oil production is up and it's not biden policies and no one is paying attention, there's a monster boom in mexico. oil rig counts have imploded and you've got a white house increasing royalty rates up to 16 almost 17% and inflation reduction act adds more penalties to that and some point you fill up your gas tank and it's going to be tough. i say this because in addition to inheriting all the wasteful climate change boondoggles, the next president will see oil emergency, which is why i agree 1 million percent, drill, baby drill. with that, i take it over to one of my favorite colleagues, taylor rigs filling in for liz claman. taylor. i'm glad you called me one of your favorites and i'm still reeling when you were on my shop an hour ago and you thought i was slipping. charles: i was worried. to the best of my recollection

have no fear, thank you, payne. the bulls are taking friday off and s&p and nasdaq on track to clock the worst weekly performances we haven't seen in about three months. i'm taylor riggs in for liz claman. experts calling the "largest it outage in history". take a look at microsoft and crowd strike sliding after a massive outage ditterman respected every sector in the s&p 500. they were stuck in a "restarting state". it's effectively locking users out of the computers and some of the biggest names in the fortune 500 like fedex, u p, s, bank of america, general motors are all experiencing issues. even time square. look at this. i'll send the iconic billboards go completely dark. government entities affected and a few hospitals had to cancel

major surges and people flying out this morning, more than 4300 flights were canceled worldwide and that is almost 4-point of those nights scheduled for today. i'm pleased to say that's where we start with fox businesses kelly sabari joining us with how the airlines are trying to recover. reporter: it's two things, waivers and good customer service and take a look at this line, it's been getting longer and longer as we've been here since about 6:00 a.m. watching it all unfold. now, some experts say the situation is really far beyond just this massive line. new york savings and loan kettering said it was pausing any procedures requiring anesthesia and harris health system out of hughson said it had to suspend hospital visits till further notice and i'm caught up with one chicago resident that's understanding

how scary that is firsthand. allison took the time to tell us about her father who lives in kentucky. he found out so he was going to get that and staying in the hotel and closer to the hospital for the procedure and got the call in a very early hours of the morning telling them this was going to have to be rescheduled. >> my dad takes things in stride and this was a emergency sungar reigns leading and these blockaging wouldn't have bye bye bye caught so it's -- been caught and it's a great thing and shows you how much the hands are -- our lives are in the hands of the technology.

reporter: look at this screen and it says it all. see it says recovery and this is from when window hads to restart this morning, and they've kept the screen up all day. we've seen firsthand what's been doing on here and crowd strikes ceo told us on x this morning this was only an issue for window systems and hit with what's formally known as the bsod, the blue screen of death with the sad face on it when their computers crashed. now, allison tells me that the airport issues make it hard for her to get to kentucky quickly to see her dad and despite these challenges is these and trusting in the doctors and they're grateful also for technology and send them away to face time him this weekend and make sure he's in good spirits and over half of the fortune 500 companies use this company in some way shape or form so this is really major, taylor, back to you. taylor: kelly saberi, thank you

for that report. meanwhile this outage causing widespread disruption and next guest is chaos and creates opportunity in the market and joining me now is keith. keith, you're not just following the crowd out of the stock, get it. the good pun. you're just buying more shares of crowd strike this morning. tell me why are you doubling down? >> stuff like this comes and goes and everybody is forgetting their history and everyone see it is as a risk but i see opportunity. it's how critical this software is and a black eye for sure, but it's also a reminder how powerful and important cybersecurity investing is. taylor: stepping away from events today, the theme of this week was the big rotation train. we've seen a lot of moves out of big tech >> less active money in

the market and going for the loss psychoand will it's always a opportunity and again, i'm a numbers guy and king of the propeller heads when growing up. this is how you got to look at it. taylor: yields too and inflation trading and rising and going for the moment. do you prepare for something lake that again? >> yields are really a measure of risk and what the markets trying to tell you is they dent know where they're going and

getting to that and that's where the volatility is a opportunity and maintaining that mindset and not cowering in fear if you're going to be serious about this business. taylor: how do you square with the yields hiring today and calls for a july or maybe certainly a september fed rate cut? >> well, whether aget on sale, i'll walk in and get on sale. >> the final question to you is what's one of your favorite stock picks right now?

