(♪♪) ♪ well i was raised by careful hands ♪ ♪ yeah, they made me who i am ♪ ♪ so i'm off to see... ♪ we invent them. we design them. we build them. and one day, we have to let them soar. ♪ i'm always coming home ♪ hello and welcome to "power lunch." i'm kelly evans and joining me is joe kernen. >> is there food? >> it is "power lunch," after all. come hungry. >> i'm not eating. >> welcome. >> thank you for inviting me. >> standing invitation. >> these are important times

we're seeing right now, too. and we're waiting for news on president trump's vice presidential pick, which could come today. and we've been talking off camera, the betting markets are crazy. clint youngkin -- >> back to jd vance, burgum is in second. it comes as the republican convention kicks off and follows an assassination attempt on saturday. given that back drop, though, stocks are higher, sharply, across the board. the dow and s&p hitting record highs. all three major averages are off their best levels of the day. >> and caterpillar is the biggest gainer on the dow. jpmorgan, goldman also higher. goldman had earnings, we'll have more on that later. apple adding a couple percent. netflix on analyst commentary and tesla after musk's endorsement verbally and monetarily of donald trump. the shares are up another 4%.

let's get down to mike santoli at the new york stock exchange. markets are picking up where they left off and also with extra steam. >> picking up where they left off last week with dramatic rotation into areas of the market that have not worked principally for the past few months. that would besmaller stocks, average stock on the s&p 500, more cyclicals and financials. the index are off their highs. intraday records earlier today. you still see that pronounced relative performance. there's the russell 2000 small cap relative to the s&p 500 over the last five days. so, if you really went down the line, investors in the last several days have gained conviction on several things. obviously, inflation seems to be more persistent in a downturn, therefore more conviction the fed can ease. after this weekend and given what's going on in terms of the election probabilities, maybe a more secure view in terms of the policy outlook. all of that getting priced in. i do think the big question is,

the tactical setup, not so much the big picture, we do have earnings season coming in. you see an uptick in the volatility index today. just this general idea we've come a long way and these rotations, as favorable as they might be and maybe as long awaited as they have been, don't always happen in the smoothest fashion. we have to see how that goes. >> yeah. and, you know, like you said, doesn't always happen in the smoothest fashion but people love to try to jump to what they think conclusions are going to be, right? do you think there's a lot to be gained from -- it's like we said with the payrolls report. if i gave you the number, could you tell me what the market reaction would be? it's not always that easy. >> without a doubt. what we do know is kind of what the market thinks it wants and what would be most beneficial. a lot of times that lines up with how it plays out. but there's too many other factors. and i always feel as if the market wants to rush to a point beyond an election just to know what we're working with here. yeah, of course, you'd like the more business-friendly, ecofriendly policy missx.

since inauguration day 2021 the s&p has compounded at 13% annualized. i doubt a lot of people would have necessarily thought that was the case and you had a bear market and 500 basis point fed tightening cycle in the mix. >> meme stocks and all the rest of it. who could have seen any of it coming. thanks, mike. a lot of investors wondering what to do with their money. it's been a great year for the s&p. up 18%. dan is deputy chief investment officer at richard bernstein and chris at wolf research. welcome to both of you. chris, do you have any data or charts that would tell you, kind of point you to where you would want to be? or do you anything right now or do you sit and wait? >> hi, kelly. i don't think you sit and wait. i think the train's left the station. investors have been structurally underweight, financials and energy and some other earlier cyclical areas of the economy not knowing at the end of the

day if it's truly a late cycle or early cycle environment because there's very much been mixed signals. now i think markets are coming to the conclusion, even before the event over the weekend, that the fed is likely to cut some time this fall, whether it's september, november or base case is september. and you potentially have the possibility of trump winning the presidency in a gop-controlling congress, which would probably lead to a more pro-growth and bigger fiscal package next year. so the positioning we've seen i think have a lot of room to run. namely financials and traditional energy, and i think these trends can continue because stocks in the sector are very much cheap relative to the mag 7. >> it bolsters the rotation that appears to be maybe gingerly starting to take place. like chris said, maybe financials or energy are places you look. he also said the train has left the station. nothing's ever certain, certain.

