And very, very well said. Charles payne, everyone. Great guy. Thank you, charles. Yes, good afternoon, everyone. Im ashley webster, and we begin this final hour of trade with a fox market alert. The bulls, well, apparently running low on energy after a stampede start to the month of may. Nasdaq as you can see holding onto gains, largely up about a third of a percent led by apple, tesla, and nvidia. S p 500 swinging between gains and losses down over essentially flat right now and in the dough, the dow is off about two tenths of 1 . The blue chip index is coming off its best week of the year so far last week but the dow now in jeopardy of snapping an 8 day winning streak. We shall see. Intels gain, not enough to keep the dow in the green. Intel up around 2. 5 but not enough. It is leaving leading the index and chip maker reportedly nearing 11 billion deal with apollo to build a facility in ireland. It will need a little luck of the irish and shares down nearly 40 and back in the u. S. Very cautious ahead of big wake for Economic Data and data the fed will consider for future rate decisions. Tomorrow were going to get Producer Price index for april. Thats a big year. Then on wednesday, even bigger the Consumer Price index and Analysts Expect headline inflation to rise by about 3. 4 . Thats compared with 3. 5 in march. Meanwhile, the earning season, its slowing down but there are a few key reports that have yet to be told. Tomorrow were going to hear from dow component home depot as well as chinas al alibaba and thursday hearing from walmart, a real bell weather and under armor. The state of the consumer and markets path forward w. That in mind, straight to the floor show, joining us this afternoon, drydom pierce, cio of pension Wealth Management and slate stone wealth chief market stat jazz and good friend as always, kenny polcari. Gentlemen, thank you for for being here. Obviously the big story this week is the cpi, the ppi. We know that the fed is going to be looking at this very closely. What are your expectations . If its hodder than expected, youd see running for exits and markets go down; right . Yeah, i expect its going to come in slightly higher. Not tremendously but up a tenth of a percent. Not going to be surprised but not necessarily sure the market will be that surprised but i would expect to see us pull back because that would support the rate cut theyre telling everybody is coming and not even saying more theyre saying its coming by the end of the year. Craig t ashley i think this is all in and analyst and the u. S. Economy is cooling down and its predicting three rate cuts. One in september, one in november, one in december. Is that Wishful Thinking . What say you . I think its a little Wishful Thinking is and were probably more in the two rate camp and really leverage to the very ebbed end of the year. Not see ago lot 06 movement down and pullback on inflation and its in the direction we want. I dont think the fed has room to cut three dimes and at risk of reigniting things and were in the scamp of maybe we get two rate cuts but theyre very, very close to the end of the year. Ashley tech has been strong since the beginning of the year but anywhere else you like or still about tech . Well, you talk about magnificent seven, but we really believe in the 493. The whole rest of the market. Youre beginning to see earning beat of earning beat after earning beat and were kind of moving this where the rest of the market is beginning to participate. Were lofty on s p and thats because you had seven or eight Companies Push it and take those out, you really have s p thats got a pe ratio in the 17, 18 so its got a little room to move. We like the 493 because we think that earnings are going to be good and that were going to see Companies Continue to do very, very well in this environment. Ashley the earnings have been good but the barfs set so low that maybe its not as accurate a measure of where the companies are. 96 of the Companies Reported better than 80 beat the estimates and thats usually a bit ahead and its usually in the mid 70s, maybe 74, 75 and this quarter better than 08 of estimates and this point yes, the barfs lowered and the Forward Guidance from a lot of companies was not nearly as bad as some people expected as we were moving into the earning season versus now moving through it. I think the Forward Guidance was fairly good and decent, which is what has helped us to for the market to rally. You know, i do think that tech has gotten a little bit ahead of itself and i think its been that way for awhile so im not chasing those names, but other names to drydens point, the other names of 4934 names and the two stables or financials or energy are all even utilities are up 7 yeartodate and have performed nicely and investors are starting to look further out of the center to help build their portfolios. Ashley that said, kenny, dryden, what do we do, buy in may and not go away . L lean in and recognize the market has a little room to move through the rest of the year and the beat goes on taking a look at earnings and we had earnings recession and move from a rolling recession to rolling recoveries. And youre going to see this in a company by company basis. Were actually continuing to see things on a company by company basis moving forward through the end of the year. Ashley yeah, thats all very bullish given that were so dependent on the fed and whats happening with inflation. The stock up more than 7. 