oscars. the academy saying he can't go to the show for the next ten years. this, of course, coming after he stormed the stage and slapped chris rock at last month's ceremony. he cannot be permitted to attend any academy events or programs for ten years after that slap seen around the world. liz claman, and i know you saw it. liz: i did, and i don't even care about that. i do want to comment if on what you just said about flight attendants. i've always said the three people you don't want to short are the pilots, flight attendants and your surgeon, right? cheryl: love you. liz: pay them. [laughter] they're going to save your life. thank you very much, cheryl. divergence is the name of the game. the nasdaq mired in red, down about 135 points, but the dow going for the green, gaining nearly 200. investors kind of this whole week playing a game of chutes and ladders with interest rates climbing. tech stocks in particular heading down the chute.

we're going to be looking at all of that and more. there is a new ev sheriff in austin, and it is elon musk. last night rolling up in a tesla roadster, the original one that first came off the assembly line more than a decade ago. this as the cyber rodeo celebrating the $1.1 billion gigafactory in austin. musk announcing production dates for the long-delayed cyber truck. we've got all the visual highlights. we specifically pulled out so many is of the best ones from the drone-like show and everything -- drone light show. and and whether ford has already left tesla's ev pickup in the dust. the bitcoin 2022 conference in miami makingaways after -- waves after peter teal threw shade -- peter thiel dragged warren buffett, jamie if dimon and larry fink for their vision, or lack thereof, when it comes to crypto. coming up, we are going to take you live to the conference, tell you what he actually got wrong

in his insult-fest, and we'll get reaction from the founder of the very first publicly-traded crypto mining company. and as mortgage rates build up, will the housing market start to fall down? we talk to the woman who sends up distress signals ahead of the 2008 subprime mortgage crisis. we'll ask sheila bair what warning signs she's seeing this time around. but first, fox market alert, we need you to focus your attention on the dow transports. we have the transports, can we show them right now? i believe they are down about three-quarters of a percent or 104 points right now. the transports are down 6.5% this week on track for the worst week since october of 2020. what's going on? bank of america downgrading several transportation stocks, citing deteriorating demand and fall ifing prices. those stock thes include ups,

union pacific, canadian pacific. we have those four down including, as we said, schneider national and warner enterprise, that one slightly higher. but we're watching the transports very closely at the moment. and speaking of transports, tesla ceo elon musk who, of course, is head of a transportation company -- you could say that, the maker in many cases of what a lot of people are using as transportation vehicles -- making plenty of news this weekment we -- week. we gotta look at twitter. while still up 17% since tuesday, one of the west individual -- best individual performers is now losing about 4% right now. twitter went parabolic before the opening bell tuesday on news that tesla ceo and twitter frenemy elon musk has taken out what's turned to be an active $3.7 billion stake in and a seat on the board of the social media giant. twitter shares have seen about

7.5 shaved off -- 7.5% shaved off the week, but this was a 27% pop on tuesday, and the shares are nowhere near the annual high of $73 a share. we've got them at 46.23 right now. next week musk, who has complained twitter has failed to adhere to true free speech principles, will conduct a town hall with twitter employees where they can ask the billionaire any questions they want. at least last night though musk way more focused on the cyber rodeo. this was a grand opening party for the $1.1 billion gigafactory in austin, texas the, which began with the massive light show outside. and for the 15,000 invitees who got inside -- including our friend meet kevin, he's got a huge youtube channel, took a lot of great video -- guests were given the run of the plant where they saw everything from this explode model y, that's what they call it, an exploded

model y that literally floated directly above the ground so people could see the innards of the crossover suv. they also got to see the made in texas new roadster. this is the reboot of tesla's original ev sports car. bright red, record-setting acceleration, 0-60 in 1.9 seconds, and of -- 620-mile range on a single charge. but as elon, sporting a black cowboy hat, took the stage in the original roadster, he talked about the challenge of building the massive factory, and he gave timing on when new models will start rolling off the line. here's what he said. >> we went -- quick sand, incredibly fast. it was very difficult but it's done. really entering a new phase of tesla's future with six giant factories around the world. so, as you can see from this building, it's not small. liz: joining us now, top analyst

