constantly talking amuck the fact he's lick quidating twf the spacs speaks fire. 21 spacs have been liquidated, more than half in the last couple months with big backers like bill ackman, time's team and 4 billion in summer 2020 and red bull acquisition sponsored by billy bean, the former general manager of the oakland a's. brad pitt played him in money ball he's not a movie they tried to do a couple deals that fell apart now they've given up i want to mention -- i'm just selecting some i thought were amazing. mudrick acquisition had two failed deals they tried to merge with topps but major league baseball d decided not to renew the contract and the whole thing fell apart and tried to merge with blue nile in the deal valued, write this down 873 million. 8-7-3 million. in the end they are buying blue nile decided to sell to cigna for 360 million. think about that they would rather have the cold hard cash from cigna and offered more than twice the price tag? this is only the beginning spac deals exploded late 2020 and many funds are approaching the two-year expiration date a year from now we can

the spac king has been striped of his throne.ding down two of his check firms after failing to find merger targets there are over 670 outstanding spacs in the mark. and almost 560 are sitting, waiting. maybe wishing for a deal so now that spac bubble has popped, will this back door way go away or will companies try to spac their way into the market let's ask ceo of accelerate financial financial and the etf that tracks spacs an mergers good to see you. sorry for butchering your last name it is a tricky one no excuses in terms of spacs, the heyday, would you assume, most people think it is over the heyday is gone so maybe this is the best ending for investors to have their money returned at $10 per share as opposed to finding a deal and jamming it through and losing money on the other end. >> yeah, you really nailing it we're in a tough market with the s&p 500 down 20% year-to-date and bonds down double-digits so investors taking it on the chin and spacs get a lot of negative attention in the media but if you look at that return p

letter we talked a lot about it how the spac investor has fared, but he's made out okay $750 million in spac, roughly doubling the money at his firm so we'll see if there's any money to get done. >> s&p is about 20 points after the intraday lows. >>> carl, thanks very much thanks very much to the half time report. i'm scott wapner we'll discuss and debate what that means for the markets with the investment committee the fed meeting begins, the dow goes down 244. bond yields are up today so you'll see there 256 is the ten-year the s&p is down, nas, not doing too much nothing like an earnings warning to get in the way of your bullish call for stocks. take us through that for those who didn't hear it you told me yesterday about 2:30 in the afternoon market setup for a rip your face rally. it took off after the close yesterday, but here we are four. >> by the way, i think we're in a bare market still no matter what happens until that changes technically that's where i am. i think we're setup for a face ripping rally here more son than we're setup for more of what we're seeing today and h

i'll go man-pire. >>> spac king unwinding two of his spacs. he brought many companies public through that vehicle one of the main forces behind sort of the broad embrace in the capital markets we saw some two years ago and the speculation that followed, as many of our viewers may know, given how often we've talked about it, you usually buy the shares of a spac that goes $10 per share. the spac or the sponsor has roughly two years to find a deal in which you get an opportunity as a shareholder to essentially vote on or get a redemption if you vote in favor. if you don't find a deal, you get the money back you can ask for an extension at least for two of his spacs, he's not doing that. he is unwinding to not a big surprise of course because time is going by here if you look at the broader spacs, there are still -- this is the numbers shocking. 550 are still looking for a deal it is almost laughable the idea that they will be able to find one. 550. some are smaller they raised 100 million bucks. they might have a pipe that gets them to a larger n

my bet is the next 100 spacs you see complete are going to outperform the last 100 spacs by an orderitude. >> wow 100 spacs. >> it is a low bar, but it's going to -- you're going to see some very good deals because the deals that are going to get done are going to be done at discounts to public markets versus premiums to public markets, which is happened in the last three years so, public market buyers will buy them because they're going to be very good deals were public market buyers >> i just wonder how long it's going to take us to see 100 more spacs. martin, good to see you, thank you. >> thanks again. >>> we continue to watch that warning from fedex last night, the ceo slashing their guidance, telling cramer we're headed for a global recession julia boorstin has more on how tech investors might be digesting that forecast. hi, julia. >> carl, investors and analysts are trying to figure out which tech companies are best and worst positioned for decline in advertiser and consumer spending google is down less than the rest of the bunch. it's down less than 1% bernstein writing that

trade if your spac has been unable to do a deal and decides to liquidate. are unhappy if they've done the deal and years have passed and there you are with your post-spac not doing very well. >> and there was the idea too that while so many stocks are down 80%, why aren't they finding good stuff to buy? that's always the way it is, it never feels like it's safe to buy the stuff that's been -- >> finally, one of those mornings where you're seeing some beat-up names lead. pbh, for example airlines are in there too. reuters did have a piece earlier this morning, i think it was in an international dateline, basically arguing corporates are setting their travel budgets for next year on a 2019 baseline, which is interesting, sort of trying to forget the last two years. and whether or not that drives some sort of marginal demand for corporate travel as we get back to work. >> it's interesting, the missing piece, i don't know that really neighbor is counting on. it's not baked in the numbers, i don't think. it would be interesting if it came through, but you wonder

