are going to keep buying instead of being the ones who sell stocks, make them super cheap, and then wait for a big bounce and months later to get back in. they know that game. they are not playing it anymore. why would anyone to be quite frank with you be a seller right now when all congress seems to do these days is spend all day long trading and not looking out for the constituents? i say keep on hanging on. liz claman, over to you. >> liz: hanging on, but, you know, when off day like today, charles -- >> charles: it is frustrating. >> liz: it is tough, but it is pretty interesting. if you look at apple right now, these shares are dropping about 1.9%. they turn negative on a bloomberg report, in just about the last 48 minutes saying the iphone maker is planning to slow hiring and spending growth next year as it deals with the potential economic downturn, but we at countdown noticed this morning there was a new industry report out this morning from tech research site kind of foreshadowed this potential,

this possibility. here's what the report said: worldwide smart phone shipments fell 9% year over year in the second quarter. it also said that demand has started to wane following you know this economic head winds and regional uncertainty. samsung taking the top spot, though, with a 21% market share. apple came in second at 17% market share. apple of course with this announcement, well, you know, it is a report from bloomberg, but to say that they are hiring and slowing that down, they join meta, tesla, a bunch of silicon valley companies all of whom have announced hiring slowdowns or outright freezes. and if you look at the apple suppliers, it is a mixed picture at the moment, but qualcomm, which is a big smart phone supplier for chips down 2%. and you know what? let's get to the markets. you can point directly to the apple news along with about a 1.8% share drag from merck shares as the one-two punch that as soon as it hit the tape, flipped the markets negative. right when we thought monday was picking up where friday left

off, which was in a field of green, stocks just reversed their upward trajectory, as we said, in about the last -- let's call it 50 minutes. down jones industrials now down -- dow jones industrials now down 98% -- let's say points. 97 points. had been up 356 points at the high. s&p had been up 39. it is now down 18. flip it over to the nasdaq. these charts look very similar with the intraday picture. all of a sudden you see in the last hour that we start to drop off and go into the red. take note, though of the transports. the transports are holding on right now to about 8/10 of 1% gain or 113 points on the wings of an across the board rally at least earlier certainly in u.s. air carriers, american, alaska, jetblue, united, southwest, all of those names earlier were charging higher, but it is delta air lines that's the standout at this hour. if you look at delta air lines,

we can see that one still up about 4% at the moment on a blue sky sign that it is very bullish on travel. delta announced the purchase of 100 boeing 737 max jets with an option to buy 30 more. that deal before discounts worth around 13 1/2 billion dollars. and while boeing is not a member of the transports, it is a dow component and initially saw shares pop as high as 155 bucks -- 155 buckses, pulling back to $148. flip it over to goldman sachs. it is up about 2% while bank of america is also gaining just a fraction here of a quarter of a percent. both banks reported quarterly profits beats today even though profits in their dealmaking unit slumped. goldman also warning kind of pulling an apple here don't expect to us do a lot of hiring during the second half. the economic environment is too

uncertain. that from david solomon, the ceo. but if we just -- [inaudible] initial rally, don't forget on friday fed governor said in a speech that a 75 basis point hike at next week's rate setting meeting is quote huge enough, and that's good enough for the moment as the fed continues its effort to douse the flames of inflation. what does this mean for the markets and your money, especially when one vaguely bad headline report about apple turns everything around? let's get to the floor show. we have traders here. kenny, let me just start with you. stocks are suffering this whiplash, and we got to figure out as we look tat intraday pictures here -- as we look at the intraday pictures here, is this just the apple news that turned things around? >> absolutely not. in fact, goldman sachs also said this morning that they were slowing their hiring and that

they are watching what they are doing. you heard it from jpmorgan. you heard it from everybody that they are slowing hiring. why everyone's pointing to apple suddenly saying oh, it is because of apple that the market turned around, i think that the market is just tired. they took it to a level. it hit some resistance. we're still concerned about where interest rates are going. we're still concerned about the conversation. we're still concerned about what earnings are going to show, what's happening to markets and what the other companies are going to start to say the rest of this week and next week. are we going to hear that same narrative about the slowing economy and people pulling back on hiring? i think we are. therefore, i think that's why -- i don't think it's apple specific by any stretch. >> liz: yeah, you know, i think that we start to see a pattern here, rc, that the banks have all kind of said the same or saying the same note, and that is, boy, investment banks and deals not so -- investment banking and deals not so exciting this week. there's also this belief that the fed is going to pass on a supervised 1% interest rate hike