is there something to be said for waiting a few months or wait till november or even to just say, is it such a sure thing to go with financials and energy even under the fundamentals you think would be supportive in a trump presidency? >> yeah, kelly, it's a really good question. i think ultimately there's no need to wait for an election. i don't think whether it's the election or the fed, i don't think those will be the swing factors. if you wait for anything, i think you wait to see what earnings are looking like. ultimately that's the critical factor. we're just kicking off earnings season. a lot of these stories that have been cheap and left for dead are show-me stories at this point. they've disappointed, earnings have he disappointed relative to expectations but this is a critical period where you should see that broadening out and big acceleration in earnings across the board here. i think if you're going to wait for anything, i think that's what you wait for. really, i don't think you need to wait. i think the signs are clear. you want to basically own the companies that are going to drive that earnings acceleration here.

>> so, if that's the case, earnings acceleration is the only story, dan, that takes us back to the mag 7, doesn't? maybe the fabulous 5 but that's where we've seen 80% earnings growth. is that where you think we go or we get earnings acceleration in financials and energy? >> i think that's where you draw the distinction between levels and rate of change and direction here because certainly, you know, those large companies have the best earnings growth and is really phenomenal, but if you talk about acceleration, their growth numbers are actually decelerating here. so, if you really do want to own the sources of acceleration that have been left for dead, it's really in those traditional, cheap cyclical areas of the economy that you see the rotation into both this week and last week. >> chris, where does that leave you? and do you want to make any big calls on the dollar, right, in this kind of environment on

bonds, on inflation? i mean, i thought that actually michael darden made a good point over the weekend. he said even though trump's re-election odds have gone up, the inflation points haven't. the market doesn't necessarily seem to think his presidency would be inflationary. >> my view is if there was a trump win, we call the gop tri trifecta, the 10-year hits 5% by the end of the year, if you look at what happened in 2016 or even the blue wave in 2020, bond yields shot up. my guess is the phyfiscal packa that gets passed next year, i think it's a delayed effect. bond markets sending a lot of mixed signals right now with respect to rates and break-evens. i think short-term break-evens are always driven by the change in oil prices. >> that would be the more important factor anyway. all right. nevertheless, gentlemen, we'll

leave it there. >> did you want me to just -- >> listen, i know -- you must still have -- >> you know when you're on "squawk box," you're very differential -- >> i did try to get in on youngkin -- >> i'm being -- >> if there was ever a time. >> exactly. i know. we may be saying -- you give me -- listen, you know how to go. give me a look if you want me to participate. >> i'll give you the elbow. >> tell you what -- >> i'll let you -- >> let me bring in santelli. we heard from fed chair powell in the last hour. for a check on how bonds are trading, where yields are moving, following those comments, let's get to rick santelli. not mike santoli. rick santelli in chicago. hey, rick. >> yes, not santoli. at the cbo. at 12:40 eastern, a little late, we saw chairman bernanke in front of the economic club of new york. as you look at the charts, you

can see at 12:40 eastern we had vol. the initial reaction was hope, rates went down. ultimately, rates are higher across the curve post-powell. the big news today, yield curves are flattening. no matter what combination you pick, two to tens, low 20s, two to 30s hovering right around sf zero. it hasn't been there since january. we know why. the market will pay a lot more attention to the election without all the blaring negativity of main street media. jim, obviously, it's been a wild weekend. i'm older. joe kernen is older. we all remember what happened in '60s and '70s, assassinations. we never went want to get back to that. it did have a minor impact on the market. >> you have to be watching golds, there's a break-even

story happening under the hood. i think people are getting a little -- a little more nervous about what this means. it's not just about trump getting elected. those odds have been in there for a while. it's much like reagan and once the assassination attempt happened, he had a much bigger, stronger ability to pass policy. so, i think -- >> and downstream. some of the other issues on the ticket are probably potentially going to go more towards the republican side. what about the vix. i'm not surprised the vix isn't doing much but a lot of people were. you've always had a good handle on volatility. >> we talked about the steepening of the yield curve. that's happening because we're talking about lowering interest rates in the short term but what that might mean for inflation long term. similar on the vol curve. it's steepening because there's more uncertainty down the line because of some of the things happening. in the short term this means more certainty and there's a lot more flow dynamics creating compressed volatility in the short term. i think that's an interesting dynamic to look for. >> they call it the donald trump

