there's good news folks. the people behind spacs can now be sued for inaccurate forecasts remember there's two trueisms when it comes to investing. all investing involves risk and nobody has all the answers just keep that in mind next time somebody criticizes the way you go about managing your own money all right, the next hour of trading, we've been calm all day long, liz, i've got a feeling it's the calm before another storm. liz: yeah, okay get the umbrella out that's what we're here for , thank you very much charles. yes, charles is not wrong. we do have dark clouds here wall street has got a weary eye on ukraine as markets trade in the narrow range with an hour to the closing bell. stocks hit session lows just moments ago. oil adding to gains though at this hour, as it tops $107 a barrel, getting closer to 108 here. here is what's going on at this very moment seeing headlines the white house confirming it will send another half a billion dollars in new aid to ukraine after president joe biden spoke to the ukrainian

president volodymyr zelenskyy. while we are getting reports of heavy fighting on the outskirts of kyiv at this hour, the pentagon saying moments ago, that the russian military is repositioning some 20% of its troops, sending some from kyiv to belarus, but none to their home. we're going to speak with one entrepreneur, author and venture capitalist who used to work in russia, we'll ask him about what vladimir putin really wants and if it could end globalization as we know it and make those assets that russia has protected so dramatically useless and worth zero. the house set to move on the moore act which could legal ize marijuana across the nation, decriminalize it, ti llray is one of the biggest cannabis companies in the world, its ceo euwin simon is here to tell us what a legal win might mean to his sector, first the dow and the s&p about to see their win

streak over the past four sessions come to an end but fear not, brand new data show that the economy is looking pretty te flon for the moment because the major indices are at session lows dow down 159 with the s&p down 37, the nasdaq los ing 171, the s&p has gained pretty significantly here over the past week. that's a rather powerful move considering the stampede of worrisome international headlines which show no sign of letting up. russian missiles continue to sail across the ukraine skies even as the uk's difference minister says russian forces suffered losses so heavy at this hour that as we just heard from the pentagon they have retreated to belarus to regroup, and perhaps the most significant sign investors are getting more comfortable with risk? is coming out of meme stock land check out these are the one week performances of amc, gamestop, and tesla. you've gotta michael chiarello up 45%, gamestop up 41%, tesla

up 9.8% and those three are among the top 10 trending stocks on ape wees dominion which tracks sentiment by aggregating wall street bets reddit chat room so this is retail sentiment you'll notice cannabis giant til ray is in the fourth position, and seen a 41% jump over just the past five sessions coming up as we mentioned tilray ceo joining us in just a few minutes as the house committee has a bill that would decriminal ize marijuana but even for investors who do not invest in meme stocks or weed stocks, what does the return of the meme stock trade tell us right now about where the markets are going and how much strength the bulls have over the bears. let's get right to our floor show traders seaport security teddy weisberg and t3 trading scott redler. teddy what do you see this renewed speculation telling you about the markets right now and whether risk-on will last? >> well, liz, i don't mean to be cynical about it but it

reminds me as its always reminded me for all these years i've been doing this that luckily for those of us in the investment industry and the firms that investors have very short memories. i mean, it doesn't take a whole lot to get those speculative juices flowing again. we've had a pretty good run here for the last two or three weeks yes today is a little sloppy but the days not over, and you know, social media gets wound up, people start looking at these names again, and it's interesting that it is for the most part pretty much the same names that keep resurrecting themselves, so you mentioned tesla. i'm not sure that i would consider tesla a meme stock, though perhaps it gets a big following on social media but certainly gamestop is and so are the others that you mentioned. liz: yeah, but teddy, can i drill down here, do you put the meme stocks in the same category as say the high octane technology stocks that have come well-off their highs?

