joining us is former s.e.c. chair harvey pitt. harvey, is there a case for the s.e.c.nitely think so i think there's a real question about whether there was an intent here to use the meme provisions that he has made so famous and benefit as a result of selling shares when people thought he was buying. >> in other words, market manipulation, is that what they would be looking into? >> i think they would look into market manipulation. i think they might look into general fraud provisions as well the difficulty with market manipulation is they have to prove intent so there would be an investigation to see exactly what his internal emails and discussions showed but in my view, this is definitely a case for governmental review. >> how does this sort of thing happen it feels like the wild west. and this is not a new phenomenon, meme trading we dealt with it last year >> it's a phenomenon that was built on ryan cone's success at taking certain securities and turning them into winners and being followed gamestop was a good example of that so having developed this reputation, h

sometimes there's jokes about the s.e.c. saying the s.e.c. is the only conference that matters.hat is this going to look like going forward from your reporting and what you've seen? >> the good news is alabama is just fine and the s.e.c. is just fine as well. this is clearly showing that the big ten and the s.e.c. are in a different tier. the stratification that is happening below the two conferences is only becoming more stark. the rich are getting richer. we knew the big ten deal was going to be massive. we knew the last s.e.c. deal was going to be massive. when you see those dollar figures and project it out, you see a difference and a pulling away from the big 12, from the pac-12, from the acc. so what does that look like in terms of spending on coaches' salaries or facilities or any of the other areas where the money tends to flow, or in a potential revenue sharing model some day. it's going to be fascinating to see what happens because if these two leagues are the ones that are able to chart their own course, no one really knows what that means for everybody else. >> big q

game fits under, and -- >> that's how s.e.c. plays >> that's moving to abc/espn nbc gets the nighttime game, like sunday night football >> people think the big ten, s.e.c., everything else -- >> commissioner kevin warren, congratulations. that's it for "power lunch." >> "closing bell" starts right now. >>> stocks are stuck in a range today as earnings, data and the fed remain in focus. most important hour of trading starts now welcome to "closing bell." i'm sara eisen look at where we stand in the market dow is the only one that's down. really it's unchanged. the s&p 500 up, it's a turnaround from this morning energy, technology and utilities are the best performing sector real estates and health care are not doing so well. nasdaq is up a quarter of 1% the chip stocks are doing well cisco, also strong off the back of earnings. here's our chart of the day. it's bed bath & beyond, pulling back sharply from its meme-driven rally after ryan cohen revealing his intention to sell his stake much more discussion about that in a moment.

should regulate the s.e.c.bout this, the structural aspects of the market, that capital is being allocated to companies that can use it effectively, but it's difficult. we have developed this vocabulary for dealing with marketproblems that is centere around the idea of fraud and intent, and deliberate conduct that is designed to pump up something for no other reason than to make money on it, and dump it at the earliest opportunity so that other people suffer >>> no one individual may have benefited more from that obviously he was keep in gamestop, chairman of that company, and he seems to have benefited enormous will you from refiling that options position, and he may well have already parted with. >> honestly, it deposition it deposition if you can show a deliberate keep that doesn't have any other explain ainge, you can easily say i invested when i thought it made sense, and it no longer makes sense, unless you can show he's contributing to the frothiness, it would be hard to prove a market manipulation -- i

. >>> the crypto prices gets turned up to the 11 level as the s.e.c. cracks down on a more than $300 million global ponzi scheme details and the likely next domino to fall we have a very busy hour still ahead when "rlidexan" wodwe chge returns after this break when hurting feet make you want to stop, it's dr. scholl's time. our custom fit orthotics use foot mapping technology to give you personalized support, for all-day pain relief. find your relief in store or online. this? this is supersonic wifi from xfinity. find your relief it's fast. so gaming with your niece has never felt more intense. incoming! hey, what does this button do? no, don't! welcome to the fastest internet on the largest gig speed network. are you crying uncle ed? no! a little. only from xfinity. unbeatable internet made to do anything so you can do anything. >>> welcome back to "worldwide exchange." prices for containers traveling to the east coast from china and europe are holding steady or continuing to go up in price cnbc's senior editor lori ann la rocco is here with data on w

game fits under, and -- >> that's how s.e.c.at's moving to abc/espn nbc gets the nighttime game, like sunday night football >> people think the big ten, s.e.c., everything else -- >> commissioner kevin warren, congratulations. that's it for "power lunch." >> "closing bell" starts right now. >>> stocks are stuck in a range today as earnings, data and the fed remain in focus. most important hour of trading starts now welcome to "closing bell." i'm sara eisen look at where we stand in the market dow is the only one that's down. really it's unchanged. the s&p 500 up, it's a turnaround from this morning energy, technology and utilities are the best performing sector real estates and health care

