it's easier said than done as kelly o'grady can tell you in los angeles. > well, you know, people are doing something very american this weekend for the fourth of july. they're getting out, taking a road trip. can you blame them, neil? amidst all the uncertainty with the flight cancellations, people want to make sure that they see their families and get to barbecues on team. despite the record high gas prices, americans will hit the road in record numbers. aaa says 42 million will take a road trip and 48 million americans will travel at least 50 miles from home. it's not just those traveling for the holiday. some business travelers are driving to meetings amidst the uptick in travel chaos. many companies are allowing employees more time to drive to events rather than fly. now, while it's cheaper to fly than drive, the cost of gas is in no way minimal. we checked with driverses here in california. the average price is $6.27. the plans for the holiday weekend, plans are too important to miss. not everyone will be hitting the road. >> i just have to deal with

kelly o'grady is live from our los angeles bureau with the very latest. kelly?ey, good to see you, lauren. well, stelantis is not alone. gm sharing they have 95,000 cars without chips right now and that could get worse. major players in the semiconductor industry are warning of more delays and potentially consumer demand. now even before the pandemic some u.s. firms complained of chip shortages but now it's much worse. for example, the auto industry was short 8.2 million vehicles last year and missed the chip crunch that resulted in 200 billion in lost revenue. now to address this the chipmakers like intel and a number of taiwanese companies announcing u.s. plants however they are warning these investments are contingent upon passing that $52 billion chip act which makes the u.s. more competitive by funding domestic manufacturing and research. with that bill stalled in congress, in tell sharing its $20 billion factories on hold and taiwanese global wafers warning its texas plant will not happen either without that funding. last week over 100 tech ceo's including

kelly o'grady, you do win the live shot location game of the day at fox business. >> [laughter] not badot at all. good to see you kelly thanks so much appreciate it. well, black gold is losing its luster, as oil slides again today, but our countdown closer thinks one energy name could be primed for a gusher. find out which one in moments and let's take a look at the big board we're well off of those session highs the dow high was 256, we are now up 166. we'll be right back. lemons. lemons, lemons, lemons. look how nice they are. the moment you become an expedia member, you can instantly start saving on your travels. so you can go and see all those, lovely, lemony, lemons. ♪ and never wonder if you got a good deal. because you did. ♪ >> all right, leaders on the sent all intelligence committee are caming on the ftc to launch an investigation into the video sharing platform tik tok over its approach to data sharing. charlie gasparino with all of the latest. charlie: this is starting to get trumpian, and if you remember during the days of the trump adminitration, there was a concerted effo

kelly o'grady has that. kelly? >> yeah, with all of this travel chaos, everyone is wondering when it's going to get better. coming up, we'll tell you who they're blaming now and when you might see relief. ♪ i've been everywhere, man ♪ ♪ i've been everywhere, man ♪ ♪ of travel i've had my share, man ♪ ♪ i've been everywhere ♪ ♪♪ every search you make, every click you take, every move you make, every step you take, i'll be watching you. the internet doesn't have to be duckduckgo is a free all in one privacy app with a built in search engine, web browser, one click data clearing and more stop companies like google from watching you, by downloading the app today. duckduckgo: privacy, simplified. every search you make, every click you take, every move you make, every step you take, i'll be watching you. the internet doesn't have to be duckduckgo is a free all in one privacy app with a built in search engine, web browser, one click data clearing and more stop companies like google from watching you, by downloading the ap

we've got you covered with kelly o'grady on how bad this gets. charlie gasparino on whether any other buyer shows up and we have more on why the world's richest man could find himself paying the biggest legal settlement in history. welcome, everybody. i'm neil cavuto. a busy day for the world's richest man. and let's get the latest from kelly in l.a. kelly? >> hey, good to see you, neil. we're about to see a battle of the tech titans. you have twitter lawyering up and elon musk saying that he can determinate the agreement due to the number of fake accounts. even with the confidence he showed in a tweet, hey, this is an interesting roller coaster here. transaction lawyers say it's difficult to prove that twitter is lying about user data. musk will say the platform withheld that data. some say he waved under the right to close the deal quickly. he claims that doesn't mean he waived the right to see it. musk said that company refused requests for two months. now, twitter won't be going down without a fight. they hired a team of merger heavyweights.

