and they will continue to dominate. i do want to share the audience, earnings have been phenomenonal, probably the best earnings season ever and they are starting to matter, all session long stock companies have beat the targets of the world. those stocks have been strong so if you're holding a stock that recently had great earnings and it down, don't fret. erin, sylvia, thank you very much, liz claman, over to you. liz: yeah, we got a little bit of a turnaround here, we're just about everything, but look, we're talking to crypto crash, it is turning into a bit of a crypto comeback at this hour after tailspinning 29% to the downside to $30, 200 earlier in the session and now the crypto of record is at $37, 850 still down about $5,000, but it is a comeback here. the tumble set off by chinese financial institutions issuing a not so subtle reminder that the entire country is banned from dealing in digital currenc

ies. the crypto exchange is all looking at kind of a robinhood moment a trading disaster with major delays and suspensions of trading, coinbase , gemini all having trouble keeping up with nervous crypto traders rushing to sell. we'll tackle all of this with the chief investment officer of bitwise, which just launched that first etf that's allowed to use crypto in its name, he's here in a fox business exclusive the markets are down for a third straight day but cryptos moves off the lows we'll ask our floor show traders on the moves they are making right now, and whether equities are kind of acting just as risky as cryptocurrency. the ceo of dow component honey well, undergoing a massive tectonic shift. honeywell's top dog is here to tell us how his transformation plan is taking a quantum leap and how he's aiming to sweeten the business, through software. it's a fox business exclusive, with darius, adam schick.

a lot going on folks we'll tackle it moment by moment. the breaking news at the moment the entire cryptocurrency sector is kind of suffering whiplash at this hour as we head into the final 59 minutes of trade. bitcoin, which this morning had shed more than 27% of its value, is still down about $4,837 but we're at $38, 184 after having been as low as $32000. the whole space is kind of drowning in red though. ethererum, xrp, litecoin, following bitcoin down the rabbit hole in what appears to be the most-significant liquidation in a decade for this sector. dogecoin, bitcoin cash, cardano, you know, there are a lot of these tokens here. uniswap, you can see at their worst levels, dogecoin down 24 points, bitcoin down 30%, i mean sorry 24%, uniswap losing 26% and the mass rush for the exits took an instant toll on crypto

exchanges around the world. customers trying to log on to coinbase and even those just hunting for news on the sell-off got an error message when trying to view crypto price hub, but as far as you can see on coinbase, that one had this thing that said you know what? you're now in line, thanks for your patience you had to wait to make your trades, sometimes that wait extended to about one hour long. binance to suspend all trading while gemini experienced massive volume as crypto traders look to salvage their investment s so what was the trigger here? well in a coordinated announcement, three chinese financial institutions, the national internet finance association, china banking association, and the payment clearing association of china said financial institutions, whether they're banks or anybody else, should not accept virtual currencies and may not provide exchange services between cryptos and the yuwan.

bitcoin was already banned back in 2013 in china so why the shock? first we've got the man who just launched the bitwise crypto industry innovators exchange traded fund, it took a 9% hit this morning but like the rest of the space, is scratching its way back right now. let's bring in bitwise asset management cio matt hogan. what's turning this market around right now and your etf as well? >> oh, great question, liz thanks for having me on. i think what we saw last night and early this morning was a forced deleveraging, by retail investors who had gotten in over their hugh. what we're seeing is institutions starting to come into the market and scoop up bargains in the space. you can see that if you look at the on-chain data. you're seeing exchanges that had a lot of retail activity booming this morning and now, some of that is moving over into institutional exchanges so that's what we're seeing and i think it says good things for the market. liz: tell me, because we had a

five-alarm fire in the entire space this morning on this china news. tell me what your world was like when you woke up and you saw what was happening. >> it was absolutely busy, lots of questions, but the thing about the crypto market is that we've seen this before, right? bitcoin has gone through seven 70% drawdowns since 2010. this is another significant draw down, investors who have been in this market for two, three, four or five years have seen this story before. it's part in parcel of investing in crypto. it's why it's important that investors don't put too much money to work. don't invest more than they can lose in this space but it calmed down as the market reconvened as coinbase came back online as other exchanges came back online, as u.s. institutional investors woke up, and we've seen the market stabilize from there so that's what we're see ing in the market right now. liz: can this entire space of crypto and your etf and all of these businesses that are involved in digital currencies survive without china being a

