♪ welcome to "power lunch." i'm sorry about the weather. >> proxy fight is over, but the war of words is not. at least not yet. bob iger and nelson peltz on cnbc, who deserve moss credit?

>> they are late paying their suppliers first, a check on the market. the nasdaq continues to be the outperformer. the former ceo barry biller, paramount, that is, saying northern this would be the worst time to sell, and he thinking the company could turn itself around.

he's not given any real credit to nelson peltz. >> you can take a listen. >> this whole pros gave the board, an opportunity to engage with many shareholders, perhaps on a deeper level, and have a good, honest dialogue where we had the opportunity to describe what our priorities are and various processes, including succession. we had an opportunity to listen to them and hear what was on

their minds as well. if anything came of this that's positive, it did in fact increase the engagement we had with shareholders. that's a very good thing. >> david, i have chuckling when you were asking him is he still having fun, and him insisting he is. is there a chance he stays past 2026? has that been upped? >> i know you asked that earlier. no, i don't see that at all. that would really be unexpected. again, you are talking about somebody who's extended his contract so many times. the first go-around before he

finally stepped aside. even the second time, he came back for what was originally two years, only to expend for another two years. that said, deirdre, i would be shocked frankly if it went beyond that. this board needs to get this right. they stalked about it, how important it is. mark parker, james gorman, heading up that committee. i just have a hard time imagining that it would go anywhere near the i said of his tenure. the key will be if somebody does comes in and how long that transition is, and iger was not willing to give me a timeline. he wasn't willing to go there. >> is the betting it would be an insider or someone from the outside? do you know? >> i think it's too earlier.

there's certainly a number of candidates internally. this is not a company that's gone outside, as you know, tyler. if you want to go back when iger succeeded eisner, there were some outside candidates. meg whitman was in there. my guess is the higher likelihood they'll have an internal candidates. >> what's next, then, for nelson peltz? what's he got, i don't know, 3 billion dollars of shares? >> yeah. >> what's he likely to do? he can, i suppose, be satisfied that his stockholdings are worth more than they were when this all started. >> he will point to that. certainly there has been a benefit. don't forget, most of that is made up of ike perlmutter's

shares. he got shares in disney as a result of a transaction, and so, you know, you would expect he's going -- listening to peltz on with jim cramer this morning, after our iger interview, it was hard to even figure out if the proxy fight was over, but it is over. it was won fairly resoundingly by disney. i think that's an important point to make here. i think iger is very much happy to be moving on. not just sec session, but as you two well know, the direct-to-consumer business, which is really the crucial component here. >> you talked about netflix being the gold standard here. i wonder how much time does bob iger have? what does he need to do? does he need to show better profitability? >> listen, this last quarter

that helped the price enormously, they showed losses well below what was anticipated. this is disney plus we're talking about here, and whether it would be profitable prior to the end of the year. it clearly will be the number two. i sensed from iger in this conversation, certainly in contrast from the one in sun valerie last summer, a real optimism on his part. there's a line in sight, it would seem, in terms of profitability. he believes it will be a growth business, with double-digit margins over time and perhaps will even compete with the likes of netflix. that being said, i think it's an interesting component to our conversation, what about the others? what about the paramount pluses, or peacocks, our own, or even max. listen to what he had to say

about that. >> we know what it takes to be successful in streaming, and not everybody has that. we know we can get it, obviously with the technology and the brands that we have. i don't think everybody does, though. i think there's got to be some consolidation in the business. >> which is interesting, of course, specifically as well. we talked a bit about paramount, too. you mentioned at the top there, tyler, what's going to happen with that company? >> so, let's talk a bit about the future of disney with respect to the theme parks, and to their -- what had been distracting political issues that ensnared the company a couple years ago, maybe less than a couple years ago in florida. those are largely behind it, are they not? >> they are. they have settled with the state of florida. they do still have a federal case in terms of free speech, where they said they were being prevented from exercising their

free speech essentially. this was a bitter dispute, as you well know, that pitted governor desantis against the company. d to gone on for some time. there's still an overarching anti-woke campaign against disney to some extent. iger is like, get me out of these culture wars. he has no interest at all. he wants to be focused on making great entertainment, doing that, and appealing to as broad an audience as he can. i think they're on the closer side of that than they have been. >> if you take the dtc business as number two problem, last time he handed over the reins to bob chapek, that was just getting off the ground. does that give an edge to some of the internal candidates, the ones perhaps at the forefront of that business? >> you know, it maybe, particularly if it really does hit and exceed the targets that

