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tv   The Claman Countdown  FOX Business  August 8, 2022 3:00pm-4:00pm EDT

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screen like mother nature thinking it was butter but it was margarine. that's the part they hate is being embarrassed; right. remember, to ere is human but to come up for them is unforgettable. that's okay, folks. stay the course and you're doing extremely well. it's been a tough year but you're making it through in part because you've got one of the best in the business to get you through the last hour of trading. elizabeth: you know that mother nature actress. charles : >> no, who? >> elizabeth: dina detrik. now i'm showing my age. thanks charles very much. we got to start with a fox market alert. bed bath and beyond. okay. keep in mind, this was a $4 stock as recently as july 27 . shares are jumping 36.75% and this heavily shorted stock seems to be among the most researched names on reddit's wall street
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best discussion group. users under the pin thread entitled game bbby and amc megathreat for monday are just loading up. we remind our viewers in the second quarter sales of the home goods chain crashed 27% and canned the ceo who just arrived from target in 2019. it's not just bed bath and beyond. game stop and amc are skyrocketing as well. game stop up 7.9% and amc come off the highs of the session up 9.13%. at the open both were halted shortly at the opening bell due to extreme volatility and no real news on either. amc shares may be getting follow-through on the 19% pop on friday after ceo adam aaron made his case on the "claman countdown" with the offering of a 1% dividend, ticker symbol a,
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is nottive to shareholders. even with top gun maverick as the wing man, the chain has not returned to profitability since the pandemic-forced closure but the stock is at $24.20 on the move to the upside. broader market investors are not quite sharings enthusiasm of the mean crowd at this hour. they did at the open and the bulls took the lead out of the gate but pacing yourself, they were running so fast but the dow and nasdaq on pace to exit correction and bear territory respectively but you can see from the inter-days, we want to say almost precisely at the same time, 11:45 a.m. eastern, all three majors reversed and headed south. right now we have s&p down 9 points and the dow up 20. that's kind of an interesting move as well. we'll get to that in a second. nasdaq down 35. maybe they saw the fed fund futures show a 67.5% probability of a 75 point basis hike at the
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fed september meeting. this of course after friday's july jobs report that shows employers added 528,000 jobs and few signs inflation slowing. we've got to mention the nvidia giving cause at the bottom of the nasdaq and s&p after warning second quarter sales would fall short of original forecast and shares down 8% to $174.46. the company cite add drop in gaming revenue in recent weeks. sud muchly; right. now while revenues will come 19% quarter over quarter down, they'll still be up 3% year over year. can you really glean that we're going to have a hard landing from that particular story or today's overall market action? let's bring in the floor shower. j&mp security and trader scott
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redler. feels like a market driven by individual stories because the dow turning around from red to green oneiroider's report and involved the faa saying that boeing made necessary changes that the 737 dream liner meets certification standards and that stock up about 1.13% but beyond that, what can you glean from this action? >> liz, we clearly had news the last two or three weeks, whether tvs earnings or the fed -- it was earnings or the fed that drove the market higher and the start of the year saw every stock corrected and we've gone from a market where everything was great start of the year to everything was terrible about six weeks ago and getting more and more delineation, meaning stock by stock. you spent the first five minutes talking about overall market and didn't talk about the other index. some companies are doing well and some of the other names are not doing well.