at the next meeting instead go with 75 basis points. that's taking up space in investorses' minds. what should investors be seeing with bank earnings specifically so far that speak to where the markets might go overall? >>i think the key issue is, you know, kenny alluded to this is that revenues are weak. we're coming off a year, last year, when we made a lot of adjustments to income for banks that made them almost better. we don't have that now. the year over year comparisons are tough. and i think if you look at bank of america, you look at wells, they are kind of treading water. yeah, they beat the street, but, you know, they are not performing that well. u.s. bank and jp are the leaders in the top five. best bank in the u.s. by the way, can you guess? american express, trades at 2 1/2 times higher multiple than jp. what i would say to you, liz, by the way, call me chris, is that the whole industry is suffering from the aftereffects of --

[inaudible]. we inflated the industry. jamie dimon's bank to got up to almost 4 trillion dollars. and jamie would like to take about a third of that out. i wouldn't be surprised if jamie is below 3 trillion by the end of this year by the way. >> liz: okay, but there's a very big warning sign that's flashing, and kenny, you can weigh in on this one, as long as i hear from chris, yes, of course i know it is chris. this is the rainy day cushion that banks put aside because they start to worry or actually see some canary in the coal mine signs; right, chris? i mean, you look at some of these numbers. if bank of america releasing some of its loan loss reserves, but jpmorgan is putting aside 428 million in these loan loss reserves, possibly to cover bad loans. goldman sachs 667 million. i mean, you can see, bank of america, 500 million. wells, 580 million. this is a little disconcerting,

is it not? >> it is, liz, and the key indicators are the credit card issues, so capital one, ally financial, okay? everybody out there with consumer exposure, which again goes back to kenny's point, the underlying angst here is not just apple. it's just we've been through two years where the fed made credit go away. the credit metrics for mortgages were negative. you were getting money when you did a foreclosure. okay? think about that. now, we're going back to normal. and you're seeing in the sub prime exposures the banks, nonbanks, evidence that we're going to go back to where we were and kind of the end of 2019. >> liz: yeah. >> i've been telling my clients consistently we're going back to 2019. forget about 2020 and 21 for comps. you continue use those two years. >> liz: that's true. i would agree with that. before we go, kenny, the very name that everybody said, the very sector to pile in on last week, i mean, i heard at least

six people say this, healthcare, healthcare is going to be a great bet. it is all in the red at this hour. what do you like right now? >> well, healthcare's in the red this hour, but it is one of the better performers while it's down on the year. >> liz: [inaudible]. >> right. what do i like? i like natural gas names because i think they will continue to soar. coal names are going to continue to do well as we move into the winter season. look [inaudible], is it going to open on thursday? what does that mean for europe? what does that mean for natural gas prices in europe? i also think listen to the point we've been discussing, i think the banks are a great place to be. in a rising interest rate environment, i think you have to have exposure and own some of the banks. i like some of the super regional. >> liz: nat gas is up 6.7% in the aftermarket.

gentlemen, >> bingo. >> liz: yeah, i mean, kenny, chris, my guys, thank you. >> look at the preferreds, guys. before you buy the bank commons, look at the preferreds, go shopping. >> liz: preferreds at this point that's an old buffett 2008 trade, wasn't it? >> buy them when they're cheap, liz. i like to buy them below book. >> liz: why not. don't buy them when they are at the top. great to see you both, guys. thank you so much. >> see you. >> liz: ether is on fire, the second most popular crypto currency right now is melting up at this hour. it is not the only one coming in with a powerful performance here as bitcoin xrp joined the party. the crypto guru with 1.6 million followers on twitter is next on whether this relief rally finally signals the end perhaps of the winter of crypto's discontent. closing bell, ringing in about 50 minutes. you will also see how crypto

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>> liz: crypto currencies making a comeback. at this hour, look on your screen. these gains have helped it retake the 1 trillion dollars global market cap. bitcoin was trading earlier today above 22,000 per coin. right now we're 21,581, still a gain of about 2 1/2%. we saw the 22 handle for the first time since june 16th.

