ni. we mean it. amazing. all my agents want it. says here...“inviting pool”. come on over! too inviting. only at&t gives businesses our best deals on any iphone. get iphone 15 pro on us. (♪♪) ♪ hi, everybody. welcome to "power lunch." look who is here. julia, alongside julio, i am tyler. great to be in town. >> great to have you here. >> it is a week of special guests. first, starting with the dow. right now, it is down about 4/10 of a percent, about 156 points, around 39 3018. also weighing a little bit in on the dow, it is lower.

it is possibly potentially affected. more on all of this, julia. >> in europe, all facing an investigation into their compliance of new laws. we begin with boeing and the news that it ceo was that done at the end of this year. let's get in the analyst on the shakeup in the company's future. he is maintaining his buy rating on boeing and has a 263 dollar price target. how does this news change your perspective on the stock? >> it doesn't really, really? i think there was an expectation amongst the investment community that we will likely see, you know, some changes in management here at boeing overtime. i think the approach that they are taking is pretty sound.

it allows the opportunity to make a smooth transition, giving dave calhoun some time to the risk the company as he hands it on to the next leader of the country. >> whether they will bring in an outsider or not. as you look at the areas of execution risk, what do you think the biggest challenges are right now, given that they just announced this executive shakeup? >> the biggest area of risk of course is was going on with the production facilities. both with their suppliers, as well as what is going on there. you know, obviously, it is involved here, wanting to make sure that we've got a solid quality that comes out of that. the biggest risk or issue, the thing that needs to get that with here, right, producing quality aircraft.

managing this process with the faa so that it can increase production rates here over time. >> and what is your outlook on the labor issue right now? i understand they are seeking a board seat, and they started talks to have the first renegotiation of a new union contract in 16 years. what do you think will come of that? >> well, let's see, on the board side of things, i don't think this is an unprecedented ask. it is not clear exactly how that plays out. there might be opportunities for, you know, new board members obviously. with this part of the management shakeup today. you have an independent director that will not stand for re-election's. there is an opportunity for a new board member to come on. i don't know if that will happen in time for the union nominated board member to come on board. i don't think it is an unprecedented ask at this point. time will tell how the board and shareholders react.

i'm sorry, i forgot the second part of your question. >> tyler, you want to jump in here? >> yeah, i do. it is good to see you again, jason. it seems to be clear that boeing has angered regulators. it seems to be clear that they have angered some of their customers were now having to wait longer to receive planes because of production slowdowns. they've had to address their schedules. they've had to take their planes out of service at multiple times. they will be meeting since with executives of the airlines of which they do business. how damaged is the relationship of boeing with these major customers, and how do you repair it. >> this is a situation, right? they tend to be -- only customers, boeing only customers.

and i won't call it a small number, but there's a chunk in the number that have mixed fleets. those are obviously the ones that have been pretty vocal and have had the opportunities to switch. and where there could be lasting damage. where they are not being transparent with customers, and not being reactive. i don't think that's the case. i think they are being transparent, and they are trying to do the best they can. there is not a tremendous amount of risk, because they have backlogs that go out well into the 2030s at this point. it is really going to be hard for customers to get a hold of what we describe as new aircraft from an alternative supplier at this point. boeing to test to put its head down, be transparent with its customers, be transparent with the faa, work with suppliers and get this manufacturing issue corrected. >> jason, even if they don't have other options, realistically, do you think

these airlines are going to be able to secure concessions from boeing? as these issues play out? >> yeah, for sure. there's lots of precedent for that, right? certainly going back with the concessions on that. they've been delivered here recently on the seventh or seven, incorporating pricing concessions. back in 2018, 2019. that led to the grounding of the fleet for a couple of years. and most recently, here at an investor conference last week, talking about the financial impact of the alaska airlines, right? and the amount of cash that they expect to consume here in the first quarter. you know, pointing to 4 1/2 million dollars of cash consumption in the quarter alone driven by some of these concessions that they will have to offer a to the airlines. you know, we have a pretty good