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that's a good sign that stocks chase earnings as opposed to they and that's a better -- hypeand that's a better half ofe second market and we're in a stock-specific market. elizabeth: to that point, scott, we see nvidia having a tough day and i wanted to point out that year over year they'll still see growth. what are you focusing on right now? we do just want to know from your perspective as a trader, soft landing, hard landing, somewhere in between. >> seems like the market would like to believe we're headed for a soft landing considering the tech sector rallied about 20% off the lows from june and s&p rallied about 13 to 14% so as we headed into the jobs report, we were trying to see if we get an inline jobs report and, bam, it 500,000 jobs, which was a lot and that changed the narrative a bit of inflation cooling and it was like a lag indicator and
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maybe the cpi coming out on wednesday showing prices are cooling. elizabeth: let me jump in. cpi, consumer price index, at a consumer level, that could change everything, could it not? when you talk about inflation cooling, we have inflation. that's called disinflation; right. there's a little bit of that here? where? >> yeah, all eyes right now on the wednesday. oil off the highs of the year, which helped. lumbar after the highs, housing off the highs and now the fed is doing its job. how long will a slowdown take place or get even more severe, and that's the next leg of it. if we do the soft landing where all the sudden it kind of stays strong, jobs market stays in there. you saw better than seasonings earnings and now we have that soft landing but all the sudden we keep getting hot and the fed getting 66% and we'll go up 75
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basis points and we'll go a few more times and we get a little softer and possible for traders in the morning and we'll go step by step. elizabeth: this is so interested and talking about nvidia saying a slowdown in gaming and mark, 10 national gaming at top of s&p so, mark, where are you putting money for clients as you watch this next coupled of days? i'd love to say weeks, but it's days because of cpi number on wednesday and everybody set junior dvrs for wednesday and final hour of trade is nuts, i'm sure. how do you position yourself? >> well, you point out accurately that these stocks have come off the bottom, particularly tech and the bio-tech index was much more ahead of the game, meaning got
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afflicted earlier in 2021. that index is up 50%, 50% off the bottom just this year. you're seeing activity in the mna market and pfizer bought global blood and amazon bought one medical and a company called karoona that has a product in schizophrenia and up $100 today. a lot of investors accurately assessed some of these too far and too fast and technology names that have real price ability to raise prices and some of them do and have real markets are going to see the lion share of the investment on the back half. if the ten year stays subthree and get inflation, i think you'll get a better backdrop in 2023 with the divided congress. there's going to probably be more gridlock in washington, which i think the market will enjoy and that's a good market for tech and life sciences in
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2023 and it's where we're focusing. elizabeth: seemed like optimism from the mean stock crowd and over the weekend, inflation reduction act passed. they're still arguing about whether it reduces inflation but as we look at this bill, scott, did you see any particular sectors that seem to do well because we've watched solar going absolutely nuts and had evs looking very good because there'll be all kinds of incentives involved in that. solar we have energy, sun run and solar and a couple of them down here. >> well, these stock haves a bit of a moot heading into them and some of the solar stocks were up a lot and they sell the news. we as trades were watching to see where they sell the news and some stocks up more than others and you have to take that into consideration. like your other guest was talking about, the bios, 50% moving off the lows but it was
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very good off the highs about 80 to 90% so it's all about how you approach it and we're seeing if there's more. that's what traders are looking at. into this area, what i did is i bought some -- i sold some spy calls out a few weeks just in case we do try and get a little weaker and bought some qu te puts in case we go into a resistance area and that's my hedge this way. elizabeth: i get it. mark, one last comment here heading into the fall, is there any sector in particular that you take a flying leap into at this point? >> i can tell you to look at technology in the saf universe. there's a lot of names and a company called cloud flair, which we took public a few years ago and climbed 50% off the bottom and they're gaining market share and there's a lot of market share to garner from
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some of the incumbents and it's fantastic, symbol n et. it's a great company and betting on great execution from a management team that's a+. elizabeth: it's flat on the session but it's had a pretty decent quarter to date, up 69%. we know cloud flair well, we profile them often. thank you, great to see you. mark, scott, always a pleasure. >> thanks, liz. elizabeth: dow just about flat. looks like it's not going to hold here. those gains we saw a minute ago but that of course could be changing. a major lawsuit over child porn and sex trafficking has visa in hot water as the lead plaintiff charges that the credit card joint was complicit in profiting off one of the most adult porn sites in the world. we're joined live next on what other companies could be in her cross hairs. closing bell is 49 minutes away.
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the dow just turned negative. down one point. make that two. nasdaq lower by 38 and russell holding on to the green for much of the session up 16 points. we're coming right back, don't go away.
