Transcripts For FBC The 20240703

Month for the markets, s p is fractionally higher by four and nasdaq is up by 12. These are small gains for the two embassies. We were mostly higher earlier and kind of hire now but these numbers are not accelerating by any means. What is accelerating his United Auto Workers strike. We had latest headlines from the picket line which is leaving little hope for the end of the strike anytime soon. Ford is saying despite progress there is significant gaps to close on key issues before labor agreements can be reached. Meanwhile the uaw expanded strikes against gm and stellantis to 38 different Parts Distribution Centers Across the country and the uaw strike obviously is continue to heat up in another American Strike seems to be cooling down. Lets give you the good news on this monday the hollywood Writers Strike that is looking a little bit better. Lauren simonetti with a potential deal with a fivemonth walkout, hard to believe. It is unbelievable. The Writers Guild of america calls this tentative deal exceptional saying we can say with great pride that this deal is exceptional with meaningful gains and protections for writers in every sector of the membership. It was hammered out after five days of intense negotiations trying to put an end to a strike that lasted 146 days sense may we dont know the exact details but the writer in studio agreed on regulation around a. I. What happens if the scripts are used to train artificial intelligence. Residuals for popular streaming shows often they are a fraction of what the writer we get for a broadcast tv show. Setting a minimum staffing standard for writers rooms that is a major concession made by the studios. This contract still has to be finalized and ratified by the 11500 members before they returned to work. Latenight daytime talk shows that could return first but descriptive tv that cannot restart until the hollywood actors reach a deal to end their separate strike area that could take weeks if not months. Hopefully the writers deal might set the contours for what the actors are demanding more from. This is what President Joe Biden says about all of this. I urge all employers to remember that all workers including writers, actors and autoworkers deserve a fair share of the value of their labor helped create. I say this many of the striking workers are struggling in the economy that he helped create. Cheryl but he is union joe. Absolutely now he could be on the front lines with them. Pretty interesting. Ill tell you what you know a show that stars Meghan Markle is a huge hit on netflix that we are in desperate times in streaming. Ive actually found solace in netflix programming to get through the lack of options on tv on the other streaming channels. But i get your point. I turned to International Content to help thats what people said netflix would fare better than the others but nonetheless the end is near. Good on the stock bad for programming. Lauren simonetti thank you for the light report. We have a fox market alert. The dow is now in the red, weve actually slipped in the last couple of moments. The dow down 85, s p and the nasdaq have turned negative. Basically all of the markets of the worst Weekly Performance since march as we head to the final days of this month. Its a rough month for september in a historically the worst month out of the calendar year that is burying out this month especially with the nasdaq down within 5 right now probably will take lower by the close tonight then you the ten year yield, 4. 5 which is the highest in 16 years under the said higher for longer mantra as it combats higher prices, this week the fed gets a favorite inflation gauge, august pc that could be friday morning 8 30 a. M. Eastern time. Higher prices not stated in the way of apples iphone 15. Morgan stanley insane early demand are strong with pro and promax leading times. The leadtimes are new record that is a good thing it means you get the iphone faster in the crunch is over for apple we hope the stock is up a quarter percent. Lets get to the floor show Morgan Stanley Senior Vice President jim look camp and our trader Kenny Polcari joins us now. I want to talk to you about what youre seeing in the markets. He wrote about that today in your note to your client saying we thought this is going to be a bad month and september has buried out to be tough. Ive been saying that sense august for people to prepare or september and october which tend to be difficult months, september specifically so i think this is playing out just as we figured it would. Comments by the Central Banks have not helped the market the market is finally convinced when jay powell says hes going to hold them longer higher for longer he means what he said versus he does not mean that we take tech higher again and suddenly last weeks message not only from the fed but the other Central Banks around the world had the same message so it plays right into the narrative that september is good to be a good week i think theres a little bit of weakness ahead i dont think this would be a crash but into october the market is going to be unsettled. Cheryl you also write about this and say theres a lot of things that are going to happen leading Economic Indicators that are down 17 months in a row lending is down and Mortgage Rates are up and