5 and apple seeing gains on reports that the iphone maker is moving closer to a partnership with openai for its devices. Interesting. Meanwhile, google paired alphabet, they got news and fell on it. About half a percent and also there are concerns of more competition in the search area could be on the way. The stock down only half a percent. Meanwhile, openai unveiled its latest updates to chatgpt. In a live stream conference just hours ago. Kelly following it all and joining us with the new details. Kelly. Hey, ashley. The big announcement is the new flagship model gpt4. 0 and faster and free and immoves capables across text, video and audio and Ceo Sam Altman said our new model gpt40 and its best mod and he will smart, fast, and natively mul multimodal and understand tampa bays and commands and respond. I demoed the new model. A bit gimmicky at sometimes and gpt40 gave problems and gleaned how users were feeling in a tone of voice and its similar to what you experience in normal human conversation. What we didnt get, ashley, was a search product that could compete with google. Now sources do tell me that openai is working on that, but we didnt hear about that today. The other big focus though was access for everyone. Listen to this. A very important part of our mission is to be able to make advanced ai tools available to everyone for free. We think its very, very important that people having the same idea. The models only available to people that pay a monthly subscription. This is important to our mission. We want to put great ai tools in the hands of everyone. Now remember, just six months ago, sam altman was fired and rehired over ethical concerns alleging he was putting profit above safety. That emphasis, ashley, on access for all today, i dont think is a coincidence. Listen, they tease a bit at the end theres more to come. They say their next big thing was coming soon, maybe itll be search, ashley. Ashley maybe, thats what everyone is looking for and we all want to be multimodal so thats everyone especially aim, is it not . Kelly, thank you so much. Appreciate it. Fascinating stuff and more to come, clearly. All right, now this, memorial day is two weeks away and unofficial start of summer driving season and with oil, just under around 80 per barrel, could we see prices at the pump head higher or lower . Top oil the ticker uso up more than 22 over the last 52 weeks. Not bad. The claman countdown is coming right back. vo what does it mean to be rich . Maybe rich is less about reaching a magic number. And more about discovering magic. Rich is being able to keep your loved ones close. And also send them away. Rich is living life your way. And having someone who can help you get there. The key to being rich is knowing what counts. 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From our factory to our stevia farm, splendas team of over 2000 individuals are dedicated to helping people live their best lives. Taking pride that everyday millions say i use splenda. and now sweeten drinks wherever you are with splenda zerocalorie liquid sweeteners. Try all three. Available in the baking aisle. Ashley well, branson and west texas crude both moving higher and crude about 79 a barrel, brantley crude at brent crude at 79. 31 and inflation data tomorrow and wednesday, crude has been under pressure on science of the fed signs of the fed likely to keep Interest Rates higher for longer, which in theory would hurt demand for oil. Joining me is the Oil Associates president andy lipow. Great to have you here. Begin with at talk of inflation this week. Higher rates can hurt oil demand, is that what you think and what do you expect . Good afternoon, ashley. Thats what i think and because of higher rates and they stay high for a longer period of time, it starts impacting on the economy, which eventually causes a consumer to cut back on spending as theyre spending more on higher Interest Rates for autos and cars. A barrel and brent more widely used, is there this kind of range louisianaing into the near term future . In the near term 8085 a barrel and lackluster demand in the United States as well as china and less than the market expected and at the same time that Oil Production continues to increase and the United States, canada, brazil, and giana and see that opec themselves have trouble sticking to their Production Cut quotas. Ashley we have russia and ukraine and a russian area was hit and we have whenever else going on in the middle east and yet the price of oil has not gone through the roof. Thats right. If we look at Ukrainian Drone attacks on russian refineries, theyve been quite successful in damaging those facilities and what that means is that russia has to export less diesel but also turns that into a gasoline inquarter. But on the other hand and you hit the russian refineries