know? money fled america and searched for cheap labor and cheap stuff. now it's their consumer base, right? chinese companies are holding over americans like american businesses like hostages, right? so here's the thing, for many u.s. companies though the writing is on the wall. they're actually trying to flee china if or at the very least, pit gate exposure there. make no mistake, it's already paying dividends in the forms of jobs in america. yes, or we want access ott customers over there. in fact, customers all other the world, but the experts no longer believe china can surpass the u.s. in gdp, and that's something we can't ignore, and one day they will invade taiwan. so we have to the tread carefully when we just wave the flag and say come on over, the water's fine. maybe it's not, liz. liz: oh, filled with sharks, i would imagine, especially in that region. thank you, charles. as we kick off the final hour of trade for may, we are looking at a milder selloff than just a

couple of hours ago. a at this hour it does look to derail the dow's 2- month if winning streak. while the s&p and nasdaq look to the close in the green for the third month in a row, the blue where chips are on track to end the last 31 days at the moment down about -- i want to the say 3, which is what we had seen earlier for the month, yeah, down about 3.4%. the red you see spilling all over the session driven at this hour by irk-world. yes, inflation -- i-word. inflation is back on the front burner after the frill jolts -- april jolts unexpectedly spiked to 10.1 million versus amendment thed drop -- the anticipatedded drop to the 9.7 million. the jump in job openingsing to the highest level, by the way, since january, indicates the labor market remains tight as a crumb and may push the federal reserve to make its 11th rate hike in a row at its next meeting.

so let the fed jaw-boning begin. loretta the mester told the ft the, quote, i don't see a compelling reason to pause rate hikes, meaning wait until you get more evidence to the decide what another. she hen added that the better case is to tighten again and then hold fire. but then you had federal reserve governor phillip jefferson saying on a web conference, quote, skipping a rate hike at a coming meeting would allow the federal open market committee to see more day a before making decisions -- data before making more decisions. regional banks, renewed selling. it's been two and a half months since fast-rising rates destabilized and imploded silicon valley bank's balance sheet. the reverberations are still shaking shares of many of these names. we've got metropolitan bank down 8%, valley national losing about 5.25 the, pacwest down 6%, comerica losing 3.5%.

zions down nearly 5%. it's kind of hard to tell if the house debate on the debt ceiling right now is contributing to to the market angst. you're look at a live picture of the house floor if. last night, yes, much-discussed rules committee kid end up pushing the deal to the next step, and the actual vote is expected to begin this evening. we do have the breaking news on amazon shares we need to get to you. at any moment now, amazon employees are expected to walk out. you can see some of them gathering in the live puck hur at the moment -- picture at the moment. more than 1700 worker at company's seattle headquarters and warehouse locations toest thing what the seattle times says is frustration from recent layoffs, the return to to office mandate and a lack of action to crease the company's impact on climate change. so, again, this is a live picture. got a lot of people walking around with signs here. we do want to give some con educate. as share shares fall about 1.33%, employees were told a

month ago to return to work at least three days a week. and by the way, amazon has plans to put 100,000 electric delivery vans on the road by 2030 and power its operations with 100% renewable energy by 20 the 50. so by all means, let's bring out the unicycle. all right, that's renewable. just using your leg muscles. part of the nasdaq's problem right now is that it does not have the nvidia tugboat to drag it higher at the moment. after an incredible 3-day ruin, the chipmaker giving about 4.33%. a lot of hits coming at the markets are from many directions, means it's the time to bring in the floor show traders, teddy weisberg and gary kaltbaum. two bigmouths, man, i'm glad you're here. laugh teddy, if you check out the intradays, jefferson is a voting member, loretta a the mester is not. jefferson's comments hit the tape, and we kind of started to

come off the lows of the session. st the almost as if the market believes his narrative the, which is just pause for the moment, versus hers. what do you think? >> i think i don't know who to believe, liz, and i think that's problematical for the market, and it's problematical for investors. we've talked about this before. instead of having one spokesperson for the fed, we have multiple spokespersons. everybody has an opinion. my one of them can be right or wrong, but who knows who to listen to the. the fact is that we've raised, the fed has raised interest rates dramatically over the last 13, 14 months, and clearly they're not done yet. whether they raise at the next meeting or not remains to be seen. some people say where'll pause and then we'll raise in the meeting following thatting. the fact is it creates uncertainty, and that's reflected in a market that's basically been range-bound for the last 12-18 months. liz: gary with, yet you look at tech.

