were trying to breakout, led by the nasdaq, a lot of bottom fishing i don't know if it was that sec news or whatever but the bottom fell out now we're hanging on for dear life but the great news, you've got the best to hold you for the next hour, liz claman is here and we're all buckled up, liz. liz: to serve man. charles: to serve man. liz: oh, wait a minute. it's not exactly to serve man it's actually serve man. yeah, the twilight zone fans we know all of you are out there. charles i think you're right, it's in part wall street's top cop just proposed changes to the way stocks are traded, by everyone, from the retail reddit rebels to wall street. securities and exchange commission chair gary gensler rolling out a list of rules he seriously is thinking about to even the trading battlefield, he says and those rules could upend the business models of some major trading platforms. we've got team fox business standing by live with instant analysis. and yes, the markets are sinking this hour in yet another choppy

trading session. the nasdaq already gave up its earlier gains of 60 points right now down 95 points, the big loser here is the s&p, down about 1% here, down 47 points although you could argue the russel and the dow transport s are getting hammered at the moment too. the major averages are set to snap a two-day winning streak, as oil makes a stunning run topping $122 per barrel, earlier in the session, and holding it in the after market, which is where we are right now. inflation, right? and recession fears, driving the selling just one week ahead of the federal reserve's interest rate decision. will the fed be able to thread that needle to bring the economy in for a so-called soft landing? or is it too late to avoid tipping the economy into stagflation and renation we've got two economic power players here to battle it out and answer those questions. andy brenner and peter schiff had on hand for a fed faceoff, a

fox business exclusive, both of these guys and the tech start up looking to fix the nations supply chain with artificial intelligence and robotics. it just made a huge splash on the nasdaq in its public debut via spac. we've got the ceo of simbotic, and we will watch that final hour of trade in his stock and show you what it's doing alongside the ceo. all right, the fox business alert we begin with the markets of course. red on the screen dow is down 325 points low of the session 355. of course we've got the stock markets watchdog, the sec commission just opening a window into how it might be planning to make the biggest set of changes in years to how you trade stocks sec chair gary gensler today came out with major proposals to shakeup the u.s. stock market and those proposals include up ending the payment for order flow and this afternoon gensler speaking for the piper sandler

fintech conference says his staff is actively studying whether to route equity trades into competitive auctions versus through the two or three wholesalers such as citadel securities is a couple who currently hold the power. gensler questioned whether wholesalers may not be passing along the best execution price to individuals and you the trader. >> right now, you see , there is not a level playing field amongst the different parts of the markets. the wholesalers, the dark pools, the exchanges. what one might call market centers, and so further, the markets have become increasingly hidden from view. liz: as gensler hints the opportunity to execute trades should be now up for auction, we have team coverage of what this means for you and your portfolio. our floor show traders are standing by to give their insight and decades of experience in trading on how this could effect the future of trading but first we begin with charlie gasparino, whose got the

nuts and bolts of the plan gensler just revealed, charlie? charlie: well this is essentially reversing the market structure that was laid out by the sec about 10, 15 years ago. i believe it was on the bill donaldson where essentially it allowed the order flow, that means trades, to be placed not just with the new york stock exchange and nasdaq but to be distributed to various private trading venues, also known as dark pools. we should point out that goes beyond just citadel and virtu, it's other employ players and the sec wanted to have a competition for order flow that would make prices that would be the small investors go fall, so here we are in 2022 and we have gary gensler without any evidence saying that essentially , small investors are paying more, and what we have to do is go back to the old way of doing it, and essentially re route all of the order flow to what's known as the lick exchanges, nasdaq, the new york

stock exchange, and maybe a few others, where their prices are put up so everybody can see it. now, here's the problem he will have. number one, he is going to be challenged by the discount brokers. they are going to fight the sec on the evidence that investors are getting lousy prices. that's number one and it's go to be a tough one because there is no academic research and wall street research out there that suggests they are. none. i could tell you i've been looking at it for a long time. at least it's a huge debate, whether you're getting a worse execution but getting, you get a cheaper trade. so this is a very complicated area and it's going to be hard for the sec to prove. the second thing is he's going to face a ton of backlash from congress, the republicans in congress, who again, believe that these sort of competing markets are the way to go, and the republicans are going to run in congress and number three we should point out that gary gensler, everybody knows it, he's said it, he wants to be treasury secretary.

