We need you back, so be well. Thank you, charles. We begin with breaking news. Some of the worlds top bank stocks are losing chunks of their market cap as we kick off the final hour of trade, and that is dragging down the broader market. Dow jones industrials and, by the way, everything is off the lows of the session, but still the dow is down about 184 points. We had been down about 465. We are looking at whats going on here regarding the selloff. Its erasing much of the ground the bulls had gained during this hour yesterday. If you look at the Dow Jones Industrials 2day chart, the blue chips at the moment are kind of coming back but still certainly not what happened yesterday, blasting skyward by 407 points monday afternoon. Yeah, not there yet to find that number back. The s p right now down 24 points. That loss at the moment basically yesterdays 40point gain, cant get it all back. The nasdaqs 85point sizzler just 24 hours ago has pretty much been doused, down 128 points for the nasdaq. Now, the heaviest weight dragging the the markets underwater, moodys downgrade of 10 regional banks. This move suggests that the panic this past spring sparked by Silicon Valley bank going belly up due to devalue bonds on its Balance Sheet may have left other banks vulnerable to the same issue, at least thats what moodys thinks. The kre down more than 1 , investors flee thing individual regional stocks which each lost a notch in the shower of moodys downgrades and warnings. It makes some sense, those names which include m t bank, a 19 billion market cap, fulton, citizens financial, makes sense they would get hit anywhere from 12 . But check out the big banks. Although untouched by moodys scissors, bank of america, goldman and citi are all down. Weve got bac down 2. 33 , Goldman Sachs down 2 , citigroup down 1. 7 . And doesnt mean to say that the only sector targeted by the bears at this hour is the banks. Look at the point process on the transports. So what weve got here is down 90 points. It eclipses yesterdays 76point gain. Of course, the transports include the truckers, airlines, railroads and Package Delivery names. Ups actually had been much lower, look at it right now, till down about 1 is , but at one point the shares had dropped to 176 a share at session lows, back up to about 180 at the moment is and change. This after the company, seen as a bellwether for the economy, reported weaker than expected revenue knew and lowered fullyear revenue forecast. A a lot of parts that are moving at the moment, so joining me now, adviser groups chief market strategist, phil man cat toe and blancato and all things banking star chris whalen. Chris, if you look at the dow heat map, the the laggard is pretty much aping the story of the day. It is Goldman Sachs, as you see. The financials, all of them, are under attack. Jpmorgans also in the red at the moment, not by nearly as much, down about, under 1 is . What do you make of the sector selloff, and is it overdone or just about right, something you expected . Well, no one expected this, liz. The rating agencies kept their actions very much under wraps. The u. S. Downgrade obviously broke the bubble in a sense. We could ignore s p for the past decade, but you cant ignore two of them. And, you know, in the world of credit, you use the lowest rating. So the question now is when is moodys going to join with everybody else at aa . I hope krol isnt is isnt the the last. It was expected, you know, the u. S. Is behaving badly in fiscal terms. We seem like idiots. We are. So the fed enabled this. And finally the rating agencies are responding. But the key thing that your viewers need to understand is that banks are tied to the u. S. Government. So the biggest banks eventually are going to get downgraded at least a notch to reflect the the u. S. Downgrade. Liz well, but thats if you look at how they rate big banks, there is the an assumption of government support. Liz uhhuh, true. So once they go down a notch, the banks have to go down a notch. Liz okay. Well, i mean, well see if that actually comes to pass. But, phil, when you look at what the downgrades mean and, by the way, it wasnt just names like m and t, pinnacle, blk, youve got outlooks that have been change to negative. Capital one, citizens financial, fifth third9 and the banks under review get a little bit bigger, bny mellon, bancorp, state street, northern trust, truest. Does this concern you, that there might be some type of contagion . It doesnt. I think this is a bit overblown. To be honest with you, i hear the comments made and i look at what happened with the two banks so far that have been in serious trouble, i would leave First Republic out of it, thats a much better bank. To me, the default cycle is only slightly up, its very small. Even Credit Card Debt only slightly up. So im not in the camp that theres as much stress as is made out to be. Liz well, the markets are kind of running scared here. If you look at the treasury markets, we watched a bit of a flight to quality. If you look