but ethereum gets most of the credit. ether looking strong, a gain of 17%, still not at 2,000, but at 1,460, a gain of 213 bucks. it is adding more than 20 billion to the crypto market in just the past 24 hours. investors piling into the second biggest digital currency ahead of its up coming merge. note i didn't say merger. its merge will take it from an energy intensive proof of work mechanism to an environmentally friendly proof of stake mechanism on its block chain. all right. if that's too confusing for you, here in a fox business exclusive, we bring in anthony pompleano. let's do a dive into what's floating the entire crypto market rally right now. you could look at the e cosystems stocks. this double digit percentage in

the stock at the moment. block chain is looking great. coin base. what's sort of is underneath this pumping it up? >> there's two main things happening here. first is obviously the federal reserve for the last eight months, they continue to tank asset prices in their efforts to get inflation down. what you saw was that bitcoin or the currencies were the riskiest assets of much of wall street's portfolio. [inaudible]. at the same time that they have been doing that, though, the average investor, hundreds of millions of people that are into bitcoin continue to buy these assets. now what you are seeing is a psychological pivot. this stuff is not going away. bitcoin the largest crypto asset in the world is the signal. when you have undisciplined monetary fiscal policy, that monetary policy stands out. i think what you are seeing now is people are saying if it is not going to zero, it is going to a million. i think you will see more and

more people realize this is not going to go away. that will psychologically take hold. >> liz: let's get to ether specifically. coin desk is saying for the first time in six months we're suddenly seeing it flip from bearish to bullish here when it comes to ether's options. september 19th, though, is this date of completion for its so-called merge, where it is going to flip from using a very energy intensive mechanism on its block chain to more of an energy sipping mechanism. why is that so incredibly bullish for ether at the moment? if i were to triangulate, i would think that maybe people look at this and say oh regulators are worried about how energy intensive bitcoin mining is so maybe this makes ether more attractive? >> let's first take on the energy conversation. the regulators are worried about energy consumption, they should probably should go look at other things. bitcoin as an industry, 60% of

the energy consumption comes from renewable energy. the american economy is 20% or less. if anything, the state of energy consumption by bitcoin should be put up on a pillar. you should be more like bitcoin. they have 60% energy consumption. why aren't you able to do the same thing? the second thing i would point out is energy consumption is not that. as we're watching around the world, the pursuit of the esg narrative has left countries like germany at the kind of sword of russia. we need energy consumption. it makes the value around the world. >> liz: can i just say that, i have to disagree with you, if in you are texas right now, energy consumption is a massive problem, and they've just had regulators there asking -- they didn't require it, but they asked bitcoin miners to cease for a couple of hours on a couple of days because we're seeing triple digit record temperatures in the lone star state, and because these bitcoin

miners thankfully did cease and desist for the moment, it turned out that that added a thousand mega watts of energy back into the texas power grid. >> yeah, that's a great point, liz. the bitcoin miners, this is their entire pitch. they are going to go around the united states of america and bitcoin mining is going to become a core component of stabilization. and what we saw in texas was there's a surplus of energy at times, and so the bitcoin miners soak that up. they are able to turn energy into monetary value, and it is incredibly profitable for them to do that. but when the grid needs that power, when the grid is being destabilized or needs help, those bitcoin miners turn around and make some of that energy back. it is not a question are the bitcoin miners good or bad? in fact, what the state of texas has realized is that bitcoin miners are a crucial component to stabilize energy groups and there doesn't need to be these rolled blackouts and things like that. texas is becoming an example.

around this country we are going to have bitcoin miners, they are going to beg them to come to their state and help stabilize the energy. >> liz: i will wait to say that. right now texas is down for the count as they are looking at rolling blackouts. let me move on to the whole crypto universe. we have very strong moves in names like marathon, riot, coin base, they are coming back in a bit here in a big way but not in the grand scheme, all down 50 to 70 percent over the past year. crypto lenders like celsius declaring bankruptcy. how worried are you, what kind of sort of negative tinge does that put on maybe first time crypto investors who look at this and say wait a minute if i put my money into a lender like that who promised me big returns when it came to yield and suddenly they are declaring bankruptcy and can't promise i can get my money out. how worried are you about something like that? >> yeah, look, every single market, both in the traditional financial system and in this kind of new digital financial

system, i think people have to remember it is about personal responsibility. you have to do your own research. you need to do all the diligence that's necessary. what i will say is there's a lot of things that have occurred over the last six to eight months in the crypto ecosystem that have exposed why there are certain things like disclosures for certain types of regulation in the financial system. in some ways, the critics of the crypto universe will say hey, you all are just recreating some of the problems that we previously [inaudible]. i think what you will find, whether people like it or not, is you are going to find kind of this middle ground, where there are certain things like exposures of centralized kind of equity based companies where they have to tell their customers, this is what we're doing, this is how we're doing it. i think the other key piece to this is if you look at the bitcoin ecosystem, compared the centralized players, the bitcoin ecosystem, even though the [inaudible] 70%, all the volatility, all the stress it continues to operate exactly as it is designed.