>> well, i don't, but you know, different strokes for different folks. i look at stocks like meta, the old facebook. you know, this stock that a couple months ago was trading close to $370 a share, it got knocked down to 185. now they had a bad quarter and probably that had a lot to do with it, but like most stocks, it got overdone in the sell-side like perhaps it was overdone on the buy side, but at 185 or $200 a share, or even today at 230, you know, it's a stock that's trading at 15 or 16 times earnings, that was trading close to 30 times earnings, and it's still basically the same company, you know, i don't want to get into a fundamental case for it, but i don't consider that a meme stock. i just consider that what i call a high octane stock, like a lot of others like block, square, paypal, i mean, there are plenty of them that basically kind of

had a real shellacking if you well, but they are the same companies today they were two months ago and some of those companies, many of them, are really terrific growth vehicles and they probably got way overpriced but they also just got way oversold. liz: sure and they are still very much in use by the customer s who love them. >> exactly. liz: forget the investor. scott redler, you have made some pretty good coin over the past couple of days, weeks, on tesla and amazon. amazon i wanted to ask you about this , because you're still long in some way, shape, or form as i understand it but it just got its first downgrade, in who knows how long, and they are calling it a sell at bnp paribas , because there's a downside to it, it's down slightly by 1.3%, but give me a sense of what you're doing and whether you're listening to that call. >> well, it all depends on your

timeframe. two weeks ago amazon and tesla like you said helped ignite the market move, it actually led the nasdaq higher, that's what put us in this two week rally besides the meme names. i couldn't have said it better than teddy myself. he put it perfectly there are times and places, some get over sold, some get over bought, sentiment drives price. i personally don't think if you're a long term investor i don't think you sell amazon. i think that if you split amazon right here, which is not being split for a while, it's split at 166, i would say in six to 12 months this stock will be 200, 250 and that can get you over four to 4,500 in amazon. liz: it's 3,327 a share right now. if somebody happened to have that amount, would you say buy one share here, because it's going to turn into 20 and it will continue to do well. >> if they have a six to 12 month time horizon, yes but if you're a trader like me and it's the end of the month and end of the quarter and it just went 400 points maybe you can get a little bit of a better price.

it all depends on your timeframe if you want to invest in amazon for the long term, with the 20 for 1 i think you have a much better chance of this going back to all-time highs in the next six to 12 months. liz: i do want to get to tesla really quickly, because teddy's right. it doesn't fall into that classic meme, teddy puts a french accent on it, the meme stock sort of parameters here but where do you stand on your investment in tesla right now, scott? >> right now, i did reduce a little bit of my risk, just went from 844 to 1,100-plus and i do think the markets a little over bought so i do think we could pull in and i also think that if any two stocks going to make all-time highs in the next six months most likely in my opinion will be amazon and tesla , if you trade them actively, today was a day to loosen up a little bit. sentiment got a little bit too bullish, everyone started to sell and the market can't go down now so i do think coming into the quarter you might get a little reshuffling.

i do think though, you know, tesla has been the leading indicator of this last move and i think it will be and at this point, you know, could we see tesla pull into 1,050 to 1,070 before it clips today's high, yes, but overall those are two names for growth investors to stay with and if you're an active trader like me that trades for a living you have to be a little bit more precise so right here, both of those could pull in a little bit more before we get a dip to buy if you want to be a little bit more precise. liz: teddy, scott, great to see you and yeah, i think that both these gentlemen are correct when you look at the data we got today, gross domestic product, the final print for fourth quarter, barely lower than what the middle print was, what the follow-up was. we have gdp for the fourth quarter looking at 6.9%, it's down just one-tenth of a percent from what it had been which of course is 7% so when you see session lows for the markets right this very second with the dow down 167, just keep in

mind that the economic picture is pretty bright at least at the moment. we've got this fox business alert, investors are bending over backwards for athlesure maker lululemon despite a quarterly revenue mix. the company did beat profit estimates and issued upbeat guidance for 2022 as the yen for yoga pants didn't disappear despite people returning to work. look at this jump in lulu up 10.25% the company also announced a billion dollar share buyback program. that always gets investors excited, right? guess what else does. usually any announcement of a stock split is like cat nip to investors but they are turning their noses up at the company formerly known as restoration hardware. rh down 12.7% right now, after saying it's going to execute a three-for-one stock split this morning. maybe it's down because even though the high end furniture retailer beat profit estimates and cited a 49% spike over pre- covid demand it did miss on

revenues. we've got covid headlines that have stocks on the move right now, president biden receives his second covid-19 booster shot today, pfizer by the way, pfizer is down about 1.25% and launched a new website covid.gov. biontech up 3.25% right now after a strong fourth quarter driven by sales of its covid vaccine. the german biotech also plans to buyback $1.5 billion worth of shares over two years, and they also said they would pay a special dividend, so that's obviously just pumping that up a bit and small cap biotech adagio therapeutics caught our eye is speaking 31% on new data coming out for its covid-19 antiviral drug which it says reduced the risk of symptomatic covid by 71% if given pre-exposure and 75% if given post-exposure. adagio plans to seek fda authorization for its drug, despite some concerns about its