tech has been the winner over the past several months, and suddenly you see that nvidia was the rock star over the past three sessions, just barely giving up any of the multiple percentage points it has gained over the past couple of days. where do you think this part goes? yesterday we were talking specifically about whether a.i. could be the very sector that prevents us from dipping into recession. what do you think? >> well, for the past three months the only thing i have said and the only thing i have owned is big tech, and it's worked out pretty well. my problem is, is that 70% of the market remains in what i consider on the down trends of different bearish levels with the regional banks leading. but retail has also been destroyed. so i'm just sticking to what's working. my big worry, and it's the been talked about a lot and it should be, the narrowness of the movement. mostly the big names, though some other software stocks have been starting to come on a lot

better off of this the a.i. thing. i think it's the for real. to what extent the, i don't know. you had something like broadcom was up $100 are yesterday morning and finished down $10, and that minds me a little bit too much of froth frothiness. i'd rather be a little bit calmer, a little bit off of craziness. and i can just tell you so far so good. they're still in shape, they're still leading, and i hope it continues. liz: there's some headlines coming out at the moment, and we're looking at morgan stanley's co-president saying a.i. will be game-changing for financial advisers. i mean, if you're talking about the productivity, sure. so where are the losers in all of this, teddy? if you look at what to avoid, lately you look at energy, for example. yesterday we saw oil take a real hit and then, of course, the oil patch in return also came falling down. again, second day in a row we're seeing brent and wti down just with about, well, 2% for crude here in the u.s. to below 69,

now looking to the go below $68 a barrel. what do you think? >> well, i don't think you have to look very far, liz, to find losers. they're everywhere. i mean, the reality is that the bulk of the market, the press have been very negative. and other than these tech names, nasdaq is up 31% so far this year, the s&p up barely 9%. i mean, that tells the whole story. today's a sloppy market. you had apple and microsoft make new highs earlier. yes,st the true, as gary said, you know, if you want to gravitate to the those big tech names, you know, you've had a good five months. but the fact is vast majority of investors are not in those names. there's about 10,000 listed companies, and you've got 10 names that are driving the averages. i mean, it's a very, very scary -- liz: why fight the tape then? i mean, gary's not fighting tape. he's made some money.

>> well, i fight the tape because, you know, with my luck, i'd be the last one in. [laughter] it's the, you know, you look at a stock the like meta, i mean, meta was $88 eight months ago, it's t $2 the 60 today. that's great -- 260. i'm happy to the see it at $2 the 60 when it was the at 88, service a near death experience. liz: yeah. >> i mean, i'm not signing up for that kind of volatility. good luck to the folks that own the tech names because that's the place on, but there's, you know, another 9,000 names out there the that are struggling and have been struggling for 12 months, and that's a by-product, quite frankly, of higher interest rates and a lot of this, a lot of these unknowns in the economy. until some of these unknowns dissipate, basically cash is king, liz. we've talked about it endlessly. 5% in short-term treasuries,

almost 5% in money market funds. why assume risk in an arena where a handful of names are driving the trade. liz: yeah, i mean -- >> too russ key. liz: you look at treasuries, of course, it's certainly an interesting hold at least for the moment. if we can put up some of the bonds whether it's the 1-month or the 10 or the 2- year, we can show those. gary, really quickly though, aye been looking at big financials, they are mostly concern at least at last check -- all in the red. you have at least some reports that deposits for the first quarter for many of these banks actually fell. we know9 that the silicon valley bank drama of march 10th and 11 was very problematic. and then you see the regionals. you worried that another one might immold and then, of course -- implode and then the, of course, spread some of its mess all over the markets? >> you know, every day we go away from what happened with silicon bank is a good day, but they're acting terribly. every day i'm look for them to

