deadlines for two outstanding spacs., palihapitiya has not tweeted anything about the spac market since he compared their performance to traditional he the spac market has changed since he was quoting jay-z and calling himself the businessman. all of his spac deals have gone south since mergers. virg virgin galactic down, and investor interest continues to plummet last month the first time in five years spacs raised zero, a big bagel there of no funding. that according to geo logic. i don't know, dee. what do you think here >> you know, i was interested in your thoughts. you were so early to this, andrew, i remember the interview you had with him and asking him tough questions about the fees he was earning i would say he has gone quiet on the spac front, but he's still talking weekly to our friend jason on the "all in" pod. the latest interview they were talking about the losses in the vision fund, and he said essentially he gets to keep swinging it is hard to put that much money to work. i could kind of sense that, you

emily: would you say the same for spac's? at the spac market has been in disarray.the spac market is doing more poorly than the actual ipo market. we've seen some smaller size ipo's coming back. instead of the billion dollar ipo, probably eight d million-dollar ipo. there's also long offerings. those deals are coming back. we had the busiest couple of weeks just in august because some of the vix index has gone down. people have more risk appetite, so things are looking up even though it is summer. but if you look at spac's, they are trading much, much worse than ipo's last year. unlikely we will see the same level of activity we saw last year or the year prior. emily: thank you for that update. i want to keep talking about these companies going public. another one, the company behind the fda approved racing game endeavor rx, used to treat kids with adhd. and it is fda approved. joining me is the ceo and cofounder. we just heard crystal talking about how hard it is to go public right now. the spac market in particular not doing well. why did you decide now is the rig

he'll spac you in a nanosecond he was spac'ing people before there were spacs >> before there were spacs, there was van morrison spac'ing people >> crude oil on the pace for the worst month of the year. yesterday was the worst day for the gasoline etf in two months rolling to the october contract. 254 would imply retail going below 3.5. >> a win for powell. we continue to president trump from the strategic petroleum reserve, which at this point is absurd >> is it recession fear or -- >> yes and the russians, whom everybody acknowledged are just -- they're pumping like -- it's amazing they're financing -- the west is financing their war as is india. >> the west or more china and india? >> well, i'm just saying that the west is still negotiating. >> the west is not getting much of its gas either. they've completely shut nord stream down now saying there's technical issue theys ear invest i -- invest gatesing. >> there was a time someone who ran the soviet union said enough was enough with the hatred of the west. >> yes he died yesterday. >> he was a great man. they hate him there now. >> 9

emily: a question about spac's. you were part of a spac goldrush as well.our spac offer -- i don't think it is a sign of where you wanted to be. we have had a number of spac cancellations. was this too good to be through? or was this needing a better market? spencer: i did do a spac with righetti computer and with opera pad, and neither are trading where i want them to be. there is a long way to go for those companies to live up to their full potential. the spac craze is over, i think. investor sentiment has soured on the product. i still think there is a place for that product. in particular, if a private company wants to get public right now, a spac merger is the only way to do it, because the regular ipo process is totally shut right now. there is still a role for spac 's, but it is smaller than a couple of years ago, when the advantages were more clear relative to a traditional ipo. emily: hunter rask off, i will let you get back to your very hot and sunny 75 weather over there. coming up, apple's brand-new iphone coming up this september. that and much

this is bloomberg. ♪ emily: the spac world continues to unravel.least four planned mergers to go public have been canceled since the market closed last friday, bringing the year's tally to 42. concerns have pushed 89 backers to withdraw plans to refresh capital for blank checks. here to explain, bloomberg's bailey lipshultz. just how many of these are we talking about here, and why are we seeing so many of them? bailey : as you saw in the chart, we have seen a growing number that has shut up since the start of the year, as we have seen over 600 blank-check company's on the hunt for deals, racing against deadlines that are built-up in the first quarter of next year, some going into the second quarter of next year. a little over 700 spacs either with signed deals or racing to find target companies to bring public. when you look at the break up the last few days, the circular in things like electronic vehicles or crypto-currencies, a lot of high-growth technology companies that are a long ways away from generating any kind of ibitda. that is something

