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nearing a deal with hyundai and kia for a vehicle. we have a special report on the merck ceo stepping down. and the number of jobless claimants the lowest level since november we'll look at where the jobs are, as the economy comes back "power lunch" starts right now welcome to "power lunch. i'm morgan brennan take a look at the market. stocks are higher again today, across the board at the s&p 500 and nasdaq, about half a percentage point away from new record highs gamestop and amc are both falling today. treasury secretary janet yellen meeting with regulators today.

and apple driving toward a deal with hyundai and kia. ty >> thank you very much, morgan we are start with apple on the verge of a deal to take on the auto industry. we have heard about this for a long, long time, phil lebeau, who broke this story. >> hey, tyler. our multiple sources have told you that apple and hyundai/kia are in discussions and moving toward finalizing an agreement that had call for truly an apple car to be built under production at the kia plant in georgia. it would be an autonomous electric vehicle scheduled to go into production in 2024, though that date may shift. apple would control the hardware and the software this would not be apple software under a kia model, it will be a true apple car, with a focus to make sure it provides -- if you

look at shares of hyundai moving higher, particular larry since last week. what do the analysts think about the possibility of apple finally say, yeah, we are going to build a car? a couple notes that caught our attention today. first off, wedbush, and then there's stifel it says the apple car should drive increasing silicon content and invasion finally morgan stanley writes -- we believe apple would approach market with the same vertical integration it leverages in other markets. the bottom line is this, guys -- almost everybody within the industry expects apple to eventually build a car the question is, is this finally the first deal it makes? i should point out, we have talked to a number of people saying apple may be talking with

other automakers as well so it's a developing story the question is, when do they finally pull the trigger and is this when they say, yeah, we're going to build a car. >> it'sing years of expectations and speculation, phil. certainly you have been all over there. just great reporting it's fascinating to see that this is finally potentially happening in this way. stick around we're going to bring in alex, founder of big technology for this discussion as well. alex, fully autonomous car we know autonomy is hard and other companies basically have a late where this is concerned and we don't see it out on the road, not to mention the infrastructure that's necessary. is the timeline realistic? >> i don't think it is but i like they're setting an

ambitious goal, but saying it may change if they said definitively 2024, i would be worried. this technology is very, very tricky the fact they're saying we're going to set an ambitious target, it might move, but let's start working with kia and see if we can make this happen, i think that's a positive sign. >> i see why apple could finally be looking to get into the auto business for many -- but why hyundai specifically i realize the deal is not final and could change, but why that specific automaker >> they have been talking for some time. last october the new chairman was put in place at hyundai, a

gentleman names e.s. chung he said from the get-go, mobility as a service is the future it wants to advance the company towards mobility driving everything if you believe that mobility is the future and you've already had conversations with apple and know autonomous is the key part that apple is looking for, if you're hyundai, you say, who else is it better to be aligned with than apple? even though this would be an apple car, it's not like hyundai would get nothing out of this deal so for hyundai, that's the appeal here. for apple, hyundai is one of the two or three best manufacturers are vehicles in the world. look at the reliability scores, not only here in new york america, but around the world. this is a company that learned a long time appear from the

japanese, and they have incorporated those lessons, and they were one of the leading manufacturers worldwide. if you're apple, you're making a wise decide if you decide to build this car at the kia plant in georgia >> the manufacturing and engineering is one thing, but getting approval for this vehicle will be quite another. alex, will governments approve it will insurers insure it? and how long could that take >> yeah, it's so funny apple and google have long been at war they don't hate each other and eventually they come together for a distribution deal. third quarter. they gives apple a chance to come in and build in on the work they're doing.

