50%, more people are blaming this than anything else. are you concerned there will be policies that go after corporate profits? because now the people have their torches out -- >> are you talking prices, going down that path in the late 1970s, when we saw what it did to the us economy, nevermind jimmy carter's presidency. i might add one thing. when we had rapid inflation, showing up for work and getting 10%, and break away stuff. thank you so much. i got a few feels over here, what are you doing over there. >> we have got some real breaking news, the us federal

trade commission, poised to pause its in-house trial against microsoft's acquisition of activision blizzard. this is a report from bloomberg news that it opens the door to settlement talks as they seek to close $69 billion merger. microsoft pulling back, a cell on the news. these companies had a win from court judges against the federal trade commission. this is ramping up to say it looks like this merger to be fully improved. we should see. activision blizzard is flat to slightly higher. and broader markets in stocks. and ninth straight session of gains, something it hasn't done in six years, september 2017.

and and johnson & johnson at the top of the heat, and ibm, look at j&j up 8%. amazon and ibm awarded earnings, you miss revenue estimates, showered with multiple target hikes after beating on profits. j&j revealed a quarterly profit now raised guidance, that's not the only reason investors are piling in. and that was a consumer products division the spun off in may. it was within days, and that stock is being hit, with ceo

and expectations, and the j&j mothership, at 3:30 pm eastern. and the s&p and nasdaq is down, i guess you could blame testflicks. and digested and rejected part of the earnings reports, gapping down 9% right now. even though the ev leader on the top and bottom line. elon musk neglected to mark the date as to when the long awaited cyber truck rolled off of the assembly line. netflix offering its biggest decline of the year, down 8.4%. and week revenue forecasts but this price of $438 and change, well up off of the annual low of $200. the nasdaq gets to the floor

show. forever, and it is a big position in netflix. and let's begin with ross gerber. i could pick both, one or the other. you are saying tesla, apple, 15 years ago but better. are you buying apple? are you buying tesla right now? >> as a firm, we own tesla, and they own a boat load of tesla. as a recommendation for holding in the bungee page -- >> tesla shares have been out there. short-sellers as long as i can remember. on a day like this are they sharing?

a 9% drop a 9% drop, $265, and epic 2023. >> don't know what the cheering would be about. the business is on track, stock is up one hundred 15% year to date trading at 60% or 70% earnings. it is the profit-taking we see with nvidia, microsoft, the core tech leaders. >> a massive number of new subscribers, and and i look at this name. the ones in the pole position best in class when it comes to streamers. and trades are very high multiple.

and margin expansion, higher cash flow. a very good rally, and it is nothing more than that. >> i want to bring brian into the conversation, broadening the discussion, how the us is looking, how the industrials are on a hot streak, and we have 9 straight up days. those keeping score, the biggest record is 13 for the dow jones industrials, going back to january 1987. what also happened a few months after january 1987 omma that was a big implosion for the markets. are you expecting anything of that. >> i'm not predicting any 1987s.

our view won't sound like much of a strategy but a low conviction rotational market, you to date, tech has been phenomenal. netflix and tesla have been great. and forward-looking names. and if you look at the s&p, it is up for the year. it is flat for the last 2 years. and get carried away one way or the other. >> when it comes to this rally, and it is an opportunity to go in and look at stocks that haven't participated. it is a good example, it has been up the past two days even

though it did disappoint in its earnings for some investors. aside from goldman, what do you look at, something that hasn't been brought up by that rise in crime? >> the rising tide came from the fact that the fed seems to be having success on the inflation side. inflation is around 3%, it looks pretty good and i think americans, roughly speaking love there tax dollars, they just do. there's an opportunity to pick a lot of those up and they corrected very severely. netflix and tesla up 100 or more% year to date. i would look and other places. goldman is a good example, goldman is the best large-scale investment bank.

and and we like it when managements are willing to acknowledge, we won't keep throwing good money after bad, and focus on the core. we are happy to do that. single digit multiple normalized earnings. >> i take back what we talk about, what brian mentioned, that is sort of core businesses taking back to tesla, tesla's core auto business jumped 46% year to date and they are cutting prices, people are whining a little bit about the impression of it but all time high quarterly revenue, q3 production is going to slow but i remember looking on the street, seeing one or two teslas here or if there, every fourth car is a model why in new york, i was just in la,

lots of them there. this is unbelievable. and yet a lot of competitors are swirling. >> what you are saying is true. orange county right now, they've adopted tesla as well everywhere. when you look at states like california and new york and florida where there's a lot of tesla adoption in many states like texas where there' s very little, so much opportunity and globally as well so tesla has the beginning of a huge run but the truck business, cyber truck being launched the next 6 months, scaling next year dr. tesla to the next level. the rest of their business is doing quite well, now that elon is focused on tesla. i have a lot of confidence in the future. >> will this come in the next couple months? >> no. what i think will come on new

year's eve, it will say you got it out this year and they will start delivery next year at the end of this year. i think the reality is they are going to be in the truck business in a big way in the next year or two. i'm a long-term investor and very excited to be driving a cyber truck very soon. >> great to see you both. sopranos star steve schirippa in their latest role, dual strikes for the actors unions. one saturday night live alum laughing. rob schneider, deuce bigelow, joins us on the issues strikers must push hardest for if the acting profession will survive this stoppage. is crying a little bit, standby, we will get to you after the commercial break. "the claman countdown" coming