it did in 2019 where you have 50-60 spacs filing to go public, taking smaller companies public thatan't find a larger bank to underwrite the ipo. the expectation is that the go-go days we saw in 2020 and 2021 is very much a thing of the past and more of an anomaly. emily: interesting. bailey, thank you for covering that story for us. coming up, how alex jones made even more money after being taken down from major social media platforms. we will have more on that next. ♪ this is bloomberg. emily: in the summer of 2018, apple, facebook, spotify, twitter and youtube banned the media companies of conspiracy theorist alex jones, which meant taking downs his broadcast after jones spent -- threatened robert muller. they cited content policy violations to deplatform the controversial host, which was supposed to relegate jones took in -- to obscurity. but his business became more lucrative than ever. max took a deep dive at this. how is this possible? >> two things are going on. although the big tech companies band info wars and banned alex jones, they didn't stop the circulation of the sand

78% of ipos in 2022 have been spacs. 72 spac ipos this year versus 92 in total there were only 570 spacsng to make a deal, still, because it's gone so well for the other ones >> 175 spacs waiting to ipo. by the way, the liquidations have started in earns. there have been 101 spacs. >> name my one that's making it. >> archer? >> draftkings. >> they put down a deposit on flying taxis. >> blade is doing well, but it's not above ten. draftkings, we're going to see the season begin soon. >> yes, football >> i'm just trying to come up with spacs that work, mp materials. they have precious metals that are needed they have a deal with gm >> they did not raise prices they should have it was a horrible blowup >> that was the class -- >> i love the way you say my buddy, because i do that to you, too. >> it is i try not to same things that aren't factual. >> he is my buddy. >> there's nothing wrong with that. >> the museum of natural history dish dave coty ran honeywell the way it should be run it's even better, yet the stock is stuck in a rut, h.o.n but i think it's about to break out. bed bath is

yeah >> that's a spac sometimes, david, you get a bad hand >> sometimes you do. >> spac gives you a lotnds. >> right now it's the liquidations >> you could draw a 5. >> liquidations of the spacs, not ones able to find a deal >> but don't you think that level of defeat puts the whole concept to shame >> listen, there are going to be some winners they're still doing deals. >> draftkings. >> bitcoin coming public. >> this is not a fun game. we're not just -- we're not playing hand and foot versus canasta. >> meanwhile, we have no new ipos what are we waiting for? >> hey, you know what bob dylan said, when you have nothing, you have nothing we got nothing i wish the spac people would realize they got nothing someone was talking about figs today. that's been a disaster you want some figs do you know how much -- they pay a lot of their pilots in stock >> yeah. one last one before we move on because we have so many other earnings to cover. kazoo group. this was daniel -- >> oh, yeah. >> czoo. czoo then we'll move on >> zz top. that's a group >> it's not a group. >> no? >> it's 63 cents >> jim,

any regrets about going public through a spac? it is interesting, because it is definitely not the most positive of market times. but i love the process. like, being public, the process of going public is a lot of work. and so when we decided about, or at least looked at opportunities to go public, like, one of the big considerations for me was, how much time was it going to take for me? i am very much of a ceo that, like, i like to operate hand i like to be in the weeds, like, how are we executing? i wanted to make sure i was minimizing time, like, how much time is it going to take for the whole process? the spac process is incredibly efficient. i got incredibly lucky with richard branson. he is a very high-quality investor. he has an incredibly educated team. he has actually invested in health care before. he has run benefits companies, he has had a care company in the u.k. so he knows the space and he was specifically looking at health care in the consumer space. so i am happy that the process was smooth and we ended up in a su

