she said the cnbc post-spac index.he spacs that have completed a deal and its returns are pretty terrible, down more than 50% this year and coming off its worst month since inception. at least four spacs have liquidated this year, so far according to our data. compared with just one all of last year. is this the start of a much bigger wave? here to discuss is chris senik, chief investment strategist at wolfe research chris, is it bursting for good >> hi, kelly, thanks for having me i think it's bursting in large part for good. it was a by-product of the year we've had with physical and monetary stimulus. and when you normalize to a new environment, the large spac issuance we've seen and large spac deals we've seen will be long gone. >> there are still 600 spacs searching for an acquisition target, is that right? and shouldn't this be now a ripe time for finding cheap, attractive targets we were just talking with courtney a little while ago about gap. i understand they have to be private, but there's plenty of distresse

>> we still hope to have our spac approved in the fourth quarter, but timing is very difficult.n't think the legislation around regulation has a direct impact on the approval of our spac, but of course, sara, all of us are looking forward to the development of a smart regulatory framework particularly around stablecoin but frankly around many areas of digital and crypto. >> but they be regulated like banks, by bank regulators, like the fed, or by the s.e.c.? >> listen, i'm going to leave that to the legislators. one of the things that's been very, very clear within the group at circle, both before our involvement and today is we embrace regulation we have set ourselves up as the most conservative, the most regulated operating within the u.s. regulatory parameter, very, very clear on our portfolio standing behind our stablecoins, which is as you know 80% u.s. treasury t-bills three months and below, 20% cash, or a dollar is a dollar is a dollar. i do think regulation around a stable backing to stablecoins is important. >> bob, people don't have a lot of trust and faith right now

i'm sorry. >> they have a spac. isn't that a warning sign? >> a friend with a spac.e was now no longer talking about it he is basically -- >> all in hide jg looking for a deal. >> that was very good. >> more interesting structure. looking for another deal most run out of time. >> trying to buy everything in the worst market to buy anything why don't they buy 3m's groundwater problem? >> why did you bring that up >> they settled for 500 million. they can't seem to get any closure. >> it was a moment we remember last spring with the meme phenomenon and reminded of with gme split and buying 50k of bed bath. >> yeah. remember ryan cohen came in. maid a stand on bed bath it was the mid-20s. >> a unifying theme from the companies. >> that's why i brought it up. >> i made it clear to the viewers. >> important figure coming to gamestop >> suboptimal you could say. >> yeah. that was not right now. because i said that i'm a top ten hated person on twitter saying that negative thing about ryan cohen i can't look at the mentions column for the next day. the stock is now at 5. th

when it launched two years ago pershing square was the largest spac on record the recovery of capital markets during the pandemic has made getting a deal done less and less likely. >>> shares of rivian moving lower after the sharp move lower yesterday. this is after the company is planning to layoff 5% of the work force the layoffs are focused on non manufacturing roles, including teams with duplicate functions shares are down more than 70% this year. >>> and meta is telling team leaders to identify low per performing employees to squeeze them out one executive said every manager needs to think about each person on their team and value they are adding that's a direct report and they are not who they need and failing this company as a manager, you cannot allow someone to be net neutral or negative for meta. this is latest for managers following through on mark zuckerberg's promise to tighten the purse strings at the social media giant. >> that sounds creepy and weird. you forget that mark zuckerberg on some internal call said some of you probably shouldn't be here it looks like they ar

jeff: of the hundred eight -- 108 ipo's, 59 were spac ipo's. has been a slow down in that market compared to last year based on the market perception. we saw business combinations get completed in the first half of this year. it is a viable way to come to market but definitely more scrutiny. caroline: we have heard it theorized. how are they assessing the market and what does the backlog look like? jeff: there is it an enormous backlog. with the company went on file confidentially in december of 2021, it takes two to three months to work through the process. by the time they got to the end of the process, they were not going to go in the market as choppy as it was. everyone is looking for a little more stability. they want to see the volatility index come back down. they want to see some of the macro uncertainty get flushed out of the market. we are hopeful we will see some big deals come back to the market after labor day. caroline: how private companies can help their employee base, how there can be liquidity for these businesses. i know you