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liz: "the claman countdown" team caught this scene a few hours ago. steve schrippa and others joining thousands across the nation picketing the studios represented by the alliance of motion picture intelligent producers which failed to grease -- reach an agreement with the sag actors union.

a bunch of things, higher wages, streaming residuals, and artificial intelligence. ai use of actors and images. hollywood plagued by both actors and writers on the picket line. one of the top names in comedy not just saying about this but doing about it. rob schneider, actor and comedian known for his work on saturday night live, deuce bigelow joins us live. let's get to it. gut reaction, pickets here, across the nation. what do you think. >> we are not talking about anything but trying to give actors -- base actors, a chance to make a living. and try to live on that.

it turned its business, to hobbyists. the writers guild is in a similar situation. netflix provided a gigantic explosion of content. and it is -- ted saran us is a decent man. and when they offer writers, and open-ended -- and they can't make a living on four episodes, a strict amount of time, the same thing goes with actors. to eat and sleep indoors.

i know bob iger which i feel sorry for you, $27,000 a day you're making. talk about not being realistic. this is an industry that requires human beings to be on the ground to show up. and that was honest and we are to get completely honest thought from a ceo. i think he was being unguarded. cold and calculating. liz: what he said was actors are not being realistic. this is the worst possible time to add disruption to the industry because we are emerging from covid. don't know a better time is, there's never a good time for this. >> disney has made some

critical errors in what content they may, going woke, upsetting their base. that something they look at. and i'm not talking about matthew mcconaughey and bob schneider, i'm talking about average working actor, one of the things when get down to ai, what the a npt wants to do is take an actor's image and captures that and use that in the rest of the series. we are going to use it for the show. what do you know? how do you know they won't change and alter it and that actor goes from not being able to have an opportunity to make a living in this business. we are talking about people on the ground showing up every day, being part of support to a

studio system and not having a chance to make a living. how much lower can we go? liz: the streaming residuals issue, if they rerun the stuff you have on streamers you don't get residuals, in a new contract. >> and netflix send me a stamp. and and nail it on the wall. netflix, ted saran us is a great guy. they need to break it off, to not be caught part of the rest of the producing group and make deal with the union.

there is the criteria, and take a number, there can be some actual profit sharing. you can raise up enough salaries so people have a chance. that is what we are talking about. liz: and instagram post by the actor -- dawson's creek said losing the strike could mark the end of the acting profession. will it end to that? >> i don't think -- we are talking about the end of the ability to make a decent living at it. we turn it into a bunch of hobbyists. your core group of actors, they make it through residuals. they decided and leveraged it in a way.

the residuals pre-1998, and suspiciously taken off. you can't keep trading away, but taking care of members. this is the most famous union in the world, it is possible, what they have done, the writers, other leg, if you take away one of the legs, and destroy their ability and continue to make a living. the producers know that. >> when you talk about what you say and do, you're running for

a seat on the national board of sag actor. what would you do differently if anything at all for fran drescher, the president of the screen actors guild? >> if i do go into that, other people will come in as a fair political side. i've been told not to mention specific things. you open yourself up to tomorrow having people on. what i want to do, what our union wants to do, to continue to offer a real chance to make a living. we are not guaranteed, if you do work, you get compensated for your work. that's what we want and the writers guild. a fair contract so the writers can get compensated for their work and not get held up forever so can't make a living at writing. the great writer for the simpsons, a terrific show for 30 years, then on the actor side, we give our most basic,

not talking matthew mcconaughey or me, talking about the average actor, not having their image taken and used, that is used over and over again. liz: we want you back. fran drescher always invited on this show, we are covering the story from a business standpoint. it is great to have your perspective. by the way, catch rob's show that he is streaming on fox nation. rob schneider woke up in america. we look at the semiconductors, the semiconductor index getting soft at this hour. down 4%, the leading chipmaker taiwan semi sees cracks in demand from customers ordering its ai chip. i thought everyone was demanding these things.

