it does appear hamas has accepted that proposal presented by e kwipt and qatar. >> okay. we appreciate that headline. thank you. we will watch for market reaction to it as well for the remainder of the day. i will see you on "closing bell". >> goldman sachs. >> igr. >> uranium. >> all right, guys. i'll see you in a little bit. ♪ quickest final trades ever. thanks, scott. welcome to the exchange. i'm tyler mathisen in for the last time for kelly evans because she's coming back tomorrow. the annual berkshire hathaway meeting is in the books now. berkshire is sitting on and whether it is time to return some of that cash to shareholders, and if so how? we will talk about all of it ahead. he's back. former starbucks ceo, he's in,

he's out, he's in. he says starbucks needs to fix its stores to win back customers, but bank of america sticking with a buy on the company. sitting 50% upside for the stock from here. that analyst will join us to make her case. and is she bringing cappuccinos, too? disney on deck to report. what to watch for, how to position on that name and two more. that's ahead in the earnings exchange. we begin with today's markets. don chu. >> the bounceback continuing off the recent lows we have seen over the course week and a half or so. right now the markets are green across the board, but fractionally so, but it's still green. the dow is down 89 points. two-thirds of 1% gained for the s&p 500 which sits at a decent level right now. 35 points today. and three-quarters of 1% gained for the nasdaq composite. talking about 124 points to 16,280. so we'll see whether or not this

near-term bounceback off the recent lows has any momentum. one thing we are seeing a little near term out performance as the markets bounce back is in the small stocks. check out this year to date move in the s&p 500 etf versus the small cap iwm. it is only up 2% versus an 8% gain. check out this bounceback right here. as the markets have kind of recovered over the course of the last week or so, there's been a bit more of a recovery in those small cap names compared to the large cap ones here. is that, in fact, happening? if it does have legs, do small caps have more room for the upside? that's the big debates right now. we'll watch that dynamic. and then the stock of the day is the worst performer in the s&p 500 in an otherwise general uptake. that's tyson foods down 7%. mixed quarterly earnings report. earnings came in better than

expectations. the sales, though, were a miss. it does raise some questions with the company and its products about whether inflationary environments right now are starting to take their toll on some of the lower and middle end consumers that tie san sells its foods to. so tyson food shares down 7% on that concern. ty, it is something to watch on the consumer angle. i will send things back over to you. >> thanks very much. warren buffet is sharing his thoughts. here with the key take-aways, berkshire trimmed its position by 13% in the first quarter, marking the second straight quarter he sold some shares. the company also sold its entire stake, berkshire, that is, in paramount global with buffet taking sole responsibility and saying he lost quite a bit of money. meanwhile, berkshire is expected

to clear $200 billion by the end of the second quarter. is it time for berkshire to reinstate a dividend and return some of that money to investors. that and more to talk about with billsneed, chief investment officer at sneed capital management. good to see you, my friend. how are you? >> i'm well. thank you. >> i want to begin by asking how did mr. buffet strike you? it was a weekend of some sentimentality, as charlie munger was remembered. how did mr. buffet strike you? >> well, he has been such a generous and brilliant and wise man in my life that -- that there is hardly anything that he can do that -- that disappoints me. he's 93 years old. he just had his closest friend and his closest business

confidant pass, and he's feeling the effects of that. and charlie, they started the meeting out with a bunch of charlie whit of the past years, and you couldn't help but be emotional about it. it was near the end of an era. >> it was clear in the sub text that greg able is assuming a more important role internally. he's the dez signated successor. did you feel that way? >> yes. he will be the ceo of berkshire hathaway, the primary asset allocator among buying whole companies versus putting more toward stocks, et cetera, which was kind of a surprise to us. we thought the last ten years or so would be a process of turning more of the reins in company selection to tom combs and ted