the person that he answers to the most is not the president but it's elizabeth warren so if any tv commentator, if anybody, any investor thinks this is a good plan, you have to remember one thing. this is a plan that's being endorsed by the bank-hating, wall street-hating, investor cynic known as elizabeth warren. just keep that in mind. back to you, liz. liz: charlie thank you very much look this issue comes down to one critical question. are you, the investor, getting the best possible price of the stock each time you execute a trade? because that's what chair gensler is scrutinizing the most so let's bring in teddy weisberg and dutch masters, two traders with decades of experience. i think between the two of you we have like 217 years of trading, guys? teddy i'll start with you. you know, once again, just to reiterate here, payment for order flow is the compensation that a broker, the charles schwabs, the

robinhoods, ameritrades of the world receives for routing trades to a particular market- maker, middleman, who then in turn gets compensated based on the spread between the bid and the ask price. teddy, is the public as you've seen it through your experience getting the best price with the current system because gensler made it clear, he really doesn't think so. >> no, and and i happen to agree liz, i've been doing this for 60 years. most of those 60 years, if i got rebated, or got a kickback if you will because a rebate is nothing but a kickback for directing order flow i would have gone to jail. this whole payment for order flow is a by-product of reagan m s, which was basically invented by the sec and congress , i don't know, 10 or 15 years ago, and it's the un intended consequences of how they changed the landscape of how stocks are traded. i would suggest to you number one, that at seaport, we don't sell our order flow, for a lot of reasons but we don't need to

do that. we know how to get best execution for our client without doing that. number two, the whole fundamental argument for payment for order flow implies that there's still too much bid between the bid and the offer, and that simply allows firms like schwab to offer free commissions but they aren't free they're not free, so the argument is that the retail customer is not disadvantaged. i would suggest to you as charlie might have alluded to , it's almost impossible to figure out but the fact that they can pay for order flow, which forever, had been illegal, and it is illegal in most businesses, and yet offer free commissions, i think is kind of a lost leader like giving away the coke to cereal in the grocery store. i think the customer will be much better served without a payment for order flow --

liz: them paying for a commission or paying some type of a commission for the trade, right? because people, i think what you just said is really insightful. what part of this is really free >> there is no such thing. there's no such thing as a free lunch and i can assure you, and charlie, and i don't know dutch, but and dutch, that there is no such thing as a free-trade but it's the perception because they don't pay a commission upfront, that it is free but the fact is, it is not free. liz: dutch, what side of this do you take, and what do you welcome that chair gensler put out there and what do you think be a huge mistake? >> yeah, i've got to tell you i'm on the other side of this so i don't broker trades for customers. we trade our own accounts and so , you know, i'm on the buy side. so i'm always looking for good execution and let me tell you something. i started this business a long time ago too. 30, 40 years ago and eye got news for you. we had $2 bid asks, okay?

we had commissions on top of that. we had executions that took forever to find out whether you even got executed, okay? 10 minute, 15 minutes, 20 minutes, okay? it was antiquated and compared to what we have today, what we have today is a dream, okay? it's a dream. everybody knows that the free commission isn't free. they aren't trying to hide anything. they've disclosed it. it's instant execution and if you're looking for a fraction of a fraction of a cents difference , what are we arguing about here? a fraction of a fraction of a cent? come on. i mean, the bid asks are a penny , man. i mean, i'm getting lightning executions in, out, whatever i want. this is a regulator whose basically doing his job to justify his job, okay? there's nothing nefarious going

on here, they're not slamming me for $20 a share like they did 10 , 15, 20 years ago. liz: let's get teddy back in here. teddy your response to what dutch just laid out. >> well i think the reason, you know, yes. i would agree with you that things have evolved and it's faster, and more efficient but a lot of that is a by-product of going from fractions to decimals and now we're talking about and i think gensler mentioned this just yesterday, they are talking about going to fractions of pennies. the fact is if they go to fractions of pennies they might solve the problem without doing anything, because if they take all the big out of the trade there will be nothing to rebate and then by default they will go back to retail customer paying commissions, but no question we've had changes that have had plus and minus effects on the business. i would add to this , liz, if they want to level the playing

