ready to make life a lot more rigid and more than likely it would mean a lot fewer workers who can do those kind of jobs. timing, it couldn't be worse. we had this jobs report on friday. i went through it over weekend with. one with of the things that leaked out at me is multiple job workers, 7.7 million people now have more than one job. we've got a record amount of people who are working two full-time jobs. op -- of the 7.7 million, 4 million are women. so a major white house deal, in the meantime, is starting to fall apart with the biden sort of brokered union deal which is just an example, folks, let the white house stay out of these things. work on worker safety and rights, but the freedom to work when and where i want to work, that should be my choice. right, liz claman? liz: liz: yeah, i don't like, what do they call them? the no-compete clauses. [laughter] charles, thank you very much. charles: you got it.

liz: fox market alert. this is a shifting market under our feet. the bulls were just roaring ahead minutes ago, and now they're getting their wings clipped as we kick off the final hour of trade. after four days in the red, the dow had been up as high as 405 points, right now it's clinging now to just a 3-point gain. the nasdaq is lower by 149. it went as high as 66 points to the upside. and hen you see the s&p 500 -- and then you see the s&p 500 down 30 points -- dow has just turned negative -- s&p 500 had been up 28. russell 2000 languishing in the red by 8 points. if anything, you can thank amgen for not making the picture worse for the dow, having an absolutely fabulous day, i up 5.5% right now. and it is at least helping the dow along with walgreens, walmart, j&j, travelers and honeywell. but you can see the red is now overpowering the green at the moment. now, a big chunk of the dow's

green, as i said is, amgen, walmart. but amgen's getting a bump from morgan stanley which raised its rating on the stock due to leadership in the obesity drug market. oddly, after going south at the open, all the majors took flight just before noon eastern time when federal reserve voting member loretta mester of the cleveland fed stretched her hawk wings this afternoon. the cleveland fed bank president said, in essence, investors, markets, mortgage brokers, the guy who makes bagels around the corner should stop thinking, wishing and hoping that the fed is about to pause on its interest rate hiking cycle. she said not only should people expect more rate hikes this year, but do not look for interest rate cuts in 2023. she said the fed has yet to, quote, make any progress on lowering inflation and that the biggest risk is not recession, but not hiking rates enough.

nasdaq was down nearly 2% before she spoke, as i said, completely raced it and now is back down at the moment by 1.5. we're going to keep an yeeging -- eagle eye on the nasdaq because, folks, if something grounds the bulls even worse in the next 59 minutes and the nasdaq closes down 39 points or more, that will shove it into bear territory. you can see that in august. nasdaq, vulnerable because semiconductors are getting is. >> -- getting shellac for the third session in a row. intel, advanced micro devices, nvidia, all hit 52-week lows earlier. intel tried to make a go of it into the green, can't quite hold on to that. ceo path gelsinger sent a statement out announcing the creation of an inti internal foundly model, and taiwan semialso touching a one-year low

of $62 the a share, down nearly 7% at the moment. investors still anxious about the latest export rules that ban companies from sending their product to china. can we check the financials? citi group setting a new 52-week low, that would be $40.53, we're at $40.66 right now. and all the money managers, you no who you are, who said go into jpmorgan, it's the most solid name, that may be true, but it's dropping to a fresh one-year low as well. the historically positive relationship between banks and higher interest rates -- because we've got higher interest rates -- not working today to. maybe because the new york fed says that the percentage of loans newly delinquent, while still low, is starting to tick higher. so let's get right to the floor show. joining me now are traders sarge guilfoyle and phil flynn. phil, on a day when there are so

many headlines serving as cross-currents because we've been down, we were up, and now we're down again, we would often ask at least in our clay aman countdown team room, what would warren buffett be doing? what he was doing this morning may have completely changed this afternoon and then changed again. >> yeah, exactly. i think -- tell you what, he'd say go to dairy queen, get a peanut buster parfait. [laughter] of course, this is warren's kind of market, right? when everybody else is fearful -- liz exactly. >> -- be greedilyty -- greedy, right? you mentioned those comments by fed meister. obviously, i don't think those comments are helpful. i wish they'd allow the market to figure these things out as opposed to the fed trying to signal these moves that we're getting too hot or too cold. obviously, they're still very concern about inflation, and with good reason, right? we're not seeing any signs that it's going down. but the market knows that,