at whats going on with the 10year, the 2year, and weve got a whole bunch of options this week, is that something more than a flight to quality or flight to safety . No, its an incremental increase in painful if i mean in pain. I mean, i agree with my colleague, the world is not ending tomorrow. Consumer defaults especially are very low. Where the pain is, is commercial real estate. Some of the big players have stepped back, theyre not making new hones. And if youre new loans. And if youre in a business that was always assuming assets would go up in value and that we could refinance every seven years without paying any principal, that now is over. So were going to restructure a lot of real estate. Its going to look like texas in the 1970s, liz. Liz yeah, we keep hearing that. Chris, we keep hearing that, but suddenly were looking at a Federal Reserve that seems just a slight bit more dovish. You had patrick park or harker can you imagine . There you are. Liz yeah. Patrick harker coming out, hes the philly fed guy, president , he came out this morning and said that the fed may now be at the point where it can just well, he didnt use the word pause, he said hold steady on rates and wait to see whats going on. Then, of course, you had tom barkin of richmond fed, and tom barkin says lets just be datadependent, we need to wait. And we dont have another meeting, phil, until september. So were getting thursday the cpi number and much more on inflation. And truth be told, oil being up a little bit means theyre probably going to level are off. Maybe i think they might if miss to the upside. Maybe well come in with a number slightly higher than expected, and this number of 4 on the 10year makes sense. To chris point about interestbacked loan, private equity plays very well. Were seeing the loans discounted down to 90 cents, theyre actually being cheapened, so you see some buyers. Yeah, well get some defaults, but thats a normal cycle. Im not terribly concerned. Liz chris, what do you like right now . This feels like if theres a crash and theres a slow motion, its put into super slow mow as we called it when we wanted to slow down a great play in sports, one thing you can do is you can get out of the way and go somewhere else. What do you think . Where are you going . Im a fundamentalist, as you know, liz, and i like to buy quality cheap. So ive been accumulating new York Community bank, ive been accumulating Guild Mortgages which is one of the bestrun lenders in the country, small cap lender out on the west coast, purchase business. Really no expense management, really well. Another company that i like, sort of a client but i cant own the stock is mr. Cooper. Theyre one of the winners in the mortgage space and relatively cheap right now, so i like to buy cheap when the cycles are against us. But the banks, look, they ran very well. Western alliance was up 40 some percent in a month. So the street wants to to own these names, but i think its going to take time for them to restructure their Balance Sheets so they can really get back to a stable profile that investors arent going to worry about. Thats really the issue. The reprice of deposits is ongoing, and it is the huge. Liz that is very true. And, phil, go ahead great point. Remember, the ped everyone went through the fed stress test, everyone went through with flying colors. [laughter] you look at some of this stuff and you would say, hes right, lets buy some of this stuff on the cheap. If you think rates are going to be lower in 12 months, then youre going to win for sure because the Balance Sheets clean themselves up yeah. I think whats interesting, the beat with on capital one. Thats one of the best managed consumer lenders . Exactly. I couldnt agree more. Id be a buyer all day long. [laughter] liz whats in your wallet . Gentlemen, thank you. And, folks, theyre both giving that advice that is really hard to take and sometimes its wrong, but a lot of times its right. Buffett does it too. Dont buy on days where the market is skyrocketing, and right now its not. Weve got a selloff here and maybe some things are cheaper. Heres a question for you, is outdoor decking company tradition benefiting treks, benefiting from the upgrade . It seems like that based on the stocks year to date performance, the ceo next on the companys outlook as homeowners lock into cheap borrowing costs stay put. Nobody want wants to give up that 3 mortgage, so theyre gussiing up their decks . We shall see. The claman countdown is coming right back. This thing, its making me get an ice bath again. What do you mean . These straps are mindblowing they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. And you are . Im an investor. In invesco qqq, a fund that gives me access to. Nasdaq 100 innovations like. Wearable training optimization tech. Uh, how long are you. Im done. Im okay. Your best defense against erosion and cavities is strong enamel nothing beats it. New pronamel active shield actively shields the enamel to defend against erosion and cavities. I think that this product is a gamechanger for my patients it really works. 