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tv   The Claman Countdown  FOX Business  October 21, 2021 3:00pm-4:00pm EDT

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discussion with you, and you're both probably spot on. i think the name is going to be meta. that's just my hunch. i think it's a simple lockdown of an easy stock symbol. nasdaq has been up even though yields are up, the s&p is going back and forth, it wants to go up, and i've got a feel toking last hour of trade thing might be just eventful, right, liz claman? liz: by the way, roblox is up $5 right now. charles: wow, okay. liz: there you go. we are watching a nail-biter on wall street. the s&p needs just under one point to set a new all-time high, and it is there -- well, it's touch and go, but, yeah, now up 2 points here. if it can't hold its gains, that will snap a six-day winning streak. markets mixed. big blue is holding the big board back, the dow jones industrials down 94 points. 9 bitcoin investors shifting from beast mode to taking a breather after the crypto nearly
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cracked $67,000 in its record run yesterday. isaiah jackson is here to tell us whether the big bulls on bitcoin still have legs or whether the dreaded crypto winter is coming. stay tuned for that. vitamin water make its debut today, the founder and ceo tells us how his company -- born in the back of a rented car 17 years ago -- is ready to challenge the beverage behemoths and already winning in the cocoa water area. and as tesla powers closer and closer to new record highs, we've got the tesla predicter who keeps beating the analysts. meet the small businessman who might be able to tell you more accurately how tesla is doing than all the analysts on wall street. you've got to hear how he triangulates and predicts these
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numbers. but first, we've got to begin with breaking news. the spac attack stock at the moment, wework. wework's wild ride on its first day of trade, up 6.7%. off the high, you can see that are from the intraday chart at the bottom there. the company that reinvented office space leasing but crashed and burned two years ago during its first attempt to ipo has a big move here at least of 6.5% at the moment. the stock opened at 11 and then changed ten minutes later, charging ahead, but then gapped down to $10.57. right now we're at $11.05 at the very moment. no doubt anything is a welcome bump with wework. we nearly ran out of cash back in august of 2019 partly due to outrageous spend anding by the founder, adam new sman. soft bank saved it. this time around wework comes public in a spac or reverse merger with a blank check
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company called bo-x. even with today's jump, its market cap of half a billion dollars -- that's where it is right now -- has a long way to go before reclaiming its 2019 valuation of $47 billion. and at this hour it appears the power of the trump brand is still holding sway. former president donald trump striking a spac deal with digital world acquisition corp.. it plans to launch a new social media platform called truth social with a beta land. next month and a rollout in early 2022. investors rushing to get in early, shares up 370% at this hour. we've got a fox business market alert. so what has been keeping the s&p9 and the dow from staying at new record lines once they've crossed them? at this hour we're seeing just a bit of a repeat where both indices have either hit or run right up to records, shall they close there though? they haven't been able to in the past couple of sessions.
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yesterday market was decidedly positive with advancers beating decliners, and yet we saw the dow and the s&p fall short by the closing bell. right now the s&p is above that record, up 3.8 points. needs to just be up under a point. as for the nasdaq, look at this, waking up at this hour, moving higher by 69 points thanks to a shot of caffeine from what was yesterday's disappointment, netflix. right now take a look at netflix, it's on the move higher at the moment by 4.5% after falling 2 plus percent yesterday even on an earnings surprise of 24% and a beat on quarterly subs. the squid game streamer hovering at the tap of the -- top of the nasdaq 100 is now in spitting distance of its 52-week high -- it's above it, sorry. $646.84, we're at 652 and change now. overall, quarterly earnings looked very healthy. 84% of the s&p companies that have reported so far have beaten
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estimates, folks. maybe inflation not hurting stocks like everybody thought? but will it? let's bring in our floor show traders at the moment. and, guys, i just want to say that we do have companies mentioning inflation. according to bank of america, on third quarter reports and conference calls by more than any other time in nearly two decades. okay? if mentions up 900%. so, sarge, if you believe png and fedex, input costs are a broader problem, but they're not crushing the broader market. will they and when? >> i think we've already had that wiggle. as you know, i'm one of the last economists that's still on team transitory. i'm aware i could be wrong -- liz: you are. [laughter] sorry. >> well, depends what transitory is. i think it's 9-15 months.
