hotter number, goldilocks a little too cold, a little too hot, i think we'll take a little too hot compared to last year at this time. charles: all right. and the overall message from ken, be cool. these names rock and rolled for years and years and years. let 'em pull back for a moment. always appreciate you. we do have a little stability as i hand it over to my colleague, liz claman. i think this last hour's going to be explosive though. liz: uh-huh, uh-huh. and as all of our viewers who trade should know? look out, robinhood. wall street's top cop is considering new rules for online brokerages to protect the retail investor who got shut out of trading during that wild january week of volatility in gamestop shares. moments ago at a house financial services committee hearing gary gensler, the chairman of the securities and exchange commission, cracked the window open to give us a sense of who he might be hunting when it comes to more regulation.

our floor show traders are here to react to all his potential changes to brokerage transparency lows, option trading, cryptocurrency and more. the large cap dow remain unchanged, we have the dow up 140 points. but the nasdaq's struggling, slipping 70 points right now. pandemic silver lining. yes, of course, it had a devastating effect on so many small businesses, but as many died, others have been born. the man with his finger on the pulse of these births, ceo of internet domain giant godaddy, he's got the real prognosis on the nation's small business health. it's a fox business exclusive. and stick with that timeshare? sick and toured of it as you're planning your first post-pa pandemic vacation? we have the marriott vacations worldwide ceo about how his company is now offering

timeshare owners a chance to trade out for a fresher and perhaps more exciting getaway. but first, we begin with a fox business alert. new sec chair gary gensler making his first appearance on capitol hill before the house financial services committee. this is going on the right now. it is a harding entitled gamestopped, who wins, who loses when social media, short sellers and retail investors collide. the focus is this hot button topic of free trading brokerage robinhood and how it reacted back in january during extreme volatility in gamestop shares as retail investors were suddenly prevented from buying shares, but then short sellers could still bent against that stock. listen. >> do you believe broker dealers should improve their transparency with their customers about how and when they impose trading halts in. >> what happened on january 27th and 8th was not good for millions of investors.

so the transparency you mentioned is important between broker dealers and their customers. effectively, do they have enough liquidity to meet their requirements with the clearinghouse. liz: yeah. remember that? the people who wented to buy those -- wanted to buy those shares couldn't? well, yeah. he also a talked about the fast growing cryptocurrency trading world. look at coinbase shares falling 7% after gary gensler said oversight of crypto trading would instill greater confidence, because right now it has no regulatory guardrails for investors. let me get to our floor show traders. sarge guilfoyle, chris robinson, you guys are longtime traders. robinhood is expected to ipo soon, go public. charles schwab, the rest are already public. do they need, does the sec need to pull back the curtain and

force them to show how and why they halt certain investors from making trades? sarge. >> well, i think of course they do. i mean, i'm not a robinhood customer,ring thankfully, but if i needed to trade -- which is my livelihood -- and i couldn't and like these retail traders during this pandemic, they probably were feeding, trying to feed their families through making a few bucks here and there in the market. i'd be absolutely irate if i was prevented from trading by my broker. and, yeah, it's absolutely a problem. liz: well, let's look at that week. that particular week of january which was late january, you know, 26th, 27th, 28th. there was massive, massive volatility. this stock went from around $80 all the way up to $480. all over the map. and it was just kind of strange, sarge, that people could short the share shares, but then they

could not actually buy them if they wanted to. >> well, that is very strange. i mean, i made money on that move, and i'm still making money. i'm till short gamestop, which i will be straight through january. a lot of months of puts i have out there. the problem is that as a gamestop ran so far, it was more on the hedge fund side, i believe where, where there was such sloppy execution. yeah, it's a criticism of a fellow trade, but the fellow over at melvin capital who was, who runs that shop, i mean, he's more than a 20-year trading veteran, he didn't have such a large position, protected it all. mid goodness, if i have 100 shares out there, i protect it somehow, some way. so maybe they have to take more of a looked at the hedge funds than anything to do with the retail traders. i mean, yes, robinhood has to be, has to have -- [inaudible conversations] liz: yeah. they did definitely discuss

