good afternoon. welcome to "power lunch." glad you could join us on this thursday. it is thursday. and i know the down day for the markets. down close to 2,000 points in the two weeks since closing above 40,000 for the first time.

today's losses are all about salesforce, that stock down $55 a share. accounting for all the dow's losses and then some. >> and weighing on software and cybersecurity names including crowdstrike. they are down 8.5%. and real estate and utilities are leading the way. >> and let's start with the three key stock stories of the day. number one being salesforce. worse day since 2004. weak earnings results. tell betting big on ai boost. and we have team coverage. steve kovach, you go first.

>> salesforce after revenue miss and expectations on guidance. not to mention no clear plans for intelligence. and it was the first miss since 2006. so what is going on here? they say weak overall demand for services and revenue misses. and then the lingers revenue question. they are not showing any direct sales on the ai. and he said all the ai models that we talk about so much, they are already commodities and really just don't matter that much. instead the corporate data is more important. and guess what, salesforce generates oodles of that kind of data. here is whe said last night.

>> we can take the information and action that to create another level of capability for our customers. so that means that they are sell services to their customers that before they had tremendous white space with. >> they talked about the data cloud which is the named ai product at salesforce and they said 25% of deals over a million bucks included data cloud purchases but no real details there. and that was the same stat they gave a quarter ago. >> so wall street doesn't seem impressed with mr. benioff's expectation of how they can monetize the data. >> and that is what the data cloud thing is supposed to be about but no one is really buying it yet. a lot of the analysts say don't expect to see any material sales there until next year. so that is really pushing it out. right now they are dealing with a tough macro environment that they are blaming guidance miss

on. >> steve, thank you very much. >> and so let's talk about tell which is a hot stock. it has doubled this year. and it is based on the same thing, ai. so is dell anai player? or do we call them a poser? >> you can choose nicer words. faker or maybe heoff exaggerating. but you mentioned dell and nvidia dell share price increased more tin the past yea. the server business had a near doubling of backlog orders last quarter. but shipments just 3.4% of total revenues. so is dell a much less levered

story or an ai faker? there is that word. i want to start with the recent stock driver. you can call it the highsmidas . the ai pc announcement helped fuel the pc refresh cycle that will be driven by ai pcs. but the dell core business, about 60% remains heavily reliant on pcs and monitors. so the boon may not be as beneficial as thought. and nvidia hitting 78% in gross margins. that means if nvidia is making that much, it will cost dell a lot and so definitely caution going into earnings. so the stock down 4% today. but look specifically for ai

server bookings. about $4 billion. and then any commentary about the pc recovery which some are saying is under way. >> well, it would be a big boon if now that microsoft is out with its ai pchl. do we expect dell to enter the space? >> their earnings report said about 10% of their pc shipments in the second half of the year will be specifically ai pcs. but the 10% number is still small with hp inc. saying most is in fiscal 2025. and so maybe we won't see the immediate rise in pc sales and especialliment a i ai pc sales. options market is at least 9%.

>> what will an ai pc allow me do than pc doesn't already? >> excellent question. there is asis a neuro processin unit. and the key thing, it can do all your ai needs like write email, plan your eye continue remember all on the actual laptop. it doesn't need to connect to the cloud or wi-fi. so they are selling that you can do everything remotely. it will save battery life, work on the ai computer. eventually even if you are deaf and you want to sign to your excite commuter, it can write it out to you. so just some examples. but a major driver just yet? that is why the 4ezhezbollah sta -- hesitation starts. >> thank you. and let's move to foot locker.e

hesitation starts. >> thank you. and let's move to foot locker.l hesitation starts. >> thank you. and let's move to foot locker. starts. >> thank you. and let's move to foot locker.h starts. >> thank you. and let's move to foot locker.h starts. >> thank you. and let's move to foot locker. on pace for the best day in nearly seven years. but still lower 44% for the past seven years. >> and it is a big day for foot locker. a lot of what is driving this stock move is some of the good numbers that we saw in the report. same store sales were down 1.8 port st. % but that is better than expected. and they have guidance better than expected. last year they slashed their guidance over and over again. now they are actually reaffirming guidance which is a step in the right direction for foot locker. expecting sales to be down 1% to up 1% compared with the decline of 6% that analysts forecast. so this is coming about two years in to ceo's turn around plan. a lot of work is focused on the

stores. more than 80% of its sales are still done in stores. that is a lot different than other retailers. so this is important to have great stores. the new concept takes the old foot locker concept of walls of shoes and turns it on its head. it is important for the brand b partners. let's listen to the ceo. >> nike is our largest brand partner, we're thrilled with our relationship. i was just in paris at their innovation summit. i think that they have some exciting things today and coming in the future as we get into the olympics and into next year. >> reporter: so nike is one of foot locker's biggest brand partners.

