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 least levels, we would have record close force the s&p, the nasdaq and the russel. the s&p up .9%, sara >> a day for new highs all around coming up on today's show a jam packed hour of earnings and ceo interviews two hours. quarterly numbers from ford, act vision, snap, pinterest, peloton and many other names we will talk tothe ceos of tex mobile fresh off earnings, herbry, tapestry, and light speed all on the back of their results. and we will hear about the state of recovery across that wide swath of industries. first the big stories. mike santoli tracking the market action looking at the developments in the spac world today. phil lebeau has details on apple's auto future. and kayla tausche has highlights from president biden's foreign policy speech. first, mike, talk about the markets soaring to new heights. >> a nine day road trip from old

highs. now it has slotted into this upward grind that's the way it looks right now. 3870 was the entre day high back early last week. we are close to this this is a six month chart. this was this orderly uptrend we are in for a while we didn't have anything more than a 2%, 2.5% pull brett kavanaugh. then we had that encouraging lower. it probably helped to moderate extremes and sentiment we will see how long it takes for those fo to rebuild. probably not very long spacs. this is a racier part of the market higher energy. clover health is a spac that in other words issued shares in the spac and then merged into with this company, a medical software company, a medical billing company. hin denberg research came out

with a bear report mentioning allegations, basically saying due diligence wasn't done, there is risk to this market regulatory wise. drifg up 11% however, it is not lowering the enthusiasm across the board. spac offerings vastly outperforming the overall market this is for spacs that have done a deal, raised the money and merged with something or they haven't done it yet. and people are bidding up pools of cash at a premium in anticipation of a deal look at the volume of these spacs. it's remarkable. something like 300 over the last several quarters 678 that's about 10% of all investable listed stocks have basically come onto the market, this is equivalent to that over the last several months seems like it is going to be a race for deals some are going to be quickly consummated, some aren't going to be vetted fully

it is very much kind of a high risk-high reward part of the market by the way, i think a lot of the money that was in the game stops and the amcs and nokias last week, this is where it is ending up. >> you talked about hin denberg calling out the spac clove for lack of due diligence. it reminds me of the report it released on nikola i wonder if the spacs are going to be a together for short sellers because they don't have to do as much due diligence lieu the normal routes. >> i think you can count an that really what makes an attractive spac in order to be able to sell to it investors is a little bit of a sexy story. a lot of progressive projections because you can make multiyear projections as to how you think your business is going to do it is more of a promise, they

can't hold you to it there are incentives between grabbing an eye-catching company with a lot of hype maybe it will make good, maybe it can't. >> the other thing to watch, if there are more publications from the likes of hin denberg coming out in the weeks or months whether they have shorts. my understanding is they may not even be short the stock. it is just a piece of research they may or not become shorted because of that. but i think you are right, people are going to be sun shy about selecting shorts and ones that don't look crowded yesterday. meantime, apple could be on the verge of a hardware play which could put apple branded cars on the road in the next few years. phil lebeau broke this story last night and joins us now. >> we have in comment from apple or hyundai regarding work on a

potential apple car but most sources tell us they are working towards finalizing a deal that would have apple and hyundai/kia working on an apple car. where would it be built? the likely spot is the kia plant, which is in west point, georgia. this is a plant that has capacity they could build it out even further to handle building an apple car. again, they are considering car production here but this deal hasn't been finalized. if apple goes forward with this and they say yeah we are going build an apple car multiple sources tell us it is scheduled for production in 2021 though it could be pushed back to '25 or '26. it will have apple hardware and software it is an apple car it is not apple software going into a kia model it will be electric and will have full integration. apple wants to make sure this is a seamless experience, what you experience on your ipad, with

your phone, with your watch, you will get that same experience and feeling in an apple car. as you look at shares of hyundai which have been moving higher as this talk has increased to testify last three or four weeks both apple and hyundai/kia decline to comment when we reached out to them regarding this story look at the mackers. this story not having a lot of impact on the stocks today that's because it is well-known in the auto industry apple has been looking to build a apple car. they are prepare forth the day when apple eventually does the question is is this the time now that they have been talking with hyundai/kia, is this when they say we are moving forward, we are doing this. >> it is not just software in the car, but apple hardware manufactured by hyundai. the iphone is made by foxconn. >> right. >> how many consumers, when they

buy an apple iphone think it is made by someone else they probably think it is made by apple i wonder whether this would be different, the attention it is going to get over the next few years if it materializes to being laid by hyundai, who make fantastic cars >> right. >> but apple is as premium as you get here in america in people's minds. >> correct. >> and very much thought of as american as well i wonder whether those factors might weigh on the wran image of the car a little bit >> i don't think -- let's assume that they go forward with this and we are in in the year 2025, 2026, and somebody has a chance to ride in or buy an apple car, they are not going to think about who is building this at a hyundai plant in the u.s.? people are advised when they find out that a honda is built here in the u.s.

they think it is built in japan. let's be clear while the work would be done at this kia plant in georgia they would not just hand off the design and say go to it. you would have an apple team right there in the on the play they would be making sure this meets the specifications and you can bet that apple wants to make sure this meets the exact specifications so it fits within the apple ecosystem. >> it is a great scoop phil lebeau, thank you very much. >> you bet. turning now to washington, where president biden is outlining his foreign policy agenda this afternoon. kayla tausche with some details on what we can expect? kayla? >> sara, it is the first presidential visit to informingy bottom in nearly a decade. at this moment president biden is outlining his strategy for the u.s. to reengage with world while also safeguarding competitiveness here at home it is a sort of a repackaging of america first priorities, but this time with allies, too here's president biden just a

few moments ago. >> we will compete from a position of strength by building back better at home, working with our allies and partners, renewing our role in international institutions and reclaiming our credibility and moral authority. >> biden says he's also instructed the defense secretary to launch a global possible thieu review of theest u.s.'s military footprint overseas to make sure that the military operations reflect foreign policy priorities. to that end, president biden says that the u.s. will be ending its support for the saudi offensive in yemen and also freezing the trump administration's planned withdrawal of troops from germany. l president biden is assigning a memorandum to protect the rights of lgbtq communities worldwide we will see exactly what the text of that order says. there is certainly much more to come from the biden administration on foreign policy

with what the national security adviser jake sullivan today called foreign policy for the middle class he also said the first 100 days would include a rejoining of the iran nuclear deal. a democracy summit to try to regain the moral authority for the u.s. as well as several other policy priorities. i have just learned from an administration official wilf and sara that the biden administration in the coming weeks is expected to sign a series of executive actions to launch a comprehensive review of supply chains here in the u.s. to try to prevent the offshoring of production of critical goods. we will see what industry that centers on but certainly that goes to the second point of trying to protect u.s. competitiveness while trying to reengage with the world is this lots in that thanks, ka la tausche in washington markets up.8% on the s&p as we stand. up next, shopify has been a

major beneficiary of the e-commerce boom. but light speed is looking to take market share from them and others we will discuss strategy and today's earnings report with the company's ceo. elon musk said on tuesday he was off twitter for a while. it didn't last long and his early morning tweets are already moving crypto markets. those details coming up later. you are watching "closing bell," on cnbc.