>> apple is the one and palantir and they're neck and neck and these companies are unrecognized. taylor: dan ives making bullish calls on palantir and thank you for your time. appreciate it. >> my pleasure. taylor: meanwhile the republican party officially has its nominee for president. this is after former president donald trump accepted it last night at the republican national convention. but the democrats maybe even further away from the nominee for president joe biden is considering dropping out of the race. we're going live to the white house next on a full report of the "claman countdown" will be right back. ♪

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taylor: we have breaking news. take a look at shares of starbucks and they're over 5%, almost 6% now. this is after a report from "the wall street journal" that says activist investor elliot management have taken a stake in the coffee chain and elliot has been in talk withs starbucks in recent weeks and they're pushing the company privately on how to boost the stock price. the journals reporting that sources close to the matter say that it is possible that elliot and starbucks have reached an agreement. it did not report the exact size of the stake or if it was seeking board seats. >> so tonight, i make this pledge to the great people of america. i will end the devastating inflation crisis immediately and bring down interest rates and lower the cost of energy. we will drill baby drill.

taylor: former president donald trump pledging to fix mesh's economy last night at the republican national convention in milwaukee after accepting the gop nomination. now, the economy remains one of the top issues that voters are extremely or very concerned about. in the latest fox news poll, it comes in second at 88%. only behind threats to personal right and just above healthcare, they're lockerbie bomberses and taxes. now, in today's cbs news ugov poll, trump has a 52-47 lead over president joe bide anne donovan a head-to-head matchup. but it gets worse for the sitting president when you look at polls in some of the six battleground states. the colleges polled yesterday and former president trump leads biden in arizona, georgia, michigan, nevada, pennsylvania, and wisconsin. now, those states are likely to swing the winner above 270 electoral votes that are needed to secure the presidency, which

is why president biden is getting so much pressure from democrats to make a graceful exit from the presidential race. edward lawrence joining us live from the white house, all as speculation continues to grow that president biden could be thinking about stepping aside and is it for the good of his party? edward? reporter: we're getting conflicting messages on that and president joe biden's campaign chair says they do see a clear path to win in november and that president joe biden will be the democratic nominee on the ticket. listen. >> i think every person believes we have to defeat donald trump. we're united in that and we know how high the stakes are. he's our nominee and will be our president for the second term. reporter: president biden said i look forward to getting back on the campaign trail next week to continue exposing the threat of

donald trump's 2025 agenda and making the case from my own record and vision i have for america and one way to save the democracy and protect our rights and freedoms and protect our truths and going for heinrich staying and must defeat him talking to former president trump and we need a candidate that you can do that and wanting president trump to step aside as staunch democrat with at least like baseball games kin robbins and 31 flavors and 31 other democrats saying that biden cannot beat tram and something republicans have been saying for awhile. >> joe biden doubled down on every policy and every potential candidate and kamala harris, gretchen whitmer or gavin newsom or anybody else adopted the same policies and wants to take america in the same exact direction. reporter: president biden with the calls not going quietly into

the night. in fact, he's not going anywhere and they called a lid here at the white house and president will be in rag ro rahobath till tomorrow. taylor: mounting credit card debts and every day americans casting votes at ballot box in november. but, according to american express' latest report, wealthy americans are not pulling back. affluent card holders are still plugging on travel, dining and entertainment, and as a result credit card giant amex raised full year profit forecast. the stock however on pace for the largest decrease since about october of 2023, they're still down about 2.6%. this is after a second quarter revenue.

huntington bake shares populating the s&p leader board and regional bank posted a 15% drop in profit and it was better than expected. intuitive surgical topping the s&p and nasdaq and the surgical system and reporting solid top and bottom line beats for the second quarter andupping 25% year over year. plug power, they're getting unplugged. shares are declining to the tune of about 13% and they plan to sell hundreds in common stock. year over year the stock struggled mightily and it's still down 80%. meanwhile netflix giving up its streaming competitors, body shop