they have had a bit of a rocky relationship. nike now starting to realize ohio important whole cyrils are. so more work to be done. >> they are trying to turn the stores in to the kind of cool factor. how much will it cost them? >> they spent about $250 million and imagining to spend more this year. so that is something that foot locker will have to work. their cash position is not the best. they have debt, sales are falling. so she has a tight rope that she has to walk. >> thank, see you soon. now news on the merger talks with paramount and sky dance. >> the offer has been sweetened.

this was first reported by the "wall street journal." sky dance understood that she had to satisfy class b shareholders. and so they offered cash and reallocation. so it is more equitable for the class b shareholders. the stock now about 2.5% on this news. and my understanding according to sourssces is that they are reviewing the new offer. we have reached out for comment and not heard back yet. >> where is the other party in this merger dance right now? >> the other party is apollo and sony. together they are doing their due dill gentigence that starte couple weeks ago. now we're seeing parallel paths being taken here. sky dance had a window that has

exp expired. so now they are having conversations about this. but it could goi in either direction. but of course the value keeping the company together that the sky dance deal would not break up the company. julia, pa thank. a quick check on the power check. kohls down 24%. and on the plus side burlington stores, take a look. we're seeing some resilience in the space. up 18%. we'll dive deeper into some of the big moves and changing trends.

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let's bring in greg branch with branch global capital virz virz. why so do youer? >> this is my view for some time now. i'm surprised the market has not pulled back more than it has. this rally which kicked off in october was driven by two things. it was driven by the euphoria that the battle with inflation was over. and that we would be at a much lower interest ratse environmen in 2024. and the general ai euphoria as well. only one of those remain. and recent data suggests that we haven't seen this inflation in quite some time. in fact what we saw is a spike

in inflation the first quarter. and what we saw is a spike in the things that will lead to inflation over the first quarter with wage growth going from 90 bips to 120 bips. so overall we just don't have any evidence that we're seeing continued disinflation. 3.9% unemployment doesn't get us there. 30 to 40 basis points doesn't get us there. and wage growth that we're seeing right now and still historical will low jobless cla doesn't get us there. >> but still companies performing well and the economy based partly on wage growth and unemployment and gdp growth seems to be doing pretty well. can those two things overcome the negative factors that you just correctly cite? >> i like you and everyone else

root for gdp growth and wage growth and earnings. but what a 6% earnings growth quarter shows us and what three quarters show us in a row is that the fed simply had not put in place an environment that was restrictive enough. gdp shows thaws enough. the down rye vevision was drive the 4%. and as long as that remains the case, there is no attainable path towards 2% inflation. what the fed has done is not restrictive enough and i think the next move is more likely a hike. >> and i think people are coming around to that view. it is sort of one. things so in the market, whether you think there is a cut or a hike, there are areas of

opportunity. cloud and ai being one of them. cybersecurity has been a huge area of strength for the most part pfrp a little bit more choppy. more headlines about big hacks. is that what you would stick with no matter what the fed does? >> right. and as you point out, i only am poo-pooing one of the areas of euphoria that we witnessed. the other, those that are tethered to generation at secular tail winds like ai and cloud. i'm not ready to give up on sish skirt yet. i think that palo alto hasn't come nearly close to the ties that we saw back in february. i still think there is outperformance in some of these names as we see a more restrictive environment.

turns to the major beneficiaries of the secretary cular tail wine are some laggards like or are a cal that is only up 12% in the last year. so i think that we can spread the exposure to other names. >> greg, thanks for being with us. further ahead, are loans on new vehicles the new normal in new data points to a shocking trend.

