RUSH TRANSCRIPT Thank you ░░░░░░░░ Maria Chad scarborough joining ░░░░░░░░ The next hour of ░░░░░░░░ with Maria begins right ░░░░░░░░ And it is time ░░░░░░░░ the word on Wall ░░░░░░░░ top investors watching your ░░░░░░░░ Joining me right now ░░░░░░░░ mottly fool asset management ░░░░░░░░ analyst shelby mcfadden and ░░░░░░░░ principle and founder Ryan ░░░░░░░░ Thank you for being ░░░░░░░░ Ryan the market here ░░░░░░░░ waiting on earnings Wee ░░░░░░░░ ve got a busy ░░░░░░░░ se releases this morning ░░░░░░░░ Bank of America out ░░░░░░░░ morning better than expected ░░░░░░░░ double beat on earnings ░░░░░░░░ revenue Waiting on Morgan ░░░░░░░░ later this hour We ░░░░░░░░ hear from god man ░░░░░░░░ Tesla netflix tomorrow Lots ░░░░░░░░ tech on deck this ░░░░░░░░ How would assess what ░░░░░░░░ ve seen so far ░░░░░░░░ what is your expectation ░░░░░░░░ second quarter earnings Yeah ░░░░░░░░ far big banks have ░░░░░░░░ really strong I mean ░░░░░░░░ ve come out of ░░░░░░░░ gate pretty hot here ░░░░░░░░ too unexpected I m ░░░░░░░░ more concerned for the ░░░░░░░░ banks they have much ░░░░░░░░ room for error especially ░░░░░░░░ the deposit side so ░░░░░░░░ ll be watching the ░░░░░░░░ regionals a little closer ░░░░░░░░ for me I think ░░░░░░░░ we re watching is ░░░░░░░░ power Can companies continue ░░░░░░░░ raise prices on consumers ░░░░░░░░ the consumers continuing to ░░░░░░░░ those prices and if ░░░░░░░░ look at last quarter ░░░░░░░░ the big nine consumer ░░░░░░░░ companies in the U ░░░░░░░░ and Europe volumes were ░░░░░░░░ Prices were up 11 ░░░░░░░░ were down 2 So ░░░░░░░░ re really going to ░░░░░░░░ watching volumes Can the ░░░░░░░░ continue to spend and ░░░░░░░░ companies continue to raise ░░░░░░░░ We re just not ░░░░░░░░ that s something that ░░░░░░░░ continue in perpetuity We ░░░░░░░░ it could be a ░░░░░░░░ earnings season going ahead ░░░░░░░░ you think that estimates ░░░░░░░░ come down Is that ░░░░░░░░ reason to raise cash ░░░░░░░░ here What are you ░░░░░░░░ in terms of investing ░░░░░░░░ half of the year ░░░░░░░░ corks what we ve ░░░░░░░░ doing is for yeah ░░░░░░░░ what we ve been ░░░░░░░░ is for some of ░░░░░░░░ clients we ve been ░░░░░░░░ them to have equity ░░░░░░░░ on the lower end ░░░░░░░░ their comfort range We ░░░░░░░░ the multiples the market ░░░░░░░░ trading at right now ░░░░░░░░ a little t frothy ░░░░░░░░ s a great run ░░░░░░░░ the market It s ░░░░░░░░ a boone for retirement ░░░░░░░░ and investment accounts It ░░░░░░░░ a good time to ░░░░░░░░ their accounts People are ░░░░░░░░ more stocks than they ░░░░░░░░ they were There s ░░░░░░░░ study that came out ░░░░░░░░ that showed retirement account ░░░░░░░░ were closer to 70 ░░░░░░░░ 75 in stock where ░░░░░░░░ in 2010 were more ░░░░░░░░ the 35 range I ░░░░░░░░ people are inherently taking ░░░░░░░░ risk right now than ░░░░░░░░ probably think they are ░░░░░░░░ I want to look ░░░░░░░░ the auto sector as ░░░░░░░░ shelby Ford cutting prices ░░░░░░░░ all versions of its ░░░░░░░░ f 150 lightning pickup ░░░░░░░░ They re cutting price ░░░░░░░░ much as 10 000 ░░░░░░░░ an effort to boost ░░░░░░░░ and lower costs for ░░░░░░░░ minerals The cheapest version ░░░░░░░░ the lightning will start ░░░░░░░░ about 50 000 Ford ░░░░░░░░ prices for all versions ░░░░░░░░ the EV electric vehicle ░░░░░░░░ drop by at least ░░░░░░░░ 000 shelby Your thoughts ░░░░░░░░ here on autos and ░░░░░░░░ vehicles You know I ░░░░░░░░ think that the recent ░░░░░░░░ decisions by ford are ░░░░░░░░ reflection of a few ░░░░░░░░ For one it s ░░░░░░░░ simple fact their new ░░░░░░░░ is going to be ░░░░░░░░ reflection of the operating ░░░░░░░░ If it is a ░░░░░░░░ that we re seeing ░░░░░░░░ the auto industry components ░░░░░░░░ less expensive labor probably ░░░░░░░░ but some of the ░░░░░░░░ bottlenecks especially in minerals ░░░░░░░░ battery components starting to ░░░░░░░░ up We will see ░░░░░░░░ flow through I think ░░░░░░░░ component is the fact ░░░░░░░░ this price cutting sort ░░░░░░░░ early on in the ░░░░░░░░ of the vehicle is ░░░░░░░░ a reflection of the ░░░░░░░░ that they do need ░░░░░░░░ see a little bit ░░░░░░░░ that increase in volume ░░░░░░░░ there a sufficient degree ░░░░░░░░ quality on the product ░░░░░░░░ it can continue to ░░░░░░░░ a premium that they ░░░░░░░░ charging at those prices ░░░░░░░░ supply was a little ░░░░░░░░ constrained so I think ░░░░░░░░ s also a reflection ░░░░░░░░ the fact that infrastructure ░░░░░░░░ evs is part of ░░░░░░░░ makes that premium worth ░░░░░░░░ so I do think ░░░░░░░░ s a sort of ░░░░░░░░ of all of those ░░░░░░░░ and we ll probably ░░░░░░░░ to see it across ░░░░░░░░ industry as consumer demand ░░░░░░░░ a little more challenged ░░░░░░░░ elevated prices Maria but ░░░░░░░░ m wondering how much ░░░░░░░░ this those do with ░░░░░░░░ Biden Administration s policies ░░░░░░░░ electric vehicles because I ░░░░░░░░ with President Trump over ░░░░░░░░ weekend and the 45th ░░░░░░░░ was pretty adamant that ░░░░░░░░ vehicles are going to ░░░░░░░░ Michigan out of business ░░░░░░░░ the general automakers here ░░░░░░░░ s President Trump talking ░░░░░░░░ me about electric vehicles ░░░░░░░░ the Biden Administration policy ░░░░░░░░ The electric cars are ░░░░░░░░ to put Michigan out ░░░░░░░░ business and other places ░░░░░░░░ of business and who ░░░░░░░░ to be driving in ░░░░░░░░ car for one hour ░░░░░░░░ then say give me ░░░░░░░░ charge I have nothing ░░░░░░░░ the electric car but ░░░░░░░░ have to have combustionen ░░░░░░░░ Combustion ebb engines also ░░░░░░░░ have to have hybrid ░░░░░░░░ 5 of the market ░░░░░░░░ electric A lot of ░░░░░░░░ don t want an ░░░░░░░░ car The ones a ░░░░░░░░ do should be abl ░░░░░░░░ buy The ones that ░░░░░░░░ t should be able ░░░░░░░░ buy what they want ░░░░░░░░ do It s true ░░░░░░░░ Americans don t have ░░░░░░░░ in electric cars Many ░░░░░░░░ don t want to ░░░░░░░░ to especially if you ░░░░░░░░ talking about heavy duty ░░░░░░░░ having to think about ░░░░░░░░ recharge to get the ░░░░░░░░ they re used to ░░░░░░░░ won t be able ░░░░░░░░ necessarily comment directly on ░░░░░░░░ there s a shore ░░░░░░░░ influence We know there ░░░░░░░░ a tax rebate which ░░░░░░░░ been an available option ░░░░░░░░ lots of electric vehicles ░░░░░░░░ to the f 150 ░░░░░░░░ but I can say ░░░░░░░░ there will remain the ░░░░░░░░ to choose if you ░░░░░░░░ internal combustion vehicle if ░░░░░░░░ satisfy your needs better ░░░░░░░░ the income price point ░░░░░░░░ require I m not ░░░░░░░░ confident it s coming ░░░░░░░░ from policy I think ░░░░░░░░ s an operating decision ░░░░░░░░ ford to say we ░░░░░░░░ to go ahead and ░░░░░░░░ to sell these vehicles ░░░░░░░░ and it is still ░░░░░░░░ new They will have ░░░░░░░░ couple years to decide ░░░░░░░░ or not they want ░░░░░░░░ continue production regardless of ░░░░░░░░ administration is sort of ░░░░░░░░ any incentives or disincentives ░░░░░░░░ forward Maria all right ░░░░░░░░ ll leave it there ░░░░░░░░ to see you both ░░░░░░░░ ryan thanks very much ░░░░░░░░ being here Thank you ░░░░░░░░ we ll be watching ░░░░░░░░ impact of these price ░░░░░░░░ on the evs out ░░░░░░░░ ford Quick break and ░░░░░░░░ kjp touting Bidenomics again ░░░░░░░░ the president had a ░░░░░░░░ error in a tweet ░░░░░░░░ his economic success All ░░░░░░░░ details coming up with ░░░░░░░░ all star panel right ░░░░░░░░ this and then it ░░░░░░░░ a big day of ░░░░░░░░ quarter earnings this morning ░░░░░░░░ re waiting on Morgan ░░░░░░░░ It s coming up ░░░░░░░░ soon as it hits ░░░░░░░░ tape we ll bring ░░░░░░░░ the numbers and the ░░░░░░░░ impact You re watching ░░░░░░░░ with Maria live on ░░░░░░░░ business disincentives going forward ░░░░░░░░ all right We ll ░░░░░░░░ it there Great to ░░░░░░░░ you both, shelby,