are in place. a good amount is cost cutting. they have taken $7.5 billion out of business overall. that's all of disney, but some of that is within the content budget, efficiencies, things of that nature, but certainly you would think if they do hit and exceed profitability metrics, that would elevate the two executives to have oversight for that. waldman and al bergman. i think it's too early to say. people can start that process, but it doesn't seem there's any wholesome debateius who exactly will be in the running. >> david faber, thank you so much, reporting from california for us today. the jobs report is always watch, but maybe more closely this time. carl, it seems this week that there is a growing sort of

thought base that indicates that inflation may be stickier, and that the result will be that the fed will have to keep interest rates higher than they might otherwise. where do you come down on this? and are you worried about the possibility that inflation may be harder to get to that 2%? >> i think you're right. it might be harder to get to the 2% -- thanks for having me on, by the way, tyler. i appreciate t. >> of course. >> right after powell spoke, there was sort of a 60% chance now that there will be a cut in june, the first cut. before that, there was about 50, but i would say that's certainly not a given. the market is pricing in just a 50/50 chance of the three cuts, so the fight against inflation certainly isn't over i wouldn't

be surprised to see unemployment tick up. >> and yet the market seems relatively stable -- a little bit of wobble here in recent days, last ten days or so, but the market seems relatively stable, as though they can deal with inflation that's maybe not at 2%. >> the first quarter was fantastic. i say a reports from the guide to the market recently that all-time all-time highs really since 1988, quick reminder, it's

not all technology read, so there's other things out there besides tech. steve liesman brought up this idea maybe it's even better if a raid -- does that, a fed put. do you great with that? >> i think it's an indicator that you may see stronger economic growth. certainly the labor market has been above anybody ace expectations. i think you make a good point. >> finally, carl, the start of earns season.

could it be that they have an ability to rattle market? >> certainly you saw a difference, and i think you're going to get some separation, as companies begin to not only report what happened in the first quarter, but if they're willing to, give projections on what they see next? >> thank you, karl. we'll be watching tomorrow. treasury secretary janet yellen arriving in china today for four days of meetings with chinese officials. for more on whom she's meeting and what they will talk about,

let's bring in meg been cassella. >> she'll be pressing on areas of concern and looking for room for cooperation, as well as the head of the chinese central bank, and american business leaders working in china. a major focus will be investment in solar cells, ev batteries, which she has said has led to overcapacity that hurts manufacturers globally. yellen said yesterday while the inflation act is helping to boost production, more action could be needed. >> we're provide tech subsidies to some of these sectors, and i wouldn't rule out other possible ways in which we would protect them. >> now, guys, the trip comes

just after president biden spoke with president xi, and it was warned that beijing would not sit back and watch, clearly a source of friction heading into this trip. >> megan, what would that further action, if the u.s. did take additional steps on overcapacity. >> tariffs are the likely answer. we have heard that the administration has considered imposing further tariffs on china, specifically electric vehicles specifically, adjusting some of the trump administration tariffs still in place. but we know china will respond to that. just last week they sued the u.s. at the world trade center, china is the one saying here engaging in market-distorting subsidies. so obviously it will be a business part of the discussion this week. >> megan, thanks very much. coming up, a could nairie in

the natural gas pipelines? prices turning negative, that's another sign of oversupply. plus further ahead, a slowdown in consumption of liquor. we'll tealk about the industry, next did i say chicken wrong? tired of people not listening to what you want? it's truffle season! ah that's okay... never enough truffles. how much are they? it's a lot. oh okay - i'm good, that - it's like a priceless piece of art. enjoy. or when they sell you what they want? yeah. the more we understand you, the better we can help you. that's what u.s. bank is for. huge relief. yeah... ♪

her uncle's unhappy. yeah... i'm sensing an 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. . natural gas prices down nearby 30% through the year, and in one area in texas, falling below zero. pippa stevens joins us here with more. hey, pip. >> hey, tiyler. nat gas has dipping in a sign of how oversupplied the market is.

