acknowledge the pain of the nation and get the staff to do the same thing. be personal about it. you know what, it's happened under your watch, it's going to be a official recession, no matter what. the way we're going right now. forget about it and give us solutions and answers. that's what we need more than excuses. liz claman, you never give us excuses, that's why i love you. >> oh, you haven't been in my house when they say what's for dinner? nothing by accident. charles, we have major breaking news, the dc universe colliding with the cosmos of wall street with the final hour of trading and the house has apparently gotten enough votes on the chips and sciences act to help it pass. this would grant $52 billion to the u.s. microchip industry and right now at least 18 republicans have voted for it. the markets are continuing to move -- actually now it's 22 who have voted for it. it looks like it is going to

pass. it has enough votes. that is the breaking news and the markets are not only holding onto gains, they're adding to them. this just a day of the fed inspired bull run that gave july the best day of the month as headlines keep spewing out of our nation's capitol and just about every one ovthem matters to your money. what do we mean? show you the inter-days, right now top of the hour, these fits and starts are not driven by earnings. if you look at jagged picture here where the dow and to a lesser extent s&p and nasdaq popped up at the open and then 25 minutes into the trading datumabled head first to the lows of the session and then around the 11:00 a.m. eastern time hour, burst up into positive territory. each move related to headlines which started with the second quarter gdp before the bell and they are as i mentioned continuing to break. hereby's another one right -- here's another one and the president is meeting with ce os with companies across major economic sectors and speaking to

reporters and taking questions live, which is somewhat unusual. he usually takes a few questions and walks out. but if he waits to meet with the ceos. they're coming from major economic sectors like marriott, corning, bank of america. just hours after he held firm saying the country is not in a recession. >> record job market of -- record unemployment of 3.6% today. we've created 9 million new jobs so far just since i've become president. businesses are investing in america as record rates, at record rates. p >> putting the president's comments up to pat with the first print of second quarter gdp showing a surprise contraction of nine tenths of a percent. remember, i say surprise. you guys may not be surprised, but a bunch of surveys and big bank economists including those at jp morgan and goldman sachs

call for a mild expansion in the first quarter and that did not happen and we had two consecutive quarters of contracting gdp fitting into the most simply fied definition of a recession. wal-mart warned its customers are becoming way more frugal than expected and wal-mart gaining two and a third% and headlines we've been talking about on capitol hill continue as solar stocks blaze very hot right now. sun power up 16%, sun run, a gain of 28%, sonova energy, nova24.5% and they're getting an energy boost not from sunshine but senator joe mansion from west virginia, who last night put his stamp of approval on a dramatically skinnier tax

climate and energy bill that's going to offer tax breaks and credits for alternative energy and electric vehicle purchasing both new and used. but that has the chips and sciences act as you say continuing to forge ahead. it has just passed with republican help. more than 22 votes at last check. even though we do have them voting for this, some immediately began rethinking their vote on that after joe mansion's sudden change of tune. semiconductor stocks, mixed picture as we continue to wait for the real headline because it now goes to the president's desk. of course we know that after yesterday's surge after the bell, after the bill passed in the senate, we're continuing to watch all of the headlines extraordinarily closely and we can go closer because edward lawrence has been following the moment by moment dc drama from his front row seat at the white house. edward. >> yeah, liz, the market loves government spending and we're getting a lot more of it it

seems with the chips act going through the senate and now waiting on the next one, which the president has redefined. basically they renamed build back better. the last time we had two quarters of negative growth was going into the pandemic. the time before that was the great recession. now, we have two quarters of negative growth and it's the first time since the two times. this marks the common definition of a recession. there's no doubt that the economy is slowing. about an hour ago, treasury secretary janet yellen said we're seeing a slow down and that's appropriate to make the transition the administration wants to stable growth. senior white house official telling me that stable growth is under 2%, kind of like the obama administration. now the president also trying to use that jedi mind trick telling the nation we're not in a recession and the inflation reduction act believing his economy is too strong to be in a