effectiveness against the omicron variant. i don't know where they get these names. i mean, i barely got that right. russia's war on ukraine is about more than taking territory. our next guest says it's vladimir putin's way of desperately trying to maintain economic and political relevancy salen ismael worked in russia, he literally wrote the book on scaling up startups so russian companies as well and he's going to tell us what putin's true motivation is as the world shift s to clean energy and of course putin's looking at that and saying my big assets are going to be worth zero, i better do something now. closing bell ringing in 48 minutes, dow at session lows once again or at least near them down 180 points the "clayman countdown" coming right back. don't go away.

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customers pay their bills in rubles triggering german officials to ask consumers and businesses to reduce and ration their natural gas supply issuing a warning that they could soon be facing a nat gas emergency as the sanctions against russia have disrupted its energy supply nat gas is here at least pumping about 4.75% higher and of course what they use in europe is the dutch spot price, which this morning was up about 15% to $35 per megawatt hour, hours is around $5 per megawatt hours so yet another sign that the concept of globalization can really be detrimental depending on which countries are dependent on other country's resources. is that going to be a dying concept, well billionaire blackrock ceo larry fink just on our show recently agrees, he just said in a letter to shareholders, "the russian invasion of ukraine has put an end to globalization."

joining me now in a fox business exclusive, the guy disrupting the tech industry since early 2000 he sold his company angstro m to google and has done business in russia for years. entrepreneur and venture capitalist saleem ismael joins us now. saleem what is going on in vladimir putin's head as he invades ukraine? it was interesting because in the past, everybody said well sure, we went to kuwait because we had major oil interests there. well, ukraine clearly has the ability to juke and jive when it comes to natural gas prices. is this all going to be moot at some point and is that why putin is so aggressive/fearful? >> yes, absolutely. thanks for having me, liz. what's the macro environment that's happening is we're moving from energy scarcity to energy abundance over the next few years, primarily driven by solar energy which is doubling every 22 months in its price performance and has been doing

so for 40 years. at that pace, we will be able to deliver all of our energy needs using solar and literally 10 years, and so we are a few doublings away from that. at that point, all of putin's gas and oil reserves essentially go to near zero. we think oil will end up at about $14 a barrel which will wipe out most of the oil producing countries. he doesn't haveav t co is later l wliz:tn'et b en gh len l lhedi t to rsy, i mean, serea oepruilil soai waiedre w it reall r ills aha rususas has whententomes toes fsi oornititunititihe t aun e emy stexa sou you tha of th t if hfefeerruly truly t smt,t,e be so bhohoww expding pp himim stucktu to fossilosl el well,elhis on and actuacty,ctaudi iss ng thathaha quick qui q itery hard to shift a global

economy like this or a national economy. the advantages of saudi has is their extraction costs are very very low compared to most of the world. i'm canadian and the extraction costs are almost $45 a barrel there so russia's extraction costs cause it to have huge problems down the line and it's very hard to diversify a major economy even though russia is not that big it's still big e into if to have to transform the whole country to do this. 70% of their exports are oil. liz: you have not only worked in russia. you have helped some russian companies and you've even presented to russian government officials. tell me what you believe is on their minds at the moment. there's some headlines about vladimir putin and how he hasn't been told the real story of what's going on the battlefield when it comes to ukraine. they are getting horrifically smashed by the ukrainians and some of these are, ukrainian grandmothers with uzi machine guns fighting back. >> that's right. the challenge is you get bad

information because nobody around you wants to tell you the truth if it's bad, and therefore, you get filtered information and you're not really seeing what's on the ground, and overtime that causes a massive issue. now, and when spending time there was very clear that the country was run by one single individual, and then all of the flaws of that individual descend into the government and the structure and that's why russia has difficulties and the same way that most otocracie s overtime have enormous issues. liz: you know, we saw also that moody's, the ratings agency, has said that russia's invasion of ukraine in essence is going to increase demand for cybersecurity. i mean, tech is your realm and this falls under that umbrella. intelligence officials believe that there is going to be a labor shortage when it comes to cybersecurity. we've been watching things like norton lifelock, crowdstrike, checkpoint, a couple of them on the move to the upside including palo alto networks, where do you see this sector going and how invested are you in it? >> i'm somewhat invested in the