>> i mean if you're an s.e.c. fan, you're a fervent s.e.c.it is strong, and it is a -- the only thing that matters. >> it is the only thing that matters. i'll tell you what matters, college football national titles, all those with ten or more, yale is number one at 18. granted they haven't won a national title since 1927, but kaitlan's team is second at 16. >> i will say that i would like to edit harry's data here because that number is actually 18. >> according to alabama. i'm going by the official ncaa website. i will note -- >> ten seconds. >> i got ten seconds. harry's columbia lions above 500 the last four seasons, three of the last four, they lost 44 straight in the mid'80s, but won the rose bowl, and i look pretty cute. >> when is the last time they won a national championship. >> i don't think ever. >> you look fantastic. >> thank you. >> thank you for helping us understand this. kaitlan collins, thank you for being here all week. >> thank you to our viewers for permitting me my alabama talk. i promise i won't do it too much. >>> a no

before we go, twitter's lawyers heading to court this afternoon to defend the company against the s.e.cnment agency asking twitter management to disclose the methodology that it used to calculate that less than 5% of daily active users were false or spam accounts in fiscal 2021 so it is getting a little more interesting. rosenblat goes to neutral. they were at 52. they go to 37 as they say the filing appears to open up a new avenue for musk to allege materially inaccurate representations and allow them to move on from what they call thephishing expedition on well hedged spam disclosures. >> and is it the right avenue? i mean, also the whistleblower said that the monetizable numbe he didn't dispute, but will that help musk. the saga continues >> it is hard to predict what a judge will pay attention to. so i won't even try it but, yes, the odds are shifting, carl >> indeed. meanwhile, got a nice little turnaround to the up side on the market all secretors are green let's get to the judge and the half >>> thank you very much. welcome, everybody, to the "halftime report." the state of stock

harder to parties to achieve limited settlement and resolution outside the proxy fight. >> and the s.e.cnge puts proxy voters on equal fighting with a small minority of investors who attend meetings in person where they can and have previously been able to vote if their preferred mix of candidates. gary gensler says that this is an important aspect of shareholder democracy. >> and i know you've been talking throughout the day how one director can make a difference if you have someone who is loud and pushes for a lot of change like a nelson powell but what about all the other ones that you don't hear about, do you think this will encourage some to be more in-aggressive? >> i think that one thing that we could see is given so much of the voting will be of the merits,n-aggressive? >> i think that one thing that we could see is given so much of the voting will be of the merits,-aggressive >> i think that one thing that we could see is given so much of the voting will be of the merits, aggressive >> i think that one thing that we could see is given so much of the voting will be of the merits,

>> because the s.e.c. -- >> it's not for you to do that >> the government doesn't. >> you'ren couraging people to gets into a name that you don't believe fundamentally deserves it >> i'm trying to -- >> you're being sarcastic. >> yes >> okay. >> see, because i want the government in the same way -- there were two more coins started yesterday. i don't know if, david, you follow the progress of new coins every day. yesterday we got two new ones that seem -- one is called mxc and another one called aurora. these are new coins that are started every day. does the government even care about this does the government care about what the memes are doing and the answer is, david, once i went to a store, i went to a car dealer in tyler, texas, and it was called caveat emptor welcome to the stock market. >> that's right. there is nothing that seems to have been breaking a law when it comes to the action in memes or what ryan cohen did, unappetizing as it seems >> see, we have the government -- >> these coins >> shouldn't the government try to protect us from faulty merchandise? >> it's not faulty

in some cases the s.e.c.this industry and part of that is because of the vacuum created by the slow actions by the regulators. cheryl: a lot of crypto firms, a lot of crypto companies want to avoid regulation, not just in the u.s. but around the world. that's the point and that's why you saw bitcoin over 60 grand. now we're seeing it at 20 grand. >> well, some don't. some like my company have been waiting for permission for years and it really has to do with those that connect to the traditional financial system. there's no question that those are going to have to be regulated and, again, the slowness of the action by the regulators to let those in that have been asking for permission and complying with all the rules or waiting for example on that good control location question for a definition with which to comply, that's been the challenge and so it's interesting that there's now of course a -- in washington, d.c., trying to figure out who gets power to regulate digital assets and there was almost agreement

law enforcement agencies, including the s.e.c., ftc, and the department of justice. >> may i ask your> i'm mudge. >> reporter: zatko is better known in the hacking world by his nickname, mudge. >> his roots are in hacking, figuring out how computers and software work. >> reporter: that expertise may be why jack dorsey hired zatko after the company was hit by a massive attack in 2020 when hackers took over the accounts of some of the world's most famous people. >> he was one of the top five or six executives at the country. >> reporter: zatko is represented by the same attorneys that represented frances hogan. twitter is pushing back, saying zatko is pushing a narrative that is riddled with inconsistencies and inaccuracies and lacks important context. when we spoke to zatko and his lawyer, they said that the lawful whistle-blower disclosure process only allows them to talk about these issues in general terms. for specific allegations about twitter, they referred us to zatko's disclosure. >> i'm not going to go into details, but i will say that mudge stands by the disclosure and the all