trade. it's not the donald trump trade. what it is maybe we'll actually start to see more coverage of issues instead of pointing at the other guy with all this negativity. the more you point at issues, the more you'll be pointing to debt and deficits. >> agreed. whether it's biden or trump, the spending is out of control, right? and that's going to continue because we're in this populist environment where people want more money and want more inequality fixed. i think that's not going to change. the rhetoric may come down, but at the end of the day that might mean we have more spending and more of the problems we've been seeing in a more accelerated fashion. >> it might mean we'll do less spending. we won't necessarily raise taxes on business. populism, another word for that, could be patriotism. jim, it's always a pleasure to talk to you. joe kernen, what are you doing there in the afternoon? back to you. >> i'm imparting wisdom like you do, rick. some people call it age, other people -- we've been through things like this before.

people don't remember. i remember rfk and that was one of the worst periods that i can recall. who thought i would need to draw upon that experience again at some point. >> i was trading gold futures in 1981 when ronald reagan got shot. that's when the cme was small in another building. we are all ran into the tv room. there was actually a tv room. yes, i know how markets can move. i think we want to pay attention but november's a long way away and it's a whole different world with computers now in terms of how fast capital moves. i'm right with you, joe. >> all right. this is one of the good things about coming in and doing the show in the afternoon, is seeing you again, rick. i'll see you tomorrow morning. coming up, the course of this election forever changed following what we were alluding to, the attempted assassination of former president trump. maga donors fighting each other, some democrats reassessing their calls now for president biden to not run again.

and republicans rallying together at their convention. we'll dive into all of that next. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

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welcome back to "power lunch." the republican national convention kicks off tonight in milwaukee. we saw the assassination attempt on former president trump on saturday. reports now saying trump will reveal his pick for vice president today. eamon javers is joining us. i'm watched the site, it's wild. for one brief instant glenn youngkin was ahead of jd vance. vance at 33, youngkin, 25. i don't know what -- you know who else is on there, this is

weird, rfk jr. is actually on the republican -- >> stranger things have happened, right? stranger things have happened. look, let's get to that because there are stuff swirling around for the vice presidential pick for donald trump. we're expecting we'll hear that later in the afternoon. i want to start with just talking a little about the policies that are in the air here. particularly on the tariff proposal that former president donald trump has for across the board 10% increase in tariffs. that's important for the business community. they're trying to figure out how that would be applied, who would pay the costs for all that. i talked to jason smith, chairman of the house ways and means committee a short time ago. i asked him if he supports donald trump's across the board tariff proposal. here's what he said. take a listen. >> there's not many things i like across the board. i think you have to look at it, do it situation by situation. without a doubt, we have to push back on china.

>> joe, you tell me, but it sounded like a little daylight between the chairman of the house ways and means committee and the nominee for his party. we'll see how all that gets rolled out if donald trump is elected. clearly, there is huge support for donald trump in this party. there is huge support for donald trump in this city and in this building behind me today. we do expect to hear his selection for vice president at any time now. maybe minutes from now. there is a report out on the wires that senator marco rubio has been told that he is not the selection. i can't confirm that. i just spoke to a source familiar with the situation who said the conversation around rubio as vice presidential pick has been tricky because of the issue of rubio being from the same home state as donald trump. that is florida. there is some question whether that would be legal to have a president and the vice president from the same state or whether that could lead to a protracted legal fight. that's presented difficulties for the rubio candidacy as vice

presidential pick. i assume that would mean donald trump would lean in another direction. we can't confirm he's leaning in another direction. jd vance at the top of a lot of lists, senator from ohio, 39 years old, wrote a powerful book about growing up in the midwest, in appalachia and rose to stardom at the top of his party very close with donald trump jr. and very close with the trump family. he is seen as a possible likely pick. but there are others on that list. as you say, joe, we could end up with somebody that nobody sees coming because that's how this process works. not a lot of leaks have come out of the trump camp. >> you know, the predict the betting sites, if you remember 2006, take your pick, they can flip like this, from 90-10 to 10-90. don't take anything with this but doug burgum has dropped 22 cents to 2 cents. rubio is all the way down to 1

cent right now based on what -- >> how recent -- >> now doug burgum -- >> how recent was that drop? there is a report -- >> just happened. >> there is a report that happened within the past couple of minutes from the fox news network that doug burgum has been told he's not the selection. >> that's what i mean. he's down across the wires. >> i can't confirm that either but that is out there from another media outlet. that might be moving those markets. >> that's what i thought happened. jd vance up 26 cents and youngkin is up 15 cents. he got as high as 50 cents. he's only 19 cents right now. >> did you say 50 cents? >> all of the -- >> different than 50 cent. >> all the scuttlebutt is right around vance. >> from around cincinnati. >> the question is if that jives with what donald trump wants.