and that means in order to maintain their revenues, russia has to export additional kwanties of crude oil and keeps the pressure on brent and wti. Since october 7, when hamas invaded israel the hostilities and weve seen many tankers are rerooting resulting in longer voyages. Ashley Chuck Schumer saying hes urging the ftc to basically pump the brakes on chevrons proposed deal with biggest argument to these, you know, deals is that ultimately the consumer loses out pryors go up. Do you agree with that . I dont think s. Weve seen oil prices trade between 40 and 140 over the last couple decades and what the Oil Companies have found is that they need laryngoer scale and size to account for the greater adjustments to make and we talk about the basin and fracking quite a bit and next tranche of oil in more extensive areas around the world in order to explore and result were seeing consolidation and oil industry. Ashley what is production in the u. S. Like right now when it comes to oil . Down about the same or more . Its down but then it was upwards and what i would say during 2024, the annual average will be an all time record of 13. 2 millionbarrel as day and contrast that to 20 years ago, our Oil Production in the u. S. Was really a measly 5. 4 millionbarrel as day. Nothing to sneeze at. Ashley yeah, interesting. Finally before i let you go, couple of weeks from memorial day and beginning of the summer driving season, what are you expecting gas prices to do, andy . Well see gasoline prices drop about 510 a gallon and inventory about 4 higher than this time last year and gasoline demand yeartodate is a bit less than a year ago. Ashley good news. Ill hold you to that, andy. Thank you very much for joining us this afternoon. Always appreciate your expertise on oil. Andy, thank you. Diamond hands coming roaring back thanks to a figure at center of meme stock craze. Coming up, what its doing to game stop. Its a wild ride, isnt it . Even though liz is out today, you can get your claman fix by listening to this weeks edition of everyone talks to liz podcast. Liz ice special guest is the cofounder of opi products, and she shares her rise from being the daughter of Hungarian Holocaust survivors to the queen of the nail polish business. Quite a journey. Liz will be part of the brand new fox business rundown. Its a biweekly podcast to catch you up on latest developments in the financial world and what it all means for your wallet. That debuts may 20th and drops every monday and friday. Dont miss it. By the way, scan the qr code on your screen or if youre driving around listening to us on radio, go to foxbusinesspodcast. Com, apple, spotify or wherever you download your favorite podcast. Lots to talk about. The claman countdown is coming right back. Operatic music you were made to find inner peace. We were made to track flight prices to paradise. At enterprise mobility, our experts always see another road. Because with the right mobility solutions, the path to success is shorter than you think. Every day, more dog people are deciding its time for a fresh approach to pet food. Developed with vets. Made from real meat and veggies. Portioned for your dog. And delivered right to your door. Its smarter, healthier pet food. Ashley game stop roaring higher after Roaring Kitty returned to the social platform x posting an image of a man sitting forward in his chair. Its a meme used by gamers when things apparently are getting serious. Game stop halting higher and Trading Halted several times because of volunteers andtity. Its up 73 and volatility and up 73 and other stocks are moving higher. Well have more on the meme stock reboot later in the show with Charlie Gasparino, who i know has lots to say about this. By the way, reddit, another meme favorite if you remember also popping higher today, up nearly 8 . And penn entertainment is down and bank of america thinks itll generate lier losing and the generation in land projects is weighing on the stock leverage and penn entertainment down 1. 25 . Square space announcing itll go private in a 6. 9 billion all cash deal with private equity firm and the Building Platform spent three turbulent years in the Public Market and shareholders getting 44 per share in cash and square space founder and ceo will continue to be one of the largest shareholders. The deal by the way expected to close by the Fourth Quarter of 2024. The stock as you see is up more than 13 . Incite at top of s p 500 after unveiling plans to buy back 2 billion worth ovstock and Biopharmaceutical Company with a cap of around 11. 9 billion started a dutch auction to purchase up to 1 point 62 billion and agrees to par which you say up to 328 million of stock from board member julian baker. Last month incite struck a deal to buy clinical Stage Drug Development for 750 million inside up 8 . Now youre up to speed. Coming up next, the future of warfare relying more and more on rrobots and putting more hands n the tower of soldiers bringing battle drones to the front line and ceo of performance drone works here to show us the very latest tools. By the way, the roboglobal robotics index is ticker robo, r the last six months. Well be coming right back. Salonpas lidocaine flex. 