very disrespect. anyone can invest their hard earned money any way they want to invest it. if you think that that someone's idea is wrong, they're doing something they shouldn't be doing and it's that awful, take the other side of the trade. let's stop with the name calling, okay? no more dumb money, no more picking on retail investors because everyone on the street got one wrong that's down 30% today alone. ashley webster in for liz claman. [laughter] ashley: very well said, charles. hang, sir. have yourself a great -- thank you, sir. have yourself a great weekend. a pretty positive week, has it not? but as we head into the last hour of trading on friday, lots of red ink. the dow down 243 points, s&p down 1.25%, the nasdaq with some of the tech stocks taking a hit, down 260 points, and the russell 2000, the small caps, also down 2%. by the way, while the s&p hit the 4,000 level before pulling back --

[audio difficulty] continues to fall. also closing up three days in a row this week. it was all positive but not so much today. and today that tech-heavy index is dragging down or being drug down, you could say, by snap after the social media company missed on the top and bottom line expectations for the second quarter. it was not pretty. snap down 38%. now getting pulled down on the news with social media companies like meta, pinterest and twitter all moving lower, although we have seen twitter come back a little bit, up now 1 percent. but that's certainly an outlier in the tech sector today. snap attributed the disappointing results to slowing demand for its ad platform, as unsee. all three -- as you can see. all three averages onset for weekly gains with the nasdaq on course to close out the week -- well, let's have a look, 3%. we'll see how much that is affected in the last hour. the dow on track for a 1.5% gain

while the s&p up 2%. so overall a, positive. today a little more selling than buying. of course, next week some big stuff for investors to digest. the major tech companies like apple, alphabet, microsoft are set to release quarterly reports. also the very first reading of the second quarter gdp will be released. interesting to see what that shows. and, of course, the federal reserve's big rate hike decision. so with all of that that ahead, so much to think about. let's get right to the floor show. i'm joined by our trade thers, scott foreman, homs hayes. gentlemen, we're seeing -- thomas hayes. gentlemen, we're seeing some selling going into the close today. let me begin with you, scott. okay, snap brings down the tech sector. what do you make of these earnings? we've got some big heavyweights next week. what are you getting out of this? >> well, first of all, you know, as far as snap goes and some of the other social media

companies, the fact is, is that with a recession potentially being confirmed next week, where do businesses cut back on spending first? on advertising. and that's going to continue to impact some of these social media companies. however, there are some silver linings out there in technology itself, and we've been seeing some upticks in semiconductors especially, especially as congress is voting on passage of a stimulus for the chip sector, for the chip group. i think that that's really one of the drivers. and from a technical standpoint, when you take a look, look at the nasdaq 100, the nasdaq, even the s&p. we're hitting higher highs and higher lows recently, and that may be the signal that we're starting to turn around. but i think we're going to go back and test and have possibly another higher row -- higher low. ashley: another higher low.

all right, thomas, come in. we have microsoft next week, apple. what are you expecting there, and what do you think about tech sector which has been the leader for so long for these markets until these recent times? could they be a leader again? >> i think they could, arleigh -- ashley. i think expectations are very low. if we look at the bank of america global fund managers' survey week, cash levels are the highest since 9/11 and the great financial crisis, recession fears are the highest since april of 2020. and before that, march of 2009. both of those were areas where the stock market bottomed and had multiyear rallies. so we like tech here. expectations are very low. goldman came out after snap and said this may have been been idiosyncratic. while they were muted, they were more optimistic than what we saw from snap. also going into earnings for snap was very thinker trading at 30 times next year's earnings, so when they missed, they got

crushed. meta is going into earnings trading at 12.5 times next year's earnings. i think 1-3 years from now not owning meta, not owning amazon at these reduced levels that that came as a result of the selloff this year, people are going to be faced with a lot of regret looking backwards. so i think there's opportunity here. i think if you look at amazon, for instance, the ad business and amazon web service alone are going to generate about $45 billion of operating income this year. you put a 25 multiple on that, $1.1 trillion valuation. and, by the way, you get the e-commerce business, whole foods and the prime business for free. ashley: very good. scott, let me come back, we'll get the first reading on the second quarter gdp. if negative, i guess technically we're in a are recession, or is that already baked into the market? think we're already in a recession? >> i think that the market does think we're in a recession. you know, the market's always

