will have less of a chance to live the american dream. i thought we come out of this pandemic with a baby boom. all we've gotten is a spending boom and now the ensuing hang over, and everyone is saying not tonight, i've got a headache it's too unfortunate. meanwhile, i know you've got a headache with this market but got the right person to calm you down a little bit. liz claman, golly, i could just imagine this last 60 minutes. liz: [laughter] yeah exactly, not tonight how about not right now we have headaches. charles, let's take it, we're going to wrap our arms around this hour, central banks around the world are sending investors running for cover, and we are just off session lows that were hit as charles was saying goodbye to those viewers joining him in that hour. i hope you were staying along with us. yesterday's rally, of course that is gone, after fed chair jerome powell hiked interest rates the most since we've seen since 1994. the dow now trading below 30,000 , as fears grow that a recession lies dead-ahead.

our floor show traders are here along with former atlanta fed president dennis lockhart, on when recession is a certainty if we're in it right now, or if powell & company have the tools to bring the economy in for a soft landing. and as traders disappear from the floor of the new york stock exchange, it's going all in on open outcry. ceo of cibo, the former chicago board exchange, ed kelly is here in a fox business exclusive not only on his new trading platform , but what he makes of the wall street fear gauge zoom ing higher right now, yes, the vix. it's home, of course, at the cbo e, hollywood blockbuster are back jurassic world rings up the registers, adam aron is in the middle of his shareholder meeting right now, but in a fox business exclusive, adam is going to join us the moment that meeting is over to talk about the return of movie magic, and

how he can possibly get it to translate to the stock price. but first, we begin with breaking news, we're kicking off this final hour of trade with the dow trading below 30,000 at the moment. the nasdaq is hovering just above the 11,000 level and you can see that investors are obviously retreating from the broader market, pushing the s&p and nasdaq and russel and transports deeper into the bear cave while the dow is still more than let's call it around 1,100, 1,150 points away from bear territory. can the blue chips avoid getting sucked closer into the vortex over the next 58 minutes? now at the open investors cut the engine on buying stocks and right now you can see from these intraday pictures, we are at the lows of the session, the s&p down 133 points, the nasdaq down 479 at the moment. it is an unattractive picture and this of course 24 hours after the federal reserve switched on the aggressive button by hiking interest rates 75 basis points. by the way something the fed said just weeks ago was not on

the table. the markets are recoiling, but not entirely because of that move. but because central banks around the world lined up today to do the same thing. in a surprise move to tame their soaring inflation, see we're not the only ones, hungry and for the first time in 15 years, switzerland. unexpectedly stunned the markets by tightening their benchmark interest rates. brazil, the bank of england, and taiwan central bank, also chimed in with hikes of their own. the thunder bolt zapped and shorted out european markets, and folks, has pushed into the bear market abyss. by the way, here, no sector is safe. i mean we have homebuilders, retail airlines deep in the red, but tech is very very messy at this hour. the chips are getting slammed. the semiconductor index down 6.5 % and by the way that's an 18 -month low. that's getting hammered. obviously, we see tech overall, vanguard's info tech eft down

4.5% and tpsr's future tech leaders equity eft whose holdings include palo alto networks, on semiconductor, etsy, splunk, re coiling 5.6%. now, there are only a handful of s&p stocks in the green. let's put them up on the screen for you. take a look at the leaders we've got names like numont gold, cme group, church & dwight, dollar general in the top 10, general mills, earlier proctor and gamble, and you know, we've got these names, cold gate poll molnupiravir ever , these are the consumer staples safe haven for the moment but with the markets now pricing in, and these are the very latest number s from the chicago merchantile exchange, fed funds futures, indicator, there is now an 86% chance of another 75 basis point rate hike, yup, 86% odds of that so what is in-store for the markets and the economy we have team fox business coverage to help you navigate

the back and fourth swing of the markets our floor show traders are on stand by with their insight on how to position your portfolio but let's start with what's next for the federal open federal open market committee and how close the u.s. might be to tipping into a recession and we turn to dennis lock hart, who served as president of the atlanta fed for an entire decade. dennis, listen. the fed said couple weeks ago, 75 basis points, not on the table. suddenly now, next july, and just a month, another 75 is on the table. this is some table. do you think that the 5 basis points basis point hike yesterday was the right number? >> yes, i do. i didn't expect it coming in, but i do believe it was the right number, their front- ending sarah degrees ever moves to fight inflation. no time like the present to go after the inflation problem, so i'm very respectful of the 75