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a firm invested in game stop last year made $700 million before selling one of the managers telling the "wall street journal," given what was going on it was hard to imagine it getting even crazier. doej coin started as a joke in 2015 as an alt cryptocurrency. even elon musk said when he tweets about it he treats it as a joke one thing we are learning, memes move markets in 2021 that's been the story. >> it was a joke, itself coming from mr. cryptocurrency himself, it highlights the kind of foundations of it i guess that musk didn't say explicitly, everyone should invest their life savings in doej coin, but he knows what result it has. he knows that people follow him. it might be funny, might be cool

might get him a few laughs and likes, but is it responsible he is worth tens of billions of dollars. other people aren't. and we know what happens at the end. >> he also got in trouble from the sec for tweeting thing about his own stock and moving markets. another reason to be careful on his end but it is not happening. >> exactly in the meantime, up 60% today. shares of light speed off their earlier highs following earnings this morning. the company provides only channel commerce programs. it marks the second earnings report from light speed after going public last summer it into today's move lower light speed has been on a tear joining us now light speed's ceo. thank you for joining us. >> thanks for having me on. >> it is an increasingly competitive area that you

operate in we mentioned shopify and others out there. how do you differentiate yourself when you are pitching to potential clients >> we have an omnicommerce channel. we are serving the retail chain and golf 47 million smbs around the world, 7 million have more complex it on the retail side they might have tens of thousands of skus think about apparel or sports. on the hospitality, they might have rooms, services at resorts, and a golf course. we are helping them with their digital strategies >> how do you monetize what you offer? is this a fee based model for services you provide are you deeply intertwined with customers taking a percentage of

their sales. >> the business model is a subscription subscription to the software then there are additional modules. if you are buying the base platform, you can add e-commerce, loyalty, analytics on top of that we have the payments module, which has been a great story for light speed. that allowed us to deliver more financial services the our customers, including a capital solution it is the base software, it is also payment of. we just rolled out a new innovation called ply supplier network which helps us connect our retailers with their suppliers. there are no opportunities for revenue there as well. >> given this tremendous growth you are seeing in your clients among the pandemic in retail in particular what do you think sticks coming out of the pandemic? contactless payments, on line shopping or closing of stores?

>> contactless is here to stay new business models, new ways businesses are transagenting with their customers that are going to remain and are going to help these businesses be bigger after the pandemic is over that's really interesting. a lot of the brick and mortar businesses that we served bought light speed because they had the intention of going on line but what the pandemic has done is accelerated omnichannel, people had to get transactional on their on line presences within this last ten months. i think at the ends of it they aring go to be multichannel emme channel businesses >> what are you expecting in terms of post covid and the changing kind of growth rates, sales rates for on line, off line, and some of the other markets where you have seep that transition start to happen a little bit >> we have a little bit of a window into the future we are a very global company n. regions where we have a reopening already happening like australia, we are seeing businesses become very hybrid in terms of their -- you know, for

us, australia is hospitality oriented but you are seeing delivery and order ahead becoming a big part of those businesses where it may not have before we are seeing the same thing with retail, they are adding e-commerce and that portion of their business who never had it lit up before. it is transforming the economy and if you proofing the businesses so we can adapt to changes in consumer bhaichb behavior or changes in the economy as well. >> dax da silva, thank you for joining us the stock doubled over the last year light speed's ceo. still ahead. merck's ken frasier the latest high-profile exec to announce his retirement we will hear what he plans to do next after the break. check out some of today's top tickers. top tickers. game stop, floolwed by apple,

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dow is up about 243 points or so. one dow stock not participating today is merck it's falling longtime merck ceo ken frasier announcing his retirement earlier. meg tirrell spoke with him earlier and joins with us a look at what he plans to do next. meg? >> sara, well, public service, but not public office. that's what ken frasier told me is next for him after he retires as merck's ceo at the end of june after a decade in the job

and three decades with the pharmaceutical company robert davis will take the helm. andfrasier will remain as executive chairman for some period of time under frasier's leadership merck's stock has doubled and the company brought to market one of the most transformative drugs in recent medical history, keytruda in the new age of harnessing the immune system to fight cancer that's now the company's largest drug contribute $14 billion in sales last year. frasier telling me he doesn't take the lion's share of credit for the success of that medicine he wouldn't say exactly what he plans to do ne but noted his focuses have been on issues of equity, and wealth and education. >> he is one of so few black

ceos in corporate america and has been among the most vocal on this issue especially lately, after the george floyd he came on cnbc. he came on with jenny row metty to talk about the start-up they are doing that pledges to hire a million black workers over the next few years is that where you expect to see his advocacy work? >> he definitely called out education as something he is passionate about he mentioned, you know, the fact that so many black americans who don't have four-year college degrees that locked out of the work force just for that simple fact so a focus on trying to fix that problem of requiring this four-year degree for employment is something i think he is passionate about but we certainly shouldn't expect him to be limited to that. >> meg thanks. and congrats. still ahead shares of canada goose taking flight on the back

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30 minutes left of trade check out shares of canada goose. the stock is soaring today after the retailer posted an earnings and revenue beat this morning. the company's ceo, danny reese the me ier today it was on line growth that led the charm here, growing 40% with still more than 40% of canada goose's retail stores actually closed. it booked a 41.7% increase in direct to consumer sales in

mainland china that was certainly a highlight come back to prepandemic levels for china. they did see strong double digit growth across all of their markets. the uk for instance doubled despite the lockdowns. reese also told me that as the year evolved they realized that so many store closures was happening and it was ongoing they needed to invest even more than what was originally expected into e-commerce and that was what was paying off he says in china they know our brond really well. he sees it as a major growth market in the economy. reese also says growth in all parts of the world is important because he says it will always be gold somewhere, responding to some of the concerns around this stock previously around seasonality. reese also said buyers are buying into all categories had the portfolio. and they plan to diversify, they

are going to sell footwear, they also sell rain wear. even though it is a company known for the expensive and warm down coats and parkas. it is designed for the luxury consumer market, the fact they are seeing double digit growth coming from everywhere because they are expensive he compared the brand to land rover because a lot of people like it because it is luxury, and they don't necessarily go off-roading with it but they can. it has that performance element to it. something there, if you are not if a with the brand. >> there is always demand in antarcticcal all year round. there is lockdowns in the uk but it grew, it is obviously a high end bran i wonder whether people are buying more of these types of things because they are having to dine outside or meet outside rather than just walk to the tube station different factors could apply.