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elizabeth: it is a distinct possibility that every bank that slaps visa or mastercard is watching and waiting on the outcome of a child porn lawsuit. the lawyers representing serena flitus who represents mind geek, the parent company of pornhub, knowingly posted a vizio of her
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take -- video of her when she was underage and post it had without consent, and they've already won at least one round in their suit. the suit charges that credit card giant visa was complicit in the distribution because visa cards were authorized to pay for third party advertising on the pornographic site. july 29, the california judge in the case denied visa's motion to be dismissed from the lawsuit. last thursday visa and mastercard were abandoned paymenting on mind geek sites like u porn and browser and pornhub. how much further could this suit go when it comes to holding corporations responsible for partnering with sites like these? joining me now is the heat lawyer representing the plaintiff, brown rid nick partner lauren. my team reached out to visa for comment ahead of this interview. they've yet to re-fond and
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they're always welcome. we wanted to make that clear. u.s. district court judge issue add very blunt decision regarding visa and necessary he said, it is simple, visa made the decision to recognize mind geek as a merchant despite knowing the company monetized porn. what was the first thought you had when you at least won that first round and visa couldn't get its name taken off this suit? >> when we read the decision, we were please that had the judge got to the right results. our complaint was the product of a year-long investigation and 170 page detailed complaint that clearly details that not only mindgeek has videos of child porn, rape, assault and other exploitation victims on its site but its business model is predicated on that. they amply fie the videos and directed users to the videos and
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monetize these through ads that visa and others provide payment for. the complaint alleges in extreme detail all of this misconduct but more importantly, it also alleges visa's involvement and participation. visa knew as the judge held and there's no question tiohatt visa ononlty onlyw about siness mod buto t assistas msikdg weeitkhonetonetg orn and and a otheral conducthe judge jud jud said it pr the the toolsools for mindgek to complete and commit that crime. elizabeth: how can you not now when someone of the new york times made a huge deal of this and papal immediately stopped any type of relationship or usage of what they do as it pertained to mindgeek. if you could clarify, why wasn't mastercard or amex listed in
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this lawsuit? >> you're correct. there's been a tremendous number of journalist reports and horrific stories of abuse that have been out there in the public and that visa knew about it. paypal terminated the services with mindgeek in 2019 in response to a london times article saying within minutes they found dozens of examples of illegal content on their site, including examples of children as young as 3 years old. paypal took that step and mastercard and visa did not. there's other disclosures to the card companies. in december of 2020 when nick christoph came out with a follow-up piece to the sunday times, visa and mastercard temporarily suspended services and mastercard looked like it was going to take more step. mastercard restricted on the steps and we fully intend to pursue claims against mastercard and discover in addition to our -- to the case that's
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currently pending, we've been approached by numerous other victims. we have close to a dozen climate at this point, and we fully intend to hold visa, mastercard, and discover and all of those benefits and facilitating child pornography -- elizabeth: that's a headline. mastercard and discover are not in the clear at this point. again, amex, do they just not take amex on that site? >> i don't believe they provide payment services. elizabeth: all right, they might very well be in the clear. how far could this suit go, and maybe not this particular suit but you're looking everywhere and the tentacles of this pornography hub, which has a lot of legitimate legal pornography; correct? >> correct. elizabeth: but does have this child porn on it. it's really, you know -- i mean the article is just really -- they did great investigative work at the times and other operations, but do you see this going for example the servers because the servers upon which these websites operate, even
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though it's a canadian company, mindgeek, some of their servers are here; right? their data centers? would you go after those companies? >> correct. the trafficking statute in which we brought claims extends to all those who benefit from participation in the venture and so our goal here is both to get vindication for our clients but more importantly to create change. to create new industry standards so that what happens to our clients doesn't happen to others and our goal here is to go after all of those that participate in the venture and to make sure this doesn't happen again. this case is not about consensual, legal pornography. this is about illegal content, the exploitation of minors, of rape and assault victims, and we will not stop till we feel like we've achieved adequate change and none of that stuff exists on this site. elizabeth: third party sites that look at this treasure-trove of data that pornhub has, they
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have billions of user transactions every year. it's unbelievable. in just over three months billions. would you go after the data miners who purchase this for the client list to sell apparel or sex toys or whatever? >> again, our objective is really focused on eradicating illegal content, and we'll use all the tools in orating box in order to do so. as the judge made clear and we stopped from the visa and mastercard and the nick christoph article coming out in december and resulting in mindgeek taking down more than 10 million videos and the steps visa and mastercard took last week, the credit card companies are in a unique position to create the change we need here, but we'll certainly be going after all those responsible for facilitating this illegal conduct. elizabeth: we would love for you to come back as this case progresses. lauren, thank you very much. >> thank you for taking the time to cover this important case. elizabeth: absolutely.
