their side hustle, in fact 41% like it more than their full time job. speaking of the fed, at the top of the show we asked about powell, and he doesn't really understand anything about inflation, we've got a lot of reaction including one of my favorites from nate. you can't unravel a ponzi scheme in other words, everyone knew that the fed didn't know what they were doing. which might be the most amazing epiphany of them all. liz claman, over to you. liz: yeah, i know, it is the question, can you do it. well maybe, charles we're looking at the markets here with oops to lady gaga, markets are on on the edge. not sure if it's the edge of glory as we head into the final week of the week and the quarter and the first half of the year. markets though right now, well- off session lows, at its worst point the dow was diving 600 points we've got it down 279 right now, the nasdaq had been down 327, it's lower by 136 at the moment. now those lows came this morning

when the fed's key inflation gauge came in slightly cooler than expected but still elevated investors are buttoning up their quarterly portfolios before many head out for the three-day july 4th weekend you know about this guys, cancellation chaos is causing havoc at u.s. airports, and at heath row in london, but fliers are now hopping on an alternative in the biggest numbers in years. the wheels up ceo is here to talk about the sonic boom in private jet travel as a fox business exclusive and the company that says it can cut america's independence on chinese lithium, will soon break ground on a mine in nevada to produce the key element powering the ev revolution. we've got the managing direct of as it today lists to the nasdaq plus president joe biden on his way home from the nato summit in spain after blaming much of the nations economic problems on "russia, russia, russia." former undersecretary of state

bob hormat is here live to tell us if high inflation and soaring gasoline prices really are vladimir putin's fault but first , fox market alert. i want you guys to set the clock we are fewer than 58 minutes away before we slam the book on the first half of 2022 and unless you've been shorting the s&p and the nasdaq investors have had one heck of a hideous six months. we're going to get to the rear view metrics and the worst performers over the past six months in just a moment but we need to look at a more pressing development in front of us at this hour. the first, let's call it semi- official indication from the fed, that we are in a recession, is now on your screen the atlanta federal reserve's gdp now, it's known as the now cast. this is the atlanta feds running estimate of real gdp growth cobbled together based on available economic data. it's not totally pure and official, but the bank just released its second quarter now cast and as you see , it shows the u.s. economy shrinking 1%. that is down from june 27

forecast that was just monday of a growth of three-tenths of a percent, so considering final q 1 gdp contracted 1.6% this latest puzzle piece put us in that two consecutive quarters of negative gdp definition of a recession. let's look at the 10 year yield. it closed yesterday at 3.09%, right now we've got it at 2.977. now it was inching lower earlier on those anemic inflation number s this morning but it dove below 3% and now stands where you see it, 2.975 to be exact, but just as interesting, stocks then came off their lows when that nowcast cameo look at the dow intraday. it had been down 597 points but erased much because the belief is that if a recession is indeed finally confirmed, that mail-in ballots slowdown the federal reserve's rate tightening rampage. now, we get to the second half numbers, while the dow jones industrials managed to stay out

of the bears clutches the s&p which on june 13 fell into a bear market meaning down 20% from its recent high back on june 3 is finishing out the first half of the worst performance since 1970. that was the year people wore bellbottoms and cried in their f resca bell the beatles broke up. netflix investors are weeping now, the streaming giant coming in dead-last. that one, netflix, takes the s&p and the nasdaq, worst performer this year. it began in 2022 as $597 a share , but as since gained 70% or so vaporized off the price as netflix reported its first subscriber losses in more than a decade. stock is at 175.33 right now. the real disaster year-to-date, it's the nasdaq, which saw its worst first half performance in its 51 year history. so as we look ahead to the second half, have we reached

peak inflation? should investors show love to the worst names of the first half? let's get right to our floor show, we are joined by floor show regular trader extraordinaire, why do we put your first name in nobody cares it's not steve. your sarge. >> [laughter] liz: sarge guilfoyle and luke ti lley. luke, i will start with you though. the feds favorite inflation gauge the core pce for may and may consumer spending saw the first slowdown in five months. have we hit peak inflation and are the feds rate hike starting to cool inflation and what does that mean for the second half? >> yeah, i think we have hit peak inflation. obviously we got a big surprise two weeks ago from the cpi report but this pce report is preferred by the fed for various reasons, and good reasons, and what we saw was a continued deceleration, especially with the core year-over-year dropping from 4.9 down to 4.7 and even within that, we're seeing some encouraging signs, a lot of the goods that people have been