forward-looking and forward-acting, so i think it's already anticipated we are in a recession. i think another thing people should be looking for next week will be the consumer confidence index, because as gas prices have come down a little bit, i'm hoping we're going to see some improvement there, and that may also help to fuel a bit of a bounceback or turn around here, something that we need. one of the stocks that has been leading the nasdaq i think people should be looking at is kla which is a semiing conductor equipment maker -- semiconductor. the stock has been outperforming on both an absolute and relative basis. and i think if you're getting a dip here, it's an opportunity to buy that dip, that stock. ashley: very good. all right. thomas, let me finish on fed. pretty much baked in 75 basis-point hike. there was talk about 1, but with maybe the economic data tells us that we know the fed's going to go another three-quarters of a

percent, right? >> that's correct. i think that, actually, if we do get that negative gdp print like we're seeing with the atlanta gdp's tracker now, that could actually spur a rally versus having the dread of waiting for a recession, are we getting a recession, knowing that we may have just had one, two consecutive quarters, could actually bring money back into the market because it would also potentially put fed on pause following the 75 basis point hike or at least a lower amount of rate hikes in september. so it could be actually viewed as a positive if we do get that second quarter of negative gdp. ashley: that's a very good point. we'll have to see how that works out. gentlemen, thank you. scott fullman, thomas hayes, thanks for joining us on the floor show today. >> thanks, ash. ashley: appreciate your expertise. thank you. let's take a look at twitter shares, if we can. biggest quarterly report or miss ever, and look at that stock is. i guess after the initial shock it's come back, up more than 1%.

right around $40. the social media platform's revenue came in is 11% the street's expectations at 1.1 is 8 billion followed by a loss of 8 cents per share, that was well bemete the 14 is-cent -- the bemete the 14-cent9 -- beneath the 14-cent forecast. let's go live to kelly o'grady in los angeles right now. kelly, great to see you. so what was elon musk's reaction to twitter's blame game? i'm very interested in that. [laughter] >> reporter: good to see you too, ashley. well, as expected, elon musk affaired unfazed at blame game. he had a bit of a cheeky reply, tweeting this out shortly after the earnings release this morning saying, quote: i'm rubber, they're glue. now, the earnings results really were not great coming at a high stake ises moment for twitter. the social media company needing to prove the business is still to succeed no matter what. the results, unfortunately, did

not reflect that. now, you mentioned the big miss on revenue. that's down 1% from last year with, nearly 2% there from last quarter. net income showing a loss of 270 million. expenses ballooned 31% year-over-year to $1.52 billion. now, somewhat a bright spot same in -- came in monetizable users. that's up nearly 17% from last year. but this number is shrouded in doubt with elon musk claiming the percent of fake accounts on the platform is far more than 5%, a figure twitter stuck to in today's earnings. now, in addition to questions over the merger, the results reflect inflation and recession fears. advertising makes up 92% of twitter's revenue, and that industry is hurting across the board right now. we saw snap's dismal performance yesterday. meta reports next week and is facing similar headwinds. so the blame on elon musk, while perhaps founded in that stock the price, may be out of place given the economic challenges and performance of twitter's

peers. the company didn't provide forward-looking guidance or hold a call due to the ongoing merger. it did include an affirmation mt. press release that the merger agreement remains in effect. so all eyes on october when that trial will take place. ashley: all right. should be fascinating, as always. anything with elon musk. kelly o'grady, thank you so much. appreciate that. all right, it's the david v. goliath drug battle. coming up next, we're going to talk to the ceo of alpha pharmacy, a digital start-up that aims to bring down the cost of drugs. that sounds like a plan, but how exactly is the company going to do it? we're going to find out after the break. the closing bell ringing in just under 50 minutes. "the claman countdown" is coming right back. ♪ if. ♪