think of ironsource as the salesforce of gaming ironsource was an 11 million spac when it went public all-stock transaction. this comes, like we were talkingal earlier. it's also another example, guys of gaming consolidation. earlier this year, a huge wave of m&a activity. microsoft buying activision, take two buying zynga and sony buying bungee. more expected to come. other announcements, existing investors in unity, sequoia and silver lake putting in another combined $1 billion into unity after the deal closes. like we've been saying, unit shares falling about 15% on this deal despite that new billion dollar investment, and they're revising guidance down for the year, now guiding up to $1.35 billion which previously that was the low end of their guidance. by the way, unity is not alone coming off a round of lay-offs like so many other tech companies. the rest of the tech sector is seeing the same thing. unity is off 75% so far this year, carl i'll send it back to you >> steve, important story today, thanks >>> we'll stick with software and deal making. our next guest sees more conso

. >> what happens now to your spac talk us through the timeline you have a few months to do another dealrget, do a merger, before you have to give back money. >> i kind of field like, amongst or three big assets that we continue to have right now, we continue to have a treasury of almost $300 million, and that's intact that has not been hampered by the market we also have an extraordinary board of directors, and we've had eight months with that, we can do a lot as you may recall, what we did was to find a structure that overcame a lot of the natural problems with the spac process in and of itself we co-created a process whereby we would not need to raise a pipe or de-spaccing, and we're excited to create that kind of thinking in the next go-around >>> are you going to look at other places you mentioned the restaurant sector had been really hit heart, in terms of the multiples. are you going to look elsewhere? how are you thinking about that process right now? >> yeah, so when we launched it in the first place, food and beverage was not our primary focus, nor is it now as a matter of fact

was there are good companies that have strong fundamentals and have gotten caught up in the broader spac downward momentum and some are really good that will be successful once weep get past this sort of thought of spacs. >> what's been the biggest blowup >> bird. >> the scooter >> yeah. it was a company that i think was the fastest ever to a billion dollar valuation was it ever a $3 billion company? no last i checked it was trading at 43 cents it's more valuable than that it is a company that has a product consumers really like. there's a clear need for it in the transportation market. we think they have strong products and strong demand once we get past this period we'll rebound and do pretty well >> we rode scooters outside the exchange a few years ago we were safe, thank god. >>> let's check in on the markets. financials have just turned green. the only sector lower on the day would be energy. we're building on gains. we're near session highs and the nasdaq continues its march up 1% as we head into the close. mike santoli looking at the flight to quality and whether defense will cont

underwriting is the real problem here, and you see a huge drop off in ipo volumes, obviously spacs areext to nonexistent, and you see them drop off in that underwriting, which you also saw at jp morgan and morgan stanley. you will probably see it next week with other banks as well. jp morgan also cited issues with spreads widening and taking some marks on its buyout loans. he saw a similar issue at wells fargo. those losses are contained in hundreds of millions of dollars, so the question is, do they really get worse from here, what do you see the banks get really, really cautious here? even if they do get cautious here and you see that underwriting flow, they are still making money on currencies and commodities. for a bank like citigroup, and potentially goldman sachs, it is a good sign. jon: a great breakdown, as always. bloomberg's sonali basak. we are also watching the chilean peso, rallying after the central bank announced a $25 billion foreign exchange intervention program to support the battered currency. for more let's bring in emerging markets editor. we watch in canada what i

the e-sports goliath with 500 million gen z eyeballs just went public today via spac merger. it's called phase clan, check it . >> [clears and applause] liz: oh, yeah, the gaming tournaments are big money, and a fox business exclusive, ceo and founder lee trink is live in studio on how the gaming influencer company, the first of its kind to go public, plans to dominate the kherson, you may not have heard of his company but your kids certainly have, with the closing bell ringing in 48 minutes, dow is up 71 points, about a quarter of a percent, nasdaq, s&p in the green, the "clayman countdown" is grabbing the joystick, back in a moment with faze clan. this is the planning effect. [ kimberly ] before clearchoice, my dental health was so bad i would be in a lot of pain. i was unable to eat. it was very hard. kimberly came to clearchoice with a bunch of missing teeth, struggling with pain, with dental disease. clearchoice dental implants solved her dental issues. [ kimberly ] i feel so much better. i feel energized to go outside and play with my daughter. i can ate anything. like,

