tv The Claman Countdown FOX Business July 21, 2022 3:00pm-4:00pm EDT
so many great ones we just cannot use even on cable tv [laughter] but safe to say that no one agreed with the white house and everyone is saying the pain level, the pain threshold is probably eight, nine, or 10. maybe the white house has stop trying to tell us how we feel and just ask us and take action. liz claman, you ever go to the emergency room and have to use that pain threshold thing? liz: [laughter] no but i've been inside a dumpster fire: charles: [laughter] i want to ask how you got out of that. liz: [laughter] you just keep plowing forward, charles one point in front of the other. thank you very much, fox market alert take a look at stocks at the moment. you know, it's kind of hard to pick out one thing crucial about today's action because there are so many but right now the dow is up 10 points although you called this a jump ball at the moment because it has been down more than 300 points. pretty much a swing of 400 points total from trough-to-peak let me whip through what's going on here. tesla, electrifying the markets with post-earnings party as we
kickoff the final hour of trade, shares are atop the nasdaq 100 zooming higher by 10 full percentage points right now, after the company reported if not another record quarter, because it didn't, reported one that showed 42% year-over-year sales growth and the promise by ceo elon musk of a record breaking second half. first sale decline in more than a year, but beat on q 2 revenue which came in at $16.9 billion. oh, and by the way according to s 3 analytics, the end of as musk put it, supply chain hell, could turn into short squeeze hell for those betting, the stock and you're already kind of starting to see it s 3 is noting tesla short bets are down $1 billion quarter-over-quarter. we're going to do a deeper dive in just a moment with tesla analyst craig irwin dissing the company with a meager price target he will explain why and also tesla did shock the crypto world last night by revealing it has dumped
out a 75% of its more than $1 billion in bitcoin holdings. bitcoin is falling on that news down about 2.25%, 2.5% now, but certainly off the lows of 23, 355 we're at 22, 916 at the moment. yeah, in the past 24 hours when we heard that news, that's where it went but elon said that tesla needed the cash to ensure liquidity during the recent covid-related shutdown of its shanghai gigafactory that's why he sold. now coming up later in the show, charlie gasparino has a crypto analyst who actually says it may have been tesla's mass bitcoin sale that set off the crypto winter that we are seeing as of late. from winter to very high summer, yeah, the energy sector, even though we are seeing high temperatures getting absolutely hammered at this hour, you can see that reflected in the xle, the eft named with energy filled with energy names down, spider energy down 2.7%, and it's not
just that crude is dropping 3.5% in the after market or that rbo b, wholesale gasoline is retreating 3.75%. look at baker hughs, a company that provides oil field drilling , equipment and maintenance services taking a 6% hit right now at least 11 brokerages have cut their price target after yesterday's messy earnings report which cited component shortages due to supply chain delays, but lost in the shuffle, you guys, is what the ceo baker hughs said that he sees demand deteriorating over the next 18 months, because inflation is still eroding consumer purchasing power. he also cited central banks, aggressively raising interest rates to combat inflation and he was right about that because for the first time in 11 years, today, the european central bank raised interest rates by more than expected 50 basis points moving in line with its global peers who have done the same to douse the flames of inflation. now, why 50 and not the
previously-telegraphed 25 basis points? ecb president christine laguard citing a clear deterioration in the inflation picture in europe. it's really ugly in the european union for both consumers and businesses and price pressures are actually spreading across more and more sectors but her one bright spot that she mentioned, she said tourism will at least help the economy in the third quarter. not if u.s. air carriers don't wrap their arms around what has become a very unreliable system for u.s. travelers. airline stocks, this is a real train wreck here, you've got united air lines down 10 and one -third percent, american down 8%, delta down, yeah, 3.3% and by the way jetblue down 4%. jetblue does fly to europe. they fly to milan, they fly to london, athens. now first, american said that it turned its first quarterly profit since the pandemic began and revenues surged 12% that's really good but while demand is off the charts, both american
and united are continuing to slash their capacity, their number of flights, due to pilot and worker shortages. we told you there is so much to unpack, so let's just throw the whole suitcase at our floor show traders we're bringing in sarge guilfoyle and scott bauer. sarge i'll start with you let's not ignore the earnings disaster over at at&t looking at its largest percentage decline in 20 years. it's down 8% after cutting its annual free cash flow. they also mentioned kind of worrisome here that customers are taking longer to pay their bills but give me a quick comment on that, then let's spin it forward to next weeks earnings from the giants of tech >> all right i think overall, earnings are probably better than we expected. i think largely compression isn't to the degree we expected before the season began so far. we have a long way to go. i think a big story is currency exchanges right now, so at&t, yeah, that's pretty much a disaster for the marketplace that happens four times a year. i wouldn't put what's going on