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salesforce are dragging the market lower. might it be the wrong business

model for the coming age of ai? deidre bosa has today's tech check. >> this is the pain trade of the year and salesforce added more momentum to that. but there is one na wone that c cover an benefit from ai. business models like snowflake, data dog, con fluent. and here is the case for it. if they are compute heavy, any require more usage and so consumption based models meet the needs. versus the subscription basis that is charging based on the number of users that have access to the software. that is great when workforces are growing but not so great if generative ai is making

workforces more efficient and smaller. so you would essentially have less seats. i spoke to box ceo on where we are in the cycle. >> if you look at cloud executing, we're in 2006 or 2007 in termsed adoption relative to where we are with ai. so we have to think about how early we are in the technology cycle and how much up side and potential there is as it fullile ros out. >> so that is where many companies are today. know know they need to have ai strategies. but they are trying to figure out what exactly that looks like.

there are some saying that the consumption based model is an interesting one sxwlp and i guess a lesson in derivative thinking. here comes ai.and i guess a lesson in derivative thinking. here comes ai. a threat to the software as service companies where they are basically collecting money on a per capita basis. there may be fewer cap tacapita. >> exactly. less seats. and you see that where they are able to get rid of 700 employees but then it put the load workloads in to generative ai. so if company is selling software by seats and sub description, there is a lot less seats to sell to even though their usage of generative ai goes up. >> and it is dear rivative

thinking. it may or may not be the case. we don't know. we'll find out. >> but a lot of unintended effects of gen ai. at the beginning we thought it would hurt blue collar job and turns out it is white collar jobs. and customers are trying to figure it out and so are the investor tos. >> thank you. and now a cnbc update. a farm worker who deals with dairy cows is infected with the pir bird flu. this is the second person to diagnosed. the worker had a cough with eye symptoms. federal officials say the risk remains low. and irs free tax filing is here to stay. the agency announced that they will make its experimental direct file option permanent. the program rolled out on a

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welcome back. we are right in the middle of retail earnings season. we've heard from big apparel names. gap reporting after the bell today. shares up 3%. but if there is one big theme emerging so far, it is denim.

demand is jumping. search levels are hitting peaks in a 20 year data set. abercrombie has been hitting it big. up 460%, oh, yes, in just 12 months. here is what the mvp said about the changing styles. she said silhouettes are s shifting and getting baggier and wider. aren't they ever. for more on how important it is to catch the trends, let's bring in our retail power duo. >> and we're all wearing denden. >> can everyone see -- these ladies went to the store. and i'm last on the trend here, but ladies are not wearing the

athleisure anymore. this is what people are wearing. >> you get a good gust of wind, you could be -- >> not quite long enough. >> i wore my jeans today too by the way. >> everyone is wearing this. >> what is with the wide silhouette that everyone is so hot for? >> it is the hlow rise baggy. i bought these today at hollister. this is what is in. and this is what is out. the jegging. the skinny jean. so we had an interesting experience today at the american dream mall. fran says low rise baggy is not in. and they only have it online. and jeggings, they are getting rid of them. >> and i have an entire closet

of these. i used to be able to fitinto the skinny jeans. but you look at lululemon struggles. very interesting. >> so my wife just bought online jeans ripped to hell and wide. and wide like that. what is attraction here? >> it is the cut. this is the mom jean. this is the sis the style that want. >> but they don't do a ton for the silhouette. >> here is what is important. >> or maybe they do. >>s it not just about the bottom, it is about the whole outfit. i spoke to the macys ceo and he said people are dressing not only in head to toe denim, but in a different pant, it affects

their whole outfit. so they are picking out different tops or shoes. so it is an opportunity for department store or brand to try to get people to buy outfits which we know is under pressure as people are a little more careful. >> i thought denim was dead. what does it mean this ability to surf a trend for the stocks of these companies? >> it is important to be on trend and get your supply chain on a pace where youcan respond rapidly. and you have fast fashion players. they can get an idea from design. they are spotting online. it takes 1 8 months from idea to getting it on the floor. >> and a problem is kohls is struggling to keep up with trends. and i spoke to its ceo and he said one of the things they are

trying to do is shorten the amount of time it takes especially for the juniors department. they are the fastest to the trend trends. and if you don't respond quickly, you see weak sales. so they are trying to get ready for the next quarters. >> and so whether it is american eagle or gap or abercrombie or you name it, their stocks are likely to respond? >> yeah, they will do bell because it means that they are executing well. >> i have to see what you have on the rack here. don't mind me. i'll just browse a bit. >> retailers need to make sure that they have the -- >> you will like the jump suit. >> oh, that one would be good. i think this one for joe. >> perfect for the summertime. >>we're seeing denim in all parts. it is not just jeans. jean bag, jean shoes.

