liz: you know, so do i because it really looks, charles, like investors here in the are barely flinching from that block trade heard round the world, right? we've got the dow, nasdaq and s&p, yes, moving in different directions, but we're going to keep the s&p bug up there. while it's down 5 points, it had been down if 1. who knows, it may -- 31. it may make a break for the flat line. the nasdaq lower by 107. but i want you to take a look at this one-week chart of an international banking giant. it is plummeting right now, and what we're talking about here is two names, in fact, both enduring stomach-churning drops as we kick off this final hour of trade. whowho are the two titans gettig hammered as they fall victim to

multiple wrong-way trades which triggered the dreaded market call? how did a man spark the flames now burning investors on both sides of the pacific? whether there's more pain to come and why u.s. media giants and sizzling hot chinese stocks are caught in the crosshairs. and how do you free a gigantic freighter stuck on the bank of the suez canal? just dig out 27 tons of sand. the 1400-foot ever given freighter is now free at this hour, but that does not mean we'll see the end of the $400 million an hour trade crisis. the shock waves consumers here and around the world will feel end when it comes to the log jam that ship created. plus, looking to a private club made famous by elon musk as it shifts from work9 home juggernauts to work at home stars.

but we begin with those two mystery charts we were just talking about, the first is japanese financial giant nomura taking a major hit, double-digit percentage losses, and the second is swiss banking behemoth credit suisse, falling about 10.6%. they're two of the four mega-financials dragging after investors assess their exposure to around of. archegos management. it was suddenly forced to liquidate nearly $30 billion of its positions late last week after defaulting on margin calls as stocks wang has major expose your to including viacomcbs and discovery. the banks are not the only one who lent to wang -- and wang pretty much flew under the radar by taking huge swap positions in

names like discovery and viacomcbs. you know, you've got goldman sachs and morgan stanley also serving as lenders. according to reports, morgan stanley was offering 45 million shares of viacomcbs on sunday for an uns disclosed -- undisclosed holder. goldman down about half a percent and morgan lower by 2.25%. but nowhere near the hit that nomura, japan's largest investment bank, is hitting. it is looking at a potential $2 billion in losses from this forced liquidation. this estimate ising of course, subject to change, but i want to bring in our floor show traders right now because even if you don't own nomura, goldman or sweat suisse, it is affecting -- credit suisse, it is affecting the market. have the losses been contained, or do you think there are more shoes to drop here? >> if you look at the s&p, the s&p's almost flat and not even down 1% on the year, so all this

hoopla around what happened isn't affecting the individual investor if they have a monthly plan to put money into s&p funds. if you trade for a living like i do or if you're trying to invest in individual names, you need to know that things can get tough at times, and these type of situations happen and anything can always happen. nobody would have thought viacom could go from 100 down to 45. so there's always the pendulum that swings both ways. so as an investor and a trade ther, you need to know that, and you need to know your risk. but there's always opportunity you have liquidations like this. so i personally bought some calls, because i think that was forced liquidation, it was at 32. the stock's trade thing around 20, so i think that's something that traders could take advantage of. and if you weren't in viacom here at 45 or 46, i don't think it's going back to 100. but once the dust settles, you could probably go back up to 60 which is a nice return from here once the volatility settles.

liz: yeah. and, phil, look, you talk about viacomcbs, up about 100 -- let's see, 277% year-over-year, its most recent massive jump was quarter to date up about 21% hitting more than $90 a share. you can see now it has been cut in half, it's at 45 at the moment. and then you look at, say, for example, discovery, up 112 year-over-year, so they've had some pretty significant runups. but the fact that wang and archegos had these swap positions that flew under the radar and when these stocks started to go the wrong way, he got those dreaded mar june calls. that would include fubo tv, reporting a 1.6 million share sale on friday which the company says was related to the liquidation. that makes me wonder whether these family office investment companies can really affect the markets here. they're way old but they're