at at&t on everyone else. at&t is its own little case, and for as long as i can remember they have not been a good place to be. i've made that mistake a few times. liz: all right so now we're talking about as i call it jurassic world of tech stocks the giants, the t-rex here. next week, amazon is coming out with numbers, so is alphabet google, so is apple and we also have microsoft. sarge, are you buying any of these ahead of the earnings reports next week? >> not amazon, not alphabet, i am in microsoft, but i'm not that excited about it, it doesn't seem to be going my way. i am very excited about apple. i loaded up on apple on the double dip we saw earlier in may and june. the stock is working off a 152 pivot which comes off a double reversal. my target price for apple is 182 my panic price is 142 which would break at a 50 day. this stock has been a leader and it's leading again. it's probably closer to the 200 day simple moving average that any other stock of its
significance and as we know it's the most widely-held stocks by funds that rule our marketplace so yes of those four majors, apple by far is the most important and it's the one i'm into the largest degree. liz: everybody is in the green right now apple with a gain of 1.5%. mr. bauer, my trader in the middle of the country in chicago. talk to me about exactly what you think is going to happen with these names. which ones you love, and then the macro picture of next week, because we know the feds coming. >> yes. so i agree with sarge on a couple of these. i'm not in amazon. i think long run, they have a real nice setup. i'm really worried about inflation, rising rates and how that affected the consumer, so, definitely not in that one. i do like apple. i'm not in it. i would buy it on any dip. i'm not buying it into the print microsoft i am. i have that one, sarge is not so enthused about that i really like the press effect for
microsoft. i'm not in alphabet i want to wait until afterwards there's just too much uncertainty. now talk about uncertainty and we've got the fed here. as you and i discussed on set last month, liz, i still leave the fed is going to be lowering rates come quarter one of next year. that being said, all signs pointing to a 75 point hike coming up next week which is probably appropriate though i've been in the camp where i'd like to see him just raise a full point pull off the bandaid, but the recent economic data that we've been getting, including the philly fed today, right, the red hot inflation numbers, show that we are slowing down here and gotta remember that cpi number we got a couple weeks ago , included, included energy, when crude was 120-130 a barrel, gasoline was 5.5 to $6 a gallon both of which subsided dramatically so i think we do have the opportunity to get a much lower print but i think the fed regardless of what they do, they are going to get ahead
of themselves. we will be pulling back rates by q 1 of next year. liz: gentlemen scott and sarge thank you. we're looking at the dow which is not down it's up 61 points so again, we're watching a very sort of tenuous move there but it's the nasdaq that is pretty much the strongest. we are at session highs for the dow but the nasdaq is up 139 points because percentage gainer there. okay we gotta go deeper into teslas earnings as shares top both the nasdaq 100 and the s&p. up next, you'll hear how ceo elon musk got on the conference call last night when asked, did tesla see slowing demand for its wildly popular ev's. what does one of teslas more bearish analysts make of that and musk's belief that the second half could get a record jolt to the upside. with the closing bell ringing in 51 minutes, dow again, now hitting just another new high up 75 points, gains it all next on tesla when the "clayman
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>> i was just trying to follow-up on the fact that you both said that maybe you were seeing demand be impacted a little bit, and that was the spirit of the question. >> because we see daily orders from around the world for our cars, it's actually, it is like a mood barometer of people's confidence in the economy. but one can't read too much into it,
because things could vary a great deal from one day to the next, but we have so much excess demand that it's really not an issue for us. liz: tesla ceo only countering anthropology a list last night on the earnings conference call when tony asked about demand considering there's a six-month wait to get a tesla but to be fair, elon did flip flop from earlier in the call when he mentioned high prices possibly could hurt demand. however, now, he says, there is not a demand problem, just a production problem. shares at the moment like that kind of problem, up 10% for tesla, to 817 bucks and change. this after the ev giants earnings report showed while gross margin slipped 27.9% second quarter revenue rose 42% year-over-year and by the way, musk also hinted the second half of 2022 could break records. joining me in a fox business exclusive is the analyst who still believes the stock is going down to 250 a share over