short selling, and they say that many of the rules are outdated. chris, here's the other side of this. you guys have traded, you guys have lost, you've been on the losing end, you've billion on the winning end. -- been on the winning end. i want you to listen to this exchange with congressman jim heinz of connecticut from what is already a casino. let's listen in. >> is there a line around leverage or complexity where i we ought to teach tough lessons? >> the applications that have made it easier to open accounts and making it easier, we've lost that human in the middle saying, wait, is this appropriate, is this risk appropriate. liz: chris, what do you think? specifically, they were talking about options trading. you can trade options. people are jumping on that bandwagon. this is your bailiwick, and it's almost like do we try and save people from themselves?

>> well, there's a statistic especially when the floor was open. of course, they just closed the floor officially here in chicago, but the statistic was, i think, 92% of people that calm and tried to -- that calm and tried to trade left. so, you know, i think the trade thing's a very difficult thing. now, when you get a chance for somebody to regulate, try and make things more safe, you know with, we all have to deal with that however it turns out. but for your listeners out there, you're right, and sarge and i have done it, to be successful at it long term, you've really got to be risk averse. you know, a lot of people think you're sitting here all day long making big bets. you really always have to know where you're going to go if you're wrong. so i think they'll probably meet in the middle. you'll probably see a lot of smoke blown by the sec, the politicians and so on and so

forth. obviously, there are some people that need to be in a group that need to be protected, but if you fall into the qualified investor group, i think you ought to live and die by your own sword. i think something like this was going to happen, and i think it's probably something that they need to address and make, and, you know, maybe we need more education because if you can just open up an account and trade and you don't understand the risk -- and you mentioned options. you know, if you're long options, that's one thing. if you start selling options, start selling premiums, that's where you hear the horror story thes. so, you know, with everybody jumping in during the pandemic, you're going to have a lot of people that are going to learn lessons, you know? so i think it's going to be an interesting story. liz: as they say on wall street, it's all fun and games until you lose your wallet, right? sarge, chris, great insights. thank you very much. much more on gary gensler throughout the show. president biden leaving lake

charles, louisiana, just moments ago. but while in the bayou state, the president said that he would like to see the corporate tax raised from the 21% that it currently is -- and it was reduce thed to by former president trump back in 2017 -- back up, and this is the change here, between 25 and 28%. he had originally said 28%, but now it appears a there's soming wiggle room. president biden saying the extra hundreds of billions of dollars coming in from that would, quote, help pay for things like infrastructure. meanwhile, vaccine maker stocks are tunnel untiling after what president biden -- tumbling after what it said yesterday, supporting waiving patent protections from the pharmaceutical companies' covid-19 vaccine formulas so they can open it up to the rest of the world. scientists say that would in turn help slow the spread of covid-19 in countries like india, but manufacturers say exposing their formula will cost them billions of dollars.

to blake burman live at the white house. blake, i kind of see both sides here. >> reporter: yeah. and there are, indeed, liz, both sides to this argument. and it was the white house who came out today and said, look, it was president biden who ended up making the final call on this to essentially say that the ip protections potentially should be opened up so that ore countries can -- other countries can get a look. here was the principal deputy press secretary explaining the new position from the u.s. aboard air force one just a little while ago. watch. >> if we go back to the campaign, the president supported this, the waiver, as you know. and the way that he talked about it then is as a humanitarian right. like, we need to lead on this issue and help save lives. >> reporter: you mentioned both sides. let's get into that, what does industry think. well, pharma, the association says the following in a statement, quote: this change in longstanding american policy

will not save lives. it also flies in the face of president biden's stated policy of building up american infrastructure and creating jobs by handing over american innovation to countries looking to undermine our leadership in biomedical discoveriment moderna is actual kind of shrugging this off, liz, as no bug deal. here's what the ceo -- no big deal. here's what the ceo said in a statement earlier today, quote: if someone wants to start from scratch, they would have to figure out how to make mrna, the technology behind it, which is not in our patent. nothing actionable has taken place yet, simply the white house has signaled its support for this possibility happening. it is something that the world trade organization was pushing for and wanted, and it's something that they will take up in about a month's time at9 a meeting at that pointment liz? liz: that's very interesting about moderna. yeah, the stock is down 3%, but it had been lower. interesting point that he makes.