what about spacs, 21 spacs have liquidated to far this year. cha malt palihapitiya the latest two wind down two today. is this the death of spacs >> i don't think it's the death of spacs but i think you'll see the spac market rebound -- probably look like it looked prior to 2021 and maybe the late 2020 boom. there's a place in the market in special situations where spacs make sense but every financial institution in the country probably shouldn't have a spac and i think you'll see a lot more blood clear its way through the system and then we'll be back to the way spacs were used traditional from the start. >> i want to ask you about your focus and your expertise you're back here with lerer hippeau after doing the deal with vox 9 and your digital media company. i'm curious, what's ahead for that group with the lack of m&a, lack of exits and now worries about advertising spend hitting the big companies like a meta or google what will it mean for some of these digital media properties >> yeah, you know, i'm on the board of vox after the deal. i th

and a dream well, spac dreams continue to die. wanted to update people because liberty media, remember, there's always interesting that liberty media, which, in many ways, resembles a spac in and of itself, trying to figure out the best way to buy different assets and position itself portfolio appropriately and use various and often complex structures to do so, would have launched a spac, but they did but now they're done liberty media saying, you know what we'd love to get permission from you guys to wrap this whole thing up, even sooner than our termination date of january 26th why? well, we've observed what it believes were high valuations in '21, a declining ipo market in '22, significant public and private market volatility, which have prevented the company from securing an opportunity that it believes will offer a compelling return on investment for its stockholders and so, another spac dream dies. by the way, week ago, did not point out that cohen robins, that very large spac that was buying a european lottery operator call

why spac? why now?: we set it up to seek a business that operates at scale in a market we know well, food, agriculture, life sciences, and where we believe technology that exists in our portfolio could be added and accretive to their operations. we know as very well. we came across lavaro, the largest in brazil, leading importer in latin america. this business has an incredible opportunity to transform how farmers farm in this market. latin america is the largest market globally, the largest provider of calories around the world. and so this is a massive opportunity. farmers locally in that market don't utilize the best technology. they don't have the greatest productivity, and using a tag retail, we can access that farmer to new technologies like biologics, software, and other tools that can improve more calories, sustainable food production, and so important because that is the region now. emily: i am curious about the decision to do a spac in general when they have been under pressure. they have almo

you don't like spacs. need to retool them, need to retool them in some kind of way. i think they were sold in a dishonest way. promoted by a lot of folks in the financial media in a dishonest way. i'm not saying anybody was deliberately doing it. we took out the pom-poms, i took out the pom-poms initially. i said what the hell am i cheering about. they have to retool them in some kind of a way i think. >> one definitely trend that will not happen, seeing spac money redistricting when the ipo market opens up again which hasn't happened. >> next year probably. >> next year. charles: what are you buying ann? >> get back to what you were saying about travel, one i'm watching went in early, carnival cruise lines. when you look how cruise lines do during recessions quite well. get a lot of bang for your buck, all inclusive. >> didn't someone have zero target on that or am i tripping? >> it is highly levered. it is highly levered. charles: what else you like hire, phil? >> believe it or not first time in a while,

george: most spac's have not done well, no question.here are about two dozen that are doing well, and they share one trait. they are all profitable businesses. grindr falls into that bucket, it is very profitable. we'll feel to good about the transaction from our perspective. the smack is a make it is -- the spac is a mechanism to get it done so it can become a public company. emily: you are one of very few openly gay ceo's, certainly as it comes to public companies. is there a precedent you want to set a message you want to send? george: yeah, i am very fortunate. people should believe that anything is possible. that is one of my core values as an operator, that the impossible is possible. i was born in the soviet union, came to the u.s. as a teenager to go to prep school, and now, this is the second company i going to take public. incredible things are achievable as long as you work hard. for those people who are part of the lgbtq committee, living in countries well ar -- countries where they are marginalized or can't feel like they c

and spacs. spacs have fizzle -- not yours. you have spac news about rumble.r business that you have -- you're looking to reverse merge with. where do we stand on that? >> okay. rumble will vote on next thursday and probably close on the 16th. but rumble is incredibly. i mean, it's a competitor to youtube and youtube has been throwing people off. when i met them, they had 1.6 million users. then they had 30 million users. a year ago they had 40 million users. last month they had 70 million users, up 75% from last year. 75% growth. they're growing as fast as tiktok was growing. imagine tiktok growing. so this is a rocketship because they throw off people because they sensor them. then they're all coming to rumble and now it's become, you know, huge so rumble is merging with cfdi and it's got such huge growth rate in front of it. huge numbers. it's really exciting and it's a company we took public with our spac, cfdi and our business with spac continues to be great. we're the ones who roll out the winners. i'm not saying other banks haven't sort of come and gone