recession. >> inflation reduction act will add another $370 billion in clean energy tax credits in reconciliation. including incentives to accelerate domestic production of solar, wind turbines, battery and critical material processing. that doesn't sound like a recession to me. >> as much as he says it doesn't sound like a recession, the federal reserve chairman said we're not in a recession now did say he's seeing consumer spending softening and that's something that going forward he's going to be watching and there's a significant slow down in the second quarter and again, liz, this is something we're watching. you heard wal-mart's report, their earnings report where they warned of the consumer spending issue. >> some saying it's a jedi mind trick, i saw what you did there, but so many people are saying with 11 million job openings right now, how can this be a recession? right now, look at the markets, edward. let's get right to that, we are

at session highs right now. a gain of 410 points now for the dow jones industrials, s&p punching higher by 55, nasdaq about 146% and wall street's attention right now with 54 minutes before the close definitely divided between the two coasts right now. to the left coast in silicon valley and investors waiting for alphabet and amazon by 1.5% and the anxiety is palpable of the meta miss. shares of the social media giant moving lower after the miss on the top and bottom line due to weakening ad sales and reported, and this was the big bruise here, its first ever revenue drop as a publicly traded company. even worse though, meta revealed multiple head winds so strong it expected revenue to fall again, second time in a row, in the current quarter.

despite the tech attention, the momentum after jumping 4% idea and 137 points and its biggest daily gain yesterday and we've got a ton of ground to cover and stock pick and we have a bigger picture of gdp. right to the floor show and joining me now with 100 billion in assets, christian la butler joined of cap trust and global cap trust and ethan, i'll give you this one. can you be the tie breaker in thousands of conversations across the u.s. right now questioning whether we are or are not in a recession right now? >> we are not in a recession right now. i mean, every economist who's looked at this knows a recession means a broad based weakening of the economy and its gdp statistics can be flakey and at least where they're having to guess and fill in some of the

data to get the aggregate reports and the job gains and we won't go into a recession and we're in the forecast thinking in the second half we'll go into a recession but there's a bit of a distraction the bedate of whether we're in a recession. >> what isn't up for debate is that we have come well off the lows of the year for the dow, nasdaq, s&p, and some of these stocks that we've looked at that have been clipped 70-90 bernardn price, christian, are starting to look yummy at this point or are they, and you tell me where you feel these are real opportunities. >> yummy is a good word. i like that one. >> thank you. >> as stock investors, we have to think about what it's going to look like six to nine months from now and ethan might be right that the second half is a

recession but if so, first half of next year or maybe middle of next year, we'll be coming out of the recession. what will it look like there? you can pick up some stocks today that are trading well under ten times an earnings rate, that might be a bit too high but let's say it is by 20 or 30%, and you can see stocks that are cheap now with a momentum going into the first half of next year. >> okay. which ones because that's what our investor wants to see for your christian vision? >> okay. let's start with cvs. this has a nice combination of defense and offense. the defensive part of it is the obvious economic insensitivity of healthcare spending. but the offense part of it is what i think is a little misunderstood with this one, the minute clinics they're rolling out. in about 10 or 15% of their store base, and they'll be running clinical trials through

these things, not to mention the fact you'll pick up some business from the urgent care centers around the country. you're gathering data from all your patients through that and getting them into the store so minute clinic is really going to be a catalyst for cvs. >> ethan, to that end what really spooked the entire economic system and landscape was the pandemic. christian's making a point that now that we are mostly through it, at least for the moment, we look at people going back to normal life and yet you still, i believe, think that we could very well dip into recession in the second half here. >> yeah, i think the problem right now is that we just have too much inflation in the economy. it's not the pandemic i'm worried about. it's not some external shock. i think that a lot of the problems we're facing right now in the supply chain and higher energy prices, those will probably resolve themselves over time. the concern here is that can the fed really engineer a reduction

