that's what's going to take us higher. charles: all right, eddie, love your conviction and your precise knowledge of this stuff. it really helps a lot because after all we are in this to try to make money appreciate you my friend. in the meanwhile, folks we got the show the market was a little weak and i've got to tell you to land it over to liz claman, we're building some momentum into the last hour of trading. over to you, liz. liz: i've got to tell you something really quick, charles. honest stock all of those upgrades and all of those new calls on that stock, we're going to tell you who three of them came from, and this is something investors really need to know. we're going to reveal it because you've got to know this stuff. educated investor that's what charles and i love to do. meme stocks on the move this first trading day of june we do have green on the screen for the markets as the dow, s&p are sitting within points of new record highs. the nasdac having a very nice day up 19 points at the moment,

oil pitching a ride on the equity wagon, folks gushing to its highest price since 2018 this is the after market, $ 68 a barrel but this meme stock mania has amc shares going sky high and not just on stock screens but look at this picture. over the skies of south beach, where all of the wall streeters are moving and buying second homes, that picture comes courtesy of charlie gasparino. he's down there so we said do you know what? sorry charlie we're dragging you off the beach from your vacation , charlie gasparino is going to join us and our floor show traders, so all of us can assess the situation and power investors through the dangers of chasing the reddit crowd on amc, game stop and more, yeah, that's charlie's feet right there, on the beach we're pulling him off to do this. shares of fintech trend leaders just began trading publicly on the nasdac at the open and jpmorgan chase ceo jamie dimon couldn't have given a better

endorsement of the stock when he warned that companies like fintech, financial technology, are an enormous threat to the old school banking giants, like sofi, like his, rather. ceo anthony noto is here live and his reaction to that and why he believes sofi is changing the entire sort of genetic sequence of consumer finance, trading and banking and ditch the masks and breakout the lipstick. the elf beauty ceo is here live to tell us why the beauty bounce back will mean big bucks to his bottom line, and we should get you this breaking news right now. president biden is in tulsa, oklahoma, commemorating the 100th anniversary of the tulsa massacre and the horror of black wall street burning to the ground. in the next hour, he will be right there to deliver a speech on his plan to narrow the racial wealth gap. we're live at the white house with the details, and live in tulsa with the pictures of this historic day. but first we got to begin with breaking news of what could be

the quickest share flip in years what are we talking about here? well, it appears that budrick capital has exited meme stock amc. what does this mean? well, meme stock favorite zoom to the moon at the open jumping 20% on news as the theatre chain had raised $230 million by selling 8.5 million shares to an outfit called mudrick capital at $27.12 a piece, and now you can see this intraday picture. right now, amc is up 22%, but this afternoon comes a report that mudrick capital has already sold those shares clearly at a premium considering the stock went as high as , well more than this , really, 32 and change we're at 32.12 right now, so we're pretty much right there at the highs of the session. either way, ceo adam aaron has succeeded in yet another capital raise. the cash from which he indicates will be used to go back on the

offensive, even considering picking up distressed assets of theatre chain ark light which does not survive the pandemic. aaron has been embracing this wall street bets crowd the retail investors who have pushed the stock up more than 1,300% so far this year, successfully squashing short sellers who have bet against amc while analysts warn this is a dangerous game for ceos to play, last week in a "claman countdown" exclusive, i max ceo praised aaron's strategy. listen. >> the way the meme movement made him the champion, we are the champions and they're carrying adam on their shoulders so other ceo's would say look i don't know if this is real, i'm not going to play it. adam has played right into it and as stock prices soared and i'm happy for him as his partner and i think it just helps the whole industry. liz: not all of the meme stocks are rallying along with amc. take a look at newcomer beyond

meat. beyond meat is struggling just a bit here down about 5.8%. maybe the whole meme crowd hasn't gotten the meal o on this one but let's get straight to our floor though traders scott redler and larry shovers. there's no doubt when the wall street bets crowd the reddit levels, when they ban together, they can move these stocks, but what danger do you see in chasing the reddit crowd? >> well, you know me, liz, there's always a time and place for every asset class. there's a time and a place for these stocks sometimes they are setup well technically some times they've just had a big move. if you'd asked me in february after amc hit that high of 20, well would amc ever see 20 again in 2021 i would have said absolutely not but that was an opinion. that's why opinions can get you in trouble, and that's why short s get their tushie squeezed off if they have an opinion and a plan.