you have to wonder about all of the other spacs that have gone public at the height of the spac boome trading below that spak spac price and maybe this the fate of a lot of them as well >> well it is extraordinary, right. that you have -- it sounds from the interview that there are multiple parties that are interested in this company and yet you still can't get up to the level that it went public at that sells a lot about what that spac bubble was like and so i think maybe this is the one that actually makes it out but as we know, sadly, most of them havenot >> the rest of them would kill to be where cano is right now. >> 8 and change. >> and it could go higher. >> and the after hours is up 6.7% here is what is coming up in next. >> congress concern, jamie dimon feeling the heat on capitol hill as fossil fuel funding come news focus. why one lawmaker was calling for an ask the exodus. and shares of eli lilly getting a boost as an analyst gives it a big thumbs up. so is this pharma stock the right medicine for your portfolio? you're watching "fast money," live from the nasdaq market s

. >> i think one of the most sufficiently spacs for 2022 raised prl four hundred million dollars onewith proceeds acquiring bringing a lot of content into the platform so a lot of different criticors my phone ringing off the hook rappers calling a lot of people calling. we have people from all different areas, the content calling us right now, i am really excited to start on boarding very new people into the platform. maria: so what are you looking for in terms of content chris. >> we are looking for, you know, we have a pretty good hold on the politics so really looking to get into music looking to get into gaming, we really want to go into different categories content one of the biggest complaints having within community i can't find favorite song on rumbleive to go to youtube they don't want to do that we need to focus on bringing in a lot of different areas of content the other thing we want to do is focusing on revenue for 2023 we launched rumble ads, we are looking forward to really driving a lot of revenue for the creator helping the economy. >> i am glad you mentioned youtube

is the environment of spacs finally over? mathieu: definitely. that they can now offer a solution to the market. the market has shut down. having them ready to merge with a private company as we have done a few months ago which is now publicly traded with more to come -- we are managing three spacs -- i believe the current market is a great opportunity. they will be the only opportunity for the market. dani: you just set us up for another year of asking you about spacs foot for now days all we have time for. thank you very much. mathieu chabran, cofounder of tikehau capital. coming up, the energy crisis and now rising rates. european equity is bracing for a sharp rate hike by the fed. more on that, next. this is bloomberg. ♪ dani: welcome back to "bloomberg daybreak: europe." i am dani burger in london. breaking news, germany will buy all of for tom -- of fortum's shares in unipart. the goal is to rescue the country's largest gas importer. uniper has been under pressure with stalled flows from gas. this will be about 8 billion euros that will inj

for each letter we talked a lot about it how the spac investor has fared, but he's made out okay $750ughly doubling the money at his firm so we'll see if there's any money to get done. >> s&p is about 20 points after the intraday lows. >>> carl, thanks very much thanks very much to the half time report. i'm scott wapner we'll discuss and debate what that means for the markets with the investment committee the fed meeting begins, the dow goes down 244. bond yields are up today so you'll see there 256 is the ten-year th

are the spacs coming back? i'm nervous about that.s remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ >> the day you get your clearchoice dental implants makes every day... a "let's dig in" day... >> mm. >> ...a "chow down" day... a "take a big bite" day... a "perfectly delicious" day... >> mm. [ chuckles ] >> ...a "love my new teeth" day. because your clearchoice day is the day everything is back on the menu. a clearchoice day changes every day. schedule a free consultation. charles: okay, bitcoin fans, here we go again. the world's top cryptocurrency under the gun, dipping under the 19 level. it has been pretty good support. it has attracted the buy on dips crowd over and over and ov

there were some quality spac companies but companies could not raise venture capital using spac to raiseies we invest in today, are companies we invest if they were public. they happen to be private. if you look at the initial launch portfolio, companies like flex port, which is digitizing the supply chain and logistics. they're backed by some of the best venture capitalists in the world. company like mosaic which is helping company adopt artificial intelligence that is more cost effective led by top venture capitalists led by a founder that previously sold his start up. we're backing companies we would likely back if they were public. they happen to be private. charles: it sounds exciting. can't wait to hear more. good luck with everything. can't wait to key an eye on you. >> thank you. charles: from the new hip to the old school, hip in its own way, bring in kadena group president, fox news, fox business contributor, my old friend gary b. smith. you know what, gary, obviously you and i have been around long enough we've seen some of these ground floor companies become grand slams. so i

yesterday, you did pummel spacs.alked about liquidating two outstanding spacs that hadn't done deals we got one this morning doing a deal and it's worth mentioning it's this company. they say their peers get investors into alternative assets and this company gets them out they have this platform where they create liquidity for people who own alternative assets, whether it's mid to high net north individuals or wealth managers, small institutions, general partners, and they get them out they're targeting the alternative asset class, total addressable market, they say,$51 billion in 2022, expected to grow to $106 billion in 2027 and they're going public through a spac and the spac is avalon and they're going to have what they say is a $3.5 billion enterprise value as you take a look at avalon acquisition in terms of how it's traded very recently, but it's right around ten bucks. $207 million in the trust. they're also looking for a pipe that could be as much as $383 million, and again, you never know with these things