basis point move and as the fed funds futures show, i would not be surprised if we see another one in july. liz: could i push you to september. what do you think is happening in september? >> well i think september might be a little bit more in play in terms of 50 to 75. it's important to note that the summary of economic projections showed they expect to be between 375 and 400 basis points by next year, and by year-end, be 325 to 350, so they have 150-175 basis points to go this year, and that's just a fairly tall order so i suspect they may look at the data, more data in september and then make a decision how aggressive they need to be. liz: okay, i am so happy you are the one whose here at the top of this show, dennis, because you took the helm of the atlanta fed

almost one year to the day before bear stearns collapse, so you are no stranger and to the recession that follows, you are no stranger to making very difficult decisions when the pressure is on, as it pertains to rate hikes, but this feels a little frantic, and i say that because as we said, jay powell had said 75 basis points not on the table and that was just weeks ago. suddenly all of us, we were sitting here saying, it is a problem. inflation is not transitory, and boom, we get not just the cpi, consumer inflation, last week, but one day after the producer price index, inflation at the manufacturing level comes in at a crazy high number of 10.8 and then all of a sudden it comes through the markets that oh, it could be 75 basis points. do you think they could have handled this a little bit better and i know i'm putting you in somewhat of a difficult position by asking this to not criticize your counterparts who are now in

charge, but can you be a little honest with me? >> well, i think perhaps they could have communicated better. what jay powell actually said is the committee is not actively considering 75 at the moment, and it came on fairly late in the cycle before the meeting started. technically, they're in a black out period so they're not talking, not trying to compare the markets in the last few days before the meeting, so perhaps we could have been a little bit more open when he said not actively considering. having said that, there's a lot of talk out there about credibility of the fed. they clearly made some mistakes in anticipating this inflation. i think the most important credibility really is that they have the willingness to take action when they face adverse facts. liz: true. and that is the situation and so

i think the action they took yesterday ought to be a net add to their credibility. liz: okay, fair enough. i do want to ask you about recession. we know that in the first quarter, gdp contracted. the atlanta fed cast realtime tracker of gdp, it's not entirely 100% correct all the time, but they are both for the realtime at a goose egg, the two updates in a row at zero that means one takeaway from contraction. are we in a recession right now, dennis, already? >> well, if you judge by the now cast, the gdp now tool of the atlanta fed, it sure looks like we're close, but that seems to be contrary to a lot of information, including data information as well as anecdotal, if spending remains strong, so it's a head scratcher for me, quite frankly, liz.

this is the time of the quarter in which you should take gdp now seriously. the third month of the quarter. for it to show zero suggests that somethings going on that may not really be grasped widely in the economy. liz: well, dennis, we'll be watching it, ever so closely, just like you and we appreciate your perspectives considering you've been there. it's not an easy thing to do certainly. >> [laughter] thank you. liz: you're welcome dennis lockh art, former atlanta fed president. as we look at the markets check the dow we paired 200 points off the lows we're down 717, low of the session market here down 928 let's get right to the floor show we have the great scott bau er scott shellady. you just heard dennis lockhart say we're getting awfully close and he talked about the fed resuming credibility or grabbing some of

it back because they aren't so embarrassed that they stick to the wrong numbers here, but look at the 30 year fixed rate for a mortgage. right now, and it is certainly sky rocketed, forget, you know, since december where it was more like 3%, right now, that's the yield. that's the 30 year treasury yield, but if we could show the actual 30-year fixed rate now you start to see the housing market slowdown. what sectors are you watching most closely? >> so liz, i think right now the way the market is trading, perception is reality, especially when you're referring to the fed, so whatever they did yesterday, 50, 75 the perception is it was not going to be a good thing so i don't think they are in a very good light right now and that's how the market is trading but in terms of how do you position yourself moving forward here. the banks during rising interest rate periods typically do well, but, if we get to an economic slowdown that obviously can amp er those banks but there is one that stands out and that's c iti corp. they have a 5.5 forward pe.