for sustainability research, door shine or. we now know the long-awaited production will start in 2023, musk says they're going to children out half a -- churn out half a million next year, but what's' the most important thing you gleaned from the cyber rodeo? >> yeah, i think -- so thanks for having me. i guess the biggest change is that the car is no longer the product. the product is the manufacturer. and we haven't seen this since henry ford's model t that brought the assembly line. and i think most that are the still looking at the technical differences in terms of the product are missing the bigger picture. it really what tesla's doing is changing the way if which we can manufacture vehicles and clean vehicles at that. liz: i think you're right. it's not even just the vehicles at this point.

we know that the roof of this huge factory has solar possibles on it. -- solar panels. he, of course, has solar city which does solar panels. but he's also creating, i think it's a utility called tesla energy. he unveiled something like a robo taxi. what else aside from, yes, the optimus, which was the robot that -- [laughter] that's another thing that they were able to preview yesterday on the floor. >> yeah. so, liz, i'm not there on the robot, but i will say, you know, you are touching on our thesis around that we call an apple-esque thesis here that can tesla use its brand, the number of users or drivers that they have. can they take that and they use that like what apple did. and i'll speak for myself, you know, when i had the ipod from apple, it was great to

store the songs on that, and now today my family has 27 apple deuces. devices. can we see the same type of phenomenon with tesla where people that enjoy and have the vehicle start to buy tesla solar or the battery backup -- liz: right. >> can you see that move from vehicles over to energy. and i think there's a lot of value that we can see expand here with that. liz: you know, he's making news right now. i want to tell you, jed, he has just tweeted -- >> uh-oh. liz: -- on the price of lithium. and he says tesla might actually have to get into mining and refining directly at scale unless costs improve. he says there's no shortage of the element itself, but the pace of extraction and refinement is slow. i mean, when he sees a wall, he basically just owns the wall, buys it, climbs over it and starts dealing with what's behind the wall that he really needed in the first place. >> well, he's factually correct

with respect to rivet yum. and one of -- lithium. and one of the other things that i would applaud what elon is doing is by setting up manufacturing centers around the world, you reduce both the carbon as well as the energy and the cost of manufacturing. i mean, in our attempt to move to a globalized world and focus on specificity around expertise, we've shifted to low cost regions that -- and we've benefited from that. and now you're seeing the geopolitical tensions that are changing a lot of that. and so bringing manufacturing whether it's mining, whether it's these gigafactories and looking holistically in terms of the system design to exploit inefficiencies to move things ahead, i do think that is one thing that tesla is doing for the human race that i think is

very much a positive. liz: elon is such a showman, right? we've been showing some of the drone light show which was pretty e epic if last -- night right over the texas sky. a huge swarm of them created images of the factory logo, some of the tesla models. the dogecoin dog logo, that -- you could actually hear the roar when people saw i that -- [laughter] dog. because, of course, he's talked about crypto a lot. dogecoin's up 1.25% today. this looks like both sizzle and steak. but if i'm ford and i've already put out the f-150 all-, v lightning, i am thinking, what? i'm thinking, i'm way ahead of this guy. >> you know, i think most of the traditional oems didn't take tesla serious. they thought it was a glorified go-kart, and i think that, you know, elon has changed that

calculation. and there's -- i think what we're seeing is the attempt to play catch-up by most of the traditional, and i don't want to discount their efforts. i mean, i think ford is certainly doing a great job in terms of rethinking what we need in a pickup truck, not to mention gm or vw with their, with porsche and audi. so i do think you're going to see a lot more effort, and what we're seeing is a faster acceleration from internal combustible engine vehicles other to evs, and i think that's only going to accelerate. liz: yeah. i mean, the minute they come out with a sub-25,000 or sub-27,000 car, that's it. i mean, you will see a lot more adoption there. jed, good to see you. thank you very much. >> thanks for having me. liz: sure. down about 2.25 percent right now. all right, we know we're in a housing boom. we've been talking about that for more than two years, but is it about to go bust? as the number of homes available