to normalize because if they ever do, there's going to be some good coin to make. but they're still probing the lows, except jpmorgan, most of the big banks are not doing very well. it's hot just them. you look at the investment bankers, the money managers, the mastercard, visas just op topping out, pretty much the whole financial complex. and i can promise you if that count get going, it's going on to tough to get that side of market going. and i can, you know, you mentioned energy, i can mention the transports, the rails and the truckers are acting terribly. and i could go through a litany -- i mentioned retail. some of these things are down 50% from the highs. i could mention a lot of other sectors. million that turns, i am sticking with the9 -- until that turns, i am stick thing with the but and watching closely because history says when you get very narrow markets, eventually the narrow ends and all heck breaks loose. i hope it's wrong going forward the next time, and so far i'm

sticking with it, but history does matter to me. liz: gary, teddy, thank you. of we have a long history, all three of us, and i'm sending everybody green bananas. [laughter] in 2011 a completed debt ceiling deal was not enough to protect the united states ' vaunted credit rating. s&p agencies still went ahead and did something no other ratings firm had ever done, downgrade america's aaa status. former s&p sovereign rating committee chairman john chambers headed the team that made that difficult decision. he joins us next live to discuss what could happen this time around even if a deal is passed. closing bell, 49 minutes away. "claman countdown"'s coming right back. dow jones lore by 138, the s&p losing 23 and the nasdaq down 78. ♪ ♪

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liz: breaking news, house speaker kevin mccarthy that he and other house gop members will hold a press conference on the fiscal responsibility act, that's the debt ceiling deal, at 9:5 p.m. eastern time. okay, let's give you some context. right now that bill to raise the debt ceiling is working its way through the house with the full house vote tonight. if passed, it moves on to the senate that could come at -- for a vote that could come at the end of the week or even over the weekend. the world economy could be negatively impacted if america cannot pay its bills, but even if the keel is signed, seal ised and delivered, the u.s. is still

at risk of a credit downgrade. witness 2011. back then even after a deal to the raise the nation's borrowing limit was signed -- a deal which, by the way, included $2. 1 trillion in cuts -- credit rating firm s&p downgraded the u.s. credit rating from if aaa to the aa+. s&p cited, among other things, america's governance and policy making becoming less stable, less effective and less predictable due to the political ballots on cap doll hill -- battles on capitol hill that revolved around the nation's debt. how concerned should we be that history will repeat itself senate let's find out from one of the people that made that call back in 2011. john chambers was s&p's sovereign ratings committee hair at -- chair at the time. he joins us now. wow, i'd love to know what was going on in the room where it happened back then in 2011. what was the tipping point that got you and your team to say we've got to downgrade u.s. credit? >> well, of course, it was a

committee decision, and the committee at the time lowered the rating of the u.s. government are from aa to aa+ for two reasons, and they were two reasons that you cited. one was the fractious nature of the debate around the debt ceiling and the pact that you could have a very clear path to default which was only narrowly avoided, and the other was the fiscal trajectory which means the budget decision and the amount of government debt outstanding and the prospect that9 it would continue to increase at a rate that was no longer consistent with the aaa rating. liz: they never raised it back. long after you left it is still aa+. why? >> because those factors still remain. the projections we had on the budget were exceeded, actually. they've turned out on worse than we thought -- liz: great, great. >> -- and the political fractiousness is even greater than it was then. liz: it's the almost like the threat of default has become a bargaining chip between political parties, and it's used

