welcome to "power lunch," everybody, alongside, kelly evans, i'm tiayler mathisen. as apple done it again is the company's new apple intelligence enough to drive an iphone refresh cycle and make it an ai leader >> plus, we'll get a check on the regional banks with the ceo of wafed that bank and several others put on downgrade review by moody's the dow up 200 points, getting a boost from goldman and a couple of health care names the s&p is down five points and

the nasdaq is lower by 0.75% nvidia is weighing on the tech stocks it's down nearly 15% from the all-time intraday high that it hit on thursday. are invidya and bitcoin two signs that speculation and momentum are losing favor? if so, what does that mean for stocks as we enter the second half of the year let's ask none other than michael santoli. mike, what do you think? >> definitely the momentum trade is exemplified by nvidia and some semis and bitcoin can the rest of the market prove that it doesn't always need those upside leaders so far, so good in the last three or four days, even today, there are twice as many stocks up than down i think you have to hesitate

before giving full credit to the market for being able to execute a full rotation. we are on track for a non-hard landing, that means inflation and growth coming in an acceptable range you can't dismiss the add that lower bond yields really didn't give full benefit to smaller stocks and other cyclicals, because there is a little bit more sensitivity to the idea that we're decelerating the economy more than we expected or would hope to. so far, the market is behaving in a pretty orderly way as we get to the final week of the first half >> mike, stay right there. we appreciate it we want to continue our conversation, and our next guest says last week's mixed data on the economy, supportive still, of both of growth and when it comes to the semisectors, says you have to pick your stocks let's bring in stephanie link, portfolio manager at high tower and cnbc contributor

hi, steph. good to see you. let's talk about the semiconductors they seem to be taking a little bit of a poause a pause that refreshes or concerns you >> yeah, i think it's a pause that refreshes it could take a little bit of time, though, tyler, the cmh is actually up 52%. and there are many, many semiconductors beyond nvidia that are up 40, 50, 60%. that's not that normal, even though ai is very powerful and we are in the early innings, and it is a $2 trillion total addressable market by the end of this decade. and it's really impacting so many different industries. so i think it just takes a pause. what i find really interesting is that the last week and even today, you're seeing a broad -- you are seeing a broadening out into other sectors and i think that's healthy that's healthier than having nvidia account for 5% of the s&p 500. and 35 fact of the gains

year-to-date i'm looking at energies like financials, energy, industrials, where i think earnings will be good that's why we pay attention to what the overall economy is going. and i think if we're running 2 to 2.5%, i think you'll see good earnings and support of some of he these lagging sectors. >> so how do you explain or is there an explanation of 15% from its high on thursday, or is the explanation i think what you were just hinting at, and that is some prudent rotation away from sort of an -- not overvalid, but an overplayed sector >> yeah, this stock, nvidia, is very overowned 90% of the sell sides have buys on it. it's had a heck of a run and it's hard to explain how fast of the velocity of the move but there are other semiconductors that have also

done really well and i think, look, these are great trends, it's a great company. but if you're going to see better earnings elsewhere, why not pick up the banks that are at one times book value? some of the industrials at 14, 15 times, and you have this huge tail wind with regards to onshoring, in energy i mean, the sector is down and out, and yet, the executives are scrambling like mad to do m&a, because they see value we'vealmost $500 billion in energy m&a in the past year i kind of like these other sectors at this point in time. i don't own nvidia, but i do own broadcom and i've been trimming broadcom >> i would be curious to hear the broader take on that >> yeah, no, look, it's had a great run. when i bought this stock two years ago, it was trading at 14 times forward estimates and it yielded 4% fast forward two years, the stock is at 32 times forward

estimates, because the stock has moved so much. i love it. i think what they're doing is tremendous i think vmware is a game changer, because it gets them some more software exposure, which is higher margin business. i think non-a i has actually troughed and can grow maybe 3 to 5% or so so i like it for the long-term, but i got to take profits. this is -- i would kind of hit myself over the head if i didn't take some dpgains. it's still a pretty big position >> talk to us about the broad pg of of the markets, particularly the opportunities that stephanie sees in some of the energy stocks >> i think initially what you see is a somewhat mechanical return to the laggards in an attempt to say, okay, we've gotten enough out of the big leaders like nvidia. the pileup of superlatives got to be too much the first move is, well, it's still a bull market. the economy is fine. we'll buy the rest of it

