earnings season, during earnings season we never seem to have the right reaction come outside of earnings season starting this week that's when the market sits up and takes notice. charles: fantastic stuff, those names that are doing great, pay attention, we always pay attention to you, the selling pressure built over the last hour, no cp affect as they handed over to liz claman, nothing is spooking this market liz: were hearing right now breaking news, what it is that is caused a major turnaround for forthe outside for the major industry, confrontation between the u.s. and iran driving the dow away from 35000, market selling off exactly at 2:10 p.m. eastern after the pentagon said a dozen iranian gunboats harassed six u.s. warships in the straight of hormuz a strategically important point in

the persian gulf, the dow did hit 35000 intraday but now well below 34890, still holding onto gains of 113-point, the dow is still on his way to a record close, six-day win streak, sticks straight record comes at the expense of big tech and momentum stocks, you can see what's happening with the big nasdaq names, we do have the nasdaq down 312 points, as investors rotate out. are they rotating into the energy sector? it is powering into the green bumper doing so before the situation with iran but at the same time we have the entire system on red alert for the colonial pipeline thrown off line by a ransom or attack as the gas tanks of millions of drivers up and down the east coast are being held hostage, we have cybersecurity and oil experts lined up on whether it'll soon be solved, when and what it means for gasoline, oil,

jet fuel and pipeline stocks, elon musk disrupting the crypto world with one single joke on "saturday night live" dogecoin swinging wildly in the wake of that group joke, robinhood platform broke again as spacex ceo still insist today he is sending the currency to the moon. we've got the new ceo of the biggest cannabis company in the world erwin simon is here just as one state in particular is about to vote to legalize pot for adults. that is literally happening the next couple of hours, colonial has a message for the hackers who hit the oil and field pipeline with ransomware your attack was not as powerful as you thought it was, let's take a look at gasoline, heating oil, crude oil, we do have them in the aftermarket session they had closed slightly higher at least

for gasoline which is a wholesale price, heating oil did move higher by seven tents of 8%, they are well off the 24 hour highs that were touch which delivers 45% of the eastern seaboard was taken down but suspecting russian hackers demanding more from a ransom, to a half-billion a day from the gulf states all the way to new jersey. they sick colonial did affect some systems but it was colonial who proactively took the pipeline off-line to contain the spread, the fbi confirming darkside is responsible for the attack who affects president biden said directly at russian operatives and that may be on blood vladimir putin shoulder. >> we will be meeting with president putin and so far there's no evidence that russia is involved, although there is evidence that they have some

responsibility to do this. liz: to the fortune 500 companies paid a snip out and kill ransomware hidden in their systems, basically his company acts as rat poison for malware prevailing in ceo and also phil flynn, kareem let me start with the i am guessing colonial wasn't using your company services customer. >> unfortunately not, our services would potentially help them understand that something was there in our network working, that's what we do so we primitively find these things when they're the in the late stage and working around before they instigate an attack like what happened. liz: you can assess from where you sit russian operatives, what does it look like to you. >> very hard on attribution for as always, the sophistication of this is pretty severe, they know what they're doing and they

latterly move, they seem quite professional and their part, they seem to be limiting the attacks onto organizations and environments that don't have a russian speaking language system on place, though do the recon to see if the language settings are russian are related and they won't attack it. they seem very calculated and targeted in their approach, all signs point in that direction but until there is really a smoking gun that has a clear picture of being russia, it's hard to say. liz: colonial is saying that is bringing systems back online does that mean that they pay the ransom, what can we learn and if so from then bringing back their operations online. >> it's a good question, the problem with ransomware there is no guarantee that you will be given the keys to your data once you do pay, that's always been the standard which pain doesn't guarantee anything, the other

thing that's concerning about this this group doesn't just do ransomware, the victim, they still information and bring it onto the dark web and sell it or broadcast it to get the reputation of the organization there's an extra level of extortion to promote that effort, turned to see where they are, i don't have the information to suggest that they pay one way or another but they may have isolated i know there's a response team on premises that has been tasked with hunting this down and cleaning it up. my hope that there's corn teaming of the issue and now they're able to bring this back online the worry if you haven't found the stuff that is hidden it can proliferate again and start another wave of attacks, you have to be careful. liz: prices i'm surprised relatively stable we do have some of the big integrated oil moving higher pipelines are doing much in colonial is not publicly traded, what can we