understanding of what those concessions are going to look like. and i've already put those into our models. >> all right, jason. thank you very much. let's get to phil now. hi, phil. >> let's focus on the three changes that were announced today. he will be leaving the company at the end of the year, retiring and saying it is 100% his decision. and then there is stephanie pope. who is that? she was the ceo here at their global service position. she now moves into the position of boeing commercial airplanes. that is the division that does the manufacturing. her top priority, stabilizing 737 max production. here is dave calhoun talking about that this morning. >> what the faa wants, and may important what i want, i want a

production system that is under control every step of the way. whether it is 38, 52, or 16. it doesn't matter. it will be under control. we will not travel work to anywhere near the level it's been traveled. and we will let the supply chain catch up to the demand. that is the way we have to behave. >> and the last person to talk about today, steve -- he's been on the board since 2020. why is he important? he moves into the position immediately as chairman of the board. he will leave the search for a new ceo at the company. it would not be an overnight decision. they will look at them internally, as well as externally. you look over the last year, remember max deliveries, that is the bread and butter for boeing. they are way behind. airbus in terms of the competitor, they've only delivered 42 this year. that is by design.

they are purposely slowing down production. they can build and produce up to 38 a month. they are nowhere near that, guys. job number 1 for stephanie pope, the people, and boeing commercial airplanes, stabilize production. but the quality controls in place. >> what is the early line? is tiffany pope front runner? or will they go outside to find a ceo? >> i wouldn't call her front runner. she will be looked at. she has a chance here to show the board, look, i have what it takes. and she is well known within the company. they will look externally, as well, tyler. this would not be what we've seen over the last couple of ceo selections here at boeing. it could be an external candidate, as well. >> all right, phil. thank you very much. phil lebeau reporting. this extends well beyond dave calhoun and the company.

editor of greenberg on the street and a cnbc contributor. always good to see you. your view is that dave calhoun, will be leaving, this is not really his mess, is it? it predated him, well, the seeds were planted before he came in. >> what a mess. you can say this goes back at least 20 years. probably more than that. remember, you had a revolving door of ceos for 20 years here. during that time, it was actually a cleanup from five over there when the company acquired mcdonnell douglas. at some point, if you go back and you look, about 2005 hen james mcneary came in, he was the former ceo of -- people love the company during that point of time. you can also see, there is a chart that i actually put up. you can actually see the amount of money they started just

throwing the shareholders, trying to create shareholder return so they could pave the way as opposed to the money they put back into the business. you can see during the time, the stock went up, shareholders were happy. but what happened? we started running into some of these other issues. i would argue that going forward, whoever they pick will not be able to sit here and try to please shareholders by making them feel good. i don't know how that will shake out. you go back over 20 years. i keep coming to this point. ceo, after ceo, after ceo. misstep, after misstep, after misstep. >> you say this has been prioritized to a fault. if that is the case, what is your prescription for you think needs to be an overhaul? >> this is a company, as one of my friends pointed out, used to be known for -- that was a good thing. once they did the deal with mcdonnell douglas many years ago, they came in and wanted to

start saving money. you can't come in and just start running it like any other business. this isn't one of those where we can just cut not just the fact, but now you are cutting the muscle. that is what it was. and that is what investors love. they will have to pour money back into this business every which way. they will have to put employees first. obviously, there's been a lot of stress there. that all comes at a cost. so from a shareholder perspective, i think where you wanted to sit and say, this might be an interesting idea, to think, what will they do for me? how long is it going to take? >> mr. mcinerney, who you announced a few moments ago, he came in as the head of another industrial company. he was new to the aerospace industry. are they better off looking outside for a person to >> reporter: this company culturally?

are they better off looking either inside within boeing, or within the aerospace industry, which is a particular kind of creature? >> well, look, what was it? he was from the company. he had been there a long time. he lasted a very short amount of time as ceo. so, you know, who do you bring in? and you're asking the right question. i don't know that there is a right answer. it would not just be the ceo, it will be the cfo. and this whole approach of, how do you run this business? you can say, oh, i will shake it up, and i would do it a different way. this is the aviation industry. it is not like every other industry. now we all know so painfully, and sadly in some cases, there is a higher cost. you just can't say, you know, with a public company, it is always about the shareholders, right? it is also about stakeholders.