the next 12 months craig irwin managing director and senior research analyst at roth capital craig, true, overall production numbers fell due to the covid related shutdown of the shanghai gigafactory but investors seem to adore the future prospects of the company, now that china's reopened. why don't you? >> so, you know, i think that tesla is a great company. i believe ev's are the way of the future. you know, i encourage everybody to at least test drive an ev if you're considering a new vehicle purchase. tesla or any one of the other several great vehicles on the market in your local markets i just see tesla is egregiously overvalued and $800 billion valuation for a company that's going to do maybe 1.5 million units this year, versus the world's largest auto maker, toyota, which sold ising like 9 million units and has $200 billion valuation. it's just a huge disconnect. they do deserve credit for
really impecable execution for pushing technology into the market, but there's nothing tesla has that toyota does not and i think there are multiple other avenues. liz: oh, well i've gotta say, now, let me just be clear that i've driven lexus, they are great, the infinite suv's are even better but the cool factor is what tesla has, that i've gotta have it factor, plus all electric so as i look at this , craig, i look at the numbers. four years ago tesla was kind of puttering out about 5,000 cars a week. they say now they are at 5,000 per day, plus the cool factor, plus the ev interest. how can you say that this is a $250 stock? >> i'm just saying that i think there are a lot of other opportunities that are vastly superior and when you have a competitor at a fraction of the valuation, with an order of
magnitude more production, and the same capabilities, there's going to be a trade of valuation in the market, and that, for me, is very clear, that tesla is a fantastic company but there are a lot of other very good ev's. you may like tesla, i know a lot of my colleagues and clients and friends drive teslas. i drive an ev too but i think that they are fantastic ev's available. liz: which one? i actually drive a model y. i got it when it wasn't so expensive, which the price is now elon is calling embarrassing ly high and he wants to bring the prices down maybe by the end of the year but what do you drive and what are the better options here? >> so i don't want to say the name of the car but it is a german ev. i do like american vehicles, a lot of the mach e drivers i see at the charging stations love their vehicles. ford is obviously doing a great
job as well. i think that there are plenty of great options in the market and you're seeing a lot of people get real traction out there, and people should love their cars. tesla has a great brand. they have great products. people that buy them love them. i just see the stock as over valued given that you have more than 500 ev's on the road by 2025, tesla, there's no question there's going to be share erosion. it should actually be quite dramatic over the next few years and accelerate and that's not a point where you see value creation. you see value destruction as other people see value creation in their own success. liz: well i see whose kind of a bmw guy but i'm just guessing. i know you don't want to say. let's bring up the tesla cyber truck because on the conference call, elon brought that up. he said that we could be seeing those drive into people's driveways, finally the delivery
of this futuristic-looking truck by mid-2023. now ford f-150 lightning demand is off the charts at the moment. could this give ford a run for its money on that, and by the way, we just saw the chevy blazer all electric come out from general motors. >> yeah, there's going to be a lot of really cool electric trucks coming. these cars are going to be insanely fast, have tremendous torque for towing, incredible technology in them where you can do things like charge your power tools or operate your consumer service stations, whatever your business is. tesla is going to offer that. other people can do the same thing. rivian has a cool car. i think the diversity of options out there is fantastic. it's only going to grow and it's not to tesla's benefit. tesla is a market leader. they created this market. they deserve tremendous credit for that, but i think the consumers want more than one choice. liz: they do.
>> and i think that we need to be careful and there will be better options for investment over the next few years. liz: well, i wholeheartedly agree with you on tax hyundai is coming up fast and while there's a big gap between tesla sales and hyundai, they're all coming, and i will say this about my model y. i'm over the moon about it. it's not the greatest ride. very bumpy. oh, my gosh. >> there's issues with every vehicle. the one i bought i went in making fun of the sales guy because of known issues. he handed me the keys, it was a rollercoaster, so i had to buy one. liz: i get it. >> and these are fun. people should test drive them. liz: elon is dancing here, remember that? he's recently gone shirtless. oh, it's always interesting to watch him and the stock is at 817, craig you say 250 within the next 12 months please come back, thank you so much. >> thank you. liz: all right to the incredible edible egg, which is now incredibly expensive.
have you guys seen this? the rising cost of eggs has consumers flipping the bird. we take you to a chicken farm in new jersey to check out what is driving these extraordinary prices. closing bell, 39 minutes away. everybody is at session highs or just off them at the moment. nasdaq up 117, s&p up 24. the dow up 47 we're coming right back.
