changes all the time, so you've to got to be careful to be lured into certain thinking or held back by the crowd, because by definition the crowd is going to to take a long time to change. the circumstances and facts will change before that. right now funds are sitting on a record amount of cash. at some point they're going to have to invest that. i want to be in certain stocks before the establishment changes its mind, and i'm willing to be a little bit early. my own record cash position from earlier this year is now down to 10. con veptional wisdom and the authorities are going to come along right after that. that's the fact that i know right now, that's what i use ad. i appreciate you coming to this show for that point and staying around to watch my friend, right, liz? liz: we've been watching the data, did you see the pop in gap? the shares after this afternoon? they said they're taking

immediate steps to remove all yeezy gap products, and they shut down yeezy gap.com? charles: yeah. this whole thing with kanye has been going on for a few months, and i think gap was the first one he broke ties with. they're going to take a $300 million hit, the stock was downgraded but, you know with, these companies have a lot more to lose. it's a sad thing to watch in realtime unravel, it really is. liz: indeed. yeah, checking adidas shares, that's been unraveling for months. charles: the ceos of both companies already announced that they're resigning. liz: gap and a i key das. it's unbelievable. -- adidas. this has been very toxic, i think. for those of you just tuning in, adidas finally did announce they are done with the rapper-designer, but adidas slow-walked the decision and just got the second downgrade in 24 hours by morgan stanley. coming up in just a few minutes, we've got two corporate crisis

management experts on how adidas should have handled the situation and whether and how kanye, if he can, repair his own reputation. but let's get to the markets right now. we're looking at a potential threepeat as we kick off the final hour of trade. all four major with indices on track for their third day of gains. russell 2000 up 3.5%, you could follow that up with the nasdaq, up about 1.8% or 206 points. the s&p is jumping 49 points or 1.33%. and then coming up in the rear, the dow, up one full percentage point or 260 points. nike shares, they have laced up their air jordans and are jumping to the top of the dow, overall a fawn of nearly 4%. markets are reacting positively to a number of big name third quarter earnings. coke is it, right? managed to conquer the strong collar, turning in an -- dollar, turning in an earnings and

revenue beat in the third weather. we see shares jumping by about 2 the.5%. investors are also, i thought this was interesting, gunning the engine on general motors' stock. right now after the company posted a 37% net profit increase in the third quarter, mary barra, the big ceo there, third quarter she said the supply chain and a half snafus are easing, and general motors will increase investments in cruze, gm up nearly 4%. can we looked at bond yields? they have been retreating from their highs. 10-year treasury yield stands at 4.# 1%, that's a 2-week low, 2-year at 4.46%. that's kind of where it was yesterday. but with the 30-year fixed mortgage still crazy high, new data out morning show home prices tumbling 1.6%. this is a rearview mirror picture, folks, because it's for the month of august.

case shiller is always kind of a month behind. that's the biggest monthly drop since march of 2009. still the up about 13.1% year-over-year but down from 16% year-over-year just a month earlier, july. investors turning their attention this hour to what's ahead. alphabet and microsoft earnings out after the bell. both are moving higher ahead of that. let's bring in the floor show, our traders of the hour, kenny polcari and sarge guilfoyle. big smiles all around. sarge, even if investors don't own these two stock,s -- stocks, how important are the results and why? >> tonight's about as important as thursday night's going to be with amazon and apple. i know it's a fab five if you include meta, but these are the four that will set the tone not just for tech, but for the market. a lot of people think that the banks set the tone or energy sets the taupe. energy's been our leader, but these stocks are are where, remind people of how things were just a short while ago, and these stocks are the stocks that

so many of us are so invested in. i'm not in google, by the way. i am many microsoft. liz: okay. apple looks pretty good here, up 1 is.7%. they're reporting thursday. kenny, which names are you looking forward to, as sarge says, will really cement the tone for the rest of the year? >> i do think it's going to be apple, amazon and microsoft. i'm not a meta player, so i don't really look for them. google, i don't own it -- liz: but you watch it. >> yes, i watch it. but i would look for apple. what was interesting today was ahead of their earnings they announced that they rose prices op their streaming services, on their tv and music. they rose their streaming print by 40%. went from $5 to 7, and they're hiding behind the inflation story. how is inflation really impacting that viewer or that segment of their business? it's going to be interesting how they describe it. the music they raised by # 1%. meanwhile, inflation east only