i think you have to be on alert for the idea that there's some slippage in that process the mark rallied out, everything else did really well and it didn't immunize the overall tape for a pullback in april when yields rose and there were some questions about the soft landing and the fed so the predicting the same thing, but i see what's going on right now, is a little more of the kind of way that the market's choreography operates right now, with this very, very heavy trade, betting on index come and a lot of divergence below the surface. that can work in both directions, either nvidia is going up to the exclusion of other stuff or vice versa. >> stephanie, a quick last question i think stuff you're talking about, where you're focused on the pc refresh cycle, where apple could be playing a role, speak that where do you think we are in terms of how much longer that has room to run? >> i think we're in the second or third innings on the pc refresh. i think we haven't even seen it on the consumer side

we've seen it on the enterprise side you saw it from dell, hpq, amd so you're looking at pockets within technology that have kind of lagged. they've doengne okay this year,t lagged some of the semiconductors when you have amd saying their chip is five times as fast as their prior chip, that is really, really powerful. i definitely want to have exposure to cdw, c-gate, obviously apple, too >> thank you both. stephanie link and michael santoli, always a pleasure some fed speak now let's get to steve liesman with those headlines. steve? >> good afternoon, kelly fed san francisco president mary daly saying the economy is closer to a point where the benign outcome could be less likely so she's second person today, the second fed official to worry about possible weakness in the economy. she goes on to say, inflation is not the only risk we face. and offers two different scenarios, which are not surprising to our viewers.

she said, fedcan stay higher for longer if inflation falls more slowly than expected, but lower rates would be more necessary if inflation falls more rapidly or the labor market softens more than expected very much using a construction used by the fed chair, jay powell she goes on to say, the fed is still fighting to bring inflation to 2%. here's the normal talk about still fighting inflation, saying we made progress on inflation, more work to do. she goes on to say the rise in employment has been modest when you look at the decline in inflation, and she's not yet confident to cut rates because of the bumpiness of the recent inflation data and she says, it's hard to know if we're on track for price stability. one other thing, which is interesting. she says, restraint and demand and now needed to get inflation down another fed official who -- the idea of working in this, the idea tlhere is some weakness they're concerned about but not yet offering new guidance about how monetary policy would respond to that change in the

outlook. >> interesting that that last kbr point you made there, that sounds like we have to have a slower economy with higher unemployment >> you know, i put that in there, tyler, because it was a little bit perplexing to me in the sense that she's at the top of the remarks rewe noted, she' concerned about a weakening economy. at the end there, we talked about how she's saying, well, look, we need a weaker economy to get inflation down so i'm not exactly sure what the reaction of the fed here is, would they cut rates or welcome it? >> exactly steve, thanks. steve liesman. coming up, reports say meta and apple are in talks for an ai partnership. those details in "tech check," next

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apple report dedly in talks with a longtime rival were new ai offerings, as they work to fend off a new charge under the european union's digital marketing apps julia boorstin joins us with more >> as apple pursues its new ai strategy of partnerships, it's in talks with meta about potentially sintegrating meta's llama ai technology. this would be a notable pift from a historically contentious relationship with meta and it comes after apple partnered with open ai, to bring its chatgpt to phones. the company said it would include apple's gemini while no money would change hands for these deals, apple would serve as a gatekeeper and take a cut of subscription revenue, like apple takes a cut

of app store revenue speaking of apple's app store, regulators are charging apple for failing to comply with its digital markets act, which focuses on large platforms that are gatekeeper the eu's case, which is their first enforcement, accuses apple of not allowing developers to steer consumers to cheaper alternatives outside of the app store. and unlike past regulatory threats, which did not pose much financial risk, the eu could fine apple as much as 10% of its worldwide revenue. this stricter regulatory oversight in europe is impacting apple's strategy just last week, apple said that it would not rule out new generative ai features in the region because of regulatory concerns kelly? >> julia, we appreciate it thank you, julia boorstin. sticking with apple, our next guest believes the ai-driven super cycle is about to get underway for the megacap client joining us is dan ives at