spending so much on and drove the prices up for so much over the past couple years are pushing down the kind of things that walmart and target have too much of on hand. we're seeing declining prices. price reductions for household goods, for televisions, for those household items that have moved up so much in price. the things that are still moving up, food and especially housing are still keeping inflation too high, but in a year-over-year sense i think we have seen peak inflation especially with this pce indicator and we expect that we're going to continue to get some downward pressure on inflation. it's not going to be enough for the fed to hold back on hikes but probably enough for them to slowdown a little bit in the second half of this year. liz: well, about that second half, sarge. we know which names have been totally battered and i was just looking at the dow names that have been absolutely crushed. i mean, disney is looking horrific, we can put some of these up on the screen. we had disney, nike, salesforce, home depot, boeing, those were

among the year-to-date worst performers, not to ignore the best performers though. chevron, merck, amgen, travelers , ibm. but when you look at the winners year-to-date of the s&p, they're all energy names. does that repeat itself, or do you go with the first half loser s in the second half and purchase those? >> well, liz, i think you have to look at the philadelphia semiconductor index which is down 35% year-to-date. you'll want to stay away from the semis that the have a lot of consumer exposure. you want to follow cloud computing. you want to follow artificial intelligence, the data center ment that leaves you with nvidia, amd, and marvel technology. all of them have been severely beat. marvel, is down 49.4% for the year, they have no consumer exposure. nvidia is exposed to gaming, amd , is exposed to the pc but marvel trades at 18 times forward-looking earnings, the balance sheet i don't know if i like it long term but for the short-term remember the 1.7%, 1.7 ratio and 1.1

quick ratio, so they are in good enough shape to pay their own bills. marvel be where i'd go for someone looking to pick-up a bargain. now you want to hedge this , all right? the defense contractors have been spectacular all up 15-20% year-to-date regardless of what the markets doing because people are buying weapons, people are buying aerospace. lockheed martin, or northrop are my picks to hedge this bet so you win at least half way or both ways. liz: yeah, we're looking at lockheed martin right now, year-to-date it is way less ugly it's actually pretty compared to some of the others. and luke, about the spending power that america will have in the second half, if inflation comes down, how do you see that playing out? >> yeah, so clearly, inflation is taking a big bite out of spending power, and that sort of has the obvious negative effects , but it has some positive effects as well. we've seen a lot of people returning to the labor force,

which is helping with that labor shortage that drove up wages so much last year, and really, the strongest argument against all of the calls for a recession is that we see such strong job growth and that's really what's pushing spending. yes, we hit a one month decline as you mentioned, liz, in this mornings numbers but we get one month declines frequently a third of the time over the past 12 months and we think that at a broader level spending keeps pushing up because of that job growth and a lot of that is coming from people returning to the labor force, so it's very challenging with food and energy prices doing what they are doing, but thankfully there's still a lot of open jobs and people are filling them. liz: sarge, you are one gutsy guy. people do have jobs just as luke tilley said. there are jobs available that means there are paychecks. you aren't going to take a shot on netflix after it's down 70% or maybe even paypal? paypal of course is the third worst performer of the nasdaq for the first half. why not take a shot on some of these good quality names that

have been so pummeled? >> netflix is up against tough competition. you mentioned disney a little earlier. i'd rather buy a disney and now i think disney is my stock of the year in december which was a mistake. i got out of that in april when it was down 8% because i have an 8% rule i never take a loss of more than 8% on any position unless it happens while i'm sleeping, so disney, that's how i go. liz: [laughter] >> so disney, i'd rather buy disney than netflix at this point in the cycle. as far as those jobs go, i find that really troubling, because as we enter into recession, businesses and households will spend less, there will be much more cautious. i think the jobs will evaporate. i think wage growth will stop in its tracks. once you hit technical recession , there's almost nothing in the human mind that can stop it from turning into an actual recession with people reacting emotionally and i think that's what's going to happen. liz: the hurd, of behavioral statistics. it's great to have both of you,