glean from his reaction in the aftermarket, gasoline is barely up, natural gas we have to bring in in the iranian story and her moves which is the chokepoint in the golf but we know a year ago gasoline prices worth 242 and today there considerably higher, national average for regular $1.84 it today $2.96. why do we see a bigger reaction? >> a couple of reasons one reason were already seen steps by colonial pipeline to bring their pipeline back online they say that we substantially back operation by the end of the week, what that means were not sure if it's going to be 100% that seems to ease the markets concern there seems to be enough supply on the east coast to last five days without any major impact on the gas stations but if it goes beyond five danger can have big issues we heard

from aaa they're expecting the gas prices to rise five to 7 cents because of this because nobody knows if we get another attack it could be all that's off, were hearing from the biden administration that they're going to try to lyft driver reached actions right now on tanker drivers, there's already a shortage of tinker drivers so were gonna allow them to drive more hours to alleviate supply and the other talk in the market at the biden administration could lift the jones act would allow non-thinkers to bring in more oil and gas quickly. liz: what does this say, let's broaden the discussion away from colonial to all of our utility companies and the vulnerability that this exposes to ransomware and the situation? >> it's an incredible wake-up call because last year we sell

the ransomware against hospitals and pharmaceutical and whatnot, this is an expansion onto other areas that are incredibly important to a country in our ongoing operational capacity and capabilities, it's a very concerning issue, the other thing that is really concerning weed yet to figure out the vector, it could decay mentor a supply chain so we may see supply chain in the news again, what companies are colonial type that could a facilitated lateral movement of the malware into those companies, that is the concern, were dealing with a lot of compromise not just culpability so we have to address, we need to stay vigilant and realize this is just the beginning, but that's true, were seen early innovations of the showing up and there's much more to come. liz: karim hijazi a pavilion and phil flynn. thank you so much for joining us. the covid vaccine partners get

the show on the road and that is moving the stock, the german biotech's shares having a stellar session after announcing a new headquarters in singapore, a manufactured vaccine for the entire southeast asia region, the comedy raising 2021 guidance after beating on the top and bottom line in the first quarter revenue quadrupled digits to two and half billion dollars on vaccine sales, of course pfizer moving up 1% and biotech 8.5%. they both say as of may 6, last thursday where the 450 million doses of the two shot vaccine have been supplied to 91 different countries, novavax sinking into the red at this hour despite the fact that we have reports that the covid flu vaccine is showing profits in early trials shares are faltering nine and half% after the washington post reported bill gates backed biotech might

not seek emergency use authorization for covid inoculates until june. that is next month, big deal. give it time people. electric truck makers losing its charge after flashing the 2021 production target by 800 units to 1000 blaming global supply chain issues, workforce pulling back by 13% let's check ed makers getting into the close we have tesla, talking about elon musk and the crypto story down 5.5%, lordstown seven and a quarter and fisk are down 9%. "the claman countdown" is always looking to help you guys stay honest when it comes to investing take a look at shares of honest they founded by actress jessica alba, shares are down for a third straight trading day losing 11.8% since topping 44% during the market

debut last wednesday. star power not always enough, honest stands at $16.83. pot stocks are losing their high in the final hour ahead of a big earnings week down 3%, it is about to report "after the bell" today but what could really get the stocks smoking again, were reading the weed leaves with a words largest cannabis company, erwin simon, the closing bell closing in 48 minutes, the dow was up 107 and again, of 313, free some activity in the persian gulf between iranian gunboats and u.s. ships, "the claman countdown" coming right back. stay with us. ♪