wessler. we wondered about that, and we got that question answered for us. but it will be a different company. it's a wonderful large conglomerate that is closely tied to the united states economy. and if you want a wonderful company closely tied to the united states economy, it will be a good investment for you the next ten years. >> and, of course, we should not even suggest that mr. buffet is anywhere close to finished yet. he is an amazing leader, amazing stamina and, of course, is still fully in charge here. so let's talk about their big cash pile. $180 billion, heading to $200 billion. what should they do with it? there is some -- would you as a shareholder like to see them pay a dividend, or would you like to see them make a big acquisition or would you like to see them buy back shares? >> we have no interest in the

dividend. it's fine to have them buy back shares. but you always have to think about berkshire hathaway, do as i do, not as i say because warren buffet is a super nice guy. he has absolutely no interest in offending people. but if you look at what he's doing, he is as bearish as he ever gets. i read right between the lines right from the beginning at the meeting on saturday. i was there sitting in the audience, and i thought, okay, huge cash position, trimmed his apple position. it isn't -- he's nibbling on something below the surface they haven't announced yet. but basically, he is waiting until the next 40% decline in the stock market to apply massive amounts of capital at bargain prices and things that are large enough to be meaningful to this company at the size it is now. >> so you just used the phrase, this is as bearish, i believe you said, as i have ever seen

him. should -- is that really the right characterization? or is it, rather, that he thinks the market is too highly priced for him to go in in a big way and put fresh capital to work? in other words, is it so much a bearish call as it is a rejection of the idea that this is an opportunistic time to invest? >> tyler, you have asked a great question. so i'm going to answer this in kind of an odd way. in 1969, he pivoted from being primarily a quantitative ben graham value guy to being more of a charlie munger qualitative guy, right? get a reasonable price on a great company, and he said back in '67, '68, '69 that the quantitative ideas that he used to like to buy were combed and

re-combed. that was his letter to partners. and this year, this last year, he said that -- that the kind of things that we would like to do have been endlessly picked over. so that -- that is code for we think the market is expensive. we're not in any hurry. we will wait. and, remember, he's talked constantly for 10 to 15 years that the bigger berkshire gets, the more immatt limits his opportunities. for large deployments for that $200 billion, you have got to have the entire market get into very difficult circumstances. >> i don't want to let you go. we've got to go here, bill. but mr. buffet talked about the demand for power and energy going forward, which he thinks is going to be huge. and one of the biggest or one of the biggest sector holdings in your portfolio has been energy and others. let me just say that you are in

line with him on the view that energy and power is going to be an item in. thanks a lot. finish your rithought. go ahead. yeah. mike worth was just on with you folks at the conference helping people understand how much natural gas is going to be needed for the energy demands out of ai. >> right. >> great to see you, my friend. thank you. >> thank you. >> all right. shares of citi group are up more than 21% this year as the bank's overall continues. the firm has already reduced head count by 7,000 employees, exited the bond trade and shuttered a handful of defendants in his retail business. let's head over to the milk and institute's global conference with sara is standing by with citi's ceo. sara? >> reporter: hi, tyler. nice to see you. with the ceo of citi group. it is great to have you. welcome. >> thanks for having me back. it is great to see you.

>> you too. tyler was outlining some of the steps that you have announced and taken as part of the broad restructures you have been doing. how is it going? >> yes. i am delighted that we have finished the restructuring. we have completed it at the end of march on time, and we should we would. now we are focused on our two priorities, which is driving our business performance and on our transformation. >> just on the layoffs which received a lot of attention, a lot of management layers. how is the moral inside the firm? >> we put a lot of change through the organization, and it's always hard when you say good-bye to some very good people. but we've completed it now. i'm so proud of our people because they want to focus and take advantage of the changes we put in place. they have been very supportive of our need to change and what we've done. they wake up in the morning wanting to serve our clients, and they want to have the firm

to be easier to operate, and they want to win. and i think the organization will help us do that. >> wall street has been supportive. the stock has outperformed some of your peers. i think 30% higher, you said, since the end of december. how will you measure success now from here? >> yeah. well, we are on a multiyear journey. we set a strategy a few years ago around five business days. the first step was the messages we made. we operate around the bank on those five businesses. the next step was getting the organization done so that we mirrored the bank we are, not a universal bank but a more focused bank. that was an important milestone. now the next steps is going to be continuing to make progress with our transformation and delivering improvement in the business returns. >> which businesses are going to drive growth, which has been hard to come by in the banking