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♪ ark ark subtle blue -- ashley: simply put, it's getting more if expensive to get sick. a study shows from 2008-2021 drug prices soared at an annual inflation rate of 20. one digital pharmacy company is hoping to bring those costs down. it's called alto pharmacy, and it delivers more than 3 million prescriptions across 12 markets. and it recently hired an amazon logistics executive as its new ceo with. joining me now is the company's cofounder and ceo, jamie. jamie, great to have you onboard. look, this is a very competitive field, and we'll get into that in a minute. firstly, how are you going to

bring drug prices down? can you give me an example? >> one of the biggest misconceptions about drug pricing in the u.s. is that prices just go up and up over time, and there's nothing really anyone can do about it. but in reality, there are a ton of options available that are often better priced for patients, but they require work. maybe there's an alternative medication, maybe a coupon available or prior authorization with insurance, and pharmacists don't really have the time to do the work to actually find those. what we've built is a technology platform that a automatically does all that work because it's deeply integrated into the doctor's office, insurance and the pharmacy and hen into the patient's hand which enables us to get the patient a much cheaper price more and more efficiently. ashley: it's interesting, because one of biggest complaints you hear in this country is we pay high prices for drugs, but we're the ones paying for the research and development of the drug

companies whereas same pill, say in ireland, costs, you know, harley any euros, a euro for, you know, a course of drugs whereas here it's costing us a whole lot more. do you address that? >> we do. a lot of the reason why prices in america are often higher is because there is a lot more middlemen rain overhead needed to get the right price to the patient, a lot of paperwork needed, and this has increased dramatic chi over the last couple of decades. this is really the problem that alto attacks. we automate managing the coordination with doctors, insurance, other stakeholders that might be involved to find you the better price and get through all of this paperwork. ashley: it sounds good. sounds very like there's a lot of logistics which i guess would make sense that you have a new ceo coming in. she was a, you know, a logistics expert at amazon, which is impressive, because amazon has

some pretty big with -- big logistics to stand out. does she have experience in field? >> we are really excited for alicia to come onboard. she was one of the top leaders at amazon, one of the world's top operators. at amazon she actually oversaw a amendment of almost a million people. a team of almost a million people. and i think a lot of the top executives from the world's best companies are starting to look to build the next generation of companies. and in alto we have an opportunity to transform a massive industry and build real enterprise business value, but also we're dramatically helping people in their daily lives, making a real impact on real people's lives. and i think the combination of these two things was really exciting to alicia, and we're excited to have her expertise on

the team. ashley: you know, earlier this year you did manage to -- i think you got, what, 200 million in funding through softbank's vision fund. what's it been like to try and raise money in this kind of uncertain environment right now? we're coming out of a pan dem pandemic -- pandemic, but the economy's struggling. how did that process work? >> i spend a lot of my time talking to investors whether we're fundraising or not, and there has very clearly been a lift in focus from growth at all costs to building long-term, sustainable business. and i think a lot of ceos have really struggle with the suddenness of this change in the last six months or so. for us, this is already aligned with our mindset and mentality. we have always been focused on building a strong, long-term business in the health care ecosystem that's really sustainable. and so it hasn't really been much of a shift for us, and a

lot of the investors we talk to are really supportive of our approach and our trajectory. overall, i actually think this return the oval is really -- to value is ultimately good for the start-up ecosystem. ashley: very quickly, plans on going public at all? can we buy into this? >> when we think about going public, it's the same way we approach any other big strategic decision; which of these options is the best path for optimizing our -- to our ultimate mission. ashley: sure. >> and going public is just one of those steps on that path. it depends on a lot of factors -- ashley: very good. >> state of the market, state of the business. ashley: right. >> right now we're just focused on building long-term value. ashley: well, we wish you the very best of luck. thanks for coming on the show. cheaper drugs for everyone is always a good thing, so we wish

you a lot of success with that venture. the ceo of alto pardon me city. thank you so much -- pharmacy. thank you so much for being here. let's talk about the weather, if we can. thank you. hot summer nights and days ahead with more than 100 million americans bracing for heat alerts this weekend with, already out with their beach umbrellas in rehoboth beach, delaware. lucky folks on a friday afternoon. dangerously hot temps are expected to span from the southwest to the northeast. look at the -- we're going to see how generator and power stocks are performing. pretty well, i would imagine. the dow, the s&p and the nasdaq all moving lower as we head towards that clothe -- that closing bell with. we'll be right back. ♪ ♪ and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events