for sale continue to fall short of historically high demand, fears of a potential housing bubble have not only been raised, now these fears are warning of an impending bubble pop. today's average rate for a 30-year fixed mortgage hit 5.04%, that is up 14 basis points from just one week ago. would-be home buyer behavior bordering on competitive panic depending on where with you are as many rush to buy before the federal reserve's next rate hike. is this starting to be a real sign of a top? connell mcshane in woodmere, new york, where he's seeing and hearing about some of that angst. >> reporter: you know, it's interesting, liz, we might be just starting to see the start of something. at point most of the experts want to say it's a cooling in the market. you're right, mortgage rates are up, and what we see now is some, emphasis sis on some, who are taking notice. >> i expect the market to be

significantly cooler in a month or two. it'll take some time for home buyers and sellers to react. but another place we're seeing the market change is more homes are financing price drops than they were last year, so so it seems like sellers are starting to realize they can't just list the home for whatever high price they want and expect to get multiple offers. connell: daryl fairweather reporting that 12% of sellers have, indeed, reduced their asking price in the past month, and buyers are telling him they have to recalculate what they can afford in this new interest rate environment. in some ways, he's now waiting for the next shoe to drop. >> if it were a soft landing, what would happen is that people would not be as aggressive with their offers, okay? collectively. and if that happens, that's okay. but if they are keeping with the offers and the prices continue to rise, that's a scary phenomenon.

>> reporter: that's why he hasn't completely ruled out this idea of a bubble especially if we we continue to see both higher rates and higher home prices. to be clear, in an area like this we are still seeing that right now. the hope, as you heard there from daryl fairweather, the market cools off in a healthy way over the next couple of months as rates continue to go up, and that leaves us with that soft landing, liz, rather than some sort of a repeat from 2008. liz: yeah. and we are about to talk a lot more about that, connell. thank you very much. in fact, bidding wars, other the top offers -- over the top offers sound familiar, right? exactly the things we saw before lehman brothers' failure triggered the 2008 financial crisis. former fdic chief sheila bair furiously rang alarm bells. what does the she see now? she's about to tell you next in a fox business, collusive. closing bell, 45 minutes away. dow is up 213 points.

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♪ ♪ liz: prepare for recession

shock. that's actually the warning bank of america's chief investment strategist is serving out. bofa says the trigger will be the federal reserve's plans to tighten interest rates at what could be a too quick, rapid clip as it takes on inflation which, of course, as we've told you, is at a four decade high. telling bloomberg interest rates may need to rise above 4% if the u.s. economy does not slow down or at least cool down. just yesterday st. louis fed president james bullard insisted interest rates should be at 3-3.5% by the end of this year. so look at the 10-year yield, right now it's at 2.7 724 -- 2.724%. let's bring in sheila bair. she's the woman at the helm of the -- she was the woman at the helm of the federal deposit insurance corporation from

2006-2011, and she steered the ship during the 2008 financial crisis. now she runs fannie mae as the chairwoman. sheila, you sounded the alarm bells prior to the subprime mortgage meltdown in 2008. how loud is your internal alarm ringing this time? >> yeah. well, first, i don't run fannie mae, i'm on the board -- [laughter] i want to make sure -- liz: you get to be the magnanimous overseer, right? >> and i'm here, i've got all my disclaimers, i'm here in a personal capacity. well, i am concerned. i think that the fed's catching up, and i fever that after waiting too long, they're going to swing the pendulum too far the other way. everybody's expecting a 50 basis point increase at their next meeting. they've got a very aggressive schedule, it appears, for reducing their portfolio, 99 5 billion a month, that's a lot -- 95 billion. they did this in 2018-2019, they had to pith. i think, look, i've been