up 8.4%. it's apple. apple's apple, and i suspect that they're going to surprise again, they're going to earn, you know, $85 billion for the quarter, and so why is anyone -- why do we even have this conversation? if down 15% for the year so far. i think it's a great buy. liz: best in class, certainly -- >> exactly. liz: although samsung would be like, liz -- [laughter] sarge, xerox. not everything is picture perfect here. xerox has an ugly charted today. obviously, earnings not looking good, but this is a stalwart, is it not? >> i don't think xerox is a stalwart. i think it stopped being a major tech name quite a number of years ago. i think that you want to stick with the names that are time-tested, and sear rocks is no longer a time-tested name. look at that, what is it -- i can't see a price, it's a $12 name. yeah. i mean, i don't think i've traded a share of xerox probably since i was a floor broker.

i mean, it's been a heck of a long time. [laughter] coca-cola, halliburton, raytheon, yeah, i'm in all those names, but xerox, i don't think so -- >> i'm not even sure i know what xerox does -- liz: hey, you guys are mean! i live and die by them. i get it, it's one of the older names. but as you looked at coca-cola, some of the other names, kenny, coming up what will you focus on? we've got the four hs coming up, hilton, harley, heinz -- i forget the fourth. >> right. all those names, and they're all going to speak directly to the consumer. this week we've got 33% of the s&p that reported representing almost 47% of the index. not only the tech names, but there's a lot out there that's going to define the consumer. coke started it. we see the consumer apparently has no issue, they keep buying it, they like the product no matter whether they raise the price or not. it's going to be interesting to

see if the other names -- hilton, right, travel's out of control -- liz: by the way, wait until you guys see coming up, we're going to go out to an airport with kelly o'grady. she is going to look at the jumr or since the pandemic, the price increases -- >> it's crazy. liz: -- since 2019 per ticket. >> it's crazy. and the jet quites, but the -- prices b i the hotel prices are the same. liz liz sarge, microsoft and google in a big race, obviously, throw amazon in there too, for the cloud business. amazon's massive, but microsoft is the biggest. and you look at the kind of revenue that they bring in, it's pretty darn insane. and this has become the real raining maker for big tech -- rainmaker. >> the reason i love microsoft, aws the is the reason i'm long amazon. i expect overcoming headwinds

and pc weakness for microsoft tonight, that's why i'm in the maim. i don't expect spectacular results for google cloud, and i expect their advertising business to tank. amazon, yes, it's a consumer name and, yes, we're talking about the consumer and all that, but it's really a tech stock, all right? yes, their primary business, how they drive their the advertising business so they're not relying on apple, it's through their retail business. so i get that. this is the margin driver for both microsoft and amazon, and i expect both of them to still have positive results even though the economy's going one way for them right now. >> and i think that's exactly right. but i think amazon and apple and microsoft are just core, foundational names in anyone's portfolio. i own all three of them. liz: good to see you with, in studio -- >> always a pleasure to see you. liz: sarge beat you -- >> i get you all to myself. liz: that's right. [laughter] for your big 2 minutes and 30 seconds. thank you both.

we really appreciate it. all right, folks, the wait is over. adidas, after weeks of silence, adidas today kicked kanye to the curb, cutting ties with the billionaire artist after his anti-semitic rants drew threats of a boycott. how much damage has adidas done to its own brand for taking so long to make this decision? how should they have handled the controversy? two of the nation's top crisis management experts up next to tell us how they would have add advised the german athletic apparel giant and whether kanye can save his own brand. if you work at any company, you need to hear these two guys because it may someday matter to your company. closing bell, 51 minutes away. we've got the dow jonesvilles -. [audio difficulty] on track for a threepeat for the dow, s&p and nasdaq, wins in a row. "claman countdown" starting and coming right back. ♪ ♪

