by the way, bart saying wealth is peace of mind. lindsaying family -- lynn saying family, health, god and my life. another viewer chiming in, wealth, to to me, is knowledge i am free my relationship with the god of universe. i've learned the credit of being content in any situation, whether well-fed or or hungry, whether living in plenty or in want. that's a beautiful with one. i really, really love that that. toward the end of the survey, i think achieving what you're trying to do in life, you got to have something that you're striving for, i think that's great and being able to share that with others. those are at the bottom of the spectrum, but i think those are more important than any. cheryl in for liz claman, over to you. cheryl: wealth is freedom, charles. thank you very much, all right. hello, everyone, i'm cheryl casone, and i'm in for liz claman today. the fallout from the 24 the-hour uprising many russia, reports

that russian state tv is saying president vladimir putin will make some important announcements tonight in the country after wagner group chief yevgeny prigozhin appeared for the first time since his private military group took control of russian military bases and began marching towards moscow on saturday. the warlord said that the march was intended to be a protest against prosecution of the war in ukraine rather than a regime challenge, but the tone of the march changed when the group was hit by missiles and helicopters. today president biden made his first comments on the situation the in russia. edward lawrence live at the white house right now with all the latest, and we though that the press briefing has been underway right behind you, edward. >> reporter: exactly, cheryl, that's exactly what's happening here. in fact, the president says he's been monitoring the situation, continues to monitor it, and he asked for hourly updates literally over the weekend for this. now, he also asked the national security council to come up with a number of situations, a number

of responses based on whatever could happen inside russia. the president talked with other g7 leaders as well as ukrainian president. >> i gave putin no excuse to blame this on the west or to blame this on nato. we made clear that we were not involved, we had nothing to do with it. this was part of a struggle within the russian system. >> reporter: sod today -- so today things have calmed down. the head of the wagner group says about two hours ago that he never intended to overthrow vladimir putin, he only wanted to hold military generals accountable. yevgeny prigozhin says the russian military caused a a large number of his mercenary soldiers to be killed, also ordered the wagner group to be disbanded. he wanted to highlight those things. experts say who knows the real story. >> so maybe what this is all so he could set up the wagner group, he could set up the russian military as scapegoats for the war in ukraine which everybody realizes, including

the russian people, season going so well -- isn't going so well. >> reporter: in a very short amount of time over the weekend, the wagner group drove armored vehicles within 120 miles of moscow, mercenary groups took two cities easily, some russian citizens cheering them on. after a deal with russian president vladimir putin, they turned around, and it now appears the head of the wagner group will live in exile in belarus. cheryl? cheryl: ed ward lawrence, thank you for that live report. with about 57 minutes left of trade, let's take a looked at market reaction to all of this. the major charges shrugging off the heightened geopolitical unrest, the dow has been flip-flopping throughout the session, right now up by 67, s&p down by 3, nasdaq is down 79. the s&p and the nasdaq, obviously, are kind of the two that are in a little bit of red mode right now, but we'll see if that can turn itself around in

the next 57 minutes. let's get to what's driving those declines, first, the russell 2000, as you can see, it is gaining by 14 points. energy sector seeing the biggest impact from the russian coup. it's getting a jolt amid concerns over instability in russia and what that will mean for one of the world's largest producers of oil. here is wti and brent, there's ishares, the group right there, but here's wti and brent right now. brent ending the session about 37 minutes ago higher as you can see by half a percent, wti is up about half a prosecutor. chevron, exxon, baker hughes, eqt, halliburton powering higher as well. let's get to our floor show today, a lot of factors driving the market action as we approach, well, the second half of the year. here we go. joining me now is portfolio manager jeff mullencamp and slatestone the wealth's chief market strategist kenny polcari. great to have you both here. jeff, i want to start with you