complaining for years about this, the monetary policy and all the distortion it creates, but now i'm afraid they're going too fast x i think they really need to think through the risk, great risk of a severe recession if they go too hard on this versus just living with a little more inflation for a while. what can be best for main street america. i think they need to think about that very carefully. liz: well, they are, i know, but now they're behind the curve. the worry is they will be raising rates to tamp down inflation, which is a fair point. however, the question is recession. there is nothing wrong with recessions depending on the ebbings e tent of them. extent of them. how bad would this one be if they raised too quickly? i mean, on one hand banks are, i think, better capitalized. households have some money left over from the checks they got during the government which can-writing fest of covid. but tell me what you think. >> right. so i think on the bright side there's some key differences

between now and 2008. we had a financial crisis in 2008. that's really what home prices corrected, there were massive losses on these subprime mortgages and all the derivatives that were piled on top of that. banks were thinly capitalized, they pulled down on credit, and that's what brought us the recession along with retrench. of consumer spending because people were pulling equity out with these risky loans and using that to fuel consumption. banks are much better capitalized now, household balance sheets are in good shape. we have mortgage lending standards now, there's a lot of home equity people have built up and accumulated, so households are much more resilient, banks are much more resilient. there has been buildup of leverage in the corporate sector. so far the bond market's held up well, but that bears watching. the real concern is to get inflation under control, the fed's going to try to reverse this wealth effect mainly by depleting financial as sects,

stocks and -- aspects, stocks and bonds. but the good news is unlike the housing correction in 2008 which hurt the ability of households to spend, support themselves because they were using home equity, stocks and bonds is painful. those are typically wealthier and more resilient households, to they can absorb that better. even if we have a housing correction, households are in much better shape. i think it's likely they're going to have to bring it under control, but i think the impact of the policies will primarily be in financial assets that will primarily impact wealthier households. liz: we just hear connell mcshane saying how high interest rates for mortgages, 30-year fixed crossing back above 5%. what is your short-term prognosis for the housing market? >> i think prices will probably continue to go up this year, but buyer sentiment -- frank incentive just came out with their recent survey that shows people are increasingly saying it's a bad time to buy.

sellers want to sell because there's a sense the market may be peaking. it was up 20% last year, 10% before that. the latest predictions i've seen is another 8ing % this year, but i'm not sure. it's slowing. you're seeing people trying to get in there and buy before interest rates go up too much more. but, you know, it's not sustainable levels of home price increases. and if we can avoid a severe recession, a bit of a housing correction would be a good thing. home ownership is getting farther and farther out of reach for so many households. home prices are going up with rising interest rates. it's really shrinking the universe of buyers who can buy a home now, and that's a bad thing. liz: yeah. we need to make housing affordable at least for more people. >> we do. liz: sheila, good to see you. >> thanks for having me. liz: we've got a u.n. report showing global food prices -- put aside home prices, now it's food prices -- have jumped to a record high last month. but investors are still filling

shopping carts with one particular grocery stock. find out if you should too. closing bell, 36 minutes away. we are coming right back. the dow is only adding on to its gains, it's up 215 is points right now. ♪ ♪

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liz: fox market alert, we've got a wd-40 story right now. the stock is on track to hit its highest level in a month. shares of the de-greaser, rust remover, you have to have it in your -- [laughter] house, shares have moved higher by with 6.5% after posting better than expected results for the second quarter. w, the-40 -- wd-40 price target bumped to 1.72. they're already behind, it'sal 185.67 right now, and they've upgraded the stock to neutral. all right, boeing shares are

on the move down after one of the aircraft manufacturers '757 cargo jets snapped into two pieces during an emergency land aring. landing. this is a 232-year-old aircraft owned by dhs -- 22-year-old. the pilots, thankfully, were unharmed. boeing down about 1.25%. separately, morgan stanley cut its price target to $230 a share. boeing right now is at 175.68. bank of america upgrading shares of kroger to a buy, and look at the stock right now. that's a record high. it's jumping 333% to -- 3.33, analysts expecting elevated levels of grocery inflation to continue as world food prices jumped nearly 13% last month to a record high. grocers wall chart and albertsons are also on the move to the upside. after impressive gains on