sector. i think it's an exploding sector , not just because of what's happening now, but china, u.s. , russia have been in somewhat of a cyber cold war now for quite a few years. as we amplify and turn the world into more and more information cyber is a natural defense point , and it's an arms race, you know, the hackers figure out how to do something bad and we figure out how to defend against it and we just keep marching along but there's no question the demand for cybersecurity and better vigilance is a huge issue liz: salim, i think what you said about russia's most important asset and resource, oil and natural gas, the value may go to near-zero is one of the most significant things that we've heard as to why he invaded ukraine, trying to swallow up more land and to continue at least with this dream he has about returning to soviet-era dominance. it's just nuts but thank you very much. >> great to be here. liz: heartland farmers think they have the solution for sky high gasoline prices. more corn-based ethanol production. we are going to head live to a

farm in the land of lincoln to talk about the challenges facing both farmers and drivers, even if you don't use ethanol oil, you need to hear this story. closing bell 38 minutes away. the dow is further losing strength here down 203 points right now, we're coming right back. welcome to ameriprise. i'm sam morrison, my brother max recommended you. so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors the garcia's, love working with you. because the advice we give is personalized. hey john reese, jr. how's your father doing? to help reach your goals with confidence. my sister told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial.

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liz: what we have been watching corn prices, wheat prices since the war on ukraine began, corn prices today alone up nearly 2% after hitting record highs since the war began, and it limited exports from ukraine and russia, which are big producers. it's one of the world's top food supplies, but should we be thinking about using it more as a fuel supply to bring down crude prices, which are also jumping? a bipartisan group of lawmakers is calling on president biden to expand the use of e-15 ethanol. this is a blend consisting of 85 % gasoline and 15% ethanol,

which of course is made from corn. grady trimble is at acorn farm in polo, illinois with details and the of stick els, right, that the farmers are facing. reporter: yeah, not everybody agrees that e-15 should be available year around but i'll tell you, you said this has bipartisan support, not too many issues that you've got senator chuck grassley and dick durbin agreeing on but this is one of them along with several other midwest corn producing senators from those states. they say that there should be more ethanol in gas because gas buddy says it typically brings down the price of gas for e-15 about five cents to 10 cents a gallon compared to e-10 farmers like the sound so i'll let you make the case for e-15 before we go to the counterpoint next. >> well how often do you have environmental policy, energy policy, defense policy and agriculture policy come together to agree on a product that is actually cheaper for the

consumer? so everybody wins. reporter: i'll grant you that that doesn't happen very often, but there is some pushback, especially from oil & gas because this , of course adding more ethanol would reduce the amount of actual fuel in your gas, so the american petroleum institute says you don't get as much mpg with e-15 it emits more greenhouse gasses than e-10 does, could damage vehicles especially older vehicles, it can even void the warranty in some cases, and if demand for corn goes up for ethanol it could increase food costs, what's your response to that? >> well, the american petroleum institute will do or say a lot of things to protect market share, including use old data that doesn't take into account the efficiencies that we have in ethanol production and food versus fuel really isn't an argument. we have production capability for both and 40% of the corn that goes into producing ethanol comes out as this , distillers grains which we then feed the

livestock so we've got production capability to do both it's not an either/or . reporter: you came prepared with props to make the case. >> yeah, absolutely i have prop s and earlier, we fed it to cattle, right and they liked it. reporter: i suppose though this could be an issue of whose lobbying power is stronger oil & gas or the farmers. >> well i'd like to hope the truth wins out at the end of the day. i'm not so cynical. i live out here in rural america , maybe, but yeah, and there's no doubt there's going to be lobbying on both sides but i think again, as you look at all the factors that why ethanol is so popular, i think it's a winning case that we'll make. reporter: i guess we'll see if it is a winning case, as you said, liz, there is bipartisan support for this. its been tried before, hasn't been done, but maybe the tides will turn this time when americans hear that they can save a few bucks on filling up a tank. liz: yeah, and then the price of corn syrup goes up [laughter] i mean, for every action equal an opposite reaction grady thank