recently last week those stocks were perfectly setup. amc cleared 15 technically, a great trade to 35-plus and yes in february, i wouldn't have touched it. last week i was in the $15 calls and made over 400%, so right now , what i'm doing is i bought two call spreads for gme. just in case gme tries to take out that 485 high from last january, which seems like it's crazy to happen, i think it might. if it happens in the next two weeks and if you buy the 350 by 450 calls, you can make nine times on your money but it's defined. you're not risking, the sky is the limit. you're buying a set of calls, the call spread and i also put on a set of calls for july just in case it takes longer, i put on a 450 by 600 that can make 10 times, so when i play these crazy stocks i like risk-defined i think gme has a move like amc just had and you can get paid using options and risk is defined. liz: you know, the point is though, do retail investors who

really don't know how to play this game, get trampoline belled in some cases and i'm talking about not the meme stock crowd but people who think oh, i can hitch a ride on the back of them and larry, you've got mudrick capital. this is not a stranger. this outfit is not a stranger in any way, shape, or form to amc stock. in fact, as i was reading this they had bought about $100 million in secured bonds in the past, so they understand this company. here, they buy 8.5 million shares, recently at 27.12 and suddenly, according to bloomberg , they have exited this entire stake. now, to me, that is worrisome because suddenly, you start to see a big spike in shares, we're at 31.95 right now. it's their way of making money, sure but there isn't a pump but is there a dump? is this why people need to be really cautious? >> well i think people always need to be cautious, because it's not investing. it's speculating, and at the end

of the day, the one person holding the cards and everybody else is left to guess. we have to remember that no matter whether it's game stop, amc, or even one of the blue chips, markets move from squeeze -to-squeeze and most squeezes are small. game stop amc were big but we relied on technology ever since the beginning of time, from the stock ticker, telegraph, cable, telephone, now the internet, and so yeah. it's a powerful force, so make no mistake about it, it will come to an end at some point and it's always a little guy that gets, you know, left holding the bag, especially what happened, you know, perhaps six months, so it's an abstract belief system that we have. we hear something, we believe it and it's not until much later that we actually vet it or wonder like well is what i did right? if i listen to somebody on tv or on reddit so it's a combination of those things but i find it deeply fascinating. liz: well here is fascinating,

guys. take a look at what charlie gasparino sent us. he's in miami beach. he's taking a lead on the amc story attracting all kinds of attention from the reddit apes, as they call themselves so we said let's interrupt charlie's miami beach vacation and the story is following charlie. charlie yesterday was on the beach and a plane flies by with a sky banner that says amc, we love the stock. to charlie gasparino, whose been kind enough to stop what he's doing which i'm sure is reading the wall street journal and studying up and not playing on the beach and drinking, you know , mai tai's with umbrellas but charlie what do you make of this? charlie: [laughter] you know, i really love you. only if i didn't love you so much i would not be doing this hit right now i just want you to know that, and i love this story, but you know, listen what do i make of this? it is the most bizarre story, i mean listen, in a couple years

it's bizarre stuff this is like one of those , you know, sort of real bizarre moments. let's pack this a little bit. the ceo of amc, adam aaron, who i actually like, and i've had a decent dialogue, says he wants to get to know his new investors , all of the reddit crowd, the apes, or growers as they call themselves. some of the least sophisticated investors out there, some of them are, you know, completely obnoxious on twitter so he's getting to know them. as he tells me he's getting to know them, he's planning to dilute them, which is what he does today, and as he dilutes them to a hedge fund that has cashed out of the stock on the backs of the reddit apes in the past, we should point out that mudrick capital has done this in the past, mudrick they do a refinancing and he dilutes them to mudrick and then mudrick capital turns around and sells all of the stock, at a premium, because the apes came in and

kept bidding it up after they were diluted. it defies rational explanation. i mean, listen. my view is i would stay away from this stock only because there is a cult that's following this , and you know, the cult is very bizarre, and negatives are positives, positives are negatives, and i mean, you see some of the comments that are made here, and i would just refer, and by the way it doesn't mean the stock can't keep going up i don't know if it can. i just think you probably save some money and maybe sleep a little lighter if you just buy an s&p 500 fund and just play the mark etiquettes in a diversified way that are going up. liz: how about the airplane, charlie? charlie: well, my view, my view, that airplane was, i tweeted out that i was here and everything. that airplane was there to send a message to me, but i will make