silent in a way. >> they're not very transparent, and that's the way they have to be. these other big players will try to go against them. but i think in this particular case at least we hope that it is a one-off, that it is not a systemic problem. it doesn't seem to be spreading through the rest of the market. and a lot of these banks are going to have to question about how they watch these big guys. you know, last week we were having problems with the little guy, with the reddit raiders, right, running up the stocks. now the big guys are are in trouble. i think sometimes when you get these family offices that have their fingers in so many pies and especially when they stretch with a lot of leverage, when it starts to unravel, it can mean a big thing. but scott redler's absolutely right, for the normal buyer it's a great opportunity because when everybody else is dumping, they're going to get under value

for where they should be, so you'll be able to buy these stocks. some of the stocks like tencent overseas, this is a good time to do it. liz: by the way, just as we were speaking, the s&p pun. ed into positive territory. it's just straddling the flat line. so, yeah, scott, you're absolutely right, this isn't truly hammering or bruising the market. scott, phil, thank you very much. and scott did mention tencent music. that, of course, is a chinese equity. it is not just u.s. equities caught in the crossfire. they were forced to lick by tate tencent, baidu and vick shot. they started tumbling late last week and plummeted in a jaw-dropping way, till down at the moment. so as we look at this situation, as we've said, at the center of it all is bill wang, the former hedge fund manager who set up tiger asia which was one of the

largest investors in the asian markets in the early 2000s. he was charged and pled guilty to inside trade ther charges by the sec, that's when he started his own family office. the drop in some of china's biggest names coincides with the flare-up in tensions -- as if we needed this as well -- between china and the u.s. joining us now is china beige book international ceo leland miller. you want to know something about china and equities and companies, leland's the guy. leland, first, to this developing story involving bill wang. it's u.s.-based but has major exposure to hot chinese stocks. how's this playing in china right now in. >> well, i think it's just another reason people are becoming not kept9al, but they're becoming worried a bit about the trajectory of some of these chinese tech giants. these are great companies. they are very sophisticated world-based companies, but -- world-beating companies, but there's regulatory pressure at

home, there's the u.s./china tensions which are causing problems, you've got these trading instances that are sort of the runoff of a very hot market near its peak. so these companies are being watched very closely because of how well they've done over the last several years. liz: yes. and, of course, one chinese hedge fund manager should not and does not taint everybody else. but the tensions have already been quite prominent at the moment considering the meeting in alaska just a week and a half ago between the u.s. and china leaders including our secretary of state, tony blinken. you've got to tell me how much worse this is expected to get because there are now the labor issues, forced labor, cotton farming and forcing them to harvest cotton, the muslim minority, and now you've got names like nike and h&m and hugo boss, global retail companies that are caught in this situation right now because they are now saying, at least in some

case, we adopt want to use cotton -- we don't want to use cotton that's only from that region. >> yeah. i think something very serious is happening right now. i wasn't surprised by what happened in alaska. it made all the sense in the world for the biden team to put up, you know, a tough face and the chinese to put up a tough face and everyone to look like, you know, they're not going to be pushed around. but what's happening with she shenyang is something different. we've seen boycotts in the past. it's part of the leverage that the chinese state utilizes, chinese consumers and companies in order to sort of push back against western brands whose message they don't like, and it'll eventually hit the u.s. government and hit u.s. consumers. but it's not just sort of broad pushback, it's about a very discreet issue. it's about shenyang cotton and forced labor, and american companies are trying to straddle a line. but, essentially, they have to say, look, we don't want to partake in this supply chain, we're going to go elsewhere or we're going to make sure this

problematic china is not part of our supply chain. but then you've got a fierce chinese reaction coming back and saying this means you are anti-china, and if you are anti-china, you have no business in our shops, on our web sites. so this has created a black and white issue that really will be impossible for foreign companies to deal with. so this is a true escalation. this is quite serious. liz: okay. i just want to get one quick last question going back to bill wang and, of course, archegos. you now have the securities and exchange commission saying that if certain chinese-american depository receipts that trade here in the u.s. do not follow the important aspects of auditing standards here in the u.s., they will be delisted. bill wanged wang had these hugen calls, do you think in any way through no fault of their own

they will now have more scrutiny by the sec because of these huge margin calls? >> i don't know why they don't have, you know, an enormous amount of cite gnu right now. what you're -- scrutiny right now. what you're talking about is chinese companies or really any company that's able to adhere to u.s. listing standards. other western companies have to do this. if chinese companies don't do this, then they shouldn't be listed on u.s. exchanges. will this afternoon up the temperature even more? sure. but i think people are finally getting down to looking at this issue and saying you've got to have transparency, disclosure. this is not a u.s. versus china issue, this is a let's be fair to investors issue. liz: leland miller of china beige book, thank you so much. a ship bigger than the empire state building finally on the move after a week of getting washed sideways in the suez canal. what a disaster. it cut off all movement through the key trade route.