and it is about having the right stuff at the right moment. we're seeing consumers pull back, but then abercrombie seeing a lot of strength in sales. so not that consumers are pulling back everywhere. they want to buy certain items. arnt and willing to pay full price. >> and people want the technical fabrics in the more so sophisticated stilhouettes. so i don't think people are wearing tights anymore. i mean, this is the end of the trade of the 2010s and now the 2021s are bringing us very different. >> kohls ceo was telling me polished casual is what they are trying to focus on. so more casual dresses but the active wear not selling well. they were on clearance the past quarter and it weighed on their

performance. he said people don't want it anymore. >> and we heard from lulu lemon last quarter. and they didn't have enough colors. consumer want different colors. so like you, you came in with money ready to spend and you walked out. and that is poor execution. >> men could take a few more years to jump on the bandwagon. >> yeah, not doing that. >> the low rise baggies? >> no, you'd give dad a bad name. all right. thank you both very much. my wife wanted me to wear my denim shirt. >> should you have. maybe tomorrow. all right. 800, 900, no, $1,000? that is how much the new car loan may cost you every month. phil lebeau will tell us how prices have climbed.

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yesterday nimphil dad jeans lebeau told us about car leasing. and it is more and more expensive. 16% of new car buyers who finance are paying $1,000 or more per month. phil is joining us with more. hawaii, phil. >> dad jeans? we'll discuss this too time. we'll discuss this. let me throw some numbers at you. they won't surprise you. the average right now in terms of somebody taking out a new car auto loan, according to experian, in the quarter quarter your average monthly payment was $735. the average amount borrowed just over $40,000. the term, it would take to you pay it off, 6 months.

t -- 67 months. so is there any indication auto loan payments are coming down? yes, but just $3 a month in terms of the average. and auto sales, demand is there. tell highest since 2019. and so 16% as you mentioned of the people who took out an auto loan in the first quarter are paying more than 1 240ud a momo$,000 a month. that is before insurance. so add that in and you can imagine what people are paying. the bullak of these are between $400 and $800. that is where most of the auto loan payments are. and bottom line, we continue to see people who say i'm willing to pay more than $800, more than $1,000 a month when it comes to

financing a new vehicle purchase. >> dad jeans reference was to a previous segment which you may not have seen. but it just felt -- >> i watched. >> oh, you did. okay. >> you want me to comment on the full shot of you? >> sure. >> we'll do it another time. >> this is why one of the reasons why leasing as you pointed out yesterday has made a big comeback. >> exactly. leasing is generally about $140 less per month in terms of a payment. so if you went out and looked at the exact same vehicle and you wanted to finance to buy it versus lease it, over three years, generally speaking you are paying about 140 less per month to lease. >> he was not to comment on my balloon jeans. he knows better than to go there. let's move to boeing. what is the news? >> leadership of boeing

including the ceo met with the faa in washington for three hours this morning. laid out their game plan after 90 days in terms of what they are going to do to ensure quality control, safety, all of the things that need to be done to assure the faa that 737 maxes are built to specifications. at the end of it, head of the faa said this is great. but this is just a blueprint. now we have to see if they can meet the metrics on a regular basis. have meetings with the faa and head of bo. and now they need to show that they can meet the metrics. and boeing still cannot raise production beyond 38 per month. head of the faa says that cap will stay in place for several months. >> so boeing shares up fractionally. phil, thank you very much. see you soon.

