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. plus, new york community bank continues to tumble as they struggle for survival. are the issues taking it down going to hit other banks as well? we will talk to regional banks ceo about commercial real estate and more. but first, it s 2:00 and we got two hours left to trade. the nasdaq is leading by about 1% followed by the s&p 500 by about 0.9%. dow jones industrial, adding 177 points, which is good for half a percent at this point. >> one month down looks so dramatic, i can't even read the numbers. they are higher today by 4%, up $0.19 per share. there are the numbers for you. the company is trying to reassure the markets it has ample liquidity. to talk about that and more, let's bring in leslie picker. hi, leslie. >> it was down double digits

earlier today. that is the prospect of the bank updating risk exposure. people familiar with the matter says they have been reaching out to investors to find capital that can be injected into a portfolio of mortgages and that comes after an hour long call with the executive chairman appointed just this morning who touted the positive stability amid the stock's recent selloff. >> we've got a couple of, you know, tough punches to the gut but we are strong and as i said, look at the deposits of this organization. i mean, does anybody think that they could be higher today than at the end of the year, given what we have been going through here? i mean, come on. if that doesn't tell a story about the strength and

resilience of this company and the people that work here, i don't know what does. >> the company said overnight deposits were up 83 billion. of course, moody's downgraded ratings last night, citing the bank's unanticipated loss on commercial real estate, which is a significant concentration for the bank. moody's saysthe recent turnover in risk and audit functions at a pivotal time means the bank faces high governance risks. amid regulatory pressure and shortly before reporting last week's dismal earnings that really started this whole freefall in the stock price, nycb's chief risk officer and audit officer departed the bank. nycb said they are in talks to fill those roles, however the lack of initial disclosure surrounding those departures coupled with concerns about the bank's cre exposure still has investors on edge, guys. >> very interesting, leslie.

and of course, march marks the one year mark since we had that financial crash with some of those regionals. while we have you, can i ask about the reported new fund for retail investors? what we know about it? >> they have a publicly traded fund but that is listed abroad, in the uk, so this would be a specific fund marketed for u.s. investors and following u.s. rules. we can expect more of the same in terms of equity holdings. it's usually pretty concentrated book, although i believe it cannot be as concentrated as it can be, say, in the uk, where their current public vehicle is located. we don't know how much they are targeting a listing here, but of course, they are known for creative listings. you know, they did the largest

back ever which didn't consummate a merger. then they did a spark, a reverse way of doing this. now the new u.s. listing is the latest integration of their utilization of the public markets in terms of various, unique ways to do fundraising. >> leslie, thank you very much. leslie picker reporting. let's dig in to the challenges facing regional banks. concerns are being raised other banks could save -- face similar issues. joining us now, brent. good to have you with us. it has been a rough year for regional banks, maybe not including yours particularly but for the stocks to make much progress in this environment. what do you say to investors who are concerned about the regional bank space generally, and how do you differentiate your bank from those that have run into trouble? >> tyler, good to be with you.

good questions and investors are rightfully asking those questions. regional banks are very strong today. obviously what happened last spring, that was a crisis of confidence. were their deposits safe with regional banks? there was an overreliance on uninsured deposits on the banks that failed last year and that is not the case now. three-quarters our insured deposits. it comes down to a credit quality question, something we have all been asking since the pandemic started. what would happen with the values of commercial real estate? even if you look at commercial real estate, one of my personal pet peeves is it is far too broad of a category. ask what kinds of commercial real estate. i think the real question is how much office exposure and what does that exposure look like? >> as you point out, there is commercial real estate and then

there is commercial real estate with offices, commercial, retail, parking. how much do you have of your loan book in offices? >> great question. for wafd, only 5%. we don't have a single delinquency in office and we run evaluations on that portfolio. our loan value is 64%. i feel confident where we are right now, but you never know. the one thing that feels good about office now compared to a year or two years ago, you are getting more people coming back in the office. it is interesting how we get so worked up about certain segments. if you go back to when the pandemic started, one of the segments in commercial real estate everyone was concerned about was hotels. no one is going to hotels. no one is traveling. who would have thought three years later, hotels are back to booming? in fact, many of our