wedbush. great to see you >> great to be here. >> a lot of things going on to unpack there before we jump into the super cycle, what do you make of these two specific events. number one, the issues in europe, number two, the partnership with meta. >> for europe, it's like getting a cappuccino, i don't view it -- >> 20% of revenue is a cappuccino >> realistically, we're talking $1 billion or $2 in terms of what they'll have to pay and the stock is telling you, for apple, they're at the top of the mountain, it's their castle. we could have the eu issue and a lot of regulatory, and that's going to continue to be something that we see in the u.s. as well but right now, they play chess, others play checkers, in terms of where they ultimately own the apple ecosystem. >> so, so what about the eu's claims democrat do you think they are more legitimate than not? in other words, is apple

restricting or otherwise impeding individuals from leaving the app -- its app stor and going to other providers >> i think cooks talked about that there is a plan where they could have some business model tweaks. but just like we've seen with the epic lawsuit, and ultimately whatwell see with some of the issues in the beltway, apple, it's a tight weiwire act they're right to walk, but it's their business model they'll continue to defend that and not ultimately give into the eu they'll tweak around that. and i think the important thing here is that this is their ecosystem. the golden install base to apple is not changing. and now, you look at ai, the reason that red phone is ringing and it's zuckerberg on the other end, because for cook, they recognize now, apple intelligence, they have the keys to the castle. and in our opinion -- >> apple does. >> apple does. >> because they have the install platforms, install base.

>> they have 2.2 billion ios base if we decide we want to build an app, where we building it? and that's worth $30 to $40 per share. and this is the start of a renaissance of growth. i still think the industry is underestimating this, a year from now, we're looking to afford a $1 trillion market cap for apple. >> why do you think the phone is ringing again kind of as it relates to meta and mark zuckerberg kind of remind me where meta stands they've developed lama, have leaned into ai, but in terms of its applications, it's seeing what, that its llm is valuable enough to plug into apple's devices, or what exactly is the strategic -- >> the golden ambiguous for them is they want to get into apple television they want to get into this apple layer, where just like with chatgpt would open, they're at the top, in terms of consumers, you have 1.5 billion >> but because it would point

back meta's products, or they simply want to be able to monoize that relationship? >> that's going to be a highway for consumers to go back into their universe you're on the outside of this party that apple is going to run. and when you think about the ai revolution, it's 9:00 p.m. in an ai party that we see going until 4:00 a.m.. >> let's talk a little bit about chatgpt and their relationship with apple what's going to happen there >> that is a win/win because for them, that's giving them all the open ai developers -- the developers we talk to, this is exactly what they want. and for open ai, it will give them more ability to monetize within that apple install base but it comes down to privacy apple owns that data it's a lock box, and that was the big thing that cook continues to show, that they

don't have to worry about privacy. openai needs to come to apple. >> that's why it's interesting that you call ate win/win. it seems like a win for apple, maybe a short-term win for openai, but nmaybe not a longer term one open ai gets pushed into the white label provider role for the consumer >> google's calling, they're going to call as well, and-over tech plan. going back the eu, brussels, this scary headline. i view this as background noise in a broader story, in the ai consumer revolution. there's the grandfather, that's jenson and nvidia. and on the consumer side, could be cook. >> so let's talk about the stock a little bit right now, it's 209ish, or thereabouts. and that's roughly $3 trillion you think it can go up by 33%? >> i think 275 to 300 is where

we see the stock going because, tyler, right now, you have what i view as little-to-no ai technology or monetization that's built in. this is an ai-driven super cycle, it starts with iphone 16. it's a get out of the popcorn moment 270 million of 1.5 billion iphones haven't upgraded this is the start. >> talking opal, the man with the golden delicious blazer. >> let's check out shares of alnylam which are soaring after positive news for its heart drug angelica peoples is here >> they're having a huge day after its drug for a serious heart condition succeeded in a clinical trial the drug cut the risk of death and cardiac incidents my about 30%. alnylam is planning to file for approval later this year using a special voucher for a faster review now, these ruls should be enough to get the drug approved for