because let's check out the situation with russia. phil flynn is one of our contributors here. he wrote in a note, he said even though russia's exporting more oil than they were before the war, the reality is that the war machine seems to be falling apart. and he bases that, his opinion, on the weekend mutiny that we've seen there. >> i don't know if that's true, it's always tough to kind of judge russia. i followed russia for a long time when i was a soldier, it was kind of my job, and i pay a little bit of attention now. the movement in the oil markets today are kind of a knee-jerk reaction. we like energy longer term for different reasons, so while we're happy to see what happens today, i'm not going to try to predict what happens if the war in the ukraine ends, if, for instance, it does and does the e.u. reduce their sanctions? if they do and oil comes back on the global market from russia, does that mean the price goes up or down? because right now russian oil's trading at a discount.

so because there is some overhang with buyers of russian oil, so you have to buy it cheaper, and the russian sanctions have been setting that price. what if that goes away? does that mean the price of oil goes up? i suspect it may but i'm not certain. cheryl: kenny, oil is a commodity the, it's priced in dollars, and that's an inflation story, that's a fed story as well. we have seen strength in the dollar amid all of this, and jeff makes a great point. he's invested in the energy sector, and that sector is doing well right now. >> right. and so am i. i agree we most of what jeff said. i do like energy. i'm in energy, we're in energy. and i do -- i'm actually a little bit surprised that we didn't see a little bit more of a reaction both in oil as well as in stocks today based on what happened over the weekend. but maybe that's just because, you know, it seems to have settled down. maybe, you know, there's not enough commotion there yet. i'm still on the edge about it because i don't think, i don't think this is over yet by any stretch. cheryl: yeah. let's talk about the issue of inflation because, obviously,

that's another dollar story the here. jeff, to you, i mean, we have cpi right now about 4%, but coming up on friday we're going to get pce, we're going to get consumer spending, and we're also going to the get income. but in this pce price index, it's sticky numbers we're looking at here, the expectations anyway. and then, of course, we're getting our final read for q1 gdp as we look ahead to q2. >> it seems to me that the fed is still keying in on the pce number, they're obviously still concerned. the two things they've done is they've shrunk their balance sheet and raised interest rates. what happened in march and april with the banking problems is they were forced to increases their balance sheet in response to the increase in rates. so it seems to me they can't do both anymore, they have to choose one or the other. and i don't really want to predict, but my guess is they're going to keep rates more or less where they're at because raising them will cause more problems with asset prices, and they'll focus on reducing inflation -- cheryl: shrinking the balance

sheet, because you're right, it hasn't really worked out to do both. kenny, if you look at fed funds futures right now, we're pricing in for the july meeting there's a 75 chance that we're going to get a hike -- 75% -- and i think a lot of the talk of potential cuts mt. second half of the year, those discussions are falling by the wayside right now which is unfortunate for the economy. >> well, you know, maybe yes, maybe no. here's where i'll disagree with jeff, i think that jay powell made it very clear. he used the word hikes in a plural sense is every time he talked about, you know, what the fed was thinking. hikes, to me, means at least two two. maybe three, but two. and then you've still got loretta mester pushing 6% terminal rate and jimmy bullard even floated 7 potential. so me -- 7%. to me, that means they're thinking about going higher. if the pce remains sticky and elevated like you point out, same thing with cpi, i think

that gives the fed cover to continue to raise. now, i'm not suggesting that they necessarily want to the raise, but i'm not going to suggest that i think that we're stuck here. i think we're getting at least one, if not two more raises getting us closer to the 6% terminal rate before they decide to hold them. cheryl: i want to take a quick look at thed broader picture here. kenny, as you pointed out this morning in your note to investors -- along with a really great a spaghetti recipe -- [laughter] thank you for that, the nasdaq. this is the tech a.i. story that has been -- you can't breathe without talking about a.i. and technology in the nasdaq, up about 29% year to date right now. so, jeff, to you first on this one, i'm looking at apple today. apple's hit an all-time high, might get a record close. nvidia, big one-day dip since may 31, but that's been a run-up story. so there's a lot of specific stocks that people are watching, but tech, it's all about a.i. right now. >> tech is on fire this year.

