welcome to "power lunch. i'm morgan brennan guy adami will join me for the hour in just a minute. first, here's the 2:00 takeout biden's defense secretary confirmed just hours ago, plus the president invoking the defense production act to speed

up vaccine roll-out. plus bitcoin down 20% from the highs, but the kreismt of microstrategy is buying the dip and he's convincing other companies to follow his lead later, the hypnosis songs fund paying big bucks to acquire catalogs, but will the big bess be music to investors ears the dow dragged down by ibm and intel. bob pisani has more on today's action bob? >> a bit of resistance from the market, morgan earnings a bit of issue, stimulus, the vaccine as well. intel down notably, but intel has been a very specific story, some overall turnaround challenges for them coming to the floor today. i want to mention two big movers this week. excellent earnings report. they were up the last day or so.

no follow-through. that's because these stocks have been moves up and already at very high levels that will sell on the new, but not move up on the good news ibm hit its peak in 2013 it's been essentially down for eight straight years the reason it's been down again today is because revenues have been declining for seven, eight years, and earnings have been declining. that was evidenced in their report again today, revenues notably weaker than expected this is no longer true bellwether in the technology space. as for the rest of the earnings, good numbers from a lot of the railroads like csx and kansas ckansas city, but again most of these stocks have had big moves up going into earnings and sort of flattish after earnings, this is a problem with the markets

broadband expensive. remember what moves the markets. stimulus, there's a lot of talk about how effective some of the vaccines may be against some of the different strains of the virus there are, and of course, this is all pushing that reopening story a little farther out. guys, back to you. >> bob, have a great weekend welcome, guy adami so good to do the show with us. >> morgan, how are you i'm honed to be here without you. i put my jacket on for "power lunch. >> we're being real fancy today. i want to get your take on the market action. stocks taking a bit of a breather here as we head into the weekend, but i guess the trent, the rotation we've been

see still intact here in. >> yes, remarkable we talk about it all the time. the market isn't impervious to everything, but when we're at all-time highs, it's good to have a coachable moments one of the things concern me, is the fact that bond volatility seems to be back talking about a ten-year yield going from 53 basis points over the summer, it's not necessarily the absolute yield, it's how quickly things have gone higher. remember this time last year where bond volatility started against in earnest so that definitely concerns me in terms of the earnings, there are two sure things in life -- my jump shot and the fact that ibm will always disappoint the move in intel, the symptom went from 47 to 63 in a straight line, so it makes sense it's selling off. >> how much do you think the

market is being made more broadly by some of the covid headlines we're getting? >> listen, the market -- if you had said -- if we had a conversation this time last year and you told me everything that transpired over the next 12 months and you said where is the s&p 500 going to be? >> i would have been off by about 2,000 s&p points, so the market shrugs off everything and it's impervious. right now, in my opinion, the market is saying it will be a straight line in terms of vaccinations from here to the 100-day market, and hopefully we get 100 million vaccinations i hope that's the case, but there will be fits and starts, and the market will take that into consideration the senate confirming two of biden's nominees general lloyd austin was confirmed as secretary of

defense. yesterday afvril haines was confirmed. what could defense spending look like under this new administration for more, i am joined by rocker zac zachhaim roger, i want to start with you, especially given the fact that general austin was just confirmed by the senate, sweepingingly confirmed. the second time in four years we've seen a recently retired general requiring a congressional waiver assuming this top civilian post at the pentagon as we do get some of the confirmations and we've gotten more details in the nomination hearing process, what that defense strategy will look like? >> it's an historic confirmation with secretary austin being

installed, first black secretary of defense, an exemplary career, but he hayes a complicated set of policy issues will he continue the confrontation department from the trump administration how will they position themselves as the biden administration seeks reintentry, and a lot of question coming in from the left flank of the party to spend less on the defense >> john, when an investor standpoint, you look at some of those defense stocks i don't think that money even does it justice. i think a lot of the expectations that's baked into the stock prices right now is around what thatbudget is going to look like and whether we have already seen a peak. how do you think about it? >> a quick apology to guy, i