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taylor: wall street can't seem to make up its mind onset flicks and gains and losses and 1% right now. this is even after the streamer posted a top and bottom line beat for the quarter and global paid memberships raising 16.5% year over year and is this the case of too high catapulteddation or something to miss at the streamer? joining me in a fox business exclusive and managing director, web bush has outperformed a $725 price target on the stock. michael, great to see you. what's going on in the stock today? may not see the positivity? this. >> >> going for the bottom around 180 as they announce they're going to crack down on

password sharing and offer ad tier, and people are really confused about the ad tier and had a call back with all the analysts on the call and all the questions about advertising and people don't quite understand how the sum of a lower subscription price and ad tier and ad revenue will ever cross over what they charge people for no ads and will have to call it 1550 and view about 11 on average globally and a speck cal and firing for no. 2 yesterday. clearly they're struggling on ads and that confuses the market. taylor: you say in your note the big benefit of the ad tier is it limiting churn, but they also came out on the call saying the advertising business may not become a primary driver of revenue growth though and all the way back till 2026. and what do you make?

>> subscriber numbers are really high and they're as simple as this. the same number of people are joining and fewer quitting and trading down. that's great for subscriber numbers and we stop giving them and implied with what happened till 2026. taylor: talk to me about the limited information that we'll be getting next year on the subscriber numbers and as an analyst what you crave and more information and market efficiency; right? when you have a company holding back some of those key numbers and rethink about future growth plans or why? >> i had a sell on these guys for about ten years. i always was critical of their

they in fact can't help themselves and they're going to tell us enough and they're going to give us a revenue number and give you some average revenue per user number, and i just don't think they'll break it out across each region so weariness not going to be able to see subscriber growth by region. this should be a slow growth company with a lot of profit potential like amazon and it's okay like google and it's okay to be giant like microsoft is. once you're giant, nobody can expect you to grow 25% a year. so i truly think people will pay for profitability and netflix is consistently talking about expanding profit margins. taylor: talk about expanding opportunities and i'm reading here some of the gaming initiatives, multiplayer games based on squid games is going to come out this year.

games that are tied to emily in paris, selling sunset. we also have nfl christmas games and are games and live sports a new area of growth for this company? >> yeah accident they're out to launch the games initiative and one thing i'm well known for and it's the world authority on video games and they don't have the right people in place to ever be good at this. you can't name a tv show based game that's been successful. call of duty is not one, candy crush is not one. games are not their own medium and we've seen movies made from games but not vice versa. you get it occasionally with super hero movie sos obviously bat man will work and harry potter but netflix has no clue

what they're doing. stranger things the game is stupid. sorry. squid games the game will be stupid. live has potential and the way they're doing it is super smart and think about netflix and you the consumer and don't do netflix by appointment and do it when you feel like watching netflix because you know you can watch whatever you want. to me, that's like mcdonalds selling st steaks and not goingo think about them being a place to sell usda prime fillet so i think netflix is blowing it on both. the way they're doing live might work because they're dipping their toe in to maybe -- i think wwe stuff is fine. because that's archive on the broadcast. taylor: i just want to say it's interesting and if i had spoke

ton you five years ago and we'd have been talking about massive negative free cash flow and this could not be sustainable on the free cash flow basis and entire change and one analyst calling in successful streaming companies that is >> each will remain cash flow positive and the model is make 10% as much content as netflix but really do a great job at it and nobody else gets it. ultimately i think all the peacocks and paramount+s of the world will fold. they'll go right back to the old license model and netflix will thrive. remember, netflix has credit cal mass at 275 million users. they can spend steady state on content and grow their revenue and drops all to the bottom line.

that's where they are and nobody is close. taylor: we like that you don't mince words, michael pachter, thank you very much. >> thank you. taylor: tenth anniversary of amazon prime day was another one for the record bobs. amazon executive here with us in a fox business exclusive to tell us just what american consumers were shopping for on the online giant's website. of course, we have some very tasty treats with a side of inflation. the founder and ceo of baked by melissa is here to tell us how high ingredient cost haves been baked into her delicious infections. the claman countdown is coming right back.