any regrets about going public through a spac?t is not necessarily the most positive of market times. but i love the process. the process of going public is a lot of work. when we looked at opportunities to go public, one of the big considerations was how much was -- how much time wasn't going to take for me? i am very much of a ceo who i like to operate and be in the weeds, like, how are we executing? i wanted to make sure i was minimizing time, how much time for the process? the spac process was efficient. i got incredibly lucky with richard branson. he is a very high-quality investor, has an incredibly educated team. he has invested in health care before, he has run benefits companies, he has a care company in u.k., so he knows the space and he was looking at health care in the consumer space. so i am happy -- the process was smooth and we ended up in a successful situation. david: many tech companies have seen prices go down. you have as well, i assume. anne: we have as well. david: does that bother you? do you say we will com

draft kings. >> you're talking about successful spac? >> i have a handful. >> there are a handful of them they're few and far between. >> they're able to come public >> not anymore there is great excitement. remember my line, everybody has a spac and a dream >> at joeby. >> incredible money grab they saw an opportunity to make money despite the fact that the underlying stock may go down to three or four. sponsor was still in position to make money when you look at the actual -- >> is it our responsibility to talk about how badly they performed? >> yeah. we havemany times. all right. let's move on to the broader market and talk more about that. and let's start with apple because it is a large market cap company in about $2.8 trillion hit a great move 32% the last couple months fell down, down 2.3% for the year as of this very moment. obviously far better than the more than 10% decline for the s&p. what do you think? >> i think you always should expect the unexpected. and i believe they will be, i hope, they will go out and talk about how

emily: you are also trying to take the company public, i believe, still via spac, and i believe therea deadline coming up for that. is that still the plan? especially given that the spac market has fizzled, what are you thinking about whether now is the right time? vishal: we are evaluating all of our opportunities. again, i cannot comment publicly on. all i can say is that we remain committed to actually achieving greater capitalization so that we can have the funding to serve our customers. we are open to all of the different options out there that enable us to continue to be well-capitalized. emily: i am curious your thoughts on this, we have been talking about the funding that adam neumann, the founder of wework just received, the biggest check from mark andreessen to revolutionize the real estate sector. what do you make of that funding? vishal: i am so happy that the venture capital community and entrepreneurs are still interested in revolutionizing the residential real estate market. here we have a $40 trillion industry where consumers still 6% to buy or sell a home, 10% of the

and david, you can see where the stock is, and it's a spac. it's at $30. what do we say about that? not bad >> small float, or how do we deal with the fact people are making money with this spac, or is this like a lucid where you made money for a while >> every so often it happens >> that's your analysis? >> yes >> solid every so often, the phillies beat the mets. >> yes, one out of three times the phillies will beat the mets. >> you don't have to be that granular there are reasons why a deal like this works, and a lot has to do with the fact it's a real company, yet the company can make money, which i find fascinating in itself, david it can make money. so isn't that something? >> yes that is something. and an anomaly when it comes to many of the companies that have gone public through the spac structure as we have discussed many, many times >> and david, more and more spacs obviously are giving the money back >> many are liquidatiliquidatin. that's starting to happen in a much more significant way. >> when they started, did they believe thriwere easy picking companies out there or

the spac process was efficient. i got incredibly lucky with richard branson.is a very high-quality investor. he has an incredibly educated team. invested in health care before, he has run benefits companies, he has had a care company in the u.k. so, he knows the space and he was looking at health care in the consumer space. so i am happy that the process was smooth and we ended up in a successful situation. david: many tech companies have seen their prices go down. so, you have as well, i assume. anne: we have as well. david: so does that bother you and you say, we will come back, or what is your view generally on the future of tech companies in terms of the valuations they once had? anne: i think coming from wall street has given me a good perspective on this. you know, wall street is not always reflective of true value, and i can also say that there is no shortage of opportunities that people have missed. where there is a diamond in the rough, where i could look at the early days of google, or i can look at the early days of amazon, where people didn't reall

emily: would you see a the same force -- would you say the same for spac's? i would say it's doing more poorly than the ipo market. we have seen some come back, we're seeing 20 million ipo's. on the positive front, there are offerings, new shares. some of the indexes have gone down. people have more risk appetite. things are looking up even though it is summer, but if you look at spac's, they are trading much worse than some of the ipo's from last year. it's unlikely we will see the same level of activity we saw. emily: crystal z. thank you for that update. i want to keep talking about these companies going public. another one is behind the fda approved. joining me is the ceo and cofounder. the stock market in particular is not doing well, why did you decide now at the right time? >> we are delivering a huge unmet need. we are growing a new medicine class. the need that we started with mental health issues has gotten worse. we see an urgent need. doctors are prescribing, patients are raising their hand and the demand is there. it's the right term to deliver.

