movements. up 59, 60% a lot of chat on reddit. short option action and options activity look at the movements today in rocket companies contessa, as always, great to be with you for everyone else, thanks for watching "power lunch. "closing bell" starts in about two seconds. >> and here we are welcome, everyone, to "closing bell." i'm sara eisen along with wilfred frost. stocks pulling back. major indes sees mostly in the red now. the nkds nasdaq down 1% after yesterday's ferocious rally. let's look at what's driving action stability in the bond market continues. the ten-year back near 1.4 but we are seeing growth stocks giving some back from yesterday's gains. tech, consumer discretion father, those are the losers today. apple down 1.5%. materials, energy higher another stock ripping higher rocket companies, the reddit

game stock crowd blowing that out away and target that a holiday stimulus boost and the stock is down 2%. 59 minutes left to go. >> you mentioned apple down 1.4% tesla is down 3.3% slipping in the last hour or so. coming up on today's show. investors sour on lemonade we will speak with the head of the insurance start-up, down big on earnings but up 300% from its ipo. plus, goldman's jeff curry shares his outlook on everything from crude to copper and tells us which commodity they thinks will outperform over the next 12 months coming up. let's first get to the big stories we are watching. mike santoli tracking all of the market action. steve liesman looking a the vaccine rollout and the effect it might have on the economy mike santoli let's start with you. lower on the s&p. >> mixed inside the market very rotational, again, this is not really because of treasury

yields moving very much. it just is more heaviness in tech but overall market hovering around these areas it first reached about three weeks ago. on the upside, holding onto yesterday's pop. on the downside, not able to build on it. flattening out here. 3900 has been tough over the last few weeks to crack to the upside hard the draw too many conclusions. 26% year over year the 12 month return that number is going to shoot higher because we are anniversarying the fall off the cliff in 2020. the xlk, the etf that tracks the tech-second sector 40% of this is apple and microsoft. some of this is getting attention as a potentially some mouse pattern rolling over after the former highs you have the keep an eye on it because it represents a big chunk of the s&p 500 the overall index absorbed this loss of leadership very, very well, obviously staying within a

couple percent of its all-time high but you are wondering how much wear and tear the overall market can sustain. look at the enthusiasm for old versions of industry old media stocks versus the xlc, dominated by alphabet, facebook, netflix. communication services disney, we thought that was a great performer, and it has been over six months, but nothing compared to viacom, amc networks, not the movie theater company, but cable networks. discovery as well. they have gone to the moon largely it's because they were in the value indexes, some were heavily shorted and there is a sense out there that the pie is big enough in terms of the streaming universe for all of them you wonder if it is men reversion or a real transfer of leadership into these secretary snoors extraordinarily big moves there. mike to the point of tech suffering a little bit over the last day or two, energy, despite oil prices sliding, and banks despite yields pulling back are holding up nicely. >> exactly it really does seem a determined

fntd flow story into cyclical areas. if you look at the etf flows they have all been in those areas that are leveraged to an economic acceleration and not so much the secular growth stories. again, we don't know if it is preference or the wisdom of the markets telling you we are heading for boom times in the secular growth companies were overowned. >> mike, thank you see you soon. turn you now to the strirs and the vaccine. president biden expected to announce a new partnership this afternoon between rivals merck and johnson & johnson where merck will help in the production of j&j's newly approved vaccine meantime, new data is tracking just how stufl u.s. has been on the rollout so far steve liesman with a look at the numbers. >> economists seeing the first signs of the vaccines having an impact on infections and on death rates. while case levels remain high, models suggesting we are on track for some form of herd immunity by the summer that really is good for the economy. 15% of the population has been

vaccinated look at the road back barometer. that's double the percentage of a month ago. it is accelerating 77 million doses have been administered the combined u.s. infection and vaccination rate is 44% en route to somewhere around 70 to 80 still a long way to go u.s. percentage leads advanced economies according to goldman sachs. partly us a of vaccinations and also because our infection rate has been so high we are number one for the wrong reasons. the uk doing better in terms of their vaccinations initial signs that the vaccine is working as the percentage of deaths from nursing homes plummets the elderly were the first to be vaccinated it is showing up there first morgan stanley adding that total infections running below their model, another potential sign of the vaccine having a positive effect numbers like this put the u.s. on track for a summertime reopening and a strong growth

numbers forecast for later this year more confidence there, sara. >> it is really good news for the u.s., steve. my question is, can youle model the fact that the rest of the world is not there yet and it's going to take longer it is a relatively insular economy but we rely on tourism and trade and all sorts of other mobility around the world. how do you factor that into the outlook? >> i think that's a great question it is going to create some need for policies about travel from countries that may or may not be equal to the u.s. when we get to a place of herd immunity and you are right, we cannot have a full return to normal, especially given how global the economy is, until other countries catch up and i think this is something that's going to go on for a long time and by the way, sara, create a need for the u.s. to help those other countries get there. >> absolutely. steve, thanks. steve liesman. up next, shares of insurance app lemonade have soared since

the company went public back in july it is cooling off today on the back of earnings we will speak exclusively with the company's ceo about those results. you are watching "closing bell" on cnbc. dow is up 45 we made usaa insurance for members like kate. a former army medic, made of the flexibility to handle whatever monday has in store and tackle four things at once. so when her car got hit, she didn't worry. she simply filed a claim on her usaa app and said... i got this. usaa insurance is made the way kate needs it - easy. she can even pick her payment plan so it's easy on her budget and her life. usaa. what you're made of, we're made for. usaa. ♪ ♪ (upbeat music)