blake, thank you very much. hey, so the start of the summer travel season is almost here, right? memorial day weekend just over three weeks away. we've got the marriott vacations worldwide ceo here on the producted post-pandemic travel boom and how you can find that perfect getaway spot. plus the fast-growing timeshare trading business. closing bell ringing in 48 minutes. the dow, this is a record, up 142 points. but as we come back in just a few minutes, we're going to show you a lot more. stay tuned. s&p better by 7. ♪ ♪ we made usaa insurance for members like martin. an air force veteran made of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right.

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♪♪ liz: oh, my gosh, who would not want to be right there right now? gorgeous beach, gorgeous hotel. for years people have been buying timeshares at destinations like these, but then they wake up with a nasty case of buyer's remorse because they're stuck with the same location. marriott vacations sensed the dissatisfaction, so they started timeshare trading exchanges

where owners can, you know, swap out their week in aruba for a colorado ski vacation, and the business segment is seeing a 27% gain quarter over quarter. as americans get vaccinated and prepare to travel once again, marriott vacations is cashing in. the stock is up about 27% year to date. here in a fox business exclusive we welcome marriott vacations worldwide ceo stephen wise who just reported earnings for his company this morning. stephen, you just reported the first quarter results. you missed on both the top and bottom line, but to me, you know, i like to look forward versus backwards only because we know that the economy is starting to boom, and people are going to travel. what do you foresee in the current quarter right now in. >> well, clearly, as we look at the second quarter, we're projecting that our contract sales are going to be up at the midpoint of our guy dance about 45% -- guidance about 45 what we

did in the first quarter. is so we believe on a sequential basis, we are continuing to build, and as we look into the second half of the year, it's even better. as people get more vaccinated, as more people get comfortable with traveling, we believe that the back half of this year is going to be a boom. liz: well, then to me i think maybe it might be understated. you guys are kind of underpromising and perhaps my overdeliver on that? >> well, that would be our hope. [laughter] we overdelivered in the first quarter -- [laughter] and, you know, we didn't provide specific guidance for the first quarter, as you can appreciate given the very kind of sporadic, volatile environment we find ourselves in. trying to come up with precise numbers. so the guidance that we may have missed that was put together by the market analysts, we were very satisfied with what we did,

and we believe that, as i said, we certainly exceeded our own expectations. liz: tell me about timeshare trading. i know people who have had timeshares, and after the first couple of times then they can't get the week they wanted, and they just are over the place that they invested in, and they feel stuck. it's almost like, you know, like a horrible thing for them. and you guys now are allowing timeshare trading. now, this is a segment, i believe, that is showing pretty explosive growth. tell me about it. >> yeah. just before, kind of the origins of timeshare, you bought a fixed week, a fixed unit, and you went back to the same resort time and time again. that eventually changed over time where you bought a floating unit in the floating time period of a year. but even that was falling short for some people's expectations because they wanted to get different kind of vacation experiences. back in 2010 we put a points

program in place which allowed us, our owners to go through the entire portfolio of resorts that we have. if they have points, they can go if there's availability so you can have the ski week this year, you can have a beach week next year, and you can go for a variety of deferent even non-resort vacation destinations. want the take a cruise, you want to go on an african safari or a wound tour in tuscany. we know that experience, travel is really where the public is today, and we felt there was one way to do that. when we made an acquisition back in 2018, one of the things we acquired as part of the business is an exchange company called interval international, and it also facilitates exchanges between physical resorts in one location to another. so even if we don't have a location somebody wants to go to in our 110 resorts, there's

chances are within interval there are places where people can go for that vacation experience they aspire to. liz: it's smart business was you have -- because you've got airbnb as a very big competitor. that sort of fascinating experience, they're looking at airbnb. i mean, how much of a, i guess, competition do you see with that business model? >> well, clearly i would not suggest that airbnb is not competition. there's a little bit of difference. our typical profile, our vacationing families is, in fact, the family unit with, you know, a couple of kids and a highly amentized resort where, you know, housekeeping services and food and beverage and everything else. often times with airbnb you're able to secure accommodations. i kiddingly have said if my can kids were young, we were staying