inflation back to the 2% target without a recession? our answer to that is, we don't think so. we don't think we'll get a major recession, they don't need to crush the economy, we don't need another paul vulker right now, but the fed needs to be serious about the fight. they say that they're not sure they'll get a recession. they want weak growth. that seems very optimistic to me. it's not a question about the resiliency of the economy. it's about what does the fed need to do to get inflation under control? >> what they're doing right now in certain areas is starting to work. others snout so much. we have seen gasoline prices come down, wheat, corn, off their highs. christian, i'm looking at a headline right now that's hitting a tape saying the u.s. dollar has dropped to six week lows. it's been on a massive tear since the start of the year. it's on track for the largest daily percentage fall versus the japanese yen since march of 2020. we have heard from a lot of companies during their earnings

reports that that strong dollar is hurting multinationallies such as microsoft et cetera because their products are more expensive overseas so what do you expect for apple and the like? we've got apple after the bell. >> yeah, if it's anything like what happened with microsoft, you'll get a short-term dip in the reality of business not being up to con keennesses, but then -- consensus and then it takes off as people start looking forward. this sign that the inflation could be peaking here, whether it comes down quickly to the 2% or not, at least it's not getting worse. then at some point you'll get the labor costs coming down. the next move in the inflation numbers is that the wage growth will come off, and that'll be a benefits to companies like apple and microsoft that have had to pay up for engineers. >> yep. i do need -- because it is breaking at the moment,

christian, that we are looking at a chips act that has just passed and now going to be sent to the president's desk, and i do believe we now have -- let's see, texas instruments, broad come, qaulcom measuring slightlr and it has passed. what is it about that semiconductor company that you feel is a winner here? >> that's what we'll try to -- a lot of companies that are fabulous. you don't want to be the company that has to be all the capitol into the business to fulfill the chips act goals. they've been mostly living off their patents for awhile and they've most recently changed policies and strategy, and now are offering their own chips and into an up sickle. the new -- up cycle and new generation of memory buffers are

market leading and have the ability to double their revenue possibility. >> >> a 2% gain right now. christian, ethan, a blood pressure to have you on -- pleasure to have you on a very busy thursday. thank you both so much. post-pandemic travel boom full of headaches for air travelers but u.s. airlines finally figured out their scheduling mess as a fifth air carrier moves closer to reality. we break it down in a fox business exclusive and we'll look airline stocks in realtime. closing bell 45 minutes away and the claman countdown just getting started. don't go away.

millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today.

so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours.

the s&p is up 1.25%. i'm always ruffle. very nice move for the small and mid caps. nasdaq up 1%, dow up 1%. a nice solid green day here. this during a time when ecommerce is struggling. you would expect that maybe a company like etsy might stumble. oh, no. etsy bucking the trend, shares moving higher by 10% after the online retailer reported second quarter revenue and earnings due to transaction fee increases, new brands, and more ad sales. etsy also added 6 million new buyers during the quarter, easing fears that there would be some type of post-pan democrat slow down. it done a lot work for every ecommerce company. this one is not fairing well.

shopefy was down. the low of the day for them was about $33, we're at $35.85 right now. the stock has lost 12% just since tuesday when its ceo said in a blog he's got to cut 10% of the work force amid slowing online purchase growth. the canadian based ecommerce company reported a loss for the quarter after well raising target from $3 to $43 on the stock. we're at $35 right now. all right. it has, hate to say it, collapsed 74% year to date. investors are going hog wild for shares of harper lanesly harleyr ratterring second quarter estimates that beat expectations and they're 7.75% and demand is still through the roof even though a regulatory compliance issue force add two week shut down during the quarter

suspending bike shipments and it's a nifty motorcycle trick they did as well as they did. stanley black and decker playing the nail, not the hammer today. it's getting hammered to the depths of the s&p down 15% after reporting quarterly earnings that missed top and bottom line estimates and the company also cut its full year forecast citing rising interest rates and slower demand over the past couple of months. we are looking at a dow that is powering higher by 379 point. we are coming right back and the ceo of qualcomm getting in front of the cameras. don't go away. &%c1

frontier airlines has been ejected from the spirit acquisition cockpit and jetblue is officially taking command. just a day after spirit pulled plug on the two discount airlines to merge, jetblue announced the bid to buy spirit for $3.8 billion was accepted. spirit up 4.5%. frontier is out and up 19%. jetblue down 1.13% and jetblue is smaller than spirit's cap.