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Rowe price our strategic investing approach can help you build the future you imagine. T. Rowe price, invest with confidence. Wow, you get to watch all your favorite stuff. Its to die for. And its all right here. Streaming was never this easy, you know. This is the way. You really went all out didnt you . Um, its called commitment. Could you turn down the volume . Here, you can try. Get way more into what your into when you stream on the xfinity 10g network. Liz we should take a look at lowes ask and home depot shares, and intraday you can see that while they are losing ground, they have definitely fought back. Lowes right now at 221 a share, thats a loss of just under 1. Earlier it was at 27, and for home 217. And home depot was as low as 323, its at 328 right now. Sill also in the still also in the red, but telsey group downgraded the the Home Improvement retailers to citing weak Housing Market trends and says consumers are more cautious on spending, particularly on highcost renovation projects. But trex, the maker of composite decking and railing, says consumers are still splurging on improving their outdoor home spaces. Where does the Home Improvement market currently stand as Mortgage Rates continue to rise . Trex ceo Brian Fairbanks is here in a fox business exclusive. Brian, if you could, compare this summer to previous summers. What kind of spend are you seeing people make on the stuff that needs your trex decking . Thanks for having me back on the show again. This summers very different from last summer. Were just coming off of our second largest quarter in the history of the company. Now, last year it was a Strong Quarter as well, but there was significant build and inventory in the channel. This year channel invenn stories are very low. The consumer has been very active in improving their existing homes, so while its been more difficult for the consumer to be able to move up to that stuff that, say, moving from a 1500 square foot home to a 2500, theyre repairing and improving existing spaces, and thats definitely benefiting the company. Liz are you seeing my kind of wobbling in the spend . Any kind of wobbling . And i ask because, i mean, forget Mortgage Rates which, by the way, look at week over week. The 30year fixed jumped markedly, i believe it climbed from 16 basis points from last week to 7. 42 according to bankrate. Thats pretty big compared to that it was 7. 26 last week. Putting Mortgage Rates aside, americans are getting a little nervous, are they not, about keeping their wallets open on anything. Clearly the higher rates are a concern in the marketplace, but the consumers who are doing the repair and remodeling spend, for the most part theyre sitting at a 3 or 4 rate. That cash is still in their pocket, and they see the opportunity to continue improving the equity within their home by improving their living space. Liz well, what about the Second Quarter sales falling 7. If 7 yearoveryear . To what do you really attribute that . Sure. So last year we had a significant inventory build underway. Coming through pandemic where the channel had been shortened for probably about a year and a half, they continued to build that inventory until they realized that theres a little too much inventory in the channel. So we were down a little bit on a yearoveryear basis. Our residential segment by itself was down about 5 . If we look through all of the the channel inventory build and depletion noise, it was mid singledigit growth from a consumer sell through. And in this market with all of the things that are going on around us, were pretty happy with seeing that the trex consumer is holding up well. Liz have you ever considered that maybe one of the problems is that your product is too good . I have a, rex deck a trex deck, nothing, no termites, nothing can eat it, weather cant affect it. So how do you t repeat customers when its one and done . I mean, i will probably never need to e place this deck, knock on tre e x. In our case, its a great problem to have. [laughter] we have the respect of to put that product in and they know its going to last for the life of the home. But the larger opportunity for us is theres 5060 million wood decks, and a large percentage of those decks are running to the end of their lives. And when that consumers back in the marketplace, the last hinge they want to do is install something thats going to fail again in the next 1015 years. Thats where where our products come in place, and weve been able to gain more and more share away from those wood buyers over time. Liz yeah. I mean, trust me, when we took off the wood deck, there was a condominium set up by termites and ants. [laughter] like a multifloor condo system there. [laughter] brian, thank you very much. Bryan fairbanks of trex. From outdoor decking to home appliances, jeff flock is going to join us next as consumers air their dirty laundry about ecofriendly washing machines. Something tells me some of you guys out there are having this issue. Weve got a live report on whats going on there coming up. In the meantime, closing bell ringing in 40 minutes. S p down 24 points, thats a half a percent. Yesterday, yeah, it was up 40 points. So, you know, were watching not entirely raced from yesterday. Were coming right back, dont go away. Refund so you can improve your business however you see fit. Rosie used part of her refund to build an outdoor patio. Clink dr. 