thursday's berkshire berkshire hath announce, the buffett effect has slightly warn off for hewlett-packard. hp shares down 3% after ubs said, you know what? time to downgrade the computer and printer maker to a neutral. analysts cite weakness in the pc market and slowler stock buybacks. -- slower stock buybacks. buffett's company has an 11.4% stake in hp causing shares to skyrocket. and speaking of buffett, the oracle of omaha is now, according to one venture capitalist, the sociopathic grandpa from omaha. yeah, star venture capitalist peter thiel throwing a verbal box and even putting up a whole, you know, display at this huge bitcoin event. the billionaire bitcoin -- dissing three of the most successful men in america on

their bearish bitcoin stance. but thiel got quite a bit of this wrong. we're going to get reaction from one of the very first bitcoin miners, high blockchain executive chair frank holmes. closing bell, 29 minutes away. we have the dow up 233 now. nasdaq is still down 133, the s&p clinging to a 2-point gain. we'll also check crypto went we come back. ♪ ♪ (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. living with metastatic breast cancer means being relentless.

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♪ liz: all right, take a look at bitcoin, it's down about 1 is.5% to 42,885 after famed venture capitalist peter thiel dissed not just one, but three of the most successful businessmen in the world. and he did so at the bitcoin conference in miami. here was his take on the first one, warren buffett if. >> enemy number one. i think he's sort of -- [background sounds]

i think sort of the sociopathic grandpa from omaha. [laughter] is, you know, is in, perhaps, the most honest and direct in it. liz: peter thiel's hot take was accompany by huge slides of those he says are against bit bitcoin's progression including jamie dimon who called it worth will-less and blackrock ceo larry fink who actually in his most recent shareholder letter supported certain forms of cryptocurrency. back to buffett, he paired a picture of warren buffett with the quote rat poison, but it was not buffett who originally called bitcoin rat poison, it was vice chair charlie munger who first blurted it out right here on fox business back in 2013. bitcoin, this digital currency that's out there that people say, oh, it might be the next big thing. what do you think? >> i think it's rat poison.

[laughter] >> put hit -- him down as undecided. [laughter] liz: at least they have a sense of humor about it. granted, buffett told us two years later he agreed, but that's not all thiel got wrong. bitcoin and other cryptos aren't exactly rushing higher here. let's go live to the conference in miami with one of the very first bitcoin miners. here in a fox business exclusive is hyde blockchain executive chairman frank if holmes. frank, look, peter did a good job because we're sitting here talking about. but, you know, these attacks -- i get that he's angry, but a sociopathic grand pa? i mean, does this help the case of clip to currency where you're trying to get it more legitimized? >> well, i think here there's lots of orange peels being handed out, and the concept is the words people use, the orange peel is that you believe in bitcoin. the other operative world is

hold, hold on for dear life, buy on the dips. so it's very, very caught up in this ecosystem. but it's everywhere in the world. the adoption by millennials and baby boomers that are younger are adopt bitcoin. >> liz: well, you know, your not -- you're not a spring chicken. you're a young at heart kind of person like some of us here on this set, thank you very much -- [laughter] but you're obviously -- >> i'm the kohl colonel -- colonel sanders of the bitcoin industry. liz: yes, exactly. they immediate some growth, that's for sure. >> you know, the thing is if you look at dimon's, dimon took something that was in-- diamonds made it tangible, and the beers' took it to jumping to 80 president by this thought process. -- 80% by this thought process. bitcoin's capped at 21 million coins, so if you have enough

people around the world adopting it, it has to grow, and it will grow exepo 9/11,ly. now we see robinhood coming out with 2 million wallets, we know there's tens of millions of hobby miners mining etherium that are gamers, they go to bed, they turn on their machines to mine etherium and it -- and all these kids around the world. so there's something happening, and i think what's really profound in texas is the politicians are saying that if you don't embrace this, you're going to lose the next generation of voters. liz: you guys are the original miner when it comes to publicly-traded miners. what are you bringing to the -- as far as your messaging is concerned in -- concerned? >> well, we're coming into texas. it's the first time here in the u.s. we mine in sweden, iceland, in canada with green energy, and now we're coming to texas. and we've done this strategic relationship with intel.