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Start today at constantcontact. Com. Ashley Israeli Military ports of entry customerring on northern gaza today and says Hamas Terrorists are trying to reassemble in the area. The operation in and around the jeff gee camp began refugee camp began saturday with shelling and gun battles and israel claimed it cleared that area of hamas and dismantled its infrastructure earlier in the war and. Costume as hundreds of thousands of pal sin anne donovan it comes as hundreds of thousands of palestinians are expecting potential assault and that assault not sitting well with the biden administration. Grady trimble in the fox Business News room this afternoon with more on the plans to delay military help to our countrys top ally in the middle east. Grady. Yeah issue ash, white house officials are standing by their decision to hold up that shipment of bombs to israel and theyre trying to prevent amusive israeli operation in rafah that will lead to more gazan deaths. Well ensure that israel receives the full amount provided in the supplemental. We paused the shipment of 2,000pound bombs because we dont believe they should be dropped in densely populated cities. Democratic lawmakers reaction to President Bidens decision to withhold military aid is highlighting the split within his own party and 26 democrats signed onto a letter asking for a classified briefing on this decision. With democracy under assault ashed the orlando world, we cant undermine our ally israel especially in her greatest hour of need. Americas commitments must always be ironclad using the president s own word, ironclad there. But other more progressive lawmakers are praising President Bidens decision. Republicans for their part are rebuking him across the board and as President Biden tries to appease both the pro israel and pro palestinian members of his party, new reporting from the Washington Post says the admin vagues is offering Israel Intelligence if the country agrees to scale back it is operations in rafah. We are conditioning it on any activity they want a briefing from the White House Security council and want ashley russia reigniting efforts to take over kharkiv after launching a surprise attack over the weekend. Ukraine military forces pushed russian trooped to the Ukrainian Forces continue in the meantime to rely on drones to attack key targets inside russia. Meantime a new startup is already working with the u. S. Military to help revolutionize Drone Technology and the way its used in war. Performance drone works, its a startup backed by guest shark tank director matt hikingens is the creator of the autonomous drone that can execute missions for navigation or drop bombs on enemy targets and already has a multimillion dollar contract with the u. S. Special operations command. So joining me now in a fox business exclusive rse venture ceo matt higgins and performs drone works and cofounder ceo ryan. Ryan, what sets the c100 apart from all the other drones out there currently . Yes, thanks for having us. Yes, thank you. Its a variety of admissions and last minute resupply for blood, odder thans disposal and surveillance and recognizance and really allows a single soldier to deploy their own air support right from their backpack. I was on the ground and helped rebuild the trade acceptabilitier and it was on gourd and working on this for almost a decade and this is so vitally important to the National Interest of the United States. We need to inc bait a domestic Drone Industry and i personally got involved because of whats called valley of death. This is a vast wasteland from the u. S. Government for reservice connected and have program of record and its so farred for those companies to make it through the valley of death. Myself and my partner steven ross, weve put almost 50 million into the company to get here and help the u. S. Get a leg up in this industry with small robot ibrams. How easy to be shot down or to be hacked . Yeah, theyre 3d precision small instruments and theyre relatively hard to take out of the sky. Like wise to be hacked is also difficult. Were seeing evolve is a fast cat and mouse and respond and playing out in realtime. Ashley can the signals be jammed or have antijamming devices . Yeah, its quickly evolving away from large drone enorients and its being gentlemanned from norway to the ballet ticks to the middle east. Its stopping small robotics and seeing quick cat and mouse games play out. Ashley these machines, matt, theyve changed what typical war looks like these day asks doing an awful lot of things without doing human homes in side and so many activities and occupied by a soldier and explosive ordnance and send a drone to take it out and thats more ordnance. Its a paradigm shift in the u. S. Government and theyre moving quickly to become entrepreneurial to enanyone this technology to proud sprout on the home front and a bit of disadvantage and the government has a program called replicator and its worked in the United States to ensure that we learn from the ukraine and ready for the future of