it's really cheap, i love that bank, among the rest of the banks that are out there. in addition, in this environment , you always have to look at cash-rich companies. so there's some in the tech sector that have been beaten up, and they're not fancy names, they are apple, microsoft, even a cisco, if you will, that are cash-rich that i believe can withstand in a really, you know, positive way here, what's going on, and you want to own them down the road. liz: apple is 4% cheaper today than it was yesterday, and we've got microsoft more than 2% cheaper than it was yesterday. folks, you could argue things are on sale but scott shellady is that how you see it or is this a falling knife and you don't want to try and even catch it? >> 100% the second one, right? it's a falling knife. what's king right now to me is mattress king, right? put your money into mattresses for the short-term here because i think it's still a very dodgey

scenario. i was listening to lockhart. here is the deal. shame on all of us to think that the people that us into this mess are the ones that get us out of this mess. shame on us. number one. number two is that he wants to explain away the gdp now, the fed tracker 0%. girl, if that goes into a negative i've been doing this 35 years, liz. that's the first time in my life that we've raised rates 75 bps into a recession and are thinking about doing it again. the sand beneath their feet are changing so fast they've missed it. i think the economy is much weaker than they believe, look, he said the consumer is still spending. did he see the retail sales number? it cratered. look at consumer sentiment survey. it's horrible. all-time record lows. where are these, what are these people thinking? so i was surprised, obviously you can tell by my voice, i understood the 75 rate, because i felt for once the fed might

try to act aggressive and hawk ish, not just talk hawkish but act hawkish and the market gave them the door open for 75 b ps raise without really punishing them because expectations moved up but i'm telling you right now when this economy, when these economic indicators start coming through weaker and weaker because we've still got high gas prices and high food prices there's been no relief anywhere and we have historic synthetic tightening. what do i mean by that? you have the fed raising rates now, but every other part of the americal society is more expensive. so where's the relief for the consumer? liz: yeah, you've got scott baue r here nodding his head. really quick on high energy prices we do have crude and brent higher in the aftermarket, scott, what's your comment about that because that seems to be the driver of all things inflation. >> it absolutely is, liz, and the fed is behind the curve, because they're looking at data which is old. it's not leading data, and we know what's happening to main street usa.

main street usa has started cutting back already, even though consumer spending is still up there, so to me, we are in a recession right now, and i'm going to go out and say by the end of this year, liz, if the path continues this way, we may get the fed to actually cut rates. liz: oh, in one year. in the same year, interesting. we've got to run, gentlemen, scott and scott, our great scotts, we are watching a market that is all red here, remember the s&p already down 10 out of the last 11 weeks. we have lost a lot of ground for much of the market and we're losing more at the moment. we are all over this , tick by tick we're coming right back taking you live to washington d.c. in a moment. voya providese for the right investments. they make me feel like i've got it all under control. [crowd cheers] voya. be confident to and through retirement. i'm susan and i'm 52

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exactly what's in this and how it might work. reporter: yeah, and liz as you said the president is now maiming part of inflation on those shipping companies so this ocean reform, ocean shipping reform act will according to white house official lower the cost eventually for shippers as well as retailers, farmers and ultimately consumers as the president is speaking live there. what it does basically is boosts the authority of the maritime commission, the federal maritime commission, to increase transparency for shipping. >> the bill cracks down on fees charged by international ocean shipping companies to make goods more expensive for america's consumers and small businesses. the bill will lower costs for americans as nearly 100 trade organizations recently wrote it will help ensure u.s. competitiveness and lead to continued economic recovery. reporter: and that's the house speaker from today so it bans

shippers from unreasonably declining u.s. exports, which happens during the past six months. for example, ships come from china to the u.s. , they unload, but because of trucking issues they had to wait for product to be reloaded, so instead of waiting the ship left empty for china to get more goods to sell into the u.s.. the bill gives increased enforcement to the commission to end issues like this , because an empty ship leaving without u.s. exports means those u.s. companies lose out on money, so as the president is speaking here there are a couple of republicans that are in the house. that bill passed the senate with 100%, no no votes and it sailed through the house with a ton of support from both parties, and now the president is about to make it law. liz? liz: edward lawrence, live from the white house. thank you. all right, for an a sorgum us rex, meet tom cruise, coming up two stars of two movies crushing it at the box office have amc theaters ceo adam aron ready to