hotel operators have reported profits 20, 30% greater than where they were in the pandemi . something tells me we will figure a way as a country to figure out what to do with these office spaces. >> brent, we talked about regional banks in general, but maybe we can focus on wafd. if i am an investor and i'm concerned about what's happening last march as i evaluate where to put my money, why does that company like wafd make sense when i could put it in one of the big six? yes, i understand deposits are insured, but that doesn't necessarily prevent a national run on a bank again, does it? >> that is a very good question. i think you need to understand the underlying fundamentals. wafd has been around for over 100 years . cycles go up. cycles go down. no one is

immune from cycles. what is the margin for error? we keep an excess amount of capital to cushion ourselves for that problem. if you look at our credit quality, i think we were eight years before this last year -- we had to charge off the last year, but before that, we had eight years of recovery. it's all about credit quality and how comfortable you are with credit quality. i'm happy to o into great detail about the credit quality of wafd. you can sleep well with wafd in your portfolio. >> you've got a deal with luther burbank, a banking entity in california. a couple of questions here. number one, this was a deal you announced in november of 2022, as i recall. it took a long time to get approval. was that approval delayed because fdic and regulators were looking more closely at regional banks than they had previously? >> absolutely, it was. to give the listeners some perspective, we are a $22 billion bank. burbank is an $8 billion bank.

as you call out, we announced the transaction in november of 2022. 14 months. we've had so many questions like, why the delay? the fdic and other agencies are being very thorough right now. the last thing they want to do is allow a merger to happen and the resulting institution wouldn't be strong, so we were gratified after all of the work they did that they saw fit to approve our transaction. >> correct me if i am wrong, this is your first move into banking in california. the question is why this bank in particular? why did it take you so long to make that leap into california? what was holding you back? wafd is big in the pacific northwest. idaho, even down into the southwest part of the country, but never california until now. what held you out of california, and why this bank?

>> yeah. for us, it was about finding the right opportunity. as i mentioned earlier, we are conservative from a credit perspective and as you know, california has a history of not always being conservative from a credit underwriting standpoint. when we found luther, we found a lender that is uber conservative. their average portfolio on a majority of their loans is 54% loan to value. think about that. on average borrowers bring in 45% equity. they are very, very ell run. for us to bring california, which as you know, is the largest state from a gdp standpoint and to fill out the rest of the region in the united states, we are thrilled at the opportunity. we talk about the big banks and why is there a reason midsize banks deserve to be here and the reality is a lot of people looking for a relationship bank. midsized banks can fill that need.

the other thing i am duty-bound to talk about is commercial real estate. why do midsized banks invest in commercial real estate? if we are not investing and making those loans in commercial real estate, who does? if we back out of it, think of the cost that go up for everything we use that involves commercial real estate. >> very interesting. brent beardall, good to see you. say hello to brad good, who is now one of your associates. good to see you, my friend. let's get to megan cassella in washington. what do we know? >> the nonpartisan congressional budget office says the federal deficit should had $1.6 trillion this year and will rise to $2.6 trillion over the next decade. those numbers are lightly smaller than previous projections due to congress's debt ceiling deal which resulted in higher economic outlook fueled in part by an increase in immigration.

the stats are quite large, especially as the cost of servicing the debt rises. the share held by the public will hit 99% as the share of gdp in 2024 and it will rise to an all-time record 116% by 203 . as for the outlook, cbo sees growth slowing to 1.5% due to higher interest rates but the agency sees the federal reserve cutting rates later this year and as those rates fall and inflation falls back to the 2% target, gdp should average roughly 2% throughout 2028. >> megan cassella in washington for us. coming up, the stream stream team. disney, fox, and warner bros. team up to launch a massive new sports team bundle. the bundle is back and could significantly alter the future of the sports broadcast

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welcome back to power lunch. the bond is holding steady today. joining us now from the windy city, hi, rick. >> hi, courtney. indeed, it has been an interesting day in the treasury complex. if you look at 10 year note yield, a record amount of size into 42 billion today. there was great demand. we are hovering in the middle of today's range and all yields on treasuries are slightly higher despite a very, very good auction. i gave it an a-. remember, we settled at 388 last year and the year before, so we are elevated.