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liz: well, this might be a case of too little, too late. adidas shares losing at 2% at this hour after the german sports apparel giant amidst a firestorm of downgrades today officially cut ties with kanye west and his yeezy shoe brand weeks after west made multiple anti-semitic outbursts. adidas came urn fire for slow-walking its decision on when to terminate the partnership. early this morning it announced, quote: adidas does not tolerate anti-semitism or any sort of hate speech. ye's actions have been dangerous, and they violate the company's values of diversity, inclusion and mutual respect and fairness. adidas expects to be negatively impacted by break-up of its

kollab. -- gap, which already, by the way, cut its kanye keel off last month announced that all leftover yeezy merchandise will be cleaned off the levels, and they also pulled the plug on the yeezy gap.com web site. that stock is up 1.25%. and this quarter alone it is up 30%. so adidas and the gap may be done with yeezy, but what should these retailers have done to better handle what is now kanye's radioact it brand? -- radioactive brand? let's bring in evan nearman and eric -- author of public relations for dummies. great title, eric. i do want to begin with you and, first, or cab yea has said a bunch of sufficient. not just the aunt semitic stuff. he said slavery is a close. --

choice. but more recently he doubled down and says very recently, i can say anti-semitic things and adidas can't drop me. well, they just dropped him. >> yes, they did. literally challenging them. liz: but are they a day late, a dollar horse? >> -- short? >> i learned this from elizabeth dole. the worst time to prepare is when the water's rising. aadee cat had so much time -- adidas had so much time. this isn't a shocker. kanye's been going off the wall for a long time now. we've seen this trend with him. they should have had a plan, they definitely did not have a plan. and all of corporate america, cautionary tale, if you do not have a crisis plan in place, you're making a big mistake. and when you tie yourself to a name, a a famous person -- which many brands do -- this is what you do. liz: well, you're very vulnerable to it. you've done a lot of work with european brands. were hay thinking this controversy would die down?

>> i don't think might be was thinking this controversy was going to die down except maybe adidas. they're literally last to the party. what are they doing? who is going to want to wear that brand now? how can we in good conscience wear their footwearsome. liz: evan, what was adidas' biggest mistake as soon as this thing started bubbling up, which was early october in. >> i think as eric pointed out, it took adidas a little time, but i have a little bit of a different take. i actually think there are brands who took a stand, and i think long term, looking forward, we're going to spend time thinking about the fact that they cut ties with ye as opposed to whether it took them a couple of days or a couple of weeks. i think at the end of day they really had no choice. kanye west or ye, he dared them. he said he could literally walk around and say anti-semitic thing, and adidas couldn't drop them. well, they just called his bluff, they showed that they could. and the bottom line is the more this guy runs his mouth, the more brands and his business

partners are going to run away from him. liz: well, you know, maybe the ends justify the means is what i'm hearing you say instead of how long did it actually take. you just mentioned brands that literally cut him off, twitter and insta locked him out when he said i'm going death con 3 on the jews. i think he meant def con, but i don't know what's inside his head. but you also had balenciaga, gap which we have talked about, jp mayor began. caa, his talent agency, def jam records, his own label. you have vogue saying we're done with you. vogue put him on on the cover a couple of times, so now -- is he fox imforever, evan? >> most likely. his biggest enemy is himself. and more -- for him to run around now and go before the cameras and claim this is the somehow he's the victim or this is a cancel culture matter is absurd. this is a kanye culture matter.

he brought this on himself. and when faced with remarks harp clearly offensive, out of step with what's publicly acceptable, dun been by -- undeniably prejudiced, he doubled, tripped, quadrupled could be. he has harmed his brand for the long term. liz: it is pretty stunning to hook at the reaction to the stocks involved. if you look at gap, eric, gap dumped him in september. their stock is up 30% this month. adidas has dragged its feet. they have a bunch of inventory issues too, but they are down more than 60% year to date. so this has not helped, and they're dumping -- their dumping him certainly hasn't helped. morgan stanley downgraded them. but if in this world right now, if adidas hired you, where should it go from here? >> this is a teachable moment. this doesn't have to be a cancel culture moment, even though it's

going to be. the problem with this particular situation is he's not done putting his big foot in his mouth yet. st going to get worse for him. that's just him, which means he's going to drag the last person to let go of him down even further and, unfortunately, deservedly so. look what's going on in l.a. it's so sad to see how the general public is reacting to what he's saying. he has incited fear in absolutely everybody, and he's not done. liz: yeah. in fact, i believe you're referencing what we showed our viewers yesterday which was 405 freeway. >> yes. liz: there was an overpass, and i have to be in l.a. this weekend, and on the overpass there was a sign, here it is on your screen, that says kanye is right about the jews, and this was put together by a sort of a fringe hate group. let's hope most hate groups are fringe. but also beverly hills, the police put out a notice saying there were anti-semitic fliers that were being passed out. >> yes. liz: so this is horrible. >> i have three friends who sent me that picture driving under