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Com liz fox business alert, so were calling a little bit of an audible here because i just looked up and said, wait, oils now at 83 a barrel, just a penny off right now. Its the aftermarket, but in the regular session west texas closed at 8 2. 92. Here we are, 83 a barrel even at the very moment. All right, lets get to some stockses, pop and drops here. Investors have a beef with beyond meat. Ing the stock is falling nearly 15 after the plantbased meat Company Reported weak sales, slashed revenue forecasts and walked back its promise to be cashpositive in the second half of this year. Despite cutting prices by 8. 6 , demand for beyond Meat Products continues to crumble. The ceo blames special Interest Groups that claim its products are not healthy or sustain by manufactured. The company, of course, disagrees. Pox corporation, on the other hand, charging higher by 5. 5 at the moment on an earnings beat. The media giant and parent of fox business is gaining about 1. 8 6 to 34. 94 and is on pace for its largest percentage increase since february of 2022. Revenue remained flat yearoveryear due to a softening advertising market, but ceo Lachlan Murdoch says foxs dominance in sports content in particular considered the most valuable on television puts the company and its Balance Sheet in a strong position. The company also raised its semiannual dividend for class a and class b shares. And speaking of tv, billionaire Charlie Ergen wants to reunite his Telecom Empire by merging tv Satellite Company dish with Broadband Company echostar. The merger would bring together two companies that used to be under the same umbrella 15 years ago. He had pun off echo star in 2008, but if the merger actually comes to fruition, it will exchange 2. 85 shares of dish common stock for each share of echostar. Well, dish is getting a nice pop on in this, its up 9. 7 . Echostar is hitting a 5 52week high, its up 1. 5. From your tv to your toaster, just about every appliance maker is getting more ecofriendly. While that may, of course, help the environment and bring down your electric bill, in some cases consumers are starting to notice a quality difference or a performance difference between these new Green Products and their predecessors. Jeff flock is at an Appliance Store in new jersey with some insight on developing, i suppose, gap. Jeff . [laughter] reporter yeah, you know, liz, whether its dishwashers that use a little bit less water or push for electric ranges like these new induction rangetops which are all the rage, apparently, theoretically replace the gasfired ranges, or, you know, whatever it is, air conditioners, the hot water heaters, all of it is, you know, coming whether we like it or not. [laughter] and weve been talking all day to rich super who is the owner of abc discount appliances. [laughter] emphasis on the discount maybe. Are people paying green for the green . Theyre buying green but theyre not paying extra for the green. You know, theres they do wind occupy costing a little more, and theyd rather spend less and pay a little more at the end. Reporter liz is talking about the potential that, you know, these things dont work quite as well, you know . Do people like them as well in take me back into the dish the clothes washing and drying stuff. You say these now are more green, they actually use less water right. Reporter and less energy, but the issues come across where they use less water rather than soaking the clothes, they reporter fill this whole tub up, right . And that was a little wasteful. It was. They became more exhibiter, they spray the clothes, but a lot of times kids uniforms, muddy things arent getting as clean. So, therefore, theyre washing them again. So what are you really doing, if youre washing something twice, youre back where you started from. Reporter last question for you as we look at maybe i dont know if scotts able to see the front loaders there, the kind of expensive ones, they say its going to save us a lot of money on our electric bills. It does save some, but you had some numbers on the washing or the washing machines. Right. They say that over the lifetime of an appliance, of a washer youll save about 425 over that lifetime. Well, the average life span of a washer or dryer is 10 years. So, you know, when you take the gas or the electric and the water, it winds up being maybe 5 a year or a month, excuse me, a month. So people arent willing to spend 2, 3, 400 more and only save 