the cnbc spac 50 index >> look at that. >> can we go back to universal music? this was an odd one. he wasn't allowed to buy universal because of the s.e.c this was one of the few, i think, that actually probably would work out in favor of the public shareholders. they benefitted from the fact the s.e.c. said you can't do this bill ackman's fund, the professional to democratize these things this is one of the few that is a decent deal. instead, he took it and put it in the hedge fund and the professional investors were the ones who have won that game. >> the music business is -- it is bottom feeding at this point. it is hard to make money with the business model and everything else. >> it is not a bad business. it is growing. everyone listens to it on spotify and amazon and apple totally. it's continuing to be a growing business >> digital anynickels. digital pennies. >> it came from here down to here and is now slowly graduated. just saying. >>> let's talk pepsi did you get that thing yesterday? >> i did i got a bag of lots of carbs >> yeah. lots of carbs. ketchup flavored doritos

all the spacs, some will never come back. when dusted settles some are real companies.n recession with declining interest rates in slowing economy, which always happens, big tech will be defense system. they act like utilities. they're self-financed. some small companies will not granted survive. biotech is a poster child. they're beaten up down a lot more than the broad market. it is sexy to say jump out of growth, jump into value, to fight inflation. i don't think that really works. stick with the good companies with conviction and future earnings and dollar-cost-average, ride through the volatility. spread around your bets because some of these guys aren't going to survive. >> action in this market, feels like the last flair, the last start of a roman candle. seems to burn the highest, brightest but that is it. do you get a sense that is it even though it is not official and is it time to start think about the market to your point beyond the inflationary thing? if so, what do you buy, how do you position yourself for that? >> first off lumber and nickel are down 50%.

things were, given -- that wasn't all the things we can cite >> the first half, you strict out the spacrom what we call traditional m&a. driven in large by tech and industrial, and the megadeal, 10 billion and up that's off the greater year in m&a history, which was 2021. >> 2021. so you look at valuations held, premiums are up. and people ask why why was it so good se secondly disruption has not gone amp, and thirdly, esg has been a big driver. >> what do you mean when you say that >> companies are working hard, particularly in the energy sector, to reepps portfolios to get to carbon neutral, carbon neutrality, this stuff the real question is what happens now? >> of course i've been asked that question. in a mark like this with volatility, it's different to negotiate a price. ceo confidence always plays a role are things starting to trend poorly for your outlook in the second half? >> this is probably the most complex and uncertainly environment. the uncertainly factors are very real will in be a precipitous decline? the cliff edge at one point will it be more mod rule declines? >> are

a lot of the companies i am aware of either wanted to go through spac's, now the chinese companies areg course think about shanghai. it's been tough thinking about the tech industry in china. >> there are two thoughts going on here. one is that the chinese regulatory crackdown could destroy these tech companies. >> i think some of the biggest chinese companies including alibaba make most of their business it's not in the u.s.. many of my friends don't know what wechat is all about. the big tech giants come at the core business that is still in mainland china is a parallel universe in terms of tech. having said that, i think new companies are thinking this is not going overseas, it's about global markets similar to -- they wanted to be international but the international chinese version of tiktok is a completely different wave of operating in terms of product. a lot of the chinese companies wanted to do respect and international market but they have the ambition to be global companies from day one. emily: that brings me to the tiktok in the united states which is constantly brought up a