donald trump had a famously contentious end of his relationship with previous vice president mike pence with crowds on january 6th calling for the hanging of mike pence and the two men splitting bitterly at the end of that administration over what the vice president's authority was when it came to counting college votes. i think that experience will loom large in donald trump's mind as he decides who to pick going forward. does he want someone with an independent power base who is politically viable and strong without him or does he want someone who is entirely dependent on donald trump for political oxygen, so to speak? i think that's a real consideration. it's hard to gauge how that would play out. >> for a while i thought it couldn't be youngkin because he's just too tall standing next to donald trump. >> that could be. >> now the former president is -- talks about how much he likes baron's height so i think it's okay to be tall. >> it's different when it's your own son. i say this as a guy whose son is much taller than he is.

it's okay when it's your son. >> it's okay, you're right, eamon. you know, this is kind of exciting. i don't know if i would tell everyone. >> this is more fun. >> drag it out. it's like "the apprentice." >> it's been a remarkably leak-free process, i have to say. we've been trying to get word from all these different camps and no one is telling us anything. that might be because no one knows anything but there haven't been a lot of leaks. >> jd vance had three different names growing up. you know hillbilly. >> i love hillbilly. i love cincinnati, but i'm from the west side of town and we lean that way. i'm proud of it. proud to say. >> eamon, we'll check back in. saturday's assassination attempt is changing the tone of the presidential race with some biden backers backing off and some trump supporters speaking up. megan with more. what mega donors are saying on either side. >> the billionaires have weighed

in. some biden backers are on defense while others are using their outsized voices to lend support to trump. on the republican side, both elon musk and bill ackman endorsed trump after the shooting on saturday in social media posts that generated hundreds of millions of views. both men had supported biden in 2020 but then hinted in recent weeks that could be changing. their endorsements were amplified by other wealthy donors, including david sanction and venture capitalist shawn maguire. reed hoffman was working to clean up comments he made before the shooting in which he reportedly said he wished he had made trump, quote, into an actual martyr. in a long statement sunday afternoon posted on x, hoffman said he only meant he wished trump had been held accountable for his lies about women. he also said he categorically deplores all violence. those comments were seized on by musk and others. we're seeing hoffman's adviser walking by comments he made just

after the shooting that suggested without evidence it could have been staged. on sunday he said he regretted the email and apologized for the distractions it caused. it gives us one more signal of where momentum is in the campaign. biden is on pause and surrogates are on its heels while trump is rallying support around him, including milwaukee. >> man, oh, man, thank you. i mean, social media is -- i mean, can you imagine? tweeting something like that? i wish we had a better aim or -- i mean -- >> no, no. >> things last forever. >> but yet following the events of the weekend, you're still so grateful for it. >> you're reid hoffman and you say i wish he had become martyr? it's just beyond -- >> you try to find that way of -- yeah, i don't know. >> let's dig into all the political road ahead for both

former president trump and president biden. joining us for more, sara fagan, deep roots an alist, and ari, democratic strategist. i guess i'll decide who to address it to first, but the overriding question i have is, are both camps going to be able to bring it back into decorum based on what happened? they promise they're going to do this, sara. what are the chances former president trump stays on the high road between now and november, permanently? >> i sure hope he does. i think it's helped him tremendously take -- the way he conducted himself during the debate and the aftermath of the debate was incredibly tactfully done. he didn't go at biden very hard as he was stumbling on the floor. and in the aftermath, he said nothing. and then, of course, we saw his