one more comment here, liz. liz: [laughter] okay. charlie: jim chano said it best. why are the insiders, the management, like mr. aron, why are they not net buyers of stock at these levels? why are the insiders selling stock at these levels? why did the chairman -- liz: well not adam. charlie: why aren't they buying? why is aron adam not buying and you'd think if he had conviction he'd be buying and the reason why they're not buying if you read some of the details on the financial disclosures that they put out today, he all but admits that the stock is over valued so just words of caution out there on this thing. i mean, listen. no one wants to see amc go out of business let's be real clear here. people are saying you want to destroy amc and no, i want businesses that employ people, but the reality, do you think amc is a $12 billion

company? i mean -- liz: 16, honey it's at 16 billion right now if that's what it be the enterprise value at 27.12. charlie we gotta run, but -- charlie: go for it. liz: i know you do too. go get me a mojito, extra mint, light on the rum. charlie: you got it. liz: thank you so much for interrupting your vacation, charlie. by the way, we were up very early pounding the table on the amc story to get you ready in my morning market minutes on tiktok. we now have an early bird crowd of 20 6,000 followers checking in each morning for all of the overnight business news headlines why don't you join us follow me on tiktok at red fox liz. okay, we need to get to tulsa. president biden honoring the memory of the thousands of black americans who lost their homes and businesses 100 years ago in the tulsa massacre. a disgraceful chapter in history , where white residents attacked the greenwood area known as black wall street

killing them and burning buildings to the ground. in the next hour the president will speak on closing the racial wealth gap. blake burman is live at the white house with more on the administration's plan, blake reporter: hi there, liz. you just saw the president as you mentioned on the ground in tulsa, oklahoma and we will hear from him shortly. this is going to be a somber visit for the president, and it will also be a visit in which he rolls out some initiatives. let me read to you what the president said in the lead- into this trip earlier today. "100 years ago the thriving black community of greenwood in tulsa, oklahoma was attacked by a white supremacist mob as many as 300 black americans were killed and 10,000 were left homeless. today i'm visiting the greenwood cultural center and meeting with survivors." you just saw a few seconds of it there. senior administration officials also said the president's announcements today will help narrow the racial wealth gap. that includes, they say, using federal purchasing power to grow federal contracts with small disadvantaged businesses, by 50% they project that will translate

to some $100 billion over five years. should, which is housing and urban development will also be publishing two fair housing rules and the administration intends to address disparities when it comes to home appraisal so the president there on the ground in oklahoma, liz will be back to the white house later this evening and it's a pretty big day tomorrow as well because the white house says that there's going to be a meeting between the president and the top republican negotiator in the senate on infrastructure. we'll get a better look potentially a better view at how those talks could play out tomorrow. liz? liz: over and over again. talking infrastructure, let's see if we can get some action thank you very much, blake. fintech flexing its muscle into the close, ledgends online shopping lender making bank of america a believer. bac upgrading a firm shares to a buy saying its growth prospects are under valued. well that's enough for a 2% jump in the stock to $62.09.

also, this as sof i'm unleashes a new spac attack on the public markets from giving the non-wall street crowd a chance to invest in ipo's to the enormous breadth , jamie dimon says, fintech super stars are unleash ing against the biggest names like his in finance. we've got the sofi ceo, anthony nodo about it all live next, closing bell ringing in 45 minutes we're just beginning to rock and roll. nobody builds 5g like verizon builds 5g because we're the engineers who built the most reliable network in america. thousands of smarter towers, with the 5g coverage you need. broader spectrum for faster 5g speeds. next-generation servers with superior network reliability. because the more you do with 5g, the more your network matters. it's us...pushing us. it's verizon...vs verizon. and who wins? you. nicorette knows, quitting smoking is freaking hard.