standards are tighter and you talk about the student loan situation happening. All of that is more rough waters ahead, is that correct. Those are the fundamentals and fundamentally we had a lot of reasons to be worried for a long, long time and what kept the market afloat this year at least to the extent it was kept afloat in a very narrow market with narrow leadership some of us calling it all hat no cattle market. What we saw in the early part of the year was excess liquidity from Government Programs getting into the system would have access liquidity it can keep assets afloat but a lot of that has been weaned out on the consumer side into the point that you just made Consumer Loan payments are kicking back in as well. You still got the inverted yield curve and Rising Oil Prices that look like theyre going higher and Mortgage Rates and index more gas index and Mortgage Rates and gasoline prices are at the highest level in decades. It puts a crimp on the consumer and 70 consumer driven economy. I dont think you can spike the football on a soft landing. I think we have rough waters ahead especially with the fed still raising rates. Cheryl you think the figure raised again i would pick up on something that jim mentioned the oil energy obviously the said strip out the data in theory even though powell has talked about it in theory they strip that out to make their assessments. At the same time the wall street journal has a really great piece look at the Energy Market in general and they say wall street is open a hundred dollar oil aint what it used to be. I want to get your comment on that but the contract is up 25 year to date and even if wall street does not feel the pain the consumer is and they will feel it at the Grocery Store with diesel in the airplane for. To get a feel at all the places thats why its funny when the fed strips out its a bed of roses and when you put it back in it really speaks to the difficulty that americans and consumers are happy with the price of everything going up because the price of oil is as high as it is. J. P. Morgan put out a note over the weekend or yesterday or this morning that there calling for 100, 110dollar bread prices in 2024 and higher or beyond and 25 or 26. I think this energy story is not going away. I like energy but i dont think its going away at all but i think that will end up causing the fed to be more concerned about sticky inflation. I actually think the fed has two more rate hikes up their sleeve before they start. Cheryl interesting. Whether or not that leads to recession we will find out after the fact like we always do. Lets talk about whats happening in d. C. The potential Government Shutdown october 1 that is this weekend midnight this weekend is looking worse and worse for any type of deal to be had. Kevin mccarthy is basically being held hostage by radical voices in his party. At what point does the market react to that, there is commentary there is notes about it from the analyst. As what point does the market say here we go. There is two schools of thought in the first school we will get it solved we always do but i think thats a little shortsighted. Weve always gotten it and we also had to credit downgrades and they usually come on the heels of the Government Shutdowns. Lets not forget the potential Government Shutdown wallop the market in the Fourth Quarter of 2018. That caused the fed to pivot they were on a hiking cycle until the market started selling off with the Government Shutdown looming and it really can hit the market and i think youre not being serious if you dismiss this possibility i think is a real possibility and its another reason why consumers and investors need to be careful about getting too aggressive. Cheryl kenny, the same point to you if you look back what jim mentioned the end of 2018 at 35 day Government Shutdown that went into 2019. At that point i was looking at the absent rate of the tsa really get into this later on in the show. The tsa a lot of them stopped going to work they were not getting paychecks this is a big problem not just for the consumer but the economy as well in the travel economy if this goes through. It is going to be a big problem. To jims point while it will be a big problem and i think this time for whatever reason i think the five rogue gop house members creating this i think its going to add more volatility to the downside of the market but you and i both know this does not in the longterm price stocks but it creates shortterm opportunities for investors that are savvy to see names and get dislocated only because people to get nervous so they sell stocks in some of the good stocks get sold only to raise cash not because a fundamental story has changed. In the end it provides an opportunity if your savvy to see where the opportunities exist. Cheryl we shouldve listened to you in august. Ahead of a big race on saturday i am craving spaghetti with ricotta and spinach. It looks really good. Im going to make it tonight. I was going to make it yesterday. Ill send you a picture. Cheryl i think im making some too. It sounds good. Kenny always has a great italian recipe on his market notes. Kenny, jim lacamp. Great to see you both. Lets stay with the topic of possible Government Shutdown could snarl air traffic but there is a group of federal Aviation Administration executives that are pushing congress to do more than push a shutdown. Former trump faa official dan all well is here and how he thinks the nation can solve the critical Pilot Shortage. Take a look at airline stocks, this is the group to watch as it plays out across the country. All in the red american, united, jetblue, southwest are down. The claman countdown is coming right back. Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. This is american infrastructure. 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Ahora puedes mantener una conexion confiable durante apagones, con datos celulares ilimitados y bateria de respaldo de hasta 4 horas para mantenerte conectado. Obtenlo solo con xfinity. jennifer r del 10g network. The reason why golo customers have such long term success is because we focus on real foods in the right balance so you get the results you want. When i tell people how easy it was for me to lose weight on golo, they dont believe me. They dont believe i can eat real food and lose this much weight. The release supplement makes losing weight easy. Release sets you up for successful weight loss because it supports your blood sugar levels between meals so you arent hungry or fatigued. After i started taking release, the weight just started falling off. Since starting golo and taking release, ive gone from a size 12 to a 4. Before golo, i was hungry all the time and constantly thinking about food. After taking release, that stopped. With release, i didnt feel that hunger that comes with dieting. Which made the golo plan really easy to stick to. Since starting golo and release, i have dropped seven pant sizes and ive kept it off. Golo is real, our customers are real, and our Success Stories are real. Why not give it a try . Cheryl less than six days away of the potential Government Shutdown pretransportation second a Pete Buttigieg is warning travelers how it can impact their vacation plans. Shutting down air Traffic Control at the exact moment when the country recognizes the need for more not less atc staffing. One thing weve been through a lot of is disruption. They are largely caused by the weather but sometimes because of staffing issues and were trying to grow the workforce this would stop us in our tracks. Cheryl on top of dealing with the potential shutdown nine former faa administrators wrote an open letter to congress arguing for changes at flight schools to alleviate the Pilot Shortage facing our nation, joining us in a fox business exclusive dan elwell former acting administrator during the trump administration. It is great to have you here, you and several of your colleagues have a solution. What is it. Im not sure letter proposes the full solution to the Pilot Shortage but i think it will go a long way and the solution is to allow more Simulator Training for the life of a pilots Training Record today pilots have to have 1500 hours before they can be hired to iron on a commercial airline. Of the 1500 only 100 are permitted to be in a simulator. We believe the Training Technology has gotten so much better over the last couple of decades that there ought to be more credit given to time in the hightech simulators. Cheryl i agree and i been in a simulator i was a Flight Attendant when i first got out of college and it was part of her training as well and you do learn a lot even in the classroom. I was looking at the numbers. We are short when it comes to pilots right now. It looks like demand will outpace by 24000 pilots by 2026. My question to you the massive Pilot Shortage i understand covid in high rate of retirement even a lot of senior pilots during the pandemic understood but now is there Something Holding back the men and women that are out there that might be interested in flying planes. Is there Something Holding back from doing this is that lack of pilot pay or the expense it takes. If you dont go to the military, fine, they pay for it if you take the private route, you are paying for and it is a lot. It can be upwards of 100, 150,000 to get the necessary hours and training to become an airline pilot. I think the cause of this shortage is much more complex. Todays young people have not been coming into the Aviation Industry quite the way they were in my day when i was getting into flying and when i first came on with an airline. I think that were finally paying a lot of attention to what it takes to bring young people of all demographics into aviation. I think the problem is going to get solved within the next decade or so. Right now we have a shortage of certified pilots and it does take a while to get the 1500 hours. Again the process is a much more effective training if we utilize the Great Technology that we have today in training, theres huge advances in training pilots. Since the vast majority of incidents that happened today in aviation or pilot error. I think were past the time that we need to start applying the technology that is in the Training Space and thats what the letter is all about. Cheryl you ran the faa for a short period of time as well. His Airline Industry behind you, do they agree with this idea. The devil is in the details with anything. These simulators can be rather expensive. Logistically its ethical to run pilots through simulators effectively. The new technology that is coming out is allowing instructors