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liz: fox business alert we're looking at the markets right now a healthy move for the nasdaq. in fact it is the percentage leader here up 1% gain of 128 the s&p up 28, the dow jones industrial is holding on to 77 points of gains. now after a strong start to the week, shares of carnival are now sinking. the cruise company last night did an equity raise of $1 billion in new stock. carnival said it's going to use the proceeds for general corporate purposes which includes paying off debt matur ing in 2023. now, just on tuesday, i asked carnival ceo arnold donald about its groaning $35 billion debt load. here is what he said. >> 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 re payment of debt and overtime return to the great credit rating we had which allowed us
to weather a complete pause in our operations. liz: we know they went through a lockdown but and a complete shutdown, however, the debt load is now three times what it was pre pandemic. so as carnival falls about 11%, let's look at other cruise stock s. rcl, royal caribbean and norwegian both are down, you've got royal down 9% norwegian down almost 8%. amazon swallowing up a tele health business, the $3.9 billion deal for one life healthcare, this is a primary care practice under the name one medical is the first major acquisition announced under new amazon ceo andy jassey. amazon is up 1% but look at one life up 68% on the news. one medical operates a network of boutique primary care practices and offers a big range of telemedicine services. when amazon entertainment enters the sector, rivals sell-off and that's what we're seeing right now with cvs and walgreens boots down each more than 1% apiece. amazon helping rivian shares
move higher after the e-commerce king began rolling out delivery vans produced by rivian which is of course an electric vehicle maker. the vans are being deployed in a handful of cities including seattle, baltimore, chicago and phoenix. the initial rollout is a start, amazon plans to have 100,000 of rivian vans on the roads by 203d one-third percent. airbnb co-founder announcing he is stepping down from his full time role at the company to explore other projects. he's been with the company since it was founded back in 2007. in a letter to employees, the company co-founder wrote, my first new venture is a startup called parenthood, which i'll be taking the role of dad. he will remain on airbnb's board airbnb down about one half a percent. all right, there is no sunny side up when it comes to the egg prices, which are surging to record highs, despite cost pressures on farmers, they are not chickening out from the
business of selling the popular protein. joining us now, lydia hu whose right there at an egg farm in ho well, new jersey. lidia? reporter: hi there, liz. the national average price for a dozen eggs right now stands over $3 for that dozen. that's about double where we were at the start of the year. what's driving that price? well supply chain issues that are affecting the food industry at large but also the avian bird flu. we are at peglese egg farms in new jersey one of the states largest producers. they have 200,000 chickens and the owner tells us if any of them test positive which has not happened this year, they would have to put down their entire flock, destroy all the eggs on-premise, and it would take them about six months to get back up and running. watch this. >> think about it everyday. if one of those things we're always trying to think outside the box on how to prevent
getting it. reporter: now, the avian flu has affected more than 40 million birds, killing around 30 million that produce eggs that we eat, and a major egg producer says that's about 10% of the egg producing chickens in the country, and even though cases of the avian bird flu are dwindling, analysts expect a smaller and mid-size egg producers will be challenged for the rest of the year because of the high labor and input costs and rising interest rates. these producers may even have to pullback on production through the rest of the year, but they also say that the largest producers are expected to thrive , maybe even out pace the market. for example, cow mane is one of the largest producers, and did a double beat and their share price is down more than 4% for the last quarter but expected to continue to do well outperforming the market for the rest of this year.
liz? liz: exactly. did you see what i did there? >> [laughter] reporter: love it. liz: lidia good to see you thank you very much. snapchat owner snap out with earnings right after today's close the social media company with big time unfriended by investors back in may after forecasting an earnings miss, but lightshed partner co-founder analyst rich greenfield likes it and he joins us next with his view on snap, what he thinks they report and everything else in the media and streaming space , which he totally owns. all right, we're coming right back.