but it may be free, however, the ripple effects of the blockage are far from over, and here in the u.s. they may just be beginning. we're talking rising prices, higher wait times for delivery and just how long it could take to really undo the damage of this logjam. closing bell ringing in 47 minutes. the s&p has now turned positive, it has swung from lower 31 to now up 3 points. "the claman countdown" is coming right back. ♪ ♪ ♪ (calm music)

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♪ liz: breaking news, listen to this, the suez canal authority just reported that 113 ships will be able to cross the channel from both sides by 4 rahm tomorrow morning. 4 a.m. tomorrow morning. no, you are not looking at a game of tet race, these are satellite images showing the ever given ship unblocking the canal as companies around the world can finally exhale. there were more than 400 ships that were sitting there waiting around, desperate to pass through the canal. they were filled with all kinds

of oil, food stuff, gas, who knows, a lot of other issues but are now on their way to their destination. many of those are holding on to oil and liquified. natural gas saying the backlog will take about three days to clear. we sent grady trimble to speak with truckers in the midwest on how this backlog is impacking their business and, i guess, grady, for how long. >> reporter: well, that's the big question. it could be several weeks til they know the full extent of the impact on the supply chain. amazing, here we are half a world away, but mike burton, you actually just got off the phone with a major national retailer. what did they tell you about their forecast because of all this? >> they said, you know, the delay, although it seemed short term with it only being six days, the ripple effect will impact the supply of equipment over the next 3-4 weeks, and it'll take a while to catch back up. so we will have some delays in

the freight coming into the u.s., leaving the u.s. and then coming back again, and that will impact the store shelves. and they see that they will have some shortages, and they're looking at options to try and speed up the delivery so they don't have those shortages. >> reporter: we have a map that i wanted to show that gives you an idea of where the ships that had to reroute around africa had to go and how much longer it takes. that's going to also cause some issues because these ships would be unloading and used for other purposes, but now they're getting tied up in those longer journeys or backlogged because they were waiting to get through the canal. >> exactly. a number of them have been stuck for accept days. they took 5 ships, and they're going -- 15 ships, and they're going around the tip of africa, and that adds an extra 3-10 days -- 7-10 days. there's still going to be delays, it's inevitable, and when it gets here, there's going to continue to be delays in the

u.s. >> reporter: and, liz, i don't know if you potted this in the -- spotted this in the background, but that is an evergreen storage container, so that gives you an idea how these ships are all the way in the suez canal, but a lot of the goods end up in the united states. so, there you go. liz liz can you have the photographer zoom in on that thing? i want to explain to our viewers how many of those containers are on the ever given, ready? 20,000 of those are on the ever given. and no wonder it got hit. there was massive wind, and it blocked the critical chokepoint of world trade. vital, vital waterway. thank you very much, grady, and we wish everybody on the ground there in illinois speedy moves. truck it all out, was everybody from, as we said, target to walmart is waiting on that stuff. thanks so much. the reddit room rebellion

not only sending gamestop and robinhood on a wild ride, melvin capital also getting flipped upside down. remember melvin capital? this were the original short selling -- they were the original short selling fund that nearly lost its shirt, but are the hedge fund's bruises finally gone? charlie breaks it. the very latest on melvin capital after the reddit rebels passed. closing bell ringing in about 39 minutes. the dow is up 143, very close to session highs. the s&p in the green, up 1 point. stay tuned, we're coming right back. ♪ ♪

- michael youssef here. there can be no christianity without the christ of the cross and the resurrection of jesus. that is why christianity is not a religious system, it is a person, and christ is inviting you to experience his grace and mercy. - [announcer] to find out more about the one who welcomes you with open arms, visit findingtruepeace.com

[announcer] durán catches leonard with a big left. ♪♪ you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down? or. do you find, somewhere deep inside of you, the resilience to get up.

♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪ liz: flying to the top of pop stocksd to the top of the dow, boeing is on the move after southwest airlines said is it reach ared a deal with the aircraft maker for an order of 100 737 max jets with the first 30 expected next

year. we have got boeing moving higher by a full three percentage points. while that news was in the works for a while, southwest is also adding 155 options for more airplanes through 2029. southwest is flat. let's take a look at bitcoin. bitcoin's bouncing on news that payments giant visa will allow the use of a cryptocurrency pegged directly to the u.s. dollar, it's called the usb coin, and they'll be allowing it to settle transactions on its network. bitcoin stands at $57,714 per coin, and visa is pretty much -- that is probably not exactly, let me just check, because i want to make sure that chart is on the move correctly, up three-quarters of a percent to $215 a share. bear irk reports around -- bear you should reports around coin job base as it prepares for listing on the nasdaq. "the new york times" is reporting that coinbase customers complained their

accounts were plunderedded, or they were locked out for no apparent reason, depriving them of hundreds of thousands of dollars of cryptocurrency and that the company allegedly failed to catch the issue. in the report coinbase said it has beefed up in response, but that doesn't help anybody who has seen their accounts plundered. twitter's on the move at this hour after the stock was upgraded from a buy to a hold, twitter citing higher revenue growth, estimates as well as, quote, the most exciting product road map it has ever seen. okay, that i need to see. because you've got to be a little more detailed when you're making that kind of claim. okay, now, as other funds are struggling to stay afloat, one formerly troubled fund is recouping losses. melvin capital got squeezed during the gamestop short. so they had shorted gamestop,

and then the reddit rebels came in and said, huh-uh, no you don't, and they punched up the shares of gamestop to unbelievable heights of more than $400 a share. right now gamestop has moderated, it's now at $180 a share. but mr. plot kin, the head of melvin capital, seems to be returning the fund to more profitable days and levels. charlie gasparino joins us with the details of gabe plotkin, and, of course, melvin capital. charlie. >> and then we're going to segway into the archegos thing, the trading friending si which is one of -- you know, if you thought gamestop was crazy, this is crazy this another way. liz: yeah. >> it involves major players on wall street. i have some breaking news on that as well. listen, here's what we know. as of, you know, a week ago i think you could say melvin capital was definitely rebounding from that, those losses that it had that almost put it out of business during

the whole gamestop frenzy. it had a decent february. it was having a decent march. now here's my one caveat, liz. i don't know if this is hedge fund has any exposure to what's going on here. the company hasn't commented. i'm not saying they do, by the way, i don't want to start a bank run. but i'm hedging myself because this whole thing with archegos and bill -- how do you say the guy's last name in. liz: wang. >> this whole thing is racking up tremendous losses. we're talking millions of dollars. and so i just want to be cautious here. he might be in that trade, for all i know, you know, you look at the stocks that were -- that blew up with archegos, it was viacom, discovery, and he was so highly leveraged, that when archegos had to sell out of those positions, you know, the declines were heightened. so for all of i know, melvin is

in some of those names. i don't know that, okay, i'm just saying. that's why i'm saying be careful with this. you'll know when the final numbers get tallied, but mr. plotkin did make a good come back. let's get to archegos, because this is fascinating. what my wall street trading sources say when the dust settles on this thing, you could see losses of anywhere between $10-12 billion. that's a huge, huge hit to balance sheets of either hedge funds or some of the big banks. at the top of the list -- liz: charlie, look at this nomura chart. it's one week. you're going to also secret suisse and goldman and morgan stanley d credit suisse. but they were the lenders. we've got that up there, but what a hit. really hard. >> yeah. most of the big u.s. banks are protected, from what i understand. goldman sachs, nonmaterials losses. jpmorgan, we were first to