make some big predictions in a fox business exclusive, he will break them right here, the minute he comes out of his shareholder meeting. but first, billionaire elon musk just said he "doesn't care" about being ceo but of which company? huge headlines hitting both twitter and tesla, we're going to tell you exactly what's happening in pop stocks, closing bell 39 minutes away, the "clayman countdown" is coming back in a moment dow jones industrial still down about 736 points.

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liz: we have a fox business alert. amid this sell-off billionaire elon musk just gave twitter employees a billion reasons to maybe trust him. in a town hall-style q & a with twitter staff the first since making his $44 billion bid for the company, musk said he wants to raise the micro blog ging services user numbers

to at least a billion. he also threw in that he doesn't care about being ceo of twitter, but does care about driving product in a particular direction, we would imagine that be up, and improved, right? musk added there has to be some rationalization of headcount, as costs exceed revenue. wall street has been breathless ly gaming whether musk will go through with his $54.20 per share purchase of twitter, as the stock is now at $37.17, nowhere near 54.20, but look at shares of elon's ev giant tesla. they are very close to session lows here down nine full percent plunging on a reuters report the company is planning to raise prices on its u.s.-made cars due to rising costs, and a quick check of tesla's website confirm s it has increased the price on its long range model y by 3,000, on top of all of this , apparently a lot of spacex employees wrote a letter

to executives saying elon musk is an embarrassment and a distraction. they are not happy that he is focused on twitter, beyond what he is doing with tesla and spacex. inflation hitting etsy, the stock is the bottom of the s&p 500 down 9.5% after oppenheimer cut its price target on the handmade website from 140 to $120 a share. meantime, it's at $68 at the moment. they also lowered second quarter revenue estimates the firm says etsy's products are premium priced which could take a hit as consumers become more frugal in this , of course economic atmosphere. we do need to look at chips once again, qualcomm, i don't know, a md, micron technology all down from seven to 8%. this , perhaps, aside from the downward pressure overall on the market and of course the semiconductor index, hitting an 18 month low, a report from n ikkei asia says samsung,

one of the biggest chipmakers temporarily halting new procurement orders asking multiple suppliers to delay or reduce shipments due to rising inventory. supplies gone up, folks maybe demand is going down, samsung tv 's, home appliances and smartphones use samsung chips and yeah, you might want to stockpile your favorite revlon lipstick because the iconic cosmetics maker has indeed as we warned you last friday, filed for bankruptcy. the 90-year-old company expects to receive $575 million in debt or in-position financing from its existing lenders which will at least help keep operations running, but rev lon blames the bankruptcy on supply chain snarls which stymied its ability to fulfill demand and also being too late to the game, to makeup trends. revlon down 8%, it popped up into positive territory briefly during the session. it's just a $2 stock at the

moment. volatility, boy is it here to stay after the fed's biggest hike sin the 90s investors frantically checking the vix. wall street's fear gauge which has been tracking investor fear since 1973. what is it now saying and how do traders make money by watching the vix? ed kelly, the ceo of cboe, the world's largest option exchange and home of the vix joins us next in a fox business exclusive. folks we've got the closing bell ringing in just over 29 minutes the russel 2000 is the biggest laggard as far as percentages down 4.5% the dow is down 2.5 with the nasdaq lower by 4% and the s&p losing 124 points. we are coming right back. don't move, every minute matters in this market.