the same week that [ inaudible ] is having himself another kind of celebrity money razor, but his spacmight have to return investor dollars. >> quickly, big shift in the banking, wells fargo positioning for a pullback in the mortsds ga mortgage business. according to bloomberg this was a company that was at one time number one in mortgage, but it is a volatile business and non-bank mortgage companies have taken a huge share of the business. >> they own the business now some ways that's what regulators want, but this housing cycle is going to prove how well that ends for them and the industry. >> i suspect wells wants to go into a much more steady business fee-based income asset management >> thanks for watching power lunch. >> "closing bell" starts now. >>> a mostly positive session faded in the last few minutes. retail results are supporting the dow. the most important hour of trading starts now welcome to "closing bell." i'm sara eisen take a look at where we stand in the markets. crazy intraday swings. we were lower this morning, recovered, had a nice rally in the afternoon, got as

congratulations on the spac. good luck today. zfox is the ticker >> thank you. >>> you're very welcome. the big money movers and supply constraints and costs taking the bite out of the bottom line for one big automaker. whose chart is that? >>> and ceo of novo nordisk. we will talk about the world growing obesitany d growing diabetes crisis. what they are doing to fight it. stick around technology lets autonomous vacuums work continuously around the house, but when your team has to work seamlessly around the world... you need more than technology. you need cdw who can help transform your organization with built for performance lenovo thinkpads. pre-configured for management flexibility and equipped with the intel evo platform. responsive collaboration tools give your team effortless connectivity to stay focused wherever they work. fetch. lenovo makes seamless productivity possible. cdw makes it powerful. ♪ ♪ ♪ ♪ ♪ ♪ when hurting feet make you want to stop, it's dr. scholl's time. our custom fit orthotics use foot mapping technolo

when you look at the spac trade with virgin galactic and 2019 turning into draftkings in early 2121 which set the stage for investing, it caught the energy of the market that seemingly was a bull market that could not run out of gas. when i talked to sources, that is why spac's got caught up with meme stocks and alternative cryptocurrencies. there was so much froth in the market that the speculative corners were able to go mainstream and be adopted by traders as well as speculative investors. katie: thank you so much. coming up, how startups can change their strategy to raise capital in the current environment. this is bloomberg. ♪ >> restoring price stability will likely require maintaining a restrictive policy stance for some time. the historical record cautions strongly against prematurely loosening policy. the open market committee focus is to bring inflation back down to the 2% goal. price stability is the responsibility of the federal reserve and serves as the bedrock of our economy. without price stability, the economy does not work for anyone. in particular, without price stabilit

attractive is the ipo market and there's not a lot of bankers that would take your company public >> spacs've seen a lot of demand in the private, pre-ipo market. huge demand and it's because those trade more fundamental there's absolutely no reason why docu-sign and spotify and these amazing companies should be trading at the discounts they're trading at compared to their revenue growth, their market share, profitability if you look at the private marketing you strip away the ability for speculators to sell shares short and people wake up on the wrong side of the bed afraid for their 401(k) and then things trade more fundamental. it's trading fundamental and is still attractive >> that's an interesting disti distinction. who is on your list we should be watching for this so-called liquidity event? >> yeah, for sure, my firm we have one of the best research teams in the business for private companies. we look over 350 private companies. we have our own proprietary way to determine whether or not they are going to go public or get acquired in the next one to two years. and 60% of the time w