report not even a client of these guys. morgan stanley, i think they smelled the trouble early on and sold some, sold positions, at least that's what i'm hearing. they're not going to be that far in the red. but credit suisse and nomura, you're talking about big bucks there. so big at credit suisse which was its main, i guess, lender and broker that, you know, some people are saying they may need an infusion of cash from the government, the swiss government. at least that's out there. the ceo, tom godstein, i think his name is, is going to have a hard time keeping his job because, remember, he took another loss for a similar client, so he's got two huge screw-ups in a year that's not even -- that's just about a quarter over, you know? your job is definitely in danger. but this is where it gets really interesting, liz. the losses could be piling up

here, and we're -- we may just see the beginning. that's what traders are saying. there's lots of blood in the water. and one thing i will say is, again, losses are minimal at morgan stanley and goldman sachs. i don't know about others. you know, how this guy did his trades is going to be something gary gensler at the sec is going to look at. he essentially owned much more than 5% of these stocks that he was in, viacom, discovery, stocks like, the stocks that are tied to this trade. he owned more than 5%, essentially, because it was -- he did it through derivatives and synthetics. and those go under the radar screen. nobody knew this guy from a family office that is tied to a christian charity, by the way, you should know, was plague around, and he was -- playing around, and he was spreading it among different banks; morgan

stanley, goldman sachs, credit suisse and more. so this is going to be something i think gary gensler's going to want to know, particularly if you see that we hit that $10 billion number. and particularly if somehow a hedge fund that manages money for a charity gets upended here and that charity loses a lot of money. so this story is not over yet. pay attention to the tape. pay attention to the stock pries of those bank -- prices of those banks because usually traders smell the trouble first. and there's an interesting back story about how they tried -- from what i understand from my sources, they tried some sort of a long-term capital intervention. minus the fed. remember when long-term capital blew up -- liz: 1998. >> let's try and figure this out because it's the going to cause a massive implosion. credit suisse tried to do that with archegos and some of the big counterparties and goldman

sachs and the brokers, and it fell apart. so there's a great back story to how this thing imploded. liz, back to you. liz: indeed. yep, and i would just like our viewers to know that overnight in tokyo nomura which, of course, had exposure here, fell about 16%, i believe -- >> yeah. liz: we just checked that. and 60% of tokyo, that is the biggest percentage drop since 2008's financial crisis. charlie, thank you very much. we're going to keep an eye on those big banking stocks including jpmorgan, morgan stanley. let's just say that stay at home stocks having taking a tumble, but not ready to throw in the towel just yet. stewart butterfield is here on the work being done to help people communicate online and back in the office, and could

there be a clubhouse angle to this? closing bell ringing in 25 minutes. dow jones industrials up 147, s&p better by 3.33. s nasdaq well off its lows, it's down 62, had been down 170. we're coming right back. ♪ ♪

♪♪ >> i'm directing my covid team to insure there is a vaccine site within 5 miles of 90% of all americans by april the 19th, three weeks from today. liz: and president biden also saying 90% of the adult u.s. population will be eligible for covid-19 vaccinations by mid april as new york state lowers the age of eligibility to 30 plus years. and hello, new jersey, can we get our act in gear here? the hell, man in still 60 and up in new jersey. all right, sorry. [laughter] all this ramping up, slack is

fearing up for a world that pivots away from the pandemic which made the workplace messaging app one of the top names in the work from home wave that engulfed corporate america. and maybe taking a page out of a red hot audio apps book is one way of doing it. in a fox business exclusive, cofounder and ceo stewart butterfield is joining us live. a little red-headed bird heard on clubhouse you might consider something similar on slack. what do you have in mind in. >> well, there's two things that seem really important right now, and there's a lot of people who are feeling that you want to retain some of the things happened in the work from home era even if they would never choose to relive 2020, and that might be spending more time with their family, having a little bit more flexibility. but the one thing that feels overwhelming at this point is the number of hours we spent on zoom calls. so we're working on two different approaches.