attr cardiomyopathy. it's already available for a related nerve condition, but there are about ten times as many people with the heart condition. analysts see this becoming a blockbuster, and you're seeing that opportunity reflected in the stock today. but there are still some questions about how alnylam's drug will be used versus one from pfizer that's already available, and another from bridge bio that should be approved in november i spoke to a cardiologist at stanford who said these topline results are very impressive, but he needs to see more details before deciding how he would use this drug versus the others. alnylam plans to share the full data later this summer, and we'll be speaking with alnylam's ceo yvonne greenstreet later on "fast money" and will be asking her about these results. kelly? >> i'll pick it up there we're also getting some news from novo nordisk? tell us about that >> they're telling us they will spend $4.1 billion to build a

new glp-1 manufacturing base here in the u.s. this will focus on making wegov and future drugs for obesity this is one of the largest manufacturing investments in its history. we're seeing an arms race between novo and lilly as they try to make as many of their glp drugs as they possibly can novo telling us that about 35,000 people in the u.s. are starting wegovy over week. that's up from 27,000 in may but it's important to remember that these sites take years to get up and running, so we won't see this investment have an effect right away. guys >> thanks very much. ang angelica, appreciate it. >> you got it. still to come, the eu adopting new sanctions against russia, even on lng. that story is next hi, i'm sally.

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welcome back, with another round of european union sanctions against russia, this time it's targeting the country's lng, liquefied natural

gas business pippa stevens is here with more. >> this is the 14th round of eu sanctions against russia, for the first time, they're targeting that lng business. and what it specifically does is bans re-exports of russian lng through europe what that means is the eu can still accept and use russian fl lng, but an eu port cannot be a stopping off point for a russian lng en route to its final destination. susan sack moore is on the board there and that is a known operator of lng fleets says this is another progressive ratcheting up by russia against the eu, but for russia, about 25 to 30% of their lng that enters europe is then re-exported a belgian ngo put the number at about 3.4 billion euros in revenue each of the last three or four years.

it's another headache in these very complicated someplupply chs >> so where these shipments then go >> run option is to go for the northern sea route, so to go all the way over and stop over in asia the problem with that is that it takes a lot longer and the other option is that they could conceivably take their arctic tankers and go the entire way to asia around europe however, that's much more expensive. also, those big arctic tanker ice-breaking ships that they operate in the arctic circle, those are few and far between, so they don't really want their tankers to be tied up going through the suez canal >> what a waste of an arctic ice breaker, in the suez canal, where it's 108 degrees >> now that there's less ice up north, that northern sea route is an option >> we just wonder if this round of sanctions will have a bigger impact by all accounts, russia is in a better position than anyone thought it would be. and while this ames at one of the biggest things you can continue to clamp down, they're

still taking lng shipments to all of europe and another change at the margin. >> and each round says this time, we'll target the shadow fleet of tankers with, and they'll add more individuals to your point, so far, they haven't really been able to hit russia in a major way. >> pippa, thanks all right, let's get to contessa brewer right now for a cnbc news update contessa >> tyler, the federal judge overseeing the classified documents case against former president trump is hearing arguments this afternoon on whether to issue a gag order it would bar trump from public comments that prosecutors argue could endanger the lives of federal agents working on the case those arguments are part of a three-day hearing to deal with several unresolved legal issues. the trial itself is currently postponed indefinitely major music companies are suing two ai start-ups, suno and udio saying they infringed on copy rights by allowing users to make

new tracks with text promps and create sound-alike recordings. universal music group, sony music, and warner music group are the biggest plaintiffs in the group. and the disney/pixar movie "inside out 2" collected another 100 million according to comp store. that is a new record for an animated movie in its second weekend. the previous best was $92 million for the supermarios movie last year. it's now the highest grossing movie of the year with $724 million worldwide. i think the emotion might be pride. i don't know, just guessing. tyler? >> contessa, thank you very much coming up, regionals a t risk the kr reit expected to be down 10%. we'll speak to a regional player in the banking business when "power lunch" returns.