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you probably think it's 3 months, something like that, because most people put it in that box. i thought i'd create a portfolio for a little guy if you're afraid of inflation. if you probably want to get yourself long some energy and materials names. i have conocophillips, def van energy, alcoa and cleveland clinics, but you can replace them with any mix or match. who's going to have the pricing power? it's going to be the rails. i have union pacific and chesapeake. you could pick norfolk southern. they're going to have such pricing power that it's not going to matter. and if the fed is going to have to attack inflation, you need the banks. i have bank of america, wells fargo, sofi and key corp.. liz: a lot of people are believers in sofi. just a handful of conference calls, here's some of the comments that mentioned inflation. dow chemical, obviously, right?
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overall, prices jumped 50% year-over-year and 5% quarter over quarter. and then abbott labs said, quote: inflation and supply chain are really linked together. that was abbott labs. and hershey, quote: packaging inflation still a pressure point. so, scott bauer, do you think that the markets are in this case -- usually they're well ahead of the economy. in this case they're behind. >> yeah, i agree with that, liz, and i don't know of a company out there that hasn't mentioned these pressures. and, listen, the market can accept these higher rates. now, that's a little bit different from inflation. but when we start to see the cost of living increase, let's say for social security and even military pay, this is when it hits the headlines, and that's when it's going to start to spook the market -- liz: wait, say that again. say that again, because i want people to hear that. when? >> sure, sure. when we start to see headlines
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that social security may have to get raised and the cost to pay the military has to get raised because of these inflationary pressures, that's when i think it starts to spook the markets. and that's going to be too late. that's going to be in the rearview mirror at that point, you know? so like you say, the markets are usually ahead of the game. that's going to be behind the game. now, i agree with sarge on one thing here, i don't think we're doing to see that for the rest of this year. i think the markets have accepted where we are right now, so i don't think we see that for holiday spending. but these higher prices are going to start hitting the consumers, in my opinion, by q1. also one other real big headline point, liz. when grocery prices rise about 5% at the supermarket -- and we're almost there right now -- history shows that's when consumer spending habits start to change. we are nearing that level. liz: well, sarge, people are making weekend plans to go to costco. i mean, not me, but -- totally
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me. i'm thinking of going because, you know -- [laughter] >> that's me. liz: scott too. you know, randall quarrels, he is, of course, one of the fed big wigs, he's going to be on the fed's board of governors, and, sarge, you pointed this out in your morning note which i read, and i saw what you said. in essence, he said that transitory doesn't necessarily mean short-lived. if by spring we see inflation at 4%, i think we may have to reassess the rate at which we would be thinking about raising interest rates. and you're still in the transitory camp? >> it sounds like we kind of agree on that, yeah. i believe if this bout of inflation doesn't get worse, but is sustained into mid year 022, i would still call that transitory. of course, the fed would have to act at that point, which is what he's saying. so if they raise short-term interest rate targets, probably
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the worst thing that could happen would be foreign investors not back off on the the long end because they could force a granting of the yield curve d. flattening of the yield curve. so we would need foreign investors to back off a little bit, otherwise they'll crush growth. liz: all right. well, we've got the 10-year yield at 1.67. i think there's a little bit of a heart palpitation, but we're continuing to watch it. scott, sarge, thank you very much. the once-mighty big blue more like a shrinking blue at this hour. ibm drowning in red at the bottom of the dow and the s&p. weakness in the company's cloud business and a pullback in client spending caused revenue to miss analyst forecasts, ibm down 8.7%. by the way, if you bought ibm five years ago, it's not only dead money, you're down 13%. but scroll up, let's get out of that, all the way up to the top of the-, and we have h --
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the list, we have adjusted earnings, hp increased its annual dividend, it's getting rewarded. that's how these things -- hbq up 6%. and crop shares, take a look, stomping higher by 9.5% despite supply chain issues and the temporary shuttering of a vietnamese manufacturer. it remains fleet of foot by shifting productions and turning to air freight which is less expensive or at least gets the product there faster in order to transfer goods. a cdc advisory committee meeting right now to discuss booster shots of moderna, the j&j vaccine and whether they can be mixed and matched. you're saying didn't that already happen, liz? no, the fda gave the green light yesterday to that. we're waiting on the cdc.