when you have these decentralized systems, there is no ability for the bitcoin -- there's no ceo, no marketing department, no board of directors, they cannot do anything bad because it is simply software code. the monetary policy doesn't change. if you are an investor, do you want to speculate on what the federal reserve monetary policy is going to be month to month year to year or do you want to look at a monetary policy that doesn't change over [inaudible]? >> liz: true. we have watched as bitcoin tends to sometimes move in lock step with equities that move in lock step with what the fed is going to do or not do. anthony, great to have you. we have to run here. 23 minutes after the hour, thank you so much. look, folks, all you have to do is try to buy a car right now and you will see that the chip shortage is still very much in play. congress getting ready to vote on a bill that would give billions in subsidies to the semiconductor industry and ostensibly shake up and loosen

the logjam. definitely good news for computer chipmakers. but what about for house speaker nancy pelosi? we will take a look at her husband's trade that's raising eyebrows ahead of that vote. the name he bought, how much, and why people are asking questions now. closing bell 37 minutes away. dow is down 72. yes, still red on the screen now. s&p down 15. the nasdaq losing 43. we are coming right back. riders! let your queries be known. uh, how come we don't call ourselves bikers anymore? i mean, "riders" is cool, but "bikers"...is really cool. -seriously? -denied. can we go back to meeting at the rec center? the commute here is brutal. denied. how do we feel about getting a quote to see if we can save with america's number one motorcycle insurer? should flo stop asking the same question every time? -approved! -[ altered voice ] denied! [ normal voice ] whoa.

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>> liz: breaking news right now, senate majority leader chuck schumer just announced the senate will indeed hold a procedural vote tomorrow on legislation to ease the semiconductor shortage. right now if this bill goes through, the u.s. would poor 52 billion dollars -- pour 52 billion dollars in subsidies and investment tax credits into the chip industry. ahead of that vote, house speaker pelosi's husband apparently teed up a controversial stock purchase in computer chip giant nvidia which is down 13% over the past year, but today it is up 2 1/3%. let's get to the breaking news on this procedural vote tomorrow and the story involving speaker pelosi. >> good afternoon, liz. well, if this vote is successful, if the bill passes, it could be a really lucrative deal for speaker pelosi's husband paul, who did make a very well-timed stock purchase

ahead of this bill going to the senate floor. speaker pelosi's husband paul just disclosed a million dollar stock purchase of a major chipmaker nvidia in june. they make chip systems for cars, robots, and other technology. the purchase, though, happening before congress is expected to pass this bill, and the president is expected to sign it. as you mentioned, 52 billion in aid to the semiconductor chip industry. so now some house lawmakers are renewing calls in light of this stock buy to vote on a proposal that would ban members of congress and their spouses from trading stocks while in office, due to conflicts of interest. speaker pelosi spokesperson telling me in a statement this, quote, the speaker does not own any stock, as you can see from the required disclosures with which the speaker fully cooperates. these transactions are marked sp for spouse. the speaker has no prior knowledge or subsequent involvement in any transactions. but some lawmakers say whether

speaker pelosi knew about the purchase is not the point. she still stands to profit, and even though it may not be the lawmakers themselves in some instances making these trades, lawmakers do have the power to vote up or down on bills that could reap major returns for their or their spouse's investments. >> nancy pelosi is the ultimate insider, and not only is her husband buying stock options on a much higher level than the average member of congress. the average member of congress might buy 5 to 6,000 dollars worth of stock. he's buying $500,000 worth of stock. he's buying stock options which expire. to be able to trade stock options properly, you have to know exactly which direction that stock is going to move, and you can make a huge profit. so this is wrong. >> but it is not just watchdogs in washington that have caught on to paul pelosi's stock buys. mr. pelosi's stock trades are tik-tok famous, people tracking his trades for tips on what to