sector? >> yeah. i actually feel pretty positive around our growth potential. a, because i can see the synergies between the businesses we've got. they're all very interconnected. but the crown jewel of citi is services. this is their transaction services network, our custody network. it's the number one around the world. and we see opportunity both to deepen relationships with clients as well as to apply new clients, and we have been investing huge new flows in e-commerce and we're capturing that through our payments expressed network. we're seeing a lot of innovation in digital commerce, and we're seeing a lot of innovation is tokenized services. so on multiple different vectors, we're seeing new revenue streams as well as -- as well as more business with our existing clients. >> given some of that that you just laid out, what are you seeing from your clients both

business and consumer individuals as far as spending and just where we are in this odd economic cycle? >> yes. from the corporate space, i think we see a fair amount of spend and focus around building resilience. so global names have really changed in the last few years driven by geopolitics and technology. so food lanes, energy lanes, financial flows, defense spending, the supply chains, they have all really reconsidered. you see your clients put a lot of investments behind that. at the same time, technology is really changing business models. and, so, i think particularly here in the states, the dialogue is quite strategic on transformation, and we're seeing that translate into investment, into activity as the markets recover. so that's been good to see. and on the consumer, it is a k-shaped consumer. >> k-shaped. >> k-shaped. so a lot of the growth in

spending has been in the last few quarters with the affluent customer we're seeing a much more cautious low-income consumer. they're feeling more of the pressure of the cost shipping, which has been high and increased for them. so while there is employment for them, debt servicing levels is higher than they were before. so they're being mindful of their spend. >> do you have any concerns at this point about delinquency rates in cars and extra credit card debt? >> we're a little bit privileged there. as you and i told you about, we're pretty prime heavy one, but we are keeping an eye on the lower fico consumers. and they are definitely feeling more of the stress. they have -- they're paying rent. they're not sitting on a 30-year fixed income mortgage. so they're feeling more of the inflationary pressures. i think, like everyone here, we're hoping to see the economic

conditions that will allow rates to come down sooner rather than later. >> that's what i was going to ask is what your expectation was at this point for what happens to inflation instead of cuts. >> yeah. i think the one thing they can be quite certain about, that's probably the only thing is there are more opinions about where the rate cuts are at this conference that there will be rate cuts this year. there is a lot of -- there is a lot of different percentages around it. i think the question is now not only when and how much but also where. i think before everyone thought it would be everyone together. i think that that -- that has changed now. we have to see where rate inflation goes. we have to see what happens with services inflation. and i think we need some more data points. it's hard to get a soft landing. we're hopeful, but it is always hard to get one. and so far the feds just trying to navigate quite a complicated system. >> do you worry about sticky inflation? do you see evidence of it? >> in services more so than in

goods. in goods we're in much, much better shape. supply chains are in better shape. services is definitely the stickier ones. things are headed in the right direction. we love it if it would go faster that way. >> geopolitics is an issue that everyone pays close attention to. but as the more global bank in some of these countries that have been affected, how is it influencing what businesses are doing, the decisions they're making and how it impacts citi ultimately? >> we're seeing these lanes changing globally. so you have a number of bright spots around the world. t and i have really noticed this year how many companies and investors around the world are looking at the u.s. to invest, despite some of the challenges that i hear from regulatory and other approvals. they really see this as a lot of

the forces going in the u.s.' benefit. my bigger worry on geopolitics is we could be in for a period of more naked protectionism between the west and between china. i think that's likely to heat up with connection and then next year as well. so that's the one that i'm most mindful of is i hope you don't end up with naked protectionism. but i think we will certainly head more in that direction. >> that's because you are worried on the impact on growth. >> yes, yes. i mean, it's never as good for the world when you've got that. it will make it a bit more fragmented. that said, i'm not that negative on growth around the world. i think it's slowing a bit at the moment. but look at how resilient people are. the consumer is resilient. the corporate is in strong health. that's a good underpinning to have. >> thank you very much. great to get an update on the firm and your world views. >> thank you very much, sara. >> jane frazier, the citi group