right? let the market do its job. we don't need those kind of comments, in my humble opinion. but at the same time, i do think there are going to be some good opportunities. you mentioned jpmorgan getting beat up today. but maybe go to prudential banks because they're paying a good dividend. they've already been beat up, and if you want some safety in this falling economy, it'd be good. but maybe look at the stock that could actually do really good a couple of years down the road when the economy starts to dod good. pick up those names you couldn't get. facebook, metaa, whatever the heck they want to call themselves, that stocks getting obliterated. they came out with the new thing, the third dimensional, what do they call them, the headsets so they can be in the meta world. i like those stocks right now. liz: okay. let me say, sarge, that loretta mester was speaking all afternoon just not too far from here at the economic club of new york, and some of the things

that she was saying late, she said we have yet to make progress in lowering inflation. any progress, is the word. said any progress. so as we look at that, she also then later, closer to about 2:21 p.m. eastern time, said she was not ready to say yet how big november rates should rise. at the next november meeting. so immediately if we can put up fed funds futures which give us an indication of what the market anticipates, yesterday -- actually, just this morning, we were about 88% on a 75 by sis point -- basis point hike. now look. dropped to 81% this afternoon. so i don't know what to say about that, sarge. i do do think that this is, as i said is, shifting beneath our feet at the moment. so as an investor, you have been making a play that's been actually quite correct recently, and that is the defense stock names. are you still in, and what else are you looking at? what are you shunning?

>> oh, sure. well, cash is still my largest single position, that's put that right out there. as far as my exposure, yes, i've increased exposure to the -- northrop grumman's outstanding, up about 30% this year, lockheed martin's been great. raytheon not so great, but they're big in the hypersonic weaponry play, so you still want to be in raytheon. i also like pharma. i've been big in lilly, pretty strong play. also in pfizer, i'm losing on that one. don't follow me there. [laughter] energy i like chevron. and my warren buffett play is oxy. i'll be in that as long as he is. liz: you know, occidental, he has a huge crush on that stock is. i said it on my tiktok this morning, my market minute that we put out every single morning, it was all about what is buffett

doing on a morning like this because we were deep, deep, deep in the red. and,s listen, we've interviewed him so many times, he was buying this morning, i can almost guarantee it. and what would he be buying? just look at past history, recent history, occidental petroleum because it's a discount right now. we've got it down about 2.7%, and apple. he loves apple. apple has been a brilliant trade for him. the vix, may i just ask you about that, phil? you're looking at about a 4.7% jump here on vix is. earlier it was positive and then before that it was negative. again, i'm striking this tone that it is a very shaky kind of earthquake beneath our feet at the moment. what does this tell you? >> you know, shifting fears right now. and the predominant thing that we're seeing in that vix and the volt tilt is fear. volatility. in fact, i saw a great article from robert shiller who really tracks fears, and he does it by

taking surveys of people, asking them to question what do you think the odds are of a major stock market crash in the next 6-12 months? right now it's extremely high, right? people are fearful. but that's kind of a counter-indicator, right? when everybody thinks something's going to happen like a stock market crash, generally that's when it doesn't happen. so that's, you know, that contrary indicator. it's kind of like me looking at washing machine waiting for it to stop or, even though there's a number on there, i'm never there when it does. [laughter] kind of the same thing. it's a contrary indicator. it shows me fear's too high, there's good opportunities. and follow sarge and what that's to hook he's down, i want to double down. pfizer, get into pfizer. liz: merck has been a brilliant trade, sarge -- >> it has been. i missed merck -- pfizer's heading south. >> yeah, no -- actually -- >> basically, what i do, folks -- go ahead. >> stick with sarge, that's what i was going to say.