they might be able to swoop in and do it much faster. they'll also benefit from the technological advances that the other companies are doing. the key is, can apple get the car working? once that happening, the leaps it will have to make will be less of a hurdle i don't know we'll have to see if apple can pull this off. i think it's a question mark it's totally new territory for them they have struggled for years, i think it's the biggest hoop to jump through phil, alex seems to suggest that -- and regulatory does not mean federal approval, it's state by state. >> correct some of that has been happening. >> and some states you are further along. california much more comfortable

when it comes to autonomous vehicle technology being implemented, versus other states there's a state-by-state comp component. alex is right, you'll have to see the regulations advance and improve over the years. >> phil and alex, thank you very much a fascinating story. we'll be following it as it develops. another big-name ceo has announced he'll give up this title. first it was jeff bezos, and now merck's ken frazier. he transformed that company, but he was one of the very few black ceos of a big company. meg has more. >> ken frazier will retire as ceo and become executive chairman for some period of time he will be succeeded by the

chief financial officer robert davis. i spoke with frazier a while ago. he's been a ceo for a decade, but with merck for 30 years. frazier told me the thing he's most proud of in his years at merck was keeping the flame of the company's deep commitment to scientific research. merck's budget rose 24% during his tenure as ceo. in that time the stock has doubled, but frazier is loathe to take the lion's share for the company's success. one of the biggest moves he made was bringing back dr. roger perlmutter, so big change at the top of merck outside the industry, he's been a singular voice on justice. he joined us on cnbc last summer

after the death of george floyd. >> in the long run what is in our enlightened economic self-interest is for all americans feeling like they're participants in our economy. i'll just say, joblessness leads to hopelessness. hopelessness is what we see in the streets. in the inner part of our country, hopelessness leads to the opioid crisis. business leadership can step up and provide the country what it needs. >> he's the second to announce his retirement this year i asked him what comes next? he said public service, but he does not plan to run for public office ty >> it is incredible there's only five, or 1% of ceos in this company of fortune 500 companies

are black. public service, but not elective service. that's he interesting. how old is he? he's got a lot of miles ahead of him. >> he's 66 actually merck extended the time -- their mandatory retirement age is 65 they let him stay an extra year. >> am i allowed to say this? he looks fantastic for 66, which is exactly my age. meg tirrell, thank you very much. >> you look great, too oh, come on. i wasn't fishing morgan, take it away >> well all hope to look at smashing as you gentlemen do at that age [ laughter ] coming up, stocks near record highs meanwhile, amc and gamestop are sitting near session lows we'll have more on those big moves. february is black history months

and we're honoring some of our contributors here is duardrick mcneal. >> i would love to see the same sort of power we saw this summer during the protests for george floyd, to push washington to pass policies that are beneficial to their economic health they have done a great job on social justice, but i would like to see them push washington on the economic justice piece of the economic justice piece of this. i made a business out of my passion. i mean, who doesn't love obsessing over network security?

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call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 the dow is nearly up 1%. the nasdaq hitting a record high the s&p is also getting close. bob pisani has what's moving stocks this afternoon. if we close here on the s&p, morgan, 3862, that would be a closing high the old high 3855, that was january 25th so there you see it. this whole thing with gamestop is turning out to be a bit of a blip in the early 2021, but we're advancing for several reasons. number one, the vaccine is

effective. number two, the biggs stimulus, what we seeing, big stimulus, on the high end finally earnings are beating they're just killing it here we've got halfway through the earnings season here 83% are beating, but look, 18% last quarter it was 19%. that's five times more than normal we're actually growing in the fourth quarter we're above where we were in the fourth quarter of 2019 here, so vaccine effective, big stimulus, earnings killing it, look at paypal today, for example, but you have a big rally good on here you see gamestop below $60 amc, this is all now sort of winding down a bit certainly not over, but having less and less impact on the overall market finally, there was a lot of discussions today, and i don't know why, that somehow there was a lot of big trading in gamestop there's big volume, but not a