to spend less time in a simulator with a pilot candidate because the focus on the issues that the pilot needs to work on is identified more quickly. So you have pilots going into a simulator and theyre able to work on things that they find difficult or are difficult in a given type of aircraft. Cheryl before you go as far as the tsa. We talked about this in the last part of the show. If you go to the shutdown, the Government Shutdown. The end of 2018 into 2019 it was 35 days in the tsa by the tail end of the shutdown there was a 10 unscheduled absence rate for tsa employees. This is security checkpoint at airports all over the nation and those people watching that might have travel plans should they be nervous about what is to happen with the shutdown. Thats a great question and i was running the faa when the 35 day shutdown took place. I can tell you that is hard on employees especially for us our controllers came to work for us 35 days without pay and they did a phenomenal job. The shutdown was ultimately solved through lift controllers but we did not see the big spike in absenteeism. It did not impact the system overall. We did not have a big spike in delays. It did happen in january and february which is relatively slow time for airlines. But it is difficult is difficult to ask employees to come to work without pay no matter what you do. Hopefully we will not see that happen. Cheryl we are hopeful that were starting to gear up for what we think is about to come next. Dan, thank you so much for the perspective. Keep us posted and come back. Let us know if the simulator idea kicks off, pun intended. Thank you. Cheryl new poles are showing the gop president ial candidate could be facing an uphill battle in upending President Trump but theyll get the chance to shine at the second Republican Debate on fox business. A little over 48 hours away. We are heading to simi valley for a preview in just a few moments. Take a look at the big board, the dow is only done by 21 points. We shall see if we can have a come back before 4 00 p. M. Eastern time. The claman countdown well be righson t back. To jump into the fun and join in the celebration. To help get you ready, your aspen dental team is celebrating 25 years of Affordable Care with an epic anniversary savings event. Right now, new patients without insurance get a free full exam and xrays. Plus, everyone can get 20 off their treatment plan. But hurry, because while the season wont last, the memories you make together will. Aspen dental. Book today. Its payback time. 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Helping the small stand tall. Cheryl a fox business alert. Markets have taken a turn again. A pretty volatile hour so far and its only 330. The dow is lower by 43 points and were well off of session lows. The s p and the nasdaq after dipping into the red a few moments ago they have come back a little bit. The s p is up by six points. Nasdaq is up by 20. Lets look at shares of amazon that is an interesting story. The stock is up 1. 5 . The ecommerce giant is betting big on a. I. The company says is going to invest up to 4 billion in san franciscobased startup anthropic. Arrival to chat gdp opening a. I. Amazon receive Minority Stake in the business. Jeffreys shipping at nike stock, the wall street analyst downgrading siding a slowdown in spending by u. S. Students that are struggling to pay back their loans as well as choppy sales trends in china the stock is downward and half 8 right now. The slowdown in the student spending threatening footlocker and Urban Outfitters. Jeffreys downgrading those to hold from by and slashing the price targets the analyst pointed to footlocker turnaround strategy which has not gone as smoothly as planned shares of footlocker and Urban Outfitters both down footlocker more than down 1 , Urban Outfitters a half 8 lets look at chinese ev maker lee auto decelerated at this hour. It is now 9. 5 the rival huawei unveiled new products at the annual launch event that happened today. Huawei has been expanded into the ev market and they launched their First Electric car in april. Investors are worried the market will lead to increased competition for lee auto and that is the pressure there. According to the latest Washington Post abc news poll former President Donald Trump is leaving joe biden by ten percentage points. Also highlight President Bidens sinking Approval Rating which stands at 37 . 56 of americans disapprove of the job that hes doing right now. Despite trumps latest surge in the polls he will not be attending the primary debate on wednesday here is the gop qualifiers for wednesdays debate including Florida Governor ron desantis. Former governor Chris Christie and nikki haley. Former Vice President mike pence and doug burgum just qualifying. Grady trimble is Ronald Reagan president ial library in simi valley california where the big showdown is going to take place. Its getting really exciting after. It is they are setting up the debates page as we speak at the reagan president ial library. As it stands there will be seven candidates on the stage. We will show you the list one fewer in milwaukee a month ago, north dakota governor doug burgum made the cut while former Arkansas Governor Asa Hutchinson is yet to qualify with a few hours left to do so. The deadline for a podium