that -- liz: it went viral. >> -- before i ever saw it on the news. liz: evan, let's say i'm kanye west, which i wouldn't be -- [laughter] because i'm jewish. but let's say i said i'm in a big load of trouble, fix this situation, i'm hiring you. what would you do? can he refurnish his brand? >> well, the first thing i would tell him to do is stop talking. take a break from media and calm yourself. al is so, i would advise him to get back on whatever medication he has available to him. i think he needs to really pause for a moment. and in order for him to have any shot at rehabilitating his image, he's going to have to own with what he said not out of a place of pride, but out of a place of regret. he has to be willing to understand why his remarks were so offensive, so beyond the pale. instead of rebuffing invitations from holocaust museums to learn more, he needs to be open to the

idea that he has a teachable moment before him as well. until he stops talking and he starts listening, there's no chance. liz: well, scott galloway, the great marketing professor from nyu, said that when you step in it like this, there are three things you need to do immediately. number one, acknowledge it. number two, apologize for it. number three, overcorrect. he's done none of them. >> apologize,absorb what you could learn. and i'll tell you, don't call my agency. you can call evan, don't call me. [laughter] liz: good to see you both, eric, evan. both are crisis managers with great advice on how not to behave if you are a company faced with this kind of controversy. thank you both. really appreciate it. the mission's post-pandemic travel boom -- nation's post-pandemic travel boom unre4re7b9ing despite sky-high air prices. we are headed for lax as the airline transitions from fall to peak holiday traveling season. closing bell, 37 minutes away.

the dow is now up 310. although high of the session, 326. green across the screen. and the nasdaq up a full two percentage points. russell still the percentage gaper winner. ♪ ♪ moving forward with node- positive breast cancer

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♪ liz: fox business alert, look at bit toin strapping on the bull horns. the crypto of record looking at a 5% gain, now back above 20,000. we're at $20,350.

etherium's also higher by 11%, litecoin up 7%. we've got to get to some twitter developments because there are reports at this hour that elon musk is set to close his purchase of the social media platte platform by the friday deadline shed by a delaware court judge. -- set. the tesla ceo does plan to sign on the dotted line bying october 28th after trying several weeks ago to completely back out of it. a little bit of regreat there. banks including morgan stanley and bank of america are providing $13 billion of debt financing. elon has also notified co-investors who committed to fund his acquisition that he plans to close his buyout by friday, this according to reports. equity investors including sequoia and binance have received the requisite paperwork for the financing equipment. shares with up -- are are up 2 the.7% but still not at $5 52--

54.20, his original buyout price not. there yet. ge losing some power after the company reported a decline in earnings. the corporate generator maker also lored its tug- lowered its full-year profit outlook. spin-off of its health care business would be in january. lodge tech surging after the computer keyboarder maker and other electronic devices, yes, up 10.5% after they reported better than expected profits in spite9 of post a 12% drop in q2 sales. the swiss company beaten analyst estimates. company also reaffirmed its outlook for fiscal 2023. weber sizzling after bet capital offered to buy the grillmaker for $6.25 a share many cash. the investment banking firm already owns 88.9% of weber and

would purchase the remaining shares. mice gain on this one, okay? yes, it's a $6 stock at the moment but up 29%. the banking firm already owns 88.9% of weber and would purchase the remaining shares. weber has lost more than 50% since its ipo in august of '21. fellow grillmaker trager is also up 14.5% but still at $3.9 of. -- 3.96. the holiday season just around the corner. as travel leaser gear up, they won't be paying wonderful prices for airline tickets. according to the september consumer price index report, when you break out airline ticket prices, they soared 42.9% year over year. that is the highest annual spike so far many 2022. to kelly o'grady who's live at