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ashley: all right. fox business alert for you, take a look at the markets. the dow off 192 the, the s&p down 1%, but the nasdaq, the tech-heavy index down 229 points, down nearly 2 president. -- 2%. shares of american express moving higher after credit card company's second quarter earnings beat analyst estimates, posting revenue of 13.4 billion easily stopping the estimate ises of 12.5 billion. the increase was driven by travel and entertainment spending which has started returning to pre-pandemic levels. on the earnings call, the

company did warn that a people losing hair jobs and not being -- their jobs and not being able to pay their bills may become an issue down the road. meantime, shares of verizon moving lower after the wireless are carrier cut its full-year outlook. verizon said it only added 12,000 net retail phone subscribers who pay on a monthly basis, well below the analyst predictions of 167,000. the company now expecting only 8.5-9.5% wireless service revenue growth for the full year. wireless company also warning that some customers are starting to delay paying their bills. checking other wireless companies, at&t the, t-mobile, see what they're doing in this market. both moving lower. at&t down 3%. mattel, meanwhile, this is a company that reported second quarter results. that stock down 5.5%, reported second quarter result ares that beat market estimates but were hurt by a decline in their gross margin. toymaker benefited from strong

demand for its action figures and toys, but sales of its american girl brand dropped nearly 20% during the quarter. higher costs for raw materials and shipping dragged down its profit margin. and meme stock gamestop, we talk about this a lot, do we not? on its first day of trading following company's 4 for 1 stock split, it's down about 6%. the split, by the way, was first announced in march, and the 4-1 ratio was actually finalized on july 6th. the video game retailer has only split once before, all the way back in 2007. that stock down nearly 6%. let's talk about heat. summer is in full force, and a nationwide heat wave is making life uncomfortable for more than 100 million americans across the country. case in point, lawton, oklahoma. see the thermometer, hit 111 degrees. abilene, texas, which saw a record high of 110 degrees on

wednesday. okay, it's july, it's supposed to be hot. but there's hot and there's hot. connecticut, new york and philadelphia among those who have also issued heat emergencies, advising residents to stay indoors as temperatures climb to over 100 degrees. it's not only hard on the body, but it also can hurt in the pocketbook as well as you try and cool off. best buy is listing a honeywell mini split air conditioner for nearly $1500. ouch. as we approach what could be the hottest weekend of the summer so far, let's bring in ian oliver who's, you know, look, ian, i said it's july, hot. but this really is hot, right? >> yeah. hey, ashley, i like it, there's hot and there's really hot right now, especially across, as you mentioned, the central and southern plains. the heat there has been brutal, relentless. we know that. but the northeast so far summer has done a pretty good job of avoiding that well above average heat. that's up until right now when we're moving through our longest and hottest heat wave so far.

look at in this, 14 million americans current arely experiencing those temperatures above 100 degrees. the then you drop that threshold down to 90, it's 151 million people right now have temperatures that are up above 90. so that's almost that half of all americans hard dealing with those brutal temperatures. and as you mentioned, you expect the heat in late july but not like this. and that's why we do have many of these heat alerts issued, more than 77 million americans impacted by these. central and southern plains, you've got the heat advisories in effect, excessive heat warnings down across the desert southwest. then you move up into the northeast, and this is new, here in july this is now actually our second official heat wave for new york city. this is our fourth day in a row with temperatures up above 90 degrees. the problem is what happens as we move into the weekend. look at these. everywhere you see one of these red locater icons, these are all spots where we're expecting record high temperatures come

sunday for the second half of the weekend. you see a lot of red here clearly across the northeast, but where are these little pops of pink? forecast models are indicating temperatures up above 100 degrees. philly and new york, if we get to 100 come sunday, it'll be the first time that that's happened since back in july of 2012. you expect the heat in july, maybe you don't expect triple-digit temperatures though ashley: where are those cool canadian fronts when you need them? they only come in winter, apparently. >> we'll have one of those in, like, five months. [laughter] ashley: ian, thank you very much. download the fox weather app that brings you national and local are weather forecasts plus radar, news and advisories. it's a great app. get on to that if you haven't already. all right, now this: for those of you with charge anxiety, meet ziggy. looks like a moving fridge. the mobile robot being developed by a start-up firm.