position is tonight at nine eastern. Former President Trump is once again skipping out. He knew abc Washington Post National Poll finds in a hypothetical rematch between trump and President Biden. Trump wins by ten points. Were leading by a lot according to the Washington Post and abc against the worst president , definitely the worst president in the history of our country. The former president has a commanding lead over the gop pack as well but there is reason to believe another republican candidate could have a better shot at beating the cabinet. A different pull from nbc news shows nikki haley with the biggest lead over biden with a headtohead matchup. Some candidates are dismissing the polls entirely. No offense to any poll that comes out now but if its a National Poll we dont have a National Primary i dont spend more than three minutes thinking about it. Some of the issues taking center stage wednesday night immigration, education and of course the fox business debate the economy, inflation. Cheryl Kitchen Table issues it always comes down to that. If you look at the polls for that what is the most important thing to americans is the economy, thats why we have our debate on wednesday. Grady trimble we will see you in the next couple of days. Thank you so much for being h here. We want to let you know you can to an end and you have to tune in on wednesday. The second Republican Debate right here on fox business. Moderated by dana perino, Stuart Varney and ilhan called around. Coming up next one of the nations top Asphalt Paving to do pack. The ceo of crh is here and moments to tell us why the company is moving from the London Stock Exchange to the new york Stock Exchange. And fox business is helping homebuyers find their American Dream home. You can stream all episodes of my show on fox nation. Dont miss it. Lets take a look at homebuilders were going to get more data out this week on the housing market. The rest of the gang, dr horton are in the red. Well be right back. 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Arexvy is a vaccine used to prevent lower respiratory disease from rsv in people 60 years and older. Arexvy does not protect everyone and is not for those with severe allergic reactions to its ingredients. Those with weakened immune systems may have a lower response to the vaccine. The most common side effects are injection site pain, fatigue, muscle pain, headache, and joint pain. I chose arexvy. Rsv . Make it arexvy. Cheryl north america largest Building Material Company Listing on the new york Stock Exchange today but not to ipo or crh has transitioned from london to new york trading under the ticker crh the same used for the adr here in this country. There they are Albert Manifold joins me to talk about the move in Infrastructure Spending in the u. S. It looks like a good time for the Stock Exchange kicking off the week strong lets talk about this why was it important to move the country to the new york Stock Exchange of london. Is a very big day we bit of the United States for most 50 years and were the largest Building Materials building and the United States and were involved in deprivation for infrastructure and when i look at opportunity with the stimulus package we see huge opportunity for growth in our business and 75 of profitability is here in the United States so we see the opportunity to grow further and we employ 50000 people and weve been here for 50 years its a further extension of the growth of our business. Cheryl you mention the stimulus package out of washington and the infrastructure act will give you access to the funds but you needed to be here to access the funds. That is one question but i want to know about jobs is this project by the infrastructure act will you hire more american jobs. Of course weve been here and weve been involved in helping with the construction even for structure for many decades and what you see is the most progressive infrastructure support since the 1930s not with i ij but Inflation Reduction Act this means a 50 increase on spending and infrastructure over the next five years so that will build more work more infrastructure more jobs. Cheryl lets talk about where the jobs will be java hit list of where you know youll be bidding or pockets of the country the present good opportunities for you right now. Look at the population distribution. As you know this infrastructure has been under invested for many, many years as a creaking infrastructure. Were playing catchup for sure. Each part of the country presents challenges in and northeast across the midwest you repairing the infrastructure that needs to be done but whatever biggest market areas but as its two Different Things and were wellplaced and larger than the next four guys in terms of profitability and were in 48 continental states. Cheryl theres a really good piece from barrons talking about your company and the company that no one noticed but they should. One of the interesting things you are not the adr now that youre listed on the big Money Managers can pick you up. Thats a big opportunity for y you. Thats a big part of why were here the size and scale of her business over the last ten years the profits have increased by three fold and we make 75 of her earnings from the United States if you look at the trajectory of growth not just