it started in january, it got turbocharged in march. you can't justify it on the numbers, and just the way i think about it, i would fade it: cheryl: okay, take a break. gotchament. >> the companies that i own are not in the center of a.i., so they've benefited. we drew down those holdings in 2021 is at similar prices you see today. we thought that was a good place to fade them. but we're interested in the longer-term story. we own apple, we own microsoft, we own broadcom, we're interested in the longer-term story. we're happy to hold it through this volatility which in the last three months has been to our went fit. cheryl: yeah. >> but i like it there. some of the frothier ones, nvidia at 20 times forward revenues seems really expensive. cheryl: yeah, well, i think that's the action we're seeing on nvidia. kenny, word? >> no, to that point, i think you're right. and when this correction comes because i think we're coming into the last four days of the quarter, i think you're boeing to see more pressure on exactly those things that are so, so

stretched, right? whether it's invired ya, whether it's c3ai, you've seen it back off about 30 percent in the last week and a half because with asset managers need to rebalance, need to take this money that's been given to them almost as a gift on some of these names and reallocate it which is actually why you're seeing strength in the russell today and the dow industrials, because it's broadennenning out. money's coming out of tech, and i think you have to be in it for the long term, but i don't think you should be chasing tech up here at all. which'll cheryl because a.i. is powering everything from health care to housing. jeff, kenny, thanks so much. appreciate it. >> thanks, cheryl. cheryl: well, an unexpected blast from the past during today's opening bell at the new york stock exchange. famed marvel comics founder stan lee. we're going to talk to the ceo of the company that changed its name from genius brands international to cartoon studios.

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cheryl: we do the want to show you really quick here vladimir putin, russian president vladimir putin -- we just lost the shot, but he actually is speaking in russia. this is first time that he has addressed the country since the, you could say mutiny, basically, the attempted mutiny anyway that happened in russia over the weekend. he is saying a couple of things, just going to bring you those headlines, we'll try and get that picture up right now. he is saying i promise those of wagner who want to go to belarus, i will keep my promise.

he's probably talking about, obviously, the opposition leader there. and he's also saying commanders and soldiers of wagner who avoided blooded shed, i thank you. boast of wagner -- most of wagner are also patriots, he is saying, and then he made a comment about society has consolidated when he first began. vladimir putin speaking right now, again, after the country was shaken by an armed revolt over the weekend. we're going to monitor his comments, we don't have an english translation, so we cannot listen in, but we will bring you anything else that breaks out of this. but again, vlad is myrrh putin -- vladimir putin, and we watched oil, as you know, and we saw both the brent and the wti contract rise on this. of course, remember, russia's part of opec+, so we'll keep you updated on that breaking news story. back here at home, today's opening bell at the new york stock exchange looked a bit different. [cheers and applause]

cheryl: your eyes are not deceiving you, that's actually a cartoon of stan lee, the legendary writer of marvel characters like spider-man ringing the opening bell for cartoon studio, the company formerly known as genius brands. the the post-marvel ip if of the late lee, it has a very large digital the distribution network of children's entertainment which you can watch on apple tv and comcast. joining me now in a fox business exclusive, chairman and ceo, andy hayward. andy, it's a pleasure to meet you. >> my privilege. cheryl: you yours a legend in hollywood, you got your start with the jetsons, many of us, i will say myself, enjoyed when i was a kid. let's talk about the company though. why change the name now? what motivated this move for you? >> we felt that cartoon studios really focused on our core dna and what we do do. we make children's animation,