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ashley: ford motor company ramping up it ev efforts by signing a contract with chinese battery manufacturer or contemporary technology. battery maker will supply ford with 60-gigawatt hours annually to power 600,000 evs by late 2023. but as ford ramps up the electric production, are there enough chargers to put range anxiety at ease? in other words, do i have enough juice to get there? enter ziggy, the first mobile charging robot by ev safe charge. drivers can reserve a spot to roll up and charge hair ev without fighting for a charging dock. the start-up is aiming to begin production next year to help drivers compete for the few and far wean charging stations around the dust, far -- around the u.s -- far between.

ev safe charge founder and ceo joining me now. fascinating stuff. i think i kind of outlined what it does, but tell me again why you have this robot and how much is it needed. >> is thank you. it is really needed. it really solves one of barriers to mass ev adoption, which is charging anxiety. people are worried about where they can charge up, and ziggy shows in a very clear way how easy it is to charge. ashley: so ziggy doesn't charge, it just saves the place for you so you can dock in the actual charging station there. >> well, ziggy is the world's paris mobile robotic ev -- first mobile robotic ev charger with communication and advertising. so ziggy is what they actually would plug into their vehicle. ziggy rolls around parking lot, can meet a car at a certain

space. driver would just say meet me many space 35, for example. or when going ott parking lot, the drivers say i need to charge, and ziggy would say meet me on level 1, space 9, for example. the driver would meet ziggy there, ziggy would save their space, would pull out, the car pulls in, ziggy pulls in bewith hind them, they charge up. ash a ash that is terrific. how do you make money? obviously, do ev drivers pay for this service? do you make money by advertising on the actual robot itself? >> yes. so it's a combination. so tightens will decide if they want -- sites will decide if they want ev drivers to pay for the charge. so most sites today are actually doing that. some might subsidize employees, for example,s etc. and then the advertising is there to to offset the cost of ziggy. ashley: so my question to you is, as evs become more and

more mainstream and the infrastructure continues to improve, will there be a need for something like ziggy if we have charging stations everywhere? >> absolutely. so today there are 1.8 million chargers, public chargers in the world. it's project that 25 million chargers are needed by 20 the 30. so it will be a mix of fixed and mobile. and then a lot of older buildings don't have the electricity necessary to put in ev charging, so that makes it very complicated for buildings around the world. and so a mobile solution really is the only way to get charging into those buildings today in many cases. ashley: so if if i read it correctly, you are hoping to start production of these next year. is that the i'm table? >> exactly -- timetable. >> exactly. going into production in '23, for customer deliveries late '23, potentially early '24, but we're having a lot of demand,

and we're accelerating that as best as we can. ashley: what's the genesis of this? did you have a lot of frustration finding charging docks? is a that that how you came to this? is in your brain child? >> yes. so originally, i got an ev for the environment. dealer really didn't know much about how to get -- [inaudible] one installed. so i went through the process of having a charger installed. the moment i drove the ev, i knew this was the future, everyone was going to love these. so we started out as a company doing residential sales and installations and then pivoted into commercial, and then jaguar needed a solution for the launch of the ipace. they did not have infrastructure where the launch events were. so we're the first company to have created a comprehensive level ii and dc fast charger mobile solution. today we're the leaders in that working with most of the car oem events, etc. but those solutions are chargers aha don't have the batteries

onboard and that don't drive around by themselves. so ziggy is the game-changer that really has the mobility and the battery onboard to make that very easy. if. ashley: last question for you, have you set the pricing? if i'm an ev driver, how much would i pay for this service? >> yeah. so with we want the service to be comparable to fixed charging today. that's something that the sites will set, in effect, and we'll work with them on guidance. but the idea is to make it seamless, easy, affordable and to to really make ev charging a solution that everyone can understand and know is there for them. ashley: very good. and no anxiety about where you're getting your next charge. that's critical. caradoc, fascinating story. wish you best of luck. we'll continue to follow the progress of your company. thank you so much. >> thank you. it's a pleasure being here. ashley: thank you. should thank ziggy too, although