player? and when i say without being a player, really need to show that china's being rather disingenuinous here, it has developed its own crypto, cyber, you know, it's ridiculous. they want to be able to track everybody's payments so they don't want bitcoin or anyone else in there trying to do things that are more anonymous in that regard but can this space exist without china being a participant? >> absolutely it can exist, liz i mean, the important thing for investors to realize about the chinese announcement was though it was reported as new news, as you said earlier, it was just a repetition of their position that's been in place for a number of years. china has been anti-crypto for a number of years and they remain anti-crypto today. it's not surprising, anytime crypto grows in significance, anytime it sees more institutional adoption you see this kind of pushback from a number of countries around the world including china, including turkey, including india, but none of that slows

down the generalized progress that crypto is making, none of it is really limiting institutional investors coming into this market. none of it is limiting new use cases out there. none of it is limiting the fundamental developments that are driving this market forward, so can it survive without china? absolutely. liz: yeah, it already is, let's just be very clear about that. so in a way i already knew the answer to that question, good one, liz. >> right. liz: want to talk about your etf , bitq. bitq just launched a week ago and it's the first etf that the sec allowed to use the word crypto in its name and as i understand it, every company in here has to do about, what is it 75% of its business in the space itself. tell me about the companies in there, how you went about choosing them, and what kind of increase, i know its only been seven days but that you have seen over this past week. >> yeah, there's been a great reception to bitq. as you said it's the first crypto equity etf in the u.s..

it invests in pure play companies focused on the crypto market. coinbase is a great example, phenomenonal company, came to market in april, largest single holding in the fund and the leading crypto brokerage for u.s. traditional investors moving into the crypto market but there is an array of really exciting companies behind coinbase that many investors don't know. these are bitcoin mining companies, bitcoin mining equipment manufactures, banks like silvergate that exclusively or nearly exclusively serve the crypto industry. these companies are showing phenomenonal growth. just yesterday, riot reported earnings up about 700 or 800% year-over-year. these are phenomenonal growth stories. one interesting thing about this sector of the economy, this industry, is you have companies like coinbase, that are growing revenues 1,000% year-over-year, but they are already profitable. it's really rare to see that kind of growth with profitability and this etf bitq

packages them altogether in a single fund that's easy for investors to buy liz: matt, you've got to come back because i think that your tone and your message is actually really helpful to people, because we were putting this out on tiktok this morning and by the way, people were going absolutely bonkers over this because they were very worried, concerned, have i lost all my money? no this is an early stage nice entertainment industry and i think you're right and it goes without saying even for stocks, don't bet more than you can lose matt hougan, thank you we'll see you next time, okay? >> thanks for having me, absolutely. liz: i've got a question for everybody. is it pure coincidence that as cryptos cratered, so did the stock market and while still lower now the major averages are following bitcoin as it moves off the bottom. at its worst point the dow plummeted 586 points. kind of a gut punch there. we do have it down now, just 23

points, that's a big comeback. the s&p 500's loss at the worst points was down 66, and we can flip it over there and we see the s&p is now almost flat down just 1 point. can we infer that there's kind of a clear correlation between crypto and equities or is the answer simply absolutely not , inflation fears have the markets on a tight leash. to our market experts. julie, a, is there a link now between stocks and crypto movements and b is this a correction, consolidation, capitulation, what do you see here? >> i think the link is probably with retail investors, that is the commonality and that is the more emotional trader and i think that's what we've seen happening throughout the day, so i think that's what the link is. it's looking just in the pure equity markets, i think for the last few weeks we've seen investors starting to get a little nervous about inflation, and i think whether it's

capitulation or correction, it's really going to depend on the economy, and for that, we really need to have vaccination spread throughout the country so that we can reopen fully. liz: uh-huh, well, we're getting there that's for sure but on a day liked to, where right now, i knew that dow number was wrong. we're down 310 points for the dow, not 28. okay, on a day like this , what are you buying, julie? >> i think what i'm looking for are the businesses that are high-quality and that can do well even if the economy, the opening doesn't go as well as we had hoped. so businesses that have pricing power are critical in an inflationary environment. i really like old dominion. they have been able to manage price increases throughout cycles, and they are a completely differentiated business which gives me confidence in any kind of economy. i also think we're a very excited about the infrastructure spending but we don't know the outcome of that, so i'm looking at stimulus that's already been done and a lot of that is the over 300 million in

