welcome, everybody to "powe lunch. here is your 2:00 take, on amazon turning the page as andy jassy takes over is he up to the task we'll explore that.

plus the resilient robinhood, adding a record number of users and spending big on the super bowl, even as its entire business model is still in question. and later, scotts miracle-gro winning big during the pandemic, the stock doubling the past year what is behind the growing gains that scotts miracle-gro. the ceo will be here. >> i'm melissa lee, stocks continue to climb back, and now the s&p 500 is within a percent of its all-time high, as amc and gamestop are having less volatile days. earnings season rolls on, apple beating, and amazon turning higher after posting a solid quarter and announcing a

changing of the guard. ty >> all right after 27 years, jeff bezos will move on to the executive chairman role, passing the torch to andy jassy, a name not many outside amazon know. he ran the cloud business, a very thriving part of amazon for more, let's bring in deirdre bosa >> jeff bezos gets to avowed move most uncomfortable stuff, namely rising andy trust scrutiny and labor issues. on monday, the unionization process will get under way for amazon alabama warehouse workers and eventually a union victory could provide a road map to other fulfillment facilities

amazon may be the next target, and it will be jassy, who will have to testify to lawmakers most of that is focused on their relationship with third-pared sellers, a critical, but more complicated relationship he will be the face of the company. keep in mind bezos is not going far. as executive chair, he'll be involved in the big so-called one-way-door decisions, and of course, tyler, the bigger single shareholders jassy takes over at a critical time, and we don't exactly know his track record, though we do know he has a good track record at the company, certainly in cloud. >> deirdre, stick around and bezos was a lightning rod of

sorts for the former president, as they sparred. let's be joined by mike isaac, a technology reporter with "new york times." welcome, deirdre is still here the saying is it's better to be lucky than good, but the best of all is to be lucky and good, which appears that mr. jassy was. >> and make mike isaac is lucky and good. >> i'll take that any day. i think jassyi definitely had th foresight to see that cloud and aws was going to be the future of building parts of the internet you know, last year alone it had

$45 billion in revenue go through it, basically a middle business, but it's how app developers build their own infrastructure, spin it up -- rent their own infrastructure without having to build it so i think bezos can look at someone like jassy, who has been a longtime sort of trusted deputy and know that the business will hum without bezos having to be there to make every small decision l like deirdre said, he could come back and make the one-way door decisions. >> deirdre, the track record of new ceos who replace founders, iconic figures in companies has been mixed, from steve balmer on

the one hand to tim cook one can speculate. >> it's certainly early, we don't yet know, but if you took a poll at wall street, jassy is seen as the cook to apple's jobs he's capable, been there for 20 years, not a founder, but the closest thing to it. he grew the cloud division i wouldn't argue that luck is in part of this i think jeff bezos is extremely calculated i was looking back to an interview he did more than six years ago. he was asked about a succession plan he said in no uncertain terms, yes, there's someone, yes, we have a plan. so i think this has been a long time in the making there was some speculation as to who it might be, andy jassy and

jeff wilke, but i think at least inside amazon and for bezos, this was extremely well tell graphed. >> every founder, when they do leave, wants to leave the company he or she founded at a very good time, and maybe this is one of the best times, despite the challenges for amazon from a financial aspect i'm curious that the market has taken this in good stride. either they're complacent for a good reason, or this is not a founder case, but nidella transforming microsoft into what it is today, or they're complacent and just overlooking the potential this guy ran cloud, he grew up from a small business, but amazon is so much more than that now >> well, i think it's totally

fair i think a few things one, you know, amazon after the pandemic is really, you know -- their whole business -- i think profits doubled last year, or last quarter, at least, bezos came back in it to get a handle on it, as customers and orders were skyrocketing. i think he sees it -- the other part about this, founder dna, how a company runs over a certain period of time, i think every company has the dna of a founder in it, jeff being there for 27 years, has really built the type of system and processes internally that have stuck with amazon i think people in tech really know what kind of company amazon is so if you hand those reins off to someone who can basically handle most of the day-to-day decisions, perhaps the stock market -- perhaps traders aren't super-worried about it >> so, mike, let me finish can