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it's got huge personal and business implications. thank you so much. another weekend of mass cancellations driving air travelers mad as the department of transportation gets tough on the airlines to provide refunds for travel nightmares. we're going to take you live to orlando international airport for just what form that relief could take, and is this an airline problem or airport problem? you're looking at video of course of all of the problems. closing bell ringing in 36 minutes, dow up 22, s&p down 6 and nasdaq lowered by 20. we are coming right back.
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elizabeth: fox business alert, dow jones industrials the only major average trading higher but nowhere near the session gain of 306 points and it's up 25 points. got a look at shares of tyson foods, they're getting their wings clipped after the poultry and meat company posted weaker than expected quarterly earnings and the stock down 9% after saying that inflation has led to consumers protein shifting based on prices that shoppers are foregoing higher priced beef cuts and instead buying value proteins like chicken. tyson says raising the price of chicken helped beef up sales even as higher costs ate into margins. all right. shares of palentere not fairing well after an adjusted quarterly
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loss of a penny after a gain of 3-cents a share and the data analytics software company reported below estimates as the timing of some of the contracts with the government are uncertain. more than half of its sales come from the public sector but the company's international business, which makes up a huge chunk of the sales, 40%, also got hit by foreign exchange head winds. that strong dollar so the stock is down nearly 14% right now. soft bank reporting a record quarterly loss of more than $23 billion after ceo blamed the loss on an investment spree and startedups across the globe. what's really interesting, he said "when we were turning out big profits, i became somewhat delirious and looking back at myself now, i am quite embarrassed and remorseful". imagine a ceo taking full responsibility for the problem and not blaming the underwing.
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there's that. stock down 1.6% off the lows of the session from the inter-day there. startups in particular of course have gotten hit as central banks are raising interest rate this is year making money to borrow more expensive and soft bank sold its remaining stake in ride hailing business uber as it looks to raise cash and raise cash they did. soft bank sale resulted in a realized gain of $5.6 billion and average price of $41.47 a share. uber is down a third of a percent and it is at $31.90. they did well on that trade. shareholders are however tuning in to fubo tv after the streaming tv service signed an exclusive multiyear deal with movie star ryan reynolds maximum effort productions for unscripted programs. reynold's production company launches a linear channel on fubo tv and fubo will manage ad sales for the chain.