field dealing with payment for order flow is one and the other topic is a short sale rule but that's a topic for another time. liz: we're looking at charles schwab and of course robinhood a couple of the other names of these discount brokerages, virtu is one of the market makers at the low of the year at the moment. looks like, but down about 2%, so clearly, the markets are reacting and some of these individual names that could be involved are watching. you guys this is one of my most favorite discussions. you both really came with things that our viewers needed to hear from both sides so teddy, dutch, thank you both very much. >> thanks, liz. liz: got it. orders have not been flowing when it comes to the supply chain. its been blocked and snarled since the pandemic began. enter the company that went public on the nasdaq this morning to a investor welcome. simbotic promises its robots and artificial intelligence will get that supply chain flowing again.

its ceo takes its case to you right here next, closing bell 48 minutes away we've got the dow down 290 points lots of red on the screen, in decisively and concern and question marks hanging over this market, but we're here to answer most of it for you as best we can. the "clayman countdown" is coming right back. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire what are you recommending for muscle pain? based on clinical data,

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serious allergic reaction may occur. best move i've ever made. ask your dermatologist liz: who says spacs are dying? symbotic, the ai going public today via reverse merger, opening on the nasdaq at $10.54 and in this final hour, while off its earlier highs are still soaring into market outer space, up 53.5%. you know, it spiked so quickly after the open it had to be halt ed for volatility. right now, it stands at $13.96 high of the session, $19, symbot ic reverse merging with blank check company, a softbank investment partner's affiliate which values the company at $5.5 billion, and symbotic in stalls robotic technology in distribution centers including walmart. softbank, which has invested

$200 million in the company, right now, trading up just under 1%. joining us live from the nasdaq, symbotic ceo michael leparco and softbank managing partner vicos parek. wow, gentlemen, nice debut. did you imagine it be like this? the market is really certainly embracing the idea at least for today. >> yes, liz. well its been a tremendous milestone for the amazing symbotic team and i couldn't be happier for them and prouder, to be a part of this team, so momentous occasion for sure and thank you for the kind words. of course it's one day, and we're looking to build a lasting company from the future. liz: okay well i'm nice up to a certain point. okay, so maybe i'll get a little tougher here, you know, it's a big promise to breakup the supply chain. what is it specifically that your ai-enabled robotics do that is different somehow from the well-established guys out there, like rockwell automation

or that you've got hyundai out there which owns boston dynamics so many other companies, what is it that you do specifically? >> sure. if you look at the big picture in many ways global supply chain s are broken today and symbotic helps retailers better- serve their end customers we do this with the introduction of a technology that radically transforms how warehouses operate and how goods and products flow through warehouses and distribution centers ultimately into stores and into the hands of consumers. we do this through a software- enabled and self- learning warehouse automation system but unlike other automation in the market, the symbotic system, liz, does not just mechanism anize or automate human activities or operator tasks. instead the symbotic system has rethought how to optimize warehouse operations, using technology, and that technology includes high speed robotics,

intelligent vision, artificial intelligence, and a fleet of autonomous vehicle which is are capable of traveling at speedses of 25 miles per hour and retrieving and storing products effectively in self-contained non-human intervention structure liz: you know, you've got walmart, albertson's among your customers who do believe in this , they most likely tested it out because the pickens for target companies have been very slim for spacs like the one you ran. what was it that you saw in symbotic and what do you look for in a target company? >> yeah, no, and what we look for in target company we found in symbotic. look, we had the privilege of partnering with the symbotic team. as we were thinking about our spac program, the primary purpose of a spac program is to create ownership in low cost

technology and we've seen a lot of targets come by our desk. frankly what separate separated out symbotic was four things. one is the technology itself. as michael described, the system -wide technology, software, hardware, ai-infused self-learning systems that enable symbotic to operate so much more efficiently than the status quo is an increase of economic value that is incredible. the second piece is the tam itself. the market for this technology is massive. it is in the warehouses but the warehouses are pervasive and how humans across the globe consume their goods. that's how goods are flow. the third thing was rick and his team, as i said before rick saccone exceptional and working on this problem for years and years and years and has a solution that we believe can scale incredibly and the fourth thing i do want to emphasize is the fact that symbotic is a scaled company already, in terms