so we're talking about waha there. mean that even when nat gas prices tumble, production doesn't slow. pipeline infrastructure hasn't been able to keep up with all the new gas coming out of the ground, and less demand after winter. still, kemper faulkner told me it's a canary for the wider gas market, as he put it, an ocean of supply, but not enough consumption. it's under $2. >> got to ask you, when you price is negative, what you said there is that the companies producing the gas have to pay

the pipeline companies or the transporters to transport it. >> that's right, yes. >> where do they transport it if there's oversupply? where do they take it? where does it go? >> they can squeeze out more in the pipeline usually. there are some companies like energy transfer that may have some capacity. but the other alternative and what's traditionally been done is flaring. when you pump for oil alongside the crude, you get nat gas and nat gas liquid. traditionally they have flared it. >> burn it. >> yeah. it's coming under fire, because it's not good for the environment. >> i would think. >> you have distinguish. the big companies have long-term contracts in place. they're not exposed to these negative prices. typically it's the smaller,

typically private players. they're the ones. they adopt have shareholders to answer to when it comes to flaring. texas has traditionally, you know, offered exemptions in certain cases for flaring, one being you have 45 days from the start of production to flare. so there is some wiggle room, but producers are trying to cut back, and there's nowhere for you to go, as you said. >> i'm increasingly thinking about data centers, a lot of companies will neat that compute power for artificial intelligence. how does that come into play? can you tell how much demand there will be? >> i think we're still in the early inns what it will mean for nat gas, but there's a growing understanding that there's this huge surge in renewables that can't meet that alone. you need 24/7 reliable power, and renewables and batteries are not quite there.

toby price, when he bought equi-trans, he said that was very important. without the pipepalestine infrastructure to get it to the demand, that's starts to limit things. when you have prices where they are right now, there's no incentive to build new pipelines. enter state are hard,-- intrasts harder than interstate. you know, the energy sector has emerged as a wholly different value proposition. they have attractive free cash flow, high different yields. i was told that the value to

ebitda is trading below historical norms. it doesn't remain to be seen if this is part of a broader market rotation, versus in interest in the energy sector itself. we use the pro screener, and we found halliburton, marathon, coterra and chevron, and also chevron, devon, kinder morgan and diamondback, but names like the refiners have double since the recent lows, so maybe look elsewhere in the sector. further ahead, souring business relationships and raising red flags for investors. we'll have details, right after this.

at ameriprise financial our advice is personalized based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice... i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about.

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welcome back to "power lunch." stocks have turned lower, the dow falling into negative territory, nearly 190 points, breaking through the 39,000

level. on bond yields ahead of tomorrow's jobs report. rick santelli is in chicago for us. >> yes, deirdre. we've had some volatility in stocks, obviously. let's look at a year-to-date chart. we're now hovering the highest yield closes of the year, going back to november. if you look at the dollar index, it's slipping from a recent 4 1/2-month-high close. maybe more importantly, what are the key variables to pay attention to? that's easy. i'll give you the big two right now. when you look at the unemployment rate, it jumped up 3.9% in the february jobs report. that's the highest unemployment rate going back to january 2022. month-on-month average wages, the smallest gain in almost

three years. these are two variables that have huge ramifications, not only barometers of the u.s. economy, but maybe more importantly especially for the equity market, is how it will all be viewed by the federal reserve numbers. tyler, back to you. >> rick, thank you very much. let's go to bertha coombs, she has a cnbc news update. hi, tyler. the white house says president biden told "the beat" that the future u.s. support for the war in gaza depends on israel taking immediate measurable steps to prevent further civil usage harm. the demand came during a 30-minute phone call this afternoon, just days after an israeli air strike kid seven aid workers in gaza. no labels. the centrist group looking to run a third-party candidate is reportedly abandoning its

attempt to create a unity ticket this year. "wall street journal" reports that the organization is making the decision, because it has not been able to find a credibility ticket that could win the election. stanford university announced a new leader months after the former president resigned following scrutiny of his scientific research. the board of trustees nominated jonathan levin to the position today. he will take the helm on august 1st. tyler, back to you. >> bertha coombs, thank you very much. as we head to break, a quick power check. on the positive sigh, again are rack. on the negative side, lamb weston, reducing full-year guidance. that's your "power check." we'll be right back.