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legalize weed for adults 21 and older, our next guest is waiting on with bated breath, erwin simon runs the largest cannabis company in the entire world after the merger until ray which closed last week, the stock is off his size still in the green as it looks to keep growing, here to talk about his high hopes for the future until ray ceo erwin simon, were glad you're here, louisiana has already legalize medical marijuana what is the over under on whether it passes the recreational use bill sometime tonight. >> i think it will if you look at it 37 states in america today with other medical recreational legalize one in every three of the population today lives in a state where cannabis is legal and other medical recreational, you come back and think about it every state is looking for tax

dollars and why wouldn't it takes cannabis off the street from alyssa market and has a regulation to go there and sell it legally. i think it's something going to continue see minnesota moving toward medical and you see some of the other states, it's just a matter of time and absolutely i think louisiana will approve it. liz: apparently there is pushback from a very powerful lobby in that state the sheriff lobby, law enforcement this is not a surprise to you they don't like it they pull people over, the car smells of weed, they were weaving in and out of traffic, i get nervous about that too considering we already have our hands full with drunk drivers, what do you say to the lobbyist to put that on your plate? >> you come back and take about whether it's california, colorado, washington state, you come back and think about what

they've done to police it and they've done a great job there. i think the big thing is as you legalize in the states is being able to go out there and advertise it, educate consumers about driving in smoking or using the product. i think ultimately what's stopping a consumer from buying it from the alyssa market and doing at the same, i think you've got to legalize it and you gotta take those dollars in tax dollars and educate the users, you cannot use this and driving go out there and put yourself in harms way, you gotta work with the sheriffs and the police department to make sure there is ways that you can detect and there's education that is so important in using those dollars to do it is key. liz: you were running the merger

with tilray, brings you to the forefront of the ceo and viewers who don't know, we go way back and really grown that into the kraft foods of health food, i watch the growth of that company and it was incredible. but your growing from selling carrot chips and organic chicken and arrowhead mills pancake mix to weed, how are you going to broaden the scope of a company like this it's already in a 7 billion-dollar market cap, where is the runway beyond medical and recreation? >> you are rate we go way back not that far back, were both very young so don't make us old. number one, number two you grow up in l.a. and you always knew about healthy eating but not in a way that was regulated, not in a way that educated consumers about healthy organic food and what gmo's and what plant faced was, in 1993 i went out and started the hain celestial group

and started in industry and today that's all we talk about is natural organic food i built into three to half billion dollar company around its brand, strategy and education and distribution, not the similar here, my plan with tilray is to take an industry today with the underlying common denominator being cannabis and turned into the largest consumer package business in the cannabis world and building out our brand and our distribution, building out our products and you heard me talk about louisiana, educating consumers about the benefits of the product, educating consumers with the harm of the product could be if it's the wrong way, that is important the illicit market and how were going to work and educate consumers and why the illicit market is not right and buildout regulatory and quality control.

liz: my dad in the 70s, legalize pot, take the prophets out of it, he was very liberal about that, he didn't like it but he felt like that is exactly what you should do there is a difference between the business you are in and the business you're in now banking, a lot of banks are incredibly hesitant to work with cannabis companies, is that changing, what banks are you working with to grow don't you need a big-name bank in all of this? >> i'm working with big-name banks, when they can charge you fees they will take every opportunity that they can, the problem is coming back from a regulatory standpoint, they're all afraid without legalization that they will have problems with regulatory but every bank steps back for a second and says here is 100 billion-dollar industry out there, here is an industry that is going to take consumers away from the alcohol,

tobacco industry and they all want to do business in this industry, i use big investment banks to help me do these deals out here, big law firms so they're all participating, they will just not take your money and put it in the bank account but they're all dying to do it. liz: are they saying don't say who you're working with, can you say what think you're working with? i'm just interested. >> our press release is out and absolutely we disclose which banks were banking with but were not banking with them and what is important where a nasdaq listed company, were on the stock exchange listed company, we only participate in markets where legalization is legal, we do not sell any cannabis products in the u.s. but recreational cannabis is legal in canada and our medical

cannabis is legalized in the u.s. and one day when medical or recreational cannabis is legal in the u.s. we will be there. liz: we will be watching the stock it was in the 60s, 67 back in february we will be watching to see if anybody can get a backup i know which you erwin, thank you very much. >> thank you and great to see you i look forward to staying in touch urban taiwan the sky rocketed pushes of lumber, taking homebuilders to the woodshed is causing backups and building, were taking you straight to the lumberyard where wood is the new gold, closing bell ringing and 36 minutes, s&p negative, down 29 points, nasdaq the struggle down two and a quarter percent or 308 points. we are coming right back, stay with us. cancer