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50, 5-0, minutes left of trade. lemonade stock has been an aught to tear since its market debut back in july but shares turning soar todayafter the company provided weaker than expected guidance. the ceo joins us now for an exclusive enter view welcome back to the show, dan. the context for your stock is important. you priced at $29 back in july of the it has been a moon shot is it just high expectations, or is growth slowing as far as the outlook disappointment >> yeah, growth has been pretty sect we just wrapped and announced our 2020 results we are talking about 87% growth

year on year we are projecting something similar for this coming year we are going to continue to grow aggressively to put that in perspective, we have been in market for about five years after -- not even five years after fouriers or so we hit 1 million customers. it took some of the other spectacular companies in the u.s. in this space like usaa 47 years to get to that metric. you are talking about something like five toten times faster growth than incumbents experienced this the past, an order of magnitude increase. it is not only the top line. we are seeing increases in all of our key performance indicators, including our marks in efficiency. we doubled our business and halved the cost of acquiring new customers. everything is going pretty much in a positive direction. >> what about texas in particular you did talk a little bit about how -- i think one fourth of our customers are in the state of texas. how were you impacted by weather

situation, and how long is that set to last as a financial potential hit for you? >> so, the results we announced today were for 2020. the texas freeze really hit in february of 2021 so we haven't announced too much but i will tell you that it is a big deal not only for people in texas but for our company because as you say about a quarter of our customers are in texas. so far it has been a test of our people and technology as well as our financial model. what we found is that we saw a huge influx, a real surge of claims, thousands of claims in a very short period of time. and i am very pleased to say -- i am very proud of the team who were able to handle that surge and deliver stunning quality of service to our customers thousands of claims, most of them already closed. and the others are closing pretty quickly this is a time for us to test ourselves. we promise amazing service

i am really pleased that the team was able to live up to it it is also a test of our financial models you know, we have a pretty unorthodox structure of reinsurance. and it is performing the purpose that we assigned to it so even though we are going to see a spike in our loss ratio in the first quarter because of this major catastrophe, our guidance for the quarter and for the year don't reflect any major dampening despite that so we really are seeing that both our people and our financial models are delivering as we had hoped. >> you teased daniel a pending product launch are you able the share with us what that is, which sector >> so we have changed a lot in terms of our product, you are quite right. when we ipoed just a few months ago we were a monoline business. we only sold homeowners insurance. in the short intervening months we have launched pet insurance, which is doing spectacularly well and life insurance. we are crossing invisible boundaries in the insurance

space to go from health to life to property and casualty you are absolutely right we are not done. and we hinted that we have a major launch coming. in fact we have more people working on this yet-to-be-announced product than on any of the other products i just mentioned it is a source of great excitement internally but i am sorry to disappoint, i can't announce right now. >> keep smiling if it is auto insurance. >> does that count >> there we go i think we got it. >> it is involuntary >> i think you got your answer just -- just in terms of our model, i mean you are obviously growing very fast. it is asset light, i digital, a.i. focused is that what is making it so hard for the traditional insurers to compete with you >> i don't envy the traditional incumbents really going into the 21st sentry when the world has changed so dramatically. and they were engineered for a different era. insurance incumbents in the u.s.

are huge, they are also not so young. the average age is about 125 years old. so they were built during the a of the horse-drawn carriage. of course the world has changed so much. you just wouldn't build a company in the 21th accept tree the way you built them in the 19th sentry. a lot has changed. i think what they are discovering is so many things they thought were assets as the world transforms are revealing themselves to be liabilities they are proud of their 40,000 broker distribution network. is that in the age to the direct to consumer at base distribution that is an asset or an albatross around their neck? they are proud of the technology that they have been building since the 1980s it is a black hole into which they pour billions of dollars in order the stand still and

contend with the spaghetti code. and they have people that they cultivated for generations for legacy preservation but they need a team that is adept at business transformation. culture, technology, and even their investor base. 5% dividend, dependably, without any risk or volume tillity none of those things, none of those structural aspects of their business prepare them for what's coming. our advantage is structural, sec larks lumbar, it is bound in the 21st century in the21st accept tree >> that and what you said in other interviews we have had with you explain why you think you can take existing share from incumbent players. what about the opportunity to provide insurance to the uninsured or people who never really considered insurance again because perhaps they have

not afforded it, not considered it or just never been in a place to transact in that way and a smart firm might enable thatn a way that they have not had the opportunity to take up in the past >> absolutely. i am proud to say that i think that's happening already now and has for the last couple of years. this isn't only kind of a forward-looking statement. we found -- sold renters insurance, which is oftentimes an entry-level insurance product to consumers in ways and for ages and at price points that have been hitter to unknown. people just haven't seen that before we have been able to reinvent that category from the high intent acquisition to pretty much an impulse buy. loads of people who buy lemonade hear about it from friends, finds out about it on social media, give it a try they find out they can buy insurance in 90 seconds and $5 it costs half or less than half

than incumbents and doesn't involve all of the paperwork they have come to expect we are selling insurance -- in fact, 90% of our customers are people who haven't bought insurance before there is no question that we are enlarging the pie and dealing and offering products to consumers who hadn't bought insurance before i would like to think that that kind of ease of use, simplicity, dependability, aligned values and the social impact and charitable dimensions to our business -- all of that wrapped in an app that gives you insurance in 90 seconds, pays your claims in as little as three seconds does profoundly enlarge the pool of people who can avail in this product and do some good. >> thank you. after the break failing the test, the chamber of commerce says the stimulus bill misses the mark in key areas. we will speak with the chamber's head of policy about the changes he would like the see. plus, senator elizabeth

warren bashing byebacks on "squawk box." >> the purpose is to do nothing to inflate your own share price. >> ahead we will have a look at the current cepa of byebacks and whether or not companies who repurchase shares are outperforming their pierce we are back in a couple.

dow has now gone negative. down 52 points as we march into the close. the latest covid relief package making it is way through

congress today senate majority leader chuck schumer saying the senate is set to begin on joe biden's rescue america plan as early as tomorrow but the u.s. chamber of commerce weighing in saying as currently drafted it fails the test failing to cover areas like infrastructure and education joining me now, the chief policy officer at the chamber of commerce which represents american business. harsh comments on the stimulus plan why? >> there is a lot to like, actually about this recovery package. it teps turbo charge vaccinations it is going to help get schools reopen there is a lot to like about it. but we have said from the very beginning that it is important that any package be targeted and timely since this package was unveil over a month ago we have learned that american households have an extra $1 trillion in savings we learned that the majority of states have not suffered irreparable or significant

revenue loss, which presents an opportunity to make sure that we revise this bill to target the aid where it's truly needed. so let's get this bill done. but let's get it done the right way, by focusing precious taxpayer resources on the areas where it can make the most difference not stick with the plan that was involved before we had the latest data. >> the i think the administration though has been arguing and certainly treasury secretary yellen now is the time to go big because there is a lot of suffering out there, whether it is state and local governments, whether it is the unemployment, whether it is people who are looking for jobs. we don't have to use all of it if it turns out too big. but what's the risk? i guess. >> the bill as currently drafted does use all of it, whether it is needed or not as currently drafted, it is going to send money to some states who actually had year over year revenue increases, even amidst the pandemic