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moderna up 1.8% after the vaccine maker will likely gain covid booster shot market share for pfizer and its partner, biontech, as soon as that approval comes through. pfizer down a quarter of a percent, j and j down a quarter of a percent. the coconut water company born from the back of a rented car making its nasdaq debut today. we're going to talk to vita-coco ceo on his big day and why he thinks his company is in perfect position to compete with the giants of the industry. closing bell ringing in 48 minutes. now, this is interesting. the dow is down 58 points. can it climb the next 47 and a half minutes to make it to the flat line? we shall see. don't go away, "the claman countdown" is the place you need to be right now for your must be. ♪ -- for your money. ♪ ♪
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and save money while you're at it with special offers just for movers at xfinity.com/moving. ♪ ♪ liz: 17 years after its founding, coconut water giant vitacoco making its nasdaq debut today, priced at $15 a share, the stock popped $1.50 at the
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open. right now it is down just under $2 to 14.70. the number one coconut water brand operates in 24 countries and is the market share leader in both the u.s. and u.k., among other countries. but in a year wracked with worsening supply chain issues and inflation if, how is a company that sources raw materials from around the world going to succeed? to cofounder and ceo michael kerbin. michael, big day today for a guy who sold your first bottle of coconut water from from the back of a rented car in the bahamas. e why now is the time to go public? >> look, i mean, we've been building this business for 17 years. you know the story, you know? me and my best friend had this dream of bringing coconut water from brazil to brooklyn, and that was the extent of it. and we built what is one of the largest healthy beverage platforms in the world. and, you know, we continue to drive growth with our vi transaction a coco brand, one of
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the masters growing brands in the beverage aisle today and becoming a household staple, and we're introducing new brands, healthy bev language brands -- beverage brands, and we believe that these are the brands that future generations want more of. and so now we believe we can give this and future generations the ability to invest in the brands that they want to buy and they want to drink. so we're really excited about going public. the public market gives us a platform from which to do so much more, and we're thrilled to be here. liz: well, it gives you a chance to raise a lot of money, and this is a sector the, this coconut water sector, that could end up being, what, a $3 billion market by 2027. something tells me you're going to say it'll be bigger. but talk to he about the challenges right now of business that you're facing. you do source your coconuts from all over the world and also have a very big portfolio of drinks
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that involve plant-based drinks, right? and that, of course, is an energy drink made from plants also sourced outside this country. >> yeah. i mean, let's start with our supply chain on coconut water. we have this incredible supply chain we've built over the last many years that has literally created a moat around our business that makes it hard for anybody else to the enter, let alone scale because what we're doing is we take a by-product are, right? we're working with these coconut manufacturers in the tropical world that historically have been using every piece of the coconut, the shell, the husk, the meat, the water was always a by-product. we taught them how to upcycle this by-product, we gave them a route to market for it and introducing the vita coco brand, so we're in a unique position where the largest input to our cost of goods which is our key ingredient is stable pricing because it was a by-product. it's not that we have all these
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crazy cost inflations across the board with ingredients and everything else. our largest component is stable, the coconut water. and obviously we're dealing with, like, everybody else i see on your show and others, dealing with ocean freight issues, costs, delays -- liz: what about that? what are your ocean freight cost issues? that is something you've been doing since day one where you first found the coconut and the water that you wanted down in brazil and shipped it, and we're looking at all of your competitors and more, i'm sure, you know, ziko is out there, you've got bai, i'm sure they'd take umbrage at the fact that you're best positioned, but you've got to tell me how you're getting around that. >> we're driving significant growth this year. first of all, top-line growth 17% trailing 12 months through the first half of the year, accelerating significantly in q3. and so the top-line growth is
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obviously helping. but we're also managing the business really well. you've got to realize we have a big supply chain in brazil and a big supply chain in asia. so we're able to flex in brazil when shipping rates are significantly higher in asia and so on and so forth. liz: okay. >> and we've absorbed quite a bit of cost this year. but we're one of the few name cap, mid-sized beverage company, food and beverage companies that not only are high growth, but also profitable and cash generative. and that's something we're really proud of and we think is really important, and our profitability continues to grow. liz: well, madonna liked it a hundred years ago -- >> a hundred years ago -- [laughter] liz: she invested in it, so congratulations, mike, and we'll be watching. gotta get that stock the up. now you're beholden to share holders as well, so we'll see how you do with that. >> we'll take it on. thanks so much, liz. liz: good to see you. there's a fertilizer fiasco happening right now down on the
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farm, and it could lead to higher prices on the supermarket shelves. lydia hu is hitting the heartland with yet another example of how rising prices, inflation are taking a bite out of your weekly food budget. and the stocks on the move because of it? we'll show you next. ♪ ♪ (rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.