in a condo in manhattan or something, the first thing i would tell my kids is don't touch anything. our resorts are designed very spacious, they're generally, you know, 1200 square feet, two bedrooms, living room, dining room, kitchen, and as i said,s with all the a amenities that you might think about, pools, tennis courts, in some cases golf, etc. so i think it's a different offering, but i would not suggest to you that they're not competition. they've done a very good job of monetizing a business that's been around for a very long time. liz: stephen, great to follow this story, and we'll continue to watch for those second quarter numbers. stephen weisz of marriott vacation, thanks. >> thank you, liz. take care. liz: you too. one of the hottest summer vacation spots, alaska. we've sent connell mcshane to the last frontier to see how alaska is dealing with the prospects of a summer season crush as, of course, it's been

disrupted by the pandemic's aftereffects. closing bell ringing in 38 minutes. the russell 2000 small caps are really struggling right now, down 23 points. but we're looking at crypto for the moment, prices down as it appears we may have sec breathing down crypto trading's neck at least perhaps in the future. stay tuned. ♪ ♪ lately, it's been hard to think about the future. but thinking about the future, is human nature. ♪♪ at edward jones, our 19,000 financial advisors listen and work with you to create personalized investment strategies to help you get back to drafting dreams and building your future. edward jones. it is time for investing to feel individual.

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liz: all right. one of the stocks i flagged you guys about early this morning on my tiktok account -- you've got to check it out @redfoxliz -- sure enough, hours later, it's till moving. uber, the stock is plummeting down about 9.25% not just because revenue came in below forecasts, but because uber said during the call it plans to incentivize drivers with bonuses

and more to get them back in their cars and back on the road as the economy and demand pick up, and that could meaningfully affect the next quarter's earns. earnings. despite tough super bowl comparisons from 2020, the company said it sees robust ad demand across the entire business including newly-awe quired video streaming app tubi which set a record for total viewing time in the third quarter. fox also announced it's it acquired outkick media. all of this has wall street raising price targets including jpmorgan boosting to $45 a share. fox corporation shares right now at 37.38. that's a gain of about 3%. cbs' broadcast of the super bowl this year helped boost ad revenue 21%, plus its paramount plus streaming service adding 6 million subs in the first quarter.

so that stock, for some reason, is down 2.75%. but fastly shares really plunge after the internet content platform provider announced its cfo is stepping down, down 27%. and is actress jessica alba maybe waking up with a little bit of a hangover after the company she founded, the honest company, is falling now 12% just a day after jumping 44% in its first day as a publicly-traded company. the honest company, which makes nontoxic diapers and household products, is standing right now at $20.05. cruise lines tumbling at this hour after norwegian cruise lines said the center for disease control's rules for resuming could make for stormy sees, calling the latest guy dance, quote, unacceptable in many areas. norwegian, whose shares are down 7% right now, set for its worst

day in six week. carnival and royal caribbean also tumbling to the tune of 2.5% and 3.5% respectively. and the same might be said for cruise operators in alaska due to the nation's, to the state's short summer window. connell mcshane joining us live now from the last frontier in seward, alaska, where a second summer shutdown may be on the horizon? what's going on, connell? >> reporter: you know, liz, this dock where i'm standing is usually such a busy place basically now through august, and instead of seeing the open water, there would normal by be a big cruise ship docked. but it's been eerily quiet now for over a year. i was just talking to tim sullivan about it from the alaska railroad, they own the land here. and he is, to your point, worried about what a second slow summer does look like but does say he hopes some people flying in rather than taking a cruise might make up for some of the losses. take a listen. >> those numbers are going to be up quite a bit.