sarge, luke, thank you so much. >> thank you. liz: we've got this fox business alert, while walgreens may have beat wall street estimates in its latest earnings report, look at the drug store chain. it saw a dip in quarterly sales and profits due to wayneing covid-19 demand investments in its healthcare business and that opioid settlement with florida so as you see the stock is down 6.5%, also, cfo james kehoe warned that covid, not inflation, is the biggest unknown factor that will effect performance. walgreens did keep its full year forecast as is expecting adjusted earnings per share to grow slightly. constellation brands, yes, pour ing up its earnings beat, but trimming its guidance for 2023, and it's just the kind of day where investors see the bad and not the good. shares are dropping 4.6% right now. this is the spirit producer behind corona beer and modello. the company warned nearly all brewers and distillers are impacted by inflation.

the overhang of canopy growth corporation is also expected to hit earnings, and since invest ing in canopy in 2017, constellation has lost 556 million bucks. you've gotta spend to win? i don't know. the cannabis company reached an agreement with constellation today to transform about 198 million of convertible debt into stock, constellation will acquire a portion of those shares. let's look at airbnb. why is airbnb dropping 5.5% if everybody is so interested in traveling? well all the travel stocks, certainly norwegian cruise lines , and royal caribbean, they're down all anywhere from 3 % for royal caribbean to airbnb down 5.5% as i said norwegian down 5% the entire sector is getting slammed over recession fears with investors anticipat ing disappointing guidance updates in q 2. cruises are particular, in particular have had a volatile

2022 norwegian lost 44%, royal caribbean down 53% after tumbl ing to the lowest point since the start of the pandemic, wednesday, bed, bath and beyond hit another low but it looked so good intraday. look at the left side of your screen. suddenly shares were higher. maybe this was revived as a meme stock where people thought maybe some big money guy will come in and sweep it up and buy it. well, no. in fact, it hit another 52 week low of $4.74 right now, it's at 4.89 down 2%, the home goods retailer did announce an additional leadership change today naming laura crosson as the new chief accounting officer one day after it announced ceo mark triton formerly of target was stepping down. one bank of america analyst warning bed, bath and beyond faces heightened liquidity risks following triton's departure and of course plunging sales which they already have. president biden wrapping up his european trip to the g-7 and nato summit blaming america's economic ills, once again, on

vladimir putin's war in ukraine. former undersecretary offer state bob hormas is here to tell us if the cause really is russia russia russia. closing bell 47 minutes away. yeah, the dow is heading south a bit more dramatically now, down about 366 points, remember, low of the session a loss of 597. last day, folks, of the quarter, the week, the hour, the year, first half of the year, certainly. stay tuned you've gotta watch this one to the end. you see, son, with a little elbow grease, you can do just about anything. thanks, dad. that's right, robert. and it's never too early to learn you could save with america's number one motorcycle insurer. that's right, jamie. but it's not just about savings. it's about the friends we make along the way. you said it, flo. and don't forget to floss before you brush.

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liz: fox business alert, that is a wrap. president biden capping off a pretty busy week in europe, meeting with g-7 leaders and a highly consequential nato summit in madrid. the president aboard air force one on his way home at the moment, but he worked with world leaders earlier today to rollout new strategies to target russia and support ukraine. president biden's problems at home took center stage at his end of visit press conference. listen. >> ultimately, the reason why gas prices are up is because of

russia. russia, russia, russia, the reason why the food crisis exists is because of russia. russia now allowing grain to get out of ukraine but i can understand why the american people are frustrated because of inflation, but inflation is higher in almost every other country, prices at the pump are higher in almost every other country. we're better positioned to deal with this than anyone. liz: while russia's war on ukraine rages on with no end game, the worsening global economic conditions are showing no signs of easing anytime soon. let's bring in former under secretary for economic growth energy and the environment, bob hormat. bob, thank you for joining us. let's just begin with you know me, bob. i don't like politics, i don't like culture wars. i like simple numbers and proof in statistics and the proof does not holdup to what president biden just said about oil problems and gasoline problems being russia russia russia. yes, of course we have crude oil