you very much. reporter: but as of right now, liz, it still is cheaper to produce ethanol even though corn prices are extremely high than it is to use strictly fuel, gas. liz: as they say on wall street, net-net, it's cheaper that way. thank you, grady. the house committee that is considering federal legalization of weed is in recess right now, they've been mulling this all day long but its got some pop stocks on fire over the past several sessions. the ceo of one of the top marijuana companies in the world tilray is here to tell us what it means for his company and the entire weed industry. irwin simon of tilray joins us next, closing bell we're 29 minutes away just off session lows for the ceo jones industrial down 182 the nasdaq is falling about 212 points, so these numbers have worsened if you're a bull over the last let's call it 17 minutes stay tuned we're coming right back.

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liz: breaking news any moment now the house rules committee will hold a hearing on the marijuana opportunity re investment and expungement act better known as the more act, now if the committee approves it the full house is expected to vote on the bill which would federally decriminalize cannabis and remove it from the controlled substances act by friday. the legislation not only creates opportunities for u.s. cannabis companies and their stocks but could plant the seed for canadian-based companies to finally enter the market on a federal level. several canadian cannabis stocks popped last week after the expected vote was announced, tilray seeing a near, well more than 41% gain since march 23, the vote announcement was made mid-day march 24, so let's bring in tilray chairman and ceo irwin simon to find out, i guess, what would happen if it does pass. now, irwin, we've seen this

movie before back in 2020, a similar bill was passed by the house, and then it kind of just sort of went kaput with the republican-led senate. this time around, what's your over-under on whether it might pass all the way through to the president's desk? >> so good afternoon, liz, and nice to see you. listen, i think my over-under is , you know, i'm not totally sure if it will get through, but it makes so much sense. our lawmakers are sitting there in washington. here we are as biden looks to increase tax on so called billionaires, but this here is so important. number one from a safe bank act, in regards to, you know, institutional shareholders want to buy cannabis stocks. we've traded mostly in the last couple weeks over 100 million shares. it shows they want to own stocks institutions want to own these stocks. in regards to the more act and regards to decriminalization and the social justice, it's really

important apart of the social justice and you know, there's people sitting in jail today because of cannabis laws that are outdated and we got to change them, and regards to full legalization, you just saw where walmart decided not to sell cigarettes anymore, which is great. there's about $65 million worth of tobacco sold in the u.s. , and if you look at tax dollars, the opportunities for tax dollars to come into the irs or come into the world here is so important in canada alone, $18 billion of tax dollars came in over the last three years and you think about the reduced gas tax that's happening out there, the reduced, you know, taxes tobacco. what a great way if they legal ize cannabis for an opportunity to pick-up all those tax dollars. liz: well it's almost two pieces here. i'm glad you brought up the tax implications, because from a political standpoint, it's a win

-win. it would bring in so much revenue on a federal level. i'm interested to know what it would mean for your company, tilray. have you sort of modeled for how much in taxes you might be having to pay when it comes to this , if it were federally approved? >> so here is an industry today by 2030, if legalization, full legalization happened, be $100 billion industry. you know, if you look in canada today, they pay about 28% excise tax, so you can do the math, what's 28% of $100 billion? so the opportunity is not only the tax dollars, it's the jobs its created and in canada there were $6 billion of infrastructure built so what does it do for tilray? tilray is one of the largest cannabis companies in the world, i'm up in ontario today at our cannabis facilities and we have about two and a half million square feet of cannabis growth, just think in regards to free-trade what we could do in regards to growing cannabis here and shipping it into the u.s. like we do into europe

and places like that. in regards to, you know, expertise. we've been doing this now for three years and adult recreational and medical. what it would mean for us is we could take our expertise in growing cannabis in regards to our medical cannabis research and regards to export it into the u.s.. liz: metmen is a company that here in the united states you've taken an investment in for convertible bonds. this is interesting to me because they already have more than two dozen storefronts in the states where it is legal, because of course for those of you that don't really understand how this is working, federally, weed is not legal so you can't have cross-border transactions and money moving across borders but here on the map you can see which states have legalized it. medmen is in those states so it's almost as if it were legalized on a federal level, you immediately have storefronts correct? but what other kind of buildout are you planning if it