in terms of infrastructure but nonresidential that you continue on in our profits this year a 10 increase in last year and thats before the ia ja funding kicks in and start to kick in at the end of the sheer and as you continue on for the next decade. Cheryl what is opportunity for nonresidential. Youre right but nonresidential is the silverlining of the cloud. What you see in the u. S. A lot of the Major Companies in the world are bringing back manufacturing to the United States so you see in chips and semiconductors and technology in pharmaceutical, bioscience electric car and 200 billion of construction currently in place to an half normal run of complex and technologically infrastructure in its rebuilding infrastructure around america and rebuilding the infrastructure. Cheryl when you were in a day are as friday. It was up 73 yearoveryear you feel pressure that you listed on a Different Exchange and put london behind you you feel pressure to form. I run the business the stock price looks after itself all we could do is run the business and continue the growth and tell her story and let the stock price look after itself. Cheryl congratulations looking forward to see whats next for you. Will try to put the sunshine out in new york city next time youre in town. Thank you for being onset for us. A new article raising questions about one president ial candidates record on wall street. Charlie gasparino has new details on Vivek Ramaswamy stock trading industry. Taking a look at the new york Stock Exchange. They are trying to pull it back we are down by 11, 12, we will see how it goes. Well be right back. Let newage products transform your garage into an area of your home you can be proud of. Modular steel cabinets let you pick and choose the Storage Solutions to keep your garage organized, with overhead racks and shelving, slat wall, workstations and flooring that let you create a showroom garage to call your own. Designed for diy installation. All you need is one weekend to take your garage from unusable to unbelievable. Visit us at newageproducts. Com. What do we always say, son . Liberty mutual customizes your car insurance. So you only pay for what you need. Thats my boy. Stay off the freeways only pay for what you need. Liberty. Liberty. Liberty. Liberty. 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Cheryl years before Vivek Ramaswamy began his president ial campaign he had a lucrative career as a Hedge Fund Investor making big bets on biotech but as ramaswamy rises in the polls, new article in newsweek is scrutinizing gops candidates trading history calling it questionable. Joining us more is charlie gasparino. This is interesting twist. It went further than that. It is basically fair to say jeff sown men felled, the author, distinguished professor at yale, teaches management, and been a critic of viveks lately. I know he is tearing apart his Business Record left and right, i posited that vivek looks like vivek traded on inside information . Cheryl really . That is serious charge. Serious charge. I know a lot about inside trading. I wrote a book about it. We should point out Insider Trading is more than just we knowing something that is not public, thats material and trading on it. You have to essentially steal that information. You have to misappropriate. It needs to be misappropriated to you by a tipper, youre the tippee, the way that works under the law there needs to be some sort of a benefit you give to the tipper. Remember, were a long way from that but this is what sonnenfeld said. He said basically, vivek, i think vivek will be on kudlows show at the top. Cheryl okay. He said basically if you look at these trades theyre crazy. Particularly right before this one company, he was at a Hedge Fund Called qvc, right . Yes. Yes. This one company, pharmast, was being bought by a initial bet, qvt, that was the hedge fund. He made the initial bets, he said qvt started winding down, sonnenfeld was saying, next three or four years, until right before they were being essentially, they were being shopped he made a lot of money when the buyout occurred. What sonnenfeld said there was nonpublic information he came across now based on sec filings you would know, when vivek started ramping up his positions in this farm a set, that at that point the nonpublic information started showing that Morgan Stanley was retained as an adviser for pharmaset. It was nonpublic then but public now. It is in the sec documents according to sonnenfeld and that is when vivek started amounting up physicians in pharmaset. Cheryl good luck, Insider Trading . He runs it by five or six professors of business how does this look, does it look bad . Neil, the corporate government expert none are friends with vivek we should point out. Jeff sonenfeld. I like jeff for years, left of center guy, big in corporate woke movement back in 2020, 2021, not a friend of Vivek Ramaswamys political persuasion that is true. Again the other thing i would tell you is that vivek has to, has to have had stolen that information. We should point out in biotech, just someone like me who covered it for years rumors about deals swirl constantly. He might have known somebody that told someone, that told someone. That sort of downstream tipper cheryl at a cocktail party. Barry switzer, coach of the cowboys, was once