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♪ liz: but business is just darling for agriculture giant darling uningredients. shares -- ingreed gents. the animal feed company appears to be in the sweet spot when it comes to high grain price. many farmers across the u.s. are sounding the rising price alarm as supply chain backlogs exacerbate shortages of fertilizer, of all things. it could be about to further drive up your farm to table produce section. american farmers now warning
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produce may come at a higher cost. great. let's go to lydia hu. she's live in michigan at a farm where fertilizer is now suddenly the hot commodity. lydia. >> reporter: yeah. hi, liz. these prices for fertilizer are probably going to be felt by many americans across the country when in the coming months they go to the store, the farm stand, they see the price for peppers or maybe brussel sprouts, they're higher than what they were. what's driving these higher fertilizer prices? a couple of things. first, some bad weather incidents that we've had. china talking about pulling back on its fertilizer exports and energy prices. about 75-80 -- or 90% of the cost to produce the fertilizer components comes from natural gas. and as we see the prices for natural gas spike, so too do the prices for fertilizer. now, the farmer who owns this farm stand tells me he usually buys all of next year's fertilizer right now, but for
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the first time ever, liz, his supplier will not quote him a price for the fertilizer and sell it to him because the prices are so volatile, and they're expected to go up. watch. >> they're definitely going to go up. there is no choice in that. just because of all of our inputs coming up. fertilizer is a major, like we talked last spring, we paid 351, now it's $710, so it's over doubled. one went from 365 to $810. so when your fertilizer alone goes up and then your boxes and everything right on down the line has almost doubled in price, what other choice do we have? >> reporter: and so now you've heard it from the farmer himself, the other experts that i've spoken to also know they'ry higher than they were a year ago, now they expect them to be driven even higher next year
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because of these rising fertilizer prices. liz. liz: okay. all right. we're watching and smelling it. lydia hu, thank you very much. after crushing earnings and revenue estimates and breaking records while they're at it, tesla is thumbing its nose at analysts who for years have gotten it wrong. up next we've got the small businessman who may have better intel on tesla than nearly every wall street analyst simply by watching his own orders. the king of tesla accessories is here next in a fox business exclusive. what he's seeing now in this current quarter. with the closing bell ringing in 31 minutes, the dow down 42, s&p now up 8, that's a record. nasdaq composite up 86. we are coming right back with the tesla accessory king. ♪ ♪
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♪♪ liz: oh, my god, look at tesla shares, up 3.5% right now and above their all-time high close. and they've already come within 40 cents of their all-time intraday high after destroying analyst estimates in the third quarter. what they need to do is get to 883.09 to be at a record. they're well above it at 895.51 with revenue, 13.8 billion and an eps of 1.67. -- ets. the numbers crashed through estimates. tesla leads the ev industry and has spent years punching back and fighting at may sayer analysts and short sellers who consistently claimed, incorrectly, that it would go bankrupt. one small businessman in florida who years ago founded the very first tesla accessory company knew that those analysts were dead wrong simply by watching
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his own sales. let's bring in the king of tesla accessories, matt pressman, cofounder and president of ev annex and, of course, the very successful web site. matt, first, were you surprised that tesla saw record profits and revenue this time around? >> not at all. i knew it-coming, for sure. -- s was coming, for sure. i was completely convinced after seeing our orders spike that this would be a big one. liz: okay. let's go back several years. you've been selling tesla accessories for quite some time. so year after year you've heard, quarter after quarter, short sellers say this thing's going down, this thing can't be making its sales numbers, and, i mean, reach back. give me an example of a time where you said these guys are so incorrect and off mark. >> well, i mean, there's many times throughout the history of tesla. we launched the company, it was a huge risk, you can imagine,