5 a month. Reporter makes sense. Makes sense. Well, there you go, liz. I mean, its a noble thought. And just to be clear, youre no climate denier. No, no. Reporter listen or or weve got to do something here, but hey, listen, at what cost . I believe that we do have issues, but i also believe that, you know, by taking these appliances and running them two or three times to achieve the same thing, youre actually doing more harm than good. Reporter well, liz, you know, theyve got the original toilets when they used less water, remember, they were bad at the start and wed flush them two or three times. Not to bring up a difficult summit, but theyve gotten really good now. I dont know, no problems liz very good. Theres a choice of using less water or more. Can you ask rich, because my biggest problem is a dishwasher that doesnt dry the dishes. So we literally are putting the dishes in the oven afterwards reporter liz has a problem i drying her dishes. Her dishwasher, the company which will remain nameless, and shes been putting her dishes in the oven to dry. Really . [laughter] reporter theres a lot of things about liz youve never heard before. [laughter] actually, one thing you can use, jet dry, that does help liz we did. Reporter i assume shes smart enough im sure she does. That is a problem especially with plastic items. A lot of times they dont get as dry because theyve taken that heating element and buried it. It would help dry before but now it doesnt. Another energyefficient move. Liz hes right. Its the plastic stuff. Good stuff, rich and jeff. Thank you very much. We appreciate it. [laughter] all right, the stampede to buy every available dose of weight loss drugs that are out there is proving beneficial hugely for Novo Novo Nordisk and eli lilly. And now Telehealth Company hims and hers is getting into the weight loss management business, but in what form . Weve got the ceo next. And talk about heavyweights, youre not going to believe this. Even at the height of his career, star quarterback in the nfl Joe Theismann never weighed more than 190 pounds. And his height . Hes barely 6 feet tall. So how did joe tower over the competition, win a super bowl, get named mvp and then and in a way heres the real accomplishment create a whole new life for himself when right in the football prime of his life he suffered a horrific careerending injury . He reveals it all in my brand new episode of my everyone talks to liz podcast. Just dropped a couple of hours ago. Folks, weve talked topped is. 5 million 1. 5 million downloads because people want to know how super successful individuals turn stumbling blocks into steppingstones so that you can earn and learn and do it too. Joe theismann did it in not one, but two careers. And, by the way, wait million you hear the story he tells of stepping in for an injured punter. The quarterback said, put me in, coach, despite never having punted in an nfl game. Youve got to hear what happened there. Get it on apple, spotify, google, wherever you get your podcasts. Closing bell, 27 minutes away. Dow jones industrials down about 178 points. 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A promise is everything to old dominion, because it means everything to you. upbeat music constant contacts advanced automation lets you send the right message at the right time, every time. constant contact. Helping the small stand tall. I did have hearing aids from another company. I was just frustrated. I almost gave up. With miracle ear its all about service. Theyre personable. Theyre friendly. Im very happy with them. We provide you with a free lifetime of aftercare. Meaning free checkups, cleanings, and adjustments. I see someone new. Someone happy. Its really made a difference. Call miracle ear at 1800miracle and schedule your free, no obligation hearing evaluation today. Liz if novo nordisk is hitting a record after new trial data show that its weight loss drug cuts the risk of major cardiovascular events by 20 . Its one of the latest highlyfect of i have weight loss drugs. Right now up 16. 5 . As demand skyrockets for these prescriptions, i mean, there are wait lists all over the place, or telehealth pioneer hims and hers, which provides Telehealth Services including appointments and consultations and prescriptions,es has not only unveiled its new Heart Health Program in recent weeks, it just confirmed the launch date of its weight loss management business. Joining me now, cofounder and ceo andrew d can udham dudham. Whats it going to do, what does it offer, andrew . Hey, liz, thanks for having me. So weve committed to have the Weight Management platform out by the end of this year, pretty much right in time for everybody in january whos ready to kick start health and wellness. And what thats going to offer is a wide range of generic medications, nutritional benefits, behavioral health, all simple from a mobile app. Pick up your phone, talk to a provider and get that delivered to your door. So its going to be easy, simple, affordable