invest in. it is not a bad bet, liz, because paul pelosi's portfolio has in some cases outperformed the s&p 500 what he is buying is paying off. liz? >> liz: this is a problem. you know, and of course we had senator kelly laufler in the past get involved in this situation. i don't know what the answer is, but we need some type of change, i think. hillary, thank you very much. fox business alert, take a look at the markets as we head into the final 28 minutes of trade. we are witnessing session lows right now. i want to give you some perspective here. the dow is down 171. at the top of the hour, when we first took control from charles, the dow at the low of the session had been down 73. so we are just breaking through floors here at the moment. it is not the worst thing. it is half a percent drop for the dow. for the s&p 3/4 of a percent. same for the nasdaq, nasdaq is down 80 points. we're watching all of this. if you check alphabet shares,

today is the first day of trading since the company officially split the stock after the closing bell friday. with the 20 for 1 split now in place, shares are gone from just more than 2200 a piece to now at this very moment $108 and change. often after a stock split, shares become more attractive to retail investors at the lower price, not so at this hour. google is down 2 1/2%. by the way, if you are using that as some kind of measuring stick, if you look at amazon, since its 20 for 1 stock split last month, doesn't exactly portend a short-term bump for alphabet. while amazon is up just a fraction right now, it's lost about 6% since its official split last month. let's look at wanderlust. stocks flying higher after bank of america said it expects travel spending to remain strong. in fact, here's the data point that ceo brian moynihan put out there. he said people spent more on experiences and travel and less on shopping because they have a huge number of credit cards that they can look at here.

air bnb, booking.com, carnival all jumping. air bnb up about 2.8%. carp carnival -- carnival, a nice gain of 6%. however we have seen pops in carnival cruise stock before only then to see the stock plummet. carnival's ceo joins me live tomorrow on the claman countdown whether this time the post-pandemic recovery might be different. stay tuned for that. you got to see it. as travel stocks rise, the homebuilders are heading in the opposite direction, after building confidence declined to its lowest level since may of 2020. that's not good. the national association of homebuilders revealed that sentiment posted its seventh straight monthly decline in july. what's going on here? well, production bottlenecks, rising home building costs of course. that's the supply chain nightmare and stubborn inflation causing many builders to simply halt construction, but perhaps most important, rising mortgage rates, putting a damper on buyer

demand, so why build when there isn't demand? at least that's what some of these homebuilders are saying, as far as their emotional sentiment. we have to show you right now a three-pronged headline that actually just hit before noon is still boosting uber technologies. uber is popping 3.8%. hertz is down. tesla is up a quarter of a percent. here's the news. uber drivers in canada will now be able to rent teslas on a weekly basis through [inaudible] in toronto, vancouver and montreal. the program has seen popularity in the u.s. with some 15,000 uber drivers signing up to get into a hertz tesla. hertz has promised it will have some 50,000 of the evs in its fleet by 2023. by the way, quick mention here, tesla comes out with earnings on wednesday. goldman sachs's quarterly numbers, we told you about them. they show today that investment banking revenue was down 40% as

2021's record ipo boom fizzles out. with u.s. ipo activity dropping dramatically in the first half of this year, what does that say for the rest of 2022 and beyond? we're going to ask the chief architect behind google's ipo, way back in the day, that's next. closing bell 24 minutes away. dow is now down nearly 200 points. we are coming right back. you've got to watch these markets. they are rather fluid at the moment. like many families, the auburns value time spent together. to share wisdom... i got some of my gold before i came to this country. i got some of my gold before you passed the bread. encourage one another... i can buy gold for this?!

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we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones >> liz: what did i tell you guys? we just added another 50 or so points to the losses here for the dow jones industrials. down 232 points at the moment. we are just off session lows, fresh ones, s&p, the percentage loss leader here down nearly a percent at the moment. and by the way, i'm checked the volatility fear index up 6%.