this deirdre laid out some of the challenges that mike isaac will face -- if you were to look at the one, two, three top items on his agenda, what are they? and with respect particularly to regulatory moves is he ready to handle that that's going to be a big issue for him and the company in the future >> yeah, totally fair. i think -- well, i think they're still waiting to see what the incoming administration will look like. there were some questions around who biden's cabinet appointees were going to be are they friendly to tech or not? there was a question -- yorp her name, but one potential appointee who was a tech lobbyist at one point. i think all the tech companies are waiting to see what that will look like as far as the future, continuing the cloud business, continuing to push on a lot of their

services, music, you know, and then just continue to see how logistics is going to lay out and how they grow the art of the burgeoning prime business. >> well, the lucky and good mike isaac and exceptionally extraordinarily excellent deirdre bosa, thank you. following many years of leadership, bill gates left microsoft, steve jobs left apple twice. mike santoli is taking a look look at how those companies did. >> both before and after obviously worth asking what situation may rhyme with this is a look at microsoft shares from the ten years before bill gates initially stepped down as ceo. very similar in the sense it was also 25 years roughly after microsoft was founded, and, of course, dealing with some regulatory issues.

this was right about in there. january of 2000, right near the end of the massive bull tech market that's pretty much what amazon has now, however its valueations has come down. the overall market, of course, for tech did collapse right there. take a look at apple this would be the second time steve jobs stepped down, when he was ill in 2011. a lot of people thought it would take a hit it flattened out for a while in the years after that nobody was quite sure if they could iterate on the -- but massive gains since then also we looked at oracle larry ellison, similar things, gave up the ceo role, but stayed around and involved. that was in 2014 obviously not as steep a trajectory, but clearly they've had their day back in the tech bubble as well it's been grinding gains since

then, did you no longer really dominant around the center of tech, as it was at one time, mel. you were asking which situation rhymes with what amazon is phasing now. >> though, i do think we have to dial back in our minds, as if they could do no wrong, as if the world of pcs wag going to be forever. there was an order six months later to, and protect different to find an example comp. tyler? >> all right coming up, we will have more on the markets with stocks inching back energy, energy the big winner

today. and now reddit-fueled stocks like gamestop and amc, both up double digits. is the reddit risk rlleay for this market? more after this quick break.

welcome back, everybody. stocks are inching back toward record highs as we are nearly half through this earnings season bob pisani has more on the markets. hey, bob

>> hello, old friend good to see you. we're about ten points away on the s&p 500 from historic highs. remember the old one was 3855, i think that was the closing myojanuary 25th. 3843, 44, we're only ten points away, inching away from the gamestop concerns and more alphabet is doing well microsoft is doing well. semis are a bit weaker heavily shorted stocks, well, they're up today, but the volatility and volume is not the same there's definitely lower levels of concern at this point, so just look at what is moving this market there's four main points here. number one, there's a brief there's systemic risk and concerns than there was three, four, five days ago. we're back toll stimulus that's the big story go big on reconciliation, i hear that from the trading desk

that's the big motivator the vaccine roll-out is accelerating, and the earnings are positive surprises continuing this is like the third quarter, they're beating by wide margins, almost 20% that's exactly what happened in the third quarter. these are positive surprises, because we're almost halfway through the whole earnings situation for the fourth quarter, and you can see those numbers are really strong. the good things here, tyler and melissa is that first quarter estimates are rising rapidly now, and the second quarter numbers are slowly going up as well that's exactly the kind of positive revisions we have to have the market needs to believe that analysts are continuing to be too conservative for the actual real situation, and that's what's going to lead us to higher numbers remember, the market is very, very pricey right now. earnings have to come up to immediate those kinds of