there's nothing where the s.e.c. would have the ability to see something -- >> the s.e.c. phenomenon, and congress held hearings where roaring kitty actually testified nothing really came out of it. yes, of course, they have to make sure the laws are followed, but there's nothing nut in the markets to have these people who have an outsized influence who people follow. people have been tracking warren buffett's moves for year i think it's unsettling to traditional investors that ryan cohen, who knows the effect, can factor that in, and boom, he sells. you can't say that's illegal, but it's unsettling to real investors. >> speaking of just education and regulation, i think it was jay clayton on "squawk box" this morning talking about it is the s.e.c.'s mission to educate. the filings that came out this week were very confusing to the retail investors you have a proposed auction sell those in the know realize this is something that usually when they things are filed, it means they have sold. >> they have already taken place, right. >> but if you're a retail investor, it's ver

exactly what's going to happen with its business listing in new york, now that it's added on the s.e.ctential -- the company has said the company was going to strive to make sure it was going to maintain that listing, and pursue a primary listing in hong kong. guys >> eunice, i did notice this is the first quarter the company is not disclosing total active buyers, but revealing vip users, 25 million i'm cure why is what you make of that >> reporter: at this point i think alibaba will try to disclose information it believers will put its best foot forward. at this point, the fact that the revenues were flat, even though it beat expectations, still a big blow for alibaba who had been, quarter after quarter, really been seen as a company able to boost its numbers. u.n. else. thanks >>> let's turn to walmart, announcing corporate layoffs about a week after slashing the outlook, amid concerns of excess inventory. courtney reagan has the story. >> good morning, seema walmart is the latest large company to announce layoffs, the country's largest private employer that is confirmed to cnbc that

the car warranties are calling everybody and the s.e.c. has taken illegal action to shut down the carriers letting them make those calls. but a lot of the robocallers are getting targeted, calling people over 65 with a medicare scam or people in their late 20s and early 30s with student loan scams. so they can targeting to make those cars more effective. >> that's the concern, the ones taking a shot in the dark, hey, your amazon prime prescription is renews. somebody might fall for it. but if they get to the point where they say hey, this is kaiser permanente. oh, i use kaiser. where you could start to fall for this sort of thing. then it gets really dangerous. >> that's to have robocall blocking apps on their phone. it's hard to make that decision. when someone says they're kaiser or a norton life block, you don't know. you may have a relationship with them and think okay, that's really that business calling me. but robocall blocking will know they're an impostor and can block the call and save you from that decision. >> speaking fairly b

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this week, bby shares surged back up into the 20s and confusion over a few s.e.c. seemed to indicate that cohen was newly bullish. but a source close to cohen told me that in fact he hasn't purchased any security in bed bath since late march and capitalize on this week's gains to mint about $60 million. >> so do you think there's going to be a remembertory probe here, leslie >> there's no evidence or reaso why there should be. the filings were all out there, and as confusing as the filings were, the fact that it wasn't totally clear from the filing if you're a retail investor or someone who's not as familiar with them, the new filing earlier this week, it looked like he was buying new calls that were super, super out of the money and it wasn't clear that there was a buyback that changed the percentages of his holdings, really that was due to some technicalities surrounding the stock. i think it's more on the education side of things, where there needs to be changes made because the filings themselves can be confusing for people who may not actually call themselves

the s.e.c.e been s.e.c. registered for 30 years. i've been in crypto for nine years. let me tell you, they are not helping our industry. they're not clear about what the rules are. they're just trying to expand and expand and expand and get more power and do photo ops and things like that. it's completely against free markets and american principles. people should be able to do whatever they want and invest however they choose. the s.e.c. just hasn't been efficient p at all in making the markets better so i think it's time for a total overhaul. we don't need more regulations. we need more freedom. freedom is what makes america great. that's what we need now. jackie: actually, we've been covering reports of, for example, the people wanting to invest in bitcoin in their 401-ks and making that part of like a larger package. some would argue for the long term and for more -- for an investment strategy that is for your retirement or whatnot you wouldn't want to experience that kind of volatility. oth

sold about $7 billion of tesla stock according to an s.e.c. filing published last knight. the sell-off comes as musk is in the middle of that legal battle with twitter. he agreed to buy twitter back in april and sold a block of tesla shares at this point as well. following yesterday's filing, musk said he would buy some of his tesla shares back if he doesn't purchase twitter. >>> ford has struck a major deal with a green energy company. ford will purchase 650 megawatts of solar power through dte energy. the companies say it's the largest renewable energy purchase through a utility in u.s. history. ford says by 2025, just a couple of years from now, all its vehicles assembled in michigan will use carbon-free electricity. . >> we feel like this moment is a way to refound the company, because we feel like there is so much upside today that we haven't really had since we scaled the model t. >> the automaker says this purchase will also boost the state's total solar supply by 70%. >>> a traffic stop in oregon didn't go quite as planned. an oregon state trooper pulled over a car