investors don't just approve everything a spac management may find to acquire. liz: yeah, it's a boom and bust in every region of investing. alan, thank you very much. alan patricof, good to see you. >> thanks for having me. liz: buffet buy and sell signals. the oracle of omaha revealing second quarter stock moves in a new filing. if you want to strayed bike buffet, stay tuned for what he bought and sold. more in the pop stocks. closing bell, 38 minutes away. now we've got s&p still flat but the nasdaq paired its losses. the dow is coming back again, a bit higher by about 194 points and the nasdaq down 59 whereas it had been lower by 148. so much more ahead. we're coming right back with it. they customize your home insurance... so you only pay for what you need! ♪young people having a good time with insurance.♪ ♪young people.♪ ♪good times.♪ ♪insurance!♪ only pay for what you need. ♪liberty liberty. liberty. liberty.♪ some days, it felt like asthma was holding me back. but asthma has taken enough. so i go triple... with trelegy. with 3 medicines in 1 inhaler,...

despite the downturn in crypto and spac markets, the company sees growth posting record sales and ebidta'll see. not a great first day trading, icbrk.k tea is bacafr quk ea do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. >>> welcome back to "techcheck." turning now to fintech, a firm share plunging this morning on the heels of the latest results, revenue beat, but that guide getting some attention, it is cautious, and joining us now, in a first on cnbc interview, for a closer look at the quarter, the founder and ceo max levchin, good to see you, want to focus on the guide to start, becau

spac classroom concerned mp's -- backlash from concerned mp's. became less than 24 hours after truss announced the policy. she's in a race to replace boris johnson as the country's next prime minister. european union is on track to finalize a partnership agreement with thailand by the end of the year, nearly a decade after the pact was put on ice following a coup in the nation. it would be the first bilateral in order for the southeast asian nation. bloomberg learned eu member states want to strengthen the eu's role in the indo pacific region. in kentucky, more rain is pounding flood ravaged mountain communities. at least 37 people are confirmed dead. hundreds of others are unaccounted for. an official says the storm system moving east across the state could dump as much as two inches of rain per hour, impeding the rescue efforts. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. ♪ jon: welcome to "bloomberg markets.

pharma packs was the number one seller on amazon and the company had plans to go public through a spacring to go out of business. according to internal documents viewed by cnbc, packable is laying off 20% of its staff immediately and the rest after a complete winddown of activities after the company failed to secure new financing it has abandoned the spac deal in march citing unfavorable market conditions. when we come back, we'll be talking about breaking economic news durable goods. that's when we return after a quick break. in the meantime, you can see dow futures up by about 23 points, nasdaq and the s&p in the green as well. ♪ ♪ ♪ ♪ all-electric with room for up to seven. it's the suv electric has been waiting for. the all-new eqb from mercedes-benz. ♪ ♪ >>> welcome back to "squawk box. rick santelli here live at cmehq with breaking news, the july preliminary reed is going to change unchanged on the month, and last month's final read was up 2% if we strip out transportation, we can see that transportation was a drag on the number, because it increases to up .3, better than the .2

no hurry i was worried about the frenzy that was happening over the last few years with spacs and soew they would end ugly most are very good companies a lot of people have lost a lot of money especially in our industry, the ev industry. we didn't want to do that. we wanted the right time when the company has raised on financials and we are very close to that. >> mate rimac is friendly with elon musk. they had lunch in the spring he said the two companies have different markets. >> i admire tesla and eamon musk we are in different segments we want to push the edge of what's possible in performance cars tesla has everyday cars. >> the company's next biggest expansion is ev robo taxis which he's keeping under wraps they are facing problems with the combustion still it sold ought. >> so i only managed to get my hands on four of them, sadly i would have taken more. on the rimac or rimac and you corrected me despite being here. the bu dp atti white labeled their software to many others. the other question when they do ipo is where the the valuation multiples will be way better >> absolute