the high year this year so far is 4.108% in january. we have come close several times but we can't seem to back away very far. traders are using 410 as a pivot. one of the reasons it went so well and everyone is talking about it is the fact there are so many regional banking issues today. to that end, let's look at the regional banking index. this is year to date and you can see just how dramatic it's been. as everyone has been mentioning, it harkens back to last march as you can ee on the chart the primary drop that occurred, silicon valley bank, signature bank. we all remember those. ultimately a bit of nervousness. it was a welcome sight for solid demand with 121 billion in supply, but many investors are nervous that some of the issues may exaggerate some of

that demand. tyler, back to you. >> rick, thank you so much. the s&p 500 nearing 5000 for the first time despite fed officials continuing to try to reel in expectations on the time and frequency of rate cuts. minneapolis fed president said on squawk box earlier today -- >> i would say 2 to 3 cuts would be appropriate right now, but again, i don't want to prejudge things. that is my gut based on the data we have so far. >> our next guest is expecting those cuts to have a summertime kickoff. let's bring in sarah malik, chief investment officer. sarah, welcome. thank you for joining us. you expect rates to take off later this year. where do you think the s&p will end the year? usually we have 10% returns.

what do you think of this year? >> our price target is 49 or 50 but looking at year-to-date, we've had strong economic data and earnings that have driven the market higher and we are trading at a 15% premium to average on the s&p 500. i see headwinds that may keep us around this level of under 5000 or around there. what is the catalyst to take stocks higher from here? yields are crossing 4% and fed commentary. we came into this year and the markets were expecting six or seven rate cuts. we had three or four expected this summer and we are moving in that direction. the big tech companies are growing versus s&p running for -- 4 to 5%. and of course, eadwinds yield over 10% on the year. >> let me invite you to change your year and outlook on the s&p 500.

at that 4993 and your call is 4950. it has gone up 4.7%, almost 5% so far this year. does that make you double down on your 49 50? does it make you want to go, oh, i can go to 5100. do i hear 5300? 5400? >> [ laughter ] for now, i'm sticking with it because the key is candy economy hold up in the face of higher interest rates and inflation? the key will be consumer unemployment markets, which remain very strong. consumers have been spending but we are seeing higher delinquency, higher credit card delinquency, auto delinquency. that will create volatility for the market. let's not forget, it is a big election year not only in this country but 77 countries are going to the polls this year. markets will get more volatile

the closer the race is in the u.s. and i think we will have a close race in the u.s., so i see more volatility ahead from here. i don't think every month will be as easy as january was. >> saira, you called out strong economic data particularly when it comes to employment and the consumer, at least when it comes to spending . i hear what you say about possible delinquencies. if that's true, why do you think we need three or four rate cuts this year? >> i think the fed will focus on keeping real rates stable. the other side of this equation is inflation, which had been looking pretty promising with pg coming in pretty soft. and of course, apparel data was up, which is worrisome. inflation has moderated overall and the fed will keep rates stable right now. there is no reason for them to rush to cut. if they don't cut at all, that will tighten conditions and i don't think that is their goal since

inflation is moving in the right direction but they want to see more evidence before they start cutting rates. >> where would you advise clients if they have cash on the sidelines and they would like to try to make some money even if the environment is dynamic with his upcoming election here in the united states and other turmoil around the world in both elections and geopolitical concerns in the middle east with what's going on in the red sea with israel and hamas? >> yes, definitely a lot of issues to consider but you are right, a lot of cash on the sidelines. areas we are looking are more conservative and resilient in an economic slowdown. infrastructure stocks tend to be more resilient because what's within them is waste management and utility sectors. we like dividend growers, consistently growing dividends over time. switching over to fixed income, municipal bonds interesting because of the rainy day funds. and higher-quality income like investment rate, that is where the cash goes first to get ended -- into those additional areas

without the risk. >> saira malik, thank you so much for joining us today on power lunch. >> thanks for having me. coming up, snap splash. the social media company plummeting. we will talk about that and others in our restock watch. come hungry! the bond report is brought to you by pimco. (ella) fashion moves fast. setting trends is our business. we need to scale with customer demand... in real time. (jen) so we partner with verizon. their solution for us? a private 5g network. (ella) we now get more control of production, efficiencies, and greater agility. (marquis) with a custom private 5g network.