kelly o'grady takes a look. good evening. >> good evening. heading into july 4th, wall street is reeling. the markets did rebound slightly today, the s&p 500 cites worst first half year in 50 years. when the markets open today investors were looking at a tough picture. since the beginning of 2022 the dow had lost over 15%. s&p 500 down 20.6% and nasdaq down nearly 30%. the energy sector being the best performing so far. investors flee. chevron up 23.4%. disney, the biggest loser down 39.1% with consumer discretionary spending during the were showing. people may not need to take a vacation but they do need to fuel their car. tiny bit of optimism as we head into the holiday weekend. one of the biggest winners was mcdonald's, up 252.96 points. 2.46% jump. analysts tell me investor confidence is high ahead of expected big spending as families take road trips this independence day weekend. it's important to note that even with its array of optimism, the s&p 500 and nasdaq are in bear markets and it's because fears of a recession are gripping consu

kelly o'grady, what's going on? >> yeah, well, we've got more fossil fuel bans coming for you from the golden state, neil. we'll tell you what is the next target after the break. ♪ so i climbed into the cab, and then i settled down inside ♪ ♪ i've been everywhere, man ♪ ♪ i've been everywhere, man ♪ ♪ of travel i've had my share, man ♪ ♪ i've been everywhere ♪ ♪♪ finding the perfect designer isn't easy. but, at upwork, we found her. she's in austin between a fresh bowl of matcha and a fresh batch of wireframes. and you can find her, and millions of other talented pros, right now on upwork.com >> neil: all right. forget about being able to afford gas. in california soon, good luck finding it. the latest controversy that has people shaking their heads. what? kelly o'grady in los angeles with more. kelly? >> good to see you, neil. yeah, this is about the green push in california. a number of cities and states have banned new gas stations. now los angeles is looking to do the same thing. the idea is that if you can't bu

let's go live to kelly o'grady in los angeles right now. kelly, great to see you. so what was elon musk's reaction to twitter's blame game? i'm very interested in that. [laughter] >> reporter: good to see you too, ashley. well, as expected, elon musk affaired unfazed at blame game. he had a bit of a cheeky reply, tweeting this out shortly after the earnings release this morning saying, quote: i'm rubber, they're glue. now, the earnings results really were not great coming at a high stake ises moment for twitter. the social media company needing to prove the business is still to succeed no matter what. the results, unfortunately, did not reflect that. now, you mentioned the big miss on revenue. that's down 1% from last year with, nearly 2% there from last quarter. net income showing a loss of 270 million. expenses ballooned 31% year-over-year to $1.52 billion. now, somewhat a bright spot same in -- came in monetizable users. that's up nearly 17% from last year. but this number is shrouded in doubt with elon musk claiming the percent of fake accounts on the platform

kelly o'grady fox business. ktvu fox two news at five starts now. was screaming and crying and hysterical because it hurt a lot, and i didn't want to look at my myself . but i can see on my jeans i could see that had done a lot of damage. now at five santa clara woman stand when she says she was walking her dog and a police canine suddenly attacked. she says it was unprovoked and the incident sent her to the hospital. good evening. i'm julie julie haener mike mibach. this incident is the latest controversial bite by a canine officer right here in the bay area. ktvu investigative reporter evan sernoffsky. has been covering the issue and he actually spoke to the woman and joins us live from the newsroom with the story, evan that's right. mike the woman said she was taking her pomeranian for walk near levi stadium. when it happened, she reached out to ktvu after seeing our continuing coverage on controversial canine bites, saying she didn't want the same thing to happen to anyone else. again i wouldn't wish it upon my worst enemy. it was awful, melissa

kelly o'grady at a facility the president declined to visit. what are they telling you?ey are not sure why the administration is looking to saudi arabia when they don't abide by our environmental standards and national security issues. i met midway sunset oilfield in california. what we are finding is oil produced under the greenest restrictions in the world. the oil is extracted and coaster a process to separate the water and gas. not only is it carefully recycled back into the earth but the gas is burned in a way to prevent harmful methane gas emissions. a place like saudi arabia not only doesn't follow them but follows a different philosophy regarding human rights. >> slave labor, treatment of women in particular and lack of environmental stewardship is pretty outrageous in most places. you are in control of things in your own backyard. you are not in control of things in third world countries. >> reporter: the other dynamic, the importance to the community, well-paying american jobs, invest money into the economy and it is hard to miss the direct impact on families.