we're hearing from the international airport folks that there are a lot of people who are going to be coming up through planes. a lot more airlines are running flights into anchorage and fairbanks, so we're really hopeful about those numbers. >> reporter: i want to talk about that new guidance that you referenced from the cdc yesterday. theoretically, that would be helpful, get the cruise ships back in the water maybe in july, but there's a catch here in alaska because of how things work. the cruise ships are mostly registered offshore, and the way u.s. law is written a foreign ship is not allows to go directly from one u.s. port to another. usually they stop in canada. but with the ports there closed because of covid, they can't stop, and senator lisa murkowski, we were talking to her, she says she's working to fix that at least in the short term. >> let's get a temporary waiver that will, hopefully, give enough time for the industry to send a few ships, hopefully more

than a few ships, send a few ships north with passengers so that we can have some semblance of a season. >> reporter: yeah. so far that waiver request hasn't gone anywhere in congress, and to the senator's point, the chock is ticking. if ships don't starting docking here soon in seward, you could very easily have a lost summer. and there's a trickle-down effect to that. so hurtful to so many small business owners. they're really hurting. liz: oh, there's a whole ecosystem there for those businesses -- >> reporter: yeah. liz: it's really unbelievable. connell, thank you. beautiful backdrop there. what's in a name? well, everything when you're looking to open a personal or business web page, right? godaddy is already the 800-pound gorilla in that game, but now it's making very big money auctioning domain names. up next we've got the godaddy

ceo in a fox business exclusive on this very fast-growing segment of its business. closing bell 28 minutes away. look at the dow, it's up nearly 2300 points right now -- 200 points right now, stay tuned. ♪ ♪

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♪♪ liz: the hottest item during the pandemic? well, for crafty small seller site etsy, it was definitely handmade face masks. now etsy is warning it expects total sale of goods on its platform to slow in the second quarter, and the stock is getting crushed on that. down 15.25%. as demand for, yeah, face masks and all the other items appear to be tapering off as the economy continues to reopen. let's get the view of a post-pandemic world with godaddy, the web-hosting company that has its finger on the pulse of 20 million small businesses. the company also reported

earnings and raised its full-year revenue guidance to $3.7 billion. in a fox business exclusive, we welcome the ceo, aman bhutani. aman, here's what i want to know because we want to not be total pessimists, and we want to always give the news even if it's uncomfortable, but we also want to give good news. we've seen so many small businesses go under over the past year. talk about the birth of new businesses that you saw during the year. >> liz, thanks for having me back on the show. and, definitely, lots and lots of new businesses created with the pandemic coming in last year in q2, in q3. godaddy saw record customer growth. and what that means was lots and lots of people coming online, buying a new domain name, wanting to build an online store because as they faced channels in one area, they had to -- challenges in one area, they had

to go somewhere wells and, of course, the internet offered the biggest technological opportunity to grow their businesses, start new businesses, take their ideas to millions of people. so there's a lot to look forward to. i think especially with the vaccine coming into the u.s., services business, everything we see in our data are hopeful. i think they're excited, and their numbers are doing well. we can see in our data set that those businesses are doing the best right now, and their stores are starting to open. liz: amazing. amazing. and what i find really interesting is as they decide, you know what? i lost my job, i'm going to start my own business, that that's certainly a silver lining, for sure. but, you know, they come up with a business name, they type it into your web site and they see, wait, somebody already took it, but it says for sale. they're not using it, so you put together this auction business. talk about the business of auctioning domain names, how you're growing it and what kind of returns you seeing. >> yeah. the auctioning business for

domain names, what we call the after-market or secondary market has long been something that domain investors do. these are people who have specific knowledge going to specialized tool sets and data on these domains that other people have, and it was quite complicated actually. but over the last year, we have made it super simple and seamless. if you went to godaddy and logged into your account and you had a domain name, with a couple of clicks, we let you put that domain name in the after market, the secondary market. similarly, if there's a name from the secondary market, we pull it and put it in front of you when you're surging on godaddy.com. we added lots and lots of data that just, you know, removed all the friction. and believe it or not, over 200,000 names have been puppet in by people like you and me. not domain investors, but people like you and me into the after market, and that's scored a lot of activity. it's the left a record -- led to record growth and now is 10% of