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welcome back to power lunch, everybody. solar stocks moving higher today. the ceo says things aren't going to get worse. joining us now, stevens. that seems like a damp approach to this. >> that is the thing. after multiple quarters of missing expectations and doing quite poorly, that is actually the process. you know, it's looking good enough and things aren't getting worse. things are pretty good. >> doctor, i'm likely to get worse? >> [ laughter ]

>> the stock is up 18%, the best performer on the s&p today . basically what they said is they think q1, the current quarter, will be where the inventory bottoms and it will look better from there. they have been shipping less product into the channel to correct from this oversupply. in q1, they will ship less and in q2, they will ship less but not much less than they would otherwise. they say that is how they are writing the ship. of course, they cut 10% of their staff in december. i spoke with the ceo who said he thinks they've taken all of the necessary measures to have a better 2024. however, on the supply side -- they can fix the demand side. higher rates have made them less appealing. they've taken all this action to fix supply but demand remains the overhang. their revenue was $300 million

and a year ago it was over $700 million, so we are talking about a big decline. it is a long way back to get to that 700 number. >> more comfortable oil prices for consumers doesn't help, right? if oil prices were 100 or 120, the demand side would get fixed? >> yes. it is more of a comparison with gas, which is under $2.00 and that is one thing he said. in europe, revenue is down quarter over quarter. there is less fear around the energy situation with the invasion of ukraine and europe saw their gas prices skyrocket. the energy prices -- crisis is no longer looming over consumers. yes, when gas is lower, your utility bills are lower. >> exactly. wow. pippa stevens, thanks. now let's get over to kate

rooney for our cnbc newshour. hi, kate. >> moving forward with a full supplemental aid package including the border bill is expected to fail after republicans reversed course. chuck schumer has said he will bring the bill to the floor when it doesn't include a border package. israeli prime minister benjamin netanyahu rejected this afternoon a proposed cease- fire from hamas. negotiations continue. he says they are going nowhere and the only solution is complete and total victory over hamas. and an amateur photographer who snapped this picture of a napping polar bear curled up on an iceberg just won the people's choice award for best wildlife photographer of the year. according to the natural history museum in london, it was among 15,000 pictures submitted for review. the image was captured off the coast of norway. guys, look at that. that is a good one.

tyler, that is special for you. >> gorgeous. kate, thank you. after the break, super bowl sunday is just around the corner. big money on the line. taylor swift is expected to be in attendance. she's coming all the way from japan, i think, in what could be a transformational period for the sports industry. we will discuss with mike tirico next. hey you, with the small business... ...whoa... you've got all kinds of bright ideas, that your customers need to know about. constant contact makes it easy. with everything from managing your social posts, and events,

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welcome back. a huge shakeup in sports entertainment. disney, fox, and warner bros. teaming up to create a sports streaming service. julia boorstin has the details for us. >> hi, courtney. three giants teaming up to sell sports. disney, fox, and warner bros. don't have a name yet, a price tag, or ceo but this fall, these companies will aim to launch a streaming sports bundle of linear networks including all of the espn, abc,

fox, tbs, tnt, as well as digital sports content including espn+. this is separate from disney's plans to take its flagship linear project directly to consumers. with conversations with potential investors in espn, the question is how much could this accelerate court cutting? that depends on how much the service costs. disney is expecting to make as much on espn as part of this bundle as it does from the tv packages and we can expect a price tag in the range of 40 to $50. morgan stanley says it sees a larger risk and the potential escalation that the media giants have seen with the paid tv distributors, which we saw manifested in the disney dispute last year, saying the tv distributors may push to have greater tearing flexibility, for example selling their own sports-1st bundle that doesn't broadly carry other cable

networks. we will hear more from bob iger in our exclusive interview coming up this afternoon in closing bell. >> lots of questions here. this is reconstituting, is it not, what you get with a bundle in the cable universe? i mean, we are going back to the future here a little bit. i guess one of the reasons a lot of people cut the cable, or cut the cord is, for example, they don't want the sports channels. they don't watch sports, so they don't want to pay for it. this lets them tailor their consumption better. >> yes. look, it is a re-bundling what we have missing is comcast, cnbc's parent company. has a lot of sports, including a peacock. and paramount shares took quite a tumble today. paramount global and paramount+ , those are excluded from this new bundle. it is a re-bundling but it is skinnier than other

