out there, keep the heat on. i mean, this is totally unfair, it's totally unethical. we have to make it stop, if everyone is to participate in what i think is the greatest money making machine ever, if you put in elbow greece and real due diligence in that legal insider trading. liz i'll get off my soap box here. liz: no, don't i love it. charles: you've got the good momentum go going. i don't want to break it. liz: listen, we love it and we do have charles yes the bulls careening down wall street at this hour as investors stampede into risk-on mode. we're basically looking right now at a broad-based rally with financial and tech stocks leading the way. bulls can thank retail sales for april, holding strong despite inflation concerns, and by the way, in just the last half hour, at a wall street journal event fed chief jerome powell managed to not upset the apple cart. the chairman just in cysted there are plausible paths to a softish landing, meaning no

recession, and he reiterated there's broad support for half point rate hikes at the next few meetings. so, we're going to continue to see rates tightening. our floor show traders up next to tell us if the worst is over and whether this years slide has finally reached the bottom. the retail outlook remains bright as tanger outlets gets set to expand to tennessee. its ceo is here in his first national interview since news just a few hours ago of the groundbreaking that just happened to share his on the ground assessment of consumer demand at the national chain's populating his retail destination, and we're going to introduce you to the silicon allie corporate card and software startup hoping to disrupt the entire corporate business expense category. the ramp ceo and co-founder is here in a fox business exclusive , some are calling him the amex killer. we shall see what he offers, and whether corporations are going to jump from what they are using

now to ramp. fox market alert the broad based rally you see on the ticker and on our screen as we kickoff the final hour of trade does have an asterisk to it but let's just say no doubt the bulls are basking in the sun right now. take a look at the dow up 416 points we have the s&p up 74, nasdaq better by 286, the russel , russel is a big percentage jumper here up nearly 3% and we do have the transports breaching a 3% jump here, gain of 445 points. this is juiced by bargain hunter s pounding the buy button after days of selling selling and anemic buying so what is the asterisk i just mentioned? its got to be walmart. the dow component is suffering its worst day since 1987 after dropping a 25%, after reporting a 25% drop in quarterly earnings , and walmart also cut its full year profit outlook. right now we've got walmart down 16 but that is a loss of 11.3%, i want to just check the low of the session here. the low of the session is 11 $

130.64 we are at 131.27 so just slightly above it. walmart was blunt about the problem. the retail giant says it's getting hammered by rising costs of fuel and labor while at the same time, shoppers are getting squeezed by super-hot inflation, but walmart's bad news drowned out by the meaty move in financials. citigroup is the star right now. take a look it's up eight and one-third percent at the moment after 13 filings released last night show warren buffett's berkshire hathaway took a brand new position in the consumer financial. now buffett also owns a $41 billion stake in bank of america and these moves underscore that when buffett buys at least in the short-term, shortly after the news breaks, investors are falling in line behind him. not all investors, of course as buffett added to his already massive position in apple during the quarter, sion assets michael burry, the guy named for

shorting the housing market and later portrayed in the movie "the big short" and he revealed in his 13f filing he's been shorting the iphone maker during the quarter. apple right now is still up about 2% but apple has lost 14.5 % this quarter, and is down 11% this month alone, but financials of all shapes and sizes, including the regionals, are outshining any negativity right now. fed chair jerome powell spoke as i just mentioned at the wall street future of everything festival less than an hour ago, where he did not hesitate to brandish his rate hike sword. listen. >> are we starting to see what we need to see , which is a really clear and convincing evidence that inflation is coming down. that's what we really need to see , so we're watching for that if that involves moving past broadly understood levels of neutral we won't hesitate at all to do that. we won't, and honestly, we will

go until we feel like we're at a place where we can say yes, financial conditions are in an appropriate place, we see inflation coming down. liz: okay, so we're not there yet, is basically what he's saying. now markets did experience a hiccup on that before resuming the upward trajectory but this comes into the question, should you follow the risk-on crowd right now and is this the moment investors who have been sitting kind of guarding their cash on the side lines pile, even as the feds made it clear it's firmly committed to tightening interest rates, should they start deploying that cash and buying stock. let's get right to our floor show traders, scott fullman and thomas hayes. tom, complete this sentence. it's 100% the time to buy what and why? >> well, it may not be the time to buy everything, liz, but it definitely is the time to buy something. warren buffett has spent a third of his cash pile since the beginning of the year about $50 billion, so we definitely want to buy high-quality