kelly o'grady in los angeles on how that plays out. hey, kelly. reporter: hey, neil.ironic moment because you have california governor gavin newsom slamming florida's governor ron desantis trying to bring business back to the state but now the golden state is facing a new challenge, this time to hollywood. you can see the iconic paramount pictures studio lot behind me but hollywood is not just entwined with the state philosophically, it's a key economic yen rate tore. states are trying to take that with tax credits. more than half offering film incentive. georgia in particular has become the go-to state. they issued 1.2 billion in film tax credits. many marvel movies shoot there and the walking dead. companies are boycotting the state where company steps into issues such as abortion and voting rights. arizona is entering the issue at the right time. arizona offers tax credit of 15, 20% in production expenses and capped at 125 million a year. filming brings in a ton of to the community as a whole. >> maul sized, people yum sized, large businesses here want to see the f

kelly o'grady.ity of chicago, great american town is in the midst of a summer crime surge. the deadly city is on pace for more than 600 murders for the third straight year in that month. chicago pastor is blasting politicians for ignoring the violence. more people were murdered in chicago over the july fourth weekend than the high land park parade shooting on the city's north side. t.j. grooms is a pastor and with me from chicago. good morning. as far as i can remember, every monday morning we report on the number of people shot in chicago. it doesn't change. why are you so ignored when so much of the national media within your city for the past week on the north side of town? >> you know, bill, i think one of the main reasons why is because to be honest and candid, there is no incentive to come to an area that is struggling economically. there is no incentive to come to an area that a lot of people are not politically engaged. i hate to be that cynical about our politics but if there is no incentiv

thanks, kelly o'grady.s blue states like new jersey are losing people in droves to read states like florida and texas. you are very much part of this population change, what is driving this exodus from california, new jersey, new york and illinois? is it taxes? is that home prices? was a crime? is it response to the covid pandemic? what is the big deal that is making people move? >> reporter: all of the above. most of our clients are middle-class families but a number of businesses moving as well. look at the outpace out of new jersey. for every one person moving to new jersey you have three that are leaving. you look at governor newsom just attacked the governor in florida with an ad in that state and governor newsom's quote was to the floridians, freedom is under attack in your state. this is coming from a governor of california where they have the highest crime, poverty, homeless rates, attack on businesses across the board so newsom is doing an interesting tactic which is going to backfire but you have

neil: all right, thank you for that kelly o'grady in los angeles. so, it's a situation with gas taxes then, gas in general, that's probably going to get worse before it gets better, and that's the big worry, but it's what the president is saying about this conundrum for american drivers that worried a lot of folks. this is from yesterday. take a look. >> how long is it fair to expect american drivers and drivers around the world to pay that premium for this war? >> as long as it takes, so russia cannot, in fact, defeat ukraine and move beyond ukraine. neil: all right so then regardless how you feel about the war in ukraine, whether you support or reject it or get along with the help and support the world has been providing that is sort of secondary to what the president was saying there, that the gas situation won't improve until the russians have been defeated. that could happen soon but more likely it's going to take a while that if it happens at all so this then drags on for quite a while. steven shorck on the significance of that. that's a big o

kelly o'grady is following one component that is crazy.ituation that could be getting worse despite the degree we had over the last few weeks. >> good to see you. with stunning inflation numbers, hard not to think of how much gas prices are driving that. the energy agency saying we the oilyyyyd we ofasing i i int a r nvent ivent ithating thatg ec rea r a new a nepor r r that forec forand emanwi ease 2. 7 million barrels a day in 2,023 which require nations to come up with another 900,000 barrels a day above the levels, it is protected to lag demand, the president is visiting saudi arabia to discuss increasing oil supply and domestic energy companies are questioning why the administration would rely on a country that pose a security and social risk when they could produce more at home. he didn't take them up on it and that is why i am in the middle of an oilfield. the ceo tells me they and the us could produce more policies and moves like this trip are damaging. >> i see promises broken and before companies most of whom are public all of wh