bundles and it's focused just on sports. yes, you can watch fox, abc, you can get some reality tv, sitcoms, and news, but it's not the entirety of all of the channels if you pay for traditional tv. >> let's talk about, very quickly, will this consortium of products get together to bid jointly on sports rights, or is that a whole separate issue? >> no, they will not be bidding together on sports rights. they will negotiate their own deal for their own platforms. yes, nba rights are up for grabs. they will be bidding separately for sports rights and taking their effectively linear tv feeds and putting them into the new skinny bundle that will be streamed directly to consumers. >> julia boorstin, we appreciate it.

for more now on how this impacts the sports media landscape, let's bring in a person who knows the landscape very, very well, mike tirico, commentator for nbc sports. mike, let's talk about the super bowl. in light of this new package coming out today, you just anchored on the largest sports event in history for peacock, the kansas city/buffalo game a few weeks back. talk to me about this package. how is the world you live and work in changing? >> it's interesting. i was taking notes as julia was answering questions, tyler. it is something of interest to all of us. as providers of content, which is what we do, it does not change our job significantly right now. as it plays out, maybe there is an adjustment down the line but i can go back to the game he referred to as the wild card game. it was about seven below outside, one of the coldest games in nfl history, yet we

didn't do anything different other than stayed on through commercial breaks in the fourth quarter and provide more content about the game, more content about the playoffs. that game, as you mentioned, was the largest one streamed in america so far. we are at a time things are evolving and moving. tyler, the two of us have come a long way since the transistor radio. >> we sure have. >> trying to listen to a baseball game, "mom, i'm asleep . don't worry about it." now the kids take the game to bed and watch their sports. as julia mentioned, this is a changing time. things will change around. as content providers, our team at nbc sports do the best job we can and no delivery options are evolving. the people in the floors above us, the ones in charge, they've got to figure out ways to get

the best product out there. >> mike, it is an honor to have you on the program. the super bowl is right around the corner. i don't know if you will give us a prediction. for the first time, it is being held in las vegas. >> taylor swift is going to be there. >> i've heard this. >> that conversation comes up every hour. think about where we have come. las vegas, nevada and gambling and the nfl were on complete opposite sides of the room. now not only is there a franchise there but the biggest event in sports, the super bowl , will be there in las vegas. we had two games there this year. fans come from all over when their team is playing the raiders to experience what las vegas is all about. i think it will be a super bowl week unlike anything we've ever seen before. the number of people that go there on a regular basis, the celebrity factor around the

game, the celebrity factor inside. the league hit a grand slam as they deliver two teams that are very well known. i think it's happening at a very interesting time because sports gambling is just as much a part of the story as it has been an here we are in the capital of sports gambling, las vegas. >> i want to follow-up with you on that because i find as an old-school kind of guy, you and i grew up on other ends of the room. now the professional leagues have in some ways hitched themselves or gotten married to the gambling bookmakers. i wonder how comfortable you feel that marriage is. on one hand, they are cautioning about the eagles gambling and the dangers of gambling. on the other hand, you know, they are really in partnership or in league with the gambling companies. >> they absolutely are, tyler. no doubt about it. we have come

a long way from a guy in a bar handling the wagers. now you pick up your cell phone and do it in a space it is legal. you've seen the books in las vegas becoming part of the entertainment. it's more interesting to hang out at the book and make a bet. roger goodell in his press conference on monday was asked about this and he mentioned some personnel who worked for the league were in some ways, whether they lost their jobs or were suspended because of their involvement in gambling. they've tried to make a clear line between your job at the national football league and gaming. they have tried to maintain that. we've seen players that have been suspended from their teams for gambling on other sports, but doing it in an nfl facility

while they were on their phones. the league is drawing a bright line between the ethics of the game and the ability to ensure a clean product and gambling. only time will tell if they will be able to maintain that. they are trying to o it the best they can and by bringing all of the advertising, you cannot watch a commercial break without hearing about a gaming service or those types of things. we can't talk about it in the broadcast. we can't say hey, the chiefs are a seven point favorite and they are up by six. we are not allowed to do that. at some point, the lines will blur a bit more. >> can we talk about the fact the over/under of kelce catching a pass. let me pay that, if i might, to the olympics, the next big thing . you probably have some golf events and horse racing events, i'm sure, but let's talk about the olympics. i am fascinated by when and how you prepare for all you have to know because it's not just one