lot of big trades. i think the block trades in the traditional sense, over 10,000 shares at a time, there's not many that show up. this is mostly small volume, so really only 30 block trades of over 10,000 shares today with gamestop there were only five over 20,000, and only one at 50,000. that's less than a million shares gamestop already has traded 50 million shares, so less than 1 million shares that are really block trades, compared to 50 million, i don't see a lot of big whales, whatever vague idea you have, involved there's still mostly retrail trades guys, back to you. goldman out with a new note today, arguing, quote, we are in the early stages of a new bull market, transitioning to a longer growth phase. how much higher could stocks go and what might you consider

buying joining us now, greg branch, managing partner at veritas, and rebecca felton, senior market analyst. i want to see your broad thoughts, but rebecca, i want to start with you something caught my eye in my note about the retail investor vis-a-vis the gamestop phenomenon if i'm reading my note correctly, the more retail investors the better, and the gamestop phenomenon could be the start of a positive long-term trend if people temperature continue investing it could also be a disaster, couldn't it, rebecca >> well, thank you so much for having me on today i think one of the things you have to take a look at, over the last several years we've seen money pouring into bond funds. to have this shift of perhaps the retail investor moving into equities, we're all looking for

better total return vehicles than what we have seen out of the bonds, and we think this is something that could fuel this next leg higher. i guess what i'm driving at rebecca, and i don't mean to sandbag you right out of the gate at all, is the idea that i don't think anybody would disagree it makes sense for people to move out of bonds at these low interest rates and into something that's higher up the risk curve, but when you get into something like following reddit trades on the collection of stocks that have been a part of it, aren't yougetting into speculative zone, as opposed to an investing zone? well, i mean, when you think about it, you and i are retail investors. while it may not be the platform

of choice, everyone has their own risk tolerance we're all about planning and process, but i'm not going to say it's bad for someone else. >> greg, i'm curie us what your take is on the market here the s&p moving close to a record high as well we saw that derisk last week was that shakeout it do you expect we could see a bigger pullback or bigger correction here? >> right i think we're in a tricky spot, right? the call was pretty easy three, four, five months ago when we look at the valuation disparity, when we looked at market bredth being historically narrow, and when we looked at the fact that earnings for 2021, earnings

growth was forecast to be much faster and much more significant for sectors outside of tech and growth, at around 35% than tech and growth at 15%. that rotation which, you know, well started talking about around june or july was pretty easy to identify, but it came on fast and hard. over the last three months we picked a lot of that low-lying fruit, so it's not about trading in sector, because there's significant valuation disparity. it's now at the point where maybe the valuations are ahead of where the earnings growth is going to be, particularly when you think we thought we would see a recovery in the second quarter, and now it's looking more likely that we have a recovery in the third quarter, fourth quarter, or maybe even the beginning of next year. >> wait. why do you think it's pushing -- i know we have to wrap it up in a second, but why is the recovery pushing out

>> well, we have vaccinated far few people at this stage than we thought we would. >> okay. >> so it depends entirely on the distribution strategy. we have to move up the curve before we return to a normal level of gdp. >> let me jump in if i had might. i promised to ask rebecca about her view of the market you also see sort of a second-half recovery if you think the market has plenty of room to run with the stimulus in it, what three sectors would you emphasize? quickly, please. >> we're still leaning into tech, we still like plays on some of the consumers discretionary areas and added back some of our industrial infrastructure type of plays. >> rebecca thank you very much,

and greg, thanks to you as well. for more on that goldman sachs note about how to play the bull market, head over to cnbc.com/pro morgan coming up mobile gaming app skillz teaming up with the nfl the stock is up nearly 25% we'll talk to the ceo later this hour plus, pot stocks cooling off, but some of the biggest names have been on a tear. we'll tell you what's lighting up the game.