and clearly demand strong. and we have coach's owner coming up. >> for tapestry, which put out triple digit growth on line. time now for time for a cnbc news update with leslie picker. >> hello wilf. good to see you. here's what's happening at this hour, everyone lorie light moto has not said what she will do if there is no deal with teachers and union by the end of the day. in new jersey three prison guards face misconduct charges stemming from alleged attacks on at least six female inmates and a subsequent cover-up. the state's attorney general says one inmate was punched 28 times. and a case of lightning striking twice n a good way. an idaho woman has won two big lottery prize inside just two days she hit for $300,000 with a

scratch-off game and followed with a $200,000 win the next day. she says she plans to bey pave off bills, buy a new truck and is thinking of heading to las vegas to try her luck again. that's your cnbc news update this hour. become over to you guys. >> good for her. leslie, thanks. shares of tapestry hitting levels not seen since 2019 on the back of that earnings beat up next we will talk with the retailer's new ceo about the state of the consumer and what's driving demand we'll be right back on "closing be."ll ♪ ♪ - [narrator] if you're thinking about going to school online,

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uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance. shares of tapestry higher after reporting earnings that beat wall street expectation os-2 top and button lines while sales still fell 7% from 2019 the luxury goods company saw triple digit growth in e-commerce now make up one third of all of its global sales they forecast wretch to climb 10% this year. joining us in a first on cnbc

interview is tapestry's ceo, joanne crevoiserat great to have you on again thank you for joining us. >> thanks, sara, great to be here. >> i wanted to start with the forecast, which came in better than wall street was expecting, even though we saw such a significant run-up in your stock leading up to this what is giving you that optimism in still such an uncertain environment? >> let me start by saying tapestry delivered exceptional second quarter results, significantly outpacing our own expecting as, driven by the execution of our acceleration program. i was on the program last quarter, sara. we talked about our acceleration program with a focus really sharpening our focus on the consumer it is that emphasis on consumer centricity that fueled new customer acquisition across all of our brands, across coach, kate spade, and stewards weitzman we acquired more than 1.5 mu customers in the last quarter

across all three brands. digital channel sales were up transcribel digits this the quarter. as well as china china grew by 30% on the mainland most importantly, we generated strong profit growth in the quarter against last year, which was prepandemic. remarkable results in the second quarter. we are making tremendous progress on the top line, but we are actually growing bottom line versus prepandemic levels. and with this customer acquisition and in the way we see our consumers engaging with our products and our categories, we have tremendous confidence as we move forward. >> the on line sales really did surprise in a good way i think we have seen that the last few quarters as well, joanne now i think it makes up half of your toll sales in north america and a third of global sales. were you completely rethinking the way you look at the store footprint for the company coming out of the pandemic and the decisions surrounding what you

are planning to do next? >> we have beenist pleased with the acceleration we have seen in the digital space, we leaned into tapestry's capabilities and scale. we scaled up quickly our digital business now reached 1$1.3 billion upon a 12 month basis. more than double where we were a year ago so it scaled up quite rapidly and we are really meeting our consumer where they are. we have had the capabilities and we are getting better and better engaging on those channels what is the role of the store? how do we see it in the future we think stores are important. we will continue to innovate in our stores we have raised expectations for the store fleet. but we think the physical touch point, the manifestation of the brand is an important experience

for consumers. a great example of that is this past quarter we opened a fully digital immersive store in shanghai's mall. we are continuing to invest. it is a store that has ceiling to floor video walls not really fixed walls imt has consumer -- it uses gaming technology we are thinking about that as we think about the physical experience we are thinking about omnichannel. our associates are reaching customers with virtual appointments from our stores there is a combination of this digital and physical space happening. we think those trends will continue. >> what drove the margin expansion, joanne? was that a 2020 one-off or is it the start of a long trend of improving margins. it is the begin asking the

manifestation of our acceleration program we are very focused on staying close to our consumer and delivering the products they want, which supports higher gross margins and we are also approaching data and embedding data and analytics in our decision-making process everything from our marketing techniques, leveraging data better from so we reach more customers but also in how we develop our assortment, the size of our assortment. we are an using analytics to determine what size is and based on that, consumer preferences in stores. the sharper we can get at making those decisions and allocating and managing inventory the easier it is to sell product at full price it takes the pressure off of discounting and supports higher gross margins. we reset our operating model to be more agile.

we took players out to increase speed and agility, some of those changes are embedded in our financial now and we can see they are paying dividends, you know w the profit growth we delivered in the second quarter. and we expect that to continue. >> joanne, i want to ask about stewart weitzman and kate spade. the coach results look good and there is a lot of momentum there, and the outlets but kate spade and stewart weitzman still a bit challenged. is that a brand problem? is that going to have to wait until the reopening fully emerges for people to buy dressy pumps again and happened bags from kate spade? what's the issue >> we are encouraged by the progress we are making in both kate spades and stewart weitzman the teams are focus on improving our ashortment we are seeing a lot of green shoes. we are attracting new customers to the brand and increasingly

reactivating lax customers we saw a 40% increase in reactivated customers. we are leaning into the core elements of the brand that our consumers love we leveraged an anecdote about a viral tiktok video on a kate spade bag that happened just this past month. it was pink love shack heart crossbody bag that epitomizes what a great kate spade bag looks like and how our community gets behind the brand when they love the product we soiled out on that bag. we got it back in stock. we are learning how to engage that community better and better we are delivering better products we continue to expect more growth in the future for kate spade. likewise with stewart weitzman we are focusing the product on the things that make that brand great. a great example of that is the casualization brand and the lug sole we updated our 50/50 boot.

we added a lug sole and called it the 50/50 lift. it was a success this past quarter. particularly in china as well. we continue to lean into the places where our customers really resonate with our brands, and we are seeing a lot of traction >> joanne, the stock is on a strong run here. thank you for joining us to talk about these recent results joanne crevoiserat good to see you, ceo of tapestry up another 4.25%. >> we have got news on disney. julia boorstin has it for us. >> wilf, disney shares popping this afternoon, up about 2% on a report that california legislators are introducing a bill to allow theme parks to open earlier than the governor's current plan the bill reportedly would allow disney and universal to open their parks when the state enters what's called tier orange, what's considered a tier of moderate spread

that's defined by less than four daily new cases per 100,000 people the governor's current plan prevents the parks were opening until they enter tier 4. we reached out to disney and universal for comment. it is worth noting that park owners pushed back on governor newsom's strict criteria for their parks to reopen. they noted there haven't been any cases tied facebook theme parks. >> julia, thanks we will keep an eye on that one. up next, new details on genetics company 23 and me's plans to go public and the surprising stocks that r.uld benefit from the apple ca all of that and much more to come in the market zone, next.