they are a much bigger component at boeing than i can say most other countries -- companies you look at. >> you look at this timeline they've laid out for the ceo transition, they are also looking externally. really shifting the entire culture. of course, there is a top-down impact here. the stakes are here high, as you mentioned. it will also come down to compensation. will it get the kind of rich pay structure that some of the former ceos received? everyone will have to take a hit here. including whoever that new ceo is. and the entire structure of the company. it will have to change to tilt this away. from every direction. met we see bearing shares just up, herb greenberg, thanks for

joining us. coming up, big problems continue. a probe into meta -- and alphabet. just as they are set to epet chinese president, beijing is rortedly blocking chips made from -- to be used in government computers. details right ahead. we will be right back. i offer what i can when i can. i started noticing my memory was slipping. i saw a prevagen commercial and i did some research on it. i started taking prevagen about three years ago. i feel clearer in my thoughts, my memory has improved and generally just more on point. prevagen. at stores everywhere without a prescription. ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms.

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will be looking at here. the most important one, the eu is looking into apple new core technology fee. apple has let other app stores onto the iphone for the first time. you can download software outside of their sword for the first time. if you are a developer and want to take advantage of that, trying to evade some of the -- that have been in the app store , doing it straight from the web, apple will charge you $.50, in euros, anytime someone downloads their app. if i may developer of maybe a free game that is supported by advertising or something, i actually owe apple more money than i'm making for my app. that has really angered a lot of that develops -- developers. their criticism, it puts a chilling effect on people using these alternative app stores, which is not what they want.

also for apple, it protects their profits and business model. >> other than eliminating that, what are some other changes they may have to make? >> the other one they are looking at here, choosing to systems, especially the web browser. this was confusing to me, because they did make a significant change here. if you open the browser for the first time, you will get a pop up window that says, well, maybe you want to use chrome or something else is your default browser. they say, well, that might not be good enough. it is unclear how they can do better. as you can see here, there's other stuff here. that is a really interesting one. for google, it is self referencing. >> yes. tell us about that. how do you see google being forced to change? i know they've been preparing this for years. how do you see the actual investigation deferring for what people are investigating? >> it will give you their

option first. this is something that has long followed google. i want to make the point, this is just and t on so many different fronts. we know that here in the united states, they are probing at tech acquisitions. and i think the fear for investors for any of these companies, right now is such a critical moment. they are also involved in this rush to develop generative ai products. yet, they are dealing with issues of their core existing -- and for that, would that be a distraction? should they be so worried about this? i'm not sure. it's an open question. google has received the biggest fine from the european regulators. $5 billion. when you consider their entire sales for the year, it is in as much. they are still appealing it. i think that is the other thing to keep an eye on here. even though the european

regulators are looking into these businesses, it takes a lot of time. even if they are moving faster. >> what is this staring? what does it mean in this context? >> i believe it means they are steering you toward their own products. this idea of conflict of interest. the idea that if you are using google search, it is by far the dominant search engine. they can feed you certain results, and they can self preference. they can give you their own results in their own tools they have there. regulators say that's not fair. how does that give smaller companies a chance to get ahead? when they have products that they also benefit from? >> they will be able to appeal these different rulings? this will be something that will go on for years in the courts. at the end of the day, the real question, if this is a really bad time for the destruction.

we saw what happened, people saying that is why microsoft missed the moment to pursue the mobile ecosystem. and the question now, what is really at risk here? maybe it is not just these potential fines, these potential changes they would have to make. what happens to these companies? these american tech giants. which of these companies do you think is most at risk for being distracted right now? >> exactly. it is this idea that they are also busy playing defense. when do they have ime to play offense and really move forward on the generative ai front. go back even further, who is most vulnerable? that is an interesting question. i wonder if you agree with me on this one, it might be google and meta. think about it, apple hasn't been quite as aggressive. they didn't really fit into their core, core business. even the doj here in the u.s.

says that help them create this monopoly. of course, their acquisitions over the year. >> apple will not sit by. and watched as happen. they are very aggressive. they are worried about their music franchise. i'm sure they will say, surprise surprise, it is favoring spotify. >> and that is also happening here. you have apple, they got an update from spotify. he talked about that. they haven't approved or declined that update yet. that is another issue here. i can see them making some changes to the browser default thing. that is kind of an easy one for them to do. it is the app stuff store that really hits them hard. what they are introducing here, it kind of chills people away from using their current model. that is what seems to really upsetting the regulators.