one is these always-on audio channels. so stock is already based on the idea of a channel, you create one for everything or that's going on, and now everyone knows where to go to ask their question, give an update. so 3 people, 5 people, 8 people, just leave your speaker on, and when someone says something, you'll hear it. it gives you the office to recreate this-office conversation -- in-office conversation. and it only lasts three minutes, and that's great. the other one is trying to make them acity caron now. -- asynchronous alternative. liz: a new sort of way that is old. you know, it's interesting, everything old is new again. everyone was so excited about video chatting back in the day, and now, i mean, i had a conference call with banker this morning who's going to be appearing on the show, and i was

so relieved i didn't have to show my face. [laughter] when you talk about this drop-in audio chat phenomenon that is clubhouse, it does make sense because there's no delay, but to you feel that you're ready to put your shoulder behind something that is just a drop-in type of situation? >> well, there's a whole bunch of different -- i'm a customer of zoom and a big fan, although i don't want to do 8 hours a day, you can run webinars, have big conferences, q&a sessions, and there's informal presentations. this audio-only stuff is for smaller teams, people working directly together. that might be markets launching a new web site, customer service folks trying to figure out how to solve the problem for a customer, monitoring the network. you know, anytime you have a group of people like that world have been sitting next to each other in the old world could kind of holler out.

that's what it's for. liz: can we get an update on flat connect, the direct messaging you guys unveiled and then suddenly, wait a minute, i don't want to hear from strangers, etc. can you just give us the latest update on the fix for that this. >> sure. i think there's, actually, there is a lot little bit of confusion. one was sending direct messages to people across organizational boundaries, and the other one was the invitation process. to it's definitely not the case that anyone can send you a message. in fact, this is for people who work together really closely but happened to be employed by different companies. i might be a marketer and work with a creative agency or a purchasing director working with a bunch of vendors. and that's a purpose, it's double opt-in. it's part of the broader slot connect, there's now 74,000 customers using it, up over 100% from the last year. of so it's really a huge is

success and a dig big driver of the business. liz: and i would are to say when it comes to slack, fox uses it, and we don't foresee -- here i am peeking for the network, but i don't foresee us dropping it just because we're back in the office. which leads me to quickly ask about the acquisition. you guys were acquired by salesforce, the act acquisitionl be complete, i believe, by the end of the july. is that on track, and also give me a sense of, you know, what you feel will be, if any, antitrust issues at all. >> well, we're not anticipating it. we're fully happy to work with the regulators, and we're cooperating, and it is a little bit of a process, but we have no overlapping business. when slack has always had the stance of being totally open platform. we have thousands of partners. spans the whole universe because i think we're just one tool

among, you know, hundreds any given company will use. liz: are you going to go back to work, into an office? you know, you look very comfortable at home, i must say. [laughter] i mean, you, the man who organized work from home. do you think you'll ever go back to the office full time? >> yeah, it's interesting. i think we get hung up on this idea of remote work, distributed work. i think the right way to think about it is organizations shifting to digital first. and the you go back to last year, the average executive thinks about conference rooms than they do about the digital infrastructure that enables collaboration. and i think that organizations need some kind of sub strait that holds everyone together regardless of where people are working. liz: it's good to see you, stewart. thanks, we hope to see you again student. stewart butterfield, slack's ceo. big changes could be coming to amazon's warehouses, and it's

all starting in bess amer, alabama, the counting begins tomorrow. what kind of impact will that have on the rest of amazon's warehouse locations? if one goes to unionize, we're going to get to that next. plus, last week with i sat down with the incredible mooreen chattily, oh, yes, pa their are rah bread -- panera bread. as he goidz them through the most challenging year yet, you've got to hear how he led the top fast food chains for more than 30 years starting in his 20s. but more importantly, the inspirationallal advice his daughter aisha left him before she left the world at the age of 18. talk about inspirational. you've got to hear story.

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so jeff, you need all those screens streaming over your xfinity xfi... for your meeting? uhh yes. and your lucky jersey? oh, yeah. lauren, a cooler? it's hot. it's march. and jay, what's with all your screens? just checking in with my team... of colleagues. so you're all streaming on every device in the house, what?!! that was a foul. it's march... ...and you're definitely not watching basketball. no, no. i'm definitely not watching basketball. right... ( horn blaring )

liz: the deadline for amazon workers looking to unionize in bessamer, alabama, now just a little over one hour away. if workers supporting the effort come out on top, it would be the first union ever for the e-commerce giant. the national labor relations board will begin counting the actual ballots tomorrow. the results not only viewed as a potential game-changer for amazon, but could make or break other unionization efforts

