of race. we have to see the world through the lens of hope. of prosperity and we could change that, i think we make a lot of progress. charles: the irony is that every country has the same exact problems, but they get to talk about it in economic terms, right? every time we talk about it, it evolves into racial terms and then we never come up with solutions. you are a man that's always working on solutions. i'm proud of you. >> god bless you charles. charles: thank you very very much. >> the community needs you, thank you, brother. charles: before we go, folks i want to talk about this market a little bit. it's not uncommon for the day after the federal reserve meeting for markets to sort of become just a little bit wobbley. today it's a lot and again i think this is a referendum on jay powell. he's got a tough job, no doubt about it but he cannot be caught flat-footed and today it feels like that's exactly the case so the next hour of trading is treacherous. good luck, you've got liz claman to hold your hand. liz: charles did you see the small and mid-caps are down 3.6% at the moment? charles: yeah.

liz: folks we are on high alert as we kickoff the final hour of trade with a significant sell-off across-the-board, and that is yanking wall street's fear index above a key level. it is now above 19, first time since late april, that we have seen that. a gain of 17 let's call it 18%, so the jitters are here, and we should be mentioning too that the jitters include the fact that we are getting three dow components about to release their quarterly earnings reports after the bell. those three also happen to be among the biggest names in tech with the power to move entire sectors. apple right now down 2%, amazon lower by two and one-third percent, intel 5.75% and that is pushing the chipmaker stock to a more than one year low. in fact the whole semiconductor sector is getting slammed against the floor. arm is the lost leader here folks down 16.7% despite a double beat on earnings, but its outlook came up short and then

you look at the semiconductor etf smh, its got more than $20 billion in it. that ones falling by 7.5%, and the question is, if money is leaving semis, and leaving the broader market where is it going? coming up we have two live must-see interviews arm ceo renee haas, and fox business exclusive with etf king and vanex ceo, he's about to reveal where he sees money starting to flow. so you could get a jump on what could become a much bigger wave. all right let's go to the markets here. we've got major warning lights on the market dashboard just a day after as charles said the federal reserve signaled the first interest rate cut in more than four years is about to come in september. the blue chips are selling off, down 703 points, low of the session 744. 1.7% loss here that's significant here. we've got the s&p down nearly 2%, or 104 points and after a 451 point spike during this hour

yesterday, the nasdaq down, losing that, about 512 points, so lost all of it and more and that is a loss of nearly 3% but look at the russel small and mid-caps and you could throw bitcoin in there as well. they are taking the heaviest blows, the russel 2,000 is down 3.6% or i can't remember the last time we saw an 82 point loss. you can see we are right at session lows, and then of course the crypto of record which hit $70,000 on monday has now fallen 10% from that peak to today, below 63,000 so we're watching all of it. we are also, keeping with the high alert aspect here. we are on high alert ahead of tomorrow's all-important july jobs report from the labor department. how should you invest through the op stick el course that we're seeing right now with 58 minutes, let's get to the floor show, joining me bernstein private wealth management senior investment strategist roosevelt

bowman, and kevin mon. what hasn't been mentioned yet is we got a flurry of data, both came in lower-than-expected. that of course is conducive to a rate cut but it's scaring the markets. why? >> absolutely, liz, and thank you for having me. it's great to be on. i think what you alluded to is really the main issue today is that you're seeing a bunch of pieces of data all pointing in the same direction. slowing, labor market. when you think about adp yesterday, some of the data we saw today in terms of the employment component of manufacturing pmi, and of course unemployment claims ticking higher again, all pointing to a slower labor market, receiving demand for workers and that's spooking the market and certainly resulting in the small cap performance that you mentioned. liz: kevin what do you think? you predicted about a week ago, expect a lot more volatility. looks like we're getting it. what are you predicting now? >> i certainly did, and i think if you look back over two weeks

ago, liz, we found that investors were receiving bad economic news as good news from the standpoint of the potential for rate cuts. however, over the last two weeks, that same bad economic news is now being received as concerning news, suggesting that the pace of this economic slowdown is accelerating and perhaps the federal reserve is going to come to save too late. i would even suggest, liz, that if we go back to the march dot plot chart which at that point in time suggested three rate cuts in 2,024 as opposed to the june dot plot chart which only suggested one rate cut, those three rate cuts could still happen as the fed still has three more meetings this year. i don't think it's going to happen. i think there's going to be two interest rate cuts but certainly, the potential for three rate cuts is back on the table now if the economic news continues to disappoint. liz: i mean, my screens are all red here. we've got the transports down