forgot my jacket today. >> oh, shucks. >> but yes, there will be pressure on the defense budget on how far it's come recently. the way i would think about it is as follows -- go back to 2010 when deficit concerns were at their peak, the tea party was pushing for less money what the obama administration did was a ten-year plan, their initial take on the ten-year plan was to cut $400 billion from the defense budget over ten years. here is the tricky thing about d.c. budgeting cutting the budget is actually slowing the rate of growth fast-forward to today. if the biden administration were to say we're got to flatlines the budget for ten years, that would save $500 billion. if they're cutting the defense 3% year over year over year,

that would be a massive $1.6 trillion in savings. companies i think can navigate that all right, from a stock perspective, that is indeed the challenge in terms of what the sustainability is in terms earnings streams coming into some of these countries right now. >> john, my question, is it reflected in the stocks already? i don't want to get all that granular, but a lockheed that topped out last year in february, probably $100 or so lower where it was trading it's been awful the last month or so. what you're saying, is it reflected? >> they name or broadly the 2012 to 2014 basis on a relative basis. on some defense stocks, you can get double the free cash flow

yield. you haven't seen that would relative valuation for quite a few years. they're in a lot of skepticism currently reflected in shares right now. i think the challenge is getting someone to step over the line and say that's where i want to be now, given expectations around recovery. this is not a recovery industry. given expectations around the deficit conversation as i mentioned, the political alignment is something that matters this year, and maybe it's the august debt ceiling, which would be the catalyst to make people talk about a bit more, so i think they're sensing some trepidation >> the political situation in the first 100 days, looking around the world, china obviously we've had incredible tensions from an economic to national security standpoint you've got the new start nuclear

treaty with russia, plus the hack that's rolling out, north korea, as you look around the world, how would you assess the geopolitical situation, including priorities around the biden administration. >> the top five threats, you know will be the challenges of the biden administration if they're going in the direction that john just referenced with respect to deficits and reducing defense spending, they're going to have to significantly alter and change their national security strategy and national defense strategy given the challenges posed by china, by russia, in addition to iran, this could be very difficult to do that you mentioned a start. they've intended to extend the start by five years. we need to do something with respect to russia. many on the democratic side said they want to increase the pressure on russia, and not just

focus on china as the primary threat to do so will require a strong deer tern. flat budgets, you know, maybe the way they want to go, it will be hard to sustain the strategy. if they reduce, that deterrent will not be there. that is not the signal to send if you want to demonstrate you're serious, not to to mention the terrorist threat, eye sick against responsible probably for bombs in baghdad just yesterday. >> the m & a consolidation, does it continue? and if so what pairings would make sense >> so the way i think about the upcoming, we're facing a basic recession, and in that context i think there's pressure for different companies to come together at the top level, there is still an inability, i would say, for the largest companies to come together based on regulatory challenges but what you're gig to see, i

think, is different companies looking at what they have on their balance sheet, which is a lot of dry powder, looking at ways to generate growth. as roger has mentioned, there's a lot of threats out there this is a very different scenario from a perceived threat level, and therefore there are going to be properties out there which are notably interesting. my favorite group, quite frankly, which hasn't seen consolidation is what i call government technologies. they're not just defense stocks, the valuation is not that demanding, and if you look at their exposure to things like homeland security, and i.t. modernization, i think those are trends that will continue going forward, regardless of what happens to the big defense budget >> thank you both for joining us. >> thank you. coming up, more on the

markets, stocks are off the lows of the days, but energy and financials are the worst performing sectors eight bitcoin recovering a bit, but the microstrategy using the sell-off to buy more, michael thailor will join us next.