of its revenue and well on its path to profitability. these four factors combined is just very attractive for softbank, especially as we think about creating ownership in world class and best-in-class technology companies. liz: well, michael? let's get to that path to profitability. you now have a whole host of investors, and maybe possible investors, because a lot of people are watching the stock tick just a bit higher than where it was when we began this interview, are looking there wondering when will you be profitable? you have about $11 billion in confirmed revenue orders. how soon could you give us a window as to when you might start making profits? >> sure, yeah, thanks, liz. you know, we did about $250 million of revenue in our fiscal 2021 in our most recent q 2 we did about $96 million, so year-over-year that was about a 315% gain in revenue. as you look at the opportunities ahead, especially with the ipo,

we certainly have the capital in order to fund our growth and execute on that but like any company and we're no startup company, as mentioned rick has been at this many years the company was founded in 2007. the company has been at it hard for more than 10 years, innovat ing, and adding new revisions and new technology and having the technology validated, but this company has been around for a long time and we're going to continue to invest and spending in r & d and innovation , as we're on this scale-to-growth and to profitability, but we are in growth mode for sure. again we have the capital structure to continue to fund that and we're looking forward ahead beyond the $11 billion of contraction committed orders. liz: gentlemen, we do at least like to tell our guests sometimes why we are a valuable network to come on, your stock while you've been talking during this interview has gained 12%, since 13% now, 14% since we

began speaking with you, because at the start of the interview you're up 55% but through thank you very much, we want to see how it closes, michael, vico s, please come back , thank you so much. i think they're shocked, [laughter] stranger things have happened. rumors that netflix has its eye on a new streaming target have both netflix and possibly the stock involved far from upside down, details ahead in today's pop stock closing bell 36 minutes away, we're off the lows of the session coming back just slightly but still down 238 points for the dow jones industrial. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those.

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losing 5.5% after a city bank analyst seized on comments made yesterday by intel executives at a bank of america conference during which the chief financial officer of intel, david zinsner said the macro picture is "at this point much worse than what we had anticipated coming into the quarter." he cited a slowing china reopening after its latest covid lockdown plus supply chain and inventory issues. so citi analyst promptly cut quarterly profit and revenue estimates on intel saying he expects the company to pre- announce negatively and/or miss q 2 guidance, smbc securities america chimed in by cutting the chipmakers price target and earnings estimates. the price of honesty. all right shares of roku blasting higher by nearly 10% after a report that chatter is swirling around a potential take over by netflix. business insider says employees at the tv streaming service hub are suddenly speculating about a

tie-up after roku reportedly closed the window on when employees could sell their vested stock grants. netflix said recently it will transition from subscription- only model to offer a less expensive ad-supported tier and the streams wiffed on quarterly subscription numbers so netflix is up 1.8% and market watchers are saying no way this tieup happens but both stocks have to do something they had a bruising 2022 netflix is down more than 67% year-to-date while roku shares have been cut by more than half. ark investment ceo cathie wood taking it, roku has the biggest weighting, but she spent yesterday nearly $8 million snapping up another 86,000 shares of roku, ark innovation up nearly 8%. chinese tech stocks in the green , bright green on a fresh sign beijing is softening its stance on specifically the

video gaming sector. now, back in november, china's gaming reg you late or s stopped approving game monetization licenses, bringing the industry to a near standstill, but those same regulators yesterday approved 60 video game titles so billy billy and tencent which has a 40% stake in fortnite's epic games are moving higher even though these 3d not have any names approved but analysts are expecting they will be included in the next round of license approvals. chinese ed tech companies are also rallying along with other internet stocks, go-to, new oriental and tal education really getting a nice bunt with new oriental up 17%, and the rest following close behind. no more games though for microsoft leader alex cupman , leaving the company after several employees accused kipman of inappropriate behavior in a story published by

insider. microsoft has not commented on the report but microsoft said that kipman is leaving to pursue other interests. that code for something? all right, the company is planning to reorganize the team which is working on the compan ied mixed reality hardware and will stay to help the transition for about two months. jay powell's rate setting cab all one week away from taking another major hike amid the big question, will rising interest rates truly damp down inflation without spurring a recession or something worse? we've got a fed faceoff live in studio, with bond brain andy ms. brenner and fed cynic peter s chiff. is there a chance of a soft landing, stagflation and how high will the fed go before taking a breather? these two economic experts debate it. closing bell ringing in 28 minutes s&p shaved off two points off the lows, down about 37 points or just under 1%.