our revenues and growing very quickly. liz: it's the almost like trading stocks. trading domain names. people make a lot of money on that, i know. talk to me a little bit, quickly, about how you're enabling your customers to are have better relationships and grow their businesses through things like instagram and some of the social media opportunities that are out there. >> as you know, liz, our customers call us because they want our help with their customers in marketing, web sites and things like that. and recently we've announced new capability. we have an api integration with instagram, so our customer within our tools can crypt a campaign -- create a campaign and push it to instagram and start transacting right away. they can also click on a button and turn that sort of commerce campaign into an e-mail campaign. and what we're trying to do is make it so simple for our customers so that the in one interface they can handle not just their online store, but

what they're doing on instagram or something on facebook. that's another integration that we've done. and what it allowed customers to do is the people who are not very technologically or sort ofers-commerce sophisticated -- or sort of e-commerce sophisticated, all of us know there's a lot of eyeballs on these major platforms. liz: it's brilliant. and believe me, i'm getting sucked into it because i bought a few bikinis heading into summer on instagram, and i know they're from businesses that you guys helped. hey, it's great to see you, aman. please keep us posted, aman bhutani, ceo of godaddy. >> thank you, liz. thank you. liz: the fight over s.a.l.t. is height up and, no, not what you sprinkle on your food. high-tax statements like new york -- states like new york are taking the fight to capitol hill. charlie gasparino's about to break the latest details on it

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york business group. they represent all the big banks, insurance companies, all the real estate companies here in new york, major power player here in new york, and they are making the bug push to try to get -- big push to try to get some sort of coalition of businesses, maybe even labor, trying to convince some more progressive types. we'll get to in a moment why they're not totally onboard to support a reinstatement, reunderstandlation of the s.a.l.t. deduction that now will become a real big thing for new york residents given the biden budgets and its massive tax increases which is on top of the tax the increases that new yorkers and people in new jersey and all these other high-tax states are facing right now in a post-covid world. it's pretty devastating. new york businesses are thinking about leaving the state, individuals are leaving the state. the new york city partnership is one of these business groups that worries that if these

taxes -- the s.a.l.t. deduction doesn't get reinstated, it's going the make the situation worse. there'll be an increased exodus out of the state, particularly of high earners and businesses that will deplete the state's tax base. they've recently met with chuck schumer's office, they're going to meet with others. they're talking with a gentleman by the name, a representative, congressman from rockland county, who's going to sponsor a bill to bereinstall the s.a.l.t. tax deduction. all of this is coming to a held, from what i understand, at least the movement on it is. here's the interesting thing, lizment of this is going to be a very difficult thing to do each through a democrat congress, controlled congress. and here's why. chuck schumer, you know, if he had his own way, he would reinstate it tomorrow. the problem is that the s.a.l.t. deduction is being opposed by

left-wing progressives like aoc, alexandria ocasio-cortez, the congresswoman from the bronx, and many others who think it's a tax writeoff to the rich which it kind of is except for the fact that in new york state the rich pay most of the taxes, and they can easily leave. so until they can sort of bridge this divide e between aoc and schumer, it's going to be the hard to get this thing reinstated even with a democrat congress. as you know, the republican congress they couldn't care less because they represent a lot of western states, southern states which don't even have a state income tax the or local income tax. so it wasn't a priority for them. they had no problem screwing new york. so that's the pickle they're in here, particularly people like schumer, governor cuomo who's a democrat as well who's con instantly are worrying about his tax base eroding because of the inability to write off the state and local tax deduction which was a right and a given for

decades. that's why they're hoping that jones kind of comes through and blunts attacks from the left. he's fromming rockland county, apparently he's a progressive, but he also has a tax base that is fleeing, and that's why he wants to reinstate the s.a.l.t. deduction. again, you're going to be hearing a lot about this. tom swaz si, from long island, is obviously in favor of this. he's going to be participant of this effort. and, again, liz, i think the rubber's meeting the road on this now because if the biden budget does pass with those tax increases, man, the bullet -- the tax bullet, so to speak, is aimed right at new york, new jersey, connecticut, you know, you know all the states, california. it's not going to be a pleasant situation. back to you. liz: sure. which, of course, the republicans already had their finger on the trigger. the fact is the states of new york and california paid way more in federal taxes than they