>> i think the folks, what you want to do is focus on preservation. so, yeah, i gave you a few numbers that have been good over the semi-medium to long-term, but cash, i said, is my number one position, and it's going to be until the fed changes their mind on trajectory. until that happens, stocks aren't in ago re-- are in aggregate my sec largest, and i'm not going to expose myself or my family while the fed goes out in public, yesterday lyle braynard's almost a dove again -- liz: i know, each day. it's time, like phil said, for them to be quiet with. liz: you know what? i'm beginning to wonder about the feds' egos. and, listen, i think they're all amazing people, however, you do start to wonder, don't you, if they're thinking, well, she got all that attention, she moved the market and he did too. maybe now i should come out and say we're concerned. [laughter] all we can do is guess at this point. we have absolutely no evidence

behind it. accept what they say, we're watching it. gentlemen, good to see you. folks, the date today, it's october 11th. however, i'm telling you forget halloween with, ma'am -- amazon is hoping you're christmas shopping today. yes, right now. prime early access is day is in full swing at this hour as the online e tail giant tries to move record amounts of inventories off its shelves. klover is the platform that knows exactly what shoppers are buying in realtime. its ceo is here next to reveal exclusive stats on day one trends. we've got the dow jones industrials now dropping even more, down about 80 points. low of session is a loss of 12 the 8. we're watching every tick of it. and as i said, nasdaq, watch with it. we're now down 181. that's bear market territory if we close here. "claman countdown" has so much more coming up after this quick

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liz: by the way, nasdaq is hitting session lows at the moment, down 176 points, about 1.6. we should look at amazon shares. they're on your screen right now, down about 1.7% as e-commerce giant kicks off its first ever prime early access sale. yes, very early for the holidays. amazon's offering mega-discounts on big ticket items from peloton weichs to 23 and -- bikes to 23 and me dna test kits and even discounts, yes, on apple prices. imagine that. but who's doing whom the favor here? it's not exactly a stretch for amazon to give these big

discount cans considering it is one of the many retail giants literally drowning in a glut of inventory. as of july, u.s. retailers have been shouldering a record 732 billion in inventory. that's a 21 is % increase year year-over-year. will amazon's effort help the company get rid of its overstock, and what can investors dedeuce from sales today and tomorrow about has holiday trends and the companies and stocks behind the trends? klover is live tracking the two-day sale through its customers who agree to give klover access to analyze their purchasing and spending day data in exchange for money management services. the ceo, brian mandel bam, we've torn you away from your computers, he's joining me right now many a fox business exclusive. as i understand, you've got realtime data coming in second by second, is that true? >> over 3.5 million consumers are sharing realtime data second

by second, minute by minute, we're refreshing it realtime with our team earlier this afternoon, and the data is really clear. consumers are cautious as they head into the holiday season. it's actually really remarkable. we're looking at data, and what we're seeing -- we're about 15 hours into a 2-day prime event. we're seeing transaction volume and frequency and spend down 30-40%. that is a stunning number. liz: down from what, regular prime day? can we make a comparison? >> yeah. from the july prime day we just had two months ago. the transaction size and frequency is down 30-40%. transactions are down from from a frequency perspective 30%. the spend, the ticket, what they are spending on, is down 40%. these are astonishing numbers. liz: again, you are coming from a pool, you're culling this from a pool of 3-4 million of your customers right now who have

enabled you to peer in and see not only what they're buying, but how much they are spending. this almost feels, to me, brian, like a canary in a coal mine for the health of consumer. if you could write a headline from what you're seeing right now on this second-by-second data tout the early prime day, what would that if -- that be? >> the the big headline for you is this new prime day that amazon is establishing is not moving the needle when it comes to driving incremental sales for amazon. as it stands. that is the early read, and we are calling it now, that's what we're seeing. tomorrow may be a different story as momentum picks up. liz: okay. >> but the reality is, it is not moving the needle. liz: okay. what are people buying right now? can you give us brands? can you give us areas of purchases? >> yeah. so it depends on the demography, but the things that are moving are the typical amazon-branded products, the ring cameras, ring

doorbells. we're seeing a huge volume of amazon echo and dots moving off the shelves. but that's really the bulk of it. when you mentioned earlier around pell to on the or 23 and me -- peloton, we're not seeing a huge uptick when it comes to that a right now. liz: so the ring, the nest, what about things like clothing, apparel, or does that send a message to you what you are seeing at the moment second by second in your data that inflation is really forcing people to think twice, three times about spending even a couple of bucks on amazon where things are so much cheaper? >> oh, here's the stunning stat. we polled our consumers in realtime today as we saw numbers coming in, and 50% of consumers said that they are reluctant to spend any money coming into the holiday season. they are either doing two things; one, they are waiting for more sales as it enters cyber monday or black friday, or they are planning on spending less. and the reasons they're giving