campaign very aggressively urge its supporters and its staff to not inflame the situation. i think that's a very positive sign if things are -- >> do you think the speech will be totally different than what we're used to, no slash and burn crooked joe, none of that? >> it's a great question. i think he would be wise to leave some of those jabs out. he can make his policy points. look, what's happening in this race are the democrats are -- just the fact that biden goes out every day or almost every day and is on camera is doing all the work for trump. trump doesn't need to say anything about biden. biden is showing his challenges and his weakness every single time that he's on air. >> ari, i mean, i can ask you the same question in much more

strident terms. are we going to hear fascist, dictator, hitler, it's been beyond the pail what we've been hearing the past month coming out from the biden campaign. are we going to talk about immigration or any policy or is it all about donald trump, bad, orange man? >> the rhetoric has been taken over by the fringes in both parties. one side calls -- >> president biden's not the fringe, ari. >> calling somebody hitler -- >> okay. not hitler? dictator from day one. still conflates blood bath in the auto industry, there's going to be a blood bath if he's not elected. after saturday are those off the table? >> this rhetoric has been destructive since day one. we did it to president george w. bush when we called, you know, so many people in my party

called him hitler. it was wrong then. it's wrong now and it should continue to be wrong. hitler was hitler. stalin was stalin. the democratic party is not the nazi party. that's that. we go go after president trump on a whole lot of issues. there's substantive and character issues, but to call people the name of a man who caused the death of 70 some odd million people, it's just deplorable. let me back up. >> deplorable, that's a loaded term, too. we've heard that one used. >> yeah, well, i would like to reclaim the english language from time to time. but the chances of tonight's speech, going back to president trump, i really hope he takes this opportunity, takes advantage of this opportunity. he has a chance rfk didn't have. he has a chance that other presidential candidates who got shot and didn't survive didn't have.

he's been president for one term. he's been very divisive. now he can come around and do two things. a, pick a vice presidential -- or a running made that can appeal so some sense of moderate democrats. that would go a long way. secondly, extend an olive branch to democrats and to independents. do something you haven't done in the past six, seven, eight years. forget about lock her up and lock him up. extend an olive branch and see how far that goes. i guarantee, new jersey will be in play. i guarantee some other states like minnesota will be in play. chances of trump doing that are minimal. i hope he does that. i hope he extends and goes above and beyond. we'll see what happens. my party and president biden's campaign are not doing well. i called on him to withdraw from the race two days ago. i think both -- i think the country is ready for younger, more charismatic and a clean slate kind of candidate.

>> ari, you're giving off some really great tips on how to win these states for president trump. can you give ari any advice for president biden or -- you say you want president biden not to be the nominee, ari. let me get to sara. >> well, look, the president has to make his decision. right now it appears like he's not getting out of the race. and there's no signs or evidence he's going to. if that is the case and that continues on that trajectory, donald trump is headed to 360-ish electoral votes. states like virginia, new hampshire, new mexico, minnesota, they will be in play in this election under the current trajectory. so, i don't -- i'm not very hopeful for democrats right now. and i think that the way that trump has handled the last two or three weeks has really solidified his position.

so i think republicans will have a big party in milwaukee. >> i don't think any of us know what that must feel like, to come within millimeters. so, you never know. you never know whether someone is changed from that. thank you, sara. . >> i will be curious, this is neither here for their, but secret service, what do they do now? how does that change? we'll get into that later. >> i don't know if i would go along with the head of the secret service right now. i don't know the half life. >> that's a big question hanging over all of this. further ahead, we'll take a look at google's risks for regulators. why do they think wiz is worth the trouble? we'll explain in "techcheck." le. i live in vancouver, washington and i write mystery novels. as i was writing, i found that i just wasn't sharp

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for all your skins, gold bond. welcome back to "power lunch." i'm julia boorstin. here's your cnbc news update at this hour. secretary of state antony blinken met with key israeli officials for ongoing talks on a cease-fire with hamas. israel's national security adviser later confirmed israel is still committed to reaching a

deal under the terms laid out at the end of may by president biden. hundreds of fans who purchased tickets to the copa america soccer championship in miami sunday night never made it inside. hard rock stadium operators say a number of unticketed fans broke into the stadium and once it reached capacity, they had no choice but to keep fans out. argentina won the match against colombia which started 90 minutes late because of the mayhem. a new discovery could provide shelter for future moon exploration. they found evidence for sizeable cave close to the area where u.s. astronauts first landed on the moon. they say this cave and some 200 others could protect astronauts from cosmic rays, solar radiation and even small meteor strikes. "power lunch" will be right back. life tosses lemons your way. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the effortless energy that gets you in the zone. cirkul, available at