team and one game a week. it's hundreds of games. it's hundreds of athletes in unfamiliar sports from all around the world. how do you -- when is mike tirico shutting the door and diving into the olympics? >> are you doubting that i am an expert? i can give you full details. breakdancing will be in the olympics this year. we have an amazing research team . the olympic researchers over the years have been an extraordinary part of the sports media landscape. many leaders in sports media, even today, started off as olympic researchers. our team produces volumes of reading and different documents we will be going through. the marathon happened last week in orlando, so i started watching that. you just build, and build, and build.

you get to july and you et to paris. what is great, tyler and courtney, is the competition. we don't just have fans in the stands watching. paris will have close earnings games. a lot of those will be the backdrop for some of the big events, whether it is the palace in for site, or the eiffel tower for beach volleyball. paris will use their iconic landmarks that make the city so special as part of the backdrop for the games. we are excited about the preparation for that, building up towards that, and since we are talking streaming, we might as well mention every event will be live on peacock as we go through the olympic games. that is part of the magic of what streaming can do for sports fans. watch peacock and you will see every event in the olympic games. we are preparing slowly but surely. come may or june, i will have a full breakdown for you.

>> that is amazing and it's wild not all of these athletes have been chosen to participate in their sports. you have to wait to study up to see who makes the final cuts. >> very much so. courtney, we got gymnastics, track and field, swimming. that is where you see team usa and courtney, that is one of the hardest things to do, make team usa and get to the olympics. >> just fascinating. paris will be a beautiful backdrop. mike tirico, thank you for joining us. >> great to be with you. i am concerned tyler knows my schedule better than i do, so i will leave on that note. >> i'm watching you, mike! >> thank you very much. still ahead, new york says congestion pricing is right around the corner, but new jersey wants to slam the brakes on it altogether. who will get the green light from the court? power lunch is back soon.

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up first is disney.

the media giant reports results after the bell today and this comes on the heels that fox discovery will launch a joint streaming service later this year. what is your trade on disney? there is a lot going on here. >> yeah, there is. thanks for having me back. this is a controversial one, we realize that what we remain a strong buy here on disney. we definitely favor the mouse house, the sports ventures. historically, disney has been a compounding machine. they went through covid, earnings fell off the map. there was no return on equity. we think that is changing now. expectations tonight are for about 23.5 billion. this per number is $1.07. we would not be surprised to

see a beat on the top and bottom but i would not change the name, despite its run here off the lows. let it come back to you and build a position. we own it. would not buy it into earnings but any weakness would continue to add. up next, shares plunging today on snap. >> tyler, why didn't you say it? i didn't -- what does it rhyme with? >> rhymes with flap. >> there you go. a lot of people thought this was a turnaround play. this is a great example of not being swayed by short-term speculative opinion and stay away from companies that have very poor balance sheets and struggling for profitability. this is just not a name for us at all. thankfully, we are not in it. i think you find yourself in a name like this today it's easy to become paralyzed with a

significant downdraft. we've always felt it better to cut it. get it off the sheets. move on, find a new opportunity. it is no touch for us here. >> finally, uber. what is your trade on uber? >> uber is a favorite. we love uber here. it's hard to chase. look off the bottom of 23, this has gone straight up, so i think you would be hard-pressed to run out and buy shares here but nonetheless, even though it has run up, it's trading 36 times forward earnings, which would look rich but those earnings are set to appreciate by 75% but again, kind of like disney, i think you have this on the pullback buy list. not a fan of the debt maneuver but 6 billion in cash, so we like it. >> all right, positive on disney and uber. thanks for joining us. we are on s&50 wchp 00at. more power lunch after this break.

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check out the s&p 500 is about to become the s&p 5000, just three points off from that big, nice round number. we always like that although usually the dow has it, you see with the traders. >> thanks everybody, for watching power lunch. >> closing bell starts right now. hi. thanks so much for watching closing bell. this make or break our begins with the markets march to new highs with some even greater milestones, now very much within reach. we are on s&p 5000 watch