companies and sectors that are on sale and just like buffett whose not buying the general indices he's buying high-quality businesses that have fallen on the tightening cycle fears that now are at such low valuations you just can't resist. liz: okay, so let's talk a little bit about what he bought. the 13-f filings which are quarterly filings that big institutional investors have to report what they bought during the past three months, basically buffett added or bought to apple and also bought gm, more rest ovation hardware, activision blizzard, cvx, mckesson, and the citi ad was pretty interesting and maybe we can put up what he sold or reduced, kroger, verizon, wells fargo he completely exited out of that a lot of people say it's about time considering they had that scandal several years ago and the stock never really recovered from that. i did find it interesting that signs michael berry is shorting apple, but he bought google,

meta, and you you know, i guess, tom, when you look at what the big guys are doing, they aren't always right, but they do make a move and you see this reflected in the financials. well if we look at some of the eft's we can see that even the regional financials are looking pretty good. anything like that interest you? >> yeah, well city bank is one of the cheapest stocks in the market. it traded close to 50% discount from its book value. anytime these big banks trade at a meaningful discount to book you want to buy them. even wells fargo if you bought during the pandemic in the mid- 20s it traded all the way up close to 60, doubled your money and i think buffett made a big thing here but the other thing he did was paramount, if you notice that, this reminds me of his capital cities investment in the 80s when he put $500 million into capital cities to take over abc, and then it started to compete aggressively with nbc and turned out to be a big success so it's interesting that he's in these markets number one financials is

very interesting, number two, you're also seeing hp inc, which was a beaten down tech stock and i think there's going to be a lot of opportunities. as a matter of fact, liz, in the bank of america fund manager survey this morning which surveys a trillion auw. managers are most short the tech sector than they have been since august of 2006. do you know what happened next the nasdaq was up 42% over the next 18 months and i do think there's some opportunity in value tech and i think warren buffett sees it too in his hp purchase. liz: scott, let me bring you into the conversation here. i know that you're a gutsy investor, you look at the cross currents, you don't just dive in tell me what you're buying and what you are waiting to buy. >> so here is where we stand, liz. you take a look and you try to figure out, have we bottomed yet is there still risk out there? of course there's always risk out there. the thing is this is like taking med medicine. you really don't want to, just go and take a full dose right

now. you want to start easing in and finding opportunity. amd, advanced micro devices, one of the stocks that i've loved, i own it myself. we've talked about it several times and the fact is it got down cheap enough now that you're starting to see fundamental analysts starting to upgrade amd, and that's pushing the stock significantly higher today. i think there are plenty of opportunities out there like that, but we're not going to just jump in and spend all the money right now. you've put in a little bit today put in a little bit next week. if one day doesn't make a market , this is something people have to realize. you know, we saw a couple, last week we were talking about how the week before, the market was down and it felt a lot worse than it really was. just because we're going up today doesn't mean we're not going to see some more down days , and if people have to be careful, but the fact is is that we're starting to see some things bottoming here and there is value. people can go out and buy now.

liz: well, they're buying the nasdaq, it's up 309 points it's a big move right now of about 2.6%, considering we seen such tentative buying on weaker days. can you just tell me, tom i'll go to you and quickly get scott 's opinion on this. how do you, what is your method of buying stocks at deep discounts? >> all right, well i've got two for you, liz. you know, there's been a huge amount of fear over this tightening cycle. the fear of interest rate hikes, and sometimes the fear is greater than the reality. let me give you an example of the last tightening cycle. biotech, the sector. it fell 52% in anticipation, the 12 months before the first rate hike in december of 2015. over the next two years it was up 140%. china tech alibaba fell 53% in anticipation of the first hike in the last tightening cycle, while the fed raised eight times over the next two years from