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trying to do a company to sell tesla accessories and parts when everyone said tesla would go bankrupt, they said it was going to be the next delorean. so for us, it was a huge risk. we went into the business selling consoles, sun shades, car covers, floor mats. it wasn't a porsche or a bmw, it was a big writes risk for -- big risk for us, and we just saw sales immediately skyrocket. out the gate. and we've seen that growth throughout our company's history. and so when i see analysts and short sellers come on oftentimes, i just can't believe what they're saying. i don't understand it. so i think you're going to continue to see this kind of growth. and the big thing i want to get across from what we're seeing is our customers who are one tesla households are now becoming two tesla households. and they order a model y, let's say, right now, and they have to wait six or eight months to get
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their car. so 2022 is going to be a year where the floodgates open and where tesla truly goes mainstream. liz: that is the headline there. i definitely think that you're able to deduce through simply the sales numbers that you have of what particularly is selling. i want to hold up -- because i've already cleaned you guys out on the web site as soon as i got the model y. this, this, everybody, let me do it over here. this way, this way? okay. this is a little mini trash can, it's called the cyber trash can. it looks just like the cyber truck. they have not begun to roll out the cyber truck yet with these unbelievable angles. how are sales of this going, and what can you predict once it is rolling off the assembly lines? >> that's a big seller. it's a cool product. it has the aesthetics of the cyber truck. and in our opinion, you know, just something interesting we're seeing right now is the fact
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that texas is a market for tesla accessories, happens to be growing rapidly. and we think that's due to the austin gigafactory in the state of texas and texans who, in particular, are really getting into the brand tesla. and i think that bodes well for the cyber truck. so in our opinion, we think the cyber truck's going to be a massive hit, and we're doing a lott to get ready for it. liz: you've got dog beds, all kinds of accessories. you now have a mattress for the back of the model y. what are you seeing with the plaid -- do you have plaid accessories? i wasn't sure. i was checking your web site. >> yeah, that's another interesting point of view that we take is that, you know, when everyone's saying when is plaid shipping, when are deliveries starting, we'll start seeing model s deliveries when we start seeing orders come through our site. and so again, i think we have a unique perspective because our business in some ways parallels
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tesla's delivery. so it's just like when you buy a house and you immediately want to furnish it when you buy a house. when you get your car, you immediately want to outfit it with all the parts and accessories to make it yours. we feel like in a weird way we're able to prognosticate or forecast what's going to be happening with tesla, in many cases better than analysts do. liz: i think that is the exact point, where i said we've got to get these guys on because you have a better sense. and let me end with this, the current quarter. again, you're not an analyst, you're not privy to some of the expert analysis of some of these guys who are top analysts do, but what do you predict? what will be the hottest seller, and how's the china sale numbers looking? >> well, yeah. the thing i think we're seeing that's very unusual right now, at least in our order flow, is international orders have really ramped up. so tesla is really taking hold in europe and in asia. our own, you know, order book, essentially, for those markets
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have just skyrocketed in the last quarter. and i think that's because the shanghai gig that factory's now the official hub for tesla versus fremont. and i think shanghai shipping to europe, we're starting to see a lot of orders come out of europe, and we think that market in particular is going to be a big one for tesla. tesla's going global, and so i think analysts and everyone in the market that's looking at tesla and thinking about how this company can you needs to understand that with these new giga factories in berlin, austin and obviously shanghai, the brand is going global. '22's going to be a big year. liz: your killing the short sellers who are just betting this thing's going down. matt, thank you. please make a lip gloss holder for the model y. i these that. >> okay, it's a deal. i'll do it. liz: thank you very much. matt pressman of evannex. bitcoin hovering around all-time highs after yesterday's
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record, but earlier this year we had the main meltdown in the crypto world. don't forget that. could we now be headed for another bitcoin winter? crypto genius isaiah jackson shares his thoughts. and speak of genius ideas, look at that, okay? bespoke suits where the lining is your favorite team. so you don't have to sit there and be obnoxious at a party. there it goes. carlton dixon founded this company called reveal suits. how he did it, how he's getting dozens and dozens of teams, high school, basketball and, of course, college, huge and pro to sign up with him. you've got to hear his story. he's on my everyone talks to liz podcast. he was raised by a single mom, but he learned the power of hard work. he developed a love for basketball, but faced with the difficult decision should he continue coaching or dive head first into his business, you gus where he went, and now he's