ziggy gets into production next year. let's move on to cryptocurrency. bitcoin and etherium both down as you can see, bitcoin off $367 at 22,688. etherium down also 2.33%. ether ramping up 52% this month so far after going through a very tough earlier summer. things have recovered just a little bit. etherium getting a boost from its upcoming merger. binance's ceo today spoke e about the outlook for crypto ahead of next week's fed meeting. take a listen. >> -- doesn't exist just because the fed changes interest rates. bitcoin exists for many other fundamental reasons, you know? global commerce, few technology for money. -- new technology for money. the fundamentals didn't change. so the interest rate will have an impact, but it doesn't really change the fundamentals of why bitcoin is good. ashley: neil cavuto looking very

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♪ ashley: the white house may finally be looking to to throw in the towel on its own controversial pick for sec -- fcc commissioner gigi sohn. charlie gasparino has the scoop. >> right. this is courtesy of ellie, my producer, if her sources. listen, they're not officially throwing mt. towel just yet, but they are making, let's say they're taking steps to do so. what fox business america has learned is that the white house is reaching out to other candidates as part of an early stage vetting process to replace sohn as their nominee to the fcc. there's a 2-2 deadlock in the fcc. the biden administration gets to appoint one more person.

that person would be key because that person would break the deadlock, and the biden administration would be able to enact some telecommunications policies that it's been promising, particularly bringing back net neutrality making internet providers utilities. sohn's nomination has been held up literally since the moment she was announced late last year. the reason? she's very progressive. she's said some nasty things about fox like where -- i think she said we were a threat to democracy. that obviously angered a lot of, a lot of gop members. she's also a huge proponent of net neutrality which is, obviously, on the wrong side of the gop. a 50-50 senate, but still she can't get enough democrats. now, why is that? because the fraternal order of police has come out and opposed her nomination. now, i've never heard of the fraternal order of police opposing an fcc nominee, but apparently she tweeted out stuff that was in favor of the defund the police movement during our summer of love back in 2020.

that has basically spooked moderate democrats. cortez masto of colorado, mark kelly of arizona both are locked in what is considered tight races for the, for the, for -- in the midterms. they've been balking on casting a yes vote for her based on the fraternal order of police's opposition. so you put all that together, and now there's a lot of jockeying. what we reported earlier today still stands true, the white house is weighing whether they could do this in some sort of a lame duck session. that gives cortez masto and mark kelly some cover, right? if the election is over, it's a lame duck, it's in november or december, they could then maybe vote for her. that's one thing. the other thing, obviously, is just pulling her altogether, and they are talking to people, vetting people for that, for that job. ashley: yeah. >> so big thing. she's a -- we should point out, gigi sohn is a lightning rod. she's a huge, gets huge support

from progressives concern. ashley: yeah. >> obviously, equalityly -- equally vent opposition -- vehement opposition from the right. keep an eye on this one -- ashley: charlie, does she think that msnbc is the beacon of democracy after her comments about fox? [laughter] i mean, honestly. >> i know. every time i do a story about gigi sohn who i personally think is a very smart, able person. she might not be too able for this job. this job takes a degree of impartiality, obviously. you know, you have to -- ashley: yeah. >> -- to apply the administrative code on rulings. it's not quite a place for an advocate even though the biden administration tries to stick advocates in all these agencies to essentially have the agencies do what congress can't do. st kind of a scary precedent. she's the poster child for that or one of the poster childs for that. here's problem with the biden administration, if it remains a deadlock at 2-2, just say that

cortez the masto and kelly don't vote for her, joe manchin won't vote for her, even if it remains deadlocked through the midterms, after the midterms and if the republicans take the senate, hen it's going to remain deadlocked. they're not going to approve any democratic nominee, and all biden telecommunication policy is thwarted. there's a risk here if you try to run out the crock -- clock, try to get her approved in the midterms. after the midterms, the democrats lose control of the senate, it would have been easier to put someone less controversial in there, and they would have had their cake and eaten it too, so to speak. [laughter] ashley: yeah. but biden is being run by the progressives, so he had to put a candidate like this, and there's probably a high chance we're going to get another gigi sohn. a different name but same policies. >> i don't think so. if we go back -- listen, it'll be with someone left of center, i just don't think they'll put