as almost a weapon, right? used as a weapon to get what each side really wants. and that's all very mice when it comes to local politics -- nice when it comes to local politics in local municipalities, but not for the federal government. >> this is no way to run a government. i chaired s&p sovereign rating committee for 11 years. over those 11 years, we had 130 sovereign governments that came through the committee that we judged, and is practically none of them separate the budget decisions from the funding decisions in this manner. and it's completely self-fabricated and unnecessary. liz: self-fabricated. now, john, we've got four ratings agencies, the big ones -- fitch, moody's, s&p, the morningstarratings arm. -- morningstar ratings arm. they all, except for s&p, have a aaa rating. fitch and morningstar have, i

believe at the moment, in different wording put the u.s. credit rating on negative watch. so at the moment, ratings watch negative. and then bbrs has negative implications. when do you think they will make a decision as to whether they will downgrade the u.s.? >> well, you'll have to ask dbrs and fitch that question, but normally had be a decision that they would come to the a fairly quickly after this would be over. liz: well, that's in four days. less than five days away, june 5th is the day that the treasury department has said, that's it, that's the x date, we can't push it any further, we will run out of money. so even if there is a deal, clearly kevin mccarthy the, the breaking news as we just told you, was he's going to the hold a news conference. he's getting bold, is he not, hiking that this thing will pasg will pass. to the me, that still doesn't matter if you use the s&p example from 2011. >> i think the focus probably shouldn't be on what the rating

agencies do or don't co, but the lasting impact this is going to have on the market. i think the u.s. are permanently pay a higher risk premium for their debt because of these machinations around the debt ceiling. and when you have a stock of debt of $31 trillion, a few basis points extra that on your risk premium adds up to a lot of money. liz: is there any room for delaysome. >> there's no room for delay. the -- do i think we need to take as a credible statement secretary yellen's comment that they are going to run out of cash on monday, and we need to get this bill enacted as soon as we can. liz: and finally, the relationship mending that had to be done with the administration back in 2011 actually involved the ceo of all of s&p stepping down, something like 12 days after the decision to downgrade came that would be a hilling effect for any -- chilling effect for any ratings agency, ill think, to the really tell

the truth about they think. that looks like a punishment under the obama administration. >> i don't really have any particular insights into that. but, you know, the relationship between s&p and the government when i was there was entirely professional, is we had an active dialogue with them, and we've had since as long as the time as i was at s&p. liz: john,st it's good to see to you. >> thank you, liz. liz: thank you for giving us this recent historical context on this. >> thank you for having me. liz: appreciate it. advanced auto parts on track for a record daily percentage drop. why are investors zooming away from the auto parts retailer or? you need to find out next. closing bell, 38 minutes away. we've got the dow, the s&p and the nasdaq in the red although well off the lows of session. the dow was down about 303 points, nasdaq had been down 128ing. nasdaq right now is down 66. we are coming right back.

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liz: okay, we've got dow jones industrials down 122, so more than cutting in half the losses at the moment. s&p down 20 the points, the nasdaq lower by half a percent of 66 points. we mentioned going into the commercial break advanced awe otto parts? s it is looking just like a clunker after dismal first quarter results. shares of the awe eau e parts

supplier are -- i don't like to the use the c-word, it's crashing, okay? 34% to the downside here and a record 1-day selloff. the company not only missed on the top and bottom line, but also cut its outlook for 2023. it also slashed its quarterly dividend by 83% to to 25 the cents -- 25 the cents a share. ceo tom greco admitted while he anticipated the first quarter would be challenging, the results were well below expectations due to higher than planned investments to help narrow competitive gasoline gaps. did i read that right? price gaps. i was going to say, i don't even understand any of his excuses here. i'm sure investors don't either. all right. other auto parts supplier s are 125u8ing on the news, awe ozone down nearly 3%, o'reilly -- by the way, o'reilly has clocked an impressive 45% gain year-over-year. meanwhile, shares of american

airlines are on the move here, up about 1 as airline carrier's profit guidance for summer travel heads skyward. american raised its second quarter guidance following a largely disruption-free memorial day travel weekend citing strong demand and lower or fuel costs. according to tsa data, past weekend some 313,000 flights carried can more than 42 the million travelers, and that is topping pre-pandemic levels. take a look at other major airlines, see if they're coming along for the ride. ual down 1.25%. delta airlines flagging by about .25% and southwest is flat to slightly higher. hp and i hewlett-packard enterprises both missing analysts' fiscal second quarter revenue estimates. shares on both ends are falling, you've got hpe down 6.6%, hpq down 5% as demand for pcs continues to slide.