the road trip to s.e.c. powerhouse. >> it is a great opportunity and rear really excited to play a team of that caliber and do our best to be ready when he comes. >> the cart spartans kickoff the season on september 1st. at san jose state, anthony florez nbc bay area. stomach right now it's a cigar, it is california's deadliest and most destructive fire of the year, but how did it start? we investigate what may have started the wildfire in oregon. >> it was no coincidence that it happened one after the other. that happens sometimes. there are a good few that start to investigate. stronach was finally answering the charges of mma fighter velazquez. they find out if the judge will grant him bail. >> the south bay institution hickle pleases up for sale. >> the news at 6:00 starts right now. thanks for joining us. i am jessica geary, >> and i am garvin thomas. we have been telling you about the mckinney fire for a week now. forgot last friday near the california and border, but tonight we are learning sue about

when we returned we will speak to the former s.e.c. chair to talk about the plan to end the irs.nterview is coming up k.ght after the brea check out the futures ahead of the morning. dow is down 170 points. "squawk box" is coming right "squawk box" is coming right back. finding the perfect project manager, loper, or whomever you may need... tends to fall right into place. find top-rated talent who can start today on upwork.com this? this is supersonic wifi from xfinity. who can start today it's fast. so gaming with your niece has never felt more intense. incoming! hey, what does this button do? no, don't! welcome to the fastest internet on the largest gig speed network. are you crying uncle ed? no! a little. only from xfinity. unbeatable internet made to do anything so you can do anything. millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy camp

the s.e.c. has been cracking down on unregistered investors are watching that and inflation number on wednesday with the bullish narrative >> a good couple of weeks with crypto in global stocks. i think what is interesting here, julianna, the fact that institutional investors and big names we look at with the like of tesla, obviously, and micro strategy, because they were involved in the large amount of bitcoin. both institutions have posted declines of up to $1 billion paper losses on their bitcoin holdings the question for me is, yes, maybe we found a floor around $24,000. i thought it was interesting in the jpmorgan chase piece that they say the average cost of getting involved in bitcoin was $24,000. for it to go back up to $50,000 or $60,000, you need to have the buy in from the institutional accounts why would an institutional investor get involved with the volatility >> there seems to be a really important difference with bitcoin finding a floor and bitcoin bouncing off that floor. you me

robinhood revealing it has been under investigation by the s.e.c. saying in a filing with the agency that they have been looking at compliance with short selling rules. >>> eli lilly will begin sales of the covid antibody drug. lilly sold all of the doses in the usa with contracts through the federal government the government is set to exhaust supply august 22nd eli lilly ceo will join cnbc at 7:10 a.m. this morning >>> and the elon musk/twitter saga set to take a new turn. a judge ruling wednesday that musk's answer to twitter's lawsuit over his attempt to back out of the $44 billion deal to buy the social media company will be made public by tomorrow evening. musk's lawyers wanted to file a public version of the answer in counter claims by yesterday, but they were sealed brian, twitter's attorneys claimed they needed more time to review and potentially redact musk's filing arguing it featuresinternal twitter information and data that they had given to musk. you know, this thing just -- whenever it is elon musk, you cannot avoid drama. >> you wonde

and, by the way, this is a formal s.e.c. filing. i'm legally, whatever, techno king.oke. >> yes, he's the techno king, but as a joke. soon we will all be his servants but in a funny way. while he may be an eccentic, satellite launch, terminally online billionaire, of who wants to plug people into computers and build a vast network of underground tunnels, it's not like he's some kind of super villain. >> eventual you can drop the nuclear weapons over the poles. >> maybe a little. strap in, turn on the autopilot, but keep your hands on the steering wheel in case of pedestrians, because this is the "daily showography" of elon musk. visionary future man. elon musk was born in britoria, south africa, in 1971. his father made a fortune in construction and emerald mining because african resources are like free money for white people. badly bullied in school, elon overcame many hardships. although, unlike other south african celebrities, he didn't make his childhood into a whole thing. by age 10, he was learning to program computers. at 12, he built a video game he called bla