. >> well, it's a spac people can buy it and look how they did in the spacs before it's been distinctlyoptimal. but you know what, it's their day. it's their day i will say i have pfizer on. pfizer has never done my show. the numbers look very good, but i think people say it's vaccines, whatever how about the fact it might be just a really good company merck is a very good company i don't know what manchin is going to do. we keep hearing about drug prices in this bill. they used to call it the spend a lot of money now it's the save a lot of money. i know there's diesel. >> we'll ask him in a minute >> the sequel? >> punch bowl calls it the deal that shocked d.c. in the wake of the chips -- we'll gtd to that in a minute. you're right about pfizer and moderna. they both raised the guide no additional buyback out of pfizer >> yeah, because pfizer, and people say that vaccine is one and done and they go on to the next chef. hey, chef. >> yes >> honestly, the drug stocks are a bunch of chefs i don't understand what's happened here because these companies are very good. i'm going to posit som

additionally, the depmise of th spac market has brought on competition.business news, i'm leslie picker. >> it is fascinating to see trends develop as market volatility continues we whad an interesting conversation with raymond james. and the take privates are still in good shape. 2021 was a record year forte privates valuations come down and this should be ripe opportunities for private equity we know it has been sitting on dry powder for years now this dip in valuations could provide excellent evntry points for private equity are they waiting for krcorrectin that remains to be seen. we have downturns and we are still seeing interest from private equity and screening at this stage >>> we will take a quick break coming up, italy met the criteria for the second installment of the eu recovery funds. we'll have the latest after this break. >>> welcome back to "street signs. i'm julianna tatelbaum these are your headlines european equities off to a solid start with energy leading the gains amid the sfjitters overnih supplies and rising prices. >>> deutsche ba

a board member via spac. why now? all of that in a moment. i want to get to stocks rising in part lifted by netflix seemingly seeming in the right direction. taylor begs here to break it down. this is when there's a one million subscribers is a good thing. >> we are managing to turn that around and it did leave the market here, 20 think about technology, a performer, outperforming the stocks index. the russell 2000 also a big outperformer. it was another day of green on the screen. coming off of yesterday, which was a broad-based rally as well. it has been one of the best post earnings reactions on a broad-based index of where we are so far in this earnings season going back since 2009. we have come down so hard, you think netflix, by the way, finally getting a positive post market reaction. that is something we are watching after in the middle of this quarterly earnings season. you mentioned individual stock names. netflix was one we were watching, managing to do pretty well. we are looking at carnival, lower by 8% on the section, announcing

ground breaking projects that prove we're not powerless against extreme weather, such as the limb spac organic farm on the done us back color range. and highland fights founded by young people, but it relies on water and that's in short supply up here. jeanine harbor works turn shore the soil as as permeable as possible, so long as it can still absorb watcher. it can withstand extreme rainfall fluctuations. that doesn't fit them campus, you know, that yawn all stock a whole other in 2014 there was severe flooding hair in the region that caused 1000000 as worth of damage for the marshal back stream overflow. it could be the most of the areas around it all agricultural feels that are competent and where the water can't sleep in easily, and the soil is homeless deficient. moving on, flooding sweets away the entire top soil and entire villages are hit by mudslide offa buffington. the young organic farmers are planning to revitalize their land using a special technique. first, they analyzed local rainfall patterns. up in the blue line on the chart show in which direction the rainfall is lik

fact you latched onto the we were chatting about, the number of companies that have gone public via spac'sdown 65% so far this year. we will keep an eye on euro-dollar, trading at 1.00 14 this moment. 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 campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. -hi, i'm smokey bear and i made an assistant to help you out. because only you can prevent wildfires. -hey assistant smokey bear, call me papa bear because i'm "grrr-illing" up dinner. haha, do you get it? -yes. good job. -so, what should i do with all of these coals? -don't just toss them out. put them in a metal container because those embers can start a wildfire. -i understand, the stakes are high. assistant smokey vo: ha-ha, ha-ha. -see, smokey think's im funny