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energy fuels, a leading american uranium producer, is ramping up production to supply expanding nuclear markets and diversifying into rare earth elements, key ingredients in many clean energy and defense technologies. energy fuels. taylor: all right, another year, another record breaking amazon prime day. amazon said it's two-day annual

sales event saw record breaking revenue and while it didn't disclose total sales numbers, we do have information from adobe an lit ibrams and they track online shopping across all sites in the u.s. during that 48 hour period. they found that spending surged 11% compared to last year and americans are shelling out about 14.2 billion to cash in on those big savings. i want to bring in amazon's worldwide selling partner services vice president, thank you for being with me. what are you seeing about the strength or health of the consumer with these numbers? >> yeah, this was our tenth annual prime day and it was awesome to see. every year we try to make sure that customers can find millions of deals and that was true as ever this year.

taylor: some of the small businesses and on this program we talked a lot about divergence of high income consumer doing great in the economy and the lower income consumer and the effects of inflation and looking for those increasing discounts to make them meet. are you seeing a i did versus frequency janice. >> the thing that's true is whether you're a high income consumer or low income, everyone wants to find great deals and something we always focused on and provide that amazing selection of products at great competitive prices and days like prime day and i'm having better deals and more. taylor: how much of the products or consumers are fun and independent sellers and small businesses? >> yeah, amazon store actually 60% of everything that gets sold is sold by independent seller and vast majority of those are

small and medium size businesses and here in the u.s., we have over 500,000 small and medium size businesses that are selling in our store. and prime day, prime day was fantastic for the independent sellers and during prime day this year, they sold over 200 million items just during that 48 hour period. tucker how do you think about competition? wal-mart has a similar event, target does. there is a lot of other choices with some of the competitors? >> it's true that consumer haves more choices than and have it's been exciting to see in the ten year since we've created prime day, how many other companies are also trying to take advantage of providing consumer withs great deals and offers. we like to stay focused on the customer and how we continue to provide amazing products and

prices at convenient and fast deliveries and prime numbers continue to grow actually in the three weeks before prime day, we saw record breaking numbers and new prime signups and millions of new customers are excited about these deals. >> rufus helped millions of customers just during prime day and in their shopping journey and using ai all over the place and not just with rufus and the small businesses we were talking about earlier and they're trying to list products, get support, get help, we're using ai across their experience as well to make it easier and faster and more powerful. >> thank you, taylor. taylor: another small business raying in the dough too. we're for puns on this program.

melissa started baked by melissa from her apartment, and it has grown, her mini cup cake empire to now 13 brick and mortar businesses across new york city and with the help of social media, amassed millions of followers in tiktok and instagram and turned her signature tie dye cup cake business into a viral sensation and founder and ceo melissa joining me now. thank you so much. i want to start off on the serious news that was inflation and everyone that watches our program is thinking about inflation. talk to me about the input costs that your ingredients, how much have those gone up for you? >> the good news is over recent months and the past year we've seen costs of goods to stabilize and we haven't had to change pricing for almost two years i think. taylor: in the past of 2019 pre-covid and people say covid

changed the games on supply change and inflation and how much have you raised costs to consumers and offset the input costs you're getting and protecting your margins? >> we never liked to change the cost of product and when we do, it's only to maintain a healthy margin and we do it at the bare minimum. taylor: so not giving me a number. what's the favorite one and i know in the introduction, your signature is the tie dye and fan favorite and m. jot fan favorite is tie dye and latest flavors in the late greatest assortment at bakedbymelissa.com. taylor: i came off an interview with amazon, ecommerce is the world and yet what i like about your store is you're bucking the trend, 13 brick and mortar stores across new york city and how are you balancing a consumer that's desperate for online shopping and convenience and wanting to go in and see and taste and feel the cup cake?