across the entire retail industry. amazon is hoping that fare of union due -- fear of union dues could swing a vote in its favor, amazon stairs up three-quarters of a percent. of course, those hoping to unionize feel there are unreasonable expectations the company endures for them, lack of work/life balance, mandatory the overtime, physically grueling work, etc. we want to show you this quickly, because you've got to see 10-year treasury yield. as we look at it, it is now standing at 1.71%. early this morning it was at $1.65ment -- 1.65. over the year it is up more than 75 basis points. sean o'hara, president of pacer etf, says there are $5.4 billion in assets under his management, and he's committing -- knowing that we've seen the 0-year yield -- 10-year yield continuing to climb -- you're committing money to certain names that you feel will do just

find in a rising interest rate environment. tell me what they are and why you like them. >> well, good afternoon, liz. thanks for having me. just one minor correction, $6.2 billion in assets. we use a formula are called free cash flow yield to select stocks. we screen names, for example, out of the russell 1000 taking into consideration can how much debt a company has. so as we look forward, the fear of rising interest rates and perhaps each inflation on top of that is a challenge for growth names. so our approach to traditional value investing is not to use the price to book, but cash flow yield. viacomcbs and discovery, we just screened them out, we just screened in, increased the weight of two names, target and best buy. they're both very inexpensive on a price or total price to free

cash flow yield basis. but if rates do continue to rise, the companies that generate the most free cash flow and have the highest yield are better studented to thrive in that kind of environment. liz: tell me about target. we do have that gigantic ship that was blocking the suez canal, that important trade chokepoint in the middle east, and we do expect the targets along with some of the other big retailers may be hit by delays in some of the goods and merchandise that were traveling through there. who knows. but you've got to figure that that may affect things in some i way. does that affect you in any way when it comes to this choice? >> well, not necessarily. i don't think we look at the supply chain as it relates to these names, we look at that free cash flow yield. i think the supply chains are actually starting to be challenged all over the place. when this tanker originally clogged up the canal, one of the things i thought is it's sort of foolish of us here to be choking

back our oil production when we are subject to a potential threat like that. semiconductors, you're hearing the automakers talking about delays. but again, high free cash flow names generate a lot of cash, and they're in a much better position to handle those problems than companies overleveraged and don't produce a lot of free cash flow. liz: hey, it is great to see you. sean o'hara of pacer. thank you. when we come back, we're going to see how this market ends. we're up 82 point, 78 falling for the dow, still up in the green. stay tuned.

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♪. liz: got a minute and 30 seconds to go before the closing bell rings. guess who is waiting to gear up for his show, larry kudlow. we have a mixed market here. we do look right now at amazon really quickly.

i told the audience we are going to start seeing unionization votes begin counting tomorrow. you think what happens here, think it goes union at least in alabama? larry: i have no idea. alabama is a pretty strong right-to-work state. i have no idea how this thing will turn out. i just want worker freedom. workers should be free to choose. they want to pay a lot of union dues, that is up to the workers. if they don't, that should be up to the workers too. so it is strictly a local matter. but lizzie, doesn't amazon pay good wages? their minimum wage is already $15 plus? liz: correct. it is two times the wage down there in alabama to be $15 an hour. they do give as i understand it, they do give health insurance. but there are complaints of course you know, that there is some abuse of some workers. you can't go to the bathroom when you need to, et cetera. larry, i know you will talk about this, so much more on your show. larry kudlow at the top of the

hour. we'll see you 4:00 p.m. in just 30 seconds. [closing bell rings] liz: the markets are to the upside for the dow jones industrials. that will do it for us. s&p down six. nasdaq down two. i will see you tomorrow. great to be back, guys. ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. a great pleasure to be back with you. markets today mostly higher. small gains in the dow still enough for a new record close. a lot of records on the stock market that is good. we'll talk about later on in the program. now i want to begin with more class warfare from the biden white house. i talked about this. i got to talk about it again. in particular, i want to target a "new york times" story that ran over the weekend. the headline. under biden, democrats are poised to raise taxes on business and the