fox business correspondent kelly o'grady has the breaking details tonight from los angeles. good evening, kelly. >> good evening, mike. yes, well elon musk is officially trying to pull out of this agreement to purchase twitter just now in an fec filing musk claims he is backing out of the deal because twitter is in material breach of the agreement and made false and misleading statements during negotiations. this comes after months of dramatic swings but it all boils down to a question regarding the number of spam boss on the platform. the reason bots are so important musk had made it clear he intends to grow the company's revenue and that rest on having active users. arguing quote for nearly two months mr. musk has data and information necessary it to make independent assessment of the prevalence of fake or spam accounts on platform. twitter has failed to provide this information. the big question is can he legally do, this right? there is a billion dollars breakup fee associated with terminating the agreement. however, musk waived his right to poke under the hood to merger

the latest from kelly o'grady out in los angeles on what went wrong. >> reporter: hey, neil.t a roller coaster, right? elon is claiming he has grounds to terminate the social platform because they failed to provide key information and that the company appears to have made misleading statements during their negotiations. now, this really all comes down to the number of spam bots on the platform. the reason bots are so important is musk has made no new attempts to grow the revenue, and that risks on act -- rests on active users. all indications suggest that several of twitter's public exposures are either false or materially misleading. it appears twitter is dramatically understating the number of spam and false accounts. can he legally walk away? there's a billion dollar break-up fee, but the tesla ceo could face far bigger consequences if a bitter legal battle ensues. musk has waive -- had waived his right to poke under the hood, but if his team can prove twitter intentionally misled, transaction lawyers tell me he does have cause. it'll be tough. and if the social platform d

kelly o'grady has the latest for us. hey, kelly. >> reporter: hey, cheryl.'s twitter bid has been on told for -- hold for quite some time. after completing hair own evaluation, the team reportedly can't verify the claim that bots make up 5% of users. sources telling me management is spooked, and yesterday reportedly sharing that their team removes more than a million spam accounts each day. elon musk sharing his skepticism in response to a user asking how many new real accounts it adds a day he tweeted that is, indeed, the real question. those working with musk have allegedly stopped negotiating with investors for further financing commitments. sources in the banking world tell me we can expect a potentially drastic response from the tesla ceo soon. zooming out for a second, considering the trajectory thus far, he invested in twitter before the board offer, threatened to walk, it's a pattern. these dramatic moves produce results because twitter is backed into a corner, and some think this is just another move in that dance. >> i believe right now more than a

we've got you covered with kelly o'grady on how bad this gets. on why the world's richest man could find himself paying the biggest legal set

kelly o'grady has the details tonight in los angeles. good evening, kelly. >> good evening, bill.ing. twitter forcing elon musk to go through with the takeover. musk says he has grounds to terminate. firing shots pointing to twitter's hypocrisy and the meme musk laughing and warning of the spam bottom info it will have to disclose in court. just moments ago twitter firing back stating, quote: the reported terms sin valid for the independent reason mr. musk and the other musk parties have knowingly, intentionally willfully and intentionally breached the agreement. a lawyers claim he broke a number of clauses claiming about the merge are. >> tech titan could face big fines. number of spam boss on the platform is wildly higher than 5%. arguing proving twitter is lying will be difficult. if he county platform will face intense scrutiny in the sec. accusing the social platform withholding information refusing his request for over two months while some say he waived the right to peek under the hood to close the deal quickly that means he has not waived his right to ever see it. dramatic

kelly o'grady following this drama. now, as both these stocks go down, the lowering up is on, isn't it? reporter: definitely is, neil. this is quite a saga, right? elon musk arguing the social platform not only failed to provide key information but the company dramatically understating the number of bots. that is why he is wanting to terminate this. twitter lawyered up with merger heavyweights. they're expected to file a lawsuit in the coming days. the big question is, can he win? there is billion dollar break-up fee. the tesla ceo could face bigger fines if he loses not to mention the tesla stock if twitter shareholders think he is distracted in a public legal battle. look at this tweet he recently tweeted. he is pretty confident. twitter will have to reveal damning evidence in court. some say that will be tough to put off. the tech titan chose not to review twitter's data agreeing to the deal, doesn't mean he waived his right to ever see it. musk's lawyers refused a request for over two months, stating quote, sometime

kelly o'grady, thank you very much for that. more rules for thee, not for me. california governor gavin newsom on a vacation in montana despite his state's ban on official travel there. montana is on a list of 22 states that california state workers may not visit on the taxpayer's dime. the ban is more hypocritical with newsom issuing this message to floridians, listen to this, taking a stab at the state's republican governor, ron desantis. >> freedom, it is under attack in your state. your republican leaders are banning books, making it harder to vote, restricting speech in classrooms, even criminalizing women and doctors. i urge all of you living in florida to join the fight or join us in california where we still believe in freedom. >> joining us now, fox news contributor charlie hurt. we'll get to the montana issue in just one moment but let's respond to that. he is going after ron desantis. when ron desantis has one of the states people are flocking to, they continue to flock there. california's completely mismanaged. you make some sense of this, sir. >> [