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shares up 11.6% to $3.88. folks, it's been a very rough ride for fubo and it was a $35 stock in november. cancellation chaos rearing its head again over the weekend but instead of improving, today it's even worse. according to the latest numbers from flight aware, we just got these, so far more than 2,982 u.s. flights have been delayed with 555 cancellations and it's only 3:32 right now eastern time. chicago's o'hare and newark's liberty airport, two of the biggest offenders today and some 20% of flights in and out of o'hare have been canceled or delayed. jetblue and southwest are the biggest offenders. 19% jetblue, 13% of southwest flights delayed today. not hurting most of the airlines all though jetblue is down just a fraction here but now the u.s. department of transportation says, yeah, we really need to do something about it. they've proposed a cash refund
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to fliers for canceled flights. how are the airlines responding to the plan? ashley webster joining us from orlando international airport in florida to break it down. ashley. >> reporter: hey, liz, there was a time when i really looked forward to coming to the airport and taking a flight somewhere but now, it's just a giant game of survivor, is it not? let me show you the departure board at orlando international and every red sign on the far right is a canceled or delayed flight. to your point, yep, the chaos of the summer goes on. the summer of discontent i like to call it. the airlines are still trying to get more pilots on board, trying to beef up their ground crews but at the same time, demand remains very high and that also raises the question, well, what happen ifs your flight is canceled or is delayed and delayed and delayed? well, the department of transportation wants to clarify the rules and these are some of the rules they're proposing because all the airlines have
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their own rules. number one, they say a significant delay, means different things to different airlines and dot says it should be three hours domestic, six hours international. if an airline changes arrival or departure airport, you get a refund. if itinerary changes with added connections and dreaded connections, if you add more of those, you're eligible for a refund. if there's a downgrade to lower class of service like from first to economy, you're not happy, you should get a refund. also if the airline changes the actual type of aircraft and a downgrade in available amenities, all of this designed, liz, to give everybody some sort of standard, normal game plan if your flight is delayed or in fact canceled. we spoke to a travel analyst and she says, look, that's the one thing that the airlines need to do a better job of and that is eliminate the confusion. take a listen. >> the challenge for consumers
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is, you know, what they experienced with one airline may not be true with another. there's not a lot of clarity in the way that significant delays are defined and so i think the goal here is really to provide some of that clarity and transparency. >> reporter: and, you know what, liz, the dot proposal, there's a 90 day public comment period. we've just begun that and it'll end in early november. will the airlines sign on? there's encouraging signs but no guarantees but certainly the move towards getting standard rules for refunds whether your flight is delayed or canceled is something everyone could really appreciate. elizabeth: man, i'm with you on that. so exciting to get to the airport and go somewhere but now it's all this drama and messiness. >> reporter: exactly. you look at -- you're so
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continental, liz claman. elizabeth: yes, if you consider yiddish continental. ashley, thank you very much. >> reporter: thank you, liz. elizabeth: ashley webster, the mean stock craze alive and kicking at this hour, but beware, charlie gasparino coming down in a minute and has afc in the investigative cross hairs and will join us at the new preferred equity offering unveiled last week by amc. that's next. closing bell 24 minutes away. the dow has increased ited gains by just a bit. we're now up 37 and s&p still in the red by five and nasdaq down 22. it's a monday. it's a little bit of a manic monday. we're coming right back so stay with us.
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elizabeth: breaking news. we have some sad news here. australian singer, song we e
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writer and cassioppi dress olivia -- actress olivia newton john has died. she had five number one hits and global sales of more than 100 million records. the star, of course of paramount picture grease alongside john travolta and the sound track one of the best selling albums ever and recorded the hit song physical and she died at her ranch in southern california surrounded by family and friends. she had battled breast cancer for more than 30 years very bravely. olivia newton-john was 73 years old. shifting gears here, shares of amc rising sharply again today and off the highs of the session. still up about 6.5%. as the company's loyal retailer investors, the apes as they'd like to call themselves continue to cheer the new class of preferred equity that the company announced it would be distributing with a 1 cent dividend but are they cheering too soon? charlie has been digging into