spacs were supposed to be blank check companies to make acre si - acquisitions and skirting the mostup sky high forecast with no credibility whatsoever. if you try to pull this stuff over the normal ipo not that those are a picnic, you might end up in prison if you went to a bank to borrow money like this you would be laughed out of the office. wall street let it happen. meanwhile, the securities and exchange commission was asleep at the wheel didn't feel these needed to be, well, i don't know, examined toughly. i don't know wall street is a strange place, isn't it there is nobody around that says you know what? we shouldn't crush people with made up estimates and impossible to meet projections. we shouldn't close our eyes to what we know can't work. they want the money. they didn't care that the people running these companies didn't police themselves because the regulars didn't seem to care at all. the law says as long as whatever stinks is disclosed in some boiler plate way, everybody is fine the crazy thing about the spacs is we have now ones being created now. i want to scream wh

. >> spacs were a big issue a year ago. >> they still do it. >> we have seen our share.o that point, in the u.s., jim, as we know, issuance has virtually been nothing compared to what it has been in the past. >> companies are waiting and waiting and waiting. how long can they last, david? >> you tell me you cut costs. certainly if -- you're cutting costs and trying to avoid having a down round if you can. ultimately the choice is do we raise more money to fight to another day or not of course you are going to if you have to. >> what would happen if every time there is a spac we showed guts and said don't buy this, people >> i think you have to be discerning there are still some that are worth buying >> there are long shots at the races. there's 30:1 shots i don't want to recommend those. >> we talked about porsche and instacart. >> porsche is going to be a big deal >> it's a one-off. it's its own special thing they have a lot of sovereign funds. it's well subscribed it will start trading thursday >> do you think there will be people -- the headlines will be porsche bring

many tools to support companies as they grow and we have long talked about the conundrum is that a spack company with a fuse attached to it, and in this case walking away from a deal, which might have been the better answer than the opposite because we are worried the number of sponsors were going to do any deal at any price, though there is a real check and balance in the system and shareholders could vote against a deal >> for a number of the spacs, folks walking away, it will cost them >> what ultimately happens is they spend an enormous amount of money to find a deal, negotiate a deal, and there are tens of millions of dollars. >> in this case -- no, the great economics of the spac are if you complete a deal, it's a fabulous wealth creation device, beyond anything you can imagine >> for the founders. >> for the sponsor if you can get a deal, and this is an example of that, and you will see this across the board, and i think the spac universe is going to be littered with what might be described as broken deals and they will not only have lost out on a deal but millions of dollars, an

(laugh g) se like rit now--you e hi get iet and ill d justtare off into spac yeah, th's dan l.junr and asked hicould rent a rm. stayg with ax isar d. byrne: so you en't bk tother no . no, we'rnot backoghe r. theyid give a timrameof custo over anony, anthey gavme a year. is is a tter thasays e court s granted an expunment these ces righter e. ♪ so rig now i'm waiting anoth ychologil evaluaon . evertime i ce into ese hospal s, i waunder the inflnce of p .i'm reizing th i'm differenpers onwhili'm abusg these ug s. byrn when doou feel ke you ally hadhis realatio n?- the send time ound sing mparentalight s. but i just realized i keep on falling to this same trac k. - you look good. - thank yo viol: um, wh kind ofmeatbas are the?byrne:ood meatlls maderom icke n. (voiceover):uccessoes notjust lk like o thing ccess is jrney i'll say filminwith allf th em is what de me go back therapy. thought,well if they e having o ke care themsels, theni alsoave to dthe me ." niel: m an ambsador for up hereso i'monna staoutsid d sign pple up f the ving on ogra m. n: oh, h, i'm wi i t. yeah, me on, i'

you were on track to go public via spac with danny meyers spac, and that did not work out. market conditions; correct? any other interested parties in the future you believe can take your company public? >> well, we are exactly where we were when we last spoke about it. there's no change in the narrative there so there's nothing really new for me to disclose on that front. liz: well, we'll be watching it and we do hope everybody on your team stays safe and congratulations on being such a good company to work for. thank you, niren. >> thank you. liz: niren chaudhary. aaron judge added another list to names with his home run champs with his record-tieing home run last night. today's count down closer has stock picks he thinks can clear all the basis. closing bell 13 minutes away and we're coming right back. the dow down about 457 points. when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different t