state and local government. there's a company that does software for them to help modern ize which they all learned how hard it is to work in this kind of an economy and that's tyler technologies. liz: okay, and i'm looking at a chart that's beautiful for old dominion. we've had some very smart market gurus come in and they've liked this but the way you put it forward here, as a real opportunity i find very interesting and again with the infrastructure, we're waiting to see something, and we are really wondering if we will, but in the meantime, teddy coming into today's session, the s&p and the nasdac were already looking at their worst week in six months. how much longer does this bottom ing process play out and do you see a core e regulation with that crypto fear sell-off earlier today and the markets and security at that moment. >> i would agree with your other guests in terms of the crypto it's more of a retail newly-released jerk reaction than an institutional reaction but in terms of the overall

markets liz if you go back to the middle of march, 2020 which is now just 13.5 months ago, both popular averages, the s&p and the dow, have just about doubled, so our rising tide is floated a lot of ships and the fact that we've had a couple of bad days or a couple of bad weeks, i think it's clearly a mistake to throw the baby out with the bathwater here. markets don't go straight up, and the fact is we get a little lazy, we get come complacent, when you get through a period like we've been through and its been dramatic on the upside, you're going to get pullbacks, and this is a pullback from the high, there's plenty of things to be concerned about, inflation clearly one, the interest rates and the fed what are they going to do, you've got a mixed message between the market and what the fed is saying so there's a lot to be nervous about, and we've just finished a very very good first quarter earnings

reporting period and a lot of stocks, quite frankly, did not react in a positive way. i mean, apple for best example on the other hand facebook had a great day after their earnings but a lot of stocks that reported good earnings, basically it was a big yawn, which tells me and should tell a lot of your viewers that the market and a lot of stocks are quite frankly priced to perfection as we speak, so is it the end of the world because we've sold down for a couple days or a couple of weeks? i don't think so. if anything, probably it's going to create a buying opportunity for all that cash that's still out there. liz: okay, well, julie as we finish up really quickly here, as i'm looking at those one-year charts, we're barely off the highs. look at tiny little thing after a big sort of climb up everest. is there more downside, should people wait to get in? >> yeah, i think we should be really careful and it's a time to be really select irs and focus on individual fundamentals , because i think a lot of lower-quality names have

run very far, very fast. most notably the travel names, and, you know, it's just not clear how much of that is going to come back. business travel, i'm not sure if i'm going back to all these conferences so a lot of questions about pockets of the economy, so it's time to be choosy and be careful. liz: julie biel, teddy weisberg, thank you on a very rocking day here, don't forget to check out my morning market minute because we were all over on tiktok, the overnight headlines we had the explanation, i rolled out of bed and threw on my fila t-shirt , sorry about the no makeup, and no hair but we're very busy and we've got more than 100,000 views already on this particular one where we explained everything. we are now at 199,000 followers on tiktok, so follow me on tiktok and you can get the early morning scoop. in the meantime, the rising cost of jet fuel taking a wind out of southwest sales today.

southwest raising its forecast to $1.95 a gallon and its got shares and a tailspin down, well not really tailspin, down 3.5%. cutting back its second quarter cash burn forecast that should be a good thing but right now southwest can't find lift and from jet fuel to pipeline security to pain at the pump what president biden's energy secretary jennifer granholm is saying about all of the crude headlines on capitol hill. we'll get that to you live from d.c. closing bell is ringing in 44 minutes, the dow still down 312 we're coming right back. some say this is my greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;)

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liz: well, oil did notice cape today's sell-off, after hitting a two-year high on monday, crude closed out the regular session down 3.25% to $63.36. today, we do have it in the after market session right now, down still about 3.25% to $ 63.37 so just a penny difference here, with black gold in the red, energy stocks for the sector among those seeing heaviest selling.