los angeles international airport with more on what airlines and passengers can expect this holiday travel season. kelly. >> reporter: hey. good to see you, liz. yeah, you know, you can see we have got a number of passengers lined up here, and i know you're no stranger to lax and how packed this whole horseshoe can get. but i want to take you inside and show you -- i feel like every time i come on you show, everyone makes a liar with out of me. this used to be pack just a few minutes wag e ago. it was wall to walsh, lines everywhere, and these passengers are paying a lot versus a year ago. that 42.9% increase is tangible when you see the increase in prices here. what you've got on the screen here, these are average prices for last september and september. i don't know about you, but i would be thrilled if i could pay $284 for a flight right now. hopper is expecting round trip prices of $435 for the december holidays, and i actually spoke to one woman today who will be

paying 1100 for her round trip thanksgiving flight from l.a. to indiana. and yet that isn't stopping anyone. last weekend tsa screenings hit 6.9 million, just shy of 2019's 7 million over the same weekend, and sunday was also the second week in a row screenings hit 2.5 million, the high itself since february 2020. we talked to travelers today to understand what's driving that surge in demand. >> regardless of price, we need to go. we need that human connection. >> we've worked hard all our lives, and we're very excited to get out there and travel and explore while we can. >> so i think it's going to be a lot more expensive next year, so getting it in right now. >> reporter: you know, but even with that expectation, airlines are thinking that performance is only going to get better. and a big reason is that travelers are adjusting their behaviors to this new remote work role, right? you take a weekend trip, you add on a day or two at the end because you don't have to be back in the office right away. and execs tell us they're seeing

more bookings and for tickets that is offsetting travel that hasn't bounced back. so it's crazy, but business is looking up. people are prioritizing that travel to see family are, to see friends. but it will be interesting. heavy got a pilot shortage, a plane shortage, so as winter weather comes, that's a delicate balance for airlines to come this holiday travel. liz: well, look, it's the free market. people are paying the prices. so we're free marketeers here, i get it, but, boy, is it painful. kelly, thank you very much. kelly o'grady live from lax. focuses, we have just -- folks, every -- we have just hit session highs. high interest rates driving the auto industry absolutely crazy, but what does that mean to the largest supplier of automotive grade steel in the u.s.? find it -- out many just a moment. we've got a fox business exclusive. and speaking of steel, you've

got to have a spine of steel to deal with the drama of starting your own company. the ceo of rails, this is a fashion if retailer supported by the likes of gisele bundchen and hollywood's elite, once had his entire inventory, 18,000 shirts, stolen off the back of a truck before it could get to a retailer. hear how jeff abrams survived that close call after it all started by sewing the company's logo onto one hat and a shirt. he's now running a multimillion dollar fashion empire. you've got to download this week's edition of everyone talks to liz. rails, what a story. it's available on apple, google, spotify, wherever you get your podcast. closing bell, 26 minutes away. look at the dow, up 360 points. high of the session, 370 plus. here's the dow heat map. ♪ ♪ good luck.

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liz: chest check on cleveland clips shares, off the lows of the session after the company reported earnings before the bell today and missed on both the top and bottom line estimates. fellow steelmakers initially slid on the news, but pretty much have since recovered the early losses including new corp., the cup's biggest steelmaker, which also missed analyst estimates last week. could this be a canary in the iron ore mine, or might the worst be behind the sector? joining me now to unpack the steely space, cleveland cliffs' ceo with. answer that question, and no spin. we don't want that. we just want to know is the worst behind you, or is this more to come, more pain? >> well, first of all, it's a pleasure to be here with you again, liz. in our case because of our

position, our unique position within the industry, i believe that the best is ahead. we are finally seeing our -- reacting. it's like they have of all their supply chain problems resolved, but apparently they are doing much better than they were in the past. with that, cleveland-cliffs being the largest supplier of steel for automotive, we have already started to benefit from that, and is we believe that our q4 and our q1 of 2023 will be night and day with what we have been doing. liz: gm, of course, reported earnings today, and and mary barra was very specific, you know? the company is saying they see the supply chain snafus are starting to move through and look better. can you give us a sense of what you are seeing currently in this quarter right now? >> well, in q3 our shipments

were 100,000 tons better than in q2. that's a fact. that's a numerical fact. and we are talking about the supplier of half of the steel that they buy. they buy 13 million tons of steel a year, we supply 6.8 million tons last year. nobody gets even through less than half of that. so we are the ones that really see that first, in the first place and also benefiting fist for this type of reaction. liz: well, i know you guys have already -- very little exposure globally, but the world steel organization says that global steel demand is actually going to contract by the 2.3% year. that's demand. how much are you impacted, if at all, by the global world? >> yeah. full disclosure, i'm not even a member of the world steel.