us is because they have less to spend. think about how stretched the consumer has been over the past few months or almost a year. they are -- inflation is rising, they are spending more money on gas and utilities, and what they are northeast noticing is that they don't have as much discretionary if spending as they once did. especially the consumers that are on a budget. liz: brian, amazon's not the only one. walmart is also having a bunch of specials, target has a already done it, best buy has tvs, apple laptops on sale for the next two days. so it's almost, i don't know, can i say it smells of desperation for these companies that are really trying to move inventory because they're drowning in a glut of it? if. >> they are drowning in a glut, and more importantly, they are not changing consumer behavior. this whole notion of can we move the black friday or cyber monday initiative much earlier prior to halloween, we haven't even gotten over the hump of

halloween and all of those sales. to think that a this retailers are doing to drive that incremental value ahead of when consumers are in the mindset isn't really going to produce the revenue that they thought they were. more importantly, we are seeing that consumers are, have already started to spend on holiday anyway if they were going to. so spending is resilient. no question. the consumers are spending. but they're not going to be the, they're not buying the whole we're going to get a deal and a sale to move inventory coming into the holiday season. liz: well, that is the hot holiday habit which sounds to me like people are keeping their hand off the credit card at the moment. [laughter] but we'll continue to watch it. keep us posted on your second-by-second data that's coming through on klover with a k. brian mandelbaum, great to see you. >> thanks. liz: is kanye west waiting for the other shoe to drop? adidas may be this much closer

to a decision on whether to continue its partnership with kanye after video surfaces of his meeting with company execs. we're going to tell you the apparently outrageous he showed them, what he's doing can right there the on his screen with that phone in executives' faces that a may very well end the sneaker model. and later, the nation's lance armstrong arest producer of natural gas joins us as his main product literally becomes a hot commodity thanks to what brian just said, inflation and the war on russia. the eqt ceo is here in a fox business exclusive on where nat gas prices go next. closing bell, 37 minutes away. look at the dow, just barely to the upside here. tiny bit in the green by 5 points. s&p down 28. nasdaq has lost all of its gains, down 146. the russell lower by 11. we are coming right back. oh, yes, and charlie gasparino's here. ♪ ♪

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your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. liz: fox business alert, we are seeing a little bit of degradation here, more so. dow is down about 35 points, s&p down 36, the nasdaq lower by 167. if we close here, that is bear territory for the nasdaq. yes, it will have entered the bear market once again. 20% off its recent highs back in august. coinbase shares, some individual

stock stories to get you up-to-daten on. they are up about if.33% -- 3. 33% after google announced it will start accepting cloud service payments in cryptocurrency through coinbase's exchange and will use coinbase to help make it happen. the payment service will initially roll out to a handle of customers in the web 3 industry. the news not enough to boost cryptocurrencies which are flagging right here. bitcoin, it's just $14 above the $19,000 mark. we're watching to see if it falls below or gets more comfortably above it. etherium is also down just under 1%, litecoin down 1.6%. a very ugly picture at this hour for uber, lyft and doordash shares. lyft down 12.9, it has hit a 52-week low while uber down 11% and doordash down 6%, all this on the news that the labor department is going to revisit

rules that would deter companies from treating workers as independent contractors. it could the raise costs for companies dependenten on gig economy workers. the proposal would require workers to be considered a company's full-time employee; hence, entitling them to more benefits, you know this story, right, and legal protections more so than independent contractors that they are currently. american airlines stock, we can look at that one, it's taking off by 1.7% to the upside after it announced third quarter sales likely come in better than expected. the airline says a strong summer helped the areaier cover a jump in operational costs -- carrier. american is set to report results before the bell on october 20th. and kanye west's yeezy partnership with adidas, the colab to produce these shoes, zack who has a size 13 foot,

just got rockier after rapper posted a controversial video where he was reportedly showing porn to executives at the athletic wear line. a 30-minute documently includes footage of the meeting where he shoves his phone in executives' faces, and then they realize what he's showing them. what he's showing them, apparently, is porn. so when he gets close and he puts it in their faces, they apparently say, is that porn? come on. and they kind of push his arm away. now, west's apparel partnership with adidas is currently under review after he also wore a white lives matter shirt to his yeezy show in paris. here's the part where he's putting it in their faces, and his recent ban on social media for saying, quote, he'd go death con 3 on, quote, the jews. west has alleged adidas stole