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ten minutes to go in the trading day, we are now in the "closing bell" "market zone. commercial-free coverage of all the action going into the close. cnbc markets commentator mike santoli leer to break down these crucial moments of the trading day. stephanie link with us as well let's look at the broader markets. set for record close tonz s&p and the nasdaq and the russel. not quite for the dow. mike, it shows how quickly we can get back up to these levels. does it suggest we are overbought again or has the sort of pullback got us back to these levels at much more sustainable rate? >> not yet looking overbought this is i guess sort of classic bull market behavior where you get a little bit oversold with 4% pullback. it moderated some of the

aggressive positioning had people raise a little bit of trading crash. then reverted back to the low drama climb. i think it is going to be a little while you can sketch a little while before being worried on a technical basis about being overbrought bought that being said you cleared out a lot of the shorts. credit is confirming, the bond market is confirmingways going on it would be tough to see what the sticking point would be. >> the earnings are coming in strong, which i am sure you are encouraged to see. interesting over a period when the economy lost momentum. what threads are you picking up from the companies you are following? >> it has been a good showing so far, sara, 50% of the companies in the s&p reported. 83% are beating,s that versus 65% historically going back to 1994 this happen my theme all the stimulus from last year,

including this year, because we are getting more is going to lead to better gdp growth and leading to better earnings growth we are starting to see that. maybe that 0% beat rate doesn't hold, but it is still impressive i call earnings season silly season because the stock reactions are sometimes very silly on the way up and on the way down i have had a couple of doozies on the way down. i have been taking advantage of it i always have dry powder around earnings season so you can take advantage especially when you do the fundamental analysis i added to air products, blackstone, caterpillar, a lot of names on my buy list. nibbling, slowly picking, and i will continuous this strategy going forward. >> genetics company 23 and me is joining the frenzy of firms going public via spac. meg tirrell with the details on this. >> 23 and me is merging with richard branson's virgin groups

spac in a deal that's going to value this company at about $3.5 billion. now, 23 and me, of course, the provider of direct to consumer genetics kitds kits to look for ancestry and for health. the new ticker of the company is going to be mem-e. we talked with richard branson and the ceo of 23 and me why this merger makes sense. >> the financial returns could be very good, it could also save your life or even save a family member's life. it is great to put money into health care. >> now is a point in time when i am ready to explode. there is huge students for therapeutics and in our consumer business. >> i was interested to hear that 23 and me is going public now

because ann woe jis kyi said for years she never want to be a public company ceo now is the time. >> couldn't turn away from the spac mania meg tirrell, thank you custom brings me to my question, when you consider what to invest in here with spacs i feel like the targets fall into a number of categories. some of them never would go public if not for the spac insanity and some of them are maybe great opportunities to get in in an early phase of greta or a company potentially like this. how do you decide or determine which one is which and what makes a good investment if you are thinking about a 23 and me or other spacs. >> 23 and me certainly in the category that have multiple avenues to try and either be public or private. it has a significant slug of revenue the consumer business. i think not even projecting that much of a ramp in revenue, if you look at their investor presentation it is all about the potential upside in

therapeutics, and sort of the gene research side of things it is a health care play, not a family tree play is the way they would present it i do think this is -- one of the things is do they have the store of financials that they have shown you there is a market for the product. many of them don't. let's talk about apple, jumping today after cnbc reported the tech giant is close to finalizing a deal with hyundai/kia to manufacture apple branded autonomous cars. our next guest says apple may not be the only tech company to benefit from a apple car patrick, thank you for joining us top of the list of potential beneficiaries is the chip stocks; is that right? >> yeah. thank you, and yes i do believe sem conductors as well as equipment names will be beneficiaries, particularly if apple does go forward with this agreement with hyundai/kia

i do believe semiconductor content will grow exponentially given the potential demands that are out there for the apple car. >> and patrick, you are even willing to name some names which companies are you looking at and why? and how are you chooez csing th. >> from semiconductors to the equipment side of things, i think the equipment industry will be one of the biggest beneficiaries because of new capacity expansion that is needed so names that i do like that will benefit from this blue applied materials, kla corps, and lamb research. >> steph, do you like this potential announcement for apple? >> i do, i mean, i think it is going to take a very long time to see how it all plays out. we don't have a time -- we don't have an announcement, right, it has been great reporting by phil i like the semiand equipment

companies. i have my own research i think the total addressable market goes from 56 billion last year to 556 next year. clearly, the equipment numbers have to go up as well. that's a benefit for someone like a lamb research great quarter. beat and raised. still a cheap stock. i like the call. >> morgan stanley analyst katie hubert wrote about the size of the market, saying it's $10 trillion market, smart phones are a $500 billion market and apple only needs a 2% share of this market to be the size of their iphone business. how do you think about the size and scope of what apple could do here and what it might mean for your group >> i -- i tend to agree at least with the magnitude of the numbers we are talking about remember, apple is great at innovation they transform the smart phone

market, basically created it we they introduced the iphone i will not saying apple will do that for the car or for the electric vehicle market. but given their track record of innovation and their investment capabilities, this is a much larger opportunity that, yes, if they only get a small percentage of that marketplace, it's still going to be a significant revenue and earnings generated for the company. and i think that's a positive trickle down event again for the entire semiconductor food chain. >> patrick ho, thank you for joining us with a note on the stocks to buy off apple today. s&p is up a percent, head informing ar record close. two minutes left in the trading day. mike what do you see in the market internals >> they are strong, in tune with how the indexes are performing almost 1% up on the s&p. two and a half to one positive to negative. there is a lot of noise with the

story stocks, the smaller stuff that's rack up huge share volumes. the 30 year treasury yield hit 1.59%. it has been on the rise. we have a steepening yield cover. the reflation trade is back in motion the volatility indexet going crushed again today. it has been a real rapid deline from like 37 earlier last week when we were kind of selling off down into low 20s again. we will see if we base here. this has been around the lows that we have seen since the march crash. >> mike, thanks for that just under one minute left. we are at essential highs essentially as we approach the close. the d&i dow up 315%. subpoena up 1%, now 4% for the week as a whole. nasdaq is up 1.1, 5.3% for the week as a whole. and the russel up 6% so far. set for three record closes. the dow not joining the other three indices in record close