and it was -- it's more in keeping rather than genius brands that was sort of amorphous. cheryl: one of the things in the backdrop of this change for your company and, of course, opening the -- ringing the opening bell s the writers' strike. has there been any impact for you? >> fortunately, there hasn't. the writers that work for us are not in the writers' guild union, to is that hasn't been an issue we've experienced. cheryl: you're working with some of the giants in business and in tech. you've got, you're co-developing a series with jeff bezos, wolfgang puck, you're working with warren buffett. talk about the business of children's programming. is it -- do you think that there's room for growth, and how is streaming impacted, how you produce your shows now? >> we produce children's programming. we have what i would call a slightly different model. we do content with a purpose. everything we do has to have some kind of positive value to fit whether it's educational or

whether it's enriching in some way. you mentioned warren buffett. we do a series called the secret millionaires' club where he is a mentor to a group of kids who have adventures in business. we're developing a show with jeff bezos and michael strahan that is called blue origin space rangers where kids will be in a spaceship. traveling in the galaxy, and they will have educational adventures as well. but with, or you know, conflict and crisis and jeopardy and high jinx and humor -- hi hijinks and all the tools of good story telling. and then you mentioned woman gang puck, of course -- wolfgang puck, of course, a celebrated chef, and we have a secret chefs' academy where kids are learning nutrition and positive things to do with food at the same time as adventures in story telling. cheryl: as you're doing all of these initiatives and is working with these behemoths in the world of business and tech, the stock's been under a little pressure, down about 56% year-over-year. so these seem, to me, to be

expansion ideas. are you a little concerned about how wall street's going to react to this new plan? >> no, we're comfortable with we're to going. the company has no debt, it's very well capitalized, and we have a lot of different things in development that are all moving forward, and we have our channel system right now which we're building out and developing. unlike a lot of the other streaming channels that really worked very hard to develop their subscriber base at the, often times at the education pence of profits, we've been very measured, is and we have not overinvested in it so that we are, find ourselves trying to play catch up. cheryl: how does a.i. figure into what you do? you're the animater, not me, but isn't it true that you can change the look and the feel of the characters, but you use a. i. technology? >> yes. cheryl: how does that work? >> well, we are starting right now with a.i., and one of the first things we're doing is

taking the warren buffett series and made warren an a.i. character that we are animating. cheryl: what does warren think about this? [laughter] >> he's cool with it. we wouldn't do anything without asking him, of course, and he was completely -- you know, warren is somebody who you would think has not embraced technology, you know, by looking at his coca-cola and what not -- cheryl: railroads are. >> but at the same time, he's always been very interested in it. and when we told him we were going to, we would like to do his series and characters in a.i., he said he, he embraced it. cheryl: interesting. andy hayward, the new company the ticker is toon. you're back at the new york stock exchange, now trading there. good luck. thank you for being here. >> thank you so much. my privilege. cheryl: how many emmys? >> two emmys -- cheryl: a lot. a lot of nominations. nice to meet you. >> thank you, my pleasure. cheryl: all right. let's stay with this entertainment theme. the name is bond, ev bond.

007's favorite sports car, aston martin, has struck a deal with lucid group. we're going to have details coming up next. take a rook at the dow, we're higher by 71 points. s&p still in the red but only by 5 points, nasdaq is down 86. we'll be right back. ♪ ♪

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a markets, a little with bit of a mixed picture. are to point out that this week is going to be the final week of trading for the second quarter and the first half of the year. and even though the nasdaq right now you're seeing on your screen, remember, the nasdaq is up by 29% year to date, dow's up about 2%, but the nasdaq has really been the star. google falling today after ubs downgraded the stock from buy to neutral. the investment bank did raise its price target from $123 to 132. investors are worried that some of google's advertisers will be displaced as it promotes more generative a.i.-powered search response ises. google's new search platform is known as search generative experience features has got more a.i. text than the traditional google search platform. a. a.i.'s everywhere, we were just talking about that. pfizer is ending development of its weight loss drug due to concerns over liver complications. the drugmaker will still focus

on its other beastie drug which is enrolled in a full phase two. clinical trial. pfizer has been in a race with eli lilly for the obesity drug market, both companies working on their own experiment ifal obesity and diabetes pills. pfizer's stock is down more than 3.5%. wolf speeds u.s. expansion getting a boost from a group of lenders led by apollo group. the group is going to provide as much as $2 billion to help the semiconductor maker expand in the u.s., $1.25 the billion of cash available now while another 750 million can be drawn later on. wolfspeed higher by almost 3.5%. lucid shares charging higher after the ev maker announced a supply agreement with luxury automaker aston martin. they're going to pay lucid a $232 million technology as as access fee, in return, lucid's going to provide aston martin access to the its power train and battery system technologies.