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well, we are just one week away now from the june meeting where federal reserve chairman jerome powell will announce a half percentage point hike in interest rates. the fed funds futures markets are already projecting a 50 obama administration jump for both june and july, but investors, the business world, and the markets are laser focused on september. right now, the markets see the probability of a quarter point hike at 28.5% but the odds of a half point hike in september, 60.6%. here in studio with me in a fox business exclusive, securities global fixed income head andy br enner and global strategist and the host of the peter schiff show podcast, peter schiff. andy you first. the fed is obviously expected to hike by 50 basis points next wednesday and then again in july

>> that's right. liz: and then what? >> well, here, let me spit it out for you. tomorrow, you have the ecb. right now the ecb is not supposed to raise rates but you've had a lot of central banks raising rates today india raised 50, two days ago australia raised 50 i wouldn't be surprised if the ecb raises tomorrow. second thing cpi on friday is going to be awful even though i think inflation has peaked and i know my colleague doesn't agree with me but that's fine. i do think that the numbers are going to be very high and setup a very bad tone for the fed meeting on wednesday, where i think the fed is going to have to come out, still only going to raise 50 but incredibly hawkish so then you ask me about september. july will be 50 but by the time you get to september you have three more unemployment numbers, you have three more cpi numbers and i tend to think things are going to moderate a bit. i see the economy really slowing down and i think there's a very good chance that the fed will only raise 25 in september, but that will not be the consensus

until sometime in august. liz: i'm not sure inflation has peaked. peter we're looking at oil in the aftermarket above $122 a barrel. we've got rbob gasoline of one and one-third percent, nat gas is moderating slightly but what do you think happens and don't you agree that the fed has to raise rates to tamp down inflation? >> they have to raise rates a lot more than they've raised them and contemplating. the rate hikes they are talking about are too little too late to do anything about inflation, but more particular, the government needs to dramatically reduce government spending. we need to see big cuts in middle class entitlements, or we need major tax increases, not on the rich, because that will reduce investment. we don't want to do that. we need more supply. we need less demand so they have to increase taxes on the middle class, either raise the payroll tax or maybe introduce a national value-added tax or a sales tax. i would prefer spending cuts but if they don't do one of those two things, inflation is

not going to go away. inflation is going to get much worse. we're nowhere near peak inflation. this inflation is just getting started. we've had it for a long time in financial assets but now it's finally moved into consumer goods and its got a long way to go. liz: andy, the fed's gdp tracker is pointing toward a recession and the world bank is obviously coming out saying most countries are headed for either recession or stagflation. do you agree with that? are we heading to and would it be a mild recession? there are different levels of recession. >> liz, the world bank came out yesterday and dropped their global gdp from 4.1 to 3.2 so about a 25% cut. as far as are we going into a recession, i look at what i think goldman sachs is at 28%, morgan stanley is at 35, whatever. i do not see a recession. i see a slowdown in employment and housing sales i see a slowdown in consumer activity. i look at target, which in the last two weeks has come out

with two of the worst outlooks that we've seen anywhere so i see a lot of things slowing down , so i'm just not sure. liz: peter? are you saying we need a full percentage point hike? >> well we need more than that and it should have already happened, but not only are we likely entering a recession, we're probably already in one, remember, we already got one negative gdp quarter in the bad. the atlanta fed just yesterday reduced its estimate for q 2 to .9 so we could very easily be in another negative quarter but this is not just going to be a recession. it's going to be the recession. it's going to be much worse than what we now call the great recession, which followed the 2008 financial crisis. liz: we've got a great tight labor market. >> we have a bigger bubble now than 2008 and when the air comes out of this bubble it's going to leave a much bigger hangover, than the one we had then. the difference is there can be no bailouts this time, no stimulus, no tarp, no qe,