ceo with a good global view. back over to you. >> sara, thank you very much. we will be seeing you in the next hour with the citadel ceo ken griffin. don't miss that. coming up, howard schultz speaking up, calling for humility. tell you what else he's suggesting and hear from one analyst standing by her buy rating on starbucks. plus, three big names on deck with big names perhaps none other than disney. we'll get you ready with the action. the story, the trades. "the exchange" is back after this. this is "the ehaxcnge" on cnbc. it's a pillow with a speaker in it! that's right craig. a team that's highly competent. i'm just here for the internets. at&t it's super-fast. reliable. you locked us out?! arrggghh! ahhhh! solution-oriented.

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and, so, the growth of the economy, the equity of the brand, the significant position that starbucks occupies in china is very, very different. but, andrew, i'm not coming back a third time. we found a number one draft choice, a best possible candidate in the world to lead starbucks. >> that was a former starbucks ceo howard schultz telling cnbc a year and a half ago that he would not return as the company's ceo. but with shares coming off their first week since the financial crisis, schultz wis speaking ou on the company's underperformance. kate rogers has the details. hi, kate. >> hey, tyler. howard schultz with a lengthy post on linkedin. he said the problem is the u.s. business. he added, quote, the stores require a focus on the customer experience through the eyes of a

merchant. the answer does not lie in the data but in the stores. senior leaders, including board members, need to spend more time with those who wear the green apron. one of the first actions should be to reinvent the mobile ordering and payment platform, which starbucks pioneered to make it the uplifting experience it was designed to be. he said starbucks needs to lean into its previous position. he says he feels confident the company will recover, but it is clearly not business as usual. schultz is the largest individual holder of the stock. with a stake just under 2%. now in response the company said, quote, we always appreciate howard's perspective, the challenges and opportunities are the ones we are focused on. like howard we are interested in the long-term success. this is the third time that schultz publicly weighed in on the company. he has had some commentary around the company's union

negotiations and now earnings. a year ago after training alongside of him for six months. >> kate, thank you very much. our next guest is sticking with the company and reiterating her buy rating on the stock. she sees a nearly 50% upside from her. she is the bank of america senior restaurants analyst and author of a new research book. thank you. does he have it right in his prescription for righting the ship at starbucks? >> i think he does. i mean, howard is obviously a visionary. so i do think a focus in the restaurants is really critical. but we're also of the view that there is a branding issue that's happening right now. so making sure that, you know, a broader audience gets the message about what starbucks offers and, you know, and the experience in the restaurants is also important. >> tell me what you mean when

you say a branding issue. what are you talking about there? >> there is a social media narrative that talks about starbucks related to the middle east and there is some confusion or, you know, i guess we'd all characterize as sometimes mischaracterization of how they are positioned or what their views are. and i think that that has translated into some customers who have, you know, chosen not to. >> stepped away from starbucks. >> yeah, that's right. >> because what we saw there was a rather dramatic falloff in same store sales growth at the very least from prior measuring periods. that would suggest something beyond merely a decline or resistance to higher prices. something has to have happened there that tipped people off. >> that's right. so that was the research that we were writing. this was exactly that point, which is you don't see this kind of, you know, precipitous decline because of something

that has been dear, to use your words glacial. the consumer has been under pressure for the better part of the last two years. service feeds have been something they have been talking about for their entire existence. >> agreed. i happen to patronize the company. i would say the experience using the app is kind of less good than it used to be. it seems like there are fewer employees in the stores actually preparing the beverages and preparing the foods. so the customer experience isn't what it was. but what specifically does starbucks need to do in terms of if there has been brand damage because of position statements on israel-hamas war, what do they need to do to massage or correct or reposition the company and brand so as not to alienate consumers? >> well, i don't know that they need to address that. i think it's more about, you know, communicating what starbucks can offer, the value

proposition. that actually improved service. the throughput is improving. maybe a heavy user like yourself hasn't noticed it yet, but they are doing the right things. the goal here is to make sure a broad group of people, including some people that are not as frequent users really understand exactly what the value proposition is. and i think we will see that as they brought in the availability of an order and pay and as they talk more directly to consumers. >> is pricing a problem? >> i don't think so. when we did a pricing study in the new york metro area, their pricing is right down the fairway with respect to competitors. they have actually taken their prices up less than a lot of their competitors. the reason the check has been going up is because people are choosing to, you know, customize or trade up in sizes. that's another point we think is important. when customers are feeling under economic pressure, the first thing they do is economize.