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liz: an icy wind has kind of blown over the sizzling hot but saturated staff market in just the past two months while 330 spacs have been announced this year and by the way that far surpasses last year's mark of 248, some 90% are now trading below their $10 unit price, but that has not stopped the man known as the spac king from bringing his fifth spac to market today. the canadian venture capitalist has made deals to take virgin galactic, clover held, open door technologies public but his latest for ey has wall street a bit uneasy. sofi began as a company that helped students refinance their college loans but now does

everything from cryptocurrency investing to personal loans to opening the world of ipo invest ing, to the rest of us. not just for wall street. here on so friday's first day of trade with about 40 minutes left until his first closing bell is sofi ceo, anthony noto. dare i say look your stock is up 8 1/3% right now, but dare i i say it yours is a blue chip spac merger making bank came in with revenues of 216 million in first quarter, up 151% from a growing and passionate customer base. what do you want to tell our audience here of investors? you know? on the new beginning as a public company. >> well, liz, thank you for having me on today. you know, i think we just want to continue to make sure we're communicating the value proposition that sofi brings to the people, and that's one stop shop, for all of their financial needs. we want to build a lifetime relationship so we're there for every one of their major financial decisions so they make the best decision for

their financial lives, and then all of the days in between. so we're the one place you can come for all your financial needs all on a digital mobile device. we offer student loans, student loan refinancing, personal loans , mortgages, we also as you mentioned investing, single stocks without commissions. we pioneered fractional sharers and we also have sofi rob o accounts and cryptocurrency all on one platform, not to mention the sofi credit card which is a way to reduce your debt by earning reward points that you can then apply to any debt you have with us or sofi invest, and then last, you can do your direct deposit into sofi money, pay your bills, pay friends and save and spend with your debit card or with the phone itself so complete one stop shop for all your financial needs with low fees or no fees in most cases. liz: talk to me, anthony, about your subscription numbers and the customer numbers and the pace at which they are coming to you. this particular current quarter how does it compare to previous

quarters? >> inq 1, which we announced for 2021, it was our 7th consecutive quarter of faster year-over-year growth. we grew our member base 110% year-over-year to 2.2 million members. many of our members are using a second or third product so we also disclosed the number of products that we have which has now reached about 3.2 million and that was up even faster at 150% year-over-year, and we're benefiting from increased awareness of the platform, and increased availability of our products. we're seeing really strong trends both in the member base, the number of products per- member translating to strong revenue growth and another quarter of positive ebitda in q 1. liz: listen i've got to tell you and this is not a surprise to you. you are stepping on the air hose of some of the biggest financial names, and jamie dimon of jpmorgan as much assad mitted that saying that you guys represent, you, specifically, but also everybody else, in

fintech, represent an enormous threat to old school banking, and i was thinking about that and i thought no way, until my daughter whose 19 got a job this summer and she said mom, how should i be signing up for , and i thought do i put her with my bank and i thought wait a minute. she might be a candidate for sofi, and that immediately made me think how is this possible? jamie is right. you guys are a threat. what is your reaction to that? >> well first of all thank you for advocating for sofi. that makes my heart warm, so, we really appreciate it. liz: haven't done it yet, but -- >> you know, we're trying to create best of breed products on their own. we want them to be best-in-class and sort of the value proposition we serve to our members so we build trust and reliability with them, so when they want a second product they choose us and part of our strategy is being there for every one of those major decisions and when that happens they do choose us it increases their revenue per- member that we generate and

the profits per-member and ultimately we'll win because we have the best lifetime value through that strategy that we call the financial services productivity loop and we can re invest that higher lifetime value in better prices, better interest rates, better services. we provide free certified financial planners and free career advice. liz: so if i cost compared the loans that you guys make with other lindsey graham lender s you're going to come out as a better deal for me? >> we want to be the best across selection, fast, constant , convenience, and that does include price, and we're constantly working hard to improve our unit economics so we can give that value back to our members in better services and better value proposition. liz: well, your stock looks healthy right now up 9% as you've been speaking, anthony noto of sofi, we are coming right back dow is up 66. ♪♪

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liz: we're getting this breaking news, crypto people, listen up. coinbase has just announced the dogecoin that meme coin is launching on coinbase pro. now here is what we need to tell you. coinbase at the moment is up about 1.9%, very volatile at the moment is the dogecoin price, the cryptocurrency exchange is saying it will immediately begin accepting inbound transfers of d oge to coinbase pro. now doge is not available on coinbase.com or via the consumer mobile app but doge had been up around $0.30 and then it moved to $0.32 so we're at $0.32 for dogecoin that's a gain of up 4.7%. fox business alert plans to go private, okay? we just talked about going public for sofi. this one going private taking one tech stock sky high in today 's pop stocks, cloudera going private in a $5.3 billion deal with kkr and clayton. the cloud data analytics firm agreeing to a $16 a share price