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liz: turn your attention to the nasdaq increasing its losses down 322 points. and the tesla weakness and the

semiconductors, they are floating and taiwan semi is getting chipped, with all the stepped up demand and the largest semi conductor, in four years. slowing demand for consumers and electronics. taiwan semi's demand for skilled workers in the us, going to delay production at its new arizona based chip plant. and the shortage of lab workers. the chip equipment makers including asm l which is down 5%. it is down 4.5%. and after surging to $132.

and they are down off of the lows. we have the homebuilder beating analysts third-quarter profit and revenue estimates raising a 4 year outlook, with portable existing homes that make limited, just an of homes to purchase. discover financial services at the top -- reverse, at the bottom of the s&p after disclosing an accounting error and fcic pro. shares of the company plummeting 60%. they say beginning at 2007, it correctly classified certain credit card accounts in a way that boost costs for some merchants that result in a refund to the tune of $365 million. discover has received a proposed consent order from the

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liz: look at shares of uk pharmaceutical company hit my getting an 18 month high, one of the largest suppliers of injectables in the us. shares are up 15%. it is actually second to pfizer which just suffered a major blow to its pipeline. it is sterile injectable plant in north carolina which produces a full 25%, just suffered major damage, steve harrigan is following the aftermath of the storm. >> reporter: that pfizer planted the pathway of a massive tornado that landed just east of raleigh, north carolina. the trail, 16 miles, judging from the damage it caused it is

estimated wind speeds are 150 mph. 16 people injured, seven severely injured, no death as far as structures go, one hundred housing structures and among those structures, and a massive plant, a quarter of the sterile injectables to the us. the backbone of hospital medicine. things like antibiotics, chemotherapy treatments, the question is what's going to happen, and too early to determine that. >> pfizer to assist the damage and impact with infrastructure to manage and that is a matter of waiting to see what happens. >> pfizer warehouse -- there were 50,000 pounds of medicine just strewn all around the region. one employee said it felt like a bomb went off for 60 seconds.

remarkably, despite that destruction, no pfizer employees injured. liz: oh my goodness. thank you very much. steve harrigan. with the healthcare sector, the name behind what happened, everyone has in their medicine cabinets, from band-aids to benadryl, the lowest level since the may ipo. it is awful low right now but down 3.5%. this despite reporting strong first-quarter results after spinning off from johnson & johnson. that's a 90% stake from the consumer health division. it could start to sell a large portion of its shares in days. much more quickly than anticipated. what does that mean? joining me is tebo mongeauand 80. seems like a 1-time situation.

it may drag out because it takes a while to shed 90%, if it sheds that much of its stock. why do you think the stock is responding so negatively? >> thanks for having me. strong earnings today and standard companies, the stock did fluctuate today. manufacturers influence the stock price. it is not unexpected to see movement of j&j stock for this type of transaction, and what we are focused on is the fundamentals of weakness which we believe drive long-term for

shareholders, and what we delivered as the quarter, strong earnings, one of the strongest quarters in history of -- a 35 year history, with revenues, 7.7% organic growth from all parts -- all segments, all geographies going nicely, strong demand, many of them, neutrogena and so many other brands in this quarter. happy about the -- confident about the future, we announce the payment of the first dividend as a standalone company which shows confidence and a share of movements into

stocks due to the announcement this morning. liz: self care which is very much a part of your dna. and to embrace during covid, the same momentum coming along when it comes to everything from tylenol. >> we see strong demanding from our products. and people are willing to invest in their health and well-being, and take control, during the pandemic. we see continued demand for trusted brands, but also other segments, neutrogena continues to do well.

we are the leader of the us, neutrogena and we seek american consumers continue to demand strong products and neutrogena, and innovation to the market is a strong leader, in this market. neil: we didn't bring up the talcum patter lawsuits that are working their way through the system. 60,000 us members of the class action lawsuit, what they said caused cancer agreed to a settlement. house the rest of the world coming along? when do you expect the issue will be behind you? >> liability linked to top rated product in the us. there is no financial impact,

and we see that as strong, and material importance. and the future of the baby business. larry: how many in the us where they are having filling jobs or has that started to be mitigated. and they are trying to fill positions. what is the workforce looking like now. >> the good place, we have invested in the supply-chain in capacity and resiliency to make sure consumers around the world and in the us can find the

product on the shelf, and service levels improved significantly, in that space, actually it is going to be next week, one of my factories and great work that is happening in the future. liz: where is that? >> in pennsylvania, children's tylenol products. liz: please come back. we follow this story, thank you so much. >> thank you. liz: ahead of today's report, the federal trade commission is poised to pause its in-house trial against microsoft's acquisition of activision. bobby kodak on "the claman countdown" explained his exasperation with regulators putting the deal through the

ringer as the biden administration released new merger proposed guidelines. let's take a look at the ripple effect of those guidelines and the bell 12 minutes away coming back, the dow up 135, 300 points. this is american infrastructure, a prime target for cyberattacks. but the same ai-powered security that protects all of google also defends these services