lucid bat erie components are going to be integrated with aston martin's electric vehicle chassis. carnival corp. sinking at this hour, pun was intended, everybody, i'm sorry. they reported a revenue beat and a smaller than expected loss. what happened here? we're going to talk to the ceo, josh weinstein. he's joining me next. closing bell's going to the to ring in exactly 30 minutes from now. ♪ ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪

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grady trimble live at reagan international airport with how the summer travel season could hit a little turbulence. hey, grady. >> reporter: hey, cheryl. unfortunately, it already has with more than 6,000 flights across the country delayed or canceled, and that's just today. hopefully, this isn't foreshadowing what is to come for the rest of the summer, but the transportation secretary, pete buttigieg, has said flyers should buck withing up because there could be problems for other reasons. today we think it's weather-related, but with the rollout of 5g like you mentioned and also a shortage of air traffic controllers. so on that 5g, the deadline is july 1st. that's already been pushed back once because that cell signal could interfere with equipment on certain planes. so since that date was pushed back one time, the airlines have been working to retrofit their planes with the updated technology. but still about to -- 20% of domestic planes need the new

tech or they won't be allowed to fly, like you said, when visibility is bad with. the airlines say supply chain issues have slowed them down this in retrofitting planes. nevertheless are, they say, airlines for america member carriers -- that's all the major airlines -- they're confident in their ability to maintain the integrity of their schedules despite the impending deadline which, we should point out, is right before the busy holiday travel season and right before fourth of july weekend. at the same time, the airlines say the faa is on the cusp of being overwhelmed if it's not already because of a shortage of air traffic controllers. a recent transportation department report finds 77% of critical air traffic control facilities are understaffed, and worse, the report says the faa has no plans to address those staffing shortages. of course, all of this this comes, as we mentioned, with independence day just a few days away, and aaa says we're going to see record number of people

hitting the roads and hitting the skies, more than 4 million people will fly this fourth of july weekend, cheryl, and that is the first time the airlines will see more than 4 million people flying. and that includes pre-covid. this is an all-time record we're talking about here. cheryl: yeah. and they're still dealing with a pilot shortage and staffing issues, gate agents, flight attendants. they can't train them fast enough. they have warned us that summer was going to be rough, grady, as you're reporting. they were correct and it will be. [laughter] >> reporter: they were. [laughter] cheryl: grady trimble, thanks for the live report. let's go from the air to the sea right now. shares of carnival are selling off at this hour despite the cruise line operator beating top and bottom line expectations. carnival did report a narrower than expected loss, 31 cents a share. i want to bring in the president and ceo josh weinstein. josh, it's great to have you here. people get into airplanes, and then they land and get on cruise

ships. demand is off the charts for you. you talked about that this morning on the call, but investors are worried about that third quarter guidance, and they're, i think, starting to wonder when you're going to get to profitability. how do you answer that question? >> well, i would start by saying i can sum up our second quarter with one word, and it is record. it's record on the revenues, it's the record on yields, it is record bookings during the quarter for this company's history. normally that does not happen in the second quarter of a year, it happens in our first quarter. so we did set the record in the first quarter and then we smashed it in the second quarter. and in the first three weeks of our third quarter, it hasn't stopped. so, to be honest with you, all we see is positive momentum as we head into the summer, as we head into the fourth quarter and then beyond, and we're expecting strong results for the rests are of the year, positive yields, our ebitda on a unit basis we project to be at 2019 levels for