territory. with the yield curve steep ending banks with doing. consumer dregs up 1% as is energy materials the only sector in the red, down about half of 1% gold and ciller down about 1% today, elsewhere not much is declining, the vix is declining, bitcoin is up, dollar is up,in oil up 1.2%. of the the close, record highs for the s&p, the nasdaq, is russel the dow itself up 1.1% but not a record close. >> still we will take three out of four record closes. welcome, everyone, back to the "closing bell. if you are just joining us, i'm sara eisen, here with wilfred frost. and mike santoli a cnbc senior markets commentator. look at how we finished the day on wall street another strong one adding to gains we have seen every single day this week the dow closing up a full percentage point we saw broad based gains across sectors. the s&p 500 closing a of the a

record high, up 1% on the day. take a look. we are up significantly now for the week the only sector to close lower was material financials, the first performers, up more than 2%. they come roaring back this week, up 6.5% so far there is the nasdaq closing at its own record high. communicate services up this week the russell 2000 index of small caps up 2% we have got an enormous hour of earnings still ahead for you ford, snap, pinterest, act vision blizzard all set to report we will bring you the numbers. plus, gilead, peloton and

t-mobile we will also have the ceo of t-mobile before he talks to the analysts >> they are just crossing, t-mobile, we can get to them before we get to the broader markets. great numbers. t-mobile had a great year last year revenue coming in at $23.3 billion. the forecast was for $19.9 billion. and eps coming at 60 cents per share. the forecast was for 49 cents per share. you can see it jumping a little bit in after-hours trade post paid net ads, $1.6 million. and post paid net additions, 824,000. both of those in line. but strong for the quarter strong for the full year and mike siebert will be joining us saying the results show we are pulling ahead on what matters in the 5g network performance. we will be joined by him in just a few moments. those numbers ahead on both lines. sorry to interrupt. >> no, no.

they preannounced on users stephanie link is still with us. mark smith from ubs wealth management joins the conversation as well first to you, mike on the record closes and the momentum now news catalyst we have earnings to talk about and individual movers, l brands was on the top of the list off of guidance and they are going to spin out victoria's secret what stood out to you. >> multiple things are moving in a friendly direction the market, after the volatility shot last week getting back on the low drama upward track is really the story whenever you want the look at, covid cases and hadn'tization trends or better weekly unemployment claims, modestly so today, durable goods all the macro stuff is lining up along with the loose financial conditions, i up with of these path of least resistance stories. i don't think it will take much of a march high for some of the

speculative stuff for us to start talking about is the market getting ahead of itself but we are not there yet with the market new high just than 1% over the prior high. >> steph, do you like seeing yields rise as they have over the last three or four sessions. i do especially since i am overweight financials the bond market, the ten-year actually has gained 14 basis toipts in less than a week's time that's a pretty big move as a result you are seeing financial asks value do fairly well i think the bond yields are rising we degrossed last week, we are regrossing this week and focusing on fundamentals to mike's point we got decent economic data. still need to improve in at love areas, especially on manufacturing, isms, new orders, specially in factory orders, especially in initial claims headed in the right direction. i think that's what the market is focusing on, what the bond margaret is focusing on in

addition we are getting more stimulus, biden is holding firm on the $1400 stimulus checks but willing to compromise elsewhere. then we had two fed governors talk today about -- i think they were dovish, about moneyer to poll he soorks pedal to the metal for a long time all of those things are very good for risk assets. >> we will see if jobs can add to that tomorrow gilead earnings just out meg tirrell has the numbers. it was a beat for gilead in the fourth quarter on both earnings and revenue. earnings comes in four season ahead of estimates at 2.19 on an adjustentis barks wretch $7.42 billion. beating the estimates of 7. $3 billion. remdesivir came in at $179 billion. analysts health care looker for $1.2 billion for recommendist des veer for the fourth quarter.

they provided forecasts for the full year including 2 to $3 billion it expects in sales for remdesivir for covid-19. talking about the outlook for the coming year saying they expect a gradual recovery in underlying marying market dynams >> a strong beat for peloton with q 2 earn agency at 18 cents per share versus estimates of 9 cent revenue, $1706 billion subscribers increased 14 % overyear over year digital subscriptions over 400%. the ceo said we will be investing over $100 million in airfreight and expedited ocean freight in order to improve our

delivery window. while it will dampen our profitability improving our customer experience is our first priority peloton also upped its full year guidance to revenue of $4.075 billion from $3.95 billion. >> mike santoli, to you on peloton, sort of a victim of its own recent share price success and some strong numbers, poor profitability. >> it has gotten jostled after previous earnings reports as well really at lo of the stay-at-home beneficiaries that have a strong pull forward and fundamental story have been going sideways shipping costs and production delays have been mostly the story right now. which if you are going to have a problem might be the better one to have. but the stock obviously can't

quite absorb it fully. >> mark, isn't the question on this stock, peloton, and some of the other stocks that have been pandemic winners, major beneficiaries, what happens when we come out of the pandemic, when the gyms start reopening? when people start seeing each other and sort of not social distancing as much is this a lasting change with a company like this or not >> i think there is definitely an opportunity for peloton to continue the make money after everyone has been vaccinated and we are all back to normal. because if you know anyone who owns any of these companies like a peloton they love the product and they rush to use it they brag about it with their friends. i think this is a paradigm shift. folks are excited with the product and they are going to continue to use it whether we go back to normal or not. >> we have got ford earnings also just out. phil lebeau with those numbers phil. >> >> sara look at shares of ford this is a much better than

expected earnings report for the fourth quarter the street was expecting ford to lose seven cents a share it reported a profit of 34 cents a share, automotive revenue coming in slift expectations at $3.2 billion let me tell but the bad news that's in the company's outlook, which is that the chip shortage that's hitting the entire industry, which is bringing down f series production tomorrow is going cause the company the lose 10 to 20% of its production in the first quarter. it will also potentially, potentially could lead to fell-year earning being down from 1 to $2.5 billion prior to what they were exacting. why is the stock moving higher given the cautionary tones what ford is saying about electric vehicles. it is doubling its electric vehicle investment now planning to invest $22 billion in electric vehicles and in their development through 2025 it is also planning to invest $7

billion in autonomous vehicles guys we have talked about this for some time. it is not necessarily what you did for me last quarter in the auto business right now, it is what are you contributing to electric and autonomous vehicles ford making a big statement. conference call starts at 5:00 we will be on it and we will hear what jim farley has to say. >> phil, these announcements are slowly but surely having an upside for the traditional automakers will it have an opposite effect effect on tesla's? >> i don't think so. i think the question is can the industry catch up to tesla i think one reason why these stocks are moving higher look, if you were a ford investor and they said nothing, yeah, just we are working on electric vehicles you would think they are whistling past the graveyard. jim farley is saying we are