expectations guys, back to you. are earnings justifying this market really? joins us is mar forester and steven denicodenicolo what's your take on where we are now, mark? >> not at all. we just heard news from bob about that, but think about it we started at the end of the year, we thought we weregoing to see something around a 9% decline in year-over-year components, and now we're closing in on 2% we still have more than half to go it's possible we get to a floor year-over-year pictures, and i think that's stronger than anyone was looking for that beat rate is also quite a

bit stronger we do this practically every quarter. you expect the earnings beat rate to be in that 70% range, but this is even stronger. so it paints a healthy picture for corporate earnings, and the outlook is better. >> steven, where do you fall on the overall markets? you can argue that if companies are giving guidance when they really have a free pass to not give guidance, that's a pretty good sign. >> look, i think these markets can be best summed up by ans on "popeye" concern where wimpy would say i would gladly pay a tuesday for a hamburger today. we have seen positive growth that they haven't seen yet let's take a step back for my earlier commentator. the run rate earnings for the s&p 500 in '18 and '19 was about

150 a share. obviously that number dipped big time, and maybe we'll wind up flag in the fourth quarter, but if you look at wall street consensus, what we hope will happen, you're about $165 a share, so about 10% higher profitability than pre-pandemic levels that's with very strong eps contribution from appearing, microsoft, google. markets are up over 50% since the beginning of 2019 with the hope of a 10% increase >> i get the analogy completely, but doesn't the market always operate on that wimpy model, it's always taking the hamburger today and paying tomorrow? it's only a problem if you don't blimp that wimpy doesn't have the money. it's only a problem if you don't think corporations will have that growth. when factor in pent-up demand,

isn't that a scenario for 10% growth >> it's not 10% growth it's moved that we have moved 50% on that 10% growth, so we have a multiple expansion without the earnings rate following, so the market is more expensive. just one point, historically we're at correlations in the market that are higher than ever before usually that portends a nice market rally to follow in the near term i see a mott of 5% to 10%. the put and volatility on the s&p 500 is still at the upper bands of historic levels, but we'll have to pay for the hamburgers at some point. >> we always do. matt, you see there could be a pullback at any moment. >> sure, at they valuations

levels, we could have a pullback at any time, so it's hard for a bull market to start from 22 times forward earnings with the kind of technical extension that we have today. 90-plus percent of many sectors of the s&p 500, of the companies inside the sectors are above their 200-day moving average s&p 600 is 30% above its moving average, and the dispersion we saw in january was the biggest we have ever seen. volatility i think will still be with us. it's because many indicators of valuation of sentiment are pushing the historical extremes. >> thank you both for your time. tyler? still ahead, robinhood digging itself out of the kay os

from last week, but are they out of the woods next. scotts miracle-gro, what are people spending money in they're spending money on their lawns, their yards, their plants. ceo will be here to talk about it more "power lunch" is next

the reddit revolution put robinhood into a different situation during the market volatility now the company's ceo is pitching a potential solution. kate rooney has more >> hey, melissa, robinhood is shifting some of the blame to the back-end trading it systems. the ceo vlad tenev called out the two-day period for the clearinghouse to confirm of trade on the other end tenev said investors were angry and concerned of an unintended consequence of the antiquate d process. it allowed people to buy -- with

a total of $3 billion needed as collateral on thursday morning what robinhood is arguing would be for realtime settlement, sources i'm talking to say it's not entirely clear who would be responsible for changing this. one fix could be for the s.e.c. to let customer deposits count towards those requirements robinhood was able to raise a few billion pretty quickly the backers tell me there was plenty of demand and the convertibility debt round was also over-subscribed investors aremostly betting on robinhood's user growth. one tells me new accounts far outweighed any attrition they saw last week. on top of all of this, robinhood is launching its biggest ad campaign yet, a super bowl commercial that's meant to bring in news customers. some have argued keep up with the rapid customer growth has been part of the issue for robinhood. >> it's an interesting case.