. >>> welcome back the industrial sector may not have the heavyweight in the s.e.c., but we have domnners and losers >> diverse set of stocks, frank. ones that out performed on the year to date basis if you look at the s&p versus the industrial sector, it is not the biggest or most important. maybe it tells a bit about the economy. if you look at the overall picture, down 5% on the year a down year. we know. the s&p overall is still down 10%. that white line for the most part over the better course of the year tracking better than the orange line which is the s&p 500. winner wise. it is interesting. out performance in certain parts of the market and industrials has a lot to do with the kind of conflicts we have seen around the world rideght now specificay with russia and ukraine. you see focus on defense names like northrup which is up 26%. lockheed martin and general dynamics the big names to the upside. global conflict. tension with china and taiwan. that puts traders and investments on the defense contracts. you mentioned in the last segment the motion of housing a and real estate

the s.e.c.te --regulating hedge funr financial institutions. the decision to put forth these new requirements was contentious. i believe it was a 3-2 vote among the commissioners. it's a question of whether it's the s.e.c.'s job to evaluate the fund's individual investments. it puts into context the broader effort, the jurisdictional effort over many crypto assets. the s.e.c. believe crypto assets are securities and should have --should have regulation over securities. it's a step closer to making a case that these are securities. the only moat of vacation is not just assess -- motivation is not just assessing the risk but perhaps working to get more jurisdiction over the assets. maria: more power. great point, andy. great to see you this morning, thank you. the next hour of "mornings with maria" begins right now. ♪ maria: good thursday morning, everybody. thanks very much for joining us this morning many i'm maria bartiromo. it is thursday, august 11. your top stories right now, 7:0e east coast

. >> this does go back, though, as well to the s.e.c.effective audits of these chinese companies, and some sort of agreement being reached with the chinese in terms of allowing that to happen, and could result anyway in many of these companies being delisted as a result of not allowing for those audits that the s.e.c. has asked for >>> all right. let's move on. tom barkin joined us not that long ago right here on mosquitoes squos here's what he had to say about the state of inflation, and, of course, possible rate hikes ahead. >> we're happy to be inflation move down, and i would like to see a period of sustained inflation under control. until we do that, i think we'll have to continue to move rates into restrictive technology. we would look tyke 2%, and running at our target for some time. >> obviously we got some headlines as well on the reduction of the balance sheets that we got to towards the end of the interview. >> not flinching, really, not straying from the framework they have laid out. we need to see it in the data and multiple

elon musk and this is crossing right now, has just made an s.e.c. this is in regards to twitter, mark ten r, you're going to -- tepper, you're going to want to hear this, notifying he's terminating the merger agreement for additional basis, separate from basis set forth in the july 8th letter. he says since twitter challenged the validity the july 8th termination notice and basically he's saying not in lieu of basis for termination described in the july 8th termination later, anyway, he's filing to basically terminate the deal but he's giving more specifics and in the s.e.c. filing, we're just getting it in, in fox business, we're going through it right now, basically he's saying this is the reason i have the legal right to terminate this deal. does this change potentially what happens in october with the lawsuit, mark? it's a lot to give you in a few seconds. >> probably, if you think about i first things first, he was trying to back out because of the spam accounts, bots, fake accounts, whatever you want to call them because twitter's count on the

yet when i spoke to vlad, he was talking about being tough on crypto coinbase has 200 cryptos the s.e.c. hates that and wants that to be an exchange they may lose out to the ftc so there is a clash of the titans between one severe regulator and another. within it, you have to police it yourself i was hoping vlad was going to police it. but more points because they need more customers. >> microstrategy, saylor moving to executive chair, says his next job will focus on bitcoin they take a pretty sizable charge on a stake where i think their cost basis is still in the $30,000 range. >> yeah. i mean, he's been so ill-advised that -- look, i mean, it's telling. the stock goes up. i mean, that's a referendum in itself that the stock goes up. i've often found when a stock goes up when someone steps aside, that's the market making a cool and severe judgment. >> we haven't mentioned solana wallet hack. it seems like there's waun week. >> look at these things and the idea that this is anything -- there was one that was a ponzi scheme the s.e.c. did this incredibly great -- they had the crypto cha

long and wasn't necessarily it be required he stay on as part of that settlement but i think what the s.e.cin mind in terms of independent voices coming on the board as a check to musk never panned out. guy: no kidding. craig, thanks, indeed, craig trudell, ahead of what is happening in texas with the tesla meeting. ahead on this show, duke energy reporting a strong quarter and the company looking to offload its renewables nonregulated business. why is that important? we'll find out next. and we'll hear from a c.e.o. this is bloomberg. ♪ >> we are an hour into the u.s. trading session. bloomberg abigail doolittle is trapping -- is tracking the news for us. abigail: take a look at the numbers. impressive when the nasdaq had an up 3%. it had been close to being up 20% from the bottom. i believe bloomberg opinion column is john arthur was posing the question could that constitute a four market when you put it in the downtrend. very impressive today's action higher. a little bit of a mixed bag. up about 27% in july, it's best month since i believe 2009. they are going forward with a four-part b

s.e.c. put it on the delisting watch on friday this could be a number of exchange not meeting environments china bars foreign inspection of documents of accounting firms. it will work to keep the new york and hong kong listings. and a new name owner of banana boat recall because a scalp cancer risk. edgewell is not saying how many cans are recalled. check it out it seems serious. >>> still to come, the morning rbi and key words of what may really be in manchin and schumer's big spending bill and why one says may add to inflation. ients co co d situat that occur in their lives. for them it's the biggest milestone, the biggest accomplishment, the sale of a business, or an important event for their family. for them, it's the first and only time. we have seen this literally thousands of times, in thousands of iterations. ♪ ♪ i am vince lumia, head of field management at morgan stanley. whether that's retirement, paying for their children's college education, or their son or daughter getting marr