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it's happening at after it was halted twice in todays session on a report that the cable and broadband company is exploring a sale of its southern division sudden link. reportedly working with goldman sachs on the sale exploration that could bring in $20 billion to service altese's $25 billion debt bill, like carnival only with actual prospects here. we're just minutes away from nap reporting quarterly numbers at the bell, this optimistic 5.5% jump pretty much at session highs at $16.37. this move in the stock sure is interesting considering that just back in may, shares spiral ed look at this chart, down 43% in a single day, after the snapchat parent warned it would miss quarterly revenue and profit targets. let's bring in light shed partners rich greenfield, the media tech analyst on the street. you like snap. tell me what you're expecting today after the bell. >> well i just think they've
been brutally honest that the a d market was slowing and they were facing a more difficult environment and guess what we're heading into what looks like a recession or maybe we are in a recession. the economy is certainly suffer ing with inflation. there is no doubt that snap was being brutally honest at a point in time when nobody was basically being honest with investors and so snap is still growing its revenue base faster than many of the other companies they are growing far faster than meta in revenue obviously off a smaller base, but they did say that their guidance maybe too aggressive even the low end so the question is going to be the low end of guidance was 20%. do they come in at 16, 18, or do they even get close to 20. that's what the market is watching for is how much below that 20% in q 2 and then what does q 3 look like, how bad is this in q 3. again, longer term, snap has
incredible user growth, continued to build its user base and is building monetization so they had pauses in growth before in terms of the speed of their growth. we're very confident in their long term prospects of monetiz ing their user base, and we are facing a more difficult a d market for all of the internet driven companies even the tv companies that everyone is facing a slowdown right now this is not unique to snapchat but obviously is one of the first to report they are there. liz: well they were the ones who came out and said and that was a disastrous day back in may. just quickly, do you expect them to beat the $0.04 estimate is that your estimate? >> i think the earnings is far less important than what does that revenue growth trajectory look like. it's actually closer to 20% than many people realize. i don't think it spiraled down. we'll see but i don't think it was as bad as many people think. liz: i want to get to streaming. comcast is expected to report
around i believe july 28. considering what happened with netflix earlier this week and comcast pouring a lot of money into peacock which i personally absolutely love because of yellowstone, somehow they are rerunning all of the four season s of yellowstone, that's a huge bump for peacock but tell me what you expect from comcast when it comes to streaming as it pertains to what we saw from netflix? >> i think the challenge for peacock and for comcast is what is the long term strategy, they are losing $2.5 billion a year. netflix is making $7 billion a year, so the question is is how does peacock become a profitable business? can it do on its own? i don't think there's naivete or , liz, nobody thought comcast would lose this much money on streaming. this is a far bigger investment that is worrying a lot of their investor base because they don't see yes you love yellowstone. liz: and date line. rich i'm such a true crime girl. >> but they clearly need more
content. peacock is not a daily habit for most of your viewers, and that's what they need to do and so the question i think a lot of investors are asking is comcast willing to invest, do they need to actually turnaround and buy hulu from disney versus sell the remaining parts to disney, there's big strategic decisions and obviously, liz, brian roberts, the founder and co- founder or co-ceo of comcast and founding family, the question before them is they've been looking to do a deal. they clearly want to do something. liz: is it going to be that roll into warner brothers? we thought people have looked at that and said he'll take nbc and mix that into the whole picture. >> it comes down to one simple question. is he willing to give up control because i don't think regulatory wise, that's or even tax wise that's possible so comcast will have to be willing to seed control which i think is unlikely in the short-term, longer term i think it'll happen
liz: talk to me about netflix because that's already in the rear view, i get it, but as we look at that company, do you think it is under valued? is this a buy at 223 bucks at the moment? >> i think netflix is really in a pretty interesting place right now, that people should want to own this stock. if you think about what they're doing in advertising, well i don't love advertising on my streaming. i think the reality is netflix has the one thing that every company in streaming needs to be successful. time spent. 30% of all connected tv time spent is on netflix. they're bigger than youtube. they have a tremendous amount of time spent and when you think about advertising, the only thing that matters in advertising is time spent. if you're watching, you conserve impressions. if you're not spending time on a service you can't monetize, and so the fact that netflix has the most important ingredient for streaming, tells you they are going to be more successful in advertising than the market is giving them credit for and i
think that's the opportunity to buy the stock at 220 right now. liz: 220 right now and by the way just a couple days ago it was at 167 we think 170, missed that chance, everybody you want to buy at the lows, right? okay now rich, next week, we have apple coming out, amazon. we're are still waiting to hear about that nfl sunday ticket. do you have a game, a bet on which one is going to beat this game? >> we certainly believe it's going to be apple. i think amazon has already made their huge investment in the nfl with thursday night football which starts this september and is a very big deal for the sports media world but i think apple wants their big bite of the nfl and premium content and nothing oozes premium as much as apple and their brand and sunday ticket is the most premium product within the nfl. i think it goes to apple and you'll hear about it over the next few months. liz: people are going to be annoyed even more than they already are because i'm saying
where can i find the hockey game , is it turner, now but the nfl games, we shall be watching rich, we'll see if your predictions come. thank you so much good to see you. >> see you soon. liz: look out for rich's note after the bell with snap. was elon musk's tesla behind last years bitcoin boom that we saw? right? remember november $69,000 a coin but was it also behind the subsequent bust this year. charlie gasparino, next, with a guest who says that is, indeed, the case, and he will make that case right here closing bell ringing in 15 minutes dow jones industrials gaining 82 points nasdaq up 131. we are coming right back with charlie gasparino and friend.