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♪ ♪ ♪ welcome back. it's time for today's three-stock lurch. jerry castellini has our stocks today. jerry, welcome. the dow is down more than 2,000 points in the last couple of weeks so we asked him to gave us

two names he'd buy and one to avoid at this juncture. let's start with salesforce down 20% after missing revenue expectations and the outlook. jerry, is this one investors should pick up? is it for sale or the beginning of a bigger downtrend? >> you know, we don't know and for that reason we should avoid it. this one has been caught up in a big shift in cap spending and broad-based software and hardware at the enterprise level and to see the beginning of a trend like this and to think this would be the turning point after just one quarter, i think that would be premature. is this a great company? absolutely. truly one of the generational businesses that you've seen,but the company was built to grow and for them to have to go through an experience now where their growth will slow or they might not have growth for some period of time, i just don't want to be around. i'll let this one play out and let others buy it. >> so there's your avoid. up next, though, we have applied

materials. the name you say to buy today. the stock slightly down today and up 10% over the past month. why do you like applied materials, amat? >> yeah, so the opposite, really, of salesforce is the visibility that a company like applied has. we clearly now are seeing a backlog of their swell with the rush to build and to meet the demand not just in the next couple of years, but over the next four to five. to build out the foundaries to create this explosion in demand for computer power, and it includes not only that, but each at the data center level, the need for more memory is there and when you combine those things when a business is constrained by the amount of machines that they build, this is going to give them a tailwind for profitability and visibility and the key to this market rate now is to having that. again, the opposite of

salesforce is you can see even more clearly every day applied's opportunity set and it just keeps swelling now as people are more and more interested in this long-term view. >> let's move on to intuitive surgical and the shares are up 20% this year. why does this one jump out to you? >> this one hits the trifecta. there's 12,000 men past the age of 65. 65 is themagical number that you have to pay attention to your risk of prostate cancer. prostate cancer solution is run through the da vinci machine that intuitive surgical has invented and has closed the market on. what's interesting about them rid now is this is the first major upgrade in the product cycle and it brings with it a whole turnover of all of the hardware that's in the hospitals today and the hospitals and docs just love this, and this is a

very, very important upgrade for everyone that now has this risk factor and you can expect to see their 30% margin is going well into the 40% level. again, a long tale to this up cycle and in this kind of market where we're not sure about the economy and we're not sure about some of the disruption from the ai side, the best to find names like this where you find and you hope you'll have a good visibility pattern. >> jerry, thank you very much. interesting and that last one, very interesting indeed, we appreciate it. >> still ahead, orange juice prices are going bananas. don't look now, but supply constraints and climate woes have alternate actions for o.j. you can always listen on our podcast and listen and follow on any atplform. listen to power lunch. when we come back.

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off the lows, but still down. that's the story of the dow, 440 at the low now about 300 points lower as the dow continues to stumble after hitting 40,000 a couple of weeks ago. we've only got a couple of minutes left in the program and we have a couple of more stories we'd love to tell you and cadillac automotive will start at $54,000 making it the cheapest ev option and it hopes to sell 2 million vehicles wheel taking on the likes of tesla, bmw and others. bucking a little bit against the trend which seems to be moving more softly in the direction of hybrids and not evs. >> exactly. let's get to new data from vanguard that says hiring

workers remain resilient as higher demand for income workers drops. that's partly a reflection as service industry is trying to recover, but girliburlington is saying they're low in customers there, as well. consistent supply constrains are forcing some makers forcing makers to consider alternative fruits. the concentrated orange juice futures posted $4.77 a pound yesterday and that's nearly double the price from a year ago. orange juice has gotten really, really costly. >> i love the pure fresh squeezed one at some fancy coffee shop, but it's really expensive, more so now and if you get the stuff in the bottle they'll blend it with other juices. queen's music catalog, from a citigroup music can have

implications for sony and sony group shares are up 3%. >> that would be a big deal buying queen. >> do you think they're worth it? >> i do -- i have no way of knowing, but they're one of the timeless groups. you hear their songs still prakticily every day. thanks for watching "power lunch," everybody. >> "closing bell" starts right now. all right, guys. welcome to closing bell. i'm scott wapner live at post 9 at the new york stock exchange with inflation-eve and tomorrow's pce, and the market on edge ahead of it and we'll ask expert bhs what it means an with 60 minutes to go in regulation, we are red today across the board and it is the dow that is the biggest loser and it's a salesforce problem, suffering its worst day in years after it turned. take a look at that, down more than 20% and other cloud software names lik