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liz: the price of lumber rising more than 150% so far this year this is the federal reserve sits on its hands insisting inflation will only be temporary, i personally don't think is temporary but let's say the fed is right, that does not change the impact happening right now as builders grapple with the rising cost of wood mixed in with the supply and worker shortages, grading temporal at the lumberyard in chicago. >> demand for this lumber framing lumber to build houses, sheds, those types of things is surging right now and the price for lumber is up 250% year-over-year, john, pitches the owner at acme lumber, what is behind the surge behind people buying it to build homes, decks, sheds.

>> weaver problem with keeping the employment at the mills and other places and tracking words make it assorted because is not be distributed and produced as fast as it should be. >> if you look at the numbers it's impacting newly built home prices up to $36000 because of the lumber and other construction material shortage, if you're renting, that will be up $120, when does this end, when does it stop. >> when we try to get back to normal and people get back to work the way it should be so we can get our supply chain back together. >> when will that be. >> they keep saying september but they hope it happens before then because we won't be able to take the damage this is causing. >> as you heard people are paying more for the homes because of it and as of right now lumber prices up 250 - 300% year-over-year.

liz: as i said wood is the new gold, thank you very much, the dogecoin taking heat the coin stands right now after elon musk single joke on "saturday night live" and were crypto goes from here, right now ether at the moment, look at the price of ether it blasted through the 4000 level, we do have it for thousand 102, that's a new record light coin moving higher but bitcoin pulling back, we're coming right back with elon musk dogecoin story, don't go away.

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rockets at jerusalem since 2014, you're looking at a live picture of the area, you can hear a lot of honking, sometimes that happens in the wake to warn people that there is some bombing activity, this is a live picture from the gaza strip military said it began striking in response to rockets over to israel, secretary of state anthony blanket in the u.s. says rockets on israel must stop immediately. we'll keep an eye on, we learned one thing this weekend dogecoin investors cannot take a joke, on friday dogecoin was pushing 72 cents. this was in anticipation of dogecoin and tesla and space ethics elon musk appearance as a host of "saturday night live", but one particular skit the dogecoin price plummeted to 45

cents, lost a third of its value all triggered during we can update when musk sheepishly admit what's behind the coin, listen. >> what is dogecoin. >> a joke on internet meme, let's take it up in a very real way. >> what is dogecoin. >> my question is what is dogecoin. >> so with the hustle. >> is the hustle. liz: it's a joke people, dogecoin is trying to come back, we can show what it's doing at the moment rebounding to 47 cents but down 18 and a third% over the last 24 hours shortly after elon musk in dogecoin's press, he is launching a dogecoin satellite and he'll be

taking dogecoin and completely paid for in dogecoin which gave the coin a short rebound but at the moment still in the 40s but while dogecoin is dropping ether has reached never before seen heights blasting past 4100 for the first time ever, this brings us to what's happening with crypto mania one guy living and breathing is the director of research at da davidson, first to the elon musk sketch, people were all hyped up about dogecoin going into the weekend and set 50 going to 60s and 70s, now it's back to 40, what would be more bullish on. >> hopefully not, none of us should be taking dogecoin seriously as an investment, it's somewhere in the confluence of social media on celebrity culture and trading speculation and it is supposed to be a joke

and supposed to be something that people have fun with and unfortunately some people lose money and some people made a lot of money but there is no fundamental analysis behind it is not a real technology issue something really clever that somebody came up with a while ago and it continues to draw attention but is not a real thing. liz: hold on i'm going to ask you flat out is dogecoin a hustle, do you think it is? >> i think in a sense in the elon musk sketch, yes it's a hustle as some people promoting it and eventually it'll be at other people's expense, in that sense, yes it's a hustle. that's not going to make people happy. liz: does a hustle involves somebody on one and tricking and conning others, this is a crypto currency, the whole point of crypto nobody controlled.