a little bit of tension really kind of flowing into the markets. all right. from a flowering oasis to a desolate desert, listen to this, in the first half of last year, 609 companies went public in the u.s. including big names like ro blocks, coin base, and affirm. what a different picture for 2022. just a 122 companies have gone public so far this year. year to date renaissance capital's ipo etf which in essence closely tracks its ipo performance index down 44%. with analysts expecting a bleak ipo outlook for the rest of the year, the ipo whisperer says she thinks the second half of 2022 is going to look absolutely dismal. she's one of the biggest brains behind google's ipo way back in 2004 and the co founder of ipo advisor class five group. she's joining me in a fox business exclusive. dismal, it is kind of dismal right now, isn't it? >> you know, i'd call it a real

snoozer. it is a lot like 20 -- and 2021, we had a heck of a party, and now we have quite the hangover. >> liz: what do we glean from the fact that there are fewer ipos? usually this means that people are worried about market conditions so they don't take their companies public. is there something deeper than that? >> well, there's kind of a pattern that institutional investors at least go to when there's a lot of market volatility, so when markets behave as they have so far in 2022, institutional investors at least tend to worry about having to give money back frankly, redemptions, big mutual fund companies, so they [inaudible] what they already own. look at the companies they won't sell for any reason. look at those if they need to raise cash, they might unload. they tend to sit on cash because the good thing about ipos is they generally when they're coming out offer significant potential rewards, but that's because they are associated with

a lot of risk. right now, we are in a risk-off market. people are buying more secure stocks, and there's no reason to take incremental risk because as you pointed out markets are so volatile, no advantage to taking extra risk on companies that haven't been in the public markets before. until things settle out, likely to be -- >> liz: isn't it interesting that we almost got a little vision of -- well, a big vision of this from the bank earnings that have come out. all of these guys are coming out and saying that dealmaking has plummeted, and then you see, i mean, there's a real retrenchment when it comes to the investment banking, which is closely tied to the ipo market. second quarter 305 ipos went public globally. that raised for these guys for bankers 40.6 billion dollars. that number is down 65% over the past year.

this looks like a real draft, doesn't it? >> it does. there always be roller coasters, dramatic ups and significant downs. frankly, we have all seen this with the banking industry before. they hire up a storm when things are good, and, you know, let's watch for what's going to happen in the coming months now that things aren't so good. >> liz: can i get your comment on affirm? we are looking at affirm that had been a momentum stock, buy now pay later names, down 77% year to date. its fellow buy now pay later company not publicly traded, it has gone from a massive market cap all the way down to -- what was it? 45 billion now just about 7 billion. what should you -- can you tell our investment audience about investing in ipos on the day of the ipo? >> on the day of the ipo, be careful because sometimes enthusiasm outweighs practicality. at the end of the day, all

stocks at some level reflect the discounted stream of future earnings. it may take a while, but that's where a stock price comes from. but with an ipo, people get so excited that they just say buy it. when the ipo market comes back, and i don't believe that will be until 2023, if there's a company you love because you know the product or you believe in it, fine, find out what the ipo price is going to be, and put in what's called a limit order. i will buy this stock up 5%, up 10%. don't chase it to the sky because you will see what -- now we're seeing what happens to those who do. >> liz: please come back. great great information. we appreciate it. >> thank you. it was a pleasure being here. have a good day. liz: you too. folks, we have now seen an 80 point swing from peak to trough in the s&p 500. now it's down a full 1% at the moment. we're watching this very closely at the moment. but again, another 600 point swing at its peak to trough for the dow jones industrials as well. let the legal skirmishes begin.

attorneys for twitter and tech mogul elon musk will finally face off in delaware chancery court tomorrow as the micro blogging service attempts to force musk to go through with his 44 billion dollars takeover bid he would love to turn his back on. charlie gasparino with the details next. closing bell, we're 14 minutes away. dow down 285 points.

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let this whole ugly episode blow over. hopefully that is the plan and this is ceremony. i don't know, charlie gasparino. i don't think it is. i think twitter is going whole hog into this fight. >> yeah, they both r. here is one thing we will know. tomorrow the judge is going to rule own that expedited trial twitter is asking for. musk doesn't want it. he wants lots of discovery. wants this as late as february of next year. we might get sort of an indication the did i disposition of the judge in delaware chancery court who she is favoring. tomorrow will be a pretty big day. i can tell you, liz, i can find people on both sides of the aisle here who has the upper hand. net-net most people think twitter has the upper hand because elon musk in this thing did sign away his due diligence rights early on. it was 54.20 take it or leave