2016 to 2018, alibaba was up over 250% off of those lows so all the things that people are saying if rates rise, tech can't work, biotech can't work, you know, we've been early on these and adding on weakness. we think we're nearing a long term inflection so just keep in mind that fear of the hikes maybe worse than the actual hikes themselves and some of these groups that have sold off because of the tightening cycle can now get bid and lead to good returns moving forward. liz: scott your method really quickly on how to buy stocks that are deeply discounted enough that you say it's attractive? >> so first we start to look at what the valuations actually are and then we start to look for the actual upturns from a technical point of view and from a macro point of view. is there a good story in there? the economy improving towards the end of the year maybe, and also, just looking to see where the buyers themselves are coming in, because you want to watch that wave and ride it up. you don't want to catch it going

down and continue to see it deteriorate watching your funds go down as well. there are opportunities there, and you can find them, it just takes a little bit of work. liz: well, yeah, and you can just look and see oh, something a good quality company now down 75% and isn't probably going away might be an interesting place, scott, tom, great to see you. i am keeping my eye on the nasdaq because it just hit a new session high, a gain of about 322 points, it's slightly off that right now, but it is a rally that we need to have across the screen, and your eyeball should be on it. we've got this fox business alert, investors very eager to interact with take two interactive in this final hour, embolden by the video game publisher posting adjusted fourth quarter profit that beat estimates. netbookings rose 8% but that actually was a miss. analysts, yeah, they brushed that off and remain bullish on the stock saying take two's acquisition of zinga should provide a boost to earnings once it closes. take two is up 12% right now.

advanced microdevices very close to session highs right now after piper sandler upgraded the semiconductor maker from neutral to overweight, saying chip stocks are oversold, and am d is poised to benefit from pc market growth. the brokerage also raised amd's price target from $98 to $140 a share we're at 102 right now and change up 9% and if you just look at rival chipmakers you can see they are catching a ride on amd's upgrade. micron is better by four and three-quarters percent, nvidia nice move of 5% and nxp semiconductor up four and one-third percent. buzzfeed, that's a different story. it is losing more buzz at this hour. the stock hitting a record low after the media and entertainment company best known for its listacles reported a huge loss for the first quarter, buzzfeed went public in december , but the blank check company with which it merged suffered a wave of investor withdrawals ahead of the spac merger, ahead of the big day when it went public, with one

high flying spac stock losing altitude as we see buzzfeed down 5.5% to just $3.49, crypto companies are not faring well either. take a look at coinbase. coinbase is up about 12 and three-quarters percent so today it looks really good, but the crypto exchange said it would slow hiring and reevaluate its head count instead of tripling its workforce, market conditions have sold off by 72% this year alone. today, back up above $68 a share cryptocurrencys at this hour have far from a race which began in earnest seven weeks ago and worsened last week. bitcoin which dropped below 26,000 last week managed to scratch back above 30,000, it's there right now, down about a quarter of a percent though, and as for the so-called stablecoins , which melted down below their peg to the dollar, terra and luna are continuing to fall. luna is now worth just a

fraction of a penny, and terra well you can see that ones not doing much better either. layoffs are underway at netflix, some 150 employees were let go as the streaming service deals with big subscriber losses. the stock is actually up 2%. elon musk's twitter takeover saga playing in the court of public opinion, just the way he likes it but do his online gripes about the number of bots and fake accounts leave him with any legal avenues to renegotiator even bow out of his planned acquisition, or will a crucial decision he made, we talked about this yesterday, during his bid, ruin his chances of getting a lower price? a legal expert about to weigh in , closing bell ringing in 45 minutes dow jones industrials powering higher by 414 points, the "clayman countdown" just getting started don't go away.

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gets clarity on the true number of fake accounts. musk demanding twitter ceo provides public information confirming twitter bots makeup fewer than 5% of users, but didn't elon pass on his chance to confirm that? according to a twitter sec filing, in an effort to fast-track his acquisition, musk , of his own volition, voided, passed on his opportunity to conduct due diligence meaning check under the hood before buying the used car. is musk now on the hook for the original terms of the deal with no discount? kelly o'grady has been speaking with mergers and acquisition attorneys and experts who are in the know on this. kelly? reporter: hey, liz. well, i find this fascinating because there's been a popular view he would nearly have to eat that $1 billion breakup fee and that's chump change for elon but the reality is he could face a far steeper price should he try to walk. now the issue is two-fold. the contract has a specific performance clause. twitter had the right to force musk to close and put up the committed equity.