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morning there was an announcement of the company at a total of approximately 70,000. joining us to discuss is microstrategy ceo michael thaler thanks for being with us. >> thanks for having me. >> i'm curious what you think about continuing to add to your pile, why doing so right now makes sense. >> you know, bitcoin, it's not volatile to an investor with a one to four-year time frame. i it's volatile for traders, but traders like volatility. it's attracting a lot of capital in the asset class i think it's having a stellar year and i think 2021 will be a good year for it.

>> typically i would say you have to be a rocket scientist from m.i.t. to understand that, but you happen to be exactly that i admire your tenacity about this this is a huge bet, in a lot of ways on the future of your company. >> you know, when google, facebook, apple and amazon launched their digital networks, the internet came along, people weren't quite sure they should embrace them, but i think 30 years later companies that know hose to use the internet, work with apple, google, facebook, social networks are the leading-edge companies and they're winning. our employees are pretty delighted we are pioneers in commercializing and integrating

with this monetary network, because this is going to be the future. >> i'm not going to ask you to play the stock market as we typically do, but what's the best-care scenario for the price of bitcoin i would imagine at some point this has to country of on the earnings call. bitcoin is a digital monetary net network. it's the ideal safe haven. the future is for it to flip gold, replace gold after it replaces gold, it will be the monetary index that replaces like the s&p 500, the dow, the bond indexes and the like, because people who want to store their money, they said a safe haven store of value over the next 10 to 20 years will be attractive to a digital asset

that has no inflation it >> you in the past have said your balance sheet is invested in bitcoin, though, that being said, the stock is moving -- whichever way bitcoin goes, the stock is moving right along with it it's almost like a stock market proxy for crypto how do you feel about that >> well, you know corporations everywhere in the world are looking at cash rich and they're thinking it's a liability, so i think what you're going to see this year is corporations will embrace bitcoin either on their balance sheet, like we have, because it converts a liability into an asset, or they're going to do it square and paypal and grayscale have done, and they're going to build bitcoin into their products and services. you're talking about them all the time their stocks are going up. grayscale is from $2 billion to $20 billion in assets.

there's a reason why they have differentiated their product and their services with a big-tech monitoring unit. everything with cash has that opportunity, so i think employees are delighted, our shareholders are delighted i think you'll so an avalanche of new companies do the same thing, either on their balance sheets or on their p & l. >> michael, again, i'm a huge admirer of what you do there, so my next question is toy tro take the other side what are concerns around the biden administration with regulation. >> there's every indication that they're informed, thoughtful, propertyive. they know how digital assets' importance to the united states and also to the progression across the world i think that cryptoassets and

bitcoin has had some ambiguity into it, and bringing it into parity with other assets that institutions hold, that parity and clarity will be a great thing. it would cause an avalanche of money to flew into bitcoin, and so they're welcoming in, and i welcome it i think it will be a good thing. >> i realize you made headlines not that long ago for an exchange on twitter with elon musk around the topic. ishil you're probably not going to comment on what those conversations off-line have looked like, if they have actually taken place, bud you are now planning on a conference bitcoin for corporations what has the response from other companies been what are you expecting >> we're going to have thousands of executives, officers and directors, advisers of

corporations coming together they want to figure out how to plug in their bitcoin. we're going to publish our playbook, all the work we did over the course of months to get ready to do this, and we're going to open-source it and make it available to everybody with the thought of saving them even money to make it an easy transition it will be a great event >> who is going? >> i can't tell you now. you'll find out. you're welcome to come. >> i may take you up on that thank you. >> thanks for having me. ev go, we've been some details on that next plus next week pacing to be the busiest weeks for earnings we'll tell you the names to tch. we've got so much more "power we've got so much more "power lunch" right after this.