and, hopefully, really, really effective. Liz when you say generic medications, i dont want to triangulate or assume anything because there isnt a generic ozempic at the moment, right . What medications are you talking about . You know, theres a wide range of medications that have been around for nearly two decades, and if you go to these really fancy clinics out in Beverly Hills or new york, youll be able to find doctors who know how to use them and find the underlying issues that you as an individual might be facing, and that might be why its causing weight gain. So our aim is to use these medicines that have been around for a long time, help you get access to them at affordable prices and hopefully get great outcomes. Liz okay. Because all people are talking about these days so semipick, oh, my gosh, this person lost 20 pounds, this person lost 50 pounds. Of course, you also hear that once you stop it, a lot of people gain the weight back. Will plus its extraordinarily expensive, manager like 1,000 Something Like 1,000 perishing i dont know, whatever it is thats right. Liz but youve got everybody going head first into weight loss management. Why so slow to do this, andrew . You know, were just trying to be really respectful of the consumer. The glp1 that everybody are really excited about, they should be excited about them. These have 15, 20 weight loss for an individual, but the reality is, is they are very new. The studies have been around for 9 months or 12 months and, as you mentioned, liz, people are starting to report some different side effects that are a little bit concerning to people. So as a brand with hims and hers, we hold and safety in the highest regard, and we want to make sure whatever we offer on the platform its going to be reliable, its going to be affordable, its going to be safe. And i think until we can really uncover some of these unknowns with ozempic and we geoff i have, even some of the supply chain issues, people, as you said, are not getting reimbursed. This could be 1600 per month. We need to figure out these things, and once we do, well have a big range of those products. Liz okay. Youre taking it slow and steady. You just unveiled your cardiovascular care and treatment rah program. Tell me about adoption, what people are thinking, and how do you do that when you are primarily a Telehealth Company . Yeah,s this is incredible, right . Hearse disease is the number one killer of men in the country. If so youre talking about 100 Million People at risk. What we do at hims and hers, we can help diagnose in advance, help indicate that you might be a risk of cardiovascular disease and quail get actually get lipitor and crestor or actually built into your base treatment. If youre coming to us for Something Like hair loss or Sexual Wellness or maybe a dermatology issue, you dont have to make your routine any more complex. We can add this heart support benefit right into your medicine delivered to your door so you have one daily pill that can attack multiple things that youre strug struggling with. Liz i admire your efforts in telehealth because before covid very few people were inclined to talk to a doctor over a telephone screen. Now people are very comfortable with it. Its Cost Effective in many cases. As i looked at your actual business and the stock the stock may be down today, but it is up year to date. And when i look at what youre doing, you just reported a narrower quarterly loss and a surge in revenue. You raised your revenue guy dance. Can you give us any clarity on when you might be profitable . You know, this quarter we continue our march of adjusted ebitda profitability. If you track that, we are marching really chose towards our longterm goals of a 2025 ebitda business. Company is growing exceptionally robustly. Talking about 83 year other year this quarter. Diversified across the hims business, the hers business, new categories Like Mental Health that we launched last year. So i think theres incredible excitement around the business where we have confidence that we can hit some pretty impressive milestones. We put out a 2025 floor of 1. 2 billion in revenue and 100 million in ebitda, and i think theres a reassured confidence we can hit and surpass that meaningfully in the coming years. Liz liz well, you guys are, in a way, a unicorn of sorts. You are a spac survivor. You went public via a spac, and youre one of the survivors is and doing pretty darn can well. Increase up about 18. You just mentioned Mental Health, so youve got celebrity kristin bell. What has she done by being so honest and coming out and and attach thing herself to your company attaching herself to your company . What about people who say how can you effectively diagnose certain Mental Health issues and prescribe drugs without really having an extended session with them in person . You know, this is one of the beggest problems in biggest problems in our country right now. A report came out just a couple days ago that half of the country face a Mental Health issue in their