the fourth quarter when you normalize for fuel and currency. so everything moving in the right direction. cheryl: so you think by q4 you'll have profit about? >> oh, we'll have profitability in the third quarter, as you know. and we know that we'll be carrying that on as we get into 2024 and beyond. and that is thanks to our strength in demand, and it's not only in north america, in our european brands as well. and is one of the things that we have done as a strategy is we actually position our ships where our source markets are. so 75% of our capacity is placed where our source markets don't have to fly if you choose not to. so that's playing very well into both north american demand and european brand for our european consumers because we are the number one cruise line in germany, the number one cruise line in the u.k., number one or two in italy, france and spain. so it's very, very deliberate. cheryl: i wanted to mention this, those of our viewers that

aren't that familiar with how many brands you have, you've got 90 ships around the world which is an incredible amount. carnival, coastal, canard, holland america, princess, sea borne. let's talk about these comments from from your cf if o. he said -- this is wild, full-year occupancy is expected to be 100% or higher as compared to 2019. of course, before covid. and you also talked about today about hiking prices. it's not just the prices that that you're going to maybe boost up, but you're also looking at what people spend once they get onboard. talk about those plans. >> yeah, absolutely. so for the past two quarters we've actually reached pricing per diems, per-person, per-day, 7.5% higher than 2019. and that's come comprisedded of both the ticket price and what people are spending onboard, and there is no slowdown. a lot of people talk about are we worried about the state of the consumer, about their behaviors. the two data points that we live by are what's our advance

booking trends and what's the onboard spend levels, and both simply have not slowed down. and the great thing about the onboard spend is we're finding different ways to pull it forward. and the more you can pull forward people making that that onboard spend decision, selling them bundle packages, selling beverage packages, spa experiences, shore excursions, the the more you can do that in advance, the more it opens up a second wallet when people come onboard. cheryl: there's, obviously, a lot of talk about the consumer, the consumer is dealing with, you know, higher mortgage rates, the consumer's -- i mean, the labor market is still strong the, but if inflation persists, that could affect how much people spend. but it sounds to me from what you said this morning you're not seeing that, because the cruise customer is so loyal. and now you're launching even more lines. >> well, so, first of all, we have an incredibly loyal basics as you said. we've been investing many in his thing to draw even more consideration and awareness into

our world class portfolio of brands. as a matter of fact, the number of passengers that we carry between the first quarter and the second quarter alone was up about 13% quarter over quarter. and the amazing thing is our repeat guests, that percentage was 100% even. same amount in the first quarter as in the second quarter. the thing that drove us was a 28% increase in our new to cruise and new to brand guests. and so it's clearly working. and we're casting our net even wider. and the great thing is about our company, our brands and, frankly, the industry is, unfortunately, we are an outrageous value to land alternatives. and if there is a slowdown, if there is a recession, that unfortunate fact of ours is actually a huge win because we can still be an incredible value compared to hand even if they choose to do something dramatic on their pricing. unfortunately, we don't have to because there is such a gap. and when people are dedicated to

taking their holidays, and they are, it's one of the last things that they will give up, they do want to figure out how do i stretch my dollar even further, and that plays incredibly into carnival corporation. cheryl: i call them the cruise faithful, and they are certainly loyal to the -- and all the money you're spending on marketing, i think you understand that as the ceo, that that you want to get that loyal customer in there, because they don't leave. and their kids start taking cruises with them as well. >> absolutely. cheryl: josh weinstein the, thank you so much for being here, good to see you. >> appreciate it. thank you very much. cheryl: a public dust-up between current and former goldman sachs' ceos is raising eyebrows on wall street. charlie breaks do -- the details next. closing bell going to ring in 16 minutes from now. ♪ ♪