it also gives the company the right to take the tesla ceo to court, to try to get that debt financing. however, specific performance clauses are rarely enforced. instead in these large mergers a company will most often sue for damages. in this case twitter could potentially argue the stock took a hit. the second issue gets to your point around his waving due diligence. this normally takes months in an army of bankers. he accepted what public filings said about spam bots to close quickly, but experts say, sec law would still apply. >> under sec rule 10b 5, there's a duty to disclose it if the twitter board were to know if management knows and they aren't disclosing, there is potential fraud. now so in that, if it were to come up, so waiver of due diligence does not wave his rights in relation to what might have been misstated publicly. reporter: so, musk is able to prove the platforms numbers are wrong. that would give him just cause. now the issue is with twitter ceo arguing any external research matt musk performs cannot accurately represent the

bot split and the two could reach an impasse and now there is precedent. recently, lvmh and tiffany's agreed to a hair cut on the price after a bidder legal struggle and with twitter stock trading roughly 29% below elon's offer liz the board is in a tough spot to endure a drawn out court battle. liz: this is interesting. so regardless, your expert is saying that just because he passed on doing sort of in the weeds due diligence, he can still argue that they didn't reveal important numbers and metrics about these bots? reporter: exactly. if he's able to prove that they intentionally misrepresented those numbers in an sec filing, he would have cause to walk. liz: interesting. well you know what's also interesting, although not to anybody who bought thinking the stock would go up, it is up 3% today, but at 38.51, it is considerably lower than the $ 54.20 purchase price that he wants to make. kelly, thank you very much. reporter: uh-huh.

liz: it's being billed as the amex killer, corporate card and software startup ramp is out to revolutionize the way companies maybe even yours handle corporate spending, and the new gen x business leaders like is it kylie, that's kendall , kendall jenner, sorry i get them mixed up, kendall jenner is hopping aboard the ramp ceo and co-founder is here in a fox business exclusive should your company make the switch? closing bell 37 minutes away, the dow continuing to gain here, high of the session is 465, we're at 431 right now. we're watching this tick-by-tick so stay with us. while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you,

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estimates for the quarter. the airline expects total revenue per-seat mile to increase, okay, 25%, that's good but that's 25% compared to pre- covid numbers back in 2019, so that's rather significant. now here is what's important. the recent bookings surge driven not solely by leisure travelers but also business travel, as offices reopen, which might be why startup corporate card company ramp is lending fresh capital hand-over-foot in its quest to revolutionize the industry. the fintech company is disrupting corporate financial services taking on big names like bank of america, amex, capital one to save companies big money and streamline their financial management. let's hear how they do it. joining me now in a fox business exclusive is ceo and co-founder eric galiman. eric this is a really interesting prospect here, and smart people are pouring capital in here. a lot of the corporate card companies though promise they

seamlessly track employee purchases and offer cash back and easy receipt uploads so how does ramp distinguish itself beyond those promises? >> thanks so much for having me , liz. really it comes down to incentives and design. many of the large credit card companies have design points that are incentivized to get people to spend more money and earn more points. now it sounds great to get a point or two on every dollar spent but the reality is that not spending that dollar in the first place is a hundred times more powerful than getting 1% cash back, and ramp is design ed its programs to do just that. we're known for offering the fastest corporate card in america, and accounting automation and on average, we are able, through our software, and through the incites that we give business owners help them spend on average 3.3% less which is more than any points program, close their books faster, and ultimately run higher performing

and more profitable businesses. liz: i'm buying that idea but i need an example. how do you get a company to spend less? >> yeah, of course. multiple ways. so first and foremost, at the backbone of ramp's software, we run to compare to see what different rates companies are getting on software purchases and we show companies where areas where they can either lower rates are available if they are spending on double sets of software, multiple things that do the same thing and where they can have opportunities to cut, as well as procurement services. one of our fast-growing services is procurement & companies can upload their contract and we can show them how to get better rates and an average we're able to help companies cut their cost per-contract by 27% so these are a few of the ways we also give 1.5% cash back on every transaction, no caps or limits and also streamline and save finance teams time, because our expense management is built in, it means that people can one click either we can pull receipt s from the merchant with integrations with folks