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it will release your fat and it will release you. liz: okay, so the crypto world is all glitter it-eyed after elon musk dumped 75% of tesla's bitcoin holdings in the second quarter. the price of bitcoin, to review, has last half its value over the past four months right now, it's down another one and one-
third percent to 23, 179. one crypto analyst is now saying it's tesla's big unload that may have triggered the bitcoin winter. that analyst joins me now, along with our charlie gasparino. yeah, that sure took people by surprise when they revealed at the tesla earnings call last night that they had exited 75% of the holdings. >> it was a bit of a bombshell and if we look way back to when tesla first brought bitcoin on to its balance sheet in december of 2020 the price was around 23k , which is pretty much where we are now and then this bombshell report comes out that they've offloaded 75% of their holdings equating to the value of around $963 million in bitcoin. now that alone isn't enough to trigger the sell-off that we've seen over the last couple of months, but when it moves retail traders jump on the bandwagon and that's what we're seeing. charlie: you've been talking about whales moving a lot, explain that a little bit. like what's going on, because it's all over the place, it's up
, it's down, it's down to 17 and now it's kind of built back a little bit. >> the good thing about cryptocurrency is every single crypto is available in a crypto graphic ledger so the bitcoin, blockchain, you can see transactions. you can see buys and sells and movements between wallet to wallet and if we look at exchanges such as bit finance they actually have leaderboards where they specify these wallets and some of them on this exchange moves over 37,000 bitcoins in the space of the last month. this value moves markets, and is what we've seen in this huge sell-off we've seen in the last three months. charlie: is there a whale in there in and out bouncing around >> no one knows who it is but evidently someone who has an ic side track, the speculation as to who it might be but no de fin definitive proof. there are code names that are specified with these wallets. charlie: just as you were launch ing your show or just in the middle of your show it came out a couple guys from coinbase
have been charged criminally, with insider trading. they were, you know -- liz: arrested. charlie: employees of coinbase. they tried to hide their trades through certain, i don't know, i don't quite understand it, but you mentioned the thing that you have the ledger so you can, so easily find. >> it's a little bit stupid on this person's part because the ex-product manager of coinbase this person is in charge of listing different cryptocurrencies. liz: deciding they are the deciders. >> deciding factor this coin is listed on this day. liz: ahead of that. >> this person is put in large buy orders for maybe in some instances micro cryptocurrencies before the coin is listed on the exchange. then the retail is in on that listing. charlie: they tried to hide it? >> there was a little bit of foul play. liz: apparently not well. >> evident any not. they didn't do very well. charlie: back to what you were saying earlier it's impossible to hide your crypto trades. >> that's the beautiful thing about cryptocurrency and it's a
common myth that crypto is used for drug offenders or money launderers. everything is available on the cryptographic ledger by ether scan and you can see transactions. liz: it's kind of unfair to say that about crypto because people did that with green cash. >> absolutely. liz: in the past. can i just jump in and ask you, what do you think, when you pinpoint tesla for this , because i mean, a billion is certainly a lot and 931 million is what they got, but he said that he sold that money, that bitcoin, because he needed to cover liquidity concerns, because his shanghai gigafactory was shutdown. so we used it as a rainy day fund. doesn't that help the premise that bitcoin is there for certain issues? >> i think that there's this , there's a term within the cryptocurrency sector known as huddle, hold on for dear life and elon musk went from this hero whose bringing mainstream adoption, using tesla 's balance sheet to bring crypto to the masses, way back
in december 2020. he even tweeted in may of 2021 saying tesla has diamond and it doesn't take a cryptocurrency specialist to learn exactly what that means so he's gone from this knight in shining armor to the cryptocurrency space to someone that's made mass sell-off and yeah, people don't like people that sell in crypto. charlie: so the cryptoids, is that a good word to that? so they're pissed off at elon? >> >> and another, he annoys everybody, right? >> he moves the markets. he had a lot more impetus and affect on the price charts way back then than he does now. he started promoting dogecoin which at the time was .0005 per dogecoin t went all-time high 64 cents in lead up to the tv