and hong kong exchanges after the s.e.c. added it to their delisting risk list. today alibaba announces it will comply with laws to keep listings on both exchanges meanwhile, chinese tech companies worst performers over the last month the biggest losers, carl >> yeah. definitely not participating in what was a pretty good july, jon. >>> coming up after the break, going's ceo. his message to employees as the company braces for more economic uncertainty. stock's closed session highs dow's up 120. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. sundar pachai. in order for small businesses to thrive, they need to be smart. efficient. agile. and that's never been more important than it is right now. so for a limited time, comcast business is introducing small business savings. call now to get powerful internet for just 39 dollars a month. with no contract

cryptocurrencies, bitcoin and ethos, every crypto exchange, not just coinbase is being investigated by the s.e.cat from a staffer. we'll watch that story after a nice run for crypto in general dow reversed losses. once again down 120. if you have this... and you get this... you could end up with this... unexpected out-of-pocket costs. so if you're on medicare, or soon to be, consider this. an aarp medicare supplement insurance plan from unitedhealthcare. medicare alone doesn't pay for everything. and what it doesn't pay for, like deductibles and copays, could add up to thousands of dollars. medicare supplement plans help by paying some of what medicare doesn't... and making your out-of-pocket costs a lot more predictable. call unitedhealthcare now and ask for your free decision guide. medicare supplement plans also let you see any doctor. any specialist. anywhere in the u.s. who accepts medicare patients. take charge of your health care today. consider adding this. call unitedhealthcare today about an aarp medicare supplement plan. >>> take a look at shares of global blood they're tootices surgi

while the products are already attracting plenty of volume they are also attracting a lot of scrutiny s.e.ccommissioner carolyn crenshaw warning they may pose an even greater risk to investors than regular leverage and inversed funds let's bring in bob greifeld of virtu financial, the former chairman and ceo of nasdaq and a cnbc contributor, author of "market mover: lessons from a decade of change at the nasdaq." i'm trying to decide in terms of change which side of this change you come down on >> well, kelly, one, thanks for having me today. the first thing i would try to do is put it in context. these types of products have been available through the private wealth channel for many years. every time i talk to a private wealth manager he's pitching a product like this. so what's impressive here is you made this type of technology, this product, more accessible, right, to regular retail and professional investor. so that brings up some concern which we'll talk about i also want to put it in context. so we have equities on one sidee of the continuum where you're owning a share of an asset if

as you may remember, in april, musk filed a bid with s.e.c. to buy twitter for $44 billion.nth later musk tried to back out. a week after that, twitter sued musk to try to force the deal to go through, musk filed a counterclaim, countersuit, which the delaware court just made public yesterday. it's 165 pages. it's online if you want to check it out. elon musk and twitter, the next steps here unless they reach a settlement first, they're headed to a five-day trial in delaware and that starts on october 17th, so lots of fireworks to come. >> not to enter that debate, but depending on how you define them there are also the trolls who have like 20 different accounts. >> there are so many shades of grey, keep all the lawyers very busy. >> the trolls are our favorite. >> not to be confused with bots. >> thank you so much, deirdre. >>> time now for a check of the weather and danielle breezy from our nashville station is out there for us, wkrn, once again. >> good morning, and yes, we've been talking about flooding across the country. unfortunately yesterday, virginia, maryland saw

this is following an s.e.c. filing for the company, which is two days after they reported earnings. million, after what they are saying is a new license requirement by the united states that is going to prevent them from selling some products to china. so a $400 million lowering of the guidance for the quarter. >> steve, is this new requirement, is this something they need to work through, or does it permanently prevent them from selling specific products to china. >> is a specific product, but the filing does not answer that question, so we are still digging to find out. right now, the bottom line, what we do need to know is the $400 million lowering of the guidance. >> thank you. we will continue to dig through this. 4.7% right now. what you make of this?'s >> you know, i've been negative on the semi conductors. this seems like it's one bad headline after another bad headline. i go back to february 2020. and video is trading at $75. they have less gaming revenue now, they have less mining revenue now. so i don't know why they should be in an uptrend. i would still say sell the nam

the deal now, the whistleblower is bringing up other things, like potential noncompliance with the s.e.cms of course you file a motion based on this new whistleblower information. but it does seem to undermine the original argument. which it creates other viable arguments to stop the deal is out of my league, i don't know i'm sure we'll have more of these news days between now and when the trial begins in the middle of october. >> but you're not touching the stock at 39.24 >> no. it's an event stock. i'd much rather look for good fundamentally sound companies that i think are dislocated. twitter right now, you've got to be a legal jen u.s. to invest in and to trade twitter and i'm not. >> mark mahaney, thank you very much. >>> look at the energy stocks, the worst performing ones. up next, a top analyst on whether the energy sell-off is creating a buying opportunity. best buy is rallying when we take you inside the market zone. the dow is down about 270. we'll be right back. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an