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♪ liz: all right. just a few moments ago microsoft hit a session low. it is still down about two 1/3% at the moment after the breaking news we brought you at the top of the show that microsoft and activision blizzard according to bloomberg the ftc is planning to pause its in-house trial against their 69 billion-dollar acquisition, making room for potential settlement talks of the largest gaming deal ever. department of justice and ftc released merger guidelines. what does this mean for the future of m&a, grady? >> reporter: could be harder, liz, especially for the big tech companies. that is who the proposed rules are going after but they could impact a whole host of industries. the justice department and federal trade commission said

they should increase competition and not lessen competition and not create monopolies. here is president biden explaining why he says his administration is making the changes. president biden: we cannot accept bad mergers that lead to mass layoffs, higher prices and few you are options for workers and consumers. capitalism without competition isn't capitalism. it is exploitation. >> reporter: but critics of the proposal like the u.s. chamber of commerce for one, they say the biden administration is only changing the rules because its lost several high-profile court challenges under the existing rules. most notably the one you mentioned just a second ago, liz, the ftc failing to block the merger between microsoft and videogame maker activision blizzard. the chamber argues that the rules will deny smaller companies access to capital and stifle their growth. activision ceo made a similar case, and you know that, liz, he made it right on your show.

>> when you look at the companies who are leading in our industry, you're talking about some of the best companies in the world. there are so many companies that are competing in video games, what this gives us the opportunity to actually be effective as a competitor but there is no shortage of competition in our industry. >> reporter: on the other hand progressives like senator elizabeth warren, they are praising the president. warren says those critics are giant corporations and their armies of lobbyists crying foul at the prospect of more competition but she says this action by the biden administration is welcome news for american small businesses, workers and consumers. that's a quote. the chamber of commerce argues the biden administration is ignoring the positive impact mergers can have like innovation and in some cases lowering prices for those who do not agree with these new proposed rules, they will have 60 days to make a comment on it.

it is not exactly clear, liz, when they will officially go into effect. liz? liz: yeah, the comment period. we'll wait to see what happens there, grady thanks for joining us. joining us how to play the activision microsoft deal, because overall it is extended to october 18th from the close. we have kelly founder and ceo, kevin kelly. warren buffett, i want to say a couple quarters ago, well you know, activision blizzard at the time it was trading around 70 bucks. he thought if the merger is supposed to be higher than that, it is 92, he sold it 48 hours ago, do you buy it now? do you buy microsoft? tell me what you're thinking? >> i think actually it is great to play the spread here. it is a defensive way to play the markets right now given the fact that you know you may even have the fed raising rates over the next week. so i think it's important to note that this is just a merger

arb play. there is $2.80 left but we think this deal is going to get done. bobby kotick, if he was trying to sell activision to take two that's a no-no, but what they're doing they're selling to microsoft. so there is not really competition as you had in that conversation yesterday. so we think it is a great way to make $2.80 own on the stock and we think the deal gets done. liz: tell me what you think about the nasdaq. it has had an incredible run through the year. now it is down 2%age points. name like alphabet google is very close to session lows here? is it just a matter of let's take some profits off the table? >> yeah, this is a profit-taking opportunity for people in the summer, right? we know historically the market can be more volatile during the end much of the summer where you

have got end of july and august. jackson hole will be coming up at the end of august as well. we've seen heightened volatility into those events which are very macro so this cobe a great way to take profits especially on companies that have done so well. don't forget, liz, earnings are coming up. you will see a lot more tech earnings next week and the first week of august. so if people want to check their profits it is a great way to do that before there could be some earnings risk. liz: we have about a minute left. netflix, we had ross gerber at the top of the show, it is one of his biggest positions. you like it too. are you adding to your position as we see a pullback of 8 1/3%? >> this is great opportunity. they almost doubled on subscribers than what was expected and they said they anticipate during the current quarter they should have the same amount of subscriber growth. le also said what they think will happen they will have accelerated revenue growth. that is why the stock is off

today. people expect it, if you spot this amount of subscribers growth, why isn't it translating into revenues? it is a little lumpy because of the password crack down and people switching to different tiers. this is great opportunity to add to a position or initiate a new position because netflix is the one that created the streaming business, they are executing on it. especially in sports. they are not carrying sports. they done well with the new quarterback program with the nfl. they have done well with formula one. we think they're executing on all verticals, great management team. liz: kevin, great to see you. thank you so much. [closing bell rings] netflix part of the reason why the nasdaq is pulling back to what appears 17 points. tesla closing on the lows of the session. the dow makes it nine wins in a row. we'll see you tomorrow. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. all right,