about 308 points. oil is lower, that's kind of interesting because its been higher lately, especially with the middle eastrn tensions here, roosevelt let's flip the red into a flashing green sign. some people look at this as a buying opportunity, if you have some gutsy viewers where is the money supposed to go from your perspective? >> so i think what we've been communicating to our clients is really the more the defensive sectors and that's something we recommended for a couple months now anticipating this economic slowdown, consumer staples, healthcare certainly, where there's both i would say the medium term opportunity in terms of the fact that consumers will still pay for their healthcare even through a downturn and when they're pulling back on other areas of consumption, but also the longer term opportunity when you think about the improvement in efficiency that can come across healthcare. it's not just kind of the a.i. gains that we've seen in drug development. it's also in thinking about a client in patient care and other ways that you can improve

those processes. that's a sector that we favor as we enter a kind of slower economic period. liz: kevin? i know you get to pick individual stocks, and one of the stocks that you have on your list is a defense. not necessarily defensive, like what roosevelt is talking about but that's lockheed martin now on track for its seventh record session in a row. why buy here? >> it's clear to me that our country needs to replenish, upgrade, and modernize our military capabilities, and that's why the funding for additional military expenditures is going to start piling in. whose the largest denser contractor in the world right now? it's lockheed martin. lockheed martin has a good yield of about 2.7%, still trading at a reasonable multiple, and i think there's more upside from here & companies such as lockheed martin in the industrial sector, or even walmart in the consumer staples or sempra energy in

the utility sector is a good way for investors to diversify but not necessarily completely abandon large-cap technology stocks such as certain of the mag 7 names. liz: roosevelt really quick. what do you think happens perhaps tomorrow? this is a pretty serious sell-off i would have to say especially with the small caps and with the nasdaq down 3% at the moment. >> i think you could see a continuation if wages come in lower. i think that will be the main focus in the labor report tomorrow. if we think about households, they are still saving about 60% of what the long-term savings rate is, so there's room for households to save more. that's likely to happen if they are concerned about their job prospects so it's not just jobs, but also wages and purchasing power that will be in focus tomorrow. liz: 8:30 a.m. eastern. the expectation for jobs to have added to the economy is 175,000. we'll be watching, and the final hour tomorrow, will be crucial as always.

roosevelt bowman, kevin, great to have you both. thank you very much. gold flight-to-safety is hitting a record high at the moment. in the meantime, ms.oderna just embarrassed wall street analysts by beating quarterly sales by nearly double what those analysts anticipated, but it's the biotech that's likely mortified at this hour by the hit its stock is taking. why is moderna getting shoved to the bottom of the s&p we'll tell you and one of wall street's top effort gurus is here to give us details on how his new spot ether etf is doing. the week why he's out front with the next big crypto etf. ceo of van neck funds is here in the fox business exclusive. the "clayman countdown" isca comingsh right back. ...or crab cracking, you're cashbacking.

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liz: folks, we do have a sell-off right now, but guess what it's not just in stocks as stocks dive treasury yields are following, the 10-year yield has just dropped below 5% for the , 4% rather for the first time since february 1, following the five-year, which hit that three-handle yesterday during the show. right here, i thought andy brenner was going to have a fit. so, it's joined by the seven-year. we're seeing yields go down, treasuries up again that is a flight to safety trade. now the markets may be dropping off a cliff but c. h. robinson is steering to the top of the s&p. shares of the shipping logistics company having their best single-day performance since january of 2007. they're soaring 13 and one-third percent to a one-year high.

the company provides freight transportation services beat second quarter profit estimates as its new operating model takes effect. the company said adjusted income from operations increased 32% year-over-year, so earnings at least for c. h. robinson are counting for something. the carts, however are stacked against mgm resorts with the stock plummeting 14% for its largest percentage decrease since march of 2020. then the pandemic lockdowns when the casinos shut their doors. mgm's china revenue soared 37% year-over-year, but investors are focusing on softness in bookings around the upcoming formula one race in las vegas. the vegas grand prix takes place the week before thanksgiving, so there's still time for that narrative to change, but for now, mgm resorts down to $36 and change. moderna coughing up all of its gains this year and more. the vaccine maker falling 20.75% to a four-month low and on track to post its worst day on-record.