it is not a fair playing field, according to him. apple says, of course, we are in compliance. they all said, we believe we are in compliance. it is not up to them. >> i think we've got six months to find out the results. >> all right, steve. thank you very much, as well. details in today's clean start. we will be back in two minutes. stevens dribbles up the court... he stops! ...for the championship! nice shot, marcus! sweet, turn simulation off. tssk, tssk, not so fast. what, why? did you forget marcus? forget what? your chem exam? uggh? flashcard time! the atomic weight of boron. the future isn't scary, not investing in it is.

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with everything you need to deliver, you guessed it... more. one more thing... who's your rock? learn more at prudential.com welcome back to "power lunch" , everybody. you know what that means. hi, rick. >> hi, tyler. tomorrow will be a big day, as well. today, 66,000,000,002 year. the demand was slightly above average. tomorrow, 67 billion. but then again, you know the government is a lot bigger than the pandemic.

it has nearly doubled since pre- pandemic levels. if you look at the amount last year for 2023, wall street journal pointed out $23 trillion. so these auctions will be center stage. maybe the canary in the coal mine as to whether the demand both nationally and internationally will be up. and you can see that we came off a little bit during that auction result. the sense in the 30s keep making the higher deals as the session progresses. the longer maturity thirty year, hugging a very close to its high-yield closes for the month of march. and finally, we all know that whether you look at the foodstuffs index, looking at some of the breakeven's, inflation is and going hogwild, but it is going up. it certainly isn't going down by most metric.

interest rates and how that pushes through to the currency. the dollar index is coming off it's best close since valentine's day. well up on the month and well up on the year. back to you. >> thank you so much, rick. now let's get over for the up date. >> hi, julia. signing into law today one of the most restrictive bands. it is almost certain to face multiple legal challenges. advance accounts for kids younger than 14 and requires parental permission for 15 and 16-year-olds. baseball superstar is scheduled to give a statement to the media later today. this'll be the first time he has publicly spoken since allegations involving his interpreter through the dodgers. they fired the interpreter last week after his lawyers claimed that the interpreter had stolen money from the baseball player and spent it. the team says he will not take questions. and there is more than $2

billion up for grabs this week. tonight's powerball drawings -- and tomorrow megamillions drawing estimated to be 1.1 billion. the jackpot so big. nobody has won since december, or powerball since new year's day. and you know what? the chances are you -- of you winning are minuscule. you would definitely not win if you don't play. that is a matter of statistics. >> but also minuscule tickets. >> i might have to stop on my way home. >> coming up, a battleground in u.s. china trenches. beijing, reportedly blocking chips from being used on government computers. what this means? at is next.

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her uncle's unhappy. matchin i'm sensing anription. underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. welcome back to "power lunch" everybody. we are watching until and --

reporting china will restrict their chips in government computers. live in beijing. hi, eunice. >> reporter: hi, tyler. the specifics are new. their reports that the government is pushing its newly revised government guidelines for hardware and software. in effect, that means these revisions would -- intel, amd, as well as microsoft from the government computers. the only companies that are allowed to be used in these types of products are domestic brands. those are ones that have passed china's safety and reliability evaluations. at least five out of the six approved cpo providers are on the u.s. commerce department entity list. meanwhile, amd ceo has been in the country for a beijing back forum that is meant to show the

international business community that their investment is welcomed here. guys? >> let's talk a little bit about this form. who is there among the u.s. ceos? we see tim cook there. they are play nice with each other, i suppose? >> reporter: yeah, absolutely playing nice, at least on the surface. there are over 30 american ceos who have been taking part. the americans actually have one of the biggest allegations. you mentioned tim cook. the heads of amd, pfizer, starbucks. there were a lot more americans this year than last year when the u.s. and china tensions were really, really high after an alleged spy balloon had disrupted the relationship even more than before. one thing that has been interesting, there has been discussion now that president xi jinping may be meeting with