both companies did say they do expect to see a rebound in pc sales related to the current artificial intelligence craze. hpe also won several big contracts totaling more than $800 million to help develop, train and run a.i. models while hpq is working on integrating a.i. capabilities into its pcs. today at least those two letters, a a and i, are not helping either of these sock ises. as pc command wanes, the participant company of designer brands versace, or jim my chao and michael kors expects demands for goods to to waver as well. capris holdings down 11.75%, that's near a 52-week low after it cut its annual sales forecast. demand for handbags and shoes continue to weaken in the u.s. with revenue from michael kors following 11% -- falling 11% year-over-year. sales in asia did rise slightly.

folks, we can do need to take you back to seattle where you are looking at a live picture of hundreds of amazon workers who are gathered outside the company's headquarters there. they are joining a global walk off the job protest to highlight concerns about amazon's recent return to to office mandate, layoffs and the e-tailer's environmental record. amazon did initiate the largest layoffs recently in its 29-year history, cutting 27,000 jobs across various divisions. but what else is at stake the here, what's the issue? let's get to the fox news reporter dan springer e. he's on the ground at amazon headquarters in seattle. dan. >> reporter: yeah, hi, liz. we've heard a lot of grumblings of people who liked the work from home model and didn't want to return to the office, but this is very first time that there's been a protest directed at a single company over its return to the office policy. and i'd say we have a few hundred people here, 800 people at the headquarters here many seattle signed a pledge to be at

this protest. 1500 sign it worldwide, but they don't have quite the 800 that signed the protest. but they're here protesting the company's return to the office policy which began may 1st -- less than a month ago -- requiring employees to work in the office at least three days a week. this comes at a time when tech i have is downsizing world wild, as you said. according to layoffs fyi, nearly 200,000 people have been laid off at tech companies so far in 2023. that's on top of 164,000 last year. and many of the jobs have been lost here in the puget sound. amazon has laid off 27,000 people this year, nearly 10% many in seattle. over in redmond, microsoft has laid off 21,000 workers across the board, 2900 in the seattle area. today's protest was organized by a group called amazon employees for climate justice. the group said, quote, amazon's top-down, one size fits all rto

to, or return to office, mandate undermines the diverse, accessible future that we want to be part of. amazon must return autonomy to its teams. amazon doesn't appear to be budging. they issued a statement which reads in part, we have had a great few weeks with more employees in the office. there's been good energy on campus. we've explained our thinking in different forums over the past few months and will continue to do so. and back out live, we can show you some of the signs i read, one says i hate commuting, who doesn't? we work better at home and save the world, stay home. so just a smattering of the signs that are here. but, you know, amazon's not budging on this issue. they say that this is working for them, it's added energy to their teams and that their work is better when people are in the office together at least the three days a week that they're requiring. liz? liz: and i 3wr50e6 the businesses in seattle are thrilled to bring more people back down own and come out once again. this isn't just good for amazon

least are from some perspectives here, it's good for the nearby businesses. >> reporter: oh, you know it. there are businesses all around this campus that amazon has here in the heart of downtown which are thrill thed to have these workers back. it means big bucks for them at lunchtime, at dinner time, these workers bring a lot of money to the downtown area when they're here. liz: i get it. dan, thank you very much. amazon shares, for their part, are down just over 1% at moment. here's a question, are the amazon return to the work protest es yet another sign the future of commercial real estate, particularly in the office space sector, continues to darken? next, queen of american real estate is ready to weigh in. corcoran group founder barbara corcoran will take a deep dive with us about the future of office space, entrepreneurship and if she smells opportunity in the choppy investment waters. and, guys, we just droppedded the new episode of my everyone talks to liz podcast