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they're coming to market all the time we're going to get to one of those right now with phil lebeau on a new spac that's focused on electric vehicles. >> morgan, we are talking about ev-go. have you ever gone to a grocery store or you see a charging station there? odds are it could be from evgo they've been putting them in around the country for the last ten years, 2.6 billion here's the ceo talking with us exclusive about their vision for growing. >> the ev market is growing so quickly. i think that's why you're seeing this activity. we provide fast-charging infrastructure across the united

states to meet that growing ev market, we need more chargesing infrastructures. >> so you have the evgo spac that starts in the second quarter. charge point is another spac we had a few weeks ago. that will start trading soon ev sales in the u.s. 345 those sold last year, 2.3% of all vehicle sales, so there's a big opportunity, as ev sales grow. obviously the best-seller is the tesla model 3. for the first time in a long time we can say there's some comparison between gm, ford and tesla with the big move coming within the last 30 to 45 days. guy? >> yeah, phil, that's the question you may know me from a show we do at 5:00, "fast money," which you're on from time to time. >> sometimes

>> the stock didn't go anywhere since halloween. finally the market is ig iffing out -- my question is, what happened why are people waking up to this >> a couple things, one, the market overall is waking up, and some would call it perhaps a frenzy that's there. a lot of people may not be fully aware of where the market is and how quickly it needs to develop. second of all, both ford and particularly gm really started laying out a vision for what they plan to do with electric vehicles there is some clarity now. in the past they would say, we're going to be there, we've got models coming. a lot of time i would bring this up to people and they would say, yeah, where is it at you're starting to see them hammer home the message of what they plan to do and how quickly they plan to do it. >> guy, i'm going to put you on the spot right now what do you think of the craze we're seeing via the market?

>> it terrifies me, absolutely terrifies me there will be a lot of people talking about spacs today are what technology and enter net stocks were in 1999. just a lot of things that sort of make you take a step back and look with that said, ev is not going anywhere to phil's point, gm and ford have finally gotten their message out. tim seymour and karen finerman talk about this all the time you put a ten multiple on general motors, and you have a $60 stock. that's less than half of the broader market valuation if you just give it half, you're looking at a $72 name. there's probably quite a bit of room to go buying the rites to song cat catalogs, up next we're joined by the men behind the music,

hypnosis founder, and how he's going to make money off these songs. that's one of our eson ayitusqutis.

out of 4 million on doses, only ten developed an aflax is scott kirby is telling employees that he thinking they should be required to get the vaccine, but he also said the airline can't be the only company to make it mandatory. you might not be surprised to see a scuffle over a face mask in a big box story are store, but that is the czech parliament a lawmakers who refused to wear a mask had his microphone cut off, so they tried to command

deer the chairman's mic, unsuccessfully please are investigating. and in england, an engaged couple due to be married in june, both critical ill with covid, had their maernl cescerey in the hospital after a nurse suggested it might be their only chance they are out of the icu -- i apologize for the glitch at the end of the video, but it is a good news story, they got married. >> and they're out of the icu. sue herera, thank you. what's barry manilow, shakira, chrissy hines of the pretenders have in common? they're all directly signed to the hypnosis epps, a fund traded on the london exchange under the ticker song.

just this week, they bought the rights to a catalog, club a album from metallica we have the ceo and founder of the hypnosis songs fund with assets of nearly $2 billion. thanks for joining us today. >> it's a pleasure thanks very much for having me. >> we've seen sales of publishing portfolios and song catalogs for decades now i think back to michael jackson, beatles drama that played out, our even to the bowie songs in the '90s, but they gaining traction now why? >> well, obviously the song is the occurrence on which the music industry trades, the music business trades. it's, you know, the soundtrack to people's lives.

we brought songs as an asset class for the first are first time to the london stock market in 2018. we demonstrated for the great institutional investors there that, you know, these great songs are very predictable and reliability in their income streams. these are songs that become a part of the fabric of our society. if you're an 18-year-old girl and fell in love or had a crush for the first time to "sweet dreams are made of this" which by the way is the most streamed song from 1982, and today you're hitting your mid 50s, and that song is still part of your life. when times are good, we celebrate to soundtracks, equally well when we're experiencing challenges.