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the pot stocks had been on a tear lately. let's go to frank colin for details. >> i definitely got it trading higher f. after falling a percent during the same time last year. full cannabis legalization a bit closer to reality, after senator schumer said he would introduce legislation on the floor

big cannabis names get a big boost. analysts say domestic operators should have the everliy advantage if legalization does happen while the mj etf is down today, as you mentioned, there's a focus on smaller companies investors saying a lot of potential for domestic operators to capitalize both at the federal and state levels also, u.s. legal sales -- legal being the important part there -- expected to improve over the year. a big jump from last year where stay-at-home orders really fueled spending on cannabis. >> that is a big jump. i know you mentioned domestic. i'm curious whether that pits the domestic versus the canadian players more directly against each other

on the flip side we could maybe see more consolidation >> with materialization possible, i think it's a wild card here. do canadian operators ko compete with u.s. operators? i think they all compete with the illicit market >> frank holland, thank you. >> thank you kay. ahead on "power lunch," with parts of the economy shut down, where are the jobs right now we will discuss with linkedin's chief economist next plus the nfl looks to learn e-sports skills with skillz, al of this when "power lunch" returns. it helps with occasional joint stiffness, while it nourishes & strengthens my joints for the long term. osteo bi-flex, find our coupon

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just minutes ago, words that wisconsin republicans have repealed the mask man dade put in place by its governor. daughters suggests that

adults between 28 and 49 accounted for almost 72% of covid -- the british researcher suggests that vac nating that age group could help control the spread of the virus. nearly 40 of the cap policy police tested positive in the days after the january 6th assault on the capitol massachusetts governor charlie baker got an air hug from a young student during a visit to an elementary school, checking out how social distancing protocols are being implemented. you're up to date. that's the covid update. ty, back to you. all right. sue, thank you very much the u.s. vaccination everly is picking up steam, and we are starting to say the impact in cases and hospitalization.

if we're turning the corner in the virus, will we start to see improvements in jobs and the economy? let's bring in steve liesman for a along at tomorrow's jobs report hi, steve. >> hey, tyler, you'll see it, but may not tomorrow there's a wide gap, the official consensus, 50 thew, but that comes from estimates of losses of 100,000 to games of 40,000. it's hard to estimate numbers even in a normal environment but this has turned pretty negative here. homebase which measures employees working at thousands of businesses, down 4% another sign of weakness jobless claims, which includes

the 12th of the month, topping 900,000, on the plus side, you have adp beating the expectations, and services and even surprisingly services, ism employment those both coming in higher than the prior month, while a strong jobs number, that could undermine the case of the biden administration for added relief. even the highest forecast on the street puts only a small dent in the millions of jobs wiped out by the pandemic. certainly better to come with the impact of vaccinations. >> how many more jobs does the economy have to add to get back to the level, either in total or by unemployment rate -- really in total that we had at this time last year. >> two pieces of this, tyler about 9 to 10 million jobs were lost the total number the payrolls is

down 9 or 10 million, plus 3 or 4 million people have left the workforce, so those have to come back into adjustment to where we were in february. >> steve, thank you very much. morgan well, that begins the conversation with our next guest. despite jobless claims falling to low heest levels. linkedin is out with new -- agriculture and healthcare are -- recreation, travels and the arts remain among the industries hardest hit here with more on that and also what cities may offer the best employment prospects is karen k kimbrill, chief economist at linked in. thank you for being here. >> thanks for having me. what are the trends you are seeing >> sure.

right now we are seeing a lot of softness that we saw continue into january, so our best guess is that double dip in the labor market was experiencing, you know, the last couple months, we're probably only starting to climb out of it. you know, maybe tomorrow's numbers will look weakly positive, but not at all anything to consider a ictory. i think we'll have to wait until february to really start to see our labor market pull itself out of this double dip >> why do you think that is? part of the seasonal effects now with the covid cases, some of the key metrics are coming down and that could be a leading indicator? >> i think it's all about getting ahead of the virus the virus is shutting down the industries where we hire the most, the large service sector industries