i don't believe what world steel is reporting has any meaning as an average, because we are going to see complete different behaviors in different parts of the globe. for example, europe. europe right now, even though they have all this magnificent plans for 2030 and 2050 and this and that, they are struggling to go through the weekend because they tonight have electricity, they don't have gas, they don't have a lot of things. so their decrease will be enormous in terms of steel con assumption. on the other hand, here in the united states we are reshoring. we have an infrastructure bill. we have incentives to, base based on supply chain for manufacturing to be done in the united states. so cleveland-cliffs is set up to benefit from all these things. so i expect europe will be bad, the united states to be a lot better in terms of steel consumption. liz: things change, don't they?

entire industries can morph. there are headlines out of ford today that they are partnering with tata, steel's dutch arm, going to supply the company's european factories with green steel. let's talk about that trend. and, in essence, it's green steel is eventually going to be able to be manufactured without using any fossil fuels. but look on our screen. when i think of steel manufacturing, i think of fire and i think of heat and i think of bending metal. how do you do that without fossil fuels? >> first of all, the news are are not about supply agreement. memorandum of understanding wits of no tonnage, no price, no nothing, and it's the commitment to do that starting 2030. well, here in the united states we're in 2022. we are already supplying ford, and we are, by the way, we are

the largest supplier of steel for ford in the united states, by a lot. we are supplying ford already with steel that has 25% fewer emissions than the emissions we are supplying them with in 2017. by 2030 we're going to be at 50% in compared with 2017. so the europeans have a mountain to climb to get to where the united states already is, where cleveland-i have cliffs already is. liz: tell me about your shortage of employees or where you stand on that. >> we don't have it. we resolved that throughout 202- liz: how? >> we hired and we hired enough even to expect for our wave of retirements that will happen earlier next year. so we already staff to bridge the wave of retirement that

we'll are in the first half of 2023. so even though it has been a problem throughout 2022, we are done, we are good. we are ready to go. liz: how about labor costs, lorenzo? we know that people have lots of choices now. the jolt withs survey, the job openings and labor turnover, still has more than 10 million job openings across all sectors. >> that's the beauty about the steel business. during cleveland-cliffs, here the median employee makes $15 -- 125,000 a year. that's the median pay of an employee. and we have 28,000 people in our company. so the jobs in the steel business particularly with cleveland-cliffs are very attractive. and we do a very good job in hiring, and we do a very good job in retaining. so we just finished our labor agreement with the vast majority of our union-represented

employees. 14,000 employees, a little bit less than 28,000. so we're in great shape. of. liz: and you get to root for the browns and the guardian withs, i mean, what more could you want? [laughter] >> nba championship with the cleveland cavaliers. so -- liz: well, of course. and chief cland-cliffs is on the csav concern cavs jerseys. thank you, loren sew. >> always a pleasure speaking with you. liz: president biden gets his covid boothser shot, yeah, he's wincing a bit, but it's the ceos of davos in the desert that could be causing the most pain. we are going to take you straight to the white house for the closing bell. the dow now up 346 points. ♪ ♪ ♪ ♪ wow, we're crunching tons of polygons here!

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♪. liz: breaking news. president joe biden just met with major drug retailers. the ceos of cvs, walgreens, rite aid, albertson's on hand as the president promotes the updated covid vaccine. this is the one thats have been reformulated to target different versions of the omicron virus.