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♪ ♪ liz: okay. we gotta look at this right now. bitcoin this breather mode, in effect, right now after the cryptos surged to a record yesterday, crossing 66,000 for the very first time. and right now we're at $63,027 or, down about $2,091. so as we look right now, bitcoin's rising tide is still lifting all boats. the market cap for all cryptocurrencies now stands at a mind-boggling record $27 trillion. there is -- 2.7 trillion. there is no denying it, folks,
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the growth as of late has been fueled by the rollout of the etf which tracks bit coyne futures prices -- bitcoin futures prices. and another may launch as soon as this monday. krbe digital assets cofounder isaiah jackson -- buy bitcoin, live free. so you're a bull, isaiah, great to have you. what will the addition of a second exchange-traded fund do for bitcoin prices? is. >> bell, at this point -- well, at this point, i think the etf represents the legality or the entryway for investors to invest in bitcoin. i want to remind people that bitcoin got this far without etf ifs and that the etfs are not backed by bitcoin. so it is not actually -- even though grey scale is working on that. so it does allow institutional investors to enter the market, but it does not affect bitcoin's
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growth long term. in my opinion, it can only help it because there is more demand than there's ever been at a time where bitcoin is very scarce. liz: investor herd mentality is a funny thing. you never know what's going to spook the horseses. we've seen in the past, for example, a couple years ago when bitcoin ran up to nearly 20,000 and then plummeted for the next couple of years. they called it a crypto winter. and who's to say that that isn't something that's coming right now because the market gets too crowded with these etfs? >> yeah. i think that we'll see the bull side of that first, and we will have pullbacks. i think when people talk about crypto winter, they are discussing cryptocurrencies separate from bitcoin. you would never think that a discount was a bad thing if you went to your favorite store and your favorite item was 50% off. you would be excitement excited, as i have been when bitcoin has dipped.
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if you are looking at the overall broad market, this etf represents the first time the institutional investor can get involved. so i think it will be very bullish because a lot of them see the case for bitcoin long term. liz: could this be seen -- and believe me, i am somebody who says this has been real, and it is even more legit now. but could it be seen at least at this moment in time as a bubble? >> at this time, no. i believe that we still have not seen the growth that goes usually into quarter four of bitcoin's history, 2013, 2017 and, hopefully, hater we have a pattern -- later we have a pattern. so even though we may see what people consider a bubble, the internet was looking at a bubble in 2000. here we are 20 years later, and we can't live without it. i think bitcoin will have a similar story. liz: i want our viewers to know you bought your first bitcoin at
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$200. you have still held it. give me your prediction on how high it goes in the next year. >> in the next year? one bitcoin equals one bitcoin, but if you need a fiat price, i believe we'll see a $200,000 bitcoin in the next few months, and we may have a drawdown from there. liz: okay. you just said that on tv, so we have it on -- [laughter] you've got to come back, and we'll see if you are correct in all of that. isaiah, great to see you. isaiah jackson. by the way, he's got a show called community crypto on coindesk.com. don't take my job. [laughter] >> thanks -- liz: don't start the hustling in on my tv air. good to see you. thank you very much. [laughter] liz: the path to profitability for america's major air carriers revealed in third quarter earnings, but one airline not feeling the love from today's countdown closer. find out which one and why he thinks you need to not just hold
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it, get rid of it, sell it. "claman countdown" coming right back. dow jones industrials down 57 at the moment. what will happen with the s&p? it looks like, if we can hold on to these gains in the next nine minutes, it'll close at a record. ♪ muck if. ♪ ♪ . . as an independent financial advisor, i stand by these promises:
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(rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf.