it, he signed other stuff. there is other counterveiling factors. twitter restated its bots. he is backing out of this deal because twitter has too many bots. the twitter restated its bots it is above 5%. liz: which is what elon suspected. >> excuse me? liz: that is what elon expected. >> that is the other part. he made no bones about that, that the bots were a huge problem. that twitter needs to get rid of it. only he can do that i can play this back and forth. i can tell you the ruling, when this thing is ruled on whether in february or september is going to be precedent-setting. the delaware chancery court is the go-to court for corporate law. the reason why it is it has a lot of experience. most companies are domiciled in delaware to get the experience of the delaware chancery court if they have issues. companies have issues all the time and one way or the other it will set a precedent how you can get out of these deals, and what

it will allow. the problems, people can't get their arms around it, i'm talking to lawyers and bankers, just what are the sort of legal recourse for the court if musk says, i'm not going to, okay, you say i have to buy it and i'm not. john coffey has told us, told ellie, my producer they, he could seek a judge, can basically put him in jail. liz: coffey, columbia business school professor. >> yes. others have said, they will put him in jail in delaware? matt levine, are they going to put him in chancery jail? liz: charlie, you have to uphold contracts if you want a functioning economy. he signed away his rights. let's say he wants out. it will be more than the billion dollar breakup fee, right? how can it not be? >> that is a great point, and that is the problem the chancery

court has. lawyers are telling me this. on one hand it doesn't want to look powerless, if elon musk says put me in chancery jail. obviously there isn't one, if they can't do anything about it they look powerless. if they don't do anything in the face of blatant violation of contracts, breaking off of contracts, they look like, why have a chancery court then? liz: yeah. >> it's a mess. i think one way or the other we'll get some sort of precedent here. we're going to see the just how far out out on a limb people cao to get out of these deals. this happens frequently. not all the time. there have been other cases. we'll see, just power of the chancery court. again, tomorrow is a big i today. watch it. we need to see the disposition of the judge. if the judge looks like, by the way chancery court is generally a court that doesn't like people like elon musk, blatantly, flagrantly flout norms.

liz: break contracts. >> if the chancery court goes with you know, goes with twitter it may be an indication that he has got a tough road ahead. then it many about as cat-and-mouse game. do they really want to look like, are they going to war with elon musk? it's, then maybe he turns around and says i will buy it for 40. they say okay. >> tender offer. charlie, you've been out front on this story. you will continue to be. thank you very much. i'm just being told we have booked john coffey of columbia business school who is the final word on this type of thing, breakup fee. charlie, thank you. stocks off the lows. we're seeing 250 point peak to trough. hudson advisors ceo, cio gus

staco. gus, what is going on here. it is not just apple as kenny polcari said at the top of the show. it is not just the banks. its the overall picture that makes the market very fragile. what do you do as an investor? >> we're looking at time frames. if you're looking short term, next six months you might raise cash. otherwise we're looking at things on sale. we're looking to buy. we're looking three, four years. depending on wealth. depends on the time frame, liz. we like a lot of names. they were a lot cheaper than they were a while ago. these are good solid businesses, not pieces of paper. companies that range from sysco, the food company, which basically gives you a hedge against food inflation. companies like, we're looking at companies like marsh and mclennan.

other things we're looking for a chart industries. we're looking at a company like that, if you're building a lng facility, this is one of the companies you will lean on. liz: lng, liquid natural gas something people are looking to as panacea for a lot of problems in europe. gus, we have ibm earnings out after the bell. we're in the midst of a big earnings push here. netflix is also coming out tomorrow. then wednesday, tesla. tell me what you're predicting here? >> margins at all time revenues. earnings are expected to come in. people, consumers are doing okay. not as well as they had been but we're kind of a little dissipating at a time in terms of a slowdown in terms of the overall economy still probably going to be positive. just not the froth we had a year ago. liz: gus, great to have you on a

day like this. we see the s&p 500 looks to close pretty much at session lows here. the dow down 204 points. looking at the dow, the s&p down 6th day out of the last seven. gus, thanks to you, very much. can big blue turn markets green tomorrow? i don't know. we'll be watching for ibm as well. that will do it for "the claman countdown." "kudlow" is next. ♪. larry: hello, folks, welcome to "kudlow." i'm larry kudlow. in an especially bold and must-read editorial today "the wall street journal" took aim at what they call, i will quote, the west's climate policy debacle, adding, utopian energy dreams are doing great economic and security damage end quote. they quoted the final word of the famed movie the bridge on "n the river kwai,"