so until those reopen we're not going to be able to see the big swaths of hiring that we need to pull those 10 to 12 million people back into the market. i think it's going to take a combination of fiscal stimulus to kick in, it's going to be the vaccinations being more broadly available and in place, and maybe a bit of bert weather, to, to let people get outside safely >> now, we just teased it, but where are you seeing the most job prospects right now? the met lo areas or regions that are holding up better than other parts. >> the metro areas that are tending to be most attractive right now, where people can, say, move and work remotely or go for new opportunities are states where there are either no income taxes or sort of a flat, low flat rate. so florida, texas, even north

carolina, tennessee, these have been popular states. we're also noticing a trend that has been widely -- they tend to be expensive, and a lot of the amenities are not even available right now. so they're looking into more affordable second cities, get more space and maybe find new opportunities, so a lot of cities like charlotte, austin continue to be very popular. >> i guess that's not surprising still dis heartening from someone who happens to be in the new york metro area. i have to know, based on the data you can collect and analyze, are you seeing any fundamental changes in terms of how people are searching for job, what they are looking for, whether they're starting to drop out of the labor force as well in terms of their bios >> quite frankly, we're seeing a

lot of interest on our platform. there's an increasing number of jobs, increasing number of applications, but we are definitely seeing people looking for remote work opportunities. that has risen by 400% in the past year. >> wow. >> so really large numbers of people searching explicitly for remote work. a load up jock portionses that on rue myowok is po are are are are are are -- remote work >> karen, thank you for joining us thank you. all right. the reddit trade continuing to unwind today

gamestop, amc and other now big, but a lot of people hit it big during the run-up. we'll tell you who has been selling. plus ford, a popular robinhood stock, it was up 30% in a month how should you play it headed into earnings. that's another stock to look at. for skin that never holds you back don't settle for silver #1 for diabetic dry skin* #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin

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it is time now for today's power movers, starting with canada goose posting an increase in direct-to-consumers. next up, clover health there was a report that clover misled investors the stock is down about 10%.

the headphone maker koss, this is one of the reddit stocks today we learned that the koss family sold stock this week. it's down around 25% it is time for trading nation we're going to go to seema mody for that. >> ahead of this earnings after the bell, that's despite news after the company said it would cut production due to a shortage of global chips, a day after general motors did the same. analysts are watching for details on ford's electric vehicle push how to get -- a revenue decline, up about 30% year-to-date.

it what stood out to me is ford outpacing tesla year to date what do you make of that we've seen companies like ford and gm, what they're doing with their balance sheets, strong financials, trying to make a push, a shift in this race it's something that investor versus to watch and something we're watching closely. >> todd, what do you think is the best way to play this auto trade? >> seema, look at the technicals which can be the leading fundamentals gm is at the highest level since 2009 i hold gm, 47 was resistance, i love what they're doing with the

ev push in 2035 to go all electric tesla is obviously the first mover advantage, but gm is moving quickly there's obviously a lot of tailwind with the new administration, whoever can catch up to tesla will win gm has a good presence in china, but not a big as nio they just signed a deal with qualcomm, microsoft for self-driving, so gm is trying to catch up we hold it we like it >> todd and delano, thanks we uncover some hidden gems to ride the industrial rally, or follow us on twitter tyler, back to you. take a look at skillz, got a

new deal with the nfl. the ceo will join us, next

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shares the mobile gaming company app skills jumping after teaming up with the nfl. the pair will host a global challenge to create the next big e sports game. the nfl previously invested in the platform before it went public via a spac deal back in december by the same team that took draftkings public joining us now to discuss, is skillz' ceo. i look at your public value when you went public, $3.5 billion,

now $13 billion or something like that. it is an amazing growth story, an amazing industry. tell us what you are doing with the nfl on the verge of the super bowl >> sure. so as the first publicly traded e sports company skillz is a leading mobile games platform connecting users in a meaningful competition. we have teemed up with the nfl where developers will have an opportunity to compete to create nfl branded noble e sports powered by the skillz platform. >> who will judge the winner who will decide who comes up with the best game, the one that gets the shield on it? >> well, it is a join klan collaboration between the skillz team and the nfl there will be judgments from both sides i think it is an incredible opportunity for every game maker out there on the planet to be able to partner with one of the most iconic sports brands in the

