prices in. maybe september we'll see the last hike. conversely our european friends will finally start raising rate.
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they're tightening. we might be easing next few months. there are headwinds. the fed has a sledgehammer here. i'm still concerned about stagflationary sort of outcome, whether the fed will push the brakes and then they have to take the foot off again of the brake. we'll have some stop and go thing. enjoy the ride while it lasts. liz: you like some emerging market etfs here. the top holding in the fund vwo. taiwan semi, tencent, alibaba. let's quickly say we're bumping up against the closing bell. netflix out with numbers after the bell. netflix up 5.6%. how strong do you think the earnings season will be overall? >> well, i mean, it depends on the input cost, right? if you're more in the software business as netflix is not making accommodation here you have a little bit of easier time. cost pressures are everywhere. companies are trying to contain it. the way they contain it, by not hiring people, laying people off. in order to increase outsourcing
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you lay off people right now. liz: axel merk, great to have you. here comes the closing bell, folks. look at this. we are getting close to session highs. [closing bell rings] will we crack through it? 767 points for the high of the dow jones industrials, a big rally today. yes, netflix earnings out after the bell. highest close inches since june. ♪. larry: hello, folks, welcome to "kudlow." i'm larry kudlow. last night we talked about the relationship of radical climate activism and big government socialism. i equate the two, meaning, that the biden administration's radical climate policies have used the big government regulatory state to implement their insane war against fossil fuels. now steve forbes will be on in a little while has called it modern socialism through the regulatory state.


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