lifetime. This affects all of us especially coming out of the pandemic, especially with tough recessionary times. And so kristin bell and our Mental Health platform is all about normalizing the fact that struggling with depression, anxiety, panic attacks, these things are very common, and theyre treatable. So at hers and at hims you can just come right to the web site, get connected with a psychiatrist in just one hour. This usually takes since months on average in person. Within the day you can get a personalized treatment, a psychiatrist that you can message with and talk to to, and that treatment delivered to your door hopefully within a week or two feeling a lot better. Liz andrew, good stuff. Thank you very much. Well see you next time. Thank you for having me. Liz the company is called hims and hers. Charlie gas prix emo gasparino, him has a scoop on who will benefit from bankrupt Trucking Company yellows liquidation of assets. By the way, if you bought the stock yesterday, you are up 28 right now. Stay tuned, were coming right back. Or moments that matter, but you can invest in them. At t. Rowe price our strategic investing approach can help you build the future you imagine. T. Rowe price, invest with confidence. phone typing message sound message sound shut it down blackpink in your area shut it down whatwhatwhatwhat . Im saving with liberty mutual, mom. They customize your Car Insurance so you only pay for what you need. You could save 700 dollars just by switching. Ooooh, let me put a reminder on my phone. On the top of the pile oh. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. [ applause ] the day you get your clearchoice dental implants makes every day a confident day. A neverhidemysmile day. A lifeoftheparty day. A takeontheworld day. A believeinmyself day. A flashmynewteeth day. Because your clearchoice day is the day you get your confidence back for good. A clearchoice day changes every day. Schedule a free consultation. This is american infrastructure. Megawatts of power, rails and open road, and essential services of every kind. All running on countless invisible networks, making it a prime target for cyberattacks. But the same aipowered security that protects all of google also defends the systems running americas infrastructure. For these services. For the 336 million of us living here. So, youve got the power of xfinity at home. Now take it outside with Xfinity Mobile. Like speed . Its the Fastest Mobile Service around. With the best price for two lines of unlimited. Only 30 bucks a line per month. Thats hundreds in savings a year when you wave bye to the other guys. No wonder Xfinity Mobile is one of the Fastest Growing mobile services. You really shouldnt walk out the front door without it. Switch today at xfinitymobile. Com liz my goodness, look at the intraday picture of yellow corp. The wild ride continues in shares of the Trucking Company. It had been red in most of the session. Were 11 minutes before the hour. Charlie gasparino tweeted out. People with direct knowledge of yellow truckings significant assets bidders have emessengerred and sales are likely to pass the 1. 3 billion secured debt. Stockholders will get a payday if there isnt the emergence of significant unsecured, what . Creditors. Liz creditors folks a second ago it was up 28 . And now at this very moment, can we see it, it is up 5 . So, charlie, in motion. Were moving the stock. By the way i dont do these stories to move the stock this is exclusive news to fox business on the claim man countdown. Here is what it means. Now that they have, follow me here, we were both confused why the stock was up on liquidated company to 2 a share. Liz i thought it was meme players. It is note really. It is actually not that. Here is what it is. This happens in liquidation chapter 11s, where you go in, particularly where there are unions involved in the past and where there is not going to be a union going forward. It happened with hostess. I tell you that. They go in, company and financial advisors, they start, because theyre not encumbered by unions, they have good assets, yellow owns the land on his plants and various properties, it ownses the trucks. It has good assets. Because it is not encumbered by unions youre getting tremendous bidders from established players in this type of trucking called ltl trucking. Truckload. Less than truckload. Liz i know less than truckload. What im saying is, theyre getting significant bidders from what i understand according to people close to the bidding process. They will get a lot more than 1. 4 billion. Where it gets tricky is in in this bankruptcy process you see the emergence of unsecured creditors, people that, you know, i dont know, maybe they owe money to you know, whatever you know, a vendor or Something Like that. Liz okay. They dont think so. I understand that they, this thing co, they could get 1. 