captured by the james webb spac telescope.ss than an hour later that it was actually a photo. it didn't jimmy, he is used to sending picture of his chorizo. effect is of course spanish sausage which is just like regular sausage it's delicious and salty and one of the reason that he can no longer closes bathrobe. i was surprised france even has physicist rate i kid the french. i kid them for they don't watch. physicist said even though he had originally pulled the prank just for fun, he later starts a a way to encourage people to think about cognitive bias and learn to be wary of authority arguments from authority. was also good way to get people to think about what he wanted for lunch freight he also apologized later for a sausage picture. ca said the french gave up easy. here are other pictures they took with the space telescope. here are saturn, saturn and its rings, here is the andromeda galaxy coming and here is jupiter. kat, do you think that's what h was trying to do? >> no, he was doing it because he was nerd and it was

specifically i'm talking about the decline in performance of spacs which were important last year, but the door is closing a bit on companies that would pursued an ipo down that route? >> technology sector is the leading sector in the ipo the last couple years. even this year when the ipo market is a lot slower that said, as you rightly mentioned, we are tight in liquidity and interest rate is going up now investors are chasing growth and looking at probably sustainable profits and companies probably with stronger growth perspective we have seen quite a lot of them coming to the market in the last couple years most of them, unfortunately, share price has performed badly. that hurts the investor sentiment. with the tight liquidity, investors are now more careful and choosey in allocating capital between more profitable -- maybe less growth prospect, but stable and show profitable track record. those are more preferred c compared to last couple years. >> what are the sectors you have seen ipo we have talked tech a lot. given the draw downs in the market, are there others considered leade

. >> in the interview what they said, that is a spac, one of the few successful spacs, i was always surprisedy were not eviscerated by frito lay they stayed nimble, made an acquisition. they're in a difficult six of the super market. >> they have the cheese balls which frito lay does not. >> one reason i didn't want them on "mad money" they always give us two things of cheese balls and my wife says look, stopped with the baconator -- let's hold off on that. >> i'm still waiting for my cheese balls the market is three positive sects. energy on top of yesterday. >> do you not find energy to be a fact tu was trade. oil was down big the oil stocks did not go down prelude to be able to say wait a second, what's going on. the oil stocks, an amazing piece, talking about the brilliant strategy of devin how they're buying property, pioneer two and the discipline they're showing by paying -- >> you're saying energy stocks can go up if crude oil prices are going down not just devin i saw your interview last week that was good. >> you did >> of course. >> i already referenced -- a lot of mutual fandom. >

time exchange at the big board today, it is liberty energy celebrating its esg report at the nasdaq, spacwe watch brett fill in watching the vix today as well [ bell ringing ] 21 in the among of august, its lowest since november. >> monthly average, 20s kind of the very long term average, with variance around it it's hard to say that it's telling us something concerning necessarily beyond what we've already seen, the daily market movements. what does it take for the vix to really go higher from here it takes people being very concerned about the next 30 days of the s&p 500, what it's going to do, and to pay up for the protection against it. that just hasn't really been a great bargain for people, at least psychologically, for people so it's sitting where it is. it reflects a more stable market, well up off the lows and this general sense out there that it would take another macro shock probably to knock it back. whether that means oil rebuilding some of its losses or, you know, something out of jackson hole, right now i don't look at the vix and say somehow it has it wrong, because it bas

they lost a lot of money people put figures together for me about spacs it's really rather incredible if you just decided to lose money by -- saying, you know what, i can lose money faster than you it is that breathtaking to see the data she put together about spacs. >> although back a year ago, when we were doing a lot of this from home, actually, right, talking about the boom, people were saying how can i find a way to short this? because this is ridiculous. >> right remember, they were shorting lucid. why? they felt lucid wasn't going to be able to make nearly as many cars as they were projecting well, no one was as negative about lucid than the numbers that came out today. going back -- i was telling ford that lucid is half your value, but they made 300 vehicles in the month of april 300. well, no i mean, you can't have a company valued at $34 billion if they sold 300 cars. by the way, they're still doing the reservations you know, as a method. anthony bourdain was a great writer i loved him. his first book was called -- it was called "no reservations. i'm not looking at reservati