becomes legal eventually? >> so, you know, good question. if legalization did happen, we own notes of medmen which would convert to owning 25% of medmen. medmen is like apple in the cannabis world. there's 25 stores, it's a great brand and we did this deal in september in the midst of doing a lot with medmen right now. in regards to other things we would do, liz, we would acquire or look to do something with other mso's in the u.s.. we have the balance sheet, we have the know how, and we also have a major spirits business in our sweetwater brewery and our breckenridge bourbon which we would look to do with fused drinks and we have like our alcohol drinks today, we have our distribution system, so we have a great spirits business, a great infused drinks business and the most important thing is here. we're ready to jump in now. it's not going to take us three, four years. the other thing is too, we are really really good at from a

regulatory and quality standpoint, and that is important if we're going to do anything in cannabis that you got good regulations, you got good quality and you got good processes out there, and tilray is ready to do that. liz: and for those who are not for legalization, there is a part of this moore bill in essence that takes a tax from the weed companies and helps when it comes to the war on drugs, et cetera, situation like that. irwin, please come back. again, we don't want to get over our skiis on this. i know you're a great skier but we'll be watching because right now, they are still in, what am i saying, you know, they are meeting, they are going to meet this afternoon. recess, not a recession. >> you know, liz, liz, our politicians gotta listen to their constituents. like i said before, 63% want adult use, 90% want medical and we didn't talk about the medical

opportunities here, so our representatives got to listen to what the constituents want. they want this legalized. they want the moore act or full legalization to happen. liz: irwin simon of tilray thank you very much it's good to see you. thank you, liz great to see you too. liz: it has been a hot minute since the launch of cnn stream ing service, but is the vision for cnn plus' future buffering? charlie breaks it, next, and cod a. i just watched the whole thing last night finally. coda won best picture sunday at the oscars bringing the attentions to the trials and tribulations to the deaf and hearing impaired. i sat down with a businessman, not a doctor, whose dedicated his life to helping reestablish and regenerate hearing loss, help in these weeks edition of everyone talks to liz podcast, david lukino boy did he hear a lot of no's from everybody he went to when trying to raise

money including his own family members as he said i'm working on a drug that cures hearing loss but now he's already in trials and has shown great success. you've got to hear this story get it on apple, google, spotify , anywhere you get your podcast, closing bell 17 minutes away. we're more comfortably off the lows of the sessions here but the dow is still down 162 points we are coming back in just a couple of minutes. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones new projects means new project managers. you need to hire.

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liz: cnn taking a leap into the unknown, the highly- anticipated streaming service launched yesterday as the networks answer to declining cable news audiences; however, there are reports of lackluster subscription sales and that is spelling perhaps a bit of trouble for the service. charlie gasparino --

charlie: i do have the scoop and details on this , for the "clayman countdown", but i do want to get into this. did you look up a sujen lin means? liz: it's latin not french. we had this fight yesterday. charlie: this is funny because you're so obsessed with the french you kept looking up french not the word. it's like chop suey and generous that's not what -- liz: we need legal scholars in here right now. charlie: that's not how you say it but in any event, it means unique in latin, as i was pointing out. speaking about unix, we're here talking about cnn plus, oh, a little bit of a, look at your face. anyway, we're all in the same boat here just to be clear. cnn, fox, this is an era of cord

cutting. what is good about us, thank god , because we're here, is that our audience is less likely to cut the cord than their audience s. their audience is a little bit younger, that's part of the reason but ours is definitely more loyal and you see that in the ratings, so what is cnn doing to makeup for that. they are highly profitable, they make about a billion dollars a year but that's what, you know, existing cable contracts, those contracts are going to be less lucrative going forward as cord cutting starts eating in , so cnn has a revenue issue, even though for the next couple years they are fine, but existentially they do have a problem going out three, five years. what do they do? they create a streaming service. the problem is that streaming service from what we're understanding from everybody that i have spoke to, several people internally the launch is tuesday. the launch party was monday at the swanky hudson yards restaurant peak and that didn't get off so well because andrew morris, the head of cnn digital,