so this is the time where we can actually make some smart policy decisions to folk us the resources. this is a false choice between doing nothing and doing everything that's currently on the piece of paper pending before the senate. we can make smart policy decisions to target the money where it is needed the 10 million plus unemployed need an extension of unemployment benefits. should we automatically extend those through the end of august or september or should it be tied to the unemployment rates in the states phasing them out as we get more americans back the work? those are kind of the targeted, smart poll is he decisions that frankly are too often missing in the political debates in washington but if we are serious about confronting the pandemic f we are serious about being responsible with taxpayer dollars are the decisions that need to be made. and the thing is, republicans and democrats are saying that. so you are already hearing from a lot of senate democrats who

are saying, larks let's tweak this bill to make sure that we are focused on getting the resources where they are needed. that's exactly what we are saying at the u.s. chamber. >> neil, focus is one thing. size is another. focusing on the size part of it, are you fearful because you think it would then lead to the need for higher taxes in a year or two or higher inflation in the short or medium term >> we have gotten into a bad habit. we decided what the number should be and back dooring the policy into the number the right way to do this is figure out where the real needs are and let that drive into the number the problem is when you start with the number and back door the approximately see if you are overshooting on that number that means those are resources that aren't available for the infrastructure that we all want to do next those are resources that are not available for the massive job training program we are going to need to help those who remain unemployed get the skills necessary to get back to work.

so we should start with getting the needs and the policies right, let that drive the number if fit turns out the number is less, that means we are going to have additional resources later in the year for those other key priorities it's very much what larry summers said several weeks ago >> i think they are looking at targeting more, the stimulus checks, the state and local government relief, and cutting the unemployment benefits bump a little bit we will check back with you neil when we get a time version of the bill. hope they do those things. >> sounds like that's where you are. neil bradley from the u.s. chamber of commerce. still to come, hairs of lee and wrangler parent contour brands higher as digital sales get a boost. we will dive into the gene pool with that company's ceo. a check on bonds, the retreat continues. the ten-year back down to 1. 1

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30 minutes left of trade more gamestop de gentleman view. today rocket services companies. the home mortgage company surge 60%. it afternoons volumes of 13 million shares over the past 30 days guess what it was last trading 257.5 million shares clearly, this has been another pick here a. shorted company, very high short interest, getting squeezed a lot of chatter on reddit, wilfred, we've seen this movie before just a different stock today. >> just reopened as well as you were talk. up 62% on the day. $39.50 we have got 29 1/2 minutes left in the session let's check in on a couple more individual market movers square after it has in-house

banks, square financial services it will offer business loans and deposit products to square searles. up 5% today. canopy growth is bringing its cbd infused sparkling water to the united states. the beverage comes in four variations and will be available for on line sales. tune in for "mad money's" jim cramer's interview with the ceo of canopy. time for a cnbc news update with rahel solomon. hi, rahel. >> hello good to see you. here's what's happening at this hour, everyone >> texas is lifting chats limits on business starting next wednesday. >> too many texans have been sidelined from employment opportunities. too many small business owners have struggled to pay their

bills. this must end. it is now time to open texas 100% >> also in texas, farmers are trying to recover from huge crop losses kraused by the freezing winter storms. watch the news with shepard smith to see how those losses are translating into higher food prices across the nation. troubling video that has a happy ending take a look a. toddler climbed out of the window of her 12th story 79 a after hanging on for a while she falls. she is caught by a delivery driver who saw her, then climbed dwron a shed in hopes of saving her. he succeeded she did have a hip fracture but no life threatening injuries. >> where was she caught? at the bottom?

hard to see. >> at the bottom he was sitting in his delivery struck, heard people screaming and ran out just in time to grab the baby girl there. >> glad it had a reasonably happy ending thank you very much, we will see you again next hour. 27 minutes left in the session. here's where we stand. slipping over the course of the last 20 minutes or so. all three averages lower, the nasdaq leads the slide, down 1.2% up next, goldman's jeff curry will tell us the best way to hedge against inflation shares of fubo tv up 40% year to date they report later along with box, nordstrom, and hpe after the close. we will have previews of all this is how you become the best! [music: “you're the best” by joe esposito]

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let's have a look at commodities so far this year oil up more than 20% gold hand sacks raising their oil metal and grain forecasts, indicating a 15.5% return for the broader commodity index over

the next 12 months joining us, jeff currie of goldman sachs. thank you for joining us. >> thank you for having me. >> it is a great new note out. you say it is just the start of an increase across the broader commodity space. why? >> we believe there is a policy driven structural rise in demand that's been driven by the redistribution of policies, which is targeting lower income households who systematically increase the consumption think about this, you stimulate a high income household, they save it. you stimulate a low income household they spend it. we have seen the evidence with the recent retail spals. second, lower income households consume more commodities than higher income households the higher income guy drives a tesla, has a well insulated house and eats something like fish as a result, the impact he has

on commodity consumption is lower. in fact, we estimated its 50 cents per dollar for lower income and 35 cents per dollar for higher income. these factors create that big systematic rise in demand against an underinvestment in supply due to poor returns over the last decade. plus you have covid with the negative oil prices. then you put on top of that esg factors and you end up with a deficit. now you are probably saying, hey, what about oil? isn't stimulating spending, we call it green leveling, spending on green capex to level income isn't that going to hurt oil demand the answer is in 2024 or twooif, not the next four or five years. >> gold, zinc, and coco don't feature as the commodities you are most bullish on. why is that? >> coco and zinc are the ones we are not bullish on

the reason why is that they are in surpluses what's unique about this -- i mean we are talking like 30 different commodities here all of the other commodities are in sharp deficits. the reason why we are in such sharp deficits is we have demand recovering, inadequate supply, the level of demand is above the level of supply. we are drawing inventories, and markets are tight. and here's the key point of why we raised our forecast because of these deficits, many of these markets are going to be a back gradation where the spot price sits above the forward prices that's the roll yield. even if oil prices stayed where they are right now you would generate a 17% return from the roll yield alone i think that's really key her. >> jeff, if you look at the three-month price changes on a lot of these commodities, they are already up big, 20, 30%

across the grains and oil prices so how much more opportunity is there? where is the best opportunity right now? which commodity? >> comer is king in this story think about -- copper is king. we now have an energy transition blueprint in the u.s. and europe in china really the whole world alum name is up today because xi jinping got greedy in his statements about hitting peak carbon production in 2030. because of that when we think of how green the outlook is you end up with the lack of investment going forward. we think about the outlook going forward. even for, let's say, you know, you know, oil, you know, copper is going to be the more strategic commodity going forward. really, when we think about what's driving that is we are