his designs and created content without his approval. you know, what can we say? adidas shares down about a quarter of a percent but, folks, they did teach a 5 2-week low. this is an ongoing soap opera. we will keep you posted. asphalt anxiety. high energy costs creating potholes in the path to major infrastructure projects. you know this, right? asphalt is primarily made of oil. jeff flock is in the keystone state with more on oil's costly construction concerns. and this guy, he gave up a life on wall street to become a entrepreneur. he not only climb mount everest, but also the corporate ladder. after struggling to buy his first frozen yogurt franchise, 16 handles, neil hershman rose to become the ceo. he bought one store, and then he bought another one and another one, and he just kept fighting -- through the pandemic, by the way.

find out more about his amazing journey to the c suite. he's a baby-faced ceo at the age of 27. he's this week's guest on everyone talks to liz. get it wherever you get your podcasts. closing bell 27 minutes away. the dow now down 23 points, 24, 25. it's moving pretty quickly, so we'll keep you posted. we're coming right back. ♪ ♪

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liz: we are getting some breaking news out of the united kingdom that's hitting the tape right now. we think it's important to the markets, and we wanted to let you know. bank of england government andrew bailey was just speaking at an international monetary fund event in washington, d.c., and he announced the central bank's emergency intervention both last week and today,s what they did was they started buying up their version of bonds,

right? government bonds. that that is about to end and that u.k. pension funds which have been struggling due to high interest rates have, quote, until friday to rebalance their books. he said, quote, you've got three days left. you've got to get this done. because they are going to end their intervention. so we're looking at the dow jones industrialses, down -- still up about 61 points. but it's more treasuries that we're going to be the watching and, obviously, the u.k. market is closed right now because they are five hours ahead. our yields are moving higher. we were just at about 3.91%, we're at 3.925. we're watching it closely, and the pound sterling weakening against the u.s. dollar, 1.10 per u.s. dollar. and so we'll keep an eye on all of that and more. we should look at oil. oil dropped below $90 a daryl today, and it is there in the -- a barrel today, and right now it's at $88.49.

down the second day in a row on global recession fears. still though crude is up 18% this year, and the national average price of a gallon of gasoline is higher than it was a year ago, albeit well off the earlier highs of year. now, while drivers ponder increased prices at the pump, the roads upon which they drive are getting more expensive to to pave. as they are paved with asphalt, which is a by-product left behind in the process of making fuel. joining us now, jeff flock. we sent him to a construction site off the pennsylvania turnpike to tell us the news, and i feel like let me get my shields up before i hear the bad news. [laughter] >> reporter: that is the pennsylvania turnpike back there, liz. they're widening it at the moment. of course, that takes a lot of asphalt. you know, we're trying to get off oil and gasoline in our cars, but even if i you've got an electric car, you're driving on oil because that's asphalt. take a look at the average

barrel of crude oil. about 70% of it is distilled into gasoline, diesel, heating oil. but the remaining 30% is a whole bunch of different things including asphalt. right now we are spending about $110 billion on new roads, this is part of the infrastructure bill, new roads, repaving and, you know, we've got a lot of bad roads in this country. 173,000, by the white house's own admission, in poor condition right now. 173,000 miles of roads and a bunch of bridges. and, you know, when the price of oil goes up, the price of asphalt goes up, and the price of a lot of things goes up. andy can lipow tells us a little bit more about that. >> this includes things like roofing shingles or paints or from the petro-chemical side, the nylon that is going into your clothing. even the manufacture of carpets. they're all going to to see

higher prices due to the higher cost of oil. >> reporter: and, liz, i leave you with this number, this is the inflation reduction act. the amount of money to be spent on trying to get us off of oil is which, you know, is a noble notion, trying to get us to more sustainable stuff, $373 billion to be spent. but as i pointed out at the outset, yeah, even if we're driving an electric car -- [laughter] you're driving on oil, and i don't know how you get away from that. how do you makes a fault without oil? you might want to work -- asphalt without oil. you might want to work on that one. elon musk is ready to hire you. liz: you work on it, i don't want to. [laughter] >> reporter: i don't blame you. liz: jeff, thank you very much. from oil to natural a gas which, unlike the rest of the energy complexes, actually popping today by 2%. this commodity has surged 75% year to date. nearly half of those gains kicking in at the start of the ukraine war. one stock that has definitely