up 17%, since russia invaded ukraine, but crude oil prices and we can show the chart, are up 102% since joe biden took office. nats the year-to-date picture but if we stretch it out to when he took office, it's very obvious that this has been a long brewing problem, so can we really say that? >> well, certainly russia has had a major impact on oil prices both in the united states and around the world. it's also true that we were see ing inflationary pressures emerge in the u.s. before that, and this just adds to the inflationary pressure that we were having on oil, gas, and food, but the world point is a very apt one and that is if they

go up and other countries around the world it shows that there is one common denominator, and the common denominator worldwide and partially in the united states also, is russia, and if russia were to normalize oil & gas, oil prices and gas prices would go down here and elsewhere liz: well i'm not denying that russia is a huge issue in commodities, absolutely, but can we put up r-bob gasoline, wholesale gas owen loo in the united states? once again up 23% since russia's invasion of ukraine, but up 131% since joe biden took office, so again, when you look at the numbers, i'm just not sure it does him any good to blame russia entirely here, and that says, well here it is, up 125% since january 20 of 2021 when joe biden took office, and again , there are many other issues. covid and the lockdowns and the

supply chain problems, but as we talk about all that's going on, he also said that there were many other countries that had worse inflation levels than we do. well, we're second-worst behind the united kingdom when it comes to g-7 countries. he's using the international stage to say these things. >> yes. i certainly would say that the numbers you have indicate that there was a big increase before that. no question about the numbers are telling us that. i think the point he's traying to make is that if we were to get the russians to pull out of ukraine, it would have a positive effect on the markets and oil prices and gas prices would go down. liz: oh, sure. >> and that i think is the point of what he was trying to get across. liz: absolutely. i can see that too, but when you talk about "getting putin to exit out of ukraine", we've got

historic sanctions piled all over russia and all over russian s and the elites, et cetera. the problem becomes that they have figured out a way to deal with this , the ruble just hit a seven-year high against the dollar. we haven't talked about the ruble in a while. remember it was collapsing? well they somehow figured out how to get it backup again. here is the year-to-date picture so can you say that the sanctions are working? >> i think the sanctions are working. the ruble is very misleading in the sense that it's up in part because oil prices are up and russia still exports oil & gas. the second is that they can't import a lot of things. they are under sanctions, and their balance of trade and their current account surplus is high, because a lot of things that they would otherwise import, they're not importing, and third

, they raised interest rates quite dramatically and they've cut them back, but a big part of the big spike in the ruble was that they had tightened the monetary policy very considerably, and they are trying to unwind that, so it's a combination of higher oil prices , they can't buy as much because of sanctions, and tighter monetary policy. liz: i want one quick answer. >> their economy actually is not doing well, a lot of companies have left, a lot of jobs have been lost and i think their economy is not in good shape. liz: disastrous. thanks, putin, great job. >> one of the worst economies in that area, just and so we should look at a trade balance as an indication of the strength of their economy, their economy is not good it's bad. liz: bob i need a really quick answer on this but obviously finland and sweden have now been formerly, they have taken the next step to get them into nato. how do you expect putin will

eventually react? >> putin will react? i don't think there's much had e can do at this point. the united states has done and nato has done a lot to indicate that they are going to be supportive of all their nato partners, they are moving more troops into the region, they are going to increase the number of available troops to 300,000, who are at the ready, and putin has his hands full with ukraine and he's certainly not going to take on another country. liz: yeah, that has certainly backfired in putin's face the nato situation and thank you for the mood lighting, bob, we appreciate it. bob hormats. we are coming right back with the ceo of private jet operator wheels up. we're getting reports that london's heathrow airport is in a state of "total chaos" on cut flights we'll talk about private