>> retail locations as a opportunity to do just that. we've seen growth in ecommerce year over year, and it provides us with opportunity to give our customer the perfect gift or desert when entertaining and all of lay's moments big and small nationwide so whether you live in california or new york or new jersey, get baked by melissa delivered at the date you choose at our website guaranteed fresh, and our fresh, high quality product arriving perfectly safe in transit as a bite sized cup cake is something that sets us apart from everybody else. taylor: in that way, there's no reason to expand the brick and mortar locations because do you have access to it based on the dot come website or expand physical presence in other cities and state s? >> we see value in both. our focus has been on ecommerce over the past few years, and

retail is something we're also focused on today. taylor: talking about social media and it's the age of influencers and people being able to boost sales by a tiktok presence or instagram presence. interesting though, there's been talks about a ban on tiktok. what would that do to your business? >> honestly, probably nothing. taylor: okay. >> i'm not really vessels laninged about it or really focused. i have no idea what's going to happen. i definitely see social media as a opportunity to reach my community that i continue to build by sharing mind the scenes looks at baked by melissa and recipes i'm developing in my home kith and it's fun and i'm empowering people, but social media is something that continues to change and evolve with time and if tiktok los away, we'll -- taylor: pivot. >> yeah, as always. taylor: it's interesting and some people i talk to say it's fine.

i have instagram or i have snap chat and so many other avenues and a lot of people told me it's the specific algorithms of tiktok that makes my business get the reach. do you not feel that way? >> for me, for baked by melissa social media plays a different role and it's a opportunity to reamly increase our brand awareness and be that first point of contact and in introduction and building a relationship, whether it's on tiktok or instagram or facebook or linked in or youtube, there's so many different social media networks out there. i think it's constantly evolving and evolution and change is crucial to growth and success so it's not something i really focus on. taylor: any plans to go public in the future and talk to new investor s? >> anything is possible. taylor: okay, if you ever dorks we hope to be the first you tell.

me luisa s thank you very much. appreciate it. >> thank you for having me. taylor: the drama surrounding president joe biden's 2024 candidacy has wall street looking for anyone that can beat former president donald trump and is it vice president kamala harris? and will the big money donor support her charlie gasparino here to break it down next on the claman countdown. ♪ when the sawdust settles and the engine roars

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the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection.

therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title. taylor: wall street keenly watching every word from president joe biden's camp in delaware as he recovers from delaware and he drops in the polls and today on cbs news poll, it's former president donald trump ahead of vice president kamala harris 51-48 in ragaini hypothetical matchup and fox news says harris is meeting with big democratic donors today. will they back harris if she ends up being biden's replacement. charlie gasparino talking to his sources on the street. charlie, what are you hearing? >> well, you know, taylor, something is better than nothing and i can tell you right now, the biden campaign is frozen and i'm not saying this. i'm calling wall street

government affairs people at the big firms and ask them what do they hear and know? obviously they're following this very closely. who is president is like a huge thing for corporate america obviously for bearish publish policy reasons and whether the current president will continue is a big deal for them. there's two stories going on and there's sort of in conflict with each other if you can bear with me for a minute. number one is literally the biden campaign is frozen. from when i understand, i don't do this for a living and talk to people is if this was a normal running campaign, you'd see the air ways being sort of carpet bombed with snippets from the second part of donald trump speech and donald trump gave a speech and ram rambled and lotsf stuff about grievances and deportation and things of that nature and stuff that maybe is red meat to the base but you could do stuff with that,

particularly challenging the last election and that's a huge thing for the democrats and that's election denialism. a normal functioning campaign we'd be seeing that in ads and we're not. it's frozen and the fundraising is basically frozen and nobody is giving money to something they don't know this is going to be the presidential ticket. so that's one hand. now on the other hand is you have the intransit of the president. he's stubborn and people who know him tell me he feels back stabbed and the elites and obamas and morning joes and media, they're questioning him and they owe him for beating tram and he didn't lose and got all the votes. there's a degree of why should i go anywhere here and my polling isn't all that bad if you look at it?