things that pull back i will say if investors out there do have names that are losing money, maybe some spacs, software or service names that you really don't love, this is an opportunity to maybe sell some of those weaker cards into this market. otherwise, i would be buying the higher quality names, and with a two- to three-year horizon, people can make money. you're saying maybe selling the lower quality stuff while the market is open, shall we say sandy, thanks for your time. we appreciate it sandy villere. >>> the overall number was flat, but my next guest there's something between the lines. he'll explain. >>> there's what with kohl's bj's and cisco tell us about the econom we'll get you ready for the earnings result. we're back after this. 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, h

the company has struggled going public via spac last year, with shares dropping. shares in the u.s.ome 12%. this offshore oil driller in china posted higher than estimated revenues. it announced an interim dividend of 78 hong kong cents per share. and petrochina posted its best first half ever earnings. it also says government stimulus is starting to lift chinese oil demand. rishaad: onto jackson hole and the focus on jay powell's speech, the focus has somewhat diverted as jackson hole recovers from a soaking storm. michael mckee has on that and some of the meeting history. michael: the fed chair's speech is the main event friday. thursday, the talk in the conference was liquidity, but not the wall street kind. a massive storm hit grand teton national park, flooding the roads, and blowing down the tv tents, creating its own inverted yield curve. jay powell's speech may not have an impact on the markets quite as dramatic, as investors have already priced in a hawkish message. even if he says nothing new, they will probably take it that way. meanwhile, we have had requests for a seque

this was a spac in december. we'll hear from the ceo on what's driving this rebound in demand bob greifeld of virtu financial breaks down etfs hitting wall street his thoughts on the health of the market >>> welcome back to "the exchange." the second day in a row of a strong session, the dow up 342, 100 points off the high, consistent with the s&p today back up to 4238 and the nasdaq adding a third of a percent. the real highlight we're now 20% off the recent lows although still below the november highs here are some of the movers this hour dillard's having its best day since may. there's a good gauge of the middle income consumer meanwhile the stock has taken investors for a ride the past year but is still up about 60% other earnings movers to show you as well. six flags and sonos having their worst days ever. six flags down 21% they saw a 22% drop in attendance cut its full-year forecast those shares down 25%. and despite all the noise around the passage of the chips act about to snap a five-week winning streak

so they raised the value of these companies and you're seeing companies that went public with spacs or before they were ready this is some of the result of that kind of behavior. >> yeah, big bets gone bad, i guess. dan, thank you for weighing in always good to talk to you. >> thanks for having us. bye, sara. >>> wall street is buzzing about a big shakp pva eiteuatritequy a big (woman vo) eiteuatritequy giant sailing a great river past extraordinary landscapes stepping dow one that many have yet to discover. exploring with viking brings you closer to the world, to the history, the culture, the flavors, end of learn more at viking.com we'll bring you new details, y 1 - in the last two years, we quadrupled our team and the pace we're growing, i couldn't keep up without ziprecruiter. they do the legwork and they get my job posting in front of the right candidates. i love invite to apply. i instantly see great candidates and i can invite them to apply. we have hired across all departments, engineering, marketing, hardware, field techs. you can basically tell ziprecruiter who you need, when

before they speak, organizers will announce the results of the c spac straw poll which could give usof who the gop will nominate for president in 2024. and here he is, jeff paul -- no, no, not you. hey, jeff, he's in dallas with more. [laughter] >> reporter: yeah, arthel. we had speakers on thursday and friday, but you'd have to say saturday's probably most anticipate thed day, and that's because, as you mentioned, who is speaking tonight, former president donald trump. as we take a look, live look at the stage, organizers say they are preparing for the biggest crowd for cpac that they have seen so far over these last couple of days. and that really all goes back to the fact that many attending still believe that the party goes lu trump, and they say the evidence is in what just happened in arizona, a clean sweep for are republicans backed by trump many where they all won their primary contests for state legislate legislature, governor, u.s. senate. now, beyond the trump factor, conservatives near that's say it goes back to also the issues. yes, abortion has changed the dynamic with