this after the biotech did post a narrower than expected profit loss and nearly doubled analyst sales estimates. the company slashed its 2024 sales forecast by up to 25% on lower covid vaccine demand, and here is what's also really tanking the stock. very low european union vaccine sales are anticipated. shake shack shaking up the burger wars. shares are jumping 5.75% after the fast casual burger chain said earnings rose 50%, 5-0 in the quarter. this just as mcdonald's and wendy's rushed to offer value meals. well customers weren't rushing there, they were rushing to shake shack pumping sales, and they also opened 12 new company-operated locations during the second quarter. the crypto verse getting another trading instrument last week with the launch of that spot ethererum etf. one of the premier voices in

the etf world already looking past his new ether etf toward the next big crypto thing. he believes investors will want this. vaneck ceo jan van eck joins us next plus where that guy walking down the hall toward our set is putting more than 30% of his own personal money, plus, his multi million dollar prediction, it's a fox business exclusive. don't move, we're coming right back, down is down 685.

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liz: amid the market sell-off the world's two molts popular cryptocurrencies are stumbling backwards at this hour after surpassing 70,000, three days ago. bitcoin has seen more than 7,000 of that vaporized and right now, is standing at 63, 094. ethererum well that one is shriveling by about 120 bucks or 3.7% to 31.08 which means the recently-launched etf, the exchange traded funds, that track the spot price of ether, that includes the grayscale eft, franklin templeton, blackrock are all in the red. van eck's down about 11% since july 3 launch. regardless, van eck is leaping ahead with its next spot, the ceo jan van eck joins us in a fox business exclusive great

to have you here. can i just get your macro picture because we've got a very dramatic sell-off let's put it that way. >> and it's a new kind of sell-off, right? before it was the mega cap tech stocks rolling over. now, we have i think the concern of a slowing economy, reflected in the jobs numbers, ism, and i think what people are not talking about, but looking at is government spending which is huge. it's 6-7% deficits of gdp is propping up the economy. when that goes away, when republicans win something next year, government spending is going to come down. liz: well, here we go. we're looking at the s&p down 97 points, but those small caps that generated so much rotation excitement, hey let's get out of large mega cap tech like the smh, the vaneck semiconductor etf. that's been on a terror and yet now it is significantly pulling back. is that where you're seeing most retrenchment where people are yanking their money out of?

>> we really haven't seen a lot of flows yet, liz, and that's why i keep talking about you have to adjust to this new market so yes, smh our semi etf is the darling along with nvidia but we're saying listen. growth has run up so much against value. it's almost as bad as 1999 so we've just got to cut it down. liz: yeah. >> rebalance. liz: is the money coming out of the market at this very moment with these two and 3% drops in the s&p, the nasdaq, the dow, the russel, where's that money going? if you look through the prism of your 68 us etf's of all different stripes. >> yup, well, i think we still see buying on the dips of smh, which is surprising to me. as i said i don't think investors have really adjusted to the new reality. we have more of an all cap etf that's called the wide moat etf. that has much less exposure to the mag7 so that's what we're

seeing and then shortened on the fixed income which is really what we've been talking about all year. liz: well you have the floating rate etf. you see money going in there. pfx, the preferred securities ex-financials. >> right because people, if they are concerned about the risk in financials like because of commercial real estate, or something else, they look for that kind of exposure. liz: and the business development companies? >> we have the biggest bdc etf very attractive. liz: give me example of business development. >> it's alternative income. all the lending in our economy is not happening with the commercial banks since the financial crisis they said bank of america so it's all happening in private credit funds. bdc's are private credit in a liquid develop and our etf just has a diversified. liz: where is it coming out of? like what's looking really ugly at the moment, from your etf standpoint? >> i mean, i think it's backward looking, but we've been losing money and oil services and some of the commodity-related etf's because people-liz: it's