so the other things beside the predictable and reliability is that these songs are uncorrelated the revenues are uncore rated to what is taking place in the market when you look at the performance, where people have run for comfort and run for escape in these great song, we list it as a normal listing in the summer of '18, in the summer of '19, we became a premier listing, and in '20, we became a ftse 50 company. we've been between the number 23 and 28 biggest useder on the index. >> and i know you said you're not correlated, but when you hear you say biggest yielder, i can't help but think that part of the investor interests in this asset class and in your fund is the fact that we do have

a low interest rate environment and there is this ever, i guess, ever-hungry quest for yield by investors right now. my main motivation was net asset value growth we have disruption in the space that almost killed on the the industry because of illegal streaming. streaming with subscribers worldwide when we listed to the 455 million to what is projected to be 2 million if you look at research, you see as many as 2 billion people for streaming

services by the end of the decade this is obviously going to drive revenues up, it's going to bring us consumplgs, and india, in the last 12 months, the consumption of international repertoire in india has gone from 8% to 42%, because people have access >> so, merck, by the way, i totally dig that, i think that's fantastic. you spoke to us a bit about revenue stream, but what do you think is the addressable market? clearly the outlay of cash is getting more and more expensive. what are you looking at as an addressable market going forward? >> for us, you know, our company is probably the only company doing this, buying these assets, that has a pedigree in music so i've had the privilege of, you know, spending 35, almost 40 years managing some of the greatest artists of all time

you know, these artists know that i know -- i care about the music, i understand the ethos on which they built their careers i'm going to make decisions commensurate with theirs so when you see people like neil young coming to us, they know we're going to do everything we possibly can to enhance the music, but at the same time we're also going to protect the music. what the end result of this is that the vast majority of our pipeline and acquisitions, almost 70%, are off-market acquisitions that, you know, are not part of, you know, auctions in the marketplace so we're able to buy, you know, very, very effectively, and then we go to work actively managing these songs and putting them in the right tv commercials, the right movies, the right video gapes. if it's something like neil young, where it's not

appropriate to go in a tv commercial, we make sure the songs are on -- the right playlist that a new audience is being introduced to these songs. when you look at someone like shakira, you mentioned when you played "hips don't lie" shakira is an artist with unbelievable influence. she's written almost every song she's recorded i think there's maybe only three or four songs where she didn't write, but she's made the transition to now having 70 million instagram followers, have you 40 million monthly listeners on spotify so there's tremendous demand for her music. it's a very small catalog, but with an incredibly high ratio of success within it. >> i've got to think that covid and the fact that many entertainers are not out on live stages right now is this is a

possibility for them selling some of their portfolio to you thank you for breaking it down thanks for being here today. >> thanks for having me. all the best to you. the dow down about 100 points right now you can blame most of that on ibm and intel dragging the dow lower. up next, we'll look ahead to next week's biggest earnings reports. we're going to ask guy, what the heck is going on with gamestop it was up as much as 70% today stay with us

welcome back to "power lunch. i'm seema mody

we are gearing up for one of the busiest weeks in the earnings season 13 dow components are set to report some of the most lily oonts pated releases include microsoft, apple, tesla, boeing, facebook, mcdonald's and caterpillar. we asked our team what is the number one to watch. craig johnson and danielle shay laying out their trades. danielle, you're sticking with tesla. where do you think that takes the stock. >> tesla has don't absolutely fantastic. it's beat earnings expectations the last five quarters i think this is tesla's opportunities to prove that the retail traders aren't wrong, and if we get a great beat, it could lead to a strong momentum move

for me personally i'm targeting 1,000, if we see tesla pull back, it will just be a great buying opportunity. >> craig, what do you make of apple? obviously 7% of the s&p 500, 12% of the nasdaq 100. so far this year it's had a good run. how does that position the stock ahead of its report? >> we're going to watch the elephant in the room clearly apple is a big part of these indexes. the price action is making the classic sort of cup-and-handle pattern. you're starting to see momentum improve. you look at the options, it's certainly implying a nice potential plus or minus 6% move here i think apple will set the tone, just like what you would see with netflix, set the tone with some of these fang stocks. >> after the market is suggesting a 6% move, we shall see when it reports next week.

craig and danielle, thank you. be sure to check out our deep dive on microsoft. back over to you >> so emma, thank you. coming up, new york city face ago lot of problems in 2021, but higher taxes could be coming that story is next on "power lunch. >> announcer: now the latest from tradingnation cnbc.com and a word from our sponsor.