reason, you get a certainty of close, most ipos won't price, you get a favorable valuation with the spacsnd you're getting that the multiples expand by the time the transaction closes for those three reasons, it actually makes more sense and we're hearing a lot of private company founders talk about that in their board meetings and as they plan their next 12 to 18 months. >> it seems like there's respect for the tool, as a tool, just as long as the projections are reasonable and responsible talk to me about intracart you think there's the possibility for some value there, depending on how it comes in. >> this is one of my favorite names. we're investors in instacart it's a name i've been talking about for the last two years this is a name every public investor deserves to own and the reason that i believe that is, number one, if this ipo comes anywhere below $20 billion, it would be the steal of the year. you can look at the down round and where people are marking it. but a 50% discount, that's the steal of the year in my opinion. let's take a step back from the actual valuation from a to

you know who thinks he's the best, sir richard branson who helped him go public via spac.nge juice futures are surging at this hour as hurricane eastern bears down on florida's orange belt. we are going to take you live to that region that is in danger. plus, cr crops across the county now constantly threatened by everything from hurricanes to natural disasters. well, app harvest, a publicly traded virtual or indoor farming company racing against the clock to solve the fresh produce scarety problem the nation faces. guess what they're now growing totally protected from the elements? with the closing bell ringing in 39 minutes and dow jones industrials down 109 and s&p down about six points and nasdaq holding to 23 points of green and russell up 6. we're going to show you app harvest's new harvest, that's next. ♪ liz: fox business alert. wholesale gasoline, rbob, jumped nearly 5% during the regular session and right now up nearly 4.5% alongside crude, which is up 2.5%. as fossil fuels pop, luxury ev maker lucid is in the sweet spot moving higher at this hour by about 2.25%

i'm a shale holder tew a spac. it's exceeded projections but digital real estate thrown by the wayside by public markets and that's frustrating what happens to these times of companies, openpad, door and others, through downturn, manage their back well, advantage to the seller is increased. they provide certainty to a home seller in a down or flat market like we're in some markets now more valuable toll a seller these companies should be able to do well through downturn if well managed and manage their book well. i think that having been said, a couple quarters in the penalty box while housing is thrown aside and they have to buckle down, keep performing. over time if they're patient stocks will recover. >> all right spencer, lots of good intelligence there appreciate it. >> thank you for having me. >>> and if you're looking for guidance of the volatility do not miss cnbc's delivering of a fa conference just 24 hours away leslie picker joins us with a preview. leslie finally almost here all excited. >> it's finally

a weak euro which helps the translation on earnings. >>> shares of digital world acquisition, the spacl street today as you can see down more than 16.5% the company is now delaying a shareholder vote on whether to give the deal a one-year extension until thursday which is the deadline to take trump media public according to a published report today, digital world has not been able to secure enough support for an extension leslie picker joins us what happens next and why the delay? >> basically they need a sizable turnout to get this extension approved they needed 65% of shareholders to vote in favor of this extension and as you know, dwac has a very large retail base which tends not to have the highest turnout when commit to corporate governance now they had two weeks to drum up enough support for this extension. they weren't able to do that they are now delaying it by two days we'll see if the media attention from today potentially throughout the rest of the week will do the trick, but clearly, the market is getting a little concerned they will be able to get this deal done, given all

a lot of the startups the merger, with the spac's, help to field those abilities we do not have to invest into manufacturing. we can put it all into product development. matt: does that mean you will be profitable on the electric bike soon? i was checking on the website. they do look pretty tasty. even on the traditional 45 degrees v twin guy, can you make money? is there margin yet? or when can you expect to see that? jochen: well, we plan to be profitable in 2026. right now, the focus is on expanding the ev motorcycle market, and that is why we are launching our new model, the 2023. we are starting to work on our first platform. it is a completely new structure, the architecture that we have built, the first electric motorcycle that is built in house from the autumn welcome in terms of the battery, the motor, the charging, and the overall connectivity system. it is quite revolutionary. its targeted assessment that is mostly trying to transform the traditional, you know, urban environment and the day-to-day riding experience into an urban adventure, and it is appealing to an experienced

you're talking about a broken spac stock.ls. charles: before i let you go, i looked today a few names that are up. the fertilizer stocks are hanging in there. the lithium stocks are hanging in there. solar stocks are hanging in there. what about the notion there will be new leadership, right? every 10-years or so you get new leadership? there was technology, maybe time for new leadership maybe it is time to find those? >> if you look at the action last couple weeks what is surprising upside, downside capture on financials are pretty good. the financials are sort of asserting themselves right now, energy you could make a case for energy, based not only on fundamentals but entry point with oil prices down 30%. so i do think there is opportunity for new leadership. you do not want to abandon technology but i'm saying rotate into quality, intel, cisco, some of those names. you have the opportunity to chase micro strategy a little later. charles: dave, thank you very much. folks the white house about to celebrate inflation reducti

talking about how spac etf's are failing not near enough. about inflation check and crypto check. we are not quite there yet. rishaad: the hang seng now down. the nikkei to 25 leading the the nikkei to 25 leading the charge, up over ♪♪ energy demands are rising. and the effects are being felt everywhere. that's why at chevron, we're increasing production in the permian basin by 15%. and we're projected to reach 1 million barrels of oil per day by 2025. all while staying on track to reduce our carbon emissions intensity in the area. because it's only human to tackle the challenges of today to help ensure a brighter tomorrow. an xfinity rewards special offer. xfinity customers join xfinity rewards and get an early access code to play the open beta. early access begins september 16th, first on playstation. visit xfinity.com/rewards. >> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪

they need, in order to put this spac, this spac deal off, they needed something like 65% of the voteail shareholders so they have not received enough votes yet. >>> coming up, breaking news this morning from crypto exchange ftx and anthony scaramucci ftx is taking a 30% stake in sky bridge and we will be joined by sam bankman fried. ground breaking in ohio, a brilliant move, people there are hardworking, salt of the earth, best people around and then later, richard clarida will be our special guest. we're coming right back. >>> time now for today's aflac trivia question. electronics retailer, circuit city closed its last store in what yr?ea the answer when cnbc's "squawk box" continues look at the size of that- gaaaaaaaaaaaap!!! is that a goat?! you talkin' about me? gaaaaaaaaaaaap!!! i think this goat is saying “gap.” must be talking about the expenses health insurance doesn't cover. so who's talking about the money aflac pays to help close that gap? gaaaaaaaaaaaap!!! aflac! aflac! gaaaaaaaaaaaap!!! it's about to go down, baby! aflac! aflac! stop that goat! get help with expenses he

two spac's failing is not enough to call the bottom. cross asset, it's all about currency and propensity to see the lows. whether 1985 is the low. they added back 100 bits yesterday. that was more dollar softness than serling strength. of course, i want to know what love is. that was number one when sterling trafton 1985. city good stays short. state street warns on twin deficits. he wants opportunities to buy sterling. nymex has turned it around by 6% yesterday on china's slowdown gloom and doom. rates have repriced aggressively this morning on this narrative from the rba. you are seeing tenure paper drop. dollar-yen, you know what, wants to take a break. this intervention is probably the only thing. it was 1998 and that's when you saw monster intervention in the middle of the asian country crisis and a russian default. that moved to then. let's get to the team. in asia, juliette saly standing chi with the latest -- standing by with the very latest. juliette: asian stocks rebounding from two-year loads. quite a hefty load of losses. we

think about retail some have advisers ones that don't got banged in spacs and nfts and cryptos may notaround ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq striving to reach the ultimate goal of zero poverty takes more than everyone's hopes and dreams. at citi, it takes a financial commitment to companies who empower people to lift themselves up. it takes funding and building on our know-how to help communities grow. that's how citi is helping create a better future by committing one trillion dollars in sustainable finance by 2030. because it takes everything to reach zero poverty. ♪ ♪ millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. because it takes everything to reach zero poverty. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing the best pr

it is a warning to investors who want to invest in companies that went public by a spac.ut when milton was indicted in 2021, that that would happen. nikola quickly reached a civil settlement which they are now paying. kriti: ed ludlow walking us through that. we are now looking at nikola shares, up 10% in the session. coming up, we will speak to evan brown of ubs asset management about an inclination to reverse -- on the interest rate hikes. that is something the bond. market may be pricing in. . this is bloomberg. ♪ pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. mark: welcome to the bnn and bloomberg audience. i am mark with first word news. a

thatitssueissue. >> to not take the spac. >> to turn it into a non-profit.is not involved are there incentives -- it pr is profits not the issue? as you know, i believe in all of the environmental issues you are talking about. no one will dispute those. to get to those, there are lots of things i would imagine are on the other side of the debate the circular economy you could start -- people would effectively regulate apple and say you can't make a new phone every year or your phone has to be disposable. by the way, other people would turn around and say it is a free market if they want to make the new phone, you should. you shouldn't tell them how to do it. >> this is different from the giving pledge. the billionaires are ear marking cancer research and they have all of their ideas >> andrew, you have not been if favor of people giving away their money and not pay to the u.s. government. 1$17.5 million is that fair >> you know, there should be some arrangement along the line where we have a cut off. >> his kids aren't getting it? >> you think it is a privil

a large portion of dwac is held by retail investors who tend to have lower turnout and the spac needsretty sizable turnout. without hat, dwac will have to lek wh liquidate if they don't get it done by september 8. that is the deadline but given what's going on with regulators, it's very unlikely it will take place a special meeting will be held at noon to see if the spac has garnered enough votes. the reuters report citing people familiar with the matter, not looking great. we'll know for sure come gnoon today. >> all right, a little over four hours until we hear something. if you hear anything before then, let us know. >> i will. absolutely >> thanks. >>> when we come back, we are going to talk about the markets. in fact, on this first trading day after labor day, this is back to school, back to business dow futures still indicate up by 172 points off the highs we saw earlier in the session when we closer to 220 points above the value. but gains this morning after losses last week for sure. s&p up by 20 points. the nasdaq indicated up by 50. "squawk box" will be right back. charging