because if the fed tries to do that, if they try to stimulate the economy, into the next recession when inflation is already double-digit and remember, we're not even measuring it correctly. we're using a highly-flawed cpi. if we were still measuring prices using the cpi we had in the 1970s we be closer to 20%. liz: well yeah, the shelter number is outrageous. it comes in like oh, there's just a little bit of inflation there. everybody's rents are going up but andy, when you look out and you see that the 10 year yield topped 3%, in and of itself that's not historically the worst number ever, but where is the investment? where do corporate bonds go? where would you be advising people to put money at this point, in fixed income? >> liz, i would keep people at the very shortened. i really do think there's duration risk and whether peter strzok right or wrong, nonetheless there's certainly an argument to be made that 10 years could go to 3.25, 4%, i don't think they are going to go

to peter's 8% or 9% he's talking about but nonetheless i think short treasuries i think excuse me, short corporates make a lot of sense, you get three, four, 5% and that protects you and keeps you out of trouble. liz: peter where does it work to put your money? you have been a gold bug but you also have other opportunities that you see. what should investors be looking at at the moment from your perspective? >> sure, gold is a part of my portfolio. it's a small part because it's savings, a store value, most of my money, personally and for clients, is invested in dividend-paying stocks. i don't like fixed income at all i agree if you're going to do it don't go out on the long end because that's where you'll get killed but even in the shortened, you have inflation risk. not as much interest rate risk, but inflation is going to erode in and weigh the value of your principal. i own a lot of stocks mostly outside the united states. i own some companies in the united states mostly energy companies but i own stocks that pay me dividends of 5%, 6%, seven, 8% sometimes 10%.

liz: well look at the euro pacific international dividend fund has a very good three-five year -- >> i would much rather get dividends from companies than clip coupons on bonds, because the companies that i invest in, sell products that people have to buy, not the ones that people want to buy, because they are going to stop buying those. the ones they have to buy and pay higher prices and then i can get higher dividends to stay ahead of inflation. liz: andy before we go give me a grade for jay powell & company. >> you know, i like jay powell personally and i really think he's the only guy that i've ever seen as a fed chair that has a business background rather than an economic background, so i would give him a b plus to an a minus, but i think it's the rest of the fed that is really behind the curve. >> you're grading on a big curve. no, i would give him an f, but in all honesty i would flunk everybody since volcker.

they've all done a terrible job. liz: classic. thanks so great to have both of you. you have educated our viewers, i don't know which side they take but we all just got smarter because of you andy, peter, good to see you thank you so much. the crypto rush is on in silicon hills as bitcoin miners descend on austin, texas, that's andy's neighborhood. susan li is there at a riot blockchain mining facility that's now facing new energy challenges as temperatures sore into the triple digits and speaking of texas, these twin brothers moved to dallas right out of college to start a janitorial business, but they then morphed that, working their way all the way up to tv stardom by flipping houses on hg tv. hgtv stars chris and cal lemont join me on this weeks edition of my podcast everyone talks to liz, you have to hear about their rise from pushing brooms to helping clients find and transform their dream homes, download it on

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liz: shares of spotify and their investors singing a happy tune at this hour after the audio streaming company said it expect s to reach annual revenues of $100 billion in the next 10 years. the company has committed more than a billion to podcasts, spotify stock down 50% this year , moving higher by just under 6% at the moment. all right, so today, okay, i'm looking at it right now. natural gas down about 6.5%, but hit a 13-year high this week on increased demand for air conditioning, as spicy summer

temperatures sweep through the nation. utility stocks are on the move, natural gas, of course is well- above $9 per million british thermal units over the past several weeks right now it's at $8.69 and look at these utilities, they are under stress but it's the blazing temperature s and the lone star state that have bitcoin miners conducting heat wave prep so the states power grid doesn't blow it like it did during the snow-vid, get it, covid, in 2021 when the outages caused life of death situations. we go live to susan li standing by the largest crypto mining facility in the u.s. , riot blockchain in austin, texas, susan? >> yeah, so the texas power grid system as you know is pretty tricky meaning that it requires the perfect balance of supply and demand in order to run smoothly and what these bitcoin and cryptocurrency miners do is they help support the system so right here, taking place right now, here, is that we have riot blockchain shutting