neil cavuto is standing by with kelly o'grady first at lax.>> good afternoon, trace. yeah, you being from los angeles, you know just how congested this airport can be. 50 million of that billion dollars will go to improving roads and parking here and part of the bipartisan infrastructure bill will go to 85 airports across the country. they will be used to upgrade terminals and elevate the passenger experience. this goes to $25 billion to address repairs and maintenance backlogs. pete buttigieg says americans need modern airports. the grants will also create good jobs. as flight delays and cancellations continues, many are wondering why the government funds are not going towards fixing the immediate problem over the holiday weekend. over 1,400 flights were cancelled this weekend. we're at 210 right now. the root cause is a blame game. united and the f.a.a. now accusing each other of causing the worker shortage. some say a portion of the chaos is due to the vaccine mandate. 31,000 workers were pushed out meaning qualified, trained workers are no

kelly o'grady fox business. this is ktvu fox two news at six.eless encampment underneath interstate 8 80 backs up traffic for miles, and it's not the first time this has happened there. we've had numerous fires here at this location, and we every time we have concerns about the structural integrity of the interstate as well as even the old wouldn't wouldn't rail that bnsf owns. the fire threatened one of the big areas. most critical freeway interchanges near the bay bridge . hello again, everyone. i'm julie julie haener mike mibach. it was slow going late this morning there at the macarthur amazed this fire started just after 10 o'clock this morning along wood street. underneath 8 80 just south of the maze as ktvu don baker reports. this is not the first time there's been a fire at this encampment. at 10 20 am oakland fire responded to what would become a second alarm fire with mutual aid from alameda city and alameda county . an unused wooden trestle caught fire after a homeless encampment, fire spread to it and other vehicles. the creosote soa

kelly o'grady has the story.loud, raising its gas tax with prices near record highs? >> reporter: it is a standard increase for inflation but many folks are frustrated they are going through with it given, this is not just golden state. a number of states hiking there gas tax in time for the holiday we can, the increases take place today ranging from $0.03-$0.09 on diesel in connecticut, this is other states like illinois and kentucky are taking a pause, that means california, drivers will be shelling out near $0.54 a gallon, instate textile uncle we talked are drivers who are at their wits end. >> i think they are ridiculous the crazy. it is not fair to the average american, going to start riding a bike, literally, at this point, it is ridiculous. >> i plan to do what i have been doing, stay home. without spending my money. >> reporter: this increase comes as president biden urges states to provide relief and many are considering a gas tax holiday, california's addressing things different, governor newsom refusi

kelly o'grady has the story from lax, los angeles international.thing is perfect in your life except you are wrong on one thing, bitcoin. it is a buying opportunity. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank. i grew up an athlete, i rode horses... i really do take care of myself. i try to stay in shape. that's really important, especially as you age. i noticed after kids that my body totally changed. i started noticing a little pudge. so i took action! coolsculpting targets, freezes and eliminates treated fat for good. no needles, no incisions. discuss coolsculpting with your provider. some common side effects include temporary numbness, discomfort and swelling. you've come this f

stopped all discussions, about twitter takeover certainly funding that 44-billion-dollar takeover, kelly o'gradyorning maria, banking world friends are telling me that is the case they have slowed elon musk has been on hold quite sometime, already, over the question of standby last month twitter given billionaire access to data fire hose completely their evaluation tech titan seemed reportedly cannot verify fake% make up less than 5% another indication cooling a allegedly stopped negotiating with investors for further commitments, in in we can expect a response from titan ceo soon appears twitter is trying to get out in front of that, yesterday will reportedly sharing on a conference call the people removed more than one million spam accounts each day not sharing skepticism in response to user asking how many new accounts per day tweeted quote that is indeed the real question reports of looming drastic action from musk's team is a question of value of the detail stock closed yesterday nearly 30% lower than purchase price lower premarket trading, as you said, many argue these antics are to goeshl