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welcome back, everybody, to "power lunch." regional bank shares under some pressure as higher for longer interest rates and commercial real estate challenges weigh on the sector the s&p 500 regional banking etf, the kre is down nearly 10% this year, and earlier this month, moody's put six banks on its downgrade reeview lais over commercial real estate exposure. let's bring in brent woodall let's talk a little bit about your commercial real estate loan exposure i note that i believe that it was last week, you closed on the sale of $3 billion in commercial real estate loans to pimco, but i also know, we'll show a chart here, that among a group of, i

think it's four mid-sized banks, you still have 45% of gross loans, according to our information, in commercial real estate i assume the sale was to bring that percentage down >> it certainly was. and i'm -- as you know, i've been tell the world for a long time, that the fears in commercial real estate are overblown in my opinion. i like to tell people, i'm out on a michigan to kill chicken little who says the sky is falling. that is simply not happening in our point of view. and it's easy to caulk, but now we have substance. the transaction we closed last week was the largest sale of commercial real estate ever, to one of the most sophisticated buyers in the world, pimco and really, they saw no credit markets, so we were able to sell that $3 billion portfolio at no loss >> so you were selling basically at par , the is way to put it, but you were selling at a good price. you were not selling at a distressed asset

and of course, commercial real estate -- but back to the point, you do want to reduce your commercial real estate exposure? >> well, i wanted to prove the market, the liquidity there. everybody says that they see these office sales in cities that are at 30, 40 cents on the dollar and conflate with that multi-family and other categories of commercial real estate that's wrong in my opinion you need to understand that the category of commercial real estate and the amount of equity in the deals, so to have a third party come in and look at our portfolio and really say, it is of the highest quality and we're going to be able to sell it at no loss, that gives us options so in the short term, that takes our commercial real estate down, as you point out, but gives us omissions. we can re-lever and go back into more commercial real estate loans, pay down debt or repurchase our shares. >> these were largely residential loans request skblm

apartm >> apartment loans >> let's talk about the moody's credit watch issue does that concern you? how do you feel when you get news like that >> it's hard not to get defensive. i have a great deal of respect for moody's and the job they're doing, but i think they're looking out in aggregate over the entire country and as you know, real estate is local. you have to understand the location, you have to understand the category, as well as the amount of equity that borrowers have in that i've had several long discussion with moodies and put it this way, i see the world differently. >> i had a feeling they had stepped on live one, brent so spin this forward for us about 12 months' time. what position do you think the banks' going to be in and the broader economy? >> i look forward to proving moody's wrong, quite frankly i don't see a large amount of losses coming in our commercial portfolio at all the naysayers have been saying, the losses are coming, the losses are coming, and clearly, there are some asset classes

that are weak. office and large metropolitan areas, that's an issue but for us, office is only 4% of our portfolio, and today, as we sit here, having this conversation, we don't have a single delinquency and it's estimated to be 35% equity in those deals. to it's a mistake to paint everyone in the same brush >> that said, your bank shares are down 18% this year, and down significantly from the pre-silicon valley moment. w what would you tell investors who say, put that to the side, but we want better performance >> you can't fight against the market the market is the market we've been around for 107 years and i look forward to proving to investors that are buying our stock today that it's going to make sense for them and we'll pay a reasonable return. you know, on top of commercial real estate, the other thing that's a challenge for all regional banks and banks in general is the inverted yield curve. we make the majority of our income off of our spread and with an inverted yield curve

that's now 24%, that's the longest we've ever had an inverted yield curve the real catalyst for having better performance for bank stocks is when the fed starts cutting rates. >> a lot of people are talking about the inevitability of consolidation in the mid- and regional banking sector. you have done some acquisitions. will you be doing more do you think you will be a buyer here >> we did just complete a transaction. we purchased in california, an $8 billion bank, that took us to $30 billion in total assets. and a lot depends on what happens in november. we were 18 months in our approval process to get luther burbank approved that's a really tough bank to go through. there's all kinds of discussions in terms of the approval process and what that looks like but if the current administration stays in place, i don't think there will be much consolidation. but if there is a change in administration, i can see the potential for a lot of consolidation. >> a final question as we debate