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liz: did you hear about this? the united kingdom's biggest airport is in the throws of drama at this hour look at this video, some passengers are calling it a "disgraceful chaos ." in a rare move last night here is what happened. london's heathrow airport officials ordered multiple airlines to cut their flight numbers for this morning, due to crippling worker shortages. 30 flights were canceled which left some 5,000 fliers stranded in lines that were hundreds of people long. now here at home, we are just one day away from july 4th weekend and triple a is forecasting it to be the second busiest travel weekend since the year 2000. nearly 48 million americans will be taking trips 50 miles or more away from home, and that could lead to yet more chaos at u.s. airports. considering 5,000 flights were canceled father's day and june teenth weekend in the u.s. due to shortages of airline employees and air

traffic controllers, we have this new development. delta airlines pilots out protesting today. they are furious about working conditions and are demanding schedule changes and pay increases. so the drama in commercial aviation has presented private aviation with glittering opportunity. demand for private jet rental is skyrocketing to multiyear highs, with more than 1,500 jets in a fast-growing fleet wheels up chairman and ceo kenny dichter is one happy guy. you guys just closed officially the acquisition of uk-based airport nerd wallet, and they're on four continents. what do you make of what happened this morning in heats row? >> well i would say first off anybody over at heathrow, you can call their partner, what a great firm, they really completed our global footprint for what wheels up is endeavoring to be, and again, i

believe that the issues that commercial travel has are temporary. i could report in delta's our partner, but nobody cares more about the customers and the pilots than ed bastian, and the team at delta and i know that with the speed and the ferociousness that the demand came back in for travel which again for the long term is really unbelievable news for the industry. i would say the short-term pain that we're feeling is just, you know, the infrastructure that's out there, listen, we need a big upgrade in technology on the infrastructure side here in the airplane business, around the world, but like i said i think there's no better indicator for where this industry is going. it's going up and i would say that's commercial and private. as it relates to wheels up, our demand is really at unprecedented levels, even as we see some of the indices and dow and every indy see out there

coming in a little bit here. i think people are just valuing their time and the experienced economy that we live in here, what you do versus what you have , an economy of experience and getting together with people and memories is stronger than the next pair of shoes and bags that may have been a generation earlier. liz: but kenny, staying within the prism of what's going on in u.s. and global airports obviously with the situation at heathrow, wherein some cases people were notified less than two hours before their flight it was canceled they were already en route to the airport or at the airport, you're looking at some real numbers for private aviation. boom it's like a sonic boom, right? wing x cobbled together some of its numbers. flights for june as we understand it are already eclipsing the same month before the pandemic. they're up about 12%, not to mention they're up something like 70% over 2020, 25% over 2021 and most of these people

apparently are first time private jet fliers. what are you seeing since i want to say father's day weekend when people's lives were really up ended and they couldn't get to where they really needed to go. >> you know, wheels up is well- positioned, liz, for what's happening in the world today, because our model, the membership model, is about accessibility. we're making private aviation more accessible and i think if you look at just the , again, the desire that people have to be together, to make memories, i think the pandemic fueled this boomerang if you will on people feeling how important, or reprioritized how important travel is in their lives and again, we're well positioned here, picking up air partner, partnering with ed bastian and delta airlines.

i think we're in a position here when i think out 10, 15, or 20 years, and i think about what was a ride hailing business that was a 10 or $12 billion market with uber and lyft in there, and now it's hundreds of billions, i just think we have a great opportunity leveraging technology and leveraging the power of experience to take us to the next level and again, i think today, it's challenging for everybody, because again, with supply chain still gummed up a little bit, with air traffic control as you mentioned before challenged with the number of flights, with labor, everybodies getting their arms around making sure that the labor is in good spirits. i just have such a great feeling about travel and our categories, deep, deep into the future. liz: yes in your category. that's the important parenthetical there. kenny great to see you thank you

so much have a good 4th of july holiday weekend. >> liz i'm going to keep following you on tik tok. follow that up. liz: at red fox liz, thank you so much, kenny dichter. folks, bitcoin is falling below 19,000 charlie gasparino is on that story, coming up. who's on it with jardiance? we're managing type 2 diabetes and heart risk. we're hittin' the trails between meetings. and putting the brakes on fried foods.