going to have to electrify the world with all of these green -- let's call it energy transition plans. and there is physical constraints given the periodic table, only copper can be used for that that's why we really like copper it has old economy demand, new economy demand, and green economy dmarchd against underestimate in sly. >> jeff, finish things off for us on gold maybe i framed it wrong earlier, you lowered your price target on gold but you are still positive on it. >> yes there we go. that's right on gold, one of the legs we thought real rates would decline and this could put upward pressure on gold prices. what happened, real rates came down however, gold sold off substantially when the economic data that drove our demand forecast upgrades came out back about a month ago. why? it's because, through the fed

rool ral reserve's policies on the yield and the potential for yield curve control, the market for yields is not moving around like the market for gold we like to emphasize gold is a freely tradeable version of real rates. as a result, we think gold is pricing minus ten basis points on real rates while the real rates themselves are at minus 70 the strong economic growth pushed gold down lower than what it would otherwise be. >> jeff currie, thank you for joining us us on the new note and some of the calls, we appreciate it, from goldman. >> thank you for having me. >> straight ahead on the show, the ev wars heat up and shares of rocket companies blast off. those stories and more when we gons iide the "market zone" next we have got about 18 minutes left of trade. able. we want both - we want a hybrid. so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personalize experiences with watson ai while helping keep data secure.

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>> announcer: the "market zone" is sponsored by etrade trade commission-free today with no account minimums. welcome back 14 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 senior markets commentator, mike santoli, is here to break down these crucial moments of the trading day. today we have got proffitt investments ceo eugene prophet with us as will. stocks under pressure today as we speak, and sliding in the final hour of trade, mike, particularly the tech stocks once again we haven't seen the dow hit fresh session lows but we have seen the tech-heavy nasdaq go to session lows what is driving that. >> heavy all day a giveback of yesterday's bounce in terms of the big tech bounce. there was commentary from facebook's ceo an hour and a

half ago suggesting that in a reopened economy with a vaccine that maybe some of their growth might be diminished just because they were beneficiaries. now that's not a remarkable statement except in a market that's harvesting all of the 2020 winners fang and social media stocks, tesla, if you look at the spacs and the ipos, the market showing maybe they have had their fill of some of those plays for the short-term. >> bonds have been at the center of the action. today scott minerd joined the exchange and discussed his outlook for rates. listen. >> the models tell us we are going to have a ten-year yield that's negative. the mean expectation is for it to be about negative half of 1%. could be lower but whether it is negative rates or just rates, you know, which

are barely positive, you know, i think over the course of the next 18 months, you know, we should expect the see a high likelihood that we end up with significantly lower long-term rates than we have today >> eugene, i thought everybody was worried about higher rates and what that would do for valuation? >> i agree, sara that was kind of interesting i think that the stock market has been a little bit concerned about yields looking a little bit higher over the last month or so. and certainly, if he's correct and we see lower rates over the next 18 months, that's going to add some fuel to increases in stock prices, right? but i think overall you are basically seeing the same thing, that investors are more concerned. they are looking more towards cyclicals and how we come out of the pandemic and the stocks that have been higher valued are selling off or harvesting gains, as mike said. >> materials and consumer staples are your winners today

retailers, target and kohl's out with numbers >> target comparable sales grew more than 20%. on line sales of 18% multiyear investments in sbe vait grating stores and digital paid off same day service sales grew 212% in the holiday quarter curbside pickup sales alone, part of that, grew by more than 500% shares are lower after target said it would step up capex spending opted out of giving a forecast and warned about gross margins. >> the range of outcomes are still very uncertain as we think about the state of the economy, where the virus is, the distribution of vaccines everyone is wondering when we go

back to work and back to school. we think right now the prudent thing to do is really just focus on execution. >> kohl's did issue a forecast one the ceo says she feels confident about. they beat expectations even with a preannouncement of those results and earlier today on cnbc goass says she sees momentm carrying through this year back to you. >> kourtney reagan, thank you. what's the strategy on retail? do you switch from essential retailers like target and walmart whose seals have done well during the pandemic to more places like kohl's which could see a pickup as the country reopens. >> i think retail's big factor

is digital sales both kohl's and target had better digital sales i am paying attention to that. as the economy reopens and you get more people back in the stores, koelz, nordstrom and macy's -- those stores will benefit. i think we are in a period where digital sales will become more and more important and that's what you arereally seeing play out in the earnings. >> mike i want to pivot back to the broader markets. the nasdaq is thousand down 1.5% to what extent into a degrossing or derisking from hedge funds as rocket mortgage today is the short squeeze of choice? >> impossible to quantify in real time. when you do get crowded moves in the short stocks from has been more caution on the broader tape it has been the pattern. more broadly i think some of the risk appetite gauges we were focused on for months and

months spak stocks, recent ipos, tesla, the arc funds are backing off today. it seems like it is rotation out of the stuff that screamed higher and there was easy money in it for a while and there is harvesting there and reallegation to where there is economic leverage. it is not a one or one market cap supply of those stocks that's why i think the overall index has taken a hit? let's get an update on rocket mortgage >> the stock is up about 70% today, which doesn't make sense at face value given the recent spike in mortgage rates although rocket did report better than expected earnings last week. instead it is out of the gamestop playbook. rocket mortgage company has 40% of its shares in hedge funds and retail investors are on to it. jon najarian said on "fast money" today that he saw economy on the reddit birdie wall street

bets again these men and women are back and into it in a big way >> thanks for that eugene, when you see moves like this, are you taken back to the events of january and gamestop does it make you want to take money off the table? >> no, not necessarily i for the most part ignore those moves. if someone calls me and tells me before it happens get in which wouldn't happen i would be okay and have five years of gains in one stock in one day but that's not fundamentally sustainable. certainly there is a reason they have so own many shorts in those securities this period will pass. it is kind of a bubblish part of the market i am not knocking it if you are in it and you are successful with it that's fine but i am trying to be successful long term, with that it isser inially impossible. >> why were so many people shorting this company, mike? short interests reaching over 46% of the float