robotics. Ashley right. Ryan, let me ask you this, i cant think of another word but how local can the weapons be . Have we seen the full potential yet or is there another step or two up . Yeah, you yanis is a great example and a branch for robotics making 3 million small drones per year and just last week, the generals came away to say theyre more effective than anything in the tool set and small drones are here for a complete change in paradigm shift in the way we deliver things to the battlefield. Ashley matt, other robotic weapons out there that we dont know about yet . Certainly are. I mean, again, this is the future and we see what our adversaries are doing in the investments theyre making and russia is learning and theres a lot being developed and that should make you encouraged about whatsing going on in the United States. Ashley very good. We have to leave it there. Fascinating stuff. Congratulations to you both. Matt hikingens and ryan gury, thank you both for coming on the show and telling us whats going on in the world of drones, that you cant very much. Thank you very much. Thank you. Ashley moving on, meme stock craze of 2021 reigniting as Retail Investors pile into stocks once involved in one of the most spectacular short squeeze and wall street history and Charlie Gasparino is here to tell us if meme stock fans can do it again and playing dumb money. Charlie break it is next. Did i read this . Did i get eggs . Where are my keys . Memory and thinking issues keep piling up . It may be due to a buildup of amyloid plaques in the brain. Visit morethannormalaging. Com Sara Federico at st. Jude, we dont care who cures cancer. We just need to advance the cure. The heart of st. Jude is to take care of children with catastrophic diseases and to advance their cure rates. But we need to be able to do that for everyone. Its a bold initiative, to try and bump cure rates all around the world. But we should. It is our commitment. [music playing]. I just could not hear. I was hesitant to get the hearing aids because of my short hair. But nobody even sees them. 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Retail traders may be having deja vu but how are the short sellers feeling this time around . Are they interested or feeling the pain . Our Charlie Gasparino can answer that question. Charlie, here we go again. I had less grey hair again. I think you did too. Ashley i did, yes. This is tough day for short sellers, crunching numbers. This is fairly heavily shorted stock since the beginning of the year. 26 of the float. It is not astronomical. But for good fundamental reasons. This is not, this is not a company that is knocking it out of the park. If you looked at the recent earnings they have not been great. This Company Still hasnt turned the corner even though it does have a dedicated group of investors still in the stock. Other investors of some of these meme stocks are out. Bby, bed, bath beyond theyre gone because the company is out of business. Amc, if you pull up a chart of amc it might be going up on the news of this but after the 10 for one stock split it is worth, that is 50 cents in reality. Up way up, 81 . This thing is worth 52 , 52 cents and 30 cents or 29 cents before today. Again i dont think it is making money. I think it still has real Balance Sheet problems. Gamestop has a more loyal base but still i can tell you short sellers who got crushed today, the numbers are bloody if you add them up, short sellers today are eyeing this stock. What theyre saying to me is simply this, ashley, when this thing gets above 30 when theyre going in. By the way some of their numbers are pretty wild. Shorts are paying 4 . That is some astronomical money to borrow the stock. It is hard to borrow. I think shorts are down so far because of today, 1. 18 billion. I get a lot of my research on short selling from s3 research bob sloans operation. It is one of the best data crunchers on this market activity. When they say over there, when this thing starts peeking above 30 look for short sellers to come back. It gets above 30 when you have shortcovering. That is when you have to replace the borrow, by buying the stock. Then you can put in more shorts. That is what people are counting on. That this will not last forever. Why did this happen . We kind of buryied the lead. Roaring kitty or kitten . Ashley kitty. He posted that. That is the guy that started the whole thing. If there is ever a reason to buy a stock ashley, this has got to be it, right . Just think about it, forget warren buffett, forget Interest Rates, the Roaring Kitty posting a meme that is a great reason to buy a stock. Just think about that. Just think about that. Ashley does that mean well see you fighting on social media again, charlie, with some of those amc apes . I dont know. They have gotten their heads clobbered so badly they are undercover. Gamestop was down big time before this year. It was down 30 . I will say this, ashley, one thing before i turn it back to you. Gary gensler is worried about payment for order floe which is essentially good for small investors because it allows them to buy stocks through robinhood at no