some of the ceos on wednesday. like many of the delegates had said, there is an expectation because companies have been approached by the government. still though, people are kind of concerned and confused by all the messaging. on the one hand, people are saying this is encouraging. that the president will be interested in talking to them. on the other hand, people are saying, it is not a necessary good sign. usually, this forum would have the premier meeting ceos. if the president is meeting them, it could mean that increasingly, all of this decision-making is under xi jinping. >> all right, eunice yoon. we appreciate it. intel down. it would likely be more impacted from the move by china to bandage chips. it has not changed the targets on intel or advanced micro. let's welcome stacy with --

bernstein and kristina, who follows this industry for us. kristina, let me begin with you, if i might. is this simply a case in the case of banning these chips in government computers? of the chinese government doing with the u.s. government has done to certain chinese companies like tiktok, like cell phone platforms? >> banning apple iphones from government or employees. it is a -for-tat situation. you can argue that maybe china hasn't retaliated is much as the united states, seeing these export -- in place since 2019. thanh also has their own version with a lot more money to spend. the reason specifically with the stock reaction, i know that -- spoke on this as well, intel has more exposure to china. just looking at the 2023 revenue. about 27% came in china. there seems to be a little bit

more exposure there. even though, i reached out to both companies. they won't comment. and on the past, amd had told me that the export controls are minimal. in video, the data center revenue was 20% or more from china, and drop below single digits because of the controls put in place in the united states, restrict them from shipping to china. >> those are u.s. controls? >> yes. it is -for-tat. it shows that there could be an impact moving forward. >> so stacy, azucena -- as kristina just said, changing your models and forecast on this. would you agree with what some of the -- it is really my word, not theirs. in material? >> that is not what she said. she was talking more about the expert controls. this may be different. we don't know yet. you can look at the exposures.

sort of talking about the intel 20%. that is not exactly the right number. those are sales into china. it doesn't necessarily reflect the actual consumption. just a lot of pcs, for example. if you look at the in market, pcs and servers, they are responsible for maybe 15%. non-consumers, two thirds of that. it is probably low single digits would potentially be impacted over time. that is if this actually comes to play. about 30% of servers to china, the government usage is probably fairly small you can roll that through the numbers of both intel and amd. it is probably worst case for both of them. the intel's earnings is worse. you take a similar chunk off of

both of them, it actually hits intel worse. but there is nothing to change yet, if that is what you are asking. apparently, these rules were actually put in place in december. it's probably not anything it will happen over time, assuming it happens at all. there are a lot of other issues that i think are going on with both stocks that are probably bigger, or more near-term things to worry about than this anyway. there is nothing to change it. we will see how things progress over time. >> you see this impacting the trade wars and all the other conflicts with you think this can escalate? the way these stocks and products are treated? >> look, you look at the magnitude of this versus what the u.s. is done. certainly, u.s. efforts are a lot bigger. remember, that is by design. what they can do to push back,

it is very, very limited. the u.s. is kind of holding the cards. we will see if there are broader trade wars. they've got other elements they can use. we've actually seen some of that, right? i think they are doing what they can to send a message, if nothing else. >> to your point really quickly, you talked about the percentage and all of that. it seems like a similar narrative that the companies are bringing up. saying it doesn't fairly represent consumption. we haven't really spoken about it. it was mentioned briefly with them.

>> yeah. maybe, right? they started to do their own smart phone chips. you know, the parts are not as good. they can't rely on the technologies. you can do all kinds of stuff to get around that. maybe they start doing it on pcs. some of those are on vendors. they actually do -- in china. that is what they had with the chinese remedy years ago. it was shut down, but that iep is already over there. there are alternatives. we will see how big they can get. >> yeah. it will be a fascinating one to

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♪ welcome back. the used car market is more than twice the size. ev's are fast becoming a part of it. it presents a challenge when it comes to valuing cars that run strictly on batteries. diana? >> julia, the market is still small, but it is growing fast. shoppers where these cards have fundamentally different questions. some of that is based on their experience with smart phone battery life. now one startup means to answer them. >> reporter: the battery is by