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keeping you sharp for tomorrow. join us, the defenders, in our mission. cybereason. end cyber attacks. from endpoints to everywhere. welcome back to "power lunch. some new york city respects could be about to pay the highest taxes in the country new york state governor andrew cuomo proposing a tax increase

robert frank is looking at the proposal and the possible fallout. robert. >> governor cuomo proposing a top rate of 10.8%, from the current 8.8% that means new york city residents would have the highest combined tax rates in the sun at 14.7%. that would top california, the current leader at 13.3%. if you add in the federal the top rate for new york would approach 52% of course we have to see whether the federal rates go up as well. this is aimed at protect new york's budget deficit. the governor saying the tax increase would raise $1.5 billion. he is also proposing operating cuts to the budget and federal aid. but the increase would only apply to income over $5 million. the partnership for new york city, business saying quote it makes economic recovery almost impossible since business and investment talent will be highly

incentivized to personal nrntly relocation to lower tax jurisdictions. we have already seen lots of new yorkers leave. democratic lawmakers want even steeper taxes on the wealthy saying new york's wealthiest are not fleeing. governor cuomo should be worrying about working class residents. guy adami, i know you want to pay more so. >> love taxes. i threw the tea in the boston harbor back in the day new york city real estate is seemingly back on upturn things stabilized. is this going to be the next leg lower if all this gets pushed through? >> i think this could slow any real estate recovery if you look at what is happening on the sales side, prices on the sales side are only down 5 to 10%. but we are seeing very little activity you raised an important point.

a lot of buyers are waiting to see what happens with salt which we may or may not get roobly from on the federal side and waiting to see what happens with state and city taxes this is going to be a multi-year recover radiofor new york real estate that is going to get longer if we see higher taxes. >> robert frank, thank you i don't know, guy adami, maybe you need to put money into some neil young songs and call it a day here >> listen, i am glad you brought up neil young morgan until you have seen powder finger live with neil young and crazy horse you haven't lived. i encourage all of our view torres do that. >> meantime, taking a look at the markets, the dow is lower right now. take a look at the nasdaq specifically, just turning higher, on pace for its best week since early november. and don't forget, you can always watch or listen to us live, on the go, on the cnbc p. 'lbeig bk 'll be right back

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squeeze, wouldn't it have ended by now what's going on? >> you would have thought it would have ended a couple years ago i was walking around the house to get some milk my son was getting in the car. where was he going game stop. the stock was $6 i should have bought it there. it is trading at 15 times normal volume this is going to be written up in history books going forward deep end of the pool now you have got to get out if you have been long. >> we are going into busiest week of earnings season monday what are you watching. >> facebook. ought of all the ones who report facebook is most interesting big selloff since the 303 high back in september. i think numbers -- that's the one i will be watching next week. >> anything else for investors to keep in mind as we close out

another weekend. >> apple is interesting. just want to say, it has been a pleasure to be with you on the "power lunch." thank you, morgan. >> the pleasure has been all mine thank you so much for getting dressed and wearing a suit jacket and a tie anyway that's going to do it for us >> see you later morgan. >> that does it for us, for "power lunch," thanks, guy, "closing bell" starts right now is this. >> welcome, everyone to "closing bell" on a friday. i'm sara eisen with wilfred frost. stocks mostly lower to close out the week, sharp moves under the surface. value underperforming, financials, energy and industries are all weaker. investors weighing the same issues that have been in focus all week vaccine rollout, stimulus negotiations corporate earnings the other driver coming in better than expected but with any weakness stocks are punished hard ibm and intel today getting dinged on the euphoria side,