show which is in the mainstream press. so he has been involved in seemingly promoting these currencies potentially for his own gain. >> wait a second, you saying there is market manipulation by elon? >> i wouldn't go that far because i would probably get sued. >> i'm not saying it either? >> he has mass influence on the markets, i will say. liz: that is true. >> when people with balance sheets as large as tesla start selling retail follows. liz: good to have you and your perspective. charlie, good to see you. here we go, a few minutes left to trade, closing bell four minutes away. bulls dug in on their heels. on pace for a third day of gains. data out today from the philly fed this is a regional indicator of atlantic manufacturing activity showed in july a contraction for the second straight month. what is important here folks, prices paid index part of it. it fell 12 points to 52.2. the lowest reading in january.
prices paid gives you an indication of inflation. well does the fed action to tamp down inflation lately, could it be working? our countdown closer says, no, no, not the. not time to take inflation protection out of your port fell. we have independence advisor alliance cio chris zacarelli is here. he has four names you should be buying to put in inflation protection. what are they? >> so to your point we're saying that inflation is still a problem. it's not temporary. it's not something that is already peaked. we think it will continue. yeah, some supply chain issues will get resolved, but look at consumer price index from last week, up 9.1%. we think inflation protection is important. some of the names mlp, master limited partnership. we look at oil and gas names such as okay denial petroleum, exxonmobil and chevron. we think all of those names are good ways of implementing inflation protection in your portfolios. liz: even as oil and gasoline
are falling in the past couple weeks? >> yeah. we think this is opportunity for those people who missed the opportunity earlier this year. absolutely, commodities prices are coming down we think coming down temporarily but we think the earnings power within those companies the pipeline toll collection will happen can happen even with oil in the 80s as opposed 100s. oil prices if we go back high again this fall or winter would be a problem for those stocks but they don't need to have oil in the hundreds to be very profitable. liz: chris, we're at session highs. nasdaq up 153 points. it has been slowing leadership over the next couple sessions. technology is looking pretty darn good, not as worse as people had expected when it comes to earnings. s&p up 38. the dow is better by 159. what do you expect will happen in the second half we know next week the federal reserve will probably hike rates by 75 basis
points? >> it is our view stocks will stage a little bit of a recovery. we think a lot of bad news has been priced in already. fed is raising interest rates, that is reflected in the 10-year treasury went up to 3.47 a couple months ago but that is coming back down. as of fed raises interest rates high enough it will slow down growth. we think stocks are correct pricing in a slowdown. we don't think the traditional recession will happen this year f that's true, then stocks are probably a good buying opportunity right now in the middle of the year. come 2023, 2024 it may be a different story. for second half of this year we could see positive news. liz: great to have you. you're right on the 10-year, we're at 2.91% on the yield this moment. what is interesting yesterday we were at 3%, 3.03 but as we look at all these developments we appreciate you coming on talking about names you like, alerian
mlp, occidental, exxon, chevron mobile. >> thank you. liz: all are on pace for gains this week, can you believe that? [closing bell rings] liz: nasdaq 24 hours away from the final session, anything can happen. you need to watch "the claman countdown." "kudlow" is next. ♪. larry: hello, folks and welcome to "kudlow." i'm larry kudlow. folks, i hate to beat a dead horse but tonight i'm going to beat a dead horse with all due respect to horses. tonight's horse is the 250 billion-dollar industrial policy corporate welfare picking winners and losers chuck schumer bait and switch. schumer turned a procedural motion vote into a massive political pork-barrel spending bill and 16 republican senators fell for it. by the way