like amazon, save folks time on that expense report and time is valuable to people, so those are a few of the ways. liz: well time is very valuable. how do you guys make money? it seems like there are a lot of give-aways and a lot of extras that personally if i were running a company i'd say let's sign them up, but how does that make you eventually profitable? >> so our instances are aligned with our customers. the more that our customers spend the larger the amount of o interchange which is the fees paid by merchant growth, and so we believe that if we make a product that more companies want to use our revenues have grown and we've seen it. in 2021 last year we were able to grow revenues by a factor of about a thousand percent year-over-year and it all comes from the interchange card fees and so we give the majority a way to our customers, to keep the split and that's it for us. liz: you are winning over some customers and you got the gen x kind of business people, kendall jenner has this

tequilla brand and she's one of your customers, good partner, stripe, lyft, to help companies sort of save on maybe transportation, but talk to this audience, and quite frankly , us here at fox. if we use say american express, how do you steal us away from amex? >> well, you know, many large businesses are already using it. one of the large retailers that reported results this morning is an active customer and then there are a number of ways. first, beyond the savings, really innovative controls. ramp is the first and only corporate card that gives finance teams business owners the power to one click a merchant so that means if a merchant gets your scared and you don't want to send out that merchant with the ramp card you have the power to isolate or turn that one off and keep the other spend on which is important and next thing is streamlining the expense management experience. after let's say you have a business center, you can take a photo of the receipt, text it in , and it's just a much simpler process than the cumbersome

expense report that usually people do at the end of the month, if they ever do it it at all so those are a few ways that modern and traditional companies are looking to switch over. liz: turning off certain, don't turn off gucci, please, eric. >> [laughter] liz: thank you very much. we continue to watch the growth of this company, i'm sure at some point you might go public, we'd love to have you back before then, and when you do. thanks a lot. >> thank you. liz: tanger outlets where maybe the ramp card is being used in certain cases sticking the golden shovel into the ground as it gets set to expand its offerings. we've got the ceo of tanger on what clues he's seeing about the retail landscape and consumer spending at his outlet locations. yes, are people becoming a bit more frugal? closing bell 27 minutes away, dow is still up north of 415 points, the s&p better by nearly

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liz: all right, u.s. consumer spending is still going strong for the fourth straight month against red hot inflation. this morning, april retail sales met growth expectations nine- tenths of a percent month- over-month and you know what? this is a good solid number and i believe march was upward upwardly revised so how are people shopping? just continuing to spend the full dollar, full price? well tanger factory outlets is meeting the consumer retail demand that they anticipate will start to increase by announcing today it has broken ground on a new outlet mall in nashville, tennessee that will open in the fall of 2023. 36 locations now across 20 states and canada, tanger's

music city location in nashville will be adding 300,000 square feet to its 13.6 million square foot portfolio. in his first appearance since breaking ground in nashville just what was it an hour ago, steven? >> just about [laughter] liz: okay is the ceo of tanger, steven yellof. how did the breaking of the ground go. tell me about this new outlet how it's different from your previous ones. >> sure. well first of all the breaking of the ground went spectacularly what a beautiful day in nashville, tennessee it was today, and we really were the host to a lot of local dignitaries, the mayor of nashville was on hand so it was a great day, and so is steven tanger there to receive the crowd of people that came to watch this amazing event, and not only nashville but the state of tennessee. liz: you wouldn't be doing this if you didn't believe there's going to be real demand for this in that particular region, but we just got a very strong retail sales number,

which indicates, and i'm always suspicious of this , because you know, i always look where the ball is going on the soccer field not just where it is at that moment, but if we are faced with very high inflation doesn't it make sense that consumers are going to start becoming a bit more frugal? >> well, that maybe the case, but you know, we're a 40- year-old company, liz, and we've weathered cycles before, and as mr. tanger likes to say during inflationary times that's when people are really looking for value. so we are a value channel, we're brands people love every single day, on sale every single day and so even in good times people are shopping our shopping center s, but in inflationary time there's a great opportunity for people to build much bigger baskets, for far less money than they might in other brick-and-mortar or online channels. liz: in the last hour, jay powell came out and said, oh, we are hiking rates. until we start to see inflation