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liz: breaking news. we now have the nasdaq down 488 points, that is actually not

even the low of the session, 534 is the low of the session, i'm checking so many screens here to make sure we are on every single tick of this , and as the markets take a plunge, wall street's fear gauge is up- surging. the vix, this is cboe's volatility index is charging higher by 13.25% right now, investors are fearing the worst, that even with a tight labor market because we have that, the u.s. is tumbling towards a recession and the federal reserve might not be able to deliver a soft landing, but legions of investors and traders out there know how to play volatility to their advantage and they do so through the world 's largest options exchange. cboe global markets chairman and ceo ed kelly started his career as a trader what 30 years ago, ed? >> a little longer than that but that sounds good i'll go with that, thank you. liz: ed is joining us in a fox business exclusive. ed, a lot of things are converg ing literally right this minute. we have central banks around the world, our fed included, in

full rate tightening mode and tomorrow we have quadruple, describe the options trading action you're seeing now at your new cboe floor right behind you. >> well thanks, liz, and what you've described is right. the factors that have gone into the uncertainty in this u.s. market really, the global market, the extension of supply chain issues, the war in ukraine, rising rates, it is all been shown to us, in realtime, and we look at the s&p 500 but behind us, that's what you see behind me, and then the volatility that we're measuring by the implied volatility of the s&p 500, our vix, tells us that that uncertainty is going to persist for months and months. if you look out over the term structure of volatility and our option prices, our traders, our investors are saying that uncertainty is well into the year. liz: months and months, okay even if as dennis lockhart of

the atlanta fed just about 30 minutes ago said on our air, he expects that it is a chance that we will see another september rate hike, but then we have traders anticipate that things maybe so difficult when it comes to recession that we could possibly see a rate pullback, so but volatility would still continue in that case, correct? >> it was really the uncertainty around whether or not rates continue to increase or in that one read and whether or not they're cut. it's that uncertainty that leads to the higher volatility, and prices reflecting that when traders and investors around the globe are looking to hedge their exposure in the broader u.s. market. liz: you know, we do have investors who use the vix and the futures market to manage, to dodge what's happening right now , and that is the market pulling back. options have become such an interesting play for now the retail investor. it's no longer just for the uber

experienced and institutional guys, right? so what kind of trades are the big ones at the moment that you see and if you could just explain a little bit to our viewers, because we like to educate our viewers just as much as anybody. >> well, we do too, so cboe has always been in the education business so when you mention retail investors we make sure that we have education available and products that are suitable and sized appropriately for the retail investor, which means, if you look behind me again, we look at the s&p 500 that's a very large notional trade and really, institutional investors love that trade, and it is for retail, we've offered different sizes of notional investment and our newest exposure is called a nano. it's very very inexpensive from a notional view but allows for the same strategies that the pros use. liz: this is something that we are hearing right behind you that we haven't heard in a long time and that is very loud open outcry. actual traders versus just

electronics. my question to you is this. does it really improve price discovery and liquidity, to have the humans there? >> this is the best market for us to display just the incredible value add that our brokers and our market maker s provide in markets that are the most uncertain and the biggest moves. the value add and the customer experience is really top of game when face to face negotiation is allowed and that's what we facilitated. our customers trade about 33% of their contracts in open outcry in the pit and the s&p 500 right behind me, and about 46% in vix options which are right over my left shoulder. liz: let me just tell our viewer s who happen to be we've got a lot of viewers in the car listening on xm 113. we do have the volatility index speaking about 13.25%. ed, it's a pleasure to have you on the show. please come back. >> great to be with you, liz, thank you very much.

liz: ed tilly, chairman and ceo of the cboe. yes they are calling it the cboe okay, they want to be called the cboe. s&p, all right falling deeper into bear market territory. we are now down more than 23% since recent record highs, but today's countdown closers are here to tell us if you should stay out, dollar cost average of fixed amount every month in stocks, or start getting gutsy and picking individual names, plus, adam aron, the ceo of amc theaters is in the middle of his shareholder meeting. he's going to exit that, closer to the top of the hour, and he will join us to tell us all that's going on with his company closing bell ringing in 20 minutes. dow down 747. we are coming right back. s who e this landscape, leveraging gold, a strategic and sustainable asset...