. >> i love thehe collection spac. >> i can see that, yes. >> this actually belongs to elizabeth enroll, but the material is older and likely belonged to her mother. imported into new york maybe by her father who was a merchant. okay. >> that is absolutely beautiful. kind of in line with thinking about materials. there was a question of what other material was in that spectacular tro that you showed us. it is actually, mostly gold. these tins here i think are copper, if i am not mistaken. in fact, it might be a little bit stronger. it isf definitely soft. if it has another metal in it, it is probably less. mostly just golden coral. it is just astounding. the craftsmanship on it. it is amazing. >> on that line of craftsmanship and the notion of the makers of some of these items, there was a question about, since we are looking at her object, her property, can you tell us about her relationship to slavery in this era where slaves were considered rob pretty -- property. >> the short answer is, the monroe's, they owned some 250 slaves. as far as management of their farm, you know, everythin

spac's, would be faang's.w an extremely speculated period, and we are not going to able market -- to a bull market. tom: it is seven years of abundance led by the seven years of famine or get that does not get it done for us. lisa: we will have to put the exodus aside and talk about what we are looking for in terms of the safety during this seven years of lean. you talked about bonds and the surprise that yields were so low , particularly benchmark rates. what is the safety if it is not bonds? leon: i would think undervalued common stocks. i would rather be in a common stock than in a bond, any day of the week, given the relative price of buying versus equities. we got to understand stocks are very heterogenous -- or rather, homogenous. aaa bond, aa bond, they will all trade within a quarter-point of each other. stocks are heterogenous. i look at a seedy bank of seven times earnings, bank of america nine times earnings, apollo, the financial service company. i'm doing relatively well this year because i have a

, and when it decides it's going to win a lawsuit, you are going to face a formidable adversary. o space. wait a minute. there's one going up now! how many of these guys are there? apartments-dot-com. the place to find a place. age is j ust a number. >> you know what i say to all the other titans of tech who are making such a fuss and launching themselves into space? i put millions of people into spaces for years. wait a minute, wait a minute. there's one going up now. how many of those guys are there? ost® high protein. hitting the road, not all 5g networks are created equal. t-mobile covers more highway miles with 5g than verizon. t-mobile has more 5g bars in more places than anyone. another reason t-mobile is the leader in 5g. hey, did i tell you i bought our car from carvana? yeah, ma. it was so easy. i found the perfect car under budget too! and i get seven days to love it or my money back... i love it! [laughs] we'll drive you happy at carvana. there's a monster problem and our hero needs solutions. so she starts a miro to brainstorm. “shoot it?” suggests the scientists. so they s

we were in a world where people could raise billions and billions of dollars for spacs, the rationale was, well, i'm getting 1-2 the %, and maybe someday i'll get a good investment. crypto. look at the number of people this that said crypto's worth zero, and yet it gets to $3 trillion worth of value. you look at -- well, how do people make money buying sparks, buying crypto, flipping houses? this is because we've created this sea of liquidity. record liquidity always leads to record illiquidity, and that's what we're starting to see now. liz: i agree with you on that, and we do have central banks to blame for leaving rates so low for so long. there were appropriate moments where rates should have been 0 or .25% but not two or three years ago we were having a gangbuster economy. jeff, i do want to talk about crypto really quickly here. crypto is seeing 2 of its 3 rl in market cap -- if we could put up crypto, that would be helpful, guys -- vaporize over the past several months. biti, this is the short-term etf where you short bitcoin. within just a week of its existence, it has become

to have capital markets be strong, especially compared to last year as you've seen the fall-off in spacslar ipos as well higher interest rates cutting into the mortgage businesses within these firms, even though they are providing a benefit to certain businesses as a result of just being able to charge more for loan making and then overall recession fears just makes people a little jittery when it comes to the financial sector. >> reserve builds. mayo's thing is you can't go out and say a hurricane is coming and then not have a buildup in your reserves. you can't have it both ways. so what's the negative impact of that he's much more positive on what he would describe as the main street banks over the wall street banks. >> and i think that's pretty common too as you separate the regional banks that are doing pretty traditional banking type businesses taking in deposits, making loans everyone expects loan growth to actually be pretty strong. credit quality is still strong as the consumer is strong. so that part of the business if you siphon that off doesn't look so, so bad especially in a