interesting people coming out of the gold miners and gold is hitting an all-time high. >> the miners have done spectacularly well since february so you're right. they started off the year horrible. just like every other year recently, but now they really caught up, and you see it's really gold is very well-behaved and gdx is as well. liz: let's get to the excitement of the past week and that was the launch of the ether etf. everybody got approved. you were the first to apply for the ether etf. first to apply for the spot bitcoin etf. first of all, ether. not doing well since the launch compared to how bitcoin had done. what are the in-flows launch-to-date for your etf fund? >> i think they are net-negative for the industry and i think we were in the hundred ballpark as far as inflows are concerned so nothing like bitcoin. the bitcoin etf were the most successful product launch, almost in etf history so which is fair though because i like to balance the ethererum story. there's positive and negatives about it and investors should

know both. liz: which do you like better? bitcoin or ethererum? >> bitcoin. i'm a gold guy. i'm a gold guy. liz: give me your price target for the longer term with bitcoin, because right now, at about 63,000, where do you see it going? >> right so about a year ago i started pounding the table because eventually the fed is going to start easing here. that's great for gold and that's for bitcoin. i said bitcoin is growing up and will be eventually half the total market cap of gold, so that's about 350,000, so quite a ways to go from here. the super bowl of central banks adopted and it's part of the monetary system, then, you know, in the millions but i don't like to talk about that too much. liz: more than 2 million? more than 3? >> 2.9 we've got some model but you have to look at the assumptions. liz: well yeah, they are always big ifs there. where are you as an etf guy with all kinds of different etf's? everything from fixed income to

who knows, staples, consumer cyclicals, et cetera. where do you put your personal money right now? >> i like longer term trends, because i fell like okay, it'll be a bumpy ride but i like to have conviction about something that's going to happen in five or 10 years. to me, there's no doubt that bitcoin is becoming adopted the way gold is. i just think it's obvious. now i think you have to have your own diversified portfolio and kind of having a huge overweight to bitcoin is a personal decision, but i just see that rising. i'll give you another example. india. the indian economy is the best macrostory, everyone says the stocks are over-valued. i get it but it's doubtless. the indian equities have done as well as us equities over the last 10 years and will continue to do well. liz: would your dada degree with you on putting more than 30% of your own money into bitcoin? >> oh, my god he had way more in gold. liz: really? >> but he was a gold bug. so yeah. liz: of course the founder of

vaneck. so you get to take over the business and congratulations. you've been doing well with 100 billion in assets under management now. thanks, jan. liz: cryptocurrencies, they're becoming a big issue, not just here, with vaneck, but on the 2024 campaign trail, we've been talking about it. fox business is exploring the topic with a special tomorrow called the crypto campaign. it airs 8:00 p.m. eastern. do not miss it. in the meantime, cryptos and a.i., artificial intelligence, are being powered both by the semiconductor sector. up next, the man at the heart of the action, in semis, is here. arm holding ceo renee haas reacts to his company's quarterly report and the stock market doesn't like it right now but he tells us how he is strong-arming the a.i. revolution. and a stunning development has journalists around the world cheering, falsely imprisoned "wall street journal" reporter

evan gershkovitz has just been released after 491 days in a russian prison. we're going to take you live to the white house for the dramatic details and the very latest on the prisoner swap. that and more, straight ahead, on the "clayman countdown." can't wait for evan to come home.

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liz: breaking news, russian president vladimir putin right now on your screen receiving eight russian prisoners held around the world that just arrived in moscow moments ago at pushkin airport and the cameras moving around a lot but we just saw putin greeting these russian citizens who had been held in germany, slovenia, norway, poland and the us. many held after being convicted in court on all kinds of charges. we also have got the first pictures of the quid pro quo here, the three american citizens released in this historic prisoner swap. "wall street journal" reporter

evan gershkovitz, former us marine paul walen, and russian american journalist all smiles holding the american flag. they were in turkey. that's where this big exchange took place. they then boarded a plane for america, just minutes after being released by their russian captors, and they are in the air headed back here to the united states. the "wall street journal" front page screaming it outloud. wsj reporter evan gershkovitz is free. the journal newsroom got the news around 11:30 a.m. eastern time that gershkovitz be among three citizens and one permanent resident traded in what is being called the largest prisoner exchange since the cold war. the "wall street journal" of course is owned by our sister company news corp., so what you see on the screen was happening just a few stories above us right here on the first floor. president joe biden confirming the deal, about an hour later at the white house.