going to spend more and be more competitive when it comes to electric vehicles. that's what investors want to hear right now and why the stock is moving higher will it pay off? that remains to be seen. but if you are an investor in ford you want the see them making this commitment right now. >> thanks for that ford moving up a couple of percent. pinterest moving up 10% in afterhours strayed julia boorstin has the details. >> pinterest beating expectations across the board. earnings of 43 cent per share. revenue come in at $706 million. that's beating expectations of $645.5 million monthly active us autoers, that's their indicate. user metric also beating expectations coming in at 459 million. the keptations was for less than 450 million. guidance also better than anticipated. the company saying revenue will grow in the low 70% range year over year in the first quarter analysts had been projecting revenue growth of about 56% in

the first quarter. they point out two key things here in the fourth quarter there was a 50% increase in the number of boards created globally. that's how people use the platform and they also say that shopping ad revenue grew faster than the overall business they saw a six time increase in the number of businesses that used the shopping ads format in the fourth quarter they say there is continued momentum. wilf, you see the stock up 8%. >> julia, thanks sara. >> i was going to say 70%. we talk about etsy lock at e-bay, results out last night. the stock rocketed higher today. pinterest as well. mark smith do you think these names have already been appreciated on wall street pinterest is up 150, almost 200% last year. but it continues to spike on numbers like this.

up 8% after hours. >> there is an air of optimism in the air everywhere. you have free money flowing. the government is giving another $1 trillion deal possibly, at least 1 trillion dollar. and you are seeing that 75% of the companies that reported earnings are doing just as good as this. it is hard to be bearish in this environment when companies are hitting their numbers and everyone is getting optimistic about the vaccine and how this administration is handling everything >> let's hit snap earnings, also out, also julia boorstin has that julia? >> yeah, that's right, sara. another advertising driven company beating expectations earnings coming in at 9 cents per share versus seven cents per share, estimated revenue, $911 million in the quarter versus the $857 million estimated i want to take ata look at the user growth number also beating expectations by 9

million. revenue guidance for the first quarter, the company saying they see between 720 and 740 million above analyst consensus. the company's guidance on the bottom line does seem to be forecast less than expected on a key profitability metric but it does seem to be tied to the company's investment in o spotlight. they are paying about $1 million a day. but it does seem to be working the company announced that they have over 100 million monthly active user for spotlight in january, just doing -- digging into why this stock is down over 5% despite those better than expected results worry going through the ceo's prepared remarks. he says here, we experienced pure -- interruption and started

the quarter slower than expected that's the only weakness here in this quarter that's likely the cause of that stock trading lower right now. >> it has also been a huge winner, up 2 hundred%. >> evan speigle, we will be sitting down with him on "squawk alley" tomorrow at 11:00 a.m. eastern. >> julia, thanks looking forward to that. act vision alsos kroing josh lip ton has it. >> eps of 1.21 versus expectations of 1.18 bookings are also a beat, $.05 billion. street was closer to 2.8 lds about. q 1 looking at 65 cents. in line. bookings of 1775 billion, better than expected. for the year they say they are looking for 360 on bookings of 8.45 billion better than what wrote was

looking for n. a statement, the ceo says in a year filled with adversity our extraordinary employees were determined to provide connection and joy to our 400 million play he is around the world he goes on to say they accomplished this under difficult circumstances but with the same conviction and focus they will continue sboop 2021. heading into this the stock rallied 20% in the coming month but surging sharply higher >> steph, crazy season you called it. or silly season with all of these earnings comings out and moving around. what's your net takeaway for the rest of the year. >> clearly we are beating estimates and clearly we are at record highs do the positive catalysts expire after earnings season >> earning season obviously is always such a busy team. yeah, i do call it silly season because the reactions are sometimes very silly it gives you an opportunity as a long term investor

do i think though as we progress through the year that earnings get stronger because all of the stimulus gets into the system. remember it takes eight or ten months of fiscal stimulus to really get through the economy we are starting to see this and that's why we are starting to see better economic data so we are going to see more stimulus i think all of it leads to a better gdp and earnings up near 30%. you are going the see a better year over year earnings report in q 2 right now we are going to see a nice recovery. will we get multiple expansion we will not. that's the difference between this year and last year. but i will take higher earnings versus multiple expansion any day. so i still feel very good. i think out of all the earnings we heard to the digital advertising recovery is the theme, especially on the technology side of course we saw that with facebook, we saw that with google. of a all these names i prefer

google, that's the one i have been adding to >> steph and mark thank you for joining us, good to see you both. >> thanks. >> t-mobile shurs under pressure despite an earnings atbe the ceo joins us to break down his results in 90 second or so turn on my tv and boom, it's got all my favorite shows right there. i wish my trading platform worked like that. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions. hm. didn't peg you for a crumpet guy. focus on what matters to you with thinkorswim. ♪♪

t-mobile numbers hitting the tape the company beating on the top

and bottom lines the stock slipping despite the positive results joining us now the t-mobile ceo mike siebert great to see you thank you for joining us. >> thanks for having me back good to see you. >> very strong numbers with some records in there for the quarter and the full year. congrats on that my first big picture question is as you look to the year ahead versus the year past do you think total data usage will be down as we come out of lockdown again? >> no. i don't think so you know, i think customers are showing an insatiable demand for what we sell they have been doing that since the made 1990s this industry has never been able to outpace the demand from commerce for internet capacity that bodes well for us because what we are building is the highest capacity network that americans have ever seen for mobile usage it is a huge part of our story, being so far ahead in 5g i don't think customer demand is going to slow down one bit.

>> clearly, as you said, 5g, you are very competitive on it, rolling out trying to get new 5g ads. do you think pricing -- 5g will allow to you increase pricing in the next years as well once you have attracted as many 5g customers as possible? >> it is interesting that right now there is only one player that's able to simultaneously over the best network and the best value that's t-mobile. that's an advantage we are not going to want to give up to our point, what is interesting is we are increasingly a premium offering with the best network that means customers may deepen their relationships with us, may buy more, may buy up our stack and get more plans from us that bodies wellings but not through price increases, it is having the highest capacity, highest quality network and attracting customers who want that. >> the analysts that you have got the momentum on 5g of the big three coming into this year. my question, mike, is how that

presents a different opportunity for you. verizon has always been the one that can claim the best service. that's ban huge plus for you, it has been the value proposition. does that change when you can claim to have the biggest and fastest 5g networks? do you get a different type of customers and a different marketing slogan yeah, and we are just entering the time period when people really care about that most americans don't have 5g yet. but they will. this is kinds of like being in 4g in 2010 when verizon got out with the best 4g lte experience back then that became what everybody cared about and they led on that throughout the decade. we are the leader in 5g. what it is going to translate to is the best network experience suddenly -- you know, this industry won't make people choose between do you want the best value or the best network one player will be positioned to