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liz: all right, folks, we do have a pretty significant sell-off here, we are off the lows but still, on a points basis, the dow jones industrials has gotten particularly wacked over just the last two weeks alone, the dow has lost nearly 3,000 points, but on a percentage basis, the nasdaq has taken the biggest hit down 11.5% , again just over two weeks now, with these kinds of losses, investors are really questioning , is now the time to clear out, meaning sell, do nothing hold, dollar-cost average, meaning put a fixed amount in every month and buy stocks, or start picking individual names. let's bring in for some guidance strategic funds managing director mark lopreski, and circle squared alternative investment ceo jeff cica. okay, mark, what are you doing? >> well, we are watching the street have a tantrum now

thinking that the fed maybe over shooting in its attempts to reign in inflation so we're looking at putting bets on both on the bear and the bull side that lean into what we expect to be consumer behavior, so what am i talking about? i'm talking about it's going to be the summer of george quoted from seinfeld, people spending money on travel, leisure, eating out, but that's going to come to an end in september, mid- september and then we're going to start to see things like the dollar stores, dollar tree, dollar general, those are going to become in favor as consumers try to stretch every penny that they have in their budget. liz: do you know what dollar general was one of the few in the green earlier today on the s&p and it can't hold that at the moment. it's down just about a third of a percent, but again it's almost like nothings working. >> no, that's right. it's almost like nothings working and when you look if those types of stocks fit within your overall thesis, liz, when they get hid like this , they start to look attractive and

again i would look to buy particularly those stocks that lean into how consumers are going to be stretching every penny they have, especially -- liz: i'm going to hammer you on mining corp. in just a moment but let me get to jeff cica, because he's taking another tack jeff are you dollar cost averaging or buying, selling, what are you doing? >> no, liz for me, if i were to dollar cost average, we would, i would have to have some sort of indication that we're near a bottom, and what i see now, a lot of people were borrowing to buy this market. there was a lot of margin, you know, you had these robinhood accounts. these robinhood investors never experienced a downturn so you have a lot of those who were borrowing for pennies on the dollar that are now selling, so for me to dollar cost average , i would have to feel that we're close to a bottom, and i unfortunately do not feel

we're close to it now. liz: so you're saying, jeff, you love crypto companies and bitcoin? >> to be very honest with you, i mean, i'm in bitcoin, and it has been a extremely painful experience. liz: what did you buy in at because right now it's at 20, 897. >> i bought a lot at four and i was 4,000 so i was buying some on the way up. liz: what are you complaining about? >> i shouldn't complain but i was used to a lot of the upside momentum and to see it where it is now, it's heartbreaking to me liz: okay so marc, what is hut and mining? it just hit a 52-week low today of a buck 52 and you're saying buy this? >> so i'm saying look at this , liz. the mining companies is starting to diversify. remember, crypto miners are set for single-purpose data centers. data centers are not going away. the demand for data management

and storage is going up exponentially, and at these prices you've got to start to look at stocks like that. liz: jeff, is there anything at the moment, if you were forced to buy one single stock, what would it be? >> well, i have to say, i mean i've been, i was very positive on netflix then i became very negative on netflix, so where i think now, i'm really looking at netflix. it's down 70%, and you know, i do feel we're going into a recession, as far as the fed is concerned, the fact that we had this inflation which was like a freight train that you can't tap the brakes and stop, i think it's going to take a while, but i think what's going to ultimately happen is that a lot of people are not going to be able to afford some of the luxury so they are going to go back to watching streaming and planting themselves in front of the tv until they could afford to do some of the things that cost more money.

liz: all right, jeff, marc, on a very busy day from netflix to actual theaters, we have, coming up next, and he's exiting, we are told, his shareholder meeting right now, to come before our cameras, adam aron, the ceo of amc theaters. they just crushed it at the box office this weekend, breaching pre-pandemic levels finally but what's going on with the stock? we'll talk to adam in a moment, and why not have dinner before you head to the movies p f. chan g ceo, he is my guest on this week's edition of everyone talks to liz my podcast. the story is actually one for the ages you guys his unconventional crime as the nigerian immigrant to the top of the chinese food chain and how he didn't just preserve the brand during the hype of the pandemic he grew it. you can download it on apple, google, spotify anywhere you get your podcast we're 10 minutes away from the closing bell on this thursday, dow is down 851, we've got the nasdaq down 507, s&p lower by 138