fee. He is worried about climate disclose thursday about corporations. You think there is a scandal under every crypto. He is bringing all these Crypto Companies to court. Ashley right. Yet the, so thats where he thinks the market is broken, not when you post a meme, when the Roaring Kitty post as people on twitter or wherever he posts at, weird meme a stock goes up like 90 . But thats fine according to gary gensler. Ashley but not crypto. But you know ripple is bad, something evil with those guys, ethereum, that might be bad. You know, got to know what everybody is doing to stop climate change, like that is really going to stop climate change, because companies in china and india are going, oh, god. Ashley exactly. Theyre not playing the game. Theyre not playing the game but this is okay. You know, whatever. Ashley it is a funny old world, Charlie Gasparino but if anyone can make sense of it is you and just looking at that cartoon picture today, just really says it all, what the heck, right . What the heck. Looks like he is sitting on the toilet a little bit. Maybe he was. Maybe he was. Thats a chair. It would be the same thing, wouldnt it . Ashley i dont see a toilet handle so would it be metaphorically, almost the same thing, isnt it . Ashley yeah, really. Getting flushed. Well leave it right there, Charlie Gasparino. Before this gets really dirty. Ashley more gray hairs after this interview. Yeah, right, thank you so much, charlie. Lets move on. The closing bell ringing in under five minutes from now, whew. The dow on pace by the way to snap its eightday winning streak which was the longest since september down about a quarter of a percent. The nasdaq on pace for the second up day in three. It is all very muted because investors trading water right now waiting for the inflation data coming out tomorrow and wednesday. All right. Moving on to this. Blue owl is a firm that is set up specifically to provide private capital by financing jumbo loans for companies. Joining me is Blue Owl Capital cofounder and president , mark lipshutz. Thank you. Ashley great to have you. How does blue owl make it money, lets begin there . Blew youll is the Management Company that manages a series of different funds which is designed by both Institutional Investors and individual investors but blue owl is paying fees to do a good job managing those funds to deliver outsized returns for the risk to the investors in those various pools. There, blue owl, were a high growth, all Management Fee centric business. We achieve very attractive predictable trajectory upward in earnings. This is distinctive in the land of alternatives. We dont have carried interest. It is, 92 of our capital or revenues come from permanent capital. It is unusually durable, predictable and still high growth model. Ashley what kind of rates do you charge your borrowers . So the rates we charge are based on a spread as you would expect both the bulk of our lending business, we manage proforma 200 billion in assets today half of which is in direct lending and in our direct lending business is it is almost all floating rate. Our rates are reset on continuous basis to the companies we lend to, so our investors benefit from inflation protection through the floating rate participation and it depends and spread to underlying fed funds rate so to speak. That is how we calculate that interest today. That means depending on the loan some are paying somewhere between 10 and 12 depending and these are really high quality companies. On average the companies we helped money to have over 200 million in ebitda and on offrage we lend them less than 40 of the value of the enterprise. So weve been able to carve out a place where we can deliver really durable results for that 100 billion of loans weve done our running loss rate since the inception of our firm has been seven basis points per year. We create something that really works for the user of capital and really works for the investors. Ashley i literally have about 30 seconds, marc, but it is not easy to answer this question, based on your business and the amount of loans youre servicing how is the economy right now . Great question. Looking at 400 Portfolio Companies that are u. S. Centric, business is good. Ashley yep. Were looking at the last quarter of data on average, revenue and ebitda growth doubledigit in our portfolio. That is a very selective portfolio. Thats our job. But i think that tells us the economy is in a solid pace but i will equally tell you that inflation weve been saying a long time is still sticky. Were still seeing that in these businesses. Theyre seeing cost pressures and passing price increases to their users. Higher for longer but a pretty sound economy overall. Ashley very good. You did that perfect time. Marc, thank you so much for joining us. We really appreciate it as we head towards the closing bell here. [closing bell rings] the major indexes as you can see trading in a very tight range. We have big data ahead this week which could move the markets. Ppi tomorrow, cpi, those numbers will be out on wednesday. Thanks for joining us. Larry hello, folks, welcome to kudlow, im larr