today, chesapeake, exxon, bp, chevron, conoco phillips at this hour all in the red with i want to say bp and exxon-mobile and conoco, well, and chevron, chevron and con conoco down more than 3% a piece, the others down about 2%. this all with the back drop of energy secretary jennifer granholm giving testimony on capitol hill as she faced questions over president biden's axing of the keystone pipeline, 19 states urging the president to reconsider. let's get to hillary vaughn on capitol hill, and you want to talk about a back drop, the back drop is the colonial pipeline going down. reporter: liz, that's exactly right. secretary granholm testifying this morning on capitol hill expecting to be asked a lot about the budget for next year that she's requesting for her department but instead, she got peppered with a lot of questions about pipelines, from the colonial pipeline hack to the keystone xl pipeline, getting axed. >> did the administration cancel the pipeline because of

politics, because it was clearly not for climate benefits because it's going to increase climate, it's going to increase emissions >> no it canceled them and the president made this commitment because he believed that there are other ways to go, especially in promoting clean energy and -- >> but you said that the pipe is the cleanest way the safest way to move fuel. reporter: secretary granholm is now walking back that comment that she made last week, that the pipe is the best way to transport fuel, clarifying today that she said that because of the particular location of the colonial pipeline, but other lawmakers pressed granholm on the science behind blacklisting entire industries like coal. >> it appears to me that this administration is willing to make sacrificial lambs out of coal miners, pipeliners, gas workers, just to fit his

political and liberal ideology. >> there is a $23 trillion market where products that reduce co 2 emissions, west virginia can be at the front and center of that. reporter: she was also asked, liz, about another pipeline, the nord stream 2 pipeline that fox business has learned the biden administration is planning to wave sanctions associated with that project, meaning russia can build their pipeline to germany and they were asked or she was asked today, why the 180 from the biden administration over pipelines, letting russia move forward with there's but not the keystone xl pipeline here. she said she was not briefed exactly on why they made that decision. liz? liz: hillary vaughn, thank you very much. casinos on the comeback trail. what they are doing to get you to roll the dice on gambling and live entertainment once again and we'll get you a live report

right there from inside foxwoods , in connecticut closing bell ringing in 36.5 minutes the "claman countdown" is coming right back.

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liz: a fox business alert and this is not an easy feet on a day like this. target is hitting a bullseye in today's pop stocks you got to look for names that are in the green at this hour, but the big box retailer bucking today's sell-off in a big way up 5% on surging sales in a positive forecast. same-store sales more than doubling estimates rising nearly 23% in the first quarter. target also predicts sales growth right through the end of the year, and that's got investors going on a shopping spree, for shares of target. take two interactive also in the s&p's winner circle at this hour after beating earnings and revenue estimates the redemption and into nba 2k

maker lighting up gamers with plans to launch 62 games including 20 free mobile titles by 2024. if that weren't enough take two is also teasing a temporarily free standalone version of grand theft auto online for playstation 5 players that'll debut in the second half of the year. shares right now up 6 1/3% for p 2 and china reeking havoc not just in the crypto land but in tesla territory, disappointing data out of china jabbing elon musk's empire to the tune of about 2.8% registrations of china produced tesla models falling more than 22000 units from march-to-april, and overall sales of tesla cars dropped by more than 9,500 vehicles during the same period. now, the china tesla rep on we chat attributed the drop to a two week adjustment to an assembly line so if you believe that you might see a

current quarter comeback. lumber showing its metal for a second straight day, lumber products flying off the shelves at lowe's as shortages and inflation continue to boost prices in sales figures. shares of the home improvement chain taking hits today though, down about 2% with home depot down 1.25%, listen at lowe's sales growth continue to rival home depot, you know, as watcher s weigh the potential revenue impact of the end of the at-home movement, although i would believe everyone is now planting, because there are lines to get into home depot and lowe's right now. shares of online and mobile gaming stocks taking a beats draft kings clipped by a couple percentage points on follow through from the news yesterday, that florida republicans delayed the launch of sports betting in the state until october, so draft kings is down about 3%. skills down 7% getting smacked on a shareholder lawsuit claiming the company overstated its growth in the android