yesterday on the man whose lab is aiming to make a quantum leap in early cancer detection, and already we're getting loads of twitter love and feedback on it. when he lost his beloved brother-in-law to the cancer, his lab discovered how to find the deeply hidden signs in blood that identify cancerous cells well before a tumor even givens to form. as it -- begins to form. you need to hear how it works and when we all might have access to the what could be the ultimate medical breakthrough. take time during your commute, your workout to listen to the it on amazon, apple, spotify -- if you do have a commute. sorry, amazon workers -- i really want the know what you think of it. closing bell, 25 the minutes away. we are coming right back. the dow still in the red by 115 points. barbara corcoran is next. ♪ finish. ♪

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liz: oh, here's a question, are real estate prices at a crossroads? okay, two voices weighing in here. tesla ceo elon musk if federal reserve governor michelle bowman are taking opposite stances. this morning in boston bowman said that the residential real estate market appears to be rebounding now which could impact federal reserve's inflation battle. while lower rents will eventually be reflected in inflation data, she says home prices are already leveling out right now and starting to rise once again. but on monday tesla ceo elon musk said home values and residential real estate will follow the meltdown commercial real estate is experiencing right now. whom should you believe? well, if anybody should throw in their 2 the cents into this argument, it's the queen of real estate, barbara corcoran. she joins me now in a first on fox business interview here in studio. great of you. >> pleasure to be here. liz: whose side do you come in. >> oh, definitely, there's no

relationship between the commercial and residential, and the residential is starting to rebound, but the commercial is many trouble. liz: okay, so elon's wrong. >> of course he's wrong yet again, but he's cocky, and sometimes that counts more. liz: yeah, i get it. well, we're talking about it. we're giving him oxygen on that issue but not necessarily a real estate guy, nor is michelle bowman at the fed. but you're sitting here for us. tell us exactly what you see, and let's separate these, are residential real estate. >> holding up the market is the bottleneck that's out there. sellers don't want to the move because they don't want to take on higher interest rates, and buyers are too afraid because they're getting less house. in fact, they're getting half the house they would have only two years ago. so you've got a mexican standoff going on. the people who are going out there and buying are finding they're overbidding, they're having a hard time getting their hands on the house, and right now everybody's afraid of the high interest rates. the minute those interest rates come down, all hell's going to

break loose. liz: look at the 30-year fixed. you can see it week over week, it had a 6 handle last week and now it's got a 7 handle. and we can show people that because i think that it's very stark once you see it on the screen. may 31st, 3.3% -- 7.3%, march 31st, 6.88%. nobody wants to lose their low rate at the moment. >> nobody. you'd have to be crazy. but heir not to going to the stay put if insurance rates go down by two points. it's going to be a signal for everybody to come back out and buy like crazy, and the house prices, the housing market, i would not be surprised if they go up 20%. we could have covid all over again. liz: case shiller, that's first time -- they're will -- a little bit lagging because it's two months ago. does that tell you that maybe elon's right a little bit.

>> no, i don't think so. you know, you have to look at those numbers and say where are they going up, where are they going down. on the coastal areas, prices are going down because houses are just so not affordable. but if you look in the southwest, prices are going up. you have some cities where prices are rebounding by 20% in six months. liz: how about this, south florida? >> miami? liz: i mean, whether it's the miami, whether it's palm beach, those prices have skyrocketed. will they ever come down? >> hey, when who employees? who knows about ever, but i can tell you they're still going up, and it's one of the hottest markets. people love florida, people love prices, and people are paying anything. i don't get it, it's not my cup of tea the, but it's doing very, very well. liz: boy, it sure sounds like a bubble sometimes. >> oh, no if, don't use that word, bubble. it's so very different. we don't is have wild investing in the market. it's hard-earned cash in the market, people aren't overleveraged, there's really no comparison to now compared to