tag, which represents a 24% premium for investors, as of last friday's close. shares right now, not quite there yet. we're about $0.07 away at $15.93 it's a gain of 23%. amd supercharging fans with the unveil of its newest gaming chips and an electrifying relationship with elon musk's ev empire. we've got the semiconductor star taking aim at nvidia showcasing three new gaming chips with enhanced speeds and graphic s the announcement kind of overshadowing nvidia's gaming chip launch and nvidia is seeing a slight gain of a third of a percent but amd is up 1.25% after additionally confirming its chips are also feeling tesla 's model s and x infotainment systems. tesla though, hitting some speed bumps after ceo elon musk announced the fifth price hike in the tesla model y over just the past few months. the stock is down about half a percent, musk blaming "major

supply chain price pressures, industry-wide and raw materials rising prices as well ." tesla shares stand at $622.62. an honest read or a case of underwriters fawning over a stock. the honest company, rising 4.25% intraday after a slew of bullish calls, including jpmorgan, jefferies, and morgan stanley. we keep in mind for all of you, we did a little digging, all of these names were underwriters of the jessica alba backed startups ipo meaning they made money off the ipo because they were underwriting the whole process the buy calling still sending shares back above their ipo price of $16, the share stands at $16.45. university of virginia beating maryland yesterday, to win its seventh ncaa men's lacrosse title and its second in a row.

now, why are we talking about lacrosse? well guess what? nearly all of the college athletes playing in that game will never earn a penny for their exploits on the field. now, a new bill proposed by senators bernie sanders and chris murphy are looking to change the laws, allowing athletes the right to unionize and collectively bargain. protect them, right? hillary vaughn is on the campus of montgomery college in maryland, hillary does this bill even have a chance to pass? reporter: well, liz, right now, there are no republicans even signing on to senator bernie sanders' bill that would essentially lead to a big labor takeover of college sports but it is putting pressure on the national collegiate athletic association the ncaa to reform its rules that prevent athletes from profiting off themselves while in college. the ncaa saying this about the bill. "we will continue to work with members of congress to focus on issues that align with our

priorities, but turning student athletes into union employees is not the answer. college athletes are not paid right now, but many of them get scholarships, but they are prevented from making money on the side. " a former tennis player at university of massachusetts at amhurst tells me the restriction s on making money off of their name, image and likeness, nil, are way too strict. >> nil goes so beyond just doing sponsored posts for instagram. for instance, when i was in college i couldn't teach tennis in the summertime. that's against nil, which is crazy but i could make money doing that and that doesn't require me to have tons of instagram followers. reporter: a former assistant wrestling coach at university of ohio tells me he does think that college athletes do need some type of representation, but does not think that unions are the answer. >> i think you're going to have issues with state laws and

things as far as public and private schools, with athletes unionizing into a paid employee- type of relationship. i think right now, my opinion, is we need to focus on the name, image, likeness aspect, letting college athletes have the same rights as all college students and there's nothing wrong with having a representative. reporter: liz, back to you. liz: thank you very much, hillary vaughn, all right, we're watching everything very closely here, but particularly, we do have the reopening trade putting abbot labs to the test. the stock is moving lower on a weak forecast demand for its covid-19 tests sinking as the u.s. records fewer than 6,000 new daily cases total for the first time since the pandemic began, back in march of 2020. abbott shares right now down 9%, but no one happier about the pandemic coming to an end than the ceo of cosmetic giant

elf. shares already surging year-over-year but could the action just be getting started for the beauty titan, as people leave their masks at home and put on makeup? and yes, work on their skin, uh-huh. elf ceo is here on his plan to cash in on the reopening movement, closing bell ringing in 24 minutes. we do have the dow up 27 points but the s&p and nasdac have just converted to the downside. we're going to look into that when we come back. this isn't just freight. these aren't just shipments. they're promises. promises of all shapes and sizes. each with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does.