charged with Insider Trading because, guess what he did. He was at a game. He overheard something, traded on the stock. Something prosaic as that. All of that could have occurred here. That being said i think this deserves a second look. This should be some sort of a reckoning on viveks business, what he did in business. Was he all that he, what he is cracked up to be . And these trades, just so you know, they look interesting. Again i have given you 15 ways that they are not Insider Trading and he could have had nonpublic information and still not be Insider Trading. Insider trading, youre right, you wrote a book about it. Yeah. Cheryl it is so difficult to prove. The reason why steve cohen right now is not in jail and he is the owner of the mets. They could not get that one step further that he, that information was misappropriated to him in an illegal way where he actually paid for it and the whole thing. They couldnt do that. So, remember, when this may look sleazy, it may look crazy. This is, by the way, this is different than congresspeople trading on government information. Cheryl hiding gold bars. That is a whole cheryl i digress. When you hear congressman trading on information they get in their private meetings, that really is not covered under the Insider Trading laws. There is no law, we should point out, there are only court precedents, as someone who read all of them, it is not that easy. He should be questioned on them. Ask him, explain those trades, why were they so good . What did you know that no one else knew because the timing looks interesting. Charlie gasparino, thank you very much. Been a while. Appreciate it. Closing bell, four minutes until we ring it, markets were mixed, while they were, the dow just turned around in the last few moments, the dow is up by 25, 27. S p up by 14, nasdaq up 43. Investors get an idea how americans are bulk shopping. Costco wholesale releasing Quarterly Results tomorrow. They are expected to report revenue of 77. 9 billion, earnings per share of 4. 79. Our countdown closer keeping eye on Retail Stocks. He is the head of International Assets advisory. He has got some names. Good to you, ed. Thank you, good to see you. Cheryl i was ticking through some names, well get to costco in a second. You mentioned names we follow and track that we know, mcdonalds, walmart, amazon, autozone, youre playing those buy what you know type of Retail Stocks . 100 . I mean it looks like inflation has gotten a little bit better but it is not going away. A lot of wall street pundits are saying chances of recession are declining but many more are expecting it including in International Assets. All that happened we pushed back our time frames. Most of us expected it to happen this year, certainly before the end of this year. Were looking end of this year, first or Second Quarter next year. How do you build a recessionproof portfolio. Were working out all names that worked for us in the past in these environments. Mcdonalds. People will not go to expensive restaurants but they need to get away occasionally. Walmart the Biggest Discount retailer in the world. You mentioned costco, we havent mentioned it but we like costco. We like all the discount retailers. Autozone you get a double play. Unfortunately it looks like the uaw strike going on a while. With the real possibilities of recession and protracked uaw strike could mean that were going to have a shortage of new cars again, at least from the big three as we experienced during covid. Means people will have to extend the life cycle of their new cars. Cheryl that is very, very true. Obviously too, with the inflation story, well get the pce index coming out on friday a favorite gauge of the fed to look at inflation overall. Is that something that you think, is that one of those reports you look at, that gives you kind of the sense where you want to invest your money or stocks you want to pick . It certainly does but we also think were returning to a a little bit more normal times. What i mean by that is yeah were going to have some inflation for a while, high inflation but we have to remember for most of this century we had really historically low interest rates. I had three children, all buy houses between december of 2020 and september of 2021 and they were all in their late 20s, early 30s. I said, hey. Larry i hope you enjoy these mortgages they had sub3 mortgages even if you live to be 100 you wont see those mortgages again. They thought i was teasing them. No, you dont understand, these last 20 years was anomaly. A whole universe of adult investors spent from adolescence to their adulthood never experienced that. Cheryl we have inflation, inflation is the story. Well have a president ial debate to talk about it. Ed cofrances co, thank you. Before we go, President Biden talking about the government shut down, saying a small group of extreme House Republicans were limiting to deal. We should stop electing them. Were watching President Biden. He is right now speaking at the white house. This is live. That is it for me. Kudlow is taking on it from here, guys. Larry hello, folks, welcome to kudlow, im larry kudlow. All right, liberal Mainstream Media is trying to pretty up the new abc Washington Post poll by saying it is an outlyer, doesnt track with other polls. Some internals are problematic