kelly o'grady is here. what is going on? >> reporter: good to see you.a. if you can't build new ones and close down old gas stations that will nudge drivers toward evs even if there's no economy option on the market. i'm in los angeles, there are two gas stations here, a big boon to drivers here, no but someone says it could be economically crippling to certain groups, this is about equity, what happens as more suburban locations atop that push had no affordable housing communities are built, the fears the population that can't get an electric car will be searching for gas and burning more fossil fuel in the process to get to work, these policies are born out of optics. >> you take away control from the customer and giving it to somebody with an advocacy position that may or may not fit with the community but -- >> reporter: that is part of the larger push for draconian deadlines with little time for execution, officials predict the climate plan could increase electricity by 68% by 2045 which would put immense strain on the power grid that cannot handle

kelly o'grady has more on this. t think gas prices were high enough, rich, about to get higher, just in time for the holiday weekend. california is adding $0.03 to the number you see behind me and not just the golden state. a number are hiking the gas tax. increases take effect this weekend adding roughly 3 to $0.09 on diesel in connecticut, as other states like illinois and kentucky are taking a pause on expected hikes. that increase in california is meant to keep up with inflation but many are criticizing when fuel prices are so high. it brings it to near $0.54, the highest in the nation, but add in fees, a buck 30 a gallon. >> i think they are ridiculously crazy high. i'm going to start riding a bike. just as ridiculous. >> i will stay at home. show them better than going out and spending my money. >> the increase comes as president biden urges states to suspend the gas tax, but governor newsom refusing so suspend the tax as he does not expect big oil to pass savings on, instead a rebate likely in october. it's a

kelly o'grady is following this closely in los angeles. kelly.earnings call as the beauty of low expectations. not long ago analysts were expecting netflix to add 20 million subscribers in a year. this is not as bad as expected. they were expected to lose two million but only lost 970,000. they lost 2 million subs across america, middle east, but asia-pacific was up by a million that distinction is important. netflix makes a lot more money the former there was concern that numbers were worse than q1. the bright spot they say is "stranger things" in q1. "stranger things" underscores the company to double down on franchises. studios deploy it with marvel, "star wars" but with that strategy come as major investment that means netflix cannot afford any misses. friday's release of the gray man is the biggest test. they're arguing a netflix effect, when we deliver shows members are talking about in large numbers, we influence pop culture, build passion and build a experience different to replicate. on the earnings calls netflix talked about plans to gr

kelly o'grady live in los angeles. does musk have a fighting chance of winning this thing, kelly? he may. it depends on which claim. billion dollar break-up fee, billions more in fines, maybe the 44 billion agreed to in the deal but he says he can terminate it because they do not supply key information and under stating the number of bots. meme he tweeted, he's pretty confident twitter will have to reveal damaging evidence in court. proving the social media withheld information. tech titan chose not to something before agreeing to the deal, musk's lawyers says the company says sometimes they have ignored mr. musk's requested, sometimes rejected them or failed to comply by giving him incomplete information. twitter has lawyered up with merger heavy weights, but many think it's a ploy, the stock 40% below his offer. some believe twitter will break not wanting to reveal the bot information in court. >> i think that's correct. now twitter has to disclose in court whether or not they have all the bots he alleges. >> additionally, twitter is facing the taunting task, many are considerin

kelly o'grady on what's going on there. kelly. >> reporter: good to see you, neil.california. a number of cities in the state have banned new gas stations, and now los angeles is looking to do the same thing as well. and the idea is that if you can't build new stations, then existing ones start the shut down, that's going to nudge drivers towards or electric vehicles. this was -- is this a big deal in los angeles? probably not. however, some analysts say it could become economically crippling to certain groups. new affordable housing communities are being built, and the fear is the population that can't afford an electric car will have to go searching for gas, burning more fossil fuel in the process, by the way, simply to get to work. and critics argue the policy is anti-consumer. >> when you have these bans, you take away control from the customers, and you're giving it to somebody who has an advocacy position that may or may not fit with the community, but they're sure going to pretend they do. >> reporter: this is part of a larger push to get with rid of toes fos