while they're seeking new customer with his an ad like the super bowl which reaches mill i don't think of households, as it increases customers and lifts restrictions on trading, as it offering fractional trading for some of these so-called meme stocks, gamestop as well as amc, at any month they should by required to have additional capital. they're landlord exacerbating the situation. right. that is the user growth has been part of the issue here a lot of the user, the demographics tend to be younger, the type of traders that might be on reddit, bidding on some of these stocks, so can they handle bringing in all these new customers? that has been part of the issues the vc investors have looked at it and said that's the time of growth -- and the most popular fin tech app they said that was the silver lining in all of this.

despite the chaos, this is still an immensely popular app and program. for that reason, they said they were ready to double down and spend as much money as possible to get more exposure to robinhood. the convertibility debt deal gives them about a 30% to -- so it also seems like those vc investors are betting this is a more near-term ipo than we might have thought even last week. >> kate rooney, thank you. tyler? thank you, melissa. ahead on "power lunch," not your garden variety stock, scotts miracle-gro beating on earnings why the pandemic might have helped create more green thumbed consumers. mr. ackman's how, why they're betting on housing in warmer, low-tax citi l ishe"power lunch" returns. my passion. i mean, who doesn't love obsessing over network security? all our techs are pros.

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astrazeneca's covid shows strong protection after one dose, and waiting three months makes the second dose more supportive. that supports the government's view to spread out the doses, to get people their first shots nor quickly, a practice rejected by the u.s. a one-day increase of almost 1.1 million in an effort to speed things up, the federal government is planning to open its own vaccine >> we are building new community vaccination centers across the country. the department of defense will dedicate substantial personnel and resources to help manage many of these new sites. and after almost ten months in a new mexico hospital with covid, including more than five months in the pediatric icu, still la martin was cheered by the people who have been caring

for her, as she is finally able to return to her home and her family an amazing story of resill gens. ty >> what a happy ending there 4-year-old young girl got that sick with this illness, which typically doesn't hit the young ones she was way out of the norm. yeah >> it's just a capricious disease. it chooses you, you don't choose it thanks, sue. >> you got it. the dow, let's see what's happening? the s&p moving up. so is the dow by a little bit. the s&p 500 very close to all-time highs there nasdaq up 0.6%, and get this the oil market is closing for the day. leslie picker is at the commodity desk. >> that's right. oil rising against today with brent closing in on $60 a barrel wti at its highest level in more

than a year. it's the third straight day of notable gains with support today coming from a surprise drawdown in u.s. inventories according to the api. oil climb this week is boosting the energy sector with the top performer today let be gains in the big oils like diamond-backed eog and apache the xop is already up 18% so far in 2021. last i checked, it's only early february tyler for? it's time now for today's power movers gw pharma soaring, jazz pharmaceuticals buying the company. gw focused on medical uses for cannabis the pot stocks as a group continue their surge till ray, for example, up 300% in three months. next up is vaxar, plummeting

stock as their test with inconclusive results kasaba sciences, the stock soared yet on positive data for the alzheimer's treatment. look at that, up 51%, the stock up -- can i read that right? 1100% up this year so far. the marks are moving higher today, energy leading the way. communications led higher by google, and financials soaring only slightly higher today can you still get in the state of the housing market depends on the state you're in one hedge fund billionaire is playing the housing shift. we've got all of that and more, coming up on "power lunch.

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welcome back to "power lunch. now may be the time to start paying closer attention to treasury yields, as stimulus stocks heat up that also has helped banking help confirm the etf is up nearly 4% this we're, and up 43% versus the just 17% for the s&p 500 so how should you play the financials martin, and chad, the trading nation team today. can you characterize the correlation?