gershkovitz, whalen and vladimir karamusa are in us custody and on board the flight, we hear they should touchdown on american soil later this evening and you can only imagine what the welcoming party is going to be like. biden surrounded by the prisoner's family members as he first spoke to the three prisoners so they got to actually hear and see this. it was a complicated exchange. it wasn't three for three. it was 24 prisoners involving six different nations. let's go live to edward lawrence at the white house whose got, i guess the late breaking details on this historic exchange. edward we are so relieved. reporter: very relieved that these americans are now coming home. this was months in the making to have this happen. now fox knew about this swap was happening but we waited until paul whelan and evan gershkovitz were safe in the air, on the way back to the united states. they are hours away from being

back here in the united states, so in all, 16 people held in russia are now leaving russia. they are going back to the various countries. we've got they are being held by germany, here is the details, germany and the us. russia gets eight people convicted in the us, germany, norway, slovakia and poland. 12 goes back to germany, three come to the us. we know about evan gershkovitz and paul whelan, but us citizen, and one us legal permanent citizen vladimir karamusa, will go back to germany. now the president talked earlier about the americans coming home. listen. >> and now, the brutal ordeal is over and they're free. moments ago, the families and i were able to speak to them on the telephone from the oval office. they are out of russia. earlier today they were flown to turkey and soon, they will be wheels up on their way home to see their families.

reporter: so the president called out the 13-year-old daughter of kurmasheva, because it's her birthday. here are first pictures we have of the americans on their way home. all smiles as you saw in this. in this deal, this deal is in the works. now since russia arrested the "wall street journal" reporter, listen to what jake sullivan, the nsa has to say. >> the president sat us down on a regular basis over the course of the detentions of paul, evan and alsu, and pushed us to think about what configuration would actually work to make this happen. reporter: so those eight russians as you know now back in russia, and some critics are wondering exactly what russia got. these are not good people that went back to russia. convicted criminals. liz? liz: you just caught my heart right now when you showed picture of all of them on what appears to be a private jet and

now, they're smiling. this is so fabulous. evan of course on the far left. if you've been under a rock, folks, what you didn't know is that evan gershkovitz, the "wall street journal" reporter, was falsely imprisoned and charged with espionage after he wrote an article that was critical of the russian economy and saying it was actually worse than the russians were reporting and therefore, what do you think happens? there you go. it just speaks to what they are all about, and the russians, i do have to say, we can't forget paul klevnikof of forbes back in 2004 was also a journalist in russia. he was just shot and killed. how lucky evan and the others are right now, edward. reporter: i do have to mention the white house saying they are trying to get mark fogle out of russia. there's still americans there trying to get out but this is the deal they were able to make and get these folks home to

their families. liz: good stuff thank you very much, edward lawrence. back to the markets here. investors are hacking away, not chipping away, hacking away at qualcomm. it is down nine and one-third percent. the semiconductor maker is one of the biggest losers on the nasdaq even though it reported a third quarter beat. shares are falling after ceo cautioned its most profitable business that be smartphones and handsets is making a slower than expected recovery. despite sales rising 12% year-over-year during the quarter, qualcomm warned that the handset world demand growth will be "flattish" this year. so, what does that mean for qualcomm's chip architect firm, that be arm holdings? shares of arm are also in trouble here down 16.7% that's the second-worst performer on the nasdaq. the chip design company also reported a first quarter fiscal year 2025 beat but you know washington is not about what have you done for me lately? what are you going to do? arm had a down beat guidance

that sparked concerns on wall street maintaining its full year outlook of 3.8 billion to 4.1 billion in revenue but analysts were looking fo for 3.02 billion. ceo rene haas said it may take several years for its a.i. server chips to realize the windfall from designs it has licensed this year for those server farms. arm also announcing as of this quarter, it's will no longer report the number of arm-based chips shipped by its customers because it is focusing to on its a.i. accelerator such as data centers pc and smartphone processors. let's get the up to the second story from arm holding ceo rene haas joining me live. great to have you back. am i right? wall street is about what are you going to do for me, not what did you just do for me but explain why you think that wall street doesn't like this message you have about your forward sales? >> hi, liz. thank you so much for having me again. you know, some days i come on your show and it's all green behind me and some days, it's