benefited, you know, you may not have heard of it, but you should. eqt, it's doubled year to date. eqt or is the largest nat gas producer in the u.s. with operations in pennsylvania, where jeff just was, west virginia and ohio. the company represents 6% of u.s. natural gas output, and today it's announced a a coalition besigned to promote domestic nat gas production and lng export infrastructure while reducing global greenhouse gas emissions. joining me now in a fox business exclusive, ceo toby rice. and we should begin with congratulations, toby, for joining the s&p 500. what has that done for the stock, for the company, for your profile? >> well, it's been not too long that we've been in the index, so i haven't really been able to say exactly how that's impacted the trading activity. certainly, it's helpful. it's a great group to be a part of, and we're happy to be in it. but one thing that's, we're

focused on right now at eqt is making sure we can bring more clean, reliable energy into this world and make it affordable. liz: which is, of course, natural gas. we know natural gas, nuclear power, clean and hopefully more affordable. but right now nat gas is anything but affordable at $6.57 per million british thermal units. it is definitely at a premium at the moment. so how long will it take to get up to speed on what you hope will be much more nest withic production? >> yes. to talk about pricing and put it in per spict, natural gas prices currently at $6.50 is certainly higher than the 20-year average of $ 4.mc50. but even at these elevates price levels, it is still the cheapest form of energy in the world when you compare natural gas to coal, compare it to oil. natch natural -- natural gas is significantly cheaper. but i want the american people to know energy prices are

unnecessarily high across the board, and we have a tremendous potential to lower prices by increasing supply in the only -- and the only thing that we need to make that happen is more pipeline infrastructure. we can go ahead and add the supply and connect it to the markets. and these are are things we can do very quickly, but we need some regulatory coordination to help make these projects, get these projects built so we can do our job and provide chief, affordable, reliable energy to the market -- cheap. liz: that's been the issue, we need regulatory easements at least just to make happen as we head into winter. we just had ralph la rosa, the brand new incoming pse and g ceo tell us last week that he expects people's bills to go up 20% this winter because of natural gas prices. listen, we can sit here and say, absolutely, this is horrible for the consumer, but what -- we look at the trade. we look at here on this business

network how people can actually benefit by investing in certain things. as you look at, you know, your opportunity to increase shareholder value, what is the number one thing that you think is going to do that in the next six months? >> well, we focus on our higher purpose here at eqt, and that is to help bring energy security to the world while also lowering emissions. i think if we're successful in achieving our higher purpose, the shareholder success will follow naturally. now, really interesting opportunity that we have in front of us right now is if we can unleash u.s. lng on the world stage to lower the biggest source of emissions which is foreign coal, we will do two things. we will achieve the ability to sustainably grow our business here domestically. that is a way we can grow our free cash flow per share, and you'll see that translate to greater earnings for our shareholders. but also these exports are going to represent a surplus of energy in america for americans, and surplus mean lower prices. and if this is really the best

of both worldss -- worlds where we can reach our full potential by unleashing u.s. lng, provide energy security to our allies, create energy security for americans and lore prices, oh, and, by the way, we can be unleashing the greatest, biggest green initiative on the planet? that's exactly what we're focused on, and we believe that doing this is going to create a tremendous amount of value not only for our shareholders, but people around the world. liz: see, you can do good business and do good for the planet. that's why you do it. thank you, toby. it's good to tee -- see you. >> thank you, liz. the 2022 tech rec, today's countdowndown closer tells us if there's a buying opportunity soon or whether it's too soon for tech. you've got to hear what he has to say here. closing bell, 12 minutes away. is charlie coming up, guys? where is charlie? if he's coming down can be here in just a minute to talk about,

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♪. liz: we need to take a look at amc shares and the preferred amc shares under the ticker ape. both are hitting 52-week lows today. right now you have amc, the movie theater chain at a buck 75. the ape shares, no, i'm sorry. my eyesight is so bad. amc is 6.13. ape preferred shares are 1.57. charlie gasparino, what is going on? >> when they issued the apes it was a stock split. what you have is a pretty significant crash in amc and what is fascinating about this stock in my view, literally the massive amounts of insider selling that went on, particularly over the last two years and even the last, as far as back as adam aron was selling i think in january while this thing was run up. liz: were those planned sales? >> you know it is unclear. liz: ceos do plan sales. >> they do.