>> well seen a strong correlation, you know, we continue to see that, yields start to go straight higher. every since november, the xls picked up a lot of speed so over the last year, we haven't done as well but a couple different charts, just in the last week, as bond yields have started to, you know, tick higher again we've seen xlf catch up right away, and that is a very good short-term move. banking are still doing well, a lot of good technical price action on a weekly basis, i think a lot of it depends on whether this reopening and the economy rebound can din. versus just the broader s&p. both of these are in equal-weighted terms

but this is right up against pretty good resistance so, to really think if this group has a lot of legs ahead of it, we do need to see breakouts in this group on a relative basis that might be a tall tach. i do like the group's small -- >> a lot there to digest, chad, would you be putting more work -- allowing it to resume? shared buybacks. >> we are overweight financials as well. we represent that portfolio, using the xlf. we think that net interest margins will continue to improve, as it starts to steepen. as it continues to improve post vote covid, you also have tailwinds.

on the private side. secondarily, your loan loss provide will start to go lower because of this improving -- and thirdly buybacks could be quite rho best in the nevertheless several years. the valuations make since. we would continue to overweight the sector mark and chad, thank you. oil prices higher are impacting the airline trade. that's what we discuss on trade upn upnation.cnbc.com. scotts miracle-gro, with consumers sales up 147% here for a po a "power lunch" exclusive, the ceo. jim, good to have you with us.

we were going to have jim via zoom or sky, but nonetheless he's on the phone. the massive growth i would think is a seasonal growth, but you kept your full-year eps outlook in line. why is the why not raise it accordingly >> we were close to raising it we did raise our revenue guidance for hawthorn, which is or cannabis-related business the consumer business, we were super-close to it, but in this quarter, this early, we'll get around to that next quarter. we put a pretty safe guidance out there, sort of the end of last year, just because nobody knows what really will happen in covid. we're getting close to raising our guidance on the earnings side as well. >> i do want to talk about hawthorn, which saw 71% growth, the indoor hydroponic growing

methods. how do you think about growth in that market? what's your primary metric >> i think top-line growth that business i think has had now six quarters of 60-plus percent growth a lot of that growth is happening in areas where we're putting a lot of energy, for example, led lighting, but in terms of how you forecast the growth in that business. what are some of the things you look at. the legalization sweep across the country? the pandemic maybe keeping people indoors what is is it? >> it's all of the above it's catching fire we know one thing, covid has caused people to smoke more pot, that's for sure. in addition, if you look at new jersey legalizing this last

election sicycle, i think new york, cuomo, everybody is in favor of it i think in new york, but if you look at pennsylvania and new jersey and new york go, that's about the size of california the east coast is really happening. it's great to see. california, michigan is doing great, oklahoma is doing great a lot of election cycle news in like arizona, mississippi. so even conservative states people are legalizing it >> jim, if i could turn from weed to a place where you don't want weeds, that will be my front lawn, i'm a about ig user of your products i think you are the brand for the home gardener and the person who will take care of their own lawn does that brand power translate for you into prizing power for example, how many are your prizes up the lawyer five years, or are they not? >> they're definitely up

if we could get 100 basis points a year, that would be good we've already had discussions of many of our retailers for pricing for next year, but definitely the brands really matter last year, when nobody knew what was happening with covid, we were pretty much alone, promoting the entire category. the retailers were really off-air. retailers got a lot of pricing bashes you they don't do a lot of black friday events last year i think it will be a more interesting mix of promotion, social media, et cetera, both by us an the big retailers this year you have a super bowl add for the first time, jim. who are you trying to reach? >> this is considered lawn and garden we have about 20 million new customers in covid time last year, and the goal is to keep them and grow the market we think we can do that, and the super bowl is a part of the kind

of reach, we want to reach out to people who were in, convince them to stay in. our polls shows like 85% of people who participated last year intend to do it again, and a big group of that intend to do it even bigger we have probably 200 million in the consumer business we couldn't ship last year, the demand was so great. so we're really comfortable we can grow the business this year. >> jim, great to speak with you. jim hagedorn thank you. coming up, changes in the housing market caused by the pandemic, and big all ackman. today they're part of the same story. we'll explain.