buying their high performance computing, taking away the chinese manufacturers so you're going to see the chip is now coming out of america and hive is coming into america into the great state of texas. liz: yeah. i mean, intel's involved, i know nvidia has made some chips that are involved in cryptomining. -- crypto mining. what can you tell us about what those chips will do for you? we just saw that marathon digital, another competing miner, saw an exponential jump in the number of coins it was able to mine last month, something like more than 400 bitcoins. tell me what you think that the intel chips will actually be able to do and how. >> well, i think they're going to come in about half the price of bit mains best chips, and they're going to be 40% more efficient using energy. and in texas there's lots of stranded electricity and so, therefore, it helps with the

grid, by balancing the grid. and whenever there's a heat wave or extreme cold or snow, you basically tool down. and we've been doing this in swede with. en where we have the ability in 15 second toss go from 30 megawatts down to 3. liz: you're still a gold guy though, right? you're believing in both? usually it's one or the other. >> i believe in both because you can wear your gold. digital money -- you've got to think what's really profound is how quickly $60 million of i call them the paul reveres, the bitcoin miners, sent money to the ukraine in the digital format. you couldn't send cash, you couldn't send gold, but you could send bitcoin that can be traded into currency, cash. and is so i think it's really important to recognize sort of the freedom fighters that are here. and a lot of them are right in the middle. they're not really democrats, republicans. they're libertarians or they're smack in the middle, and they

want to sort of protect their nest if egg, and they believe that digital money is going to be very important part of this sort of growth and protection from all the government money printing. and that's the concept that taking the orange peel. liz: hodl i knew, i didn't know about the orange peel. good to see you, frank. thank you very much. >> thank you. happy investing. liz: ah, yeah. frank holmes of hive blockchain. let the game of thrones begin. the discovery-warner media deal set to close after the bell as discovery chief david zaslav takes the helm, what happens to newly-launched cnn +? charlie has more information to break right after this break. stay tuned, we're coming right back. ♪♪ ♪

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ask your rheumatologist about cosentyx. ♪ liz: oh, well, that slap heard round the hollywood world has gotten will smith banned from all academy award events for an entire decade. the hollywood film academy announced just within the past hour that smith's suspension -- which i applies to all events and programs -- will hold. yes, as we said, ten years. >> how is that punishment? liz: i know. >> i mean, isn't it the most horrible thing in the world to go to? liz: it has been a rough couple of days for smith. sources familiar with his planned biopic say big name players like netflix and apple tv of plus have pull out of the bidding war for the film's right. there are reports that bounce with paramount +has disintegrated, but sources say the film unraveled months ago. shares of --

[laughter] shares of discovery moving higher by about 5.5% at this hour as the highly anticipated merger with warner media officially closes today. at&t shares also higher by 1.6% as the telecom giant waves good-bye to the media asset it barely held for, like, three years. but what will new management really mean for one of the properties that comes with warner brothers, cnn, and the pooch of cnn's new -- future of cnn's news streaming service? >> i've been working the phones all day. we should step back and let people kind of understand how warner media, which was time warner before that owning of -- owns cnn, hbo -- liz: turner. >> bunch of stuff, paramount, right? is that in there? liz: warner. paramount is viacom. >> i'm sorry. got that confused. david backish and jason chi lahr. they don't look the same, do

they? liz: bob. oh, my -- >> all right. in any -- liz: weapon of mass destruction. >> the thing that got consummated where it got sold to at&t, i believe, in 2018, right? liz: well, it was contested by donald trump. >> contested by donald trump in 2019. and then sold, by the end of 2020 it was clear this thing wasn't working out with at&t -- liz: they did get it though. i mean, they did overcome the donald trump, fcc -- >> i -- they won that. but still after all that money they threw in, they just sold it at the edge of 2020. we actually were first on fox business to break the story that cnn could be up for sale. what i didn't know was they were going to sell the whole thing, not just cnn. that's what they did to discovery in a $43 billion deal. the deal is closing today. kind of interesting stuff, it's going to be a mega-media company.