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also through a special system and show comparisons to buyers, potentially driving up the sales price for healthier ev's. this technology, which so far has no u.s. competition, is attractive to buyers. >> it is a once-in-a-lifetime opportunity where you are seeing an entire market switch from gas cars to ev's. in addition, recurrent is back by powerhouse -- total funding so far, 19 1/4 million dollars. recurrent has a 20,000 drivers on its platform since his audit last june. the company has tripled its venue in the last year. we also want to bring you some news.

today, the u.s. department of energy announcing up to $6 billion to the carbonized energy intensive industries like cement. and brimstone, which we profiled here won $189 million of it. today's announcement, brimstone said, will turbocharge our path to commercialization commercialn back to you guys >> fascinating stuff as we head to break, we're celebrating women's heritage month and sharing stories of our newly named cnbc change makers here is -- cofounder and ceo >> female ceos are about 10% of ceos and in the startup space we get less than 2% of dollars of funding. we have to celebrate women women tend to be more behind the scenes we tend to focus on building companies than to be in the spotlight. but little girls won't be able to know they can become ceos and founders and executives and anything else they want to be le e they see us and they

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time for today's clutch. cio of private wealth. we're going to go guess where,

victoria, boeing, higher after the company said dave calhoun is going to sit down at the end of the year what's your trade here >> it's a buy for me, but it is a long-term buy. this is the complete restructuring of the company because there's so much built-in demand i look at boeing as too big to fail. even if they finally get this turned around, they may have a few more stumbles, but this company is extremely valuable. they've already disclosed their $4.5 billion cash burn they had in q1. i think so much bad news is priced in. for me, new leadership, turn around story, i like it as a long-term buy. united shares falling in light of recent safety incidents. >> they have had serious problems and the faa is likely going to shut down new routes. they really wanted to expand they have very, very aggressive expansion growth goals they set in 2021.

i just see it that united is going to struggle. the only way they make more money is sell more seats, more miles, or charge people more per flight they're not going to be able to expand the number of seats they're flying they can't expand how much they're charges per seat, so i don't see revenue. and fuel cost creeping up on them i don't like united here i think they have problems and potentially more bad news coming down the pike. >> let's go to the last one. that would be about as far away from airlines as you can, foot locker, remains impressed with the upside here. what do you say? >> i agree i see foot locker as a buy i see it as they have a lot priced in. they had to do a lot of discounting that really cut into their margins and moved a lot of inventory last quarter so, the inventory backlog gone nike is coming back saying we want to move back to this model. that's great for foot locker and they're expanding their

customer loyalty programs, expanding their digital presence i see a lot of growth in foot locker, and they had momentum. i think we're on the -- trading-wise and we could see the stock continue to creep up, as the consumer has remained strong and they're getting better partnership from nike, that's great for foot locker. >> thanks, victoria. we appreciate it >> absolutely. >> see you next time we'll be right back. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. why not? did you forget something? my protein shake. the future isn't scary, not investing in it is. you're so dramatic amelia. bye jen. 100 innovative companies, one etf. before investing, carefully read and consider fund investment objectives, risks, charges expenses and more in prospectus at invesco.com.

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including over 400 technical studies. tailor the platforms to your unique needs with nearly endless customization. and track market trends with up-to-the-minute news and insights. trade brilliantly with schwab. welcome back more moves today and the proxy battle with disney, withholding its votes for ceo bob iger's re-election to the board that contradicts proxy recommendations and comments about wanting to work with iger and disney's management if he is elected to the board he told "the financial times," i'm not trying to fire bob iger. i want to help him, saying the election contest is about board oversight, not about bob iger. we are ten days out from the shareholder meeting coming up on april 3rd.

>> so, the company didn't want him to not vote for iger >> so, they wanted bob iger to be elected but they wanted pelz and jay to be on the board as well >> i see and that's why he withheld >> just to make a point. >> nice to have you here we'll have you here all week thank you, everybody, for watching "power lunch. we appreciate you being with us. "closing bell" starts right now. all right. welcome to "closing bell." i'm scott wapner this make or breakout begins with the resilient markets, which are about to notch their fifth consecutive winning month. are investors ignoring mounting risks or is there good reason to remain bullish on stocks your scorecard with 60 minutes to go in regulation looks like this no big bets to start this holiday shortened week, one that sees the all important pce report drop on friday morning. and that's even with the markets closed we're pretty much mixed today, no