why was that such a target here? >> it seemed like -- first of all it is a proxy for mortgage rates going up and it seemed as if on a macro basis on a cyclical basis it was an interesting vehicle there was a sense when it came public, there is not that much of a growth story here a lot of it is a refinancing type play and that's going to go away if yields go higher i don't know if there was anything more to it than that. but is interesting about it is it is a mature company with profits. i mean the estimates for 2021 are 240 a share or something like that. it is interesting that it was cosmetically at least looked cheap even not for a slow growth financial stock. now even though it's up a ton, it doesn't look wild the way gamestop looked wild on any fundamental metric whatsoever. it is just because people don't know thend lying story see the crowded short, the opportunity for a low float

stampede and here we are. >> billionaire dan gilbert the parent company of rocket mortgage. electric vehicle wars are heating up volvo introduces an entry into the increasingly popular space. >> volvo going all ev by 2030. look at the xc 40 recharge it is all electric you can't order it at a dealership, you can only do it on line. earlier today i had a chance to talk with volley co's ceo about what needs to change, what needs to be improved in the u.s. when it comes to electric vehicles. and he said it's pretty simple, the infrastructure >> i think that is the most important thing is investment into a charging network. there is two types of charge one is a very high power charging on the main roads have to be in the right locations. i mean it is more between the cities than in the cities.

>> as you look at shares of gee lyon motor who owns volvo, it has had a nice move this year. remember, volvo planning to have only ev sales, all ev sales by 2030 get to 50 by 2025. >> are they catering towards families i always think of volvo as the safe family station wagon type car? >> what they are going after with >> wash our mouth out, young lady a stationon wagon? if they heard you say that, they will be disappoint this is a utility vehicle a. small electric crossover utility vehicle. volvo is targeting families banking on the reputation they have built up for safety and reliability. >> the suvst look great one has to say from maybe ten years ago. with two and a half minutes

left, eugene, we are selling off. it is focused into the tech-heavy names do you get tempted to pick up tesla, apple, netflix, facebook in the red on days like this >> yes, i am certainly getting there with apple, which we own, and facebook and netflix tesla, we own as well. but i'm not bullish on tesla primarily because certainly there is a lot of competition coming on line and secondarily, i am a little concerned about how they have been changing the warranties on the used vehicles and some of the quality issues that have sorted started to be vented about. figuring out what's going on there i would feel stronger. if it gets below $600 maybe i would be interested. when it was above $800 i was annoyed that we had sold it in the 600s because we are market sensitive. >> mike, what have we moved

into >> it seems more like we are in a jp morgan and caterpillar market they have the ones making new highs. berkshire hathaway mentioned yesterday, up again this morning. they are the economic play, the idea we have an economic revival. i don't know they are as concentrated in the way that everybody was focused on tesla it is a swing factor in terms of sentiment. old economy, 19th century founded companies. >> mike, two minutes left, what are the internals showing you? >> they have been mixed. if you look at the new york stock exchange split in terms of margin it was positive. still is it is not a washout in terms of the average stock necessarily. look at the nasdaq new 52-week highs versus new 52-week lows on the day. the number of new low, 180 right

now is well above where it has been for months. that's starting to show wear and tear in the growth and smaller cap and the tech areas that's starting to accumulate more as opposed to the one off pocket days the volatility index settled down since last week it has been sticky in this area n the low to mid 20s i still think essentially we are in the choppy zone in the markets. we have been unable to break above those highs from earlier in february. sara. >> less than a minute left of trading to go. we are giving back some of the gains that we saw yesterday, though not as much down 129 on the dow. the only sector that's positive right now on the s&p is materials. the worst performer is technology down 1.5%. consumer discretionary and communication services those three all move together. sharply higher on the week s&p 500 down three quarters of 1% the nasdaq down 176 periods, the russell 2000 index of small caps

gained the most yesterday. down the most today giving back 1.8% even though yields pretty much stabilized which was the center the concerns last week when the yields were rising. heading into the bell, the dow is down about 142 points, half a percent. no catalyst behind the selling, just coming off of very strong gains yesterday, a more than 2% rally for the s&p 500. giving back .8% right now. >> down 177%, pretty much at the session lows for the nasdaq at the close. welcome to the "closing bell." again i'm will wi along with sara eisen and mike santoli, cnbc senior markets commentator. while the dow wasn't quite at its session lows it approached them, down half a% 145 points. the s&p closed down .8 prlz. 1.7% for the nasdaq. the russel down a little bit more than that, 179% tech led the selling tesla down 4.5%, apple down 2%

facebook down a little over 2% amazon down 1.7% coming up an exclusive interview from tom mccleanon why he turned bullish after last week blues, nordstrom box fubo and hpe set to announce numbers. eugene profit is still with us and -- doe mingz joins the conversation mike to you first. as we have been discussing, tech is the focus here. while we are not at the lows of last week, tuesday, wednesday, whatever it was, we are looking at some questionable levels now for some of these names. >> i mean, still, even though tech and big cap growth has underperformed since about labor day, six months and more that they have not been leaders, they are still having an impact the s&p the pay it closed today,

3870 is where people were fixated on last week, where it broke, higher on february 4th. the 3900 high, was that legitimate was it going find buyers there that's why you think you might have attention on this closing level. it still seems as if it is rotational, that win remembers being discovered in the cyclical area maybe winners are being pressed hard in those groups and maybe extended over the last couple of weeks but i think overall it is in the context of a market trying to reprice for better growth it just doesn't always platter the overall indexes when that happens. >> if we are looking at significantly higher growth rates, kourtney, how are you telling your clients to position themselves right now. >> i think we really need to look at this trend looking at her mega cap and tech which has been underperforming i think we will likely continue to see that trend you really want to make sure you are taking profits from those

things from adding the your cyclicals. as we come out of recession those tend to be your best approximators. er with seeing that happen but the values the cyclicals are cheaper than the tech companies and i still think we have room to run there you need to take advantage of that. >> eugene, when you factor in the likely rise in rates and the weak innocence the dollar does that push to you put some of your money to work overseas? >> well, i am most low domestic. i do pay attention to what's going on in china. because they are leading the way somewhat in technology to some extent names like yum brand i will pay more attention to. right? but higher rates, to me, basically means that i am less interested in high dividend paying stocks and much more looking for growth and that's a little bit harder to find now. but it's getting a little bit easier because the valuations are coming down in large cap tech. >> mike, did you see a comment from fed governor brainard

speaking earlier saying that the treasury cell selloff yesterday the speed of it caught her attention. and there were some wall street notes this afternoon questioning whether she was signaling potential intervention or just that the fed is on and it won't let something like that happen at any extreme. >> that there is a limit to what the fed would be pleased with in terms of yields going up at the longer end what is significant is she said if it came along with significant tightening of financial conditions that's what the fed always said and focuses on it isn't about the absolute yield spread of tress reese, it would mean if credit signs are gapping out, or signs that access to credit is being limited or working against the fed's system lative intention. i think that was take tony heart to some degree by the market although down to 1.4 on the ten-year yield is not necessarily kind of breaking that upturn that we have had in place for a few weeks just yet.