jetblue is 2.6 billion market cap and spirit's is 2.7 billion. it's interesting. if regulators approve the deal, the regulators create the fifth largest airline in the u.s. and americans face high flight prices and scorching travel demand, some are worried that merging a discount airline with a higher priced one could increase fares across the industry. joining me on a fox business exclusive to discuss the entire travel sector and increase demand to get out of dodge and take a vacation is the ceo of travel and leisure michael brown. michael, the airlines are front and center in the wild demand for tickets, which are very expensive right now. the latest cpi, consumer inflation report, showed air fares dipped 2% month over month. how could the merger affect air fare and flight availability to the upside or downside? >> well, any change in the airline space will affect how people travel and people are very sensitive to overall pricing today. the great thing that we're

seeing though is people are fully committed to getting on vacation. we at travel leisure are seeing the same demand as we did in 2019 for the remainder of the year. are they changing their behavior a little bit? yes. are drive-to destinations are doing a bit better, 79% of arrivals are to drive-to, but the overall standpoint of how leisure travel is holding up is -- we're at 2019 levels and actually with length of stay extending by about 8% and room nights up from 2019. >> room nights are up and you also had second quarterly revenue, second quarterly record revenue per volume per guest and people are continuing to open up the wallet at least for travel. >> that's absolutely correct. we had for the last two quarters, record volume for guests, which means every consumer that visits our resorts and purchasing more is spending

more than they ever have, and that's been a consist trend we've seen throughout the year and despite the news that's out there with all the cross winds and consumer space, it seems to be more focused on retail, the services, the goods -- sorry, the services and the experiences is where the consumer is continuing to spend and doesn't seem to be slowing down. >> you just mentioned driving to destinations versus flying. how much do you think that the disaster of father's day weekend, juneteenth when there were so many flights canceled and then of course you follow up with july 4, which wasn't much better. how much do you think that that really pushed people to say, you know what, let me just drive and to that end, have the airlines finally wrapped their arms around the problem of labor shortages and matching of, i would suppose capacity to what labor they do have? >> well, as someone who travels a lot, i can share with you both my drive-to and fly to

experience. if you're going on vacation to enjoy your free time, you're going to do what's hassle free and driven given that 95% of the u.s. population is within 300 miles of all resorts, they are driving more. with that said, orlando is back to 2019 levels for air traffic so even though people are driving a bit more and it's more inconvenient to get through that airport, they're still flying and they're still flying to destinations like orlando, where it's back to '19 levels. >> i get it and i look and see what with the earnings that you reported and your business, you also have some interesting parts of your business. you've got the vacation ownership segment, and then you've got the home exchange segment. where are the hottest destinations for those parts of your business? >> well, it seems to be consist that people want to get to the sunshine. if we look at the second half of this year where we have 90% of

demand already on the books, the south, the southwest, and hawaii, are the three hottest destinations. what i would say about that is you say, we've just talk add lot about drive to and during covid, hawaii was one of those that was a real lagger. people are willing to get on that four to five hour flight from california to go to hawaii because our occupancies for the remainder of this year are again, at or above 2019 levels. >> oh, i love me some maui. i can't. i mean, it is just heavenly, isn't it? well, michael, thank you -- go ahead. >> whether it's hawaii or drive to destination with the newest resort in atlanta, people just want to get away. it's been two long years of a lot of negative news and inconvenience and i'm seeing our property in atlanta right now, people just want to get away and enjoy free time. >> well, enjoy the time you now have certainly and it won't be

much because the business is rocking at least at the moment. we do have as we look at this overall, it's a very strong market at least today, up 359 points for the dow jones industrials. good to see you. thank you so much. >> thank you very much. well, now the u.s. chamber of commerce is going after gensler and company. charlie joins us on his report on the securities ask exchange commission and how it's in the chamber's cross hairs now, 23409 just the crypto world. and you want to see terror in the eyes of a well established industry like say diamond business? that's exactly what happened when beth gersteine, the ceo and to founder of sustainable earth gem stones have become a fast favorite of the millennials and those seeking ethically sourced giles. balleting a legacy industry to

become a large publicly traded lab gem was another struggle. her sparkling story of success just dropped. everyone talks to liz podcast, download on apple, google, spotify. closing well 26 minutes away. the fear index, no fear, about 2.8% of the downside. stay with us, we're coming right back.

municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-763-2763. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years,

and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763. talisker resources is ready to dominate - with two 1-800-763-2763. fully permitted resource assets; an upcoming maiden resource at its flagship gold project in southern b.c.; and a vast pipeline of world class greenfields projects. talisker resources.

chamber of commerce joining the list of business groups lining up to sue the securities and exchange commission over chief gary gensler's extensive and controversial rule making agenda. charlie, the details of this lawsuit. >> the details are interesting and i'll get into that. but i think the bigger story here is like this is one of many that are coming down the pike. gary gensler has a very extensive agenda. some people say it violates the law that he's pushing the sec

into areas they never went before, environmental stuff, corporate governance stuff and stuff that's beyond the notion of what an investor cares about the buyer's stocks and he's going there and going to get pushback. we know that job creators network is likely going to sue him over esg standards for corporations and there'll be other suits on other things and this is the opening one and it is from a big group. u.s. chamber of commerce is a huge group. the whole proxy system was very fraught with conflicts. two firms, glass, lewis, and iss i think it's called. it's a complex system and they control a lot of what goes on in corporate govern innocence and they tried to break that and have better disclosures. >> those two make reppeddations to shareholders about how to vote on certain things? >> right, but then there's clients on the side so there

could be a conflict of interest according to -- that's what the trump people said and they wanted to break -- they wanted more disclosure on the potential conflicts and obviously to break up the duopoly and the gensler administration is looking to reverse that. why would they want to reverse? i only see glass, lewis, and iss are on the forefront of pushing esg standards in these proxy voting measures. with them kind of -- with their sort of power being diminished, esg would be diminished as a corporate level and gary gensler's level of esg would be diminished as well. >> yeah. >> it's one of the reasons why you have high gas prices right now because there's been a corporate onslaught onto -- there's been an onslaught onto corporate america to roll back -- even oil companies. don't be oil companies anymore. be windmill companies and they

do that through investment practices where these big companies like black rock, which by the way -- and vanguard and others, they use glass lewis and iss for their recommendations on proxy voting, on voting measures where they're pushing more on esg and corporate member. >> the securities and exchange commission is the watch dog of the stock exchanges and stocks and publicly traded companies. where are the twain having these cosmic crash? >> let me ask you a question, what is shareholder friendly about esg? >> pay. it's free will. i get people going look,f i i k ckck tnksnk tt'ha t t ttu thay r t t t t ace pls betere.eter >>haldhoho fyen fen f abgarysl genenenineurur r ir have, that genderhowanof i have on the board and how

we're reducing our carbon footprint. why is that shareholder friendly? most care about making money and no offense but u.s. corporate america is probably the most economically friendly aspect, you know, business group in the world. >> yeah. >> when you force this on corporate america, a lot of the other stuff, the oil drilling bleeds out into venezuela. get how environmentally friendly they are in venezuela and china? >> yeah. >> that's i think what gary gensler is going to have to answer to on a lot of levels including the proxy stuff, esg, and this is just the beginning. trust me on this. >> charlie, thank you very much. we brought it to you as it was breaking. the chips and science act has officially passed and is heading to president biden's desk after the house just passed it 30 minutes ago with actually the help of more than 20 republican votes. the ceo of hand set chip giant

qualcomm is here live for first reaction on what the $52 billion earmarked for his sector means for his business and if the bill will really solve the supply chain snafus. closing well 17 minutes away and we're holding onto more than 330 points of gains here and off the highs of the session which was a gain of 411 for the dow, but green on the screen. we're coming right back.