offer both that's t-mobile. >> do you expect the cable companies to compete more for wireless spectrum in the years ahead as well as fixed line. >> of course that's the run rates they have been after this for a number of years and surprisingly successful on the other hand the other dynamic you are going see in 2021 is the reverse, we are coming after their business. we have the highest capacity network that's ever been built for mobile users and we are going the take it into the home internet market. that's how high capacity it is giga byte speeds, terabyte capacity per customers we are going to market it in zip codes across the country more than comcast or charter. >> 1.7 million additions, obviously this coincided with the new iphone and things that were promotions around that how much do you think the customer wants to upgrade to 5g? where does that go throughout

the course of 2021 >> almost every flagship phone sold now is 5g it is a matter the upgrade rates that people have i think we will start the see that pick up customers will discover in 2021 through fomo, seeing what their friends have, they are going the see something great and want it. they will see what they get from t-mobile is different than what we threat from at&t or verizon four times more landmass conferred by 5g today from toerks mobile than verizon four times, 1.6 million square miles. it is absolutely amazing the advantage that we have been able to produce and we are not slowing down. we are running the biggest network expansion factory's ever been deployed in this country right now. we are going to take our lead from 106 million people with the highest capacity ultra5g to 200 million people just inside this calendar year. we are not slowing down and we are not looking back.

>> mike, i wonder what your take was on whether we reach fully autonomous vehicles and the announcement today from cnbc that apple plans to make an autonomous vehicle in the next five years partnering with hyundai/kia. will that increase demand for connectivity >> of course this subject get discussed enough human-caused traffic accidents are a giant health care crisis in the world and autonomous vehicles can address this ultimately they will be better at this than people. what it will require is very high latency networks like t-mobile 5g and capacity to move huge files between vehicles and cloud. again the kind of capacity we are building with the ultra capacity 5 2k3w. we are not building it on a few street corners we are building it on towers

nationwide, hitting 200 million people just inside this year. >> mike siebert, thank you for joining us we aappreciate it ahead of the analyst call. >> great the see you. >> you too. snap shares sliding after a weak first quarter forecast. up next we will talk to an analyst who is bullish on the stock, whether this is buying tonight my later, how sweet it is, ceo of hershey on the canny maker's strong sales during the pandemic and outlook on the rest of the year. 're going to fine te the dynamic braking system whoo, what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be a deep learning engineer to help make the world a smarter place does this come in blue? become an agent of innovation with invesco qqq does this come in blue? these days, we want sophisticated but simple. cutting edge made user friendly.

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wynn resorts earnings crossing contessa brewer has got them for us. >> a miss on top and bottom lines, revenues coming in at $686 million, a loss per share of 2.45. but the company is reporting profitability in a key earnings metric at its macao properties insfooit spite of significant covid restrictions in place there as well as in boston and las vegas. wynn said it can't predict when those will lift. they have a new initiative called wynn interactive, this is its mobile gaming initiative launched in three states just in time for the super bowl this weekend. the stock off 1.3.

more details on snap's numbers. julia boorstin has them for us >> wilf, more insight into why snap shares are trading lower despite beating expectations the company warning about an impact from apple. the upcoming operating system change saying we anticipate the ios platform policy changes to be implemented later this quarter will create another interruption to demand immediately after they are implemented. it is not clear what it means for the top line momentum for our business and it may not be clear until months after the changes are implemented. this is the same thing facebook has been talking about the risk of not being able to target their ads as narrowly due to new privacy data protections apple will be giving the users >> thanks for the context. for more on snap, rosenblatt's senior securities analyst.

buy rating and a $50 price together on the stock. looks like a beat, top and bottom line, 265 million daily activest it is the warning on the ios changes? what's the issue here? >> i don't think it is necessarily the warnings i think it is important in print for them to point that out we obviously have others that have been talking about it i think the reason the stock is off a bit -- it had a big run into the print guidance for wretches was about 4% better overall. looks like revenues overall were about 6% better. daus were only -- user growth was relatively in line so i just don't think it was sort of that monster beat that everyone was expecting however, i would point out that the most important geography, north america was very strong.

up -- consensus by 11% of revenues, and arpu referee 10% that's what we really focus on the overall revenues were maybe not quite as strong. europe wasn't as strong as north america. but still a nice beat there. in terms of apple, i think it's prudent for them to point that out. i know to, to their point, we haven't really seen the impacts of it yet because it hasn't been in force it will be by the ends of march. we will need to see how much concept platforms are getting from their users that's going to tell us how it is going to affect ad returns. >> we saw a monster beat, mark, from google on the advertising side does snap immediately benefit from the same themes or only if they keep innovating in a sort of permanent chase with their biggest rivals, facebook >> great question.

i would say snap sort of sits on its own island given the fact that we predominantly focus on gen z. they do obviously benefit from the same macro events generally driving advertising. certainly commerce is generally driving a lot more advertising to their platform as well as others in social i think for snap chat what i have been focusing on is really the brands across soerl we ten to -- at snap chat, half of the revenue is come from brands. we saw a big uptick last quarter after a highiatous really from brands snap chat is catering to brands and they are the only ones who have the captive 90 million user base in the u.s. to target. >> mark, thank you for joining us. >> you bet take care. >> you too. hershey's reporting sweet

quarterly results as consumer stock up on treats during the pandemic up next, the company's ceo on how early orders for valentine's day and easter candy are impacting sales. back in a few minutes. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

stay restless with the icon that does the same. the rx crafted by lexus. lease the 2021 rx 350 for $429 a month for thirty six months. experience amazing at your lexus dealer. check in on some earnings movers we have gotten in the last few minutes it hand a busy afternoon snap and pinterest both reporting strong growth, snap lower. the stock has doubled in the last four months that certainly could be part of it

gilead and act vision both beating on the top and bottom lines. ford actually missed on the top line then announced it is investing further, big time in its ev and autonomous business lines which has the stock higher after-hours. hershey earlier today reporting sweet earnings results that beat the street joining us now for an exclusive interview is hershey's ceo michelle buck. great to see you again last time we were talking about halloween. now we are talking about easter and valentine's day. what you are seeing is that the grocers are buying early, all the seasonal trends are out of whack. does that mean those sales have been pulled forward? >> we had a really strong q 4 with net sales growth of almost 6% and eps growth over 16% and really, throughout the entire year, seasons was one the key drivers. as consumer really wanted the comfort and the normalcy

associated with seasonal transitions and rituals at a time when covid uprooted their lives. yes, we have seen consumers want the products and retailers leaned in seeing the success of seasons in 2020 to get a jump start on 2021. so we are not worried it is going to impact the business negatively that they took the early shipments. rather, we are seeing more demand for the seasons and we expect valentine's and easter to be strong. >> it is so interesting always the talk to you throughout this pandemic to so what the consumer is doing what surprised you what have you been able to anticipate -- the smores for instance phenomenon and how that boomed over the summer michelle, how do you figure out where the consumer is going now that we are starting to get vaccinated and then that should only multiply and pick up and we should resume some sort of normal behavior. how do you position for what comes next and what sort of