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liz: electric vehicle makers facing lithium headwinds and this time it's not just price. with california's opinionedding vote on a $234 billion budget package that includes a tax on lithium miners, in what's called the salt and sea region of california, energy source minerals and controlled thermal resources whom mine lithium in the region and directly supply to automakers general motors are telling reuters that the tax is an absolute threat to the ev supply chain and will trigger setbacks in ev adoption, because they will miss delivery deadlines but ioneer, an

australian-based lithium min er has plans to mine and produce enough hit yum to supply 400,000 electric vehicles annually with its ridge mine in southern nevada. they will break ground early next year, but right here today, we have a fox business exclusive , the managing director , bernard roe. tell me about the nevada mine, what you guys are doing there, and that seems like a huge amount of lithium that be needed to be mined to service that many cars, correct? >> yes, thank you, liz. yes, that's right. so the ridge is located about half way between reno and las vegas. it's a very advanced lithium project where we expect to go into commercial production in the second half of 2025 and as you said, it could easily produce enough lithium for about 400,000 electric vehicles per per anem and with the option to

increase that into the future so it's a very large long-lived source of lithium potential, for the united states. liz: lithium is almost like the new gold or platinum. there is a complete lithium rush in fact in that region of california, that we were just talking about, they are calling it lithium valley. it's not silicon valley it's lithium valley, and i just wonder, if you start and it may just be california for the moment, but if you begin , and this is the price over one month but if you look at it over a year, you could see what the price of lithium is doing. if other states think to themselves that oh, wait let's tax hit yum miners, how much will that slowdown the adoption that people who are into green energy are pushing for? and many of these are government s like california. >> you know, i think the united states is going to need a lot of lithium through to the end of

this decade and beyond, and so i don't really think we want to be pulling up barriers to that development. we want to be encouraging it and i can only speak for our project in nevada and where there's tremendous support for multiple sources of lithium production into the future that can underpin the electrification of transportation, so i firmly believe that we need to be encouraging that and not trying to put things in place that won't slow that down, but you know, there are multiple sources of lithium in the united states. nevada is fortunate in it's one of the richest states for gold, as you probably well know, but it's also one of the richest states for its lithium deposits. liz: yeah, oh, yeah. >> pleased to be there. liz: bernard, i'd love for you to give a prediction because i know it's your business, you maybe hesitant to do so but when

we see hit yum having gone from $17 up to $75 so that's a 328% shoot-up year-over-year, we know about booms and busts. we see that there was a bust in oil a couple years ago. gasoline was well-below $3 a gallon and now look at it. what can you predict for the price in about a year, when supply chain issues start to calm down and settle down. do we get closer to i don't know , $50? >> yes, i think so. i mean, our business is not in predicting the prices of the commodity into the future but ensuring we can supply them and supply them economically, but i can tell you that we use a range of between 15,000 and 20,000, so that's 15 to $20 in equipment number that you're talking about, as a long term price. whether we get to that level in a year or not i really couldn't

say, but as a longer term price, this is the sort of range that we are using in our models and so we're comfortable with that. it's a fairly small volume market and because of that, as there is swings and round- abouts around supply and demand, which is inevitable, when you're sort of in the infancy of an industry of electrification, like we are, then there is going to be volatility, but that as new production is brought on stream that will correct itself naturally in a market forces. liz: bernard rowe, of ioneer, uplifting on the nasdaq today, welcome to the nasdaq it's great to see you. up next, charlie gasparino breaks the story on why bitcoin is plummeting right now. about two years ago i realized that jade was overweight. i wish i would have introduced the fresh food a lot sooner.

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liz: cryptocurrencies are getting slaughtered at this hour look at the price of bitcoin. it is sliding below the 19,000 level, down 6.5% it's a worst picture for ethererum. we've got ethererum down 8.5% followed by of course litecoin down 4.5%. so the dip is coming as the securities and exchange commission throws ice cold water on investor hopes for a bitcoin spot eft. the agency is now facing the wrath of grey scale whose filed a lawsuit against the sec saying the decision to just x out and refuse to approve its application for a spot bitcoin eft was "arbitrary." now, what, charlie because it's really hurting the whole industry. charlie: yeah, i would say this. it's just, it's yet another example that the sec has thrown