we see that attach rate go down. you see people maybe order more basic, and we're not seeing that. >> not seeing a retreat in the average ticket price. >> that's right. >> they're going up and doing it more comfortably. what about their international business? let's talk about that and china. >> china is a struggle for a lot of companies. the macro economy is not particularly favorable right now. we have heard that it is just difficult. and starbucks is not alone. so it is not starbucks specific there in china. the brand is still very strong. it is just demand has pulled back. but what we know about starbucks and china is that, you know, again, it is the top choice of, you know, one out of every two coffee customers, and i think what we are seeing with them is, again, a push to communicate the value proposition through their digital, you know, assets there. but it is going to be a slog because of the macro environment. >> yeah. sara, thanks very much.

appreciate it. >> sara of bank of america. still ahead, we are sticking with the consumer and getting a view on inflation from the head of amazon's whole fos.od we'll be back after this. car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. 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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all right. welcome back to "the exchange." security stocks are lagging the broader tech landscape this year, partly on concerns of demand. frank holland just spoke about that with executives on cisco and joins us now. hi, frank. >> hey, good afternoon. i spoke to him ahead of the rsa cybersecurity conference. what they're excited about is the opportunity. they're excited about workloads on the cloud. ai seems a catalyst, especially for workloads from the regulated industry. so before the pandemic, 73% of companies in health care, financials trusted some sensitive data in the cloud. that's jumped up to 84%. okta provides ai. i spoke to the ceo todd mckinnen who tells me regulated

industries are a big challenge. >> they lift and shift the old vulnerabilities into the new data center, they're no better off. a couple migrations have to happen to a modern identity stock that present some of these from impacting customers. >> there is also a shortage of about a half a million cyber pros in the u.s., according to the white house. ai is seen as a way to improve it. splunk will, in part, help them protection ai data protection centers. >> how you use data, correlate it so you can make sure to predict and prevent rather than react, detect and respond. that's the game of security. one who has the largest amount of data that can correlate the best so that you can get the most amount of insights gleaned from it is the company that will do better. >> as i mentioned, rsa kicks off today. anthony blinken will be there

tonight. >> quick question. can ai make up for this shortage of cyber professionals? >> you know, it is a great question, tyler. every ceoi spoke to, every industry professional i spoke to said absolutely not. one person told me basically ai might detect a million vulnerabilities or potential threats. you need human workers to differentiate what's real and what just may appear to be a threat. >> frank holland, thank you very much. let's go to sima now. >> hi, tyler. here is the latest. the trump hush money trial on a break as the former prosecutor cross-examined the former comptroller who testified about accounting practices at the trump organization and about bank records allegedly showing the reimbursement to michael cohen. chinese president xi calling for a global truce.

backing the french president's idea for a truth in all global conflicts. that's according to a french news agency. part of a two-day state visit from china. >> the first crude mission for starlink is scheduled to start tonight. the mission will carry two nasa astronauts to the international space station where they expect to spend about a week before returning to earth. the launch expected at 10:34 p.m. eastern time from cape canaveral. exciting times. >> thank you very much. see you in a little bit. coming up, disney earnings on deck tomorrow morning. what's next for the company now that the company fight with triad is over. we will get you ready for that report next in the earnings exchange. before we go, take a look at goldman sacks. new high. here's the ceo on the fed's path forward for rate cuts. >> i think inflation continues