but interesting, like you mentioned, not going after the s.e.c.work with the regulators and stay within the guardrails at this point. >> i'm thinking back to a lot of the sale side calls on the run up, mike, and that was about revenue diversification. you can only surmise that the short is paying off for chanos, though. >> it almost has to be if yyou grant that coinbase is going to be one of the winners and one of the middle men in these biz, you have to have assumptions about price and volume for coinbase. if i look at state street or bank of new york, they each have $40 trillion in custody of assets razor thin margins, massive technological investments and traded ten times earnings. so it's obviously a long way from here to there, but you wonder what success long term means for this kind of business if it's a broker dealer or look at the e-trade model as well after '99 it was a viable business it did pretty well it got bought out by morgan stanley but never approached the heights of that initial rush of excitement in '99. >> kate, as far as big

law enforcement agencies, including the s.e.c. and the department of justice and today zatko is speaking out for the first time to cnn. have a look. ready? >> yes. >> why are you coming forward? >> all my life i've been about finding places where i can go, and make a difference. >> reporter: this is peiter zatko. until january this year he was head of security at ftwitter, bt now a whistle-blower. he said the problems are so grave, they're a risk to national security and democracy. >> twitter is a critical resource to the entire world. i think it is an extremely important platform. >> reporter: he handed over information about the company to various u.s. law enforcement agencies, the fcc, the ftc and the department of justice. >> may i ask your name. >> mudge. >> reporter: zatko is better known in the hacking world by his nickname mudge. he's been a renowned cybersecurity expert for decades. >> his roots are in hacking, figuring out how computers and software work. >> reporter: that expertise might be why jack dorsey then ceo of t

i think the s.e.c. and ftc have tried to step forward and call in these companies and force them to do more around security. certainly on the hill, on both sides of the aisle, they're after this kind of compliance, but to date, it has been very elusive. >> just to be clear, these are some of the richest people in the country that run and own these social media companies. they have the wherewithal if they want. they could hire thousands more people to make sure this stuff is secure. they just choose not to? >> i think if you look at the filing from katko, he talks about the prioritization of more users over security and privacy. and i think that's what we're seeing, if that is borne out to be true, it ratifies what people are feeling about these platforms. >> if people don't want to get rid of the social media companies, what would you tell them? don't trust the direct messages, don't trust anything is private? >> exactly, anything they say is private on the account probably isn't. >> thank you so much.

three names grabbing headlines, bed, bath and beyond, bbby, peloton delaying its annual report to the s.e.cnding a second deal termination notice to twitter. are these names investable we'll trade them in three stock lunch. >>> plus, how can companies manages pressing situations like these? we'll get a take from harvard bune soos lleoe.sisschl'bi grg ya cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities. (dad) we have to tell everyone that we just switched to verizon's new welcome unlimited plan, for just $30. (daughter) i've already told everyone! (nurse) wait... did you say verizon for just $30? (mom) it's their best unlimited price ever. (cool guy) $30...that's awesome. (dad) yeah, and it's from the mos

likelihood of costly proxy fights and we may see more personal attacks against specific directors the s.e.c puts proxy voters on equal footing with the small minority of investors who actually attended meetings in person where they can vote for the preferred mix of candidates. chair gary gensler has said, quote, this is an important aspect of shareholder democracy. scott? >> i heard you and david discussing earlier whether, you know, one or two people, if they win a vote, would make a difference on a board. i suppose at the end of the day, you know, a couple of voices in the room for an activist are better than none. >> that's right. i mean, well, for an activist, they can go back to their limited partners, they can g back to their investors and say, you know, we have significant from you >>> and coming up, two stocks hitting new lows, one is a dow stock down 20% trades are coming up next. (vo) hi. we're visible. a different kind of wireless company... ...running on a big impressive wireless network. how are we different? we exist only on your phone. so you get unlimited data for just $30/m

he's overpaid, i think he has underpaid and it is not just the national championships and the eight s.e.ce to that thinking of mine, look at the enrollment at alabama, a school i clearly attended, i don't know if i made that clear, my little brother just enrolled there as well. it used to be 23,000 students, 24,000. it is now 38,000 students. the number of out of state students has also skyrocketed. they pay a higher tuition. it brings in so much money for the university that if you are looking at a balance sheet, it makes sense. maybe it is not what everyones like or thinks is the most intellectual thing to pursue for a university, but it does draw students and does boost morale and makes it a really exciting campus to join. i had a great time there. and he has -- he has underpaid in a sense of the return on investment that they get for what he brings to the school. and he's also a coach who is very invested in the players' development. it is not just their four years there. it is overall that means so much to him. >> i would say this has gone well, omar. >> here's the enrollment from --