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welcome back to "power lunch." dow's up 242 points, over 40,000 by about that margin as it continues the run it's been on. nasdaq within reach of its all-time highs as well. tesla is the top performer in the nasdaq 100 and s&p 500 with nearly 4% pop. new numbers showing strong demand for evs and hybrids.

phil lebeau is looking at those numbers for us. hybrids have been the strong point lately, phil, but now even the ev market showing some strength as well? >> it is. both markets showing some strength. as we show you the market overall, remember, we are still in internal combustion engine market in the united states. 81% of the vehicles sold this year have been i.c.e. models. that doesn't mean you're not seeing growth with hybrids and evs. hybrid sales up 15% second quarter to first quarter. toyota's hybrid shares stands at 48.6%. they're still king of the hill when it comes to hybrids largely because of how many models they offer in that category. ford is also doing well with hybrids. the f-series, hybrid versions doubled q1, up 36% compared to the first quarter. in the ev market it is still tesla that leads the market with more than 50% share. there you see ahead of hyundai

kia, ford, gm, and bmw which has been effectively growing their ev sales at number five. a couple of stocks, first off with hyundai kia, first u.s. pure ev plant is opening in the fourth quarter this year. as you take a look at shares of tesla, we get the q2 results next week. that's what everybody is going to be focused on, guys. >> i wonder how much it's the delay of the august event. the stocks seem to be shrugging it off right now. >> elon musk point out -- somebody asked him on x and he posted on x, we have to make some changes with a couple of the models we think are going to make it even better and we'll be able to show off more features. the question with robotaxi, if it's not going to happen in august and elon musk confirms that, do we get it in october or november? what do we get when that happens? >> expectations will only build as a result. thanks for now. we appreciate it.

phil lebeau. solar stocks are under pressure after republican victory soared. solar edge raising concerns for the sector as they announce its second round of job cuts this morning and shares are down 14%. our next guest neutral on the sector sees some bright spots ahead. let's talk to careen blanchard. the solar stocks doing poorly under the biden administration at this point, too. i guess they're not expecting any lift if president trump does win. >> thanks for having me. sure, i think we have a pretty limited impact, you would say, depending on who is going to win the election. if the biden administration comes back, we could see an residential names, but we believe the 45x tax credit would be pretty protected. a company like first solar and

enphase would be positioned in case of a republican win. >> interesting. what would you say -- is there any way -- does the candidate victory matter so much or is this a tough road either way? >> i would probably say it's maybe -- i think for residential name like sun solar, i think you need macro and interest rate being cut down. that could happen at end of the year. as most investors are going to wait until the election. on the other side, names like enphase could actually see a positive momentum next week when they go into reporting. i think investors are ready to turn the page on the company and management if positive on the

call could be an interesting move next week. >> enphase always seen as perhaps the best in the bunch. got a chance to prove that. thanks for your time. we appreciate it today. >> thank you. coming up, google's parent company, alphabet, reportedly nearing one of its biggest acquisitions ever. multibillion dollar deal to acquire the cloud security startup known as wiz. it's not the wiz. we'll get details in "techcheck" next.

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alphabet now nearing a record $23 billion deal to acquire the cloud security startup wiz. nobody beats the wiz. that's the focus of today's "techcheck" with deirdre bosa. dee, i know you don't remember that, but that used to be an ad we saw on the east coast all the time. nobody beats the wiz. >> i am familiar with it.