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the new offering. offering. charlie: i've been asking traders and people that understand the stock and dividends and rights offerings and all the things you do when you have a company and need capital. amc needs capital. there's no doubt. they're still losing money, they're burning cash. not as bad as they once were and, you know, adam aron was dealt a bad hand and facing decreasing revenues from streaming, i mean, he had a pandemic thrown at him where they shut down his business. elizabeth: everything. charlie: this is a rough, rough business for him getting hit both ways. he's clearly bounced back from the pandemic lows, but that's like bouncing back from -- that's a good sign but he's got a long way to go. he's got a couple of, i guess hits with top gun and maybe some others coming down the pike. but again, still burning cash and losing money. it's pretty clear he needs to raise capital. here's the interesting thing, the shareholders, the apes, most
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of this is held by retail. retail holds either directly or indirectly through -- it's not all retail. you've got to realize if you buy amc through an etf or through a fund, you know, like vanguard and blackrock has some shares, you don't own -- that's considered retail but it's not directly held. clearly a lot of people hold the stock. they have been voting against common share issuance that he needs. he came up with something that's preferred. is this better than a common stock for shareholders and that's a big debate in the markets right now. we don't have enough information on exactly how he plans to raise money. we know if you get -- if you own a share of amc, you get a share, a planned share of this ape preferred. elizabeth: yes. charlie: theoretically, it should be 50/50 and the plies
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goes down. elizabeth: now it's 11/11 with a penny dividend for each share. charlie: right, you'd be whole. my point is that's one aspect and the second is what he keeps talking around and this is where it gets weird and he should really just come out and disclose it directly. what does he mean by good dilution. it's called dilution in the financial dictionary. increasing shares of a company, you dilute current shareholders. this is a preferred. that would mean the preferred shareholders would be above in the capital structure, above the common shareholders. if amc ever has to go bankrupt, the common shareholders get clammed down more and get less money or no money in this case and the amc and the preferreds get some money after you pay off
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the bondholders and that's a cram down and that's what's going on here. it's a weird type of dilution, you don't know how he's planning to issue the shares. we spoke with mark and traders have been following this a lot and i know mark well and had him on the show, mark thinks it's all signs point to a rights offerings. offeringsing. when you do this preferred dividend thing, it basically gives you the right to exercise a preferred and you can either buy it or not or sell to someone who will do it. that's how he's going to raise money. that, again, is dilution. elizabeth: but it's not illegal. charlie: i don't know, i'm not a lawyer. depends -- listen, i'm not saying what he's doing is illegal. he should be disclosing more of what he's doing and leveling with the shareholders. he's not doing this on the back. he's not doing this on the backs of vanguard totally or like jp morgan, he's doing this on the backs of the most
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unsophisticated investors out there. elizabeth: some of those investors would say that as shareholders, they would hope the ceo would do anything legally he possibly could to keep a company afloat. charlie: yes, but you do understand simple math and how you divide up earnings per share and how much a share is worth when you issue more of it. that's called dilution and he should be talking about this is how we're doing it by not doing that, it looks like he's hiding the football on retail. just really does. by the way, if they want to buy it, go for it. realize what you're buying. you're buying more stock in a company with a lot of debt and by the way, if it ever goes into bankruptcy, forget about preferred and because they have so much debt -- one other thing, it's the bondholders. he's essentially bailing out the bondholders here. elizabeth: charlie --
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charlie: this cash cushion is for the bondholders. elizabeth: we'll be watching and wakonda forever, black panther. that could be good. different universe. all that glisters is not necessarily gold. that's how shakespeare wrote it. up next, the ceo is here to tell us about the outside role this time in his quarterly report. we're 12 minutes away from the closing bell and the dow is up 56 points. can it reach? i don't know. a short amount of time and gain of 306 points it had at the high of the session. not sure but we'll be watching it tick by tick.
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♪. liz: barrick gold investors are striking a little gold at this hour. the stock is up about 3.8% at the moment after the company beat on both the top and bottom line. while the company missed on gold output it still said it expects to the reach the full year target. copper became the real star in this report with production up 25% for copper quarter over quarter. so is copper the new gold? let's bring in president and ceo of barrick goldmark bristow.