kelly o'grady's trying to stay positive because what she's witnessing for americans who just want to to their destinations is they're going to pay through the nose for that. of course, we're all used to that, but somehow when you see it at the pump, it's different especially on los angeles with a lot of taxes on top of that. kelly, what's the latest? >> reporter: yeah, the high gas price behind me. but with all those flight cancellations, neil, americans are doing something very american this independence weekend, they're road tripping. and can you blame them? people want to make sure they see their families, hay get to those barbecues, and even with near-record-high gas prices, americans are hitting the roads in droves this holiday weekend. aaa says a record 42 million will take a road trip, nearly -- will take a trip close to home. 57 percent higher than pre-pandemic levels. while it is cheaper to fly than drive the, the cost of gas, as you mentioned, is in no way minimal. the national average at $4.82 for a gallon of regular, that will cost you $7 a 5 to fill up a toyota camera. h

kelly o'grady, fox business reports on this today. what's the latest? >> good morning. bill.ly respond to twitter's lawsuit before emojis and tweets but a wall street seems to think twitter has the upper hand in the battle. yesterday it closed nearly 8% higher. a range of outcomes here and transaction lawyers tell me it may come down to the definition of the word reasonable. it may never reach court. the two sides could negotiate a lower price. if it does seek trial musk could pay the billion breakup fee. the current deal could get enforced or he could walk away scot-free. twitter is delaware. it is a bit of a toss-up. tyson foods was forced to buy a meat distributor. a number of deals have been struck down due to covid impacts. it will likely ramp up quickly. twitter wants to begin the trial by mid september and can make a case in four days. even if it wins in enforcing specific performance don't expect a speedy resolution. >> specific performance if the court renders a verdict in twitter's favor. if that's the case it would be considered a final judgment at which point it i

kelly o'grady taking a look at one of the key areas it hit the hardest, chip shortage.>> reporter: good to see you. frustration over the chip act is sitting a boiling point with the legislation stalled in congress, chip stocks taking it on the chin with major players in the semiconductor industry warning of more delays and possibly waning consumer demand. before the pandemic some firms complained of chip shortages but now it is much worse. gm currently has 95,000 vehicles without chips and with evs using more chips than a gas powered car that sector is hurting more. chipmakers like intel and taiwanese companies announcing plans to bolster the domestic supply chain morning these investments are contingent on passing the chip act, $20 million ohio plant may not move forward, the case of our expansion in ohio will depend heavily on funding from the chip act, that funding moved more slowly than we expected and don't know when it will get done. time for congress to act. $5 billion texas plant will not happen either without funding and secretary of commerce gina rome ondo say

neil: kelly o'grady, thank you. the airline industry, may be it was right and proper to do so in the middle of a pandemic that shut down the industry. >> i think we also have $150 billion on covid relief for airlines. they spent the money they didn't get and why we are spending $1 billion on infrastructure when there is unspent covid 19 money all over the place, time for the biden administration to start shutting stuff down and asking congress to look at stuff that hasn't been located, hasn't been spent or reallocated so we can start to ease pressure on inflation. the more it puts pressure on inflation, to start doing that and reduce what the long-term debt will be. neil: dozens of airport terminals around the country, just think the more immediate issue, thousands of flights delayed or canceled on a daily basis since going back to memorial day and not slowing dramatically i would think that would be the priority if you look at terminal refurbishment down the road, maybe have at it but we have our priorities backwar

kelly o'grady has the story.person i thought of over the weekend when the story broke. >> elon is my favorite thing to talk about. twit ore has lawyered up and expected to file the suit to force musk to close. he said they failed to provide key information but dramatically understating the number of botts on the platform. can he win? there is a billion dollar breakup fee associated with terminating the agreement. the tesla ceo could face more money consequences if he loses. he is pretty confident in the evidence. transaction lawyers telling us it will be difficult to prove twitter is lying though if he can the platform is in major hot water with the f.c.c. musk may prove they withheld information. while he chose not to review the data before reviewing to the deal doesn't mean he waived his right to see it. they say sometimes twitter has ignored mr. musk's request and rejected them for reasons that are unjustified and sometimes claimed to comply while giving him incomplete or unusable information. we can't rule ou

kelly o'grady live in los angeles. and this is not just about gas. >> it's really not, john.tless push to fade out fossil fuels in general, but many say it does not do much to incentivize, if you can't build new stations and existing ones continue to close, that would nudge drivers toward e.v. but the policy spreads to more suburban areas it's going to get costly. farther out you get, the fewer the stations, and that's where they are building more affordable housing communities. it could be crippling and if you cannot afford an electric car, you are searching for gas, and policy is anti-consumer, critics argue. >> you may have to go further to buy gas because there can't be a gas station on the right side of the street where you are. secondly, when you take away competition, inherently you are telling everybody else that's there you don't have to be as competitive. you don't have to work as hard as everyone else. >> this policy is part of a larger push in california for bans with little path to execution. state officials predict the climate plan would increase electricity con