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♪. liz: uh-huh. closing bell, five minutes away. look at the s&p up nine. it only needed a fraction after point to break a brand new record. seems to be headed for a record close. it is up 10 points. the dow not faring well. it would need to see a gain. it is down 36. would need a gain beyond the flat line of 16 points. not right there.
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ibm is the biggest laggard. shaving 88 points off the blue chip index. buffett sold off. he gave up. big problem with big blue. american airlines, alaska air, southwest reported earnings today. alaska was the only carrier of the three to report to return to profitability in the third quarter. we know last week or two weeks ago, delta swung back to profitability. according to our countdown closer one of these names will face more turbulence. david hardin, tell me that it is southwest, but something you see would make this is a more tush lent atmosphere for luv? >> i think the biggest thing we're talking about here is perception in minds of travelers. if you need to be at a wedding in charleston, south carolina this weekend, do you fly
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southwest and miss your wedding? the answer is, no. people start to think if you start to think of an airline and tie it to cancellations, that has a rippling effect. that 75 million they announced they lost. it has rippling effect into the future. this is a stock where we see short term struggles. we see volatility ahead, compared to the other stocks in the industry. we know the industry is still struggling. we know business travel is weak. so they're having their things. we're glad to see them come back to profitability but oil is a little bit high. we see oil a little bit higher in the future at least where it's at now. so if you want to be in this industry this is a stock we would avoid. liz: you know what? i think the cost is huge for this company from the most recent problems where two weekends ago they had thousands of cancellations. it will be about 75 million. so as we look at the sort of the broader picture for the airlines, aren't they all
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affected by anemic business travel right now? >> i think they are but some clearly the cancellations at southwest, delta didn't have the 75 million-dollar cost, right? or the other airlines. so this is a problem specific to them. it is not one that we don't see them fixing long term but they have a little bit of a pr problem right now that affected hundreds of americans across the u.s. so those minds are talking about how they missed this and missed that, were late to this. that will take time. and the next time they book and right now let's face it, the consumer, not business is the one driving revenue, they're going to think twice and look at other airlines. so volatility continues. struggles for longer. it is just a stock when you can have others an have exposure to that industry why would you hold southwest at this time? liz: let me broaden the discussion at the moment to the actual broader market. what do we see here? we see the s&p and nasdaq right
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now are at session highs. same with the dow still down eight points, the best it has been. looks like making a run for the border, punching into the green. the markets don't seem to be spooked by much these days. got a good first time jobless number today. it continues to fall. that is a good thing. if you mean in a wage spiral, spiraling higher, at what point will that ding the markets if at all? >> there is a couple things to look for. >> dow turned positive by the way. >> there you go. >> it is going to cross the border. what will make this bubble burst? i think the big one, when the news around the fed, all the federal reserve speak going on across the u.s. right now becomes more hurtful than it is helpful. i think that is the biggest key. right now we see inflation longer and the fed's trying to react to that but they're
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helping markets right now more than they're hurting. that is what i think the key is going to be. liz: we'll be watching it. david, great to have you. [closing bell rings] touching the positive for the dow jones. but the s&p just notched the 55th record of this year alone. that will do it for the claman countdown. my friend larry kudlow is next. ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. senator krysten sinema is saving america and killing democrats attempts to include tax hikes in reconciliation. now they're turning to senator manchin to get something done. it ain't going to happen. here is hillary vaughn live at the white house with all the details. hillary this is a wild day of news on this story. what's cooking? reporter: larry it has been a wild adventure today and the

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