markets. that still has to play out but pen national gaming getting caught in the downdraft down about 2%. from online to in the flash gambling, that has now dropped. the mask mandates in connecticut , one casino though is holding out, lydia hu is at foxwoods casino but it's still a great day there, right? reporter: you know, liz, everyone whose here is having a pretty good time, you can probably see the table games behind me because they are pretty full for a wednesday. the casino is dropping most of its covid restrictions, no more social distancing, getting rid of most of the limits on capacity, no more plexiglass and the masks are staying even though the state of connecticut is getting rid of the mask mandate for vaccinated people indoors and i had a chance to ask the ceo why keep the masks since the state is getting rid of the requirements. listen. >> we're caught a little bit off guard by the cdc guidance and we've been following that guidance since we've entered the

pandemic. we don't want to rush out of this. we want to make sure we're protecting our guests and our patrons, and so we decided not to lift as of today, but i think within the next week, you'll see some guidance change from a foxwoods perspective. reporter: and the ceo says that he hopes that they will get rid of the mask mandate for vaccinated customers and patrons within the next week like he says and he hopes that translates into more business for the casino really important to look out for because at the start of the pandemic a lot of the casino operator shares took a nose dive in the beginning but over the past year they've made a rebound coming back to at least near their pre-pandemic levels if not exceeding them. take a lack at this , liz. las vegas sand adding about 15% over a year ago, mgm up 155, caesars up 234, you know, industry experts are taking a look at this and really saying that investors are seeing vaccine rollout and the continuing opening, reopening of the economy, they

hope that it's going to translate into more foot traffic into the casinos in las vegas and of course the people here at foxwoods hope that happens here too, certainly seems like that is happening here on this busy wednesday. back to you. liz: throw a quarter in one of the slot machines for me. that's how old i am, lidia. that's how long its been since i've actually ever played that, you can't just put a coin in any more. reporter: it seems like they take debit cards now. liz: yeah, i know, i know, lidia , thank you very much. honeywell pulling off a transformation for the ages, and the dow blue chip is not done yet, in a rare interview honeywell ceo is here as he brings this high-tech futuristic plan to his investors. he is sharing it with you, right here in a fox business exclusive , and wait until you see what that plan has done for the stock. closing bell ringing in 27 minutes, the dow still struggl

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liz: we got this fox business alert, moments ago coinbase, the huge exchange where a lot of people trade cryptocurrency just addressed on its blog its recent capital raise saying it believes it is prudent to further strengthen the company's balance sheet and coinbase went on to say it'll have the ability to access additional capital on an opportunistic basis but right now coinbase is still struggling down about 6.5% to $223.40 getting really crushed in the entire crypto sell-off that we have experienced today, and are still going through. let's get to the dow component that is having a banner year, honeywell, nearly doubling the gains of its index it

resides in jumping 69%. could that be because the biggest industrial conglomerate by market cap is rapidly making a tectonic shift into software. the aerospace and industrial giant right now also hosting its annual tech summit, honeywell beyond, showcasing all new tech across various businesses, energy, aerospace and real estate divisions. the bet seems to be paying off, the stock as i mentioned up about 68% over the past 52 weeks and honeywell reentered the dow jones industrial the dow 30 for the second time in its history just back in 2020 the man behind the big moves at a fox business exclusive honeywell ceo, darius adam chick. welcome to the show, you've been so busy putting this together, that you've kept a low profile so we appreciate this rare interview of yours. tell me about the tech summit and the number one message that you're getting out there to the world and to investors about

honeywell. >> well, liz, thank you so much for having me on the show, and it's probably overdue, but you know, in terms of tech summit, i think maybe reinforcing something that many of our investors, a lot of our customer s already knew which is honeywell has been and now even moreso is a technology company that happens to provide technology solutions to the industrial segment. somehow, we get lumped into the industrials, but in fact we're a little bit of a different type of industrial, we're a technology company that provides solutions and we're extraordinarily proud to have a chance to talk to our customers about some of our latest and greatest technologies ranging from aerospace segment to warehouse automation, to industrial safety and all of the various industries that we play in. liz: but those things sound and you're best-in-class there but they sound very sort of old- school industrial. i remember the honeywell of the