and instructions for use. consult your healthcare provider before starting on omnipod. simplify diabetes. simplify life. omnipod. ♪♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment and a certified hearing care professional evaluated my hearing loss and helped me find the right device calibrated to my unique hearing needs. now i enjoy every moment. the quiet ones and the loud ones. make a sound decision. call 1-800 miracle now, and book your free hearing evaluation. do you have a life insurance policy you no longer need? now

you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes!

find rewards like these and so many more in the xfinity app. i know there's conflicting information about dupuytren's contracture. i thought i couldn't get treatment yet? well, people may think that their contracture has to be severe to be treated, but it doesn't. if you can't lay your hand flat on the table, talk to a hand specialist. but what if i don't want surgery? well, then you should find a hand specialist certified to offer nonsurgical treatments.

what's the next step? visit findahandspecialist.com today to get started. semiconductor stocks are mixed at the moment after the house just passed the $280 billion chips and science bill, which is earmarked about $52 billion aimed at boosting u.s. semiconductor state side. passage sent to the white house for joe biden said he'd absolutely sign to law. chip giant qualcomm is a giant in the cell phone business and reported third quarter earnings, while beat estimates, they came in with guidance for the current quarter falling short of weakening sales. the bulk of revenue is from selling processors and modems for cell phones. it grew 59% and in a clear sign

the company is in the early stages of successfully diversifying its businesses, qualcomm reported record revenues in its mason automotive chip business, which grew about 38% on annual basis. this thing could be major for qualcomm and the internet of things, iot business, that makes low powered chips for connected devices, that grew 31%. all of this as qualcomm's customer apple gears up to report earnings in just a few minutes and ahead of that, apple is pretty much flat to just slightly higher on the session. it is perfect timing to bring in qualcomm president and ceo cristiano amon. great to have you. let's get your first reaction if we can to the passage of chips and science act. >> good talking to you, liz. happy to be here. very excited. this is a significant milestone for the united states, chip industry as well as globally. chip set is on the law to become

the law of the land. that's very, very important. we know the importance of semiconductors in our economy, especially as everything is becoming digital, and as the largest semiconductor company in the united states, we need manufacturing of semiconductors. those foundries are going to need customers like qualcomm. this is an exciting time, it's important, it's a big win for the united states and global semiconductor industry, and that's great news for semiconductor companies like qualcomm. >> how much of the money do you expect to get because there was a discussion that the guys that build the foundries and the fab plants like intel and taiwan semi were going to get the larger part and people people like you left out in the cold saying what about us? now i don't hear that at all from you, which is fine, but does it put the government in a position where it's picking winners at all, and does that

kind of nag at you? >> not expecting to receive the money and super excited about the outlook. here's how you should think about this. a company like qualcomm, we need manufacturers of semiconductors. we have been, you know, working with -- we're the number one customer of samsung foundry in korea. we're between the top two customers of tsmc in taiwan, been the number one being apple. the ability to have more manufacturing capacity built in different geographies, for example the united states with the u.s. chip sec will build resilience to the supply chain and a company like qualcomm, we now have more options and more capacity to build their chips even as intel become a foundry. so you can think about it, now you have one more foundry in the industry. this is all great news and we're not expected to get any money. >> let's go to the next big

headline and it hasn't come out yet and that is apple's earnings. we are expecting that they will possibly be dinged by a stronger dollar because something like 58% of apple's smart phone sales come from outside the americas, the strong dollar is weakening the euro certainly, and obviously the japanese yen, which got a little bit stronger today. can you give us some clarity on what you have seen from apple orders for your chips to their hand sets? >> look, we're not in a position to comment specifically about any customer order, but what i can tell you about our view off the hand set market globally, not focused on iphones, just globally, we -- we're very happy with our company performance in this quarter. i think we got in two, three fiscal we have a beat at the top line, a beat at the bottom line.