come down, we are in it to tighten it, so obviously, that is going to be the case until we see inflation come down. we've also had the new york fed say that u.s. household debt has surged to $15 trillion in the first quarter. are consumers starting to demand what you offer more? in other words, when you look at some of the prices that you get from the ralph lauren outlet or the nike outlet or the j crew outlet then you say well why would i buy regular price? >> well, that's part of our hope. i mean, look. i think that there's great products that people can get. people are brand fans, and they're looking for , they might not necessarily be looking for the latest product but they're looking for the product and the logos that they seek and that's what you get in an outlet center. they do wonderful things for the consumer perhaps whose aspirational to buy into a brand that they might not be able to afford through any other channel but it also allows the retailer

to acquire a new customer and more importantly, close out on some of that excess inventory that may have built up and their full price channels or their online channels. liz: you know i remember talking to you during the height of the lockdowns and when stores did start to open, your advantage was that a lot of your malls are outdoors and people don't need to be stuck indoors looking inside and now we've got memorial day weekend around the corner, so as you look at the foot traffic that you're expecting, will it out pace what we saw before the pandemic, because i know you just got some good numbers about that. >> yes, so when we look at new traffic we're definitely compar ing to the 2019 numbers. don't forget last year was a great year as well. great year for traffic, and even better year for sales but we continue to perform, we continue to deliver traffic, and we've got new exciting marketing initiatives that we're working through, we're going after performance marketing, the goal

of which is to really meet the customer where they are, and speak to the customer in the language that they understand, put the products in front of them that we know they are looking to buy and of course we've got that value proposition liz: well, i know that you're going to get some new brand names in this nashville outlet mall. you ready to reveal any, but can you give us some insight as to what they are going to be, high end, luxury outlets? >> well we share a number of brand names today, and i'm happy to share some of those names with you, fashion tenants like a erie, american eagle, levi's, ralph lauren, sporting goodings, some of the ath leisure, nike will join us, puma will join us, and we're excited about under armour as well. liz: okay, all right, good to see you, steven, thank you very much. >> thanks for having me, liz. liz: stephen yalof of tanger outlet malls. volatile trading in xrp ahead of

the sec versus ripple court date tomorrow. finally there's a court date tomorrow. will wednesday's developments rock the crypto world? charlie is about to break that, next. and how does he go from making c hai tea in her basement to securing a spot on the list of oprah's favorite things? monica sunny joins me this week to share how she turned her family recipe into what she calls the chi box and now, she's huge. her products are in gift bags for the oscars and the grammies and i mean, how much better can you do that being one of oprah's favorite things? hear this weeks edition of everyone talks to liz's podcast and there's a surprise in here. she really got the business going when not only she but her husband, they both lost their jobs during covid, and now, silver lining, they've got chi box, apple, google, spotify wherever you you listen to her podcast, closing bell ringing in about 15 minutes with the dow up about 416 points, the

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liz: let's take a look at the price of xrp, just turned slightly negative right now, this afternoon, ahead of a new development in a landmark lawsuit between the securities and exchange commission and ripple. tomorrow, the sec is set to respond to testimony given by ripple's lawyers on friday regarding documents from former sec official bill hinman, which have now become central to the case as to whether xrp is a currency or an investment asset , charlie. charlie: i'm going to do this kind of quickly. we want to talk a little bit about tesla because that's a huge story right now. liz: and twitter.

charlie: excuse me, musk and twitter. listen, hinman gave a speech in 2018 which is essentially key to this case. the xrp people, ripple people being sued by the sec said that speech was dogma at the sec, it was sec policy and it showed their suit against xrp and ripple is biased and they had favortism towards other cryptos namely ethererum. that speech is key to this case for ripple proving its case. why is ripple slightly ahead in doing that right now? because the documents are coming out that bill hinman did not make that speech at least it's suggesting, i can't say what's in his mind, but bill hinman is arguing the sec is arguing that those were his opinions, that he just said his opinion. it wasn't sec policy. new documents are out that suggest maybe it's not just his opinion. it was sec policy, because he circulated the speech to