that's where it is. the democratic party right now is in a state of wild disarray, which is fascinating because when we cover this like we do and i cover from business, finance, and economic perspectives and one of the memes over the years is donald trump will destroy the republican party. literally blue collar joe with the circus that's going on right now is destroying the democratic party. it all goes back to them ignoring, obviously, his frailty and his sort of mental incapacity for years or growing mental incapacity. taylor: charlie, can i ask you a little bit, we had some of the swing state stuff up there though, and i think some of the worry on the left is that biden is potentially behind a lot in many if not all the swing states. what are you hearing about, you know, corporate america believing that or not? >> well, i mean, it's obviously true. but if you notice donald trump

except for in the national polls is not really above 50% so this is not lost right now. even if those swing states. now, obviously he's not a structural candidate and clearly the donor class saying anybody is better than a guy that can't put pout together a sentence coherently at this point and sad watching him and i watched his interview with bet where, you know, he referred to lloyd austin as the black guy. it was just unsettling for the leader of this free world. when the pressure is on him as a lot of people don't think he'll make it through the weekend and establishment turned against him. his brain is completely frozen

and on the other hand, to use kind of a crass word, he's pissed and he is really -- and this is a guy that i did a story about him in 2016 where he literally threatened to punch bill ackman in the face because he thought he said something untoward and ackman said he didn't mean it that way and it was on fox.com and on my twitter page and ready to fight him. taylor: times have changed. >> i just want to say, he's a tough guy. remember that . taylor: we appreciate your reporting and i really appreciate it. we always love having you back. charlie gasparino, thanks so much. fighting in the markets and there's a closing bell just about four minutes away. major averages are all lower your new session lows. for the week, the dow set for

third straight weekly win and that's good news and s&p 500 snapping a two-week win streak and nasdaq breaking its six week winning streak. and now take a look at chip stocks and taking a beating this week and after reports of biden administration is weighing more export tariffs on tech companies and particularly when it comes to sending chip which i am the all to china. there's nvidia down, 8, 11, 17% for the week and take a look at taiwan semi and that's the biggest loser and i'm pleased to say count down closer says there's strong demand for ai chips and this recent dip could prove to be a great buying opportunity. particularly for afml. joining us now with $4 billion in assets under management is international asset advisory ceo ed. thank you for joining me. talk to me about asml. you see as a buying tun here.

jordan bohannon at the end of the day, ai is a global part of the economy and sophisticated chips and fai are required to --lithography at afml and if you like nvidia and we do and semiconductor companies and we do, none can make the higher sophisticated chips $200 million liting robin lou fio machines and this is the program we started a few years ago and hopefully we'll continue to make more chips in the u.s. and become less dependent on taiwan semi and end of the day and the

sky is falling and always is and eventually this market is correct and don't think this is the correction or big chip selloff or big tech selloff week or march 2000 and this is march 2000 they tell us the world is coming to an end and nasdaq will never see the highs again. that's a long time ago and nasdaq three times higher than it was then and we do think he needs to be prudent and wal-mart has always been one of the safe havens and it's a company and stock that makes money. you'll never get killed. taylor: sometimes boar asking good contraindication for ; right?ed, i only have a minuto and i want your thoughts on rate cuts. september, how do you price that in? >> well, at international assets

advisory, we think there's a 50 50/50 chance of rate cuts and inflation not fully under control and we think it should be prudent and remain steadfast and not cut. however, they'll face a lot of political pressure, particularly from the administration in dc to cut. so we think it's a coin flip and we think that they might cut and might not. we definitely think that if the trend continues, then we'll cut later in the year. taylor: ed cofrancesco, thank you for joining me and despite the dow being over, a lot of things off for the day but it's a friday. don't be longing for the weekend. kudlow is up next. david: hello, everyone. welcome to a special edition of kudlow. i'm david asman in for larry kudlow.

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