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bench space. a gallup report finding americans' habits are changing, only 62% of people under 35 say they drank last year, down from 72% two decades ago. the drink most likely contained a liquor. joining us to discuss is ed ee ed mundy. thank you for being here. >> i think they're coming into alcohol with more options. i think they do -- they drink, but probably less frequently and

probably less intently, and i think ultimately that's good for the longevity of the industry. >> what's happening with respect to sweet drinks? in other words, if i'm reading my son's demographic well, they don't drink as much beer as maybe their fathers did? but they certainly drink more of what i would call sweet beverages, whether it's spiked iced tea, lemonade, so forth, am i reading it right? >> you're absolutely spot on. people don't necessarily want to drinks what their parents drank. you often see a skipping of a generation with drinking. what is really hot at the moment frankly is tequila, mezcal, bourbon, but what you're referring to are what we refer

to as ready-to-drink product, such as white claw. it's going to be continued product production, like spiked tea. the industry continues to evolve and it's a big industry to follow. >> you see cannabis and psychedelics. do you think think some of the drink companies will delve into that space? >> it's hard to really know what the pure impact of this. it's been a big gray market before it was legalized. i think there's enough space to a lot of these activities to coexist alongside each other. ultimately, the big picture is people are not drinking more alcohol. the alcohol levels have been quite steady.

what you have seen is a shift, you know, from beer and wine into spirits. that's a generational shift that's taken 20 years. i think it's still got momentum. what's happened is there's been a super cycle during covid, you know, with people stuck at home. they traded up, making more cocktails, quite frankly, so it's -- i think they'll the prospects are very, very bright. >> how important is it -- it seems that endorsements are more important than ever. in some cases, the celebrities are part of the founding group. how important are the celebrities? and how risky is it to tie your brand to a celebrity? here i'm thinking of diddy, who has his legal problems. >> sure.

look, they're not unique to spirits. you've seen a lot of this with coffee, or makeup, and actually outside of staples, clothing, cars, what have you. part of it is social media, a key toolbox for the 21st century marketing. but i think the recent boom in endorsed liquor brands is partly due to the succeed of as much as as casamigos, and then looking to exit once it reaches a certain mass. if it's done well, it can be incredibly successful. >> do you have three favorite stocks in this area? just quick. >> yeah, we like beer stocks more broadly, so heineken,, and karl burg.

and beer has been sit by the covid, and hit hard disproportionately by glass costs and production costs going up. beer has had a tough last couple years, and we're seeing confidence to grow off a relatively low level. the stocks are very, very cheap. i think expectations across the street are quite well set, so earnings momentum, and that would drive the re-rating for these names. beer is what we really like. go for beer, i love it. ed mundy, thank you. a big drop in the markets. steve, a lot of fed chatter going on. >> a lot of fed chatter. we don't know why the market accelerated to the down side. if you look closely, you can kind of see what happened, but kneel cash cooi saying if inflation continues to move --

see where the dotted line is right there? that's about when kashkari made the market. whether or not that accelerated, i will say, tyler, the sum total of all the fed-speak today is, we're going to take our time. i don't know if you're a kid and say, mom or dad, when will we get ice cream? they say in a while, in a while, then you get frustrated and give up. i think the general tenor, taking our time, seems hawkish. yields are actually lower, the ten-year as well, which doesn't suggest this was a fed rethink, but this was one of the more hawkish comments in several days

of fed speaking. >> thank you very much, steve. still ahead, retail red flags, showing relationships between popular retailers, ve vendors souring due to late payments and other issues. we get the details when "power lunch" returns. when it comes to investing, we live in uncertain times. some assets can evaporate at the click of a button. others can deflate with a single policy change. savvy investors know that gold has stood the test of time as a reliable real asset. so how do you invest in gold? sandstorm gold royalties is a publicly traded company offering a diversified portfolio of mining royalties in one simple investment. learn more about a brighter way to invest in gold

at sandstormgold.com.

welcome back, everybody. new data from business intelligence firm credit safe raising red flags about the retail industry. they're simply paying vendors late, souring relationships in the process. here to discussing this, gabrielle fonrouge. >> this paints a picture of the retailers that could be at risks, especially if we don't

see turnarounds. it's important to note this data is not a complete trading profile for a company. it comes from suppliers sharing that information with credit safe. so it's a great insight into the state of affairs, also showing how it changes month to month. a retailer, or any kind of business may pay their suppliers ten days later every single quarter, but if they start paying them 28 days, and then it goes down, that's showing issues with cash flow. it's showing in financial distress. >> when i think about peloton, i think about buy now/pay later. a lot of folks were using those tools. does that have anything to do with a name like peloton? >> of course, they work with a firm to finance some of the bikes and hardware. that's a purpose that affirm