♪ cheryl: a rift between the current ceo of goldman sachs, david solomon, and his predecessor, lloyd blankfein, as shades of the tense relationships between bob iger

and bob chapek, that's according to some goldman insiders. charlie, what's going on with these two? if. >> why to do we care about this? cheryl: it's goldman sachs. >> it's goldman sachs, one of the most prestigious investment banks, every major company, its clients are really rich people and big corporations. so kind of the sort of palace intrigue of what goes on in there is very interesting. i will say this, there are former and current ceos of goldman sachs that hate each other because there's always coups there like hank paulson dislodged jon corzine. of course, corzine wasn't a fan of hank. corzine went on to be senator and governor of new jersey, hank went on to be the treasury is secretary during the financial crisis. so there's always -- clear little, solomon took the job of blank fine, so you can see where

there might be tension. it's not behind the scenes. it's boiling over in public. cheryl chester who's got -- what's the beef here? >> i think it's mostly, well, it's blankfein essentially, you know, telling people he doesn't like the fact that sol solomon is a dj on the side. cheryl: interesting, okay. >> now, why would he say that? part of the reason why he's saying that is he's annoyed that the solomon people are saying that the reason why the consumer business doesn't work out so well, you know, this whole thing with marcus, it's a big disaste- cheryl: didn't work, no. >> they were trying to appeal to consumers, it was all online. some people say, well, it was handed to them by blankfein. blankfein is saying, well, you didn't execute it right because you're spinning records in the hamptons. so so you have this thing going on -- [laughter] and now people are saying this thing reminds us of how bob iger was behind the scenes, you know, doing -- saying bad stuff about

chapek. and, you know, with the board where he was forced out of his job. now, the question, is that going to happen here? i can tell you it's not happening now. i reported this out a hundred ways to sunday. despite all the noise you're hearing, david solomon is not getting fired -- cheryl: what has been a question mark. >> he may at some point, but the board, i mean, listen, it's a very hard thing to fire a ceo of goldman. not a lot of people can do the job. stock price is up, like, 40%, the s&p's up about 50, so he's keeping track essentially with bull market s&p. so he's doing pretty good. he had, he announced some layoffs today. they're laying off some managing directors. they got some -- there's obviously a deal drought which hurts them. remember, they're kind of a two-trick pony, right? they do a lot of deals and trade. they don't have the sort of breadth of services that

jpmorgan has which is a big bank on top of it which can smooth out the earnings. cheryl: yeah. >> so i think here's what's going to happen with david solomon, i think he's going to be this for a while. i think he does a deal, okay? i think he tries to buy a large asset manufacturing. if you talk to any banker on the street, that's got to be in his cards. and he is actually -- he has actually signaled that he will do something like that when asset prices themselves come down some more. obviously, goldman wants to be in the driver's seat in such a deal. its market cap is sometimes bigger or smaller than american express, so it wants to be bigger than american express to buy american express and be the lead dog in that merger. so that's what i think we should watch. he's a deal guy, he wants to do a deal, and so he stays until he does a deal. the musk thing is fascinating -- cheryl: do you have another story? >> well, here's the thing, is elon musk going to ipo spacex is a huge story. we talked about that a last wee-

cheryl: okay. >> bankers are saying, yes, either spacex or the starlink satellite internet aspect of it. bloomberg reported, after we reported that, that that musk is going out selling private shares of spacex. so what does that mean? when you sell private shares, you essentially are valuing the company, and you can ask your next guest this because he'll know, for an ipo, okay? so they're selling private shares of spacex. you start valuing. that's how the market values a potential ipo. the ipo usually comes next. why is he doing in this? he doesn't -- he can't sell any more tesla stock to finance his other crazy thing, twitter. which is a sink hole with money. so there you go. our story is obviously, you know, raised some eyebrows, and bloomberg came out with that and i confirmed it too, so it's the happening. cheryl: makes sense. >> and the next leg is watch either a spacexipo or the one i