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who has not first ad top has not missed a top or botulin estimate since taking the job over. copper saved you, mark. >> there are swings and round abouts, liz. it's a long game mining. so we'll see how it works out to the end of the year. liz: who is buying all this copper? is china coming back and we just haven't seen it in their gdp numbers yet? >> no. the one thing about copper people never get it right with copper, if you believe a greener more responsible world copper is way undervalued. we need lots more of it mined. we'll not get it if we don't get the price up so. that is good for barrick. 20% of our bottom line is on balance is copper and the other
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80 is gold and we're growing our copper footprint as well. so also focused on pier 1 assets, big assets. that is what makes big mining companies. liz: yeah, of course. i think i like to let our investor audience know, we don't assume anything, we're not like some of snobbier networks expect people to understand. copper is industrial metal. it is used in huge amounts in skyscrapers, wiring, et cetera. it is almost a proxy for how economies are doing as far as growth is concerned. >> absolutely. liz: where do you plan to expand. these mines take a long time and you deal with a lot of regulation when starting new plans, et cetera? >> south america is a bit under stress at the moment for the copper industry, particularly chile, with the politics and some fiscal legislation that has been proposed.
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and we recently announced a big copper development. we've been at it for a long time in pakistan. that would be the, one of the largest undeveloped copper, gold projects in the world and it's one that, we've been arguing about with the pakistan government for a while. we reached agreement on a partnership basis going forward just as we did in tanzania in gold and most recently in papua new new guinea. this will make a huge difference in pakistan as a economy and contribute much-needed strategic metal. you point out, it is necessary everywhere. >> mark, it's great to have you on a very busy news day and, your stock is responding and glowing like copper. if there is such a thing.
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please come back. thank you so much. >> thank you. thanks, liz. liz: anytime, mark bristow, ceo of barrick gold. warren buffett's berkshire hathaway came out with numbers over the weekend. they reported a $46.7 billion paper loss in the second quarter largely the result of company's invests, the stock investments losing value. the "oracle of omaha" see the markets drop along with volatile quarter apple, amex, bank of america dragging down his portfolio. buffett still show pack massive $1.54 billion cash pile. which by the way he is the not sure where he will deploy it, parks it in short-term treasuries. short-term treasurys one heck of a large mattress. joining with us a approximately billion dollars in assets under management. therian partners ceo greg.
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greg, most of us don't have such a big mattress but you feel there is a way to parking cash, what you feel is the long road to the bottom of this volatile market at the moment. where do you put your money? >> absolutely. liz, thank you for having me back. we expect this to be more of a w-shape recovery and investors shut expect to embrace volatility, for reasons i'm happy to go into if we have time but to answer your question specifically savers have been penalized over the last decade with the low interest rate environment. things like a 90 day t-bill are quite attractive given this dislocation in the yield curve. usfr is a etf that tracks 90-day t-bill. pays yield of 2 1/2%. for short-term, relatively safe place to park money, not a bad place to park money.
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liz: wisdom tree floating rate. you can trait it out out of a la stock, now stock x is the company that i feel is now cheap enough for me to buy, i need my cash back? >> that's right. again so anytime you leave a bank you assume a degree of risk. so people should understand that, but again if you're looking for a place money can sit two, three, six months, earn more than what it could in a comparable cd, this is something we think warrants some conversation. liz: you think it will be a w-shape recovery. we still have a few more legs to go. what would be the sign to you, greg, that we're at the bottom? >> that's a great question. i think it will not be a singular sign, liz but a process. i think two things we're watching. both are capitulation. number one with the fed. tug of car with the strong jobs number but all other indicators the economy, data are slowing but the market always looks out. market looks six to nine months.
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if the market senses the fed may be nearing an end or close to a peak of rate hikes and we see inflation continue to flatten. we think that is a positive for the markets. [closing bell rings] in the next 12 to 18 months. liz: good to have you, greg sairan. there is the closing bell. the another day, another dollar. the dow not making 74 points it needed to exit correction territory. we'll see what happens tomorrow. larry: hello, folks, welcome to "kudlow." i'm larry kudlow. the schumer manchin reconciliation bill falsely titled the inflation reduction act is really a pat threat tick piece of legislation. it is the ultimate big government big government socialist bill. defines the democratic party as the radical left, and there is no inflation reduction, there are no incentives for growth and prosperity. it punishes successful


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