world. we are honored to be trusted by the nfl as their partner to really enable this kind of first of its kind competition where now gaming development has become so democrat advertised, this is really a first in th world in a really cite exciting time. >> i real you are in a quiet period so you are probably limited in terms of stuff you can talk about but i am curious how this news today speaks to the ramp in front of you in terms of ongoing growth and just the ongoing adoption that we have seen of e sports in general. >> well what i can tell you is this is not actually our first off line sports partnership. we partnered with the pba, professional bull riders association, the corporation that owns that about a year ago. i would say that the nfl is

certainly the most iconic brand in offline sports. it is a huge step forward. i would expect to continue to build on this path that we will see more and more offline sports associations partnering in to build out the future of entertainment. >> just to be clear, andrew, this is a mobile gaming company and platform, so it is hand helds. it's android and i platform. it is also not a gambling platform, right. >> that's correct. so we power skill-based competition. hence the name skillz. people compete in -- literally we had 2 billion tournaments last year on the platform across dozens of different video games that we power. when you think about the part of skillz ecosystem it is 10% of the ecosame where people are playing the e prize competition. >> given what we have seen in

another industry in the last couple of weeks, the so-called g gamefication of trading as it is being called i wonder what you think about where we are seeing that mentality or that way of approaching mobile apps and the like i wonder how you think about the way it's being adopted and addressed in other industries. >> i think it is really exciting particularly for us as the company that's extracted competition from software. got we automatically think game thrones but the gamefication of trading is a new one for me. but the tech developed by the gam gaming industry spreads across

other platforms as well. trading, education, and exercise are two new investigators we will be building into in the years ahead. >> andrew paradise, thank you for joining us >> thank you for having me. we should also mention skillz was a cnbc disruptor 50 company. cnbc is now accepting nomination force 2021 disrupter 50 list for more information, and a link to the official nomination form, go to cnbc.com/disruptors. the s&p 500 just a few points shy of its all-time high. it could set a new closing record wl you ready for that last hour of trading stay with us ♪ ♪ ♪

♪ i made a business out of my passion. i mean, who doesn't love obsessing over network security? all our techs are pros. they know exactly which parking lots have the strongest signal. i just don't have the bandwidth for more business. seriously, i don't have the bandwidth. glitchy video calls with regional offices? yeah, that's my thing. with at&t business, you do the things you love. our people and network will help do the things you don't. let's take care of business. at&t.

all right, folks, let's look at the markets as we round into the final hour of trading. as morgan pointed out a moment ago, an all-time record for the s&p 500 is clearly in sight. it's up about .9% today. look at the russel, up about 2%. and not to be forgotten, morgan, this week bitcoin is up about 15%, up $535 today, back above $37,000. >> yeah. look at that nasdaq and russell 2000 both hitting record highs in trading today as welch keeping an eye -- we watched them closely on the way up, now watching as they come down, game stop and amc game stop is down about 36% right now. amc also down 18, almost 19% since the start of the week,

game stop is down 82%. amc, 45% there are a few others we are keeping an eye on too as well. speaking to i think the air coming out of some of these trades, and certainly, even as we see regulators in d.c. meet to talk about those potential next steps that being said, tyler, great to be with you again today. thank you all for watching "power lunch." >> lovely to be with you >> "closing bell" starts right now. >> welcome to "closing bell. i'm wilfred frost along with sara eisen the dow up almost a full percent today, 4% for the week the reddit short squeeze stocks cool off allowing the rest of the margaret to rise value outperforming growth, financial, industrials small caps all up today. earnings continue to come in strong economic data was also stronger than expected this morning 59 minutes left of the session at leastel