. >> you have the spacs and crypto which is washed out. it's not surprising. i'm not seeing panic this is not '87 other '91. it is not dot-com or the financial crisis it is not there. behavior supports that >> let's bring in phil palumbo this morning >> thank you, frank. >> he is the voice of the market he is not seeing panic do you agree >> first, i don't believe the estimate of the price-to-earnings ratio. the estimates are off the peak 3% to 5% during any recession period, you see an average correction about 30%. in 2008, we saw 90% there is a wide range. however, when you think about what the fed is embarking on and wage increases and consumer demand slowing, you will see a profit recession which means if you take estimates down by 20% and this is important. the forward multiple today is 19 times. that means the market has to get cheaper. that's why analysts are saying 3,000. that is an appropriate level i don't agree. >> you heard 3,000 i heard 3,3500 as the lowest one thing i want to touch on is it is not 1981 or the dot-com bubble what you see is simila

stu: do you think the meme stock thing and the spac thing and to some degree the crypto thing. over? >> no, stuart, it's far from over. i think the crypto thing is certainly far from over. that's going to be with us forever i believe in some way, shape or form because that technology is going to live regardless of what we do with de-centralized currencies. now on the meme stocks, yes, that will be something that we'll look back at in a couple years and go, yeah, that fad has passed. stu: glad to hear it. okay, dr, thanks very much indeed. i thought they were gambling chips and i didn't like that. wrong aspect. >> don't want to gamble? >> no, i want to invest. i don't gamble. brian: he's a long term guy. stu: i don't play the slots, i don't gamble or play poker or scratch off cards. lauren: yet you're not patient. stu: i have no patience. brian: this is good, let's go. stu: we're in the news business, i don't do patience. the market is open and it is thursday, september 29th and almost into october. october is always a risky month, you know. we're almost there. lauren: september

liz: it was about a year and a half ago when vcs and spac world mergers were going up and things gotthy and we know the story about tyger global that spent money on startups that the funding rounds became too rich for a lot of people who are true experts of this. >> forced us to earlier stage and used to do bs and cs a lot and forced companies to do very early morningly because the hedge funds were coming in and paying more for the companies. liz: what is the sort of negative that you're seeing now from all of that? >> well, you know, during that time, talent got to be really expin sieve. it's good -- expensive and good for the talent and harder for the companies and money stepped out and it's easier to build companies and get talent and the big question is is there enough money to build onto the best companies? yes, so much money was raised and valuation comes down to where we'd like. liz: yet, you're going in certainly on a name like nile. tell us about that company, what is it about nile has you making a spend here? >> the two things in venture capital you want to do is bid on the

seems to be that ttrye shareholders on what has been a volatile year since they debuted through that spacier this year. the stock has tumbled more than 70%. they now expect oily revenue growth of 45% to 55%, and adjusted ibitda loss of 380 million in the second half of this year. so they are expected to break even by the second half of 2024. david: not so much for those who got into the ipo. this is a reflection, and this is a big company in the southeast asian region. philippines right now. you have the paso where it is, $.59. first time ever. the index is at 6000, flirting with the lowest since late 2020. that being said, deal activity relatively speaking has been ok. we will have a look at some of the big deals in the equity markets these last 12 months or so, how does it look relative to previous years? you had 14 last year. five this year, but at least he had some activity, right? let's bring in our guest, eduardo francisco head of, bdo capital investment, the investment arm of the country's biggest lender, bdo. how do things look from where you are sitting? busy? good, bad? eduardo:

to sort through the winners and losers right now, but there were a lot of companies that were de-spacced, so i don't want to name names. >> we don't care. >> the s.e.c. does so i think there's some interesting things there i've talked about paypal before, micron technology. i think those are interesting companies to take a look at. paypal stock is traded like it's going away you either believe it is or not. a lot of discussion centered on cryptocurrency, and the fact you could transact for zero. i don't think that's happening next week. i think a lot of these companies are well established and will continue to make props one i'm looking at, now buying yet, fedex. >> looking, but not buying it. i think it can still come down quite a bill, but a trail p.e. under nine, which is well established, i don't think its critical involvement in the economy is anywhere near over. >> so you're not just the biggest bear you're intellect we have more to do with scotts minerd >>> the next guest says the index could even break that low. he will make the technical case. that is next i may be close to reti

people say this was the start of the end of some of these spac deals. nikola is a spac deal.susan: saying it was technology it was riding on. stuart: thanks, susan. take a look at the price of gas right now. we've got gas at 3.71. that is the national average. treasury secretary janet yellen says there is a risk gas prices could rise again this year as the european union stops purchasing russian oil. edward lawrence at the white house. this is a global energy crisis. what do the european leaders propose? reporter: so europe is making changes. even the united kingdom is rolling back some of its bans on fracking. they're moving that direction. european union is actually reversing some of its energy policies and including more fossil fuels for the future coming in. now the u.s. though not changing policies and not increasing that global supply. gas prices are falling. that is mainly because the global demand for oil is also falling on fears of an economic slowdown. so cpi inflation right now, 8.5%. we get another data mark on inflation tomorrow. now in the u.s. the release of on