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sells face masks of a different variety along with a number of beauty and skincare products is poised to benefit from the re bound in lipstick buys. the one year stock chart is a thing of beauty certainly, up 67 %. elf beauty ceo tarang amin is joining us now and tarang forgive me this is what annoyed me for the past year among other things but you take the mask off and you're stuck with a whole bunch of smeared lipstick, which made me think why am i wasting my lipstick here, some of these are $6, $10, you know, so i just stopped wearing it, it was just ridiculous to waste the money, and now, things are changing. tell me what you are expecting, now that the mask guidelines are much more relaxed. >> well, certainly, i think the pandemic was really tough on the cosmetics category. we were one of the few exceptions. we just posted our ninth consecutive quarter of growth, our fourth quarter was up 24%, so we definitely bucked the

trend but we're so excited to see kind of the resumption of normalcy as people are able to go about their normal lives we're definitely seeing a surge in the cosmetics category and given our strength, we can really benefit we feel. liz: well, s&p global is reporting that about 42% of conference calls and i bring this up, but 42% of conference calls held by s&p firms have mentioned the term "supply chain " probably followed by pressures, et cetera, from january 1-may 31 period. you're ramping up production, i would imagine, to meet the demand that is now increasing, what are you seeing for your supply chain and your materials costs? >> well we have have a great supply chain first of all. in our industry we have the best combination of cost, quality and speed in our space, and it really allows us to bring the best of beauty at these incredible prices, but like all companies, definitely seeing an imbalance in containers globally and so it is causing

some pressures not only in availability but also in cost. but you know, i'd say global imbalances tend to balance out so we're still quite bullish about the long term and our ability to continue to meet the consumer demand. liz: well are you going to raise prices? >> no. we actually did a one round of price increases related to fx headwinds currently being implemented right now but we have no other plans in the foreseeable future to raise prices. like you said there's an imbalance so we hope it'll balance out and it's important for us to be able to provide the best of beauty at these extraordinary prices and really, we've been able to sustain such strong growth, along with our digital engagement with our consumer base and we plan to be really strong there. liz: i want to go back to something you said, ninth consecutive quarter of net sales growth. having made four quarters through, of pandemic disaster,

this is highly highly unusual that you were able to do it, so as we look ahead, do you think that's because of perhaps you skewing a bit younger and on top of it your price point not to mention how you've managed to market this company. i think it's really important to talk about how you've taken a different attack when compared to say estee lauder. you're on twitch. you're on tik tok you really promote that in different ways. >> we do and for us it always goes back to our core user base. we do skew younger, we're very strong amongst gen z, we're the second most popular brand amongst gen z in the latest survey and a lot how we do that is how we engage our user base as we're one of the first beauty brands on tik tok, i think our latest tik tok challenge, tik tok gamers got talent is up to 13 billion views and we're also one of the first companies on twitch, the live stream

platform, we have a partnership with lufu, known also, loser fruit whose the second highest female game erin the world and we signed different ways of engaging the audience. we recently did a partnership with chipotle that i don't think anyone saw coming, and that really, took the world by storm, and so i think finding different ways of engaging our consumer base, having some fun, and really bringing the best of beauty to as many people as we can is really what our mission is all about. liz: tarang, i'm sure you said 13 billion. that is a crazy number of views. billion, not million, okay! we're watching it all, tarang am in, thank you very much for joining us we'll be watching the stock and your company. >> thank you. liz: electric vehicles, many are now saying, these are the way of the future, but are gas and oil really going anywhere? jeff flock drilling down on this one live from an

exxon-mobile refinery next. you've got to hear the perspective that jeff is about to open to you and your investment mind closing bell ringing in 15 minutes the dow is up 26 points. limu emu... and doug. so then i said to him, you oughta customize your car insurance with liberty mutual, so you only pay for what you need. oh um, doug can we talk about something other than work, it's the weekend. yeah, yeah. [ squawk ] hot dog or... chicken? [ squawk ] only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ [typing sounds] [music fades in] [voice of female] my husband ben and i opened ben's chili bowl the very same year that we were married. that's 1958.