red, so even the market will do what the market will do. we had a great quarter. record revenue, our licensing revenue was up 70% year-on-year, 40% in terms of overall year-on-year comparison, and we kept our guidance for the year, but if you go back 90 days, we actually took our guidance up about eight to 10% for the year, so when we looked at this quarter and we were very happy with the guidance that we gave last quarter, we just felt good in terms of maintaining it. the business is in great shape and you see it based upon the results. liz: am i hearing you say there's no near-term pressure that you see anywhere, or is there something that is a little bit of a red flag? >> you know, for us, as you know, well, our business is a long-term business. we have two components. we have licensing and royalty and the licensing business is incredibly strong and we were up 70% year-on-year. that's an indicator for future royalty and future growth, so

people should feel very very good about the growth we're seeing in terms of licensing. on the royalty side, we've seen strong growth quarter on quarter, year-on-year, 17%. smartphones is one we're pretty proud about because the smartphone units as you mentioned previously are flattish-to-up mildly but our royalties are up 50% in that segment really because we've converted to a new version of our architecture, version 9. that drives a higher royalty rate and because of that we're seeing very strong growth, so we feel very good about the long-term projections. liz: as long as i've covered you and obviously arm, you guys have been very big each quarter on saying how many chips you shipped. now last quarter, i believe you shipped about 7 billion chips. that was 10% drop year-over-year and now you're saying you're no longer going to give that number. that metric out. investors might assume that's because it's just looking worse and worse. what is your response to that?

>> well, first response is i'll give you what the number was this quarter, it was 7.2 billion. we're going to talk about the numbers so there's no issue around that. we just decided not to include it in our earnings because it's not really a good financial metric. the number of units, but we'll still talk about the number. it's growing healthy. we think we'll probably be over 300 billion units cumulative sometime later in this year but really for us, it's all about the focus in terms of the long-term, the growth that we're seeing in a.i. the growth we're seeing in the data center so sometimes units we just decided it's not the greatest financial metrics but i'm happy to talk about it at any time. liz: good because you'll come back and i can ask you about it. but the innovative part of what you're doing, rene, talk about that and how does that hadsweave into a cash cow for many in the a.i. chip making space and that be data centers. >> yeah, so data centers have been just a fascinating growth opportunity. arm has seen great growth in

the data center about what we call general purpose compute, and that's amazon, graviton 4, microsoft azure, even google with gcp. the big growth is obviously these a.i. data centers and they are very different as you know, liz, than the conventional data centers. they are much more power hungry. there's lots ofgpu's and customization really matters so power efficiency and customization, that's great for arm because we are the world's most power efficient architecture and when building an a.i. data center you're starting from the ground-up. the chip is different, the blade is different, the rack is different, the network is different so people are building arm-based solutions and i think the best case we have to show about that is grace blackwell from nvidia, the most advanced a.i. device on the market. liz: we'll be watching all of it. it is an exciting time, but right now it looks like the market is sort of in

the show-me state. show me where the revenues coming in for everybody whose invested so much in companies like yours, whether that be google or nvidia, et cetera. so we want to follow this. thanks, rene, good to see you. >> thank you. liz: a release sent out by pr release company business wire yesterday had an immediate effect on paramount global stock. it shot up early in the session and what this release said is it claimed a mysterious bidder had come out on to the scene with a sky high bid for the media giant. way bigger than, yes, skydance, who has just solidified a deal, but it's not totally solidified. charlie gasparino has been digging around on the legitimacy of that bidder. he breaks it next, on the "clayman countdown."

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liz: market selloff. we're off the lows of the session, down about 518 points. session low was loss of 744. this is david lettermannesque where he goes. ew. shares of paramount global are falling 2.8% this hour after receiving a boost during yesterday's session from this press release purporting a new

43 billion-dollar all cash bid for the company. that would challenge david ellison's skydance media's bid as it is still in the 45-day competitive bid window. the press release has since been taken down and questions have now been raised over its legitimacy. charlie gasparino. >> okay, i want to say, just to prove how smart i am the minute you shot this thing at me i said -- liz: oh,ite's my fault. >> i'm not saying it's your fault. you alerted me. i'm not blaming this, please, i'm not blaming this on you. liz: i'm not sensitive. >> yeah, right. liz: hold my root beer. anyway, when you sent it to me, i was like apex, reminded me when i was kid growing up in new york, watching wpix there was a great commercial for apex technical institute. it was school for mechanics and hairdressers. it was the man from apex. the minute i saw apex and the