there's a new publicly traded company as intuitive machines inked a spac deal. how the inflation of cash will put american boots back on the moon. it's a fox business exclusive. take a look at the markets right now as you can see, dow down 237 and we have a few stocks trending higher but overall the breath of the dow in the market is negative. as you can see the biggest loser is travelers, wal-mart barely higher. "claman countdown" coming right back. ♪ millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... add a line to your existing plan, or see for yourself how easy it is to save by talking to our helpful switch squad at your local xfinity store today. cheryl: nasa taking one big step for earths space defense today as it looks to complete the first planetary prot

block outbound investment by american companies and individual investors >>> and a rocky week for the spac tied to former president trump's truth social the company failing late yesterday to gain the necessary votes to delay planned merger with truth social trump media and technology group digital world had been pushing shareholders to vote for the year-long delay this week amid scrutiny >>> the clock is ticking on the rail strike that could cost the u.s. economy $2 billion a year as of this morning, 5 of the 12 unions representing 21,000 workers have reached voluntary agreements with the railroads. ahead of the deadline, if a series of deals are not reached. 155,000 workers could be heading to the picket lines straining a supply chain further >> thank you, pippa. >>> looking to add to the gains yesterday for the stock market despite ongoing headwinds, we have global chief investment officer scott minerd with the grim outlook. >> 3,000 or 3,400. we'll figure out the bottom when we get there at that point, i'm a buyer if you believe everything i said or if you believe the fed will pause, th

it's the pure play spac the firm has owned since selling its position in virgin galactic.n 65% along with the broader space sector downdraft last week i asked founder and ceo peter beck if he thought his company was undervalued. >> we pride ourselves on executing. we're the second most launched rocket behind spacex most companies don't want to look back and what they promised when they came public. we're very happy to because we've exacuted across everything we said we would do. >> that's a key points in terms of looking at the sector, which has been very speculative. we've seen selloff aggressively since the end of last year with other tech names and other so-called spacs and speculative tech names they do actually put rockets into orbit and are manufacturing satellite and satellite parts for other companies as well, which is part of the reason he joined us on set last week on the heels of their investor day. >> technology -- we were talking about apple. big implications for how their devices will be used over the next ten years. >> actually, rocket lab is supplying indir

it's a maker of lithium ion batteries, celebrating its recent listing via spac.ideo platform also sharing its recent listing interesting, jim, there's a -- we mentioned lithium ion batteries. f ford's got a statement out a few moments ago, going to have their financial chief manage supply chain on a global basis, on an interim basis, and you got tesla recalling about a million because of some detection problems with the automatic reversal system. lot going on in cars and supply. >> right, well, i had kyle on this week and he is in charge of gm's self-driving, and he was talking about, look, we got to do all this stuff in-house, including building our chips we're going to be like tesla i put those words in his mouth, but basically, we're not going to worry about supply chain. we're taking care of it ourselves. we can do the software we can do the hardware ford has to get on that game plan right now, it seems that almost every day there's bad news out of ford, and even though cars and trucks are selling well, if they're going to do the kinds of numbers they're talk

i am cried spac time for a site visit. that is at this building. is this hopefully cold? what was it before? a kind of tree that belong to a glass boring factory. when the sunday morning agreed convert to death. and i think as i say all this around here is super co raglin living just beyond that one . i think myself on it's of the home. it's that up front as the homeless. oh good. a great vacation and food retired to indies. and on the other side, there's the f bomb, and then there's just the she, a length of the building. it's enormous genome. the b hub is a massive project by berlin architectural firm barco liveing. her, it has a total length of 300 meters, with a surface area of 47300 square meters, divided over 10 floors of office space. the facade folds like an accordion offset by horizontal benz of exposed concrete and vertical reinforcements of white fluted terra cotta tiles. it just stands there, tall and long. bessie sneak him what, what these corners days and what the layering that these elements mean? it doesn't look like one single loan buildings. instead. it'

. >> what about the overall market environment, the fact that ipos and spacs have dried up, the factest rates has hurt tech valuations so hard how is that affecting the longer term optimistic view that you have, if at all? >> well, it's a buying opportunity if you take the long view for really strong companies. not in every company, but take gitlab, one of our companies in the devop space. it's single penetration into a rapidly large market, which is key to all future software development. do i see very large head room over the next three, five years? absolutely so it's a buy and hold opportunity for me at least. similar thing with something like affirm, another one of our portfolio companies, which is in the consumer lending business. buy now, pay later is small in the market they are in mastercard and visa is the real market these are exciting opportunities and have multi-year runs that's the approach we take, is a portfolio companies i'm happy to hold for multiple, multiple years. >> i was just going to ask about affirm because this stock was, what, $170 last year it's now in the