while the president got his booster jab covid-19 is not the only issue top of mind. big bank ceos, jpmorgan's jamie dimon, goldman sachs david solomon, blackstone steve schwarzman are in riyadh, saudi arabia, attending the saudi arabia future investment conference, loosely known as davos in the desert. despite tensions between the saudis and widen administration over opec's decision to cut oil production. edward lawrence is at the white house. edward, the biden administration did not send anyone to the conference, correct? reporter: that is out of protest by design the administration didn't send anyone but as you mentioned american interests were we'll represented, ceo of jpmorgan chase, "imus in the morning," goldman sachs ceo, david salomon and blackstone group stephen schwartzman were there. in the roundtable discussion they talked about everything from energy to inflation. very interesting on the u.s. economy. listen to david solomon who says

we will likely be in a resession. listen. >> i think generally when you find yourself in an economic scenario like this where inflation is embedded it is very hard to get out of it without a real economic slowdown. i too am in the camp we likely have a recession in the u.s., going to have i think most likely a recession, might be in a recession in europe. reporter: so the underlying discussion at the roundtable that included jamie dimon was a discussion about energy security. now the common theme that you cannot go green without a combination of fossil fuels, that is the strategic petroleum rye serve there. dimon was optimistic regardless of the rift between the u.s. and saudi arabia the two countries will be able to work things out. >> saudi arabia and the united states have been allies for 75 years. i can't imagine of any allies agreeing on everything and not having problems. they will work it through and i'm comfortable that folks on both sides will work it through and these countries will remain

allies going forward. reporter: still to start the conference the saudi energy minister gave a warning, a veiled warning to the united states without naming by names, countries should be careful about depleting their reserves and they should be careful about manipulating markets because there would be pain ahead according to his words. now the u.s. from their standpoint the white house still reassessing that relationship with saudi arabia because of that decision. liz: well, yes, always in a state of flux, isn't it? thank you very much, edward lawrence. four minutes bench the closing bell rings. bitcoin is surging this hour above the 20,000-dollar mark, reflecting the gains of the broader market. they're moving in lockstep with equities. bitcoin up to 20,251. also increase in copy toe coinbase, down 70% year-to-date. coinbase has fits and starts.

it is a you look at longer gain. apple after the bell is another company investors are watching incredibly closely with kenny polcari and sarge as well. they report thursday. beyond that, apple glass supplier corning is sending out what may be an intertiff warning n the quarter ending in sent, corning saw smartphone unit sales decline 14% on annual basis, tablet, notebook demand fell 17%. what does that tell us about apple, any other company that uses tech in screens? sidney crosby ldl financial which has as et cetera under management of a trillion dollars. what do you read to that, quincy? >> that is not a good idea. you remember apple subs when we heard from some of the suppliers, they were told to cut production. so this is not a good sign.

the only thing that apple can do is come out and say we're selling you know, the expensive iphone, the cheaper iphone is also selling. our smarr begins are margins are okay. subscriptions are okay. they raised their prices. perhaps this is the reason they raised their prices now for the apple tv and music and so on. that may be the very reason because they have got to make up for it somehow. liz: well, yes, exactly. people just as the fed didn't want them to do are becoming a little bit used to inflation, although you could argue that certainly some of the rate hikes, three of them, four of them, how many 75 basis point hikes have we had, i lost track, another one is coming in november if you look at the fed fund futures. quincy, what does the fed need to do to change the narrative? we had cleveland cliffs ceo on, they're paying six figures the median average of their

employees now? >> well that's the difficulty for the fed because what happens is, then the prices, that is an input cost. it gets moved over to the ultimate customer. that is what the fed wants to break. they don't want inflation price spiral. you have to have a slow down. the notion recession does kill inflation, we may have to go there but the other part of the story does the fed transition now to a less hawkish stance for december? liz: should they? >> you know it is very difficult, i would be able to determine when we see the pce report at the end of this wreak before the fed meets next week. liz: that is the personal consumption expenditure, which is the fed's preferred inflation number for those who are not familiar with the alphabet soup here. >> sorry about that. liz: what holds up in this atmosphere? >> well you see energy holding up. take a look at how exxon did.

you know, look at exxonmobil. how they did. look how halliburton did in the services. energy is holding up. i think it scares people because they think it has to reflect the underlying oil, the underlying commodity. most of the companies make money when oil is $40, $45, but that complex is, also to natural gas, it is important and we do need it. we can't go to green unless we transition properly and that means fossil fuel. so that will be with us for sometime. maybe the market is also sniffing out, you know, a republican win? liz: okay. [closing bell rings] possibly but halliburton is up 40% quarter to date. thank you, quincy. major averages close up three days in a row. tomorrow, nathan hock man, california tax lawyer running for california ag -- ♪. larry: hello, folks, welcome to "k