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it's the most comfortable, body-sensing, automatically-responding, energy-building, dually-adjustable, dad-powering, wellness-boosting, foot-warming, temperature-balancing, recovery-assisting, effortlessly life-changing... proven quality night sleep we've ever made. during our memorial day sale, save $1,000 on the new sleep number 360 special edition smart bed, now $1,799. only for a limited time. liz: we are just getting this breaking news in, the biden administration is putting a hold on oil & gas leases in the arctic national wildlife refuge in alaska. that according to a person familiar with a decision, these leases have been approved in the final days of the trump adminitration, now the biden administration is saying holdup. no. separately, opec agreed to continue easing production cuts bringing 2.1 million-barrels of

oil per day back on to the market. this until july, we're watching the price of oil again the price hit more than $68 a barrel earlier today, that is the highest since 2018 october. we're at 67.95 in the after market session. oil & gas producers have been under fire recently in an ongoing push toward climate friendly or business practices from car companies, stepping toward electric batteries to cities proposing new measures that would discourage the use of natural gas at home, but will crude oil ever really totally be phased out? let's get to jeff flock he joins us live from an exxon-mobile refinery in joliet, illinois to tell us which major energy companies, i guess jeff are still planning for a future with oil & gas. reporter: yeah, i think it's fair to say, liz, and this is my prediction and i'll often make one, but i think i will certainly be dead and even young as you are, you will be dead too , before oil completely goes away and i'll tell you why that is.

i come to you from, as you point out, the exxon-mobile refinery back there as you see it spewing i'm not sure what that is spewing out of there, but something that environmentalists don't care for , they just had to pay a fine about pollution to the epa and it's one of the ways not only government, but you know, even its own investors have taken on big oil these days, but i'll tell you, you think about electric cars. you mentioned ford and gm. if you eliminate the gas powered cars, go to electric cars, does that really takeaway oil? well not so much because take a look at these numbers, liz. i thought most of a gallon or i should say a barrel of oil be refined into gasoline. the truth is, less than half of a barrel of oil is refined into gasoline. a third of it is refined into home heating oil as well as diesel, how are we going to replace that? what about jet fuel? are we going to have battery- operated planes? no, a lot of jet fuel is made from oil as well as petro

chemicals and you know when you talk about petrochemicals, that is pretty much everything that we touch. everything from i don't know, fertilizers to plastics to tires , to roofing, to toilet seats, 6,000 items use pet pro chemicals even though the push is on for more green and away from oil, the fact is that oil is such a diversified commodity, in so many areas, that it be very difficult, as i said in our lifetimes, liz, for there to be no more oil. hang on to your exxon-mobile stock. my advice. liz: uh-huh. yeah, but we should keep in mind maybe what will go away are the 20 billion a year in subsid ies from the government in the fossil fuel industry depends on who is in charge. but it is shifting. reporter: very good point. i agree. liz: thanks jeff so good to see you. not often we see jeff flock, my buddy. earlier we talked about the

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sofy, the fintech company. they were disrupting the old school banking system, are they not? you say you like etf's with financials in them. make your case. >> sure. we've seen a rotation toward valued oriented stocks that have led and etfs offer exposure to financials that are value oriented are taupe of mind of investors. invesco, rpv, is the our favorite value or remember ended etf. 40% plus in financials but exposure to energy, exposure to consumer discretionary companies like ford and valero. we think these are deep value stocks that are still attractively valued the way we can get them going forward. there is still room for up side. there is out of favor heading into 2020 and into early 2021. liz: well, yeah i wanted to get to the point also the pure value etf is not solely focused on financial names but as you look at some of the other areas when it comes to fintech i'm sure

there are etfs out there. are you jumping in just yet on the future, whether it is defy, digital financial efforts right now? so many new ways of banking these days? >> there are. for example, global x has a fintech etf, finx. has combination of these companies from both a financials perspective, technology perspective. while people still are going to the traditional bank they're using alternative ways and we think a fintech oriented etf from globalx is a great way of getting exposure. people are using more traditional banks. spdr, regional banking etf, kre, has small, mid, large cap banks from more equally weighted perspective to get benefits of diversification. liz: yeah the regionals are really starting to show their muscle. it is great to really see that because it has been a tough road

for a lot of them certainly since the financial crisis. great to have you, todd rosenbluth of cfra. folks we have the dow coming up to 4 points of gains. [closing bell rings] the russell up 25 but we saw the nasdaq flagging here t looks to close down about 15 points on the session. that will do it for "the claman countdown." "kudlow" is next. ♪. larry: hello, everyone, welcome back to "kudlow." i'm larry kudlow. so late last friday afternoon, that is late friday afternoon of the long memorial day weekend basically no one was looking president biden finally put out his budget. now that is when you drop bad news on the media world, on a long weekend on friday night. you wait until the close of business and then you head for the hills. so there was minimal coverage. what coverage there