but they sold $880 million of stock from the insiders that was planned in the last two years. that's as, in the last year we should point out that the market value of amc went down about 80%. liz: a lot of 8s in there. >> a lot of eights. the shares themselves bounced all over the place, after adam aron announced the ape, said it was good dilution. they would sell these more shares to bolster the company the amc popped to $20 a share. liz: i remember. >> it is now as you know $6 and change, and listen, this is going to be a story going forward. i think adam should essentially come on our air, explain why he sold so much stock. he sold over the last two years $43 million of stock while this company was in pretty significant financial trouble, even before the pandemic.

we had streaming coming on. you know he had a lot of debt. there were issues with amc. the box office has never fully recovered from -- now granted he was dealt a bad hand. they shut him down during the pandemic, but if you look at it now, the box office is not where it was before. i know they're wrapping me. you have to give me more than 30 seconds for this hit. so i'm just saying, going to jam me in here let me explain my story here. my point is this story going forward is going to be a big one. as the market unravels which it obviously is, people will say who pumped certain stocks including these meme stocks. i'm not saying adam pumped this stock. he said it was very overvalued company. he said that in press releases, in the financial documents. there were people all over reddit, even journalists giving

creedance this could go to the moon, to 1000. i've seen a lot of it. he will have to answer this thing. liz: he has come on the show a lot. we'll ask him about it. >> we'll ask i am should he have tamped down on some of the irrational exuberance more vociferously on the knowing notion there was naked shorting. i don't think they have done the dilution yet and the stock is down. it is declining in anticipation of the dilution. liz: charlie, thank you. charlie gasparino. folks, he have got about 3 1/2 minutes to trade. we are on bear market watch for the nasdaq which is set to close the session in bear market territory. as you can see, we are now down 20 1/2% since the most recent high. if we are to close here, that is it, we're in a new bear market for the nasdaq. is this a bottom? do you start scooping things up or is it too soon for tech?

joining me eric friedman, chief investment officer of u.s. bank management group, 400 billion under management. you get to say it, eric, too soon for tech or let's dive? >> great to see you, liz. we think it is too soon for tech right now. i hate to say it already been hit so hard but the bottom line we still think when you compete with higher interest rates, technology just doesn't look attractive. so we would look at opportunities in places like utilities, infrastructure and energy, kind of the boring stuff, liz, that produces some cash flow. we think it's a better place to be than technology right now. so we think it's a little bit too soon to get overly involved in tech. liz: energy, obviously, most of the complex is down but they have done incredibly well. a lot of the stocks involved over the past six to eight months since the horrific invasion of ukraine by the russians but eric, i do want to push down on tech a little bit here. so many of the semiconductor names are hitting 52-week lows

today. intel, nvidia, advanced micro devices, corvo, all of those names. it looks like there are so many headwinds here there might be better opportunities down the road? what would be your signal to start dipping in? >> liz, one of the things came out over the weekend the trade association of semiconductors second half of next year clearing mechanism in terms of supply demand imbalances. that is a long time. we think probably the market will start discounting that in another month or two. until we see more ration atization on demand side which will be weak, and couple months back and forth trading. don't think it is time to throw in the towel per se but still too early to get involved. probably when the trade association data shows a little better balance between supply and demand when you want to get involved but it is too soon to get involved. liz: supply and demand

imbalance, we have a strong green back at the moment. that is giving headwinds to some of the big multinationals, we know that. can i ask you what you're most excited to buy when it does get cheap enough? >> i say we still think short duration bonds, liz, someplace four 1/2, corporate bonds at 6% that is pretty attractive yield for 12 to 24 months. hang out there. another place like utilities a spot that produce as solid amount of cash flow. that is where we're most excited. we think the biggest pop down the line will be tech. tick and consumer digs chris nary you can wait a couple months before getting aggressiv. liz: thank you, eric. [closing bell rings] the nasdaq in bear market territory. we're coming back tomorrow -- ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so a