gave a little speech during that to try to rouse the troops and he sort of stepped in to the you know what by saying it's great, you know, let's thank jeff zucke r, the recently ousted cnn chief, and let's thank his number two allison golast, and also thank jason kalar, who fired both of them in a board meeting and was very awkward from what i understand, he said this during the launch party, and i'm hearing that despite the fact that technically, the thing came off without a hitch, right? there wasn't like a big technical issue, didn't break down, i don't think enough people watched for it to breakdown. that's one of the issue, the initial read is the subscriptions are lackluster now i don't have access to -- liz: i watched yesterday, charlie. charlie: after gazillions of dollars of spending on advertising, liz. you know, here's the thing. you would expect them, and this

is how you know it didn't do so well. if you look at cnn on the most- watched apple sort of apps, it didn't really move. cnn plus is embedded so you'd think if they spent all this money on the streaming service that's embedded in the cnn app, it would pop a little bit. it didn't, and i think that's one of the problems so what are people saying internally? if this thing does not meet any sort of close to expectations which at least so far it's not, they are probably layoffs in may , probably merge it once discovery takes over fully, warner media which this is part of. i think the date is april. they think that by may, they could wrap it into discovery plus, which means uncertainty and probably definitely layoffs because there's so much overlap so that's what a lot of people are worried about internally that this thing does not make it from a money standpoint, and then you've gotta ask yourself

if you're cnn and again, we're all kind of in this boat, they're a little worse and they would admit it. what happens to cnn five years out? it's going to be a scary thing, because this is designed to stop that bleed from the court cutting. liz: let me just say one thing, when fox business launched and we're broadcasting not streaming , everybody across the street at the competitors said the exact same thing. they are going to lay off, collapse, do this and 14 years later we're still here, so this jury is still out. charlie: but you're talking, here is the thing, liz, when was the last time a streaming service really blew it out of the park? liz: fox nation is doing great. netflix. charlie: i don't know. i mean, i don't know of any that are doing great. liz: charlie, thanks. we will be watching it. charlie gasparino, we are coming right back, dow is down 181, right now the nasdaq down 214.

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liz: closing bell, 3 1/2 minutes away. we have to look at shares of micron technologies. $78. chipmaker issued upbeat revenue forecast. seems like micron is caught in the general downturn at this hour. looking at nvidia, intel, all of them are in the red at this moment. i us speck some chip-makers and smaller ones are in the same boat. let's bring in tocqueville asset manager john petrides. streak of four wins for the dow and s&p. is this a streak or something insidious? >> investors are doing something extreme, taking one headline extrapolating it for that day that that would be the future. yesterday the market was hanging on.

news combing out of russia, ukraine. today headlines are more about the yield curve inversion. then we have flip-flopping on where are energy prices other days. what we need at this point in time, couple weeks, much like we're seeing on micron today we need companies to start reporting earnings and we need to see how companies are managing through this very, very tricky environment of rising costs, rising wages and supply chain lock-up. liz: balance sheets are pretty strong across the board a couple here and there look worrisome. that is in any case. glad you brought up the yield curve inversion. obviously saw flirting with it yesterday between the two and 10-year yields. there is a battle between people say sign of a recession coming, others say not this time. what camp are you in? >> historically that has been a good telegraph for future recession. not that it inverts one day or one moment.

it has to be inverted or flat for several months. it has to be prolonged. at that point in time if you see a prolonged inverted yield curve the market will have more conviction that the upcoming economic data will be worse than it is today. that leads to recessions. not getting too freaked out on one data point one day at one moment in time but clearly something to watch if we're in a long period of an inverted yield curve that could portend to something down the road. liz: excellent point. two year at 2.3%. tomorrow we get the fed's personal consumption index, the pce, what are you expecting here? >> it will be bad. for all the inflation data coming out for the next three or four months it will be bad. commodity costs are high. we still haven't unlocked the supply chain. you still have the commodity shock from ukraine and russia. then the fed is trying their best to slow the economy through

raising rates. to be honest with you only so much the fed can do. liz: okay. >> fed can't line up trucks at the ports to get stuff off of ships to get out to people. [closing bell rings] the fed can't control the covid policy in china. i'm more concerned about the supply chain. liz: great to have you, john petrides. red on the screen. call the bulls happy. we're well off the lows ♪♪ larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. somebody needs to tell president joe biden and his budget advisors no country anywhere in the world throughout history has taxed their way into prosperity. you can't do it. it's a recipe for stagnation. actually it's a recipe for stagflation when you combine high taxes with deficit spending and big money creation. this is a left-wing woke budget to be sure and it's