>> yes, maybe it's not a hustle in that sense it's a hustle in the sense that some people are promoting it knowing there is nothing there and other people are buying it, i don't know if it's a well organized hustle but there's clearly people making money on this joke and there will be people that lose money on this joke. liz: which crypto currency do you think will stand the test in the end years from now which ones will still exist that you see? >> right now bitcoin is the best position for that has a clear value add, there are fundamentals behind it and a lot of development activity behind them there established have a track record of security, a track record of people building around them, those are the two that are best positioned but it doesn't mean that there will be

other crypto technology that will emerge and overtake bitcoin, those are the two where the work is being done around them and development being done around them and they developed a lot of adoption which is really important in the sense but there could be other ones that are valuable but those are the two that are best position. >> i think like with any investment everyone has to be really careful. but one of the things that's been revealed, there was trading after "saturday night live" that robinhood crypto business has ceased because temporarily they were overwhelmed by all the trade so there is popularity but grace deals parent company put $1 million into a short but against dogecoin assuming it would go down and bsl on the news after elon musk was on and sure enough they were right, you get the sense these things are

so heavily manipulated and they're open to manipulation that this isn't right for some investors. >> the entire asset class is highly speculative and especially retail investors should be concerned and only invest what they're willing to lose, that is very important to note is there manipulation, probably, possibly let's not forget the investors themselves are not as well-regulated as cash equity stocks and eventually more and more of the investments are going to be regulated by the fcc and other types of regulators, for now it's a free-for-all and wild west but over time manipulation will get harder to do, right now it's not that unreasonable to think that there is market manipulation, part of the challenge these are global 24/7 markets and manipulation may happen way outside of the united states that impact the markets

that investors here are exposed to. liz: we will see you next time, thank you very much. the run for the roses tainted by scandal as a hall of fame trainer gives a spirited defense, how that got the stock of the kentucky derby will change, closing bell in 18 minutes the dow is holding onto 93 points of gains but so much for dow 35000, you will not see it today it does not appear that way at the moment. stay tuned. ♪ ♪ when i was young ♪ no-no-no-no-no please please no. ♪ i never needed anyone. ♪

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close is a decision of whether to strip kentucky derby winner medina spirit of its victory after the 3-year-old colt tested positive for higher levels of anti-inflammatory betamethasone, churchill down losing 3.5% at the moment hall of fame trainer bob baffert was suspended by churchill down pending the results of blood test on medina spirit officials say they are awaiting the outcome of the investigation, bob atherton a few hours ago since he has no plans to pull medina spirit out of the second leg of the triple crown races churchill down shares are suffering at $293.88 from the racetrack to robinhood to go public the popular trading app set the ipo later this year in the world is very eager to see what's under the hood, via s-1 filing is in the hands of

the security exchange commission, i told you last week because buffett said he was dying to see that, he wants to know. >> following last week's security entered security exchange commission he vowed to crack down on what is broadly known making trading gains so investor can do easily and there's no mention of losses and wall street when that continues to buy and sell stocks inside gambling, he's bound to put up some guard rail only to consider what they're doing, despite that and the fact that the sec is giving a vigorous review of the f1 confidentially and robinhood

as of now, you never know what's going to happen sec blazing with something but as of now it is plowing ahead with the planned ipo for sometime in the next two months, that is the game plan, you say six weeks, you get a nod indirect knowledge, two months, they believe they can go public too much despite all the controversy, remember they are able to charge 0 for commissions because they take the customer order flow and they sell it to someone else but diane sells of trades that is the big hedge fund that can make money and also matching the buy and cells of trades but that's what they do, they sell that that's where they can give you 0 commission trading and there's a lot of controversy on that and there's a lot of games being played in that. they are planning to go forward with the ipo in the next two

months, we should point out fox business was the first to a court they delayed the ipo it was supposed to happen around now game evocation, and initial in the airplane by the nasdaq and you never know what the sec is going to weigh in at the end, there is a backlog also because sec doesn't have a lot of staffers and they have not been appointed, that consult the prices but if you talk to the people close to this right now they say it's full steam ahead, one other thing i want to report my producer has done a great job reporting about the reopening or increased opening of the new york stock exchange to work traders and media that happened today brand exports down there already, not many other traders, i will say that the new york

