taking a stake in lordstown motors. melissa, back to you. >> i have a couple of questions. >> sure. >> fox con taking a stake in lordstown, does that jeopardize any of the other relationships it plight have with being contract manufacturer for other electric vehicles. you mentioned fisker so i don't know if you think there is a problem. >> i don't think it does. >> if there is a stake in a competitor. >> no, i don't think it does contract manufacturers are by their nature, when you look at somebody like magna, which builds a number of vehicles for a number of different automakers at its plant in europe, that is the way it is with contract manufacturers. you make the agreement with that company that you've got the final assembly plant, we need you to build a vehicle let's have a one-on-one relationship even if the vehicle being built may be competitive with another one where fox con has a relationship with a particular automaker. at the end of the day, if you are fox concon, you want them to come to you and use you as a c

lordstown motors, 9%. nt to fox con which builds apple iphones and ipads. this ohio plant was where president trump visited after lordstown bought it from general motors. remember general motors was shutting it down in 2018. lordstown rescued the plant and jobs. lordstown is embattled being investigated by the sec for overstating orders. stuart: the plant is being bought by foxconn? susan: reportedly yes. stuart: doesn't foxconn make phones and gadgets as opposed to cars. susan: they assemble the phone and ipad. they don't make them. they were supposed to fund that 12 billion-dollar factory for flat screen televisions in wisconsin which never came to life. stuart: what will they use the factory for, lordstown. what will it be used for now? susan: electronics. you're right. away from cars. stuart: that is interesting stuff. netflix, what is with them? susan: record highs from them. not much in terms of news flow. just on the viral series called "squid games" which has been a lot of talk on social media about

. >>> about 30 minutes left to go in the trading session lordstown motors higher on a report of nearingeal to sell the ohio plant to foxcom the sale will help them raise cash and could be finalized this week the stock moving up more than 6%. >>> shares of virgie galactic soaring after the faa ended the investigation into the july flight which devastated from the restricted air space trading up more than 13% now the company is free to focus on the next flight which was postponed, that includes some members i think of the italian air force. >> a low way off the highs down about half a percent on the s&p 500. >>> it is time for a cnbc news update. >> hi. the department of homeland security telling immigration officers that lacking documents is not enough reason to be deported secretary mayorkas telling "the washington post" that the biden administration will continue to focus on deporting immigrants that pose a threat to national security or public safety. >>> suicides rose 15% last year among armed forces 580 suicides in 2020 senior pentagon leaders called the studytroubling and calling f

look at youngstown ohio, what's happening at lordstown motors whether or not the companies are only able to succeed and i hope it does. it seems clear there were outside investors looking at long-term s a investment in a community with a proud manufacturing heritage but as a way to make a quick buck with no follow-through. there will always be people like that but that doesn't mean we need to encourage risky financial mechanisms to encourage isolation over long-term investment. in a situation like that when these investments and pull up great promises communities pay the price. what is the risk that the market is highlighted over the lastyear and what can we do about it ? >> i think the special-purpose purpose acquisition companies are blank check companies. the rest are two disclosure to investors . i'd asked staff to serve up recommendations we can do as a commission but there's a lot of cost in these and secondly, we usually have a 2 yearfeuds . they usually try to go out and buy something and a lot of the institutional investors when that happens sell, it's called a redemption right

look at youngstown, ohio, there is a lot to unpack with what's happening at lordstown motors, whether or not the company is only able to succeed, and i hope it does, it seems clear there were outside investors looking at this not as a long term investment in a community with a proud manufacturing heritage and a talented workforce but as a way to make a quick buck with no follow through. there will always be people, of course, like that but that doesn't mean we need to encourage risky financial mechanisms to encourage speculation over long term investment. in a situation like that when those investors make their money and pull out, companies break promises and workers and the community pay the price. what are the risks, chair gensler, what are the risks that the spac market has highlighted over the last year and what can we do about it? >> i think the special purpose acquisition companies, these blank-check companies, the risks are to investors and the disclosure to the investors. i have asked staff to serve up recommendations that we could consider as a commission, but in essence ther

susan: i will start with lordstown motors after bank america downgraded the electric truck maker to underperform car space. what does that say? spacex, launching the first all civilian space flight. calling virgin galactic a competitor, that is buy. they're not concerned about the delay of the italian crew spaceflight. retail sales numbers. that is also helping american and amex today. bank of america is lifting it to neutral. they say it is worth $169. amex has underperformed this year but there could be more upside especially as americans spending more and they're probably using their plastic, stu? stuart: probably out there spending wildly with all the money on the sidelines, with 4 trillion in money funds. that sounds like a good idea. what else you got? susan: i have a deal news. great western bancorp in south dakota. this is a tie-up between montana based first interstate bank system. first interstate bank system buying great western. i love the local financial tie-ups. not only the big players that dominate the banking space in america. stuart: got it. great western bancorp up 11%. not ba