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welcome back to "the exchange." we're looking at movies, malls and motors with the action, the story and the trade on disney, simon property and lucid. joining us, the kk founder and cnbc contributor. let's start off with disney. shares up more than 25% this year. streaming numbers a major focus at disney as it further integrates hulu. investors watching for updates on espn, sports and how the parks and cruise business are fairing. what would you do with disney here, jeff? >> despite the fact it's up $3 and having a great day today, up 30%, you can do it longer term. it is still reeling from covid. so i think there is room to run. if you look technically at a

chart, it seems to have the ability to gap and fill. go back two years ago, that first quarter of 2022, it broke down from that 140 level. so i think under iger's leadership, his recent dunk, you are going to see this opportunity for it to move higher. we're looking for the four guys to have a better understanding on how all their parts, not just streaming, how their parks are going. when we look historically, todd, the valuation, the ford pe of 24 times, that's below it's all-time high. i think there is more room to run. i'm looking for 140 short term. >> by the way, don't miss a first on cnbc interview with disney's cfo hugh johnston. that's storm morning 6:45 a.m. eastern. next up is simon property group. investors watching rent levels and lease spreads to see if higher rates are hurting retailer demand.

how would you play this one, simon? >> well, this week is a great consumer read. we just had disney. this is a different lens to look through. but on simon group, i want to be a seller here. if you own, it is time to profit take. there is a couple reasons why. when you look at their portfolio, 50% of the portfolio is in malls. you don't see malls return to where they were pre-covid. you see the all-time high of 157. historically speaking, it is at a rich pe. if you look at the technicals here, use 147 as resistance, you will have an opportunity to buy this lower. the two-day down at 130. you have to be considerate of what we are, despite the fact this is a 5.5 paying yield and a decent stock in the last year. >> jeff, for once let's get lucid, okay? shares down more than 60% in the last year. the company preannounced production numbers.

investors awaiting it. jeff, can the stock make a u-turn? >> it's more than a u-turn. if you look at the chart, it is a disaster. down more than 85%. but i will put a jolt in. i want to be a buyer here. yes, of course we can go lower. but the reason why is look at the largest shareholder. that's saudi arabia's public investment fund, pif they call it. so this is the takeover target of all takeover targets. i think this will help them diversify some fashion of their green energy plan to hedge against their oil. what you look at what they have out there, they have a high standard ev. but they're not profitable. they lost more money in 2022 than they did in 2022. they have a huge safety net, a backstop in the saudi arabia public investment fund. i don't know how much higher it goes, but if we see it go

private, it will be a big pop for investor. but you have ford losing $130,000 per ev. we don't know what the real numbers are here, but this is a rubber band. you can see it down 80% from an all-time high, snap back here. >> let's see. we'll find out. thanks. >> see you, pal. >> you got it. you too. coming up, we will stick with earnings. gig names also set to report. the key numbers to watch in lyft, uber and airbnb's results. that's next. d. kind. second, they have to be honest. and third, they have to be hard-working. it's very simple. wherever you are in the world, when you come to a different culture, you meet people of very different backgrounds, but you find out that they have the same ambitions and the same fears just like yourself.

i'm so sure that travel is good for the world. it's really the best to engage with the locals and the destination. and i think travel helps broaden the human mind and makes us kinder. and that's fantastically valuable.

welcome back, everybody. uber's investor day just wrapping up last hour. the ride sharing company is among a host of gig economy stocks set to report this week, including lyft and airbnb. we take a look now at what to expect in today's tech check. >> as a group, the gig economy has matured.

they's less disruptive, more high growth, but stable sheets, free cash flow positive. in the case of uber and doordash, they have buyback programs. but it is an example of what happens after you hit these milestones. the stock has been flatter over the last three months. they believe their ev/ebitda has compressed and now trades below lyft and instacart on a free cash flow adjusted basis. this question of what's next has really been weighing on the stock, and that could be giving investors reason to pull back and think more about some of the risks that could bubble up in the upcoming months. there is a there is also some regulatory battles that are continually being fought and popping up. as for instacart, investors are finding more reason to get excited over this company. it has been a major outperformer