the stock up 70% this is one of those companies that went public via spac post covid, '21 or so it's been on a downward trajectory but not anymore. >>> wells fargo, the stock is jumping. the cfo said the bank is expecting net interest income to grow by 20% but warning that things will get worse for the economy. joining us now is the wells fargo cfo. mike, it's always good to have you on earnings day, welcome. >> thanks, sara. thanks for having me again. >> i just want to get the top and bottom line miss out of the way, first of all, even though the stock is reacting to some of that better guidance and just the overall enthusiasm right now around banks the miss related to equity investments. explain that >> well, earnings declined primarily related to our cyclical businesses coming into the quarter with headwinds against them both the mortgage business as rates have impacted that in a substantial way the last two quarters and our private equity and venture businesses given what you're seeing in the public equity markets that has an impact on the valuations there. when you really look

taking two steps back, the market took care of four horsemen of thepock lips, spacs, meme stocks, bitcoinie wood stocks. that is really good, we're get back into what companies you want to own, what does the economy look like, where we're going from here. charles: always good to see you, thanks man. >> all right. charles: senator manchin put the kibosh on last efforts to "build back better." president biden trying to figure things out because the left is pushing him hard. maybe he takes matters into his own hand. the white house says he will take strong executive action on climate tomorrow. there are reports he will stop short of declaring a full climate emergency. heritage foundation genevieve wood. this is a game we're playing right now but i'm a little frustrated because the white house made these overtures saying we'll get around the supreme court, you know, their decisions. now they're making overtures saying we'll get around the rules of the senate. and i understand every administration has their agenda. they have their ideology but i'm worried about how far this president is going

revenues very strong offsetting the challenges that exist in investment banking because of what the spaconment is going to be. so i feel much, much better about my bank holdings, about a morgan stanley, about a bank of america. i am not happy i am disappointed in the earnings from jpmorgan i don't like the suspension of a buyback. i understand why jamie dimon and the team are doing that, but i don't like it. i don't feel good about it at all, and quite candidly, i'm going to be studying the regional bank earnings in the coming days because i think there's opportunity there, and i think from my perspective, i've missed out on what has been a significant outperformance from a lot of these companies like m&t, regents, cincinnati financial, but i'd be looking to get into one of these. >> that's the mayo play right now. coming into earnings, the play was main street over wall street in terms of financial institutions doing well at this particular moment. >> clearly being reflected in terms of performance loan growth is strong. now you're talking about nii, which is going to be strong as well

real fireworks unit because it goes a long way to the downside or because there is a reason for the spac's to go a long way too. shery: our global economics and policy editor kathleen hays with our top market stories today. let us turn to twitter, it has formally sued elon musk over his abandon $44 million takeover out for -- offer. he changed his mind, trashed the company, and walked away. let us get information from jeff. what does twitter want at this point? i cannot imagine that they actually want elon musk to become the new owner? >> they want him to pay out his greenbacks that he promised to pay out. what they're asking the judge for is specific performance. you enter a contract, you are the smartest guy in the room, you sign your name to a contract, you are obligating yourself. he cannot show that there has been any hanky-panky that blew a hole in this deal on the part of twitter. . he has to pay the whole thing. eat the whole banana of 54.24 share. >> this court is very well-versed when it comes to corporate battles. >> it is the premier corporate case. there is no punitive damages

i helped create the spac index. >> we have had so much disruption. tony will be on some show today, because that is what people do. he is worried about to the 2023 apple numbers. yeah, okay. he is very worried. be very worried about something else, because of apple cracks, that is not a good day. >> not a good day. >> should we be worried about energy? there are reports on -- the futures were higher. >> people are saying it could go to 200. i have been saying that it could go up, but, when you have the key, which is natural gas, that is going to hurt the consumer. air conditioning. >> we are talking about europe. what will it mean for industrial europe in their ability to produce in the overall economy, and how deep of a recession they will have when they cannot get a hold of the necessary supplies and power. >> china being shut down,, will at what point do people say that united states is the greatest place on earth? it is impossible to invest in europe. the companies there, the stocks are going down. asia, they have two ipos. asia is stalled. we ar

investment -- >> you knew that was going to be the case it was a tough business when there's no ipos, spacsyes on all of this. >> 2.5% gainer it's probably helped the dow a little bit what are we, 322 we were up 250 now up 323. >> we'll have the full report and talking a lot more about that through the hour. >>> still to come, former fed vice chair roger ferguson is going to be talking recession with us. what the steps might be after we got the leak over the weekend. we'll see what roger thinks about that. >>> plus, we're going to talk to boeing ceo dave calhoun. you don't want to miss that as well stay tuned you're watching "squawk box," and this is cnbc this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. mom: how was school? dad: wow! ♪ vo: music can help