trends will be in demand >> we spend a lot of time trying to get real live research constantly communicating with consumers and asking them what they are doing listening on social media and ownership observing and also look at data analytics to help us for example, this past year we noticed that wherever covid case counts were elevated, we were seeing increased sales of smores ingredients ask. then we were able to use the case count trajectory as a foreshadow of where we should focus some of those efforts and build displays and put media in those markets. i think it is important in this time to have your finger on the pulse of those trends because they are shifting rapidly as we saw this year with how fast e-commerce grew or the example i just shared. >> commodity price inflation across all sorts of areas. are you feeling a pink as relates to sugar and coco and

other raw materials you use? >> we certainly have seen freight inflation be a big factor i think we are hearing that across the industry. so that's really the biggest piece that we are seeing a big impact not so much on coco, and that's really a function of the fact that we hedge three to 24 months out. and also coco butter, which is used for chocolate, has not seen the kind of price increase that cocopowder used in baking product has seen. >> does that mean that the consumer is still going to be paying higher prices because you mentioned the freight inflation costs. food inflation is happening broadly. how much is it going to happen in your category, in our products. >> i think there is some inflation on our products. certainly, i think all of us in the industry try to bammance ma -

balance making sure we have great value for the consumer we did balance on the seasonal portion of our product portfolio. that doesn't start until the holiday season this coming year and continuing for the next couple seasons, but certainly we always balance making those decisions about how we can operate more efficiently to absorb some of those inflationary costs and where we need to move forward with some kind of pricing. >> the one sort of blemish in the portfolio in the numbers, michelle, is the mints and gum that because we are all wearing masks and we don't need to freshen our breaths as much? or is this part of a secular deline. >> mints and fums are gunksal. the chocolate is emotional, about the taste, connectivity. but mints and gum are about breath freshening. and once people needed to start ice lating and they weren't out and about the functional need

for those products really, you know, subsided certainly, as we get into this year and hopefully the vaccine gets out there, people are out and about a bit more, i think we will slowly see that recover versus where it was during the height of the pandemic >> michelle buck, always interesting. thank you for joining us >> thanks very much. coming up, cashing in on the short squeeze mania. the astounding amount of money that the koss family made by selling shares in the head phone maker while the stock was getting caught up in this crazy trading frenzy that's next.

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time for a cnbc news update with leslie picker. hi, leslie >> hello wilf. here's what's happening at this hour, everyone former president trump will not testify during his impeachment trial next week. a lauer for trump tells nbc news the democratic's request for testimony is a, quote, publicity stunt. trump has resigned from the screen actor's guild after they threatened to expel him after

the capitol hill riot. he says the union has done nothing for him but he is proud of his roles in home alone 2 and zoolander. samsung is building a new plant in texas, saying it will create 1,800 new jobs and the house of representatives is intent on stripping marjorie taylor greene of her committee assignments. earlier today said she apologized for some things see said in the past but not her conspiracy theories. 15 years, that's how long it has take ten xlf financial to near its all-time high mike santoli looking at the long road back for the sector and whether financials can continue to head higher. plus we are counting you down to the january jobs report. the key number everyone is going to be watching for tomorrow,

when "closing bell" comes right back

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as big as whales! geico. see all the ways you could save. record high close today for stocks financials the biggest winners mike santoli has the closer look at the secretarier. >> sara, today it has been a long time coming about 14 years since the xlf, the schds financials etf hit a new high you see it right here, i think it was february 20th of 2007, it

was before bear stearns failed and all the rest of it we have finally gone back to that level the overall stock market has made many new highs since then i think it is worth reminding people of the power of dividends. look at the total return from the kperks lf from the peak from 2007, you got 30%. about a 2.5% dividend at the start. now it's back above 2% there's a lesson if you can't have payouts it's probably going to cushion the ride if things get tough along the way. >> big factors often overlooked. it makes a big difference to that sector. could the next decade. >> that's right. >> more into difficult depds thanks still ahead, the reddit effect cashing in on the sharp move in the stack. this as it was swept up in the short squeeze frenzy claims that coming up. cutting edge made user friendly.

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dollars in stock that was more than the entire market cam of the milwaukee based headphone makers went to $120 during the retail trading frenzy they sold between $19 a share to $60 a share. michael cost sold about $13 million. john jr. sold about 13 million and michael sold about four million. the family owns about 75% of the company. other executives sold an additional 13 million. that brought the total to over 44 million a low dollar share price made it a favorite among retail traders. it was one of the stocks that robinhood put on its restricted list last week a spokesperson declined to comment when reached by cnbc >> you can't really blame them,

can you? abz long as you abide by the rules, which seems like they did. you've got a seasoned opportunity like this. >> that's right. they own 75% of the company. they didn't influence the stock trading price. they had nothing to do with why it went up to over 21. they will sold look it's possible they may use some of the proceeds to reinvest in the company or maybe not you're absolutely right. the s.e.c. may look into it but it appears they did nothing wrong. the sad part is there were investors on the other side that sold that bought while they were selling and so i don't think the rallying cry of the wall street folks was let's make wealthy families wealthier i think the idea is this was an idea for the democratization of this that's not what it reps. >> it's not all sticking it to

the man when you're cashing out silver lake with amc good story up next, pintrest pops we're going to look at the closing movers when "closing bell" comes right back all in one place.io eve, because when it's decision time, you need decision tech. only from fidelity.

has been a wild hour of earnings activism bliz ard, strong advertiser dmabd helping pintrest easily topped wall street expectations. that stock up more than 8% snapchat misses analyst's estimates in the pharmaceutic. strong revenue growth for that company and user growth. peloton down investors are now turning their attention to tomorrow's january jobs report. economists are expecting pay roles to rice by 50,000 following the logs of 40,000 jobs unemployment raid is expected to hold steady at 6.7%. the loss that we saw in december, which was bad news, just this market is looking towards the future and the future, at least what we're

getting from companies on earnings is pretty solid >> it is pretty solid. it's a question of how much you want to pay for it snap's an $80 billion company now. pintrest, 2025 times forward sales. i think that's a big question as opposed to is the jobs number going to get better because it is going to get better >> s&p is up 4% now for the week that does it for "closing bell." "fast money" starts right now. >> i'm melissa lee and this is "fast money. tonight on "fast," buckle up apple is driving into the carr market one of our traders says not so fast why it may be time to pump the brakes in order, nap and peloton all three stocks on the move on earnings later, no joke we'll tell you what sent cryptocurrency to the moon today. gamestop chairs tumbling