i couldn't put my finger on the exact one, but at least i've heard it before, joe. let's start with the regulatory environment, though. it's anything but friendly towards m&a, especially a mega cap that wants to do the acquiring. google also knows it needs to boost its offering in cloud computing which remains a distant third to amazon aws and azure. wiz is a darling in the world of venture capital that has quickly climbed the ranks of cyber security in just four short years. it is a cloud native company, startup. according to the company itself, it hit $100 million in annual recurring revenue after just 18 months. now look at the chart on your screen. it's telling us that it is the third largest cloud security vendor by arr, behind palo alto networks and crowdstrike, and it's growing three times faster than the leader there, palo alto. i spoke to the ceo and co-founder assaf rappaport on

the heels of raising a billion dollars, valuing it at $12 billion. he wasn't in a rush to sell it but a google deal for $23 billion, if that does come to fruition, would represent nearly double that last valuation. now, under the current ftc and doj, other deals have been scrapped and painfully so. like adobe's failed bid for figma after a year of trying to get it through the regulators. deals do take time and a potential trump administration is seen as friendlier towards m&a activity. one other piece of this, guys, i want to mention, a deal would represent a rare exit for the venture capital backers of wiz as ipos and m&a activity remains muted. sequoia capital is one of the early backers. also today news that it is offering to buy back shares of stripe, another darling that's been private for a very long time, all in order to give its lps some liquidity. that is really what's changed over the last few years, is a

few years ago you saw a lot more m&a, a lot more ipos. that just remains completely muted in today's environment. >> that $100 billion number is incredible in the time frame you talk about, deirdre. i mean, at least it's not selling at a multiple of revenue, right? i mean, revenue, right? that's pretty good. what was the other thing. oh, really one of the biggest things alphabet ever bought, huh? >> by far. >> how much was youtube? >> youtube i want to say around $2 billion. there we go. almost 2 billion. i was right. the biggest acquisition after this was motorola mobility, $12.5 billion. that didn't work out well. ended up selling that company at a lost. the second one from your left on the screen, that was successful and has given google cloud a leg up in security. it could raise the stakes for an amazon and microsoft to do

acquisitions itself in the cybersecurity space. >> the fact that the company is a few years old and worth this much -- i'm not saying i would hear about it, and they would do a deal this size still under this administration, when everyone knows nothing is going to get done. maybe they thought it would take too long. >> why weren't we e majors or computer --? whiology? why did i -- >> its founders are from israel and have had a lot of successful cybersecurity companies. >> deirdre bosa, thanks. ulta beauty is lower after a cut of shares after recent struggles. we'll trade it ahead in "three stock lunch." [ navigation ] stay straight for the next 200 miles. ♪ hey, come on, come on ♪ ♪ do what you want ♪

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it's time for today's "three stock lunch." we allegedly start with goldman sachs. here with our trades, jeff keel berg from kkm financial, also a cnbc contributor. jeff, you stick with goldman, ride it from here? >> you do. they had a phenomenal quarter. if you look, they brought in over $3 million. yes, this is an optimistic sign that capital markets are returning. look at the fixed income trading. back in the days when itches trading in the pits in chicago, we took notice what goldman was doing in trading. up almost 20%. asset management up nearly 30%. i think it's going to make new highs. hang on to goldman sachs. >> super micro. it's had a rouge run, and it's going to join the nasdaq 100 next monday replacing walgreens. what about snit. >> nice to see hands and face midday. thought you would be on the back

nine. this is like a baby nvidia. if you look at where it started, trading about $285. to see this parabolic move, i think you take some profits. you never want to a short a name like this, you'll get taken now the a body bag. >> ulta beauty has several price target cuts last week. oppenheimer removed it from its topic list. this had been one of the secular winners of the 2010s, jeff kilburg. what happens in its 20s? >> exciting to see the average. i want to be a buyer, but i want ap shuns to establish the exposure. the 395 puts going out one month, you can collect -- it wants to fill that 375 level. i like it. it's the best of breed. it will make a lot of money with himar engines. >> jeff kilburg, thank you. appreciate your time. the russell 2000s leading the way again, continuing what

began as a rotation last week and maybe now with what? >> sell puts, that's perfect for you. safe. it's one of those like leave the light on. >> you would know. i would have to sit there -- >> a great strategy. you acquire the stock or keep the premium. one or the other. >> i don't even get the joke. thank you for being here. >> thank you for having me. it was fun. >> thanks for watching power lunch, everybody. "closing bell" starts right now. >> thank you, kelly. i'm mike santoli in for scott wapner. this make-or-break hour begins with new highs. wall street gains conviction around retreating inflation, soft economic landing and the policy mix into and beyond the presidential election. we'll discuss that with experts including blackrock's rick rieder in just a moment. a look at your score card with 60 minutes left to go. the major indexes off thei