in the gig space. a lot of it has to do with its position in grocery. it has larger basket sizes. tyler, despite that recent rally, it still has a lower ev to sales multiple than that of uber and dash. interesting dynamic playing out. i didn't get to airbnb. but as a whole, these companies have become more stable. >> why did you get to airbnb? what's going on there? >> still free cash flow. i don't know if you saw that announcement late last week, but they unveiled a new category called their icons. you can stay in prince's house. you can stay in the barbie house. it is not like a real revenue generator, but it is an innovation and it is part of the airbnb expenses that brian which he is has been talking about for many years. he's one of the only founders

left. >> thanks a lot. coming up, don't look now, but egg prices are surging again. up more than 4.5% in the latest cpi print. we'll talk to the ceo of whole foods about rising costs in the at nt en trends. th'sexwh "the exchange" returns after this. to start a business, you need an idea. it's a pillow with a speaker in it! that's right craig. a team that's highly competent. i'm just here for the internets. at&t it's super-fast. reliable. you locked us out?! arrggghh! ahhhh! solution-oriented. [jenna screams] and most importantly... is the internet out? don't worry, we have at&t internet back-up. the next level network. i sold a pillow! the all new godaddy airo helps you get your business online in minutes with the power of ai... ...with a perfect name, a great logo,

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to save up to $830 off an eligible 5g phone when you switch to comcast business mobile. don't wait! call, click or visit an xfinity store today. welcome back. recent data and earnings starting to show cracks in the consumer confidence in april fell for the third straight month hitting a mere two year low as inflation continues. starbucks announced a surprise sales drop as customers rein in spending. our next guest has a good pulse on prices. we have the ceo of whole foods. he joins us in a first on cnbc interview. good to have you with us. >> happy to be here today.>>

how are customers responding? >> we are seeing over the last few years. the big focus is looking at how to best support customers at this time. we were working to minimize the impact overall to price points that customers see and at same time dialing up promotions. in quantity and value we put into deeper discounts. we've found is been positively received. within our business and a lot of focus on reducing prices are exclusive brand items like 365. customers have great opportunities to open price points across thousands of items for spoke to the broader question, is food inflation

abating, or is it still a pesky issue that you have to confront by doing the kind of promotional stuff that is working for you? spoke it is still a real issue. some categories it is stronger than others. one of our goals is to ultimately look at each area and we are seeing some of that pressure and address it so we can better serve our customers.>> your customers -- we began this by saying there are some signs at some retailers that customers are beginning to feel the pressure of higher prices and maybe doing lower ticket amounts in total. are you seeing that, or have your customers, because of your promotional efforts, have they been resilient in the face of rising prices? >> we definitely have seen

segments where customers moved from some items are moving from one category to another. ultimately to help their budget. one thing we really tried to focus on is bring traffic into the stores and we done that through some great work on the promotional front. our goal is to continue to amped that up. even though you have customers who might be trading down, we want to bring more customers in so we can support the same business. but i did a documentary a few years ago about the grocery business. i spent time with the former ceo of your company. you have the best bananas of anyplace i've ever been. the best bananas i have ever ate. >> they absolutely are. >> let me asking about the digitization of your area? i go to the grocery store a lot. i experienced at another chain

something called a smart cart where i put my things in the cart and it read the barcode or it knew what i was putting in their and i went to a kind of express lane to check out. how aggressive are you about making those kinds of digital innovations in your business? and are they ready for prime time? spoke one of the things that we are proud of is to be part of the amazon worldwide grocery team. our goal is to create the best grocery experience in the store and online around the world. we have access to some of the best technology. we have a similar experience with the amazon dash cart. and a lot innovations we've been rolling out the last few years. one is amazon one that lets

customers identify as prime and pay with -- to create opportunities for customers interact with us digitally supporting the in store experience. >> i was going ask another question, but we've run out of time. we appreciate your time today. >> thank you so much. that does it for the exchange. kelly will be back tomorrow. we will ha mveore with the conference. conference. we will be right back. wall street forecasts over $100 billion

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welcome, everyone. welcome we are glad to have you with us. coming up this hour we have some power players on the menu. we will break down what we heard from one buffet over the weekend and then an interview with ken griffin. >> we will hear from the head of volkswagen america how strong the demand about ev's in the u.s. the dow is hanging onto a small gain. the nasdaq with the biggest percentage gain of the three. is