something like 68 people inside of the sec. liz: indicating that ripple is a currency? charlie: yes, indicating that ripple is likely a currency. the other ones aren't, thus in the ripple's mind, that shows bias against ripple by the sec since its characteristics are similar to bitcoin and ethererum this is it's a little complicated but if you care about xrp in this case and it's probably going to set the tone for crypto regulation going forward just so you know. if xrp wins and ripple they beat back the sec, sec is not going to be able to go after anybody, again, okay? it's going to be very difficult to say other ethererum and bitcoin are securities and therefore they come under sec guidelines. if xrp loses, well then, you'll see gary gensler going after ethererum but it looks like ripple has proven the case that maybe these weren't hinman's own words it was like sec policy, and that's a strike in their

favor, in this context, that it means that the whole commission really did give a green light to others and not them. let's go to twitter, you asked me before, can you get out of this deal? can elon get out of this deal? listen, elon has twitter over a barrel. anyway you put it. listen, did he do due diligence? no. is this whole thing about the user thing a facade to get the price down? yes. this is all a joke but the problem that twitter has is that this company is probably not worth $45 a share. it's such a screwed up business, it's probably worth 40 and if they walk away from him, just so he says i'll give you 42, and they say no, we want your 54, okay let's go to court. it gets wrapped up in court for three years, no one pays anything and then their value

diminishes greatly because there's no one that will buy this thing particularly at the current level. he's their only hope and i think that what they probably are going to do, i think, i mean, who knows, maybe he doesn't want to talk to them ever again but if he is still looking to buy it , he can buy it at a lot less and they will go to him because they have to. they are over a barrel here. liz: charlie thank you. charlie: thank you. liz: charlie gasparino. twitter by the way up 2.25% at the moment. we are coming right back, don't go away. seven minutes before the closing bell rings dow is up 366. another crazy day? of course it is—you're a cio in 2022. so what's on the agenda?

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liz: rbob gasoline, that is the wholesale price, hit a record high yesterday. it's barely down right now after jumping exponentially. we are looking at the moment at a situation where every single state in the united states is now paying on average $4 or more

a gallon. that is the first time that's ever happened where all 50 states are paying that. "countdown" closer is here to say how exactly she says you can fuel your portfolio on what appears to be a continuing trend and that is higher energy prices. joining me cio stephanie lang. stephanie, give me the picks that encompasses what appears to be a very serious price increase here. >> well, inflation is on everyone's mind and you just alluded to what's going on in the energy markets so if you really want to protect against that inflation, there is an etf, nanr, which is a s&p 500 natural resources index that not only provides some of that hedge against inflation, you have energy in this index, metals, mining, agriculture. we think all three of those is a good thing to lean into to fight inflation. so that is one place i would

look, not only hedge against the higher energy prices but hedge against inflation which is quite widespread at this point. liz: when we look at what's in nanr, give us a few names here because this is an unusual move year-to-date. it is up 30% whereas just about every chart we look at for stocks is down. >> yeah. i mean the biggest weight in there is energy. so you have these are companies, this is not going directly into the commodities, so you have exxon, you have chevron, archer midland so really leaning into the energy side of things and of course with what we've seen in the lack of investment in energy companies this is a good place to park yourself but knowing that energy prices can be volatile we don't know in terms of the broader outlook for the economy so we like that diversification to go outside of energy sector and kind of lean

into the other areas as well. liz: makes sense to go into energy. makes sense certainly to go into consumer staples. in april the consumer staples were the sector. suddenly you get the walmart news. you could argue walmart is a consumer name. walmart has had the worst day since the0's, walmart says we have a situation where labor is costing too much, everything else is costing too much. they're worried that the consumer will slow down and having trouble with year-end guidance. do you have a concern that consumer staples could be a problem here? >> consumer staples have been the steady eddie sectors that provide the downside protection. you see walmart numbers came out and really on the margin side, with higher labor cost, higher energy, i think you will see that flow through not only consumer staples across the

s&p 500. what we like about consumer staples though is that as you mentioned it has quite a bit of momentum. today was a little disappointing with walmart. [closing bell rings] they are late-stage companies to lean into. we think investor will take that into account be sensitive in their portfolios. liz: thank you, stephanie lang, great to have you. markets close slightly off the highs but boy this is -- ♪. larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. so it must be something in the political air or maybe the water. very strange things are happening lately. maybe you don't think there is anything strange about the owner of "the washington post" blasting joe biden over the last couple of days. by the way, how about the fact that the "washington post" editorialized against joe biden? or that elon musk is going to make his first republican vote. so this is really getting