how many rate cuts we might get from the fed some think zero, others think maybe a cut. you talked about how it's a challenge with the inverted yield curve. if we start to get rate cuts, do you think that will perk up your shares or is one or two or three at the margin not going to make that much of a difference >> i do think it makes a difference, because it's all about the perception of the market and i think once you start getting rate cuts, you'll see investoring starting to pull their money and back into banks, which will help the deposit flows to banks i think the action, whether it's one or two cuts, that will be good for all banks >> thank you good to see you. >> sure. up next, target is striking a deal with shopify, opening paths to new consumers and new products target shares up nearly 3% on that news. we're back in a moment

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shares of target are higher today after reaching a deal with shopify to bring new sellers and products to its online market place. this trails way behind rivals walmart and amazon melissa repco joins us now so, what new is going to be available through target now >> the idea is this will be a whole new funnel of products that target can discover and add to its website the aspect that it would help with is picking up on products that go viral on social media-type platform. so that would be a place where you could very quickly get that product like a detangling hair brush that went popular. >> like those stan lu tumblers >> exactly and the other piece of the deal, shopify has a lot of insights into how those items are doing you almost have a little bit of baked in success, because you know that that product has done well on its website and might do well on yours. >> that's why shopify is so

important to target in this case, they have the inside track on these -- let me call them -- obscurer products. >> yes, they would have more analytics and the companies they work with tend to be more up and coming type brands they use shopify for their websites >> detangling brush. >> yes, with things like that that might go viral on tiktok and target may not know of them, because they don't have that large supplier base. >> that's not their pipeline >> so target has been long known for the target run, going to the store and ending up with a bunch of items that you didn't expect. that has been a formula that frankly has not woshrked in this environment, so they're hoping that shoppers of shopify bring them to store shelves as well. >> is target going on the one promoting these items to me, with the one customer. if i don't have the time to figure out what's gone viral, it can suggest to me, look at these cool products, you might like them

or is it the opposite? if i'm discovering these items through instagram or whatever, i can go and use shopify i didn't early exactly how target plans to be top of mind, but i spoke to kara sylvester, the chief guest experience officer for target, and she said, this has a halo effect, if you add that tiktok product and people discover it on your website or maybe accidentally get an eye-catching item, the idea is that it lifts target not just for those viral items, but target's traffic all around. >> what does spotify again >> that's a good question. we don't know the financial terms or the length of the deal. but their is to be has not been doing well either. it's down today, and the news did not change that. both of these companies have been having a rough rear compared to the rest of the market and for shopify, they could say, hey, if you join our platform

and are a customer, you can apply to be part of target's marketplace. it could be a way for them to market themselves as well. >> i love using anything on shopify, they make it to easy. but as the dollars shrink, post-pandemic, we've seen price declines, volume declines, and perhaps that's a headwind. i don't know >> the challenge is a lot of the things they sell are net discretionary space and it's been a tough game. if they can maybe use this to market themselves, that could be a lift for them. it's worth noting that target has a very different approach when it comes to its marketplace. it's invitation only just pause ybecause you apply to join as a shopify customer, doesn't mean target will accept you. compared to amazon and walmart, they usually have the same item from multiple sellers. it's a very different approach >> still to come, microsoft is currently one of the most overbought stocks on wall street but it's not the only one. we'll take a look at some others, next and as we head to break,

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welcome back, everybody. time for today's three stock lunch. today we asked our trader to pick three stocks from a cnbc stock screener looking at some of wall street's most overbought stocks, employing the 14-day relative strength index. here with our trades courtney garcia, payne capital management cnbc contributor first up, tjx company's returns of 125% over the past five years, up 18% this year. according to our stock screener