what came before. liz: dying to know, put on your entrepreneur hat and tell me what you see in the commercial real estate area because these skyscrapers, many of them trophy properties are either in foreclosure or getting very close to foreclosure. do entrepreneurial-minded people look at that and say, you know what? let me buy it, pennies on the dollar, and i'll just hold it this this thing ends? >> yeah, it's it's great to sea pinnies on the -- do pennies on the dollar, but no one really believes it's going to the turn the corner. do our office buildings in manhattan are 50% occupied, and in secondary cities we have a 20% vacancy rate. no one's going to the take that chance. the regional and small banks who financed them are are going to take it in the gut. a lot of people are late on hair mortgage payments to their lenders, i don't see that turning around. i think it's going to be a bit of a bloodbath before it gets

better. liz: and on top of that,s codo you get the sense that these regionals, that one or more of them are in trouble that may follow the same fate as silicon valley bank, first republic which had to be bought by jpmorgan? >> yes. liz: listen, on any given day they're like meme stocks, they're trading all over the place. >> right. liz: a little scary because regionals are the ones who write those commercial if real estate loans. >> of course they're at risk. when you look at their portfolios, they usually have 25% of their assets in commercial real estate. you can't take that kind of a hit and keep on ticking. no, they're going to be in trouble, without a doubt. liz: you're the queen of real estate, i need your entrepreneurial view and advice for our viewers who say i want to be like her whether in this field or another. what's the number one characteristic you feel helped you build your business and has you buying businesses now? >> i had ambition, which i still have. it hasn't waned at all. and i'm extremely competitive. when i invest in many different

businesses, i find that's the commonality between the winners and losers, they just know how to compete. liz: great to see you. >> great to see to you. liz: barbara corcoran -- >> you're looking good. liz: so are you, girlfriend. >> i agree with you. [laughter] liz: you are a thousand percent right. closing bell, 13 minutes away. one stock that is driving off the market's cliff at this hour is actually our countdown closer's pick, but what does todd "bubba" horowitz see in that name? you've got to find out, next. the dow now down 91 points, well off the 300-plus point loss earlier. say iewned the, we're coming -- right backma. ♪ .. a never-hide-my-smile day... a life-of-the-party day... a take-on-the-world day... a believe-in-myself day... a flash-my-new-teeth day. because your clearchoice day is the day

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♪. liz: harvey pitt, former chairman of the securities & exchange commission, has passed away at the age of 78. charlie he was a friend to this show. >> a friend ever mine. i've known harvey for 30 years. here is what you can say about the guy, i never met a guy that was so successful both on the defense side and on the prosecutor side. i mean he was one of the best securities lawyers giving advice, doling out advice to companies, to individuals. he was ivan boesky's lawyer.

he cut the deal for ivan boesky, essentially a plea deal in exchange for evidence on michael milkin part of that whole drexel prosecution by the u.s. attorney's office, rudy giuliani and sec at the time. he was involved in that. he was in post before that. he was general counsel schedule for the sec, i believe youngest general counsel at 30 years of age. he came back to become chairman of the sec under george w. bush. very controversial, a lot of democrats started targeting him because he represented a lot of firms he was allegedly prosecuting. he brought more cases than anybody, not anybody but he brought a lot of casts. he was not an absentee landlord. he left the sec, started another consulting business, was successful i understood. i got this from a former sec official, when sec official would get jammed up he would