hand sets were strong and outset iot. looking at macroeconomic head winds, we were more cautious thinking about guiding q4 because we've seen the impact on consumer spending. we're calling it a mobile market and it'll be a little bit more soft, but even that we ourselves have been more insulated because our concentration on the -- and focus on the premium smart phone for android as well as high tiers when we can sell a lot of processer content in addition to the modem and focus on iot. we expect the hand set market to be smaller as we deal with the economic head winds as well as china lockdowns. >> i want to get to diversifying your business, which quite frankly, i mean, you took over a year ago june, and what you have done for qualcomm when it comes to the auto industry to me, gives us a runway of where you

might really see a massive business. now, small at the moment, is it not? but you saw such a big jump in there. each car, an average sedan has something like 1,000 to 3,000 chips in it. that's according to experts. we checked, i said really? is that possible? i thought it was like 43. i mean, the subaru ceo a couple years said 43 but everything is changing. can you tell us how big this business could be for qualcomm and through what time frame? >> absolutely that . is a very big piece of the qualcomm success story in diversifying of business. auto and iot. specifically to auto, we've been executing in a short period of time on this big trend of transformation of the automobile. the car is becoming digital. car companies are becoming tech companies, and digit call cockpit, autonomy. within the quarter we had

$3 billion towards design pipeline, now it is 19 billion. the majority of the it, the majority of the number, volkswagen group for autonomy. as the cars get into the market you will see all the pipeline coming into the qualcomm revenue and earnings line. for the business we have today, we saw record output in the quarter and in the next quarter, even in facing the current economic headwinds we expect to have sequential growth. it's a great story and in auto we'll keep pushes it forward. liz: cars are like sitting in an iphone, samsung is your biggest customer. before we go, last time you and i spoke at the consumer electronics show in vegas you struck a partnership with microsoft, metaverse headsets, anything connected people to the

metaverse. meta came out with numbers. we may have to wait to 030 before we see revenues from their metaverse plans. but what do you expect from that business? >> there will be continued development and growth from new classes of devices, but with the trend connecting physical and digital space. it is not only consumer enterprise as well. that is the partnership with microsoft. also the partnership with samsung. maybe one thing, if i may, liz, one of the key highlights of this quarter for qualcomm, i know there is a lot of focus on what is the size of the market into the future and economic headwinds but people are missing the very big part of this quarter. -- with samsung. we are basically going to be the platform of choice for samsung galaxy products, including future devices extended reality, pcs and tablets. we'll still remain bullish,

virtual reality and augmented reality device as we build metaverse next couple years. liz: promise me be in virtual in person. >> looking forward to meet you in next time. liz: closing bell in two minutes. low from a loss of 214 to a high of 611 right now. we're up 312. joining us ben cook, hennessey funds portfolio manager, 3,702,000,000,000 -- 302 billion in assets. >> thanks very much, liz, good to be with you. we have the luxury between choosing between hydrocarbon energy companies and traditional companies. right now investment merit for us screens in traditional hydrocarbon energy companies. we have companies generating

very strong operating financial results given the strong commodity price environment we're in. we're seeing a very good alignment with corporate management team and investors. total shareholder return proposition is probably as good as it ever has been. when you consider the fact valuation, investor positioning all look very attractive we think there is good opportunity in the traditional hydrocarbon energy space. liz: exxonmobil, eog resources. broaden it out, we have 40 seconds left here, are you bullish on equities oh all for the second half? >> yeah, we are. we think many of the headwinds in the second quarter, brief slowdown in the u.s. economy, lockdowns in china we think that will reverse course. we think we're on path for steady growth. that actually should bode well for much of the traditional energy sector. you you know as we look for the third and fourth quarter we look for

seasonal rebound in hydrocarbon demand that translates into financial results for of the energy value chain. liz: great to have you, ben. here comes the closing bell. [closing bell rings] we were stuck in reverse the first half the morning. then the markets kid a doughnut and put it into drive. big rally day. that will do it for us. "kudlow" is next. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so, let me get this right, we're in a recession and the recession is accompanied by high inflation, milton friedman used to call that inflationary recession, and we are unfortunately going to be afflicted by this discouraging condition for quite some time. so, the biden democrats have put together a new fiscal deal which will raise taxes by 739 billion, designed to make the recession wors a