it's 14-day rsi is a 79 suggesting it is overbought. what's your trade on this one? >> yeah, i would actually be a buyer here of tjx. the retail space has been tough because the consumer has remained stretch with higher inflation, this is coming across all income cohorts they are willing to spend at the right price and right inventory level which is why tjx who is a lower-priced retailer is able to benefit. especially as all of those big retailers have too much inventory right now, this is also something they can benefit from, they are able to buy up a lot more inventory and pass on the savings to their consumer. retail is tough, the reason that retail is struggling is going to benefit something like a tjx it's done really well, just hit some 52-week highs, also is trading at a premium to historical averages. in the environment we are in it's likely going to continue in the short term and something you want to make sure you're taking advantage of. >> she's taking tjx. what about walmart

we keep hearing about it, shares up 31% this year, stock screener puts its rsi 74, a bit extended. melissa just now talking about how it's a category leader, ai can help it. would you be a buyer >> i would walmart has been someone who typically has not been something for a higher-income consumer but think continue to gain market share in the higher-income consumer as they're starting to strayed down 06% of their sales is groceries, that's what's bringing in a new customer base, but they are a one-stop shop for all of the goods. as they're going out the e-commerce business you're starting to see more go across their business what i like about them in the long run is when you look at things like advertising, things like third-party fulfillmentment and sub syringes these are higher margin bipss than their core business and growing faster than their core business add in ai which can cut costs tore them, i think for all of those reasons is something that will continue to do well over the long run. >> last up and next on our list

of overbought stocks is expedia, stock screener says the 14-day rsi 174. your thoughts on expedia >> i would actually stay away from expedia at least in the short term you're seeing a consumer who is stretched and when you're looking specifically at travel here in north america that has actually been lower than expectations and they are primarily here in north america. so when you are looking to compete with a booking.com's network in europe it's going to take a lot of extra spending in order to meet that they do have a lot of pros in the long run, they have a $5 million buy-back program, they're cutting costs significantly, about $6750 mil -- $7350 million since the pandemic i think short term some of the headwinds when it's travel here in the u.s. and the fact they are not yet internationally where they need to be it's probably going to be continue to be there, and it's not far enough in the rearview mirror where i'm willing to jump in into for more on some of wall

street's most overbought and oversold stocks visit cnbc.com/pro before you do anything, go follow us on our pod cast, you can find "power lunch" on any can find "power lunch" on any platformon. but it's not the critic who counts. with every swing and block, your game plan never changed. ♪♪ and we will be right back. let them. because you know what it's always been. inevitable. ♪♪ ♪♪

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♪ ♪ ♪ ♪ welcome back the dow up nearly 300 points, the s&p 500 just turned positive, the nasdaq, however, still lingering in the red, kelly. >> we only have two minutes left several more stories you need to know let's get right to it. starting with bitcoin tumbling this week below 60 k today with reports showing a billion .2 of outflows from crypto etfs over the past few weeks. >> it's interesting to see bitcoin has risen a great, great deal, back above 60,000. >> rising and falling with nvidia as well, which is interesting. >> let's talk about paramount

global, planning to raise prices of the flag stip streaming service paramount plus it will increase by a dollar per month in the ee tension plan will rise by $2. paramount involved in courtship talks with several parties. >> different suitors. >> it has not come to pass now they're going back to their business and raising prices. >> we will see if that does anything to turn around the ship at this point. >> finally, holiday traveling is booming, so then why are the airline stocks doing so poorly it is shaping up to be the busiest summer season ever in the u.s. and about as strong as 2019's, over in europe, this according to airport passenger data u.s. airline stocks, however, down roughly 40% over five years, the reason is the ever increasing costs which are so high it makes being a low-cost airline nearly impossmpossible days pilot shortages are another reason don't miss our interview with ed

bastion tomorrow that's at 2:30 eastern time one of the best in the business. >> you have to stick with -- i mean, those are the names to own in this market, they've done quite well. >> thanks for watching "power lunch. glad you to join us. >> go get my lemonade jacket on. "closing bell" starts right now. thanks so much, welcome to "closing bell," i'm scott wapner this make or break hour begins with fatarget practice and whete the projections can be reached this year. in the meantime, take a look at the score card with 60 minutes togs in regulation, big day for the dow today, certainly relative to the other majors, it's up three quarters of 1%, energy and financial stocks are leading the way today. apple is contributing, too, even though it is a down day for technology as a sector there's apple pushing higher by two-thirds of a percent. nvid