. >>> filing for a capital raise, up to $8 billion according to an s.e.c. filing. these names, going back to tesla over the last few years. they have to continue to raise caps and burn cash for a long time until they become profitable. the market cap, and they have $2 billion in cash. they are going to lose more than $2 billion this year, so they are going to have to keep doing it and diluting existing shareholders. that is the story. if you play this is a secular ship, maybe you spread your money around and some will succeed. not all of them. >> and you just have to let them burn through that cash as time goes on. >>> coming up, a radioactive rally. one uranium name, our very own tim seymour. he owns the stock. and more, when "fast money" returns. outperformance at pgi. with deep expertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit

he filed a complaint with the s.e.c.tyler mathison for a cnbc news update. >>> the same man involved in two meme stocks, there you go. here is your cnbc news update. lawyers for media companies are asking a federal judge in florida unseal the affidavit used in the search warrant for president trump's home at mar-a-lago they argue the release is in the public interest, but the justice department says it could compromise its ongoing investigation. in ohio, two former fraternity members were sentenced to jail after a march 21 hazing death at bowling green state. both men were acquitted of more serious charges back in may and will only serve six weeks in jail six other members of the fraternity have pleaded guilty to various charges, though none will serve more than a month in jail >>> the big ten conference has announced a $7 billion media rights deal with three television networks -- fox, nbc and cbs -- will begin airing big ten sports in 2023 the california schools ucla and usc will join the conference in 2024, and they w

law enforcement agencies including the s.e.c., ftc, and department of justice. >> we're in touch withusly. >> twitter is pushing back saying he's a pushing a narrative about our security practices that is riddled with inconsistencies and inaccuracies and lacks important context. cnn and t"the washington post" obtained a copy of the disclosure. in it, he claims nearly half of twitter's employees have access to some of the platform's main critical controls. >> there's an analogy of an airplane. you get on an airplane, and every passenger and the attendant crew all have access to the cockpit, to the controls, that's entirely unnecessary. it might be easy, but it's too easy to accidentally or intentionally turn an engine off. >> that kind of access contributed to the massive attack in the summer of 2020 when hackers, two of them teenagers, tricked a couple twitter employees into letting them into twitter's systems. >> if you're running any system, the more people that have access to the main switches, that's a very risky situation. >> yes, absolutely. i'm talking in generalities, just lar

shares popping after an s.e.c.ing revealed that activist investor value act took a nearly 7% stake in the media company. leslie picker with the story any idea what they want here, leslie >> hey, sara we have some idea at this point in time. value act revealing its stake in a 13-d filing earlier today. the 11 million shares owned at an aggregate price point of $350 million makes value act among the times' top holders valueact saying in the filing that it plans to have future discussions with directors and officers about topics ranging from management to board composition and whether it makes sense for a valueact employee to become a director there. valueact also says it will discuss operations, dividend policy, financial conditions, m & a, business strategy, executive compensation, and corporate governance so a large swath of topics. bloomberg also reporting on a letter that valueact sent to investors including additional plans that included a more aggressive rollout of the subscriber only bundles, like the athletic

the s.e.c. is looking into them. they are being sued by an investor. not clear who works for them.e was banned from twitter. >> yeah. doesn't have the reach twitter did, but if he loses this, it'd be that much more diminished. mike allen, thank you. we'll talk again in a bit on "morning joe." >>> thanks to all of you for getting up "way too early" on this monday morning. "morning joe" starts right now. ♪ this is ground control ♪ >> live look from kennedy space center this morning as nasa prepares to take a key step in a long-awaited return to the moon. with a test flight of its most powerful rocket yet. the artemis i mission is expected to launch a few hours from now depending on the weather, and we will carry it live. >>> we are also following this morning the major national security concerns from donald trump's reckless handling of classified documents. were u.s. intelligence sources and operatives compromised? we'll look at that. >>> plus, thenv

violations of s.e.c.h the board of directors. zatko speaking with snan. >> large tech companies, you need to know what the risks are and they also need to have an appetite to fix it. >> reporter: twitter hired zatko after a high-profile hack in 2020 that compromised company accounts. the company said zatko was fired from his senior executive role for poor performance. what we've seen thus far is a false narrative riddled with inconsistencies and inaccuracies. >> twitter has become a de facto complaint. >> reporter: the complaint comes with the legal battle with elon musk who is trying to get out of a $44 billion platform arguing twitter has drastically underestimated the number of so-called bots or fake accounts. and zatko alleges twitter's ceo tweeted false information. >> with the misinformation, a lot of these bolts are used for commercial purposes to sell products but propaganda. >> that was nbc's gabe gutierrez reporting. ♪♪ >>> joining us now, politics reporter for axios loughlin marque. i don't kno