represent them pro bono that is the type of guy he was. he was involved in enron, post-enron regulations, sarbanes-oxley. he was involved in major, all the big securities cases. liz: he was tough. >> he was tough. he was nice. he transformational. liz: fair. >> on both sides of the aisle. we don't have enough time to give him a eulogy. there will be a eulogy. i will get together with some people tomorrow night to talk about his career. liz: can i dove till to bill ackman of pershing, the big billionaire now blurting out that jamie dimon could beat joe biden if he ran for president. >> i will say this about ackman, there was a story that i did on "the claman countdown" i believe it was in 2017 where i did a story about how biden essentially threatened to smash bill ackman in the face. they were at a dinner. this is true. you don't remember it. liz: i was absent that day. >> they were at a dinner,

sponsored by anthony scaramucci at the salt conference. biden was the keynote speaker for the salt conference. he was talking about, he was see table, jim chanos, jeb bush, you name it, steve harvey, there was a lot of people there. ackman was there and he was speaking about whether why he didn't run. he spoke about his son, his son who died of cancer beau. >> ackman said something. it became a point of dispute exactly what he said, what he meant. whatever he said and meant biden didn't like it and biden basically called him an ass hole to be honest. liz: jesus, charlie. it is a family show. >> look at foxbusiness.com, charlie. later came out he threatened to punch him in the face. we should point out that ackman denied said anything nasty. biden made a comment, i believe

i've spoken too long here, ackman said something to the effect, that never stopped you before. he like lost it. ackman says that is not really what happened. liz: is this a long way of saying ackman would say that, say that jamie dimon? >> there is no love lost between bill ackman and joe biden after joe biden definitely, definitely, threatened to punch him in the face. liz: there is a giant hook on the side of this stage -- >> you asked me. i didn't want to talk about. you asked me. i'm giving you, you want fact for fantasy? you want fact or fantasy? liz: a little bit of both, depending on the time of day. thank you charlie. advanced auto parts. no more, charlie. >> [inaudible] liz: get him off. advanced auto parts is tanking, we showed you that earlier, down 35% now. session lows at the moment. this is a three-year low but our "countdown closer" says fuel up on those shares, buy now. todd, bubba horowitz.

i like your thinking, buy low, hopefully not stab yourself in the eye with a bic pen 10 years from now so tell me? >> what's up, liz? trying to collect a falling knife. the company makes money. they pay a good yield. this is panic. the volume is 20 times normal volume in the stock today. everybody is jumping ship. if you're looking for value, you want to invest in this market i think in a lot of trouble itself, you want to invest in it, you want to find value propositions with companies that make money you figure will be around the necks 10 or 20 years. i figure advance auto parts will be around a long time. liz: 2009, 2008, maybe low of 2009 star burkes announced it was closing 600 u.s. stores back then because of the financial crisis and implosion. that stock went down to something like $12. i remember thinking starbucks is never going away. this would be that time.

that is what you're saying? you are saying that advanced auto parts is a good brand going through a bad time, so buy it now? >> that is exactly what i'm saying. you remember markets go through faces in of themselves, even if market suppose low, advanced auto parts might have made a low for the next move. they make a lot of money. pay a good yield. why not look for places to park your money? i think it is opportunity to buy a great company at a low price. liz: markets, we still have the overhang of the regional bank crisis, a little bit after vapor trail happening right now. we're waiting on the debt ceiling debate to finish so the vote begin this is evening and on to have of that the s&p is a gain of right or 9%. how does this hold up or joe wilson of morgan stanley

prediction of s&p 3,000 come to pass? >> i think that joe also is right. any we're going much, much lower. it doesn't mean it's tomorrow but we have too many headwinds in front of us starting with the banking system which i think there is a lot of air in that system, and a lot of leverage and we see a lot of properties leveraged to the hilt that will not be able to pay pretty soon. we have interest rates rising. the fed may pause this month. i think they will rise, you will see 10-year at 6% so. liz: all right, todd bubba horowitz. being being a contrarian saying buy advanced auto parts on the low of the past three years. [closing bell rings] nasdaq, s&p will close higher for the month of may. that will do it for "the claman countdown." "kudlow" is next following all the debt ceiling dealings ♪ larry: hello folks, welcome to