>> getting earnings out. box just reporting josh lipton with those numbers josh. >> sara, box reporting q 4 eps of 22 cents versus expectations of 17. revenue was up 8% to 19 $.9 million. that's versus expectations of $196.5 million billings clock in at $310.1 million. that's up 10%. q 1 basically in line here 16 to 17 cents on revenue between 200 and 201 million. for the year that guidance is above expectations 76 to 81 cents they are calling for, between 840 and 848 this stock was up 10% over the past three months but up 120% from the march low the conference call starts at 5:00 p.m. eastern. back to you. >> josh, thanks for that mike, where do you stand on this one? how does it perform relative to some of its peers in the recent tech pullback? >> it never really caught the

tail wind with a lot of these storage cloud-related stocks if it goes back to a high of 27, above 27, that's almost three years ago. so it has been a little bit stuck right here it has been kind of an execution story and a grow into valuation story for quite some time. >> kourtney, are you getting opportunities out of earnings? and especially the outlooks, which have really come in mixed across different sectors and different nails just i guess based on visibility right now in the post covid economy >> which isn't that surprisings. it is definitely a cloudy horizon as we look forward here. but i think the fact that we are seeing so mane companies beating expectations right now i see as a positive sign. we are getting things like additional stimulus is likely going to come out. you are seeing that really going into the hands of consumers and investors. every time it has happened it is making its way back into the economy, back into company asks back into their bottom line. i still think there is a lot of room to run here but as we keep seeing companies

reporting earnings and beating those that makes me optimistic. >> lyft is crossing. diedra bosa has the details. hi, dee. >> wilf, a disclosure with the s.e.c. lyft says it is seeing a recovery in ride sharing even sooner than it had expected. it says that it expects improving losses for the current quarter and adjusted eabout it de loss of $105 million. better than the 145 to $150 million that it previously forecast now this comes on the back of improving ride sharing trends. lyft says the last week of february was its best week in terms of volume since pandemic lockdowns began. the month as a whole saw daily rides grow 4% from january and lyft expects the recovery to continue into march with ride sharing volumes turning positive year over year on the back of this disclosure, we are also watching shares of uber lyft shares just popped more than 2%.

uber is up that much as well we heard from the uber ceo yesterday who also said they were seeing green chutes but it was quote too early to tell. whistle, we will be speaking soon exclusively to lyft's ceo brian roberts. we will talk to him about this update and what it means for ride sharing and the recovery the rest of the year. >> dee, we look forward to the interview coming up. mike, how does lyft perform relative to uber given its sole expezzure during the pandemic? >> it generally lagged but it has incredible comeback now caught up in the enthusiasm for a reopened economy all those stocks given credit. and today san francisco saying they are reopening health clubs and restaurants and things loo that that's in light of's sweet spot. hp earnings are out. josh lip ton with those numbers. hi, josh

>> yes -- >> josh. >> i'm sorry, guys hp reporting q 1 eps of 52 cents versus 41. and revenue was $6.3 billion versus expectations of $6.72 billion. guidance is strong, 38 to 44 cents. for the year they raised their outlook. looking for between 170 and 188. the street was looking for 168 i spoke with the hpe ceo versus 90 days ago i asked him better worse or the same he said spending is berks it is fueled by need for connectivity. he expects gradual improvements going through 2021 i asked him about the chip shortage, any impact he is seeing there hpe he says is seeing no or very little impact in the first half of 2021. to the rest of the year in 2022,

hpe is making sure it is positioned well against that possible challenge hpe is seeing tightness in commodities and inflationary aspects on costs back to you all. >> josh lipton thank you very much kourtney, this stock has had a nice run late and he and is stringing together a if you good quarters up 2% in afterhours. do you like it. >> coming after the last two quarters where they more than beat expectations. i find it interesting they are finding inflation pressures. i think it is something we are seeing in the stock right now and i think it is a trend we might see in the economy have inflation hedges in there listen to what the companies are saying and move your investment portfolios around that stereo eugene, we were talking commodities earlier in the show. are you a buyer of energy stocks >> i own exxonmobil. i wasn't very surprised that what we have gotten into the

first quarter. i don't think anyone expected the run. oil prices increased i am getting to the point where i am looking at it as more of a sell but i think that across the board commodities are starting to increase because even though the economy has only begun to open slightly it is starting to become more open and you will see more growth continue along the path. >> mike, which -- does energy still have the most catchup to play as far as cyclical industries as the economy opens up and growths starts to move up, higher rates. >> yeah, from a longer term basis in terms of where energy stocks got to, i would say that's probably true, yes. energy materials the a lesser degree. but really, the comeback has been incredibly strong and incredibly sharp nothing happens in a straight line i do still think that most of the rationale behind loving energy here is the general reflation trade groeblly and moon reversion because it became such a tinny part of the overall equity cap. >> another earnings report

nordstrom. >> earnings for the fourth quarter coming in at 21 cents, unclear if this is comparable to analysts estimates here because there is a c.a.r.e.s. act benefit in there revenues of $3.65 billion is better than expected the street was looking for $3.59 billion. those net sales down 20% digital made up 54% of the total sales. the same quarter last year, it was 35%. nordstrom does talk about the overall trends improving sequentially throughout the quarter with continued momentum exiting the foush, the final of course of the year here. shares of nordstrom though are down about 3% after-hours. the guidance for the year is for sales to grow 25% and the street was looking for sales growth of 26%. so about in line there back over to you. >> cora thanks

courtney dominguez what sewer take on nordstrom. >> they pay a solid dividend almost 4%. which is comparable to a lot of their peers. i think we need the look at them they have a really good on line sales program. they have actually a good hold over millennials as opposed to many other of your big retail stores and they have actual low an affluent base there which is going to hold up better as we see things recover generally optimistic on nordstrom. >> we will leave the conversation there eugene and courtney thank you for joining us heavy earnings session stocks giving back some of monday's big gains up next, noted market watcher tom mcclellan, on why he is bullish on stocks following last week's selloff. >> plus, lyft's cf on ride sharing. the company just announced they are levels from prelockdown.