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consult your health care provider before starting on omnipod. simplify diabetes. simplify life. omnipod. liz: going to be a wild final six minutes of trade here. we'll have a rough session all day long. right now the dow ask down 815. check the s&p, down 135. that is loss of 3 1/2%. larry: i will repeat this, russell down 5%. >> folks, i'm watching the vix, volatility index took a leg down. we were talking to ed tilly, down 13.25%. now it is down 17 1/2%. he was the one who just told you volatility will go on and on for months. let me bring up amc. more than a year ago meme stocks became a thing as retail investors targeted wall street shorts.

companies like amc, gamestop, bed, bath & beyond. as reddit rebels try to keep their grip on sliding stocks, investors, short sellers, are trying to bring them down and betting shorts on them. in amc's case could the shorts be slammed again? they are storming theaters see taupe gun maverick. the amc beat pandemic revenue by same weekend more than 15%. 2019, they beat it by more than 15%. how do you translate that news for gains in the stock? the stock is down.25% right now? joining me amc entainment president and sigh i don't remember adam aron. let me get right to the meeting. what happened in the shareholder meeting. introduce any news for us. >> i have good news for me, liz. they reelected me as the director which makes me quite happy. liz: okay. >> shareholders at the meeting

were quite supportive of the company. there is lot of love among amc among the shareholder base. we have neighborhood of four million retail shareholders scattered throughout the u.s. and around the world. one of the things that put them in a good mood of late, what we talked about. what we saw with "dr. strange" multiverse of madness. maverick, "jurassic world: dominion." what we hope to see with the new pixar movie, "light year." people are flocking to theaters in big numbers. as you said we're 15% ahead of pre-pandemic levels. same late two weeks of early june, may 2019 this is good news for amc. people are coming back to theaters. there are a lot of good movies coming this summer. we're optimistic. liz: i would imagine, "top gun,"

unbelievable, 400 million at box office. i saw it twice. are you hearing that as anecdotal story, people are seeing it more than once? we have -- said they will see it twice? >> i've seen it three times myself and it's, it is one of the best movies ever made. really is, it, i think it's a masterpiece by tom cruise. audiences saying the same thing. "top gun: maverick" on rotten tomatoes got a score from movie-goers, around 99% last time i looked, it was 97%. those numbers are unheard of on rotten tomatoes. jury as kick world is grossing more did not top gun. more big movies coming. liz: "jurassic park" that number is great. the elvis movie is coming as well. that is expected to do very well. those numbers for the box office

going in the right direction. the stock is down 50% year-to-date just as things are improving. what's wrong with the narrative here? >> well, you know, my job to run the company than run the stock. over time the stock will find the appropriate level. my job is, ceo of the business, especially coming out of 27 months of pandemic, is to restore this company to health. we are the largest player in the the retail movie industry worldwide. we were literally shut. the pandemic brought us to our knees two years ago. as i said we're on glide path to recovery. we're optimistic about the future of the company. and you know, that is, that's the mission we're charged with. liz: adam, things are getting expensive. concessions, stuff is extraordinarily expensive.

this country is hit with inflation and we're in a rising rate environment. what are you seeing as far as concession money coming in? on top of that are you going to be able to service the debt as rates go higher? >> well it's a lot of questions in there, i know the show will come to an end so i will try to be quick. we like everybody else are being hit by inflationary pressures. labor rates are going up. we are paying our employees more to staff our theaters. they need to live too, right? their costs are going up everywhere. fortunately one of the things that's happened to us is that as theatergoers, as moviegoers returned to theaters they have been stopping at concession stands and spending like they have never spent before. our concession revenue per head is up almost 40% year, compared to pre-pandemic levels. that's not because of price increases.

it is, partially but not so much. it is mostly because more people are stopping at the concession stands, they're buying more things when they're there. this also been a very good news story. >> we want to see more people back in the theaters. [closing bell rings] that is an american pastime. thank you for joining us, as you ran out of shareholder meeting adam aron. dow closes below 30 thousands investors run for cover. ♪♪ larry: hello, folks, welcome to "kudlow," i'm larry kudlow. during his presidential campaign joe biden promised to end fossil fuels. if you're in the business, you know the guy elected will end your business, chances are you will talk cautious future about investments. you will not go into wild expansionary strategy. even though short run profits