kelly o'grady is live in los angeles. hi. >> hi.e not great. 270 million in losses coming at a high stakes moment for twitter and with that pending trial the social media company not only needs to convince advertisers and shareholders they are poised to win but that the business is built to succeed no matter what. the results did not reflect that. one bright spot came in users, the platform reported 237.8 million up 17% from last year. this number is shrouded in doubt with elon musk claiming the percent of fake accounts on the platform is far more than 5%, a figure twitter stuck to today. it's a big question for advertisers and it showed in revenues. twitter missed big on revenue expectations reporting 1.18 billion down 1% from last year and 2% from last quarter. in addition to questions over the merger that revenue number affects inflation and recession fears advertising makes up a lot of its revenue and that industry is hurting across the boards. the stock is trading neutral. twitter did address the merger in its press release arg

fox business's kelly o'grady is live in los angeles with the details. what do we know? we don't know the date but around the time. yesterday set the stage for what is certain to be a contentious legal battle. twitter argued a speedy trying is necessary as the continued uncertainty is having harm on the company and the judge affirmed. the other side time is necessary to dig into the platform. lead council that bots are not before the court in this case. there is no representation or warranty in the merger related to how many false accounts there may be on twitter. it is a bit trickier than that. the agreement rests partly on all public fileings being accurate. if musk can prove it's not the case twitter has a problem. an early indication at the heart of the trial. what comes next? october trial now we enter the complex discovery process. the judge indicated if warranted she would be willing to extend the trial past five days. it may drive on a bit especially given the time an appeal will take. are reports musk can counter sue but transaction lawyers say it wouldn't delay

kelly o'grady is picking apart what we can look forward to because it might get more so, a bunch of bigll be a bigger earnings week next week, after abysmal first half of the year july has been a strong month for the market. today a bit of a mixed bag after 3-day rally, nasdaq and s&p all down slightly, american express is up on the report that spending remains robust. we will pay rising balances. snap down 40% after a tough earnings report yesterday and twitter joined the earnings party this morning with the musk trial pending, the social media company says it is built to succeed no matter what, beyond 17% yearly growth in users the results didn't reflect that, twitter missed revenue coming in at $1.18 billion, that number down one% from last year, the comedy blaming inflation head wents, the advertising industry and uncertainty caused by elon musk's speculation, the billionaire responding to those accusations on twitter with, quote, i am rubber, they are glue. a number of big tech names reporting all signs point to a cool quarter, these companies are dealing with high inflation, reces

kelly o'grady, what could this mean for the rest of the streamers this earnings season, do we get anyat doesn't mean they will post great earnings. many rely on advertising and recession fears. additionally disney plus lost out on key rights that could threaten tens of millions of those in india going forward. 2 million were expected. not great, not as bad as it could have been. season 4 of stranger things that would have turned out, the recent price hikes and stranger things underscores the strategy to double down on franchises. many studios employed with marvel, star wars, harry potter and with that strategy comes major investment in netflix can't miss, and the most expensive movie, a big test. beyond content netflix is emphasizing their recently announced at will not only capture those that would turn out but entice new members to the platform, all toast has setting a new payment plan around $3 a month in latin america to stifle account sharing it at important as the account sharing needs to be shored up to feel comfortable, their ads are reaching the right people. we can't expect

kelly o'grady is with us.or context legislation speaks to make the us more competitive by funding the mystic research but republicans are warning i will not get past, the billback better legislation, mitch mcconnell tweeting let me be clear, there will be no bipartis ibm as long as democrats pursue a partisan recreation bill, the white house and the left hitting back arguing his shooting to help china outcompete the us and before for pandemics of us firms, chip shortages, it is much worse. it was short 8. 2 million vehicles resulting in $200 billion in lost revenue when tvs using more chips taking the brunt of it. intel and a number of taiwanese companies announced us plans to bolster the supply-chain but warning the investments are contingent on the legislation. until announcing 20 billion ohio factories on hold and taiwanese global waivers warning $5 billion texas plant will not happen without funding for midship to act. writing a letter to congress arguing, quote, legislation pending in congress is critical