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stocks falling back offer yesterday's rally. amid last week's volatile moves our next guest found himself turning short-term bullish on the market for more let's welcome in tom mcclellan. thank you for joining us. >> thank you >> let's start, if we may, on a

chart you have pulled up for us in the way you think gold front runs oil and what that's telling you at the moment. >> gold front runs a lot of things, grain prices, interest rates. it gives about a 19 months indication of what the move oil prices would look like unless you have things like the covid crash putting a thumb on the scale kboeld looks like what the movements are going to lock like in oil prices. gold bottomed out in 18 in 200 and zoomed up to 1600 in 2020. oil prices have yet to echo that they are just now starting that climb. they have a lot higher to go makes sense. they have the tail ends of the reopening, going back to work, filling up winnebagos, boats, driving cars again it is going to create demand and i don't think the biden administration is going to be opening up a whole bunch of new

supply that would all factor together to make a case for higher oil prices >> does it also suggest, tom, that that rally in oil prices will be relatively short lived give that gold has since pulled back >> no, the gold pullback that we are seeing now will matter 19 to 20 months from now oil prices they lag by 19 or 20 months we have many more months to go until we get to the echo point of the august 2020 gold price peak many more months for rise of oil price asks grain prices and interest rates for that matter tom, what about stocks s&p. what is your call, tom, after we have sown a tremendous rally off the march lows and a bit of volatility here into the new year >> we have done shortened our managed account program in february because we saw weakening breadth numbers and excessive will he bullish

reading. and seasonal in the latter part of february. all of those added gt together to say small decline not a huge decline but tradeable. we did i reverted from short to long on thursday one day earlier than the s&p 500 but i had a great time on monday with the strong upbid. there is more softness this week the first week of march, then we should see a nice rise for the next week or week and a half there will be a stumble later in march but we will deal with that when we get to it. >> how about what the vix is doing to that call today it was officially lower but ticked up by the close fit doesn't break lower, does that remove some of your bullishness. >> the vix is very important for the flip from short to long last week we had an expectation for a bottom and was looking around for signs of one it didn't fell like we had

gotten all the work done yet to convince everybody that the sky was falling. on thursday last week the vix spiked up 35% in one day generally speaking if it goes up more than 10% in one day that's a good sign of a bottom. a 35% one-day pop is a sign that people are run forth hills, the sky falling, the world is going the end, we are all going the die and you can have more confidence about jumping in when that's the condition that the market is serving up to you. it isn't always that easy but every once in a while the market throws you a hanging curveball and you can smack it >> we have got one more chart which i think is money supply relative to gdp. what is this one telling us? >> m 2 is up a ton because the fed is throwing money at the banking system and if you have an expanding gdp, then you need more money for everybody to have the same amount of walking around money

in their porkt if m 2 and gdp are growing at the same rate you have a generally stable condition when you create m 2 faster than you are creating gdp then you get a rise in that m 2 to gdp ratio, the chart i sent you. that means there is whole lot of money that doesn't have a real economic mission, businesses aren't paying accounts payable or filling atms. what it tends to do, a year after a surge like that it tends to boost stock prices the peak of that yaish ratio came in june of 2020. gdp is coming back, m 2 is sell the growing but a little bit more slowly. when we get to june or maybe july of this year we will be at the one-year echo point of that big surge in m 2 versus gdp. i think we are going to see the second half of one see the stock market struggle a lot more than it is going to do for the remaining months until summer

this year -- spring. after we get through that little laid march ugliness i am looking for a strong market june into july. >> that seems like a non-consensus call i am glad the hear a that. >> thank you we have more earnings coming in this time from fubo tv. julia boorstin with the numbers. >> fubo revenues beating exempt igss bay $10 million $105 million in wretch for the quarter up 98% from the year earlier quarter. the company did report a loss of 2.47 but that doesn't seem to be comparable with estimates. subscriber numbers are very much in line with expectations. 548,000. that's 3,000 more than anticipated. and the company increased its revenue guidance for both the first quarter and the full year above expectations to a range

above expectations the company says it expects to accelerate the investment not just in its team but also to expand into wagering they note this guidance does not include any projected revenues from online sports betting which we know has been promising they announced in this release as well that they closed their acquisition of gaming and online betting company fig tory hear the going to create their own sports book. down 1% in after-hours trade. coming up, senator elizabeth warren taking aim at stock buybacks up next, mike santoli will have a look at why the stars maybe aligning for a buyback boom on wall street. plus, lyft reporting its best ride sharing activity in congye mi up, we will discuss the ride share recovery with the company's cfo.

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the market anonymously, buying up their shares s to do nothing but inflate your own share price. i just doesn't have another purpose. >> that of course was senator elizabeth warren earlier today on "squawk box" calling corporate stock buybacks quote nothing but paper manipulation mike santoli taking a closer look at bye backs. >> i have to say, it is fascinating that bye backs has become such a hot political issue, for years especially when buyback activity has crashed off the recent highs in 2018. obviously with 2020, with people conserving cash, this number went way down. i do think, though, you have the ammunition for companies to really start to ramp back up on the byeback side look at cash as a percentage of total assets among s&p 500 companies. here you see it is basically at a historic high. a lot of it is debt because companies did sell a lot of debt last year in case they needed it

as a cushion they don't it is going back out in byebacks which companies view as a more tax efficient day to buy out shorter term shareholders and reward longer term shareholders who don't sell to them in giving them a larger share of a confirm that's the textbook way this works. look, though at the performance of heavy byeback companies these are consistent repurchases of their stock has not outperformed over the last three years it hasn't been a consistent outperforming strategy for the stock. if the only purpose is to get the stocks higher, well it doesn't work as well as buying the index into maybe that's not the sole point lyft shares higher in after-hours after the company just announced a surge in ride share activity up next the company's cfo on how that will impact the bottom line in the current quarter we'll be right back on "closing bell."