takes on. it's just its own whole thing, so this would be things like anywhere from warehouse, you know, costs, any kind of materials costs they're using to build the bikes. they have plenty of inventory. they're not building that many. maybe toilet paper and office supplies for your office, things like that. >> what does this generally portend for the companies that are late. are they more inclined to go into a distressed situation? >> when companies have soured relationships, it's one of the things that pushes them into restructuring. it's massively important. even like bed bath & beyond, that accelerated them. up to a year they are paying their vendors later, later, vendors started require payment on delivery, and when holiday

turned around, there was no inventory, they didn't have the cash, and then they weren't able to effect the turnaround they needed. right now, this is the writing on the walls. if it continues, it could cause problem. >> you have peloton, stock at, what, $3? put the chart back up there. >> $3.95, down about 2% today alone, 66% over the past year. >> when you think about peloton, their balance sheet has a lot of debt. they have a billion in debt they took out for free a few years ago. that no longer will be free soon, especially if the fed doesn't cut rates. they also have a term loan as well. they'll need to make about $800 million. so it's all kind of tootering, right? if you have debt, if your sales are falling, you don't have positive free cash flow, how

much longer can you go on? >> they say they are adequately capitalized, and their access to capital remains strong. >> thank you. >> thank you. coming up. 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. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly. (sirens) [due at target in 5!]

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♪ ♪ time for today's three stalks lunch. three names up double digits in 2024. is now the time to buy in or is it too late? here with our trades is morris, the managing director of fx strategy, asset management and the cnbc contributor. the automaker is delaying production of an all electric suv and pickup truck in order to focus on offering hybrid vehicles. what is your trade there? >> i think the trade is still good on ford.

$6 billion of free cash flow going forward. i don't think it is in any kind of threat. step -- stock is still relatively cheap and even though the problems on the ev side are there, they are more a function of consumer preference. consumers are clearly choosing ice over ev or a little bit of hybrid. ford has a lot of know-how in the hybrid spaces. i think they are going to do really well. the only thing that could stumble the stock is a consumer recession which i don't see happening anytime soon. >> let's move on to a company is far from ford as you can get. that would be palantir partnership with oracle. something's happening there. what do you think? >> this is really big. palantir is the leader. deep data analysis space and the combination of them, plus oracle's infrastructure in the cloud should be a very indomitable combination. that means they are going to get more customers from governments and large

corporations. their growth is 70% year-over- year and as long as that rate continues i think it is a hyper growth stage at this point. the stock is good. it could be a bumpy ride but it looks like it is set for the stratosphere. >> levi strauss stock surging today. what is your trade? >> levi is an interesting case because the ceo said they want to dominate denim head to toe. and i don't know, but the fact they are acting as cultural ambassadors because of their big cultural hits, i think denim is coming back into fashion and if you bet on the fact that denim will be a

fashion trend for the next 18 to 24 months, that means very positive comps for levi's. it looks very good at this point as long as the fashion trends hold up. >> interest rates up this week. big jobs report tomorrow, the dow down 300 points or thereabouts as you see about 8/10 of 1%. 300 points isn't what it used to be but it still catches your attention. >> and nasdaq did a big flip from of 1% to down 1%. a very unpleasant afternoon. i think the market may be worried about jobs more, not in the fact that they will be bad but wages will be really strong which would put a lot more pressure on rates or what's going to happen in my opinion is the fed will do one and done for the rest of the year and that will start to weigh on the market as they realize rate cuts are not going to strengthen the economy. >> thank you very much for your insights. >> thank you.

>> coming up, more on the markets. we will be right back. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley [alarm beeping] amelia, turn off alarm. amelia, weather. 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.

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over the last hour we've seen a turnaround in the markets. the dow industrial down 400 points. we broke the 39,000 level. the s&p 500 is down 7/10 of a percent and i'm looking at health technology, financials, those are the ones getting hit hardest at the moment. >> a lot of fed chatter this week. a lot of growing concern. i guess concern is not too strong a word about whether inflation is slaying or not. and within the past couple of hours, saying maybe we don't need to cut rates at all this year. that has taken the rug out from

under a lot of the working hypothesis of the start of 2024. >> the start of the week, we thought maybe we won't, but that jobs report tomorrow, that will play a big factor. >> we will be talking about it a little bit here. meantime, thanks for watching power lunch. >> closing bell starts right now. thanks very much. welcome to closing bell, i'm scott wapner here at the new york stock exchange, the make or break begins with the reality over rates and whether later than expected cuts for the fed might soon put the bulls on defense. roger altman will join us in just a little bit. take a look at your scorecard with 60 minutes to go in regulation. stocks were green throughout much of the session and that was about 30 seconds ago we started to h