cold water on the whole industry it does not want retail participation at this point in the industry. at least that's what i'm getting from regulatory sources. so who are regulatory sources? people at the crypto companies that deal with the regulators, i have a lot of sources in the legal community who deal with the regulators obviously represent some of these crypto people, or the crypto companies i mean, liz, look at it this way gary gensler was a skeptic when it came to most digital coins. he's now got a rationale to keep retail out of the business. one way that retail could get in very big is if there is a spot eft, that means something you can buy over-the-counter, you can get through blackrock, something you can get through e- trade whatever. it's an easy way to get into the market, and he put a clamp, he closed the door on it. it's fascinating, because a year

ago, he approved the product for a futures-based eft. liz: two of them. charlie: right, but those are different, different investors generally, you know, go to those products, more sophisticated investors. if they are sold to brokers you have to know your customer there's that rule, and they are, therefore you weed out a lot of the retail, the unsophisticated retail as it be called, so this is an indication that the sec is worried about the future of crypto. the markets are reacting as such i will say this. if you talk to crypto people, maybe the sec is saving people from themselves, because people in the crypto industry say 18,000 on bitcoin right now? don't be surprised if it goes to nine. it could go down further, and these products, you know, would lead to more retail losing a ton of money, so that's where we are right now. i guess the only way this thing comes back, and this is one

thing, i guess note of caution, is if there's some sort of a regulatory framework that gets developed here with all this going back and fourth, but it's kind of odd. we haven't seen really much push on that. there's that one bill that was out there, it was a couple senators put their name to something, but is it going anywhere? liz: well, i think also, it does not help the three arrows capital which of course is a hedge fund based in the british virgin islands but it's liquidating because of wrong way bets like tera luna. charlie: the celsius drama, the whole thing and i'm just saying that until you get a regulatory structure i can't imagine the sec is going to prove a lot of these things going forward, so whenever that comes, you know, that's the next sort of level that there needs to be some so coherent regulatory structure, but we're not seeing. liz: charlie gasparino, thank you very much. all right, last day of the first

half, we have seven minutes left to trade. we are coming right back, dow is down 354. it has been as we said kind of a hideous first half. we are coming back with our countdown closer on the second half. . . out] [acoustic soul music throughout] [acoustic soul music throughout] [acoustic soul music throughout]

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nasdaq stock with zoom in its name but not that one. they specialize in marketing software and analytics. as we look at that one it is just down 34% year-over-year. joining me with other names he likes, why 3 1/2 billion in assets unmanagement, hood river portfolio manager brian smollock. brian, here we to, we're looking particularly at a ugly first half. give that to me before we get to the zoom marketing. >> i think we're in the 7th inning of a pullback. we probably need earnings estimates to get reset for the back half of next year. if those are done appropriately we can clean the deck and move on assuming the fed gets their act together to raise rates enough to tighten financial conditions where we can get inflation to settle down. liz: we find it so interesting. we have a banner that says zoom who? zoom info, zoom info, not zoom

video. so zoom info, different ticker symbol, zi. why do you believe so much in this stock for the second half. >> it's a relative hero only down 34%. >> only. >> i like them because they're doing great right now. they're growing around 40%. they have 40% operating margins. so if you look at the typical software company, most investors look at the rule of 40. these guys are operating under the rule of 80. even if you have pullbacks i think they can mctheir numbers. the stock is trading 25 times cash flow as opposed to zoom video company or other high flying tech names, you carnival you these guys on real cash flow. i think they will be a i believe to plow through and deliver numbers. they won't be totally immune. they will see a slowdown but i think it is reasonable to attempt to play offense on this stock, what happened overall. liz: brian, there have been some good quality names that have

beaten down, 30, 40, 50, 60%. maybe the second half will hopefully will see sunshine and rainbows. brian, thanks so much for joining us. [closing bell rings] last minute, last 15 seconds of the first half of 2022 but we're back tomorrow, july 1st. let's see if we kick off a better second half. that will do it for us. "kudlow" is next. ♪ larry: hello, folks welcome to "kudlow," i'm larry kudlow. all right, breaking news of the worst kind this evening. the atlanta fed's gdp tracker posted a minus 1% for the second quarter. that after yesterday's minus 1.6% downward revision for q1. we're now looking at a recession in the first half of the year and a accompanied by roughly eight to 10% inflation. this is really the worst possib