they need to understand the sponsor just like in the context of spacs and other things may not be diamond hands >> especially if you see a 50% return on investment if you make $60 million on $120 million you made, look, sounds like a logical move. a lot of people would say time to rein in these gains maybe not the extraditional peoe who say diamond hands. that is a big gain maybe what this volatility means is get out. >> sure. not the people driving up the stock. these are the typical investor this is not -- i don't know what typical is anymore people who have been in this stock and people in amc, any of the quote/unquote meme stocks related to fundamentals misumis misunderstand. i don't know maybe it shouldn't be shocking there are a lot of people saying how is it possible that our dear leader has left us this is what happens in the context of these things. i think there will be a lot of people -- i don't want to say there are going to be. a lot of people are upset over him selling the shares. >>> let's talk about other shares this morning. shares are higher this time on fundamentals ear

spacs, memes, meyer multiple, no revenue, no earnings type of cathie wood stocks.nse, kathie. it was really cool what the market did, went from there categorically down and down and finally when it took out energy, when it took out energy, it took out the final general, that was the bottom. funny at the lows you saw all the bears double down, now we're really going to 3100 and 200-dollar earnings and markets always go down too much and up too much on the trend. we've been steadfastly bullish said the bottom was in place in june. could have should have rally in july. your friend mark talked about people are participating, they're not. i have meetings with long only clients all day long. long only clients are sitting on their hand waiting. >> right. >> what they're waiting for is tomorrow, more importantly they're waiting for argue and september. remember august no fed meeting but we have jackson hole. we'll hear some of this, right? september is the next fed meeting. if, hopefully, god, that we start to see an inflection point in inflation could finally come tomorro

. >> you've been one of the more successful spacs out there as well thank you for joining me appreciateor having me. >> dylan lissette, the ceo of utz. here's where we stand overall in the markets. up half a percent on the s&p, holding those gains into the close. almost 3/4 of a percent on the nasdaq small caps joining the party too. about a quarter of a percent so lagging a bit but quite a turnaround from what we saw earlier this morning where stocks were under pressure following that chinese data. after the break we back. wework founder adam neumann is making a comeback with a new company and a big new financial backer and wall street is buzzing about that we'll tell you the story next. and a reminder you can listen to "closing bell" on the go by following the "closing bell" podcast on your favorite podcast app. up about 164 on the dow. we'll be right back. [ "back to life" by soul ii soul ] what if you could change your surroundings with the touch of a finger? now you can. biometric id... inside the innovative, new c-class. >>> what is wall street buzzing about today? all the money f

marlo hernandez joins us now to talk about this doleeal and the spac. dr. hernandez, great to have you here maybe just give a little bit of the backdrop of this potential deal for amazon buying into this part of the industry clearly amazon only looks at big potential markets where maybe they can be disruptive and bring efficiencies. >> thanks for having me on what you're seeing here with signify health much like we saw with the amazon purchase of one medical is another validation of how attractive health care is today, particularly value-based health care that rewards quality over volume. what you're seeing more broadly is a continued paradigm shift or evolution from that transactional system of health care that we have, which is broken, inequitable, to one that is more relational and has a more comprehensive way that we treat patients amazon and many other companies are recognizing that importance. it's not like we go and buy a car and just call up allstate or state farm and say, hey, pick one for me or we go to a grocery store and, hey, this is the place

it was one of the spac things, meaning we should be weary. there was a lot of money being thrown around, around the creation of this quote, unquote, social media company. i don't think this is the last story we're going to hear about financial problems surrounding quote, unquote, truth. >> mike, as you and i have said before, as claire points out here, if you want to know whether trump pays his bills, ask any electrician in atlantic city over the last four years or so. >> willie, you and i are sitting in a state, a city, new york, where donald trump has been doing business of one kind or another over 40 years. the years are littered with claimants trying to get money from him for, you know, plumbing work, electrician work, any kind of work. he does not pay his bills. he is a legitimate debt beat. that's a fact. it's history. now, we have this. he's got this, you know, fund he raises money for from poor people who watch him on tv and, you know, oh, he's in trouble. look what they did. they invaded his home at mar-a-lago. i'm going to send him