another lightning rod -- ashley: yeah. not this par left. attar all right, charlie. great stuff, as always. have a grade weekend -- great weekend. cute, yeah. closing bell ringing in just over 5 minutes from now. the markets set to close in the red as you can see but off of session lows. at one point the dow was up 182. it was down 305. it has been a choppy session. now, on a weekly basis the major averages are firmly in the green with the nasdaq the clear winner, up more than 3% for the week. forget today, 3% for the week. s&p up more than 2, the dow up close to 2%. you know what? the summer temperatures are not the only numbers on the rise. next week the markets are pricing in an 80% chance of a 75 basis point hike at the fed's july meeting. but our countdown closer has a pick he says will actually benefit if from those rising rates. joining us now with $50 billion in a as sets under management is

portfolio manager mark gym baroni. mark, good afternoon to you. okay, where's my -- >> good afternoon. ashley: a -- play that the fed's going to hike 7 a 5 basis points? good afternoon to you. >> so like most lenders, as rates rise their margins also rise with them. m&t bank is primarily a savings and loan bank which benefits from interest margin specifically. as rates rise, hair margins expand -- hair margins expand. -- their margins expand. they're also known as excellent underwriters. so you're getting an expansion of their margins, excellent underwriting, is so not a deterioration in credit. on top of that, we think there are other ways to win with m&t bank. they have merger savings, they have significant excess capital and so they're going to be repurchasing meaningful shares

as we move along. and they're already going to be growing what is a substantial dividend at 3 mrs. percent -- 3 plus percent. we think there's lots of ways to win in addition to to the fact that it benefits from rising a rates. ashley: very good. all right. that's on the financial side. you've got a couple of other picks here. vc properties? is that right? why do you like vc properties? >> very unique company. a triple net leasing gaming -- what that simply means is they collect rent from their customers, and the customers basically run the property. they have inflation adjustments built into their leases. and so there's the all this concern around inflation. as as long as they are collecting rents that's rising with the rates of inflation, we can see incident growth -- significant growth. they can dominate their market, they can grow and, again, grow what's already a meaningful dividend, 4 plus percent all

right. and you go back to the covid period of 020, this business -- 2020, this business has been stress tested. they never missed a aren't payment. very stable business, already been through a very difficult period especially as we think about fact that we're moving toward a recession, what it will look like. this business has already been stress tested, actually grew their dividend during that period, and we expect them -- ashley: wow. >> -- inflation protection. and a nice cash flow for investors. ashley: very good. we also brought if up another stock you like on the graphic back there, versus holdings -- very tiff holdings. why do you like that? >> it's a supplier for data centers. data center growth, it's well known, it's meaningful and it's going to be persistent for years. so mid to high single digits, you know, out for a meaningful period of time. they're a major player. and vertiv ran into problems

that all of these companies are having, high commodity costs, high transportation costs. and in doing so, they had to lower earnings earlier in the year. that hit the stock very hard. they're already implementing changes. management's very strong. they're improving margins and pricing as we move forward. we feel really good about their end markets and growth and their position in that market. and so we think, you know, all the things the market's currently concerned about and and right my so, vertiv's been through. they're making corrections, the stock has overly discounted it. and as we've seen them start rolling through their backlog, which could take 3-6 months, i think stock will rise are significantly. if. ashley: quickly, you said a recession, deep or shallow? i've got 10 seconds left, mark. i'll put you on the spot. >> i'm not sure. [laughter] i think the bottom line is market's trying to figure that out. i would say it's going to be

deeper than market currently expects and so, therefore, we've got headwinds ahead of us. ashley: very good. i got it there, got it in under the wire. mark, thank you very much for taking the time to chat with us today as we look at the markets heading to the close. the bell ringing in 10 seconds, finishing lower on the last trading session of the week. next week, don't forget, we have the fomc interest rate decision and earnings from big tech. ♪ sean: welcome to a special edition of "kudlow." i'm sean duffy in for kudlow. the president tested positive for covid and the white house up sifts he is doing well. joining me, brian kilmeade, host of the brian