. >> we've had 71 companies come public this year that you ipo or spac combination >> i think they'recredible year, but i also would say we have 9% more companies listed on nasdaq than we had a year ago. so we have more services to sell to them in terms of our i.r. and government solutions we have more clients to manage in terms of managing their investors. so our job is kind of multi-faceted. the caterers are definitely one part of what we do >> that may be the new indicator. >> the issuers is what we really care about >> the numbers show that with a beat 207 on an adjusted basis versus the 191 the street was expecting. thanks for being with us great to see you >> great to be here, thank you >> years since we've been all together >> i know, this is incredible. >> i thought we were going to be open by easter remember that? >> i do remember that. i remember >> thanks. coming up -- >> tried not to remember >> a developing story out of europe on the gas market there and we're not talking about, you know, indigestion or at the pump we're talking about natural gas. plus, a netflix reportin

a lot of investors really got hurt by chasing returns in different things like spacs, meme stocks, crypto back to the basics is good and q3 while it may be volatile i think the end of the year can set up well for stock investors. cheryl: i like the bullish tone. we need to hear that jimmy lee, let's bring in michael lee to the conversation. michael, the other piece of this obviously is whether we are indeed in a recession and the front end of it. larry kudlow said on the program already that he believes we're in the front end of a recession right now. >> yeah, that's my thought. i believe we're in a recession. i don't know how deep this is. i don't know how long this is going to last. but that's my thoughts for jimmy is where do you think we are in terms of recession and how much of that do you think is actually priced in, i mean, having a first half of the year where the markets' down over 20%, you've got to believe a lot of the bad news might already be reflected in a lot of these stocks. >> yeah. i agree, michael. good to see you. i think we could technically be in a recession right no

digital world acquisition corp., the spac behind truth social is moving on news.3% in premarket trading. coming up, underwater and sinking fast, president biden's approval rating sinking to a new low as more dems say no to biden on a 2024 ticket. that's next. stay with us. ♪ straight up now tell me, is it going to be you and me together. ♪ or are you just having fun. ♪ you are so hard to read. ♪ you play hide and seek with your true intentions. # this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. 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, simplifie

both in terms of assets under management, so high net worth and retail investment banking in terms of spacsear ago and trading in terms of record trading was likely to be down. i think the issue is more about what they're doing to get in front of what they see in the future and that's where the issues lie, right. so suspended buybacks, definitely a nod to the fact that they are -- and jamie should be giving the commentary that he made, preparing for the economic hurricane, given that we and many people are positioning in defensive value based stocks that are dividend payers, that could become a problem. i think what i'm really going to be looking for today, apart from the numbers, is again that conference call and sort of the qualitative measures of what he's seeing. are we going to get to your point, the jamie dimon preparing an economic hurricane or are going to get the brian moynihan, he yes, it's getting slightly less goond robust but the -- good and robust but the consumer is still strong. as i've said, we've got a nine handle on the cpi yesterday, real wages are down. this inflation i

> china covid lockdowns because of concerns over that factory and also truth social looking at the spac a buyout. stuart: you're not supposed to say this but only time will tell what happens. >> absolutely, and do you want someone that's so unpredictable to be running your company any way? i think that's a question mark right there. stuart: i love him to really mess up twitter big time, i'd fire him, love to see that but there you go i'm just blood thirsty. >> apparently. stuart: thank you very much, susan. democrats renewing their push for a slimmed down version of build back better. hillary vaughn on capitol hill what's in this new bill, hillary reporter: stuart it's three parts there's a climate piece, there's a healthcare piece that deals with drug costs and medicare solvency and also a big deficit reduction piece, but senate majority leader chuck schumer is deep in negotiations with senator joe manchin but senator manchin's office is throwing cold water on the idea that democrats dreams of making build back better a reality, telling fox news in a statement this suggesting that a re