past that made the dashboard for the space shuttle. you guys had the thermostat business which you exited. now, as you talk about exactly what you're doing in this new tech space, it's software. what is the software that you are putting together going to be able to do for customers and other businesses out there? >> well i think it's the evolution of the company. when i took over for dave cody, who obviously did a great job running the company for many many years i got a lot of advice to just keep doing what he's been doing and run the same play book, and i knew if we wanted to move from being a good company to a great company, we needed to sort of have the next evolution and the next playbook. if there's a common thread throughout honeywell, it's that we are control/systems company, so whether it's controlling an aircraft controlling a warehouse, controlling an industrial facility, we are essentially, that is the common thread and when you control

things, when you control the expertise, you have to be connected to the full systems out there, so all the component, all the sensors, in a building, in an aircraft in an industrial facility, a warehouse, and we use that data to control and keep things within operational limits, but what's different, and this sort of came to us in the 16-17 timeframe which is well we could use that data to do a lot of other things so which is save energy, drive efficiency, promote proficiency, industrial worker safety. those are just some of the things that we do differently using that data, while leveraging the expertise that we already had in control, so we really had five years ago more software engineers than any other type corps of engineers but now we've transformed using that data differently and creating different value propositions for our end

customers. liz: well, yeah, and you can monetize it when you look at pure play software companies out there, salesforce or sap, their margins tend to be a lot higher so i think it's a very smart evolution that you're tackling here. very important though to note that when you talk about what you're doing here, you moved your home base from the new york stock exchange to the nasdac. barrons, our cousin here, news corporation and fox media, is saying that that was a perception, because of course nasdac is the tech-heavy index but also as you move there and you're putting together this new profile of the company, tell me exactly who you see as your next big customer so that that profile there. >> well a lot of our customers, our next customer is our current customers, for most of our segments, but then in some of our newest and maybe more

innovative technology, the one that comes to mind is quantum computing, because we believe we currently have the world's most powerful quantum computing, and that's not really my opinion, that's an opinion of a lot of our customers. that customer set opens dramatically, so it could be anybody from the financial service industries, sort of the classic customers we serve in industrials, the freight and logistics companies, it's solving the most complex problem that can't be solved through standard computers, so that really opens up just about anybody to be our customer, so we have a segment of our strategy which i described which is kind of sells into our current customer base, and then a lot of our breakthrough technologies, like quantum computer, were really opening up the aperture in terms of the kind of customers that we hope to capture. liz: and then there's the sustainability part of your business.

i find it fascinating what you're doing and i want our viewers to know this because you guys have created an energy efficient refridge rant, you've got a whole foods deal called so lstice as i understand it and energy storage and the atmosphereic water device you're putting together that squeezes water simply from the air. that is not yet there at the moment but how do you foresee something like that fitting into or at least any of these products that you're putting together into what expected to be an administration that's looking for green greener infrastructure opportunities. >> yeah, this is maybe the thing that most people don't understand about honeywell is that more than 50% of our r & d spend is targeted for esg- oriented solutions, and sustainability is something that we have a multitude of solutions , and i'll just give you a couple of specifics. as we look at our sustainability technology solutions business,

its really been created to help our current customer sets in the energy industry transform from who they are today to who they maybe in the future which is going to be a world that's much more renewable space, less hide rail entitlement carbon intensive and we have a lot of those technologies available today whether it's carbon capture, whether it's production . plans for the long term, and plans for a long weekend. assets you allocate, and ones you hold tight. at thrivent, we believe money is a tool, not a goal. and with the right guidance, you can get the financial clarity you need, and live a life rich in meaning, and gratitude. to learn more, text thrive to 444555, or visit thrivent.com. sure, about this? experience capability, crafted by lexus. we're good. the remarkable gx and lx.

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liz: look at this , the dust still has not settled yet on the at&t/discovery deal we've got at&t falling another 2.25%, discovery down 1%. what is ahead for at&t's ceo john stankey, who charlie gasparino is continuing to come under fire for not so much making this deal with discovery, but for having fumbled with

warner media in the first place. charlie: right and being part of like a decade-long fumble at at&t, so it's really interesting about his future. i've been talking with some of the people close to elliott management, as you know had a massive stake in the company, it still has from what i understand a small stake and it mesa came you late a bigger stake going forward because it does like what's going on right now, with the company in terms of selling all the assets that elliott believed was a drag on the stock , but i've been talking to people close to elliott and it's interesting what they have to say. first off they're telling me that again, they like the stock. they are saying that it's possible they get back into it at some point in a major way. they've sold, they still own a small stake and they will obviously own a small stake by virtue of their holdings in at&t in the new company, the discovery timewarner matchup , but what they are telling me is people close to