name, $45 billion it sounded -- fugasi. liz: it is a private equity fund? is it real or not? >> i don't know! this is what i can tell you, the firm that was flaking the story is rubenstein pr. if you know anything about the rubenstein famous family in public relations -- liz: howard. >> it was howard who passed. he had given his firm a big firm to his son steven. his other son broken off into this firm. it is a smaller boutiquer firm, it is a smaller firm. that is the reuben ten, not apparently was, somebody from that firm, i think a pr guy named steve weiss, called people up and said, i believe they called people around here. i got this great story, i'm paraphrasing another bid of 45 billion-dollar all cash bid on paramount, which would be

crazy. liz: what was the apollo bid? 26? >> it was high anyway. they were taking out dent. it was a little more complicated so within, i don't know, so the stock moves up two bucks and within, i never seen anything before, within hours, reuters does a story. there is a pr, something runs on pr newswire, right? like not too long the stories start disappearing. the pr newswire thing is gone. liz: as business wire reached out? because they are usually very good, you saying you know what, this is fake? >> they took it down. liz: they took it down. >> pending further notice. the stock is down. we've called up mr. weiss. he hasn't got enback to us. liz: what about the chief, the woman who was mentioned, tatiana logan? >> you know something named elle. wood. liz: stop "legally blonde"?

>> there was someone part of this thing l. wood. liz: elwood law. >> elwoob law. there might be a person named elwood law. there is lot of interesting stuff. liz: reuters spoke to her. >> maybe someone, maybe it was her. liz: what do you mean maybe? >> how do they know it is her? liz: i don't know. >> i mean i know you are are you. i'm sitting here with you. liz: good. >> just so you know i have people that call me friends of mine pains in the rear end, imitate people's voices. every now and then, is this person or that person? then i stop myself and you know, i'm saying that this is a weird

one. we still don't know. and it moved the stock which probably meaning the sec, if the sec is not investigating this, i bet my right arm they're ating this, just because somebody made money off of this thing. liz: look at the numbers. a 43 billion-dollar offer for a $6.9 billion market cap company? >> it moved the stock. liz: what? >> no one's ever heard of it. no one's calling us back. liz: apex predator. >> the man from apex. liz: call us apex. we would love to hear from you. >> you don't remember the man from apex, marco? 1-800-222-2222. our line is open. liz: airlines are closed. market is off session lows but a wallop to the dow, a 998 swing from peak to trough. nasdaq dropping 3% at the start

of the hour. it is down 2%. the russell is getting clobbered, down 3%. the markets are awaiting double a earning after the bell. amazon, e-commerce giant are expected earnings to judgment 6% from a year ago on a 11% pike in revenue. 4:30 p.m. eastern, apple the iphone maker, reporting a 7% jump in earnings and everybody will be watching. clues for the iphone sales. have they picked up once again? meantime speaking of clues, consumer spending in those reports we are expecting, our "countdown closer" picks consumer staples among his picks, 1.6 trillion in assets stephen dover. you like the consumer area? tell me what you see there makes you feel okay especially a time people are concerned about a slowing economy? >> today was certainly a day the hard-liners for recession must gleaming.

that is not the camp we're in we're saying not likely to be a recession. that said tomorrow could be a bad day with the jobs report. infamous claudia sahm indicator could trip. my guess you will be covering that tomorrow. we don't think we're in a recession. if we are, the fed has a lot of tools now that it didn't have before to fight that. so, what do we like? question, we like information technology, consumer staples. infrastructure, we see a lot of big investment happening in a.i., energy and defense, not to mention fiscal stimulus there is just a lot of stimulus and investment out there. so, yes, that's the sectors that we like right now. liz: a.i. today, tech is getting clobbered. particularly the chip-makers, nvidia, qualcomm, arm, the chip designer, we spoke to ray haas. you think this is a buying opportunity? >> i think it is.

i think the good news for all those companies as you look underneath it at a huge investment that is coming up what we see different, this is a caution i would give as we keep having this talk about the federal reserve. the market and the experts were wrong as interest rates went up constantly saying we're going to have a recession. constantly thinking the economy was going to slow. take that into account as we look at rates coming down. we are not the old economy. we're a service economy now. so turning to those companies, for the most part those companies are not dependent on interest rates. [closing bell rings] liz: makes sense, makes sense. stephen we would love to have you come back. you are a perfect voice for any day. the major averages sell off on this first day of august. tomorrow july jobs report. you can't miss 24 hour. larry: hello, folks,