it's going to be one of the biggest. it's going to be run by a longtime broadcast veteran david sasse lover, i use -- david zaslav, good guy, he's finally got his shot at the huge time. discovery was a decent company, he was a player inside nbc, but now he is, like, one of the kings of all media right now running this big sort of mega-company. here's what we do know, zaslav is expected to provide employees with an update on his plans to merge the two together next week, so they'll get some insight into, like, how much he might cut. a lot of -- and, by the way, when i say cut, you, every merger leads to cuts, but we're hearing on this one -- remember, it brings significant debt with it, something like $51 billion in department. check that number, but it's a big amount of debt in there. he'd have to cut $3 billion in cuts right off the bat. that's been the plan. how do you do something like that? a lot of people say some of that

money's likely to come out of cn, this and the streaming service, cnn+, right off the bat. it's low hanging fruit. you have the streaming service, the easiest thing to do would be to merge that, as many think that he will, into discovery +or hbo +, and you get rid of a lot of the infrastructure there, marketing, technology, probably some producers. that's what you do. this happens at every merger. if we got sold, we'd be facing the same thing. i'm not saying this because i want cnn employees to lose their jobs, i don't. i have a lot of friends there. this is not something i want to report. i'm just saying from a business standpoint, that's what's going to happen, and that's where i think you're going to see some of the cuts. it's easy too old that because you can merge it into something else -- to do that. another major challenge is the potential programming changes at cnn. again, i take no -- i don't want to report this. i like my friends at cnn. but there's going to be, i

think, a shift. it's going to be much more reflective of one of the bigger shareholders in discovery, his name is john malone. he's going to want much more centrist stuff. he's a libertarian, and i think that's going to lead to more news coming out of cnn and less of the opinion stuff. we'll see. that's -- some of the. liz: back to sort of remember the persian gulf with war, peter arnett and all of those guys -- >> one of the pioneers of straight journalism -- liz: right. yeah. cnn, the place to go for breaking news. >> i remember that. we used to be -- i'd be coming back to long island from new york during that gulf war, and people would be sitting on the strain saying i'm going to go home and watch the war on cnn. liz: streaming is going to be zaslav's big thing -- >> it's going to be huge. liz: and he's going to hold on to cnn and cnn+. >> he won't get rid of it, it'll be merged in. again, liz, whenever you have

mergers like this, you have to refer to economies of scale, and the best way to do that is to merge it into something else. and i haven't met a single person who doesn't at some point thinks it's going to be merged. liz: thank you very much. will rising airfares rain on passengers' parades? and when are those airfares going to jump? our countdown closer has a -- the answer next. dow has lost a little bit of steam the, here at 133. we're watching the coal market closely as we head into the final couple of minutes of the week of trading. ♪ ♪ s. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. ♪ ♪

liz: the dow is clinging to 124 points despite the gain. nasdaq firmly in the red as

investors break themselves for higher interest rates. joining me now with $53 billion in assets temperature tesla's cio, we understand the online booking platform says airline prices are set to climb 10% next month because they need to pass on the cost of high fuel prices. >> we like travel. things like higher oil prices feeding into shire fares are certainly a risk. and in travel and leisure you had an enormous amount of spent-up demand. at hotels you are starting to see revenues per room increase.

earlier today we are starting to see u.s. hotels reinstate dividends and buyback. >> but the reason for higher airfare prices is higher energy prices. that's the other sector you like. >> that right. given the change. they prefer to own stock. we have seen an he norm as inchris in prices. but from here we think demands will continue to increase and supply has limited places where it can increase. opec has very few areas where they can limit production. shale will have to pick up that additional increase. liz: crude closing higher but still below 100 a barrel.

thankfully it's come back down at least for consumers. thank you on this friday for sticking with us on a very busy week. the s & p 500 and the nasdaq do snap a three-week losing streak. next week we'll get the consumer inflation data. "kudlow" is next. larry: welcome to "kudlow." i'm larry kudlow. first up, a good op-ed in the "new york post" by general wesley clark. he's a former democratic presidential candidate. he makes a good point that this is a crucial moment in the ukraine