stock exchange gave in a warm to a reporter on brand x if you're a reporter, the last thing you ever want is to be getting an award from the people you cover. that shows you really not doing your job very well, back to you. liz: we have no friends in this business, charlie did you see robinhood crypto trading crashed again late saturday night, sunday morning after elon appearance, they gotta get their systems up and running. >> there's two ways of looking at this that's why it's going to fund the maintenance that they need to do that people are using their systems, remember that was insane, this is a product that people want to use that's why they believe they can ipo on the metrics i don't know if the sec

is going to step in and say the identification of wall street so you got a charge commission, who knows what the sec is going to put under the review but as of now the not getting that said they believe it is close and again, young reporters out there if you are given an award by the people that you cover you are not doing your job, that's what they did to cmc today, it was shocking. liz: there is no risk of uni anymore. great to see you. [laughter] we are coming right back, don't go away. ♪ there's interest you accrue, and interests you pursue. plans for the long term, and plans for a long weekend. assets you allocate, and ones you hold tight. r . .

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♪. liz: we are very close to session lows at the moment. closing bell ringing in four minutes. any gain for the dow would be a new record. we lost nearly all the 303 points of gains.

dow is clinging to six points at the moment and falling. s&p down 38. nasdaq down 326. i don't know the trend feels like the dow is slightly above the flat line. we'll see if it can hold. warren buffett says his berkshire hathaway will never pay a dividend. he wants to take profits, pour them back into the business but he sure loves one particular dividend-paying stock f has a big presence in warren buffett's stock portfolio. today's "countdown" closer agrees because it is his top pick. david spika, 16.3 billion in assets under management. david, reveal it right now and what's the yield? >> well right now there is several names that we're bullish on maria. we like deere, taiwan semi, we like u.s. bancorp. these are all companies leveraged to what we're seeing going on throughout the economy right now. these are companies we think are well-positioned to outperform over the near term.

liz: all right. it is liz, you can say to my maria. she is in the mornings. >> i get you confused, two most beautiful women on tv i get you both confused. i'm sorry, liz. liz: nice save, david! nice save. we'll take the compliment, thank you so much. u.s. bancorp in particular. this is somewhat after regional, right? as you look all been happening with the financial sector, you've got to separate the big finance names, don't you from the smaller regionals? >> yeah. we like the regional names. liz, because we think they're better positioned to benefit from rising demand from banks, from consumers, from businesses from credit. we also like the fact that u.s. bank is a leader in payment transaction processing and think about where the economy is heading. lots of payment transaction. a lot of demand. a lot of retail activity. u.s. bancorp is in great position for that and they will do well as the yield curve

steepens. liz: let's get to the yield curve, more importantly the 10-year yield, going into today, looking at it this morning 1.57%. we have the breaking news with the colonial pipeline and real tension in the middle east. we have it at 1.6%. that to me is interesting and strange. you have the federal reserve keeping rates low. doesn't this at some point have to come to an end if inflation gets a little too steamy? >> absolutely it does. you saw the taper tantrum in march. that will happen again, with growth approaching 7, 8%. consumer demand rises. we're confused they haven't gone up yet. that is a function for global demand for u.s. debt. our yields are very attractive relative to other sovereign yields. they are going up, inflation is going higher. those are things we think are fat pitches today. there is no question, we see

higher rates, higher inflections. we think investors need to be prepared for that. liz: finally, thank you. i couldn't agree with you more, david on inflation? thank you so much. [closing bell rings. liz: after breaking news of military send hundreds israel, o record. we're down 27 and falling that will do it for "the claman countdown." "kudlow" is next. ♪. larry: hello, everyone, welcome back to "kudlow." i'm larry kudlow, great to be here. i want to get to russia cyber hacking our colonial pipeline which could put the whole electric grid at risk up and down the east coast. it is potentially a huge issue. we'll get to it with the experts of experts, former energy secretary dan brouillette in just a few moments. i want to begin with another subject. please stay with me for a moment or two. this afternoon, my great pal