take out compared to some of those states. >> that's right. but, liz, the political dynamic here is fascinating because you now have the far left, the aoc types, who don't want to reinstate it because they think it's a tax break to the rich. even though the rich is paying for all the welfare programs that they support. liz: well, yeah -- [laughter] exactly. >> it's a weird dynamic that's going on here. and the new york city partnership is in the middle of it trying to bring people together. see what happens. liz: charlie, you cleaned up nicely today. >> thank you. liz: welcome. >> i try. liz: almost presentable. [laughter] as jobless claims fall to a new pandemic low, it's clear the american economy is rebounding. but today's countdown closer says the reopen trade may already be coming to an end. three names to add to your portfolio that he says have a way longer tail than what he believes is the feigning reopening move in stocks.

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♪. liz: okay. four minutes to go before the closing bell rings. look who is come i appearing long for the bull ride here? the nasdaq just turned positive as markets hit late highs of the session here. just up about 25 points but kind of interesting here. we're seeing the dow transports on track for a brand new record, not just the dow jones industrials. that is on track for a record, but look at transports. down most of the session. i have a question for you, is the reopening trade already in the middle of petering out? our "countdown" closer says he thinks so he says there are three names that you can buy to outlast the reopening trade.

41 billion in assets. mark, why do you think we're getting closer to the end of the reopening trade? >> well, good afternoon, thanks for having me on. i think just like all of the stocks went down early last year, a year ago or so, because we were shutting the economy down, once we get a healthier solution in place late last year around november we saw the inevitable, the market pricing in the future and the reopening trade starting. we've seen a very, very high correlation between you know, most of the reopening cyclical names in the market, whether you're consumer discretionary, industrial or energy or material. i mean you're basically, there is high correlation. at this point after a large rally and reopening sort of portions of the market you need to be more selective. we tried to populate our portfolio with things we think can earn more money in 2022, than they did in 2019 prior to the covid shut down. therefore makes those stocks can

continue to rally. having said that, that is not true across the board. liz: i want to jump on to your picks, polo ralph lauren, stanley black & decker. those are two consumers names have the punch that fit into your parameters doing better in 22 than they did in 19. give me a sense why. >> sure, we believe strongly those these companies will have meaningful higher earnings in normalized environment in 2022 than they did in 2019. for those reasons those stocks are a good value today, even after a consistent rally in the market. these stocks have valued some. we think continuation as margins improve, cash flow improve, earnings improve. these are not just reopening stocks, they are high quality businesses that management found away to improve the business not

just through the crisis but taking advantage of good balance sheets, improving margins, cash flow, et cetera. therefore the market will prize these stocks much higher on the other side of the crisis than they did beforehand and that is what we believe is happening in these names particularly. liz: uh-huh. give me a broader sense of the macro picture of the markets. the dow at brand new record highs, same for the transports. the s&p going into today was within 1% of hitting a new record. do you worry at all at some point we'll fall off the cliff here with too much speed? >> you know it is our job to worry. having said that, the economy is in phenomenal shape. liquidity is amazing. liz: yes. >> we're seeing the reopening. seeing earnings coming in much stronger than people expected. it appears there is legs to this. at least i believe there is, until we start seeing interest rates rise, inflation pushing to a point where that is necessary. liz: okay. >> higher taxes coming later.

i think we're seeing real strength and that real strength is being reflected in the market. liz: okay. well, we're looking at strength right now, mark. [closing bell rings] thank you so much. brand new record highs for the dow and the transports. we are closing, folks at session highs for most of these indices. the russell flat, could turn positive that will do it for us. it is time for "kudlow." ♪. larry: hello, everyone. welcome back to "kudlow." i'm larry kudlow. this evening i want to continue our discussion about the extraordinary importance of senator tim scott's rebuttal to president biden's state of the union message a week ago. last night on the show we had a great discussion with katie pavlich and guy benson about the significance of mr. scott's remarks. when can anyone remember a rebuttal speech that was more important, more significant,