>> bill ackman doubling down on howard hughes increasing its stake to nearly 25% of the real estate company the stock up over 12% this year alone as the company tries to cash in on what it hopes will be a continued exodus to lower tax, warmer weather states like texas and nevada howard hughes is not a new position for ackman. here he is in 2017 at the investment conference. >> we've retained our stake in howard hughes and never sold a share. we never talked publicly about the company. the question is why now? the answer is i think this is one of the most attractive times in the history of the company to invest >> all right we'll take a look now at the real estate side of this deal. let's start with leslie picker who has more on the details of ackman's trade and stake in the company. >> that's right.

this is a company ackman has been involved with for over a decade his pcompany is the biggest share. induced migration with developments in texas, suburban maryland, even honolulu, 2 million square feet in all but during the first half of 2020 howard hughes was actually pershing square's biggest detractor of performance as the pandemic caused rent collections to decline and lot sales were thwarted pershing square balanced the sheet. >> what do they all have in common >> reporter: melissa, what they have in common is that they're all desperate for more supply which is causing prices to heat up of course it makes sense

las vegas was hard hit but the median price hit a record high texas has been a favorite for relocating techies from california austin was just ranked the hottest market in america by zilo and others. the median price up from a year ago and listings down 56%. dallas and houston less pricey but supply down 52% and 33%. as for hawaii it is one of the most expensive housing states in the nation but supply there is more plentiful so i'd say that would be the most risky of the bets back to you. >> diana, how does moving to a warmer climate appeal to you right now? >> reporter: oh, i don't know, tyler. it does. and it appeals to a lot of people the sun belt states and texas doing very well from this. >> it certainly does seem that way. i have to say that i don't think this move to these warmer climes and lower tax locales, i don't

think that beer can be put back into the can here. i've just returned from southwestern florida not long ago and the numbers of people who are moving in have forced the prices up there in the 15% annualized rate. this is something i think, leslie and diana, that the work at home movement and covid has unlocked in a kind of side effect way >> it's remarkable because a lot of people don't really know what the kind of return to normal world is going to look like and still they're already packing up their things, moving to warmer climates, places where they think they can have a better quality of life. but it is interesting because that's already driving up the prices i was talking with a hedge fund manager the other day who is moving to florida and said the price for housing down there is akin to something he would look for in the new york tri-state area that there isn't really a bargain in real estate anymore like it was maybe a year ago or so that is just one anecdotal example. it is truly remarkable

and to your point the idea that people are leaving with no plan to return to at least the tri-state area any time soon >> certainly what i saw and my wife and son in florida, was what you have been talking about for a long time. low, low, low inventory. there wasn't a lot available number one number two, very high demand you get that and you got really rising prices, almost into bubble territory i guess but if the demand is as solid as it is, it could keep going up. >> and remember, tyler, this demand was there even before the pandemic we were seeing people leaving california for colorado and for texas especially austin which was actually ranked the hottest market two years ago that is because they get better climate. they get lower prices. now, though, you're seeing prices go up much higher much more quickly the question is can we build enough fast enough to keep

prices at bay because if we can't then it all becomes unaffordable then you've got a problem. that is i think why investments like this put morg supply, ever more supply into these markets is so critical right now >> diana olick reporting from sarasota as you can see right there leslie picker from the warmth of e wsom 'll take a quick break e i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit tdameritrade.com/learn ♪

stocks with a very nice rally going there thedow industrial up one-third a

percent. s&p higher as well close to record territory as does nasdaq and russell also at gains. >> we have to look at gamestop and amc. both shares are up volatile session today up right now by 9% and 13% we have the former sec chair on tonight and will ask about what the sec might be looking into. thanks for watching "power lunch. "closing bell" starts right now. >> thank you, melissa and tyler. welcome everyone to "closing bell." i'm sara eisen here with wilfred frost. stocks in the green again. this has been a winning week let's look at what is driving the action energy, technology, faang all helping the market the nasdaq set for a record close alphabet is up 9% right now. the meme driven retail frenzy stocks are running hot again gme up 17%, up #9% now cut its gains. some solid, economic numbers helping out the mood as well adp, private sector jobs cam