heard because the starlink has a lot of user growth, essentially spin out the starlink thing in some sort of a public offering. cheryl: i love -- those are both great stories. >> yes. and i'm done for the day. cheryl: okay. take a break. [laughter] enjoy the sun. it's sunny out. >> i am. i'm going out. cheryl: charlie, thank you very much. let's take a look at markets really quick here. just a reminder as we first half of the year, don't let these numbers you know, get you down, especially when it comes to nasdaq. nasdaq up 29% for the year. down about 1% today. s&p is down as you can see, fractionally down 15 points. dow is up 12 1/2%. pacwest shares leading regional bank rally. most regionals are doing pretty well. took is up almost 5%. they announced sale of a 3 1/2

billion dollar portfolio consisting of high quality asset backed loans to eris management. kbw bank index is also up on track to break a five session losing streak. remember all the concern about regional banks? i don't know. maybe not so much anymore. largely last week's losses driven by chairman powell's hawkish stance. there is probably a commercial real estate story here. i want to bring in with seven and 1/2 billion dollars in assets. rick pit. cheryl: that is interesting turn around are we worried about regional bank fame lures anymore? >> that is amazing. mr. market psychology so intense in middle of march. i was talking with the clients this was not 2008, were we were on the precipice of a bank failure, today, 90 days later it

is all gone. cheryl: there is fair concern about commercial real estate a lot are coming in this year and 2024. we'll see buildings not making loan payments. you will see bankrupt buildings. maybe you buy some for a song with money. >> what is region game of higher interest rates going to do? 2 will come out in commercial real estate. it will come out in other places. those of us who watched markets for a while are a little surprised to see a real risk run this year when you still have specter of pretty tight monetary conditions that may come in the next year, six months. cheryl: you like gold. i want to get to this because gold and silver, that is such a safety play. but you know, now we're making 5% on cash. if we got cash in the portfolios but you like gold? >> we have. we like diverse portfolios.

we think gold is good part of that in case things don't turn out as well in the second half as they have in the first half. we like risk assets out there too. we like in a land where global central banks are under question, i think to have stability gold represents sort of a anti-fiat currency currency it makes some sense. cheryl: we were talking about a.i., big tech. nasdaq again, up 25 -- 29% so far year-to-date. we've seen a pullback in the sector. the question mark is are these stocks frothy? do you pull money off the table, rebalancing later this week as you close out your quarter what do you say? >> seems like it is frothy to me. if nvidia is 35 times revenues. not 35 times earnings but 35 times revenue. that is lofty. as big as promise of a.i. is, we believe what a.i. can do, just likes the nasdaq in 1999 things

get overvalued and they recycle, it takes awhile to get them back to where they were. we think you will see the same cycle in a.i. cheryl: we had a guest earlier in the show a.i. is really going into everything, housing industrials, consumer staples. a.i. at walmart. walmart is automating its warehouses. real quick, investments you like, themes that you like right now? >> right now i think that we should be ready to pay a little price for some of the euphoria we had in the first half of the year. i don't think we can see you know things to continue to grow to the sky. i think at the margin the fed would rather stay tighter for longer and i think just like in the regional banking crisis that will come out in portfolios. that is not the end of the world. we're still long term bulls. we're still long-term optimists. first half like we had a little bit of consolidation is probably warranted. cheryl: before you run, first trust long-short equity etf, real quick on that one. >> we just sort of, we believe

in long-short as a good way, all of our hedge funds actually worked well for the last couple years. we've got some active hedge funds. we have got the etf, got some other ways how can we get good return without just being exposed to the really highly valued long end of market. that is why we like it. cheryl: i've seen those investments before. i'm glad you brought that to our attention. good to have you on, rick. we'll watch how the fed and jay powell and everything goes for this july meeting. real quick as we're seating dow reversed course everybody. [closing bell rings] looker at that the dow is negative. s&p nasdaq is negative as well. that is it for me. i will see you tomorrow. coming up next, "kudlow." ♪. larry: hello, folks, welcome to "kudlow" i'm larry kudlow. so, who is lying, merrick garland or the whisow