down the power and this will take literally a few seconds to happen so they can help support the system, especially during the of course the heat wave we're seeing across the state this week, and also to help augment the system when there's max usage to help fuel and power the air conditioning units are basically running at max capacity right now. also they will take and use energy consumption especially in the middle of the night, for instance when some of these wind generators, they are generating electricity but no one is using them so bitcoin miners say we'll take that excess capacity on and this is a state that's been really open and welcoming to these bitcoin miners, you've heard governor greg abbott saying he wants texas to be the crypto mining capitol nationwide, senator ted cruz says he wants this to be the oasis of bitcoin mining and you heard that from riot blockchain ceo today. >> texas is not only the most business-friendly state. i think probably out there, but it is the most friendly state

for bitcoin companies and bitcoin mining companies. that gives us a very comfortable , much more comfortable feeling about the capital we're deploying here , the jobs we're creating here. reporter: yeah, and that really contrasts with what's happening across other states, for instance you have a bill on new york state governor hochul's desk that wants to ban crypto mining and you have this california berkeley study that suggests cryptocurrency money eats up a lot of electricity in fact electricity consumption went up by a quarter of a billion dollars because of higher usage when it comes to crypto mining, and then of course, here in austin, later on this week with ehad that big cryptocurrency event and you have senators gillibrand and luu mis selling the cryptocurrency bill bill but then also oversight being a commodity instead of a stock. liz: air conditioning in triple digit heat versus bitcoin, crypto, i'm taking the ac. susan, thank you very much.

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♪. liz: oh, boy, folks we have 3 1/2 minutes left in trade. look at symbiotic's stock. 45 minutes ago had ceo, of course the softbank spac guy who involved here. they just appeared on our show. look at the stock. it was up 55%. it is now up 128%. a.i. robotic to help with the supply chain. debut day in reverse merge is stock story of the day i should say. during the pandemic lockdowns as the u.s. economy nosedived into recession, legions of companies buried their dividends, cut them off, stopped them immediately to preserve cash.

the countdown closer is digging up list of stocks to help your portfolio shine whether a recession is on the way. we have dave gilreath. give us the names. >> thanks for having me back, i appreciate it. we look at dividend achievers list. we have the 50 stocks with lowest downside risks according to the metrics we use. i was on your show december 30th, a couple days before the market peaked. gave you three names. two are up as of today, one is even. i like the batting average so far. today talk about accenture. giant technology consulting company. it is down 100 bucks from its high. they have been raising dividends 2% a year for last several years. raising them 18 years straight. earnings estimates one thing we like, earnings estimates are getting increasingly better over the last 90 days. and they're estimates have been getting higher for the last 90

days. average street target is 400 bucks. maybe up with hundred bucks of up side. another one would be cintas, uniform people. they're large cap, rental services more than just uniforms. down from 460 bucks. the average street target is about 460, 462. they have been raising their dividend 39 years straight. even peter schiff whos with on your show few minutes ago said what would you put your money in, he said dividend-paying stocks. liz: yes, he did. >> even bears like the dividend payers. last one, a lot of people never heard of, donaldson. they make filters for industrials uses, engines, things like that. they're down 20%. they are at the same price they were four years ago. even though sales an earnings are a lot higher. pe less than 17, forward p-e. street target is 20% higher than

where it is right now. we're very optimistic. liz: listen, interesting picks here. donaldson has more than a 6 billion-dollar market cap. it is no small player there. dave gilreath. [closing bell rings] there is the closing bell. the biggest laggards are the russell, transports. red across the screen. let's do it again tomorrow. "kudlow" next. ♪. >> hello, everyone, welcome to special ed digs of "kudlow." i'm sean duffy in for larry kudlow. police arrested a armed man walking near justice brett kavanaugh home's. the suspect had a gun and knife, never made it to his house. told police he was looking to kill kavanaugh