them are telling me they like stankey, at the think he did a good job but they can see further transformation in the new company and watt do i mean by further transformation? again, they don't have that active stake right now where they can prod stuff. they may accumulate it but what i'm hearing from people close to them is they may want a spin-off of some of the assets in that new company, in that discovery/ timewarner company, that don't fit with streaming, and that's the strategy going forward, will obviously be streaming, and david zaslov the new ceo would have to do. what wouldn't fit with streaming , well you guessed it, it's the cable properties, cnn and some of the turner properties programs, don't really go in terms of streaming, so, you know, we've talked about this last year, liz, you and i, we broke the story on fox business that there was talk

about spinning off cnn, trying to sell it. they didn't just sell cnn, they sold everything, so our buddy had a good nose on this , but that may come back, depending on how well it sort of fits in the strategy and whether they can make it work as something separate because streaming is where they are going. now, does elliott press that button to make them do that or another activist investor? who knows elliott would have to accumulate more shares and get back in the game in a major way they sold most of their stake and still own a small stake from what i understand right now, but they are watching , and they are waiting, and they are plotting from what i understand. they are involved in this thing, watching it from an investor standpoint, even though they are a smaller investor, so a couple things that you could see going forward is yes, a spin-off of cnn, timewarner, but i was shock ed to hear people close to them say that they like stankey now because john stankey

was there every step of the way with randall stephenson, and stankey's just so you know, rationale was that randall was the ceo, he wanted to empire- build. i was his number two and i was just trying to help him out, so there you go. maybe it's working with investor , maybe not. [laughter] you look shocked. you look shocked why is that, liz? liz: [laughter] i'm thinking okay, that's an interesting way to look at it charlie, thank you, we are coming right back. ♪ ♪ (upbeat music) ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

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visit paycom.com for a free demo. ♪. liz: we were just telling you yesterday, investors were takenning money off the crypto table and putting it in many cases right into gold and this morning you can see from the earlier chart here gold did exactly that as bitcoin plummeted.

gold was up $15 earlier. right now it is up about $2.50 but our "countdown" closer is riding the commodities train, in particular the metals train. you got to tell me why because we're seeing a little bit of a pullback. gold could not hold on to the gains and the fed came out and there is a little bit of tapering talk at the moment. >> absolutely. gold is a great inflation hedge but the metals we particularly like are the industrial metals. things like copper, nickel, aluminum. we think we're in the early stages of what is a multiyear super cycle of commodities. remember for the last 10 years commodities have been, had negative returns, negative absolute negative returns. we're starting a new cycle. but they're probably due for a little bit of a pull back but we would use the opportunity for any weakness in the space to add

exposure. liz: do you have particular names we like because freeport-mcmoran is not having a great day today but to me this is a great copper name, right? >> freeport is obviously one of those with great exposure to copper. if you want to diversify your risk one of the ways we have done it through etfs. you can invest in the metals directly or invest in the miners. one particular etf we like at the firm, is pick. this gives you broad, diversified exposure to that sector. liz: i like it you're not buying it at the highs of the year certainly but tell me what you think happened with crypto today? we have about 30 seconds left. >> look, crypto, specifically bitcoin, some of the other, they were definitely trading in bubble-like territory, right? this is not strange. this should not be unexpected. remember that old saying, when people that are not involved in the market start asking you about an sasse set class

usually -- asset class usually it is time to get out. liz: ahmed, come back. he has 10 billion in assets under management. [closing bell rings] liz: dow jones is fast moving off the lows, down 166 after having lost 586. that will do it for us here on "the claman countdown" on a wild day. don't go away. "kudlow" is next. ♪. larry: hello, everyone, welcome back to "kudlow." i'm larry kudlow. great to be here. so it was a time in american politics really stretching all the way back i think to harry truman when political and financial leaders in the. >> >> community were staunch supporters of the democratic party, especially the national democratic party in presidential elections and this was principally because of solid democratic support for