8 billion for this stuff. Thats the numbers people are talking about. If that does happen, there is a lot of unsecured liz market cap s 148000000. Thats what happens, i know, but the market cap got crushed. People stopped doing business with them. If that does happen, shareholders who are at the bottom of the line will get some money. Again, if you want a analog to this, it is not hertz. People say remember hertz in bankruptcy, shareholders went up, that was not a liquidation. That was a chapter 11 reorganization. This is a chapter 11 liquidation. The analog to this is hostess. When they blew up the brand, fairest parts of the brand, wonder bread was part of it to private equity and various places unencumbered by the unions that essentially put it again, even that company out of business. So this is a really interesting wall street play. There is another story here which i need to get to that the lawsuit that yellow filed against the teamsters, mr. Obrien was on earlier with Cheryl Casone today. They were seeking damages because they say he didnt negotiate in good faith. They wanted minor concessions from the teamsters and he walked away and what im hearing from inside the company is the initial number that you heard, 150 million for that . Liz yeah. Is now likely to go up to 1. 5 billion. They may sue teamsters, liz for the equity enterprise, excuse me the enterprise value of the company which they value at 1. 5 billion which is now being sold off as you know. Liz we have hostess ceo tomorrow. Oh, really . Liz yeah. Who does he work for . Liz hostess. No, what part, theyre owned by either private equity firm. I dont know who owns them. Liz of course, right. This is an interesting that is the analog, hostess got rid of its union problems. They had problems with bakers unions and teamsters. Jimmy hoffa was running it, jimmy hoffa, jr. Liz parallels. By the way i gave you a president , did you see that from it it wily. Liz from italy. This is what i do to ward off the evil people that attack me on twitter. Liz the italian horn. Zoom in on this, this is what i do to all my haters. This is called, it gives you the back, you give me the evil eye. I ward you off with this. Liz all right. Just looking. Made in china. It always works. Liz okay. So i ward you off with this. Liz i will take a gold one next time. Take gold prices slipping a bit at the moment by 10 to 1955 a troy ounce. Keep in mind theyre 5 alltime highs. Barrick gold seeing benefit of historically higher gold prices in the Second Quarter driving the company to an earnings beat but that beat was not enough to win over investors. Shares down, profits 19 cents a share declined from 24 cents a year ago on lower production and higher costs. How can barrick regain its luster in the Third Quarter . We have ceo mark bristow. Great to have you back. This is an interesting question. How do you do it. Today you would thought there is flight to quality with nervousness in the equity market so gold is down . Liz, good to see you again. The way to do it we had soft first half. So by that very nature well have a better second half. So but remember, mining is a longterm game and on the gold price we just finished a quarter where we saw the highest average gold price for a quarter ever. So gold is not in a bad space. I think some people think it is going to go higher on the bark of dropping interest rates. People think it is higher already because of riskon around the global economy. But, whichever way you look at it is a good gold price to be operating against. I think the copper price is a little softer but then if you look ahead everything points upwards for copper. Liz mark, where is your biggest demand coming from beyond say, for example, the numismatic collectors and obvious people buying it for jewelry . So Central Bank Buying is been the real strong demand, on the demand side of the equation and shrinking supply. So as you have seen, gold has become quite an important currency dealing with the sanctions and the general sort of deglobalization of the world and how you manage money. It you always has been, always will be but in recent times it has become very much an important part of that and the fact that, liz, if you look at you know, a mere back in 1972 an ounce of gold would buy you a very nice meal in downtown new york, that ounce of gold does the same. It is a good store of value. Liz mark, i can tell you we have followed this story and people keep saying what does gold do . It is just 5 off its highs. Well be watching it. Thank you so much. Good to see you. Thank you. Good to see you too. Liz mark bristow of barrick gold. Not exactly a golden market. In fact were still in the red but well off the lows of the session. Looks like the Dow Jones Industrials, s p, and nasdaq will close lower but well off the worst parts of the session. [closing bell rings] moodys downgrading 10 renal banks setting a negative tone for today but you never know what happens tomorrow. That is why you have to into the claman countdown. See you tomorrow. Larry welcome to kudlow, im larry kudlow. All right, bidenomics is a ploy to destroy american emergency, all right . That is