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share in the u.s top tier investors include lennar, one of the nation's largest home builders and the cofounder of zillow and fidelity group have committed as well as wells fargo. lyft shares higher after releasinged 8k filing moments ago saying ride sharing demands is surging earlier than expected joining us now, lyft's cfo along with deirdre bosa. >> thank you for joining us right after this news. yesterday uber's ceo said the green chutes they were seeing were encouraging but it was too early to tell. what makes lyft so confident that your recovery is more than just green chutes, that it might be some inflection point

does that bring your profitability time line forward once again. >> thank you for having me lyft were excited to announce we had our best week for ride share rides since the pandemic despite the severe winter storms that impacted so many states across the u.s., average daily ride share ride buying increased 4% month over monday if you were to normalize for the storms, the growth would have been even stronger look i am smiling because this the release we also disclosed that ride share rides for the week beginning march 15th --we are talking less than two weeks away -- we expect to show a positive year on year ride growth and we expect that trend to continue every single week through the end of 2021 as we conquer covid. final lesion as you mentioned, we had to transform our cost structure during the pandemic. as we disclosed we have taken

out $360 million of cost we beat our target last year by 20%. and you know, as we look at q 1, we announced today that q 1 is coming in better than expected when we reported just three week ago. in our 8k we expect adjusted ebitda to come in 15% better than expected. lots of highlights, super excited that we just had our best week for ride share rides since the pandemic sthoochlt right. and brian, these are all really encouraging, optimistic numbers. again, i wonder what makes you so confident for the rest of the year when your chief rival said yesterday that he was going to be a little bit more cautious on the data that he is seeing are they seeing something different? do you think your focus on ride sharing amid the pandemic has put you in a better position for a recovery for a reopening >> sure. all we do is think about our

transportation we go to bed thinking about the u.s. and canada. our strategy isn't just transportation it is ride sharing, bikes and scooters, transit, and rental cars in january we grew rides average daily ride volume grew 4% month on month. in february we grew another 4% if you normalized just for the week of february 21st, we grew 5.4% we are seeing a number of helpful data points. just to give you a perspective, if you look at q 4, october was the monthly peak october was the peak then november, and then december and we are seeing the exact opposite in q 1, which we have now grown and we expect march will show additional growth in average daily ride volume. we are feeling very good we expect q 2 will be the inflection point and then we expect much stronger growth in the second half of the year. >> your focus is pure

transportation have the events of the last year made you more or less likely to enter new markets? >> we have announced that we are exploring a pilot right now of b 2 b delivery our mission has been to improve people's lives with the world's best transportation. we believe that's the best strategy we are going deeper and deeper into transportation. we go and bed and wake up thinking about transportation. we believe we can outexecute. >> brian a lot changed in the past year since you have seen this pickup in growth. more people bought cars and started driving then selves that didn't have them more people worked from home and may continue to do so. how do you think about the long term consumer habits that formed over the pandemic and what it might mean for your business, and potentially slower rate of growth than we have seen in the prior years? >> so one of the data points that we announced in q 4 was that revenue per active rider had an all-time high

we have seen a new cohort of useran our ride share program. ride frequency was strong in q 4. i think what's important to understand when we think about the reopening in the u.s., again, hats off to the administration for securing 600 million vaccine doses for the u.s. again, our operating footprint is u.s. and canada we are in a phenomenal position to rebound faster than other countries. but you have to remember, you know, people have been just locked up in their apartments and homes. and we do expect that when it is safer for the economy the reopen there is a lot of pent up demand there is nothing left to stream. no one wants the eat another meal at home we do expect wohl see a strong resurgence in demand as people can go back to their social lives. >> brian you said that you go to sleep thinking about transportation, you wake up thinking about it. but you guys have at least thought a little bit about

delivery you outlined it late last year he wonder, are those plans on hold are you still planning on going into the delivery space, even if it is more a b 2 b model >> sure. we are piloting with a number of cities on b 2 b delivery still,our mission is to be the world's best transportation. we would want our drivers to maximize earnings per hour to attract more people to the driving platform we are already at scale across most major cities in the united states. >> brian roberts, thank you for joining us >> thank you very much >> our thanks to deirdra bosa. up next, the company's ceo on what is dviring sales of

wrangler jeans and whether he is seeing -- ease as people get vaccines we are back in a couple of minutes. [music: “you're the best” by joe esposito] [triumphantly yells] [ding] don't get mad. get e*trade and take charge of your finances today. how do we ensure families facing food insecurity get access to their food? we needed to make sure that, if they couldn't get to the food, the food would come to them. we can deliver for food banks and schools. amazon knows how to do that. i helped deliver 12 million meals to families in need. that's the power of having a company like amazon behind me.

time for a cnbc news update with rahel solomon hi, rahel. >> hi wilf hello, everybody

ratings for the golden globes have been updated. they are the worst numbers for the award show since the '90s. viewership was under 7 million that's a drop of over 60% from last year. wasn't even the most watched show of the night. cnbc's 60 minutes drew a million more viewers. the boy scouts of america says it is offering to pay $220 million to former members who say they were abused when they were scouts a. lawyer representing over 1,000 scouts says that the plan is, quote, woefully inadequate. and this is pretty cute. taking your first steps is hard, even when you are an endangered rhino. this black rhino needed several tries getting on her feet under her mom's watchful eye it is the fourth calf born to that mother. you are now up to day. i will isn't back to you sara >> apparently baby rhinos are 100 pounds that's a lot of weight to be juggling for the first time, sara. >> absolutely.

not such a baby. if only little infants could walk when they first come out. that held, thank you. shares of wrangler jeans parent contour brands jumping on strong revenue growth saying it sees even more momentum ahead as it recovers from covid-19 and the fallout on retail. we will discuss what's next for the brand when the ceo joins us after thebreak it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪ these days, we want sophisticated but simple. cutting edge made user friendly.

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jumping today, hitting a 52-week high after earnings beat expectations on both the top and bottom lines the denim maker which spun out of the s corp. in 1929 includes iconic lines like wrangler and lee. they also own the vif business welcome to the show. i thought everyone was wearingatelyture and leggings. is denim making a come back? >> for sure. people are dressing to denim because it is casual, it is easy you can he is drit up. you can dress it down. you can wear it on any occasion. the thing that we are seeing is it is happening globally for us we are in a nice sweet spot when it comes to how people are thinking about the product they are wearing today i think the other thing that's important for us is as people

come back to the office people are really starting to go ahead and think about how they are going to dress denim seems to be the choice as we come back into the office. >> michelle gass told me that's whatter planning as well, she's the ceo of koelz saying their focus is going to be on casual wear, even when we go back to work. i am curious how you positioned your brands which are so old in a good way the younger customers like a lee and a wrangler. how does it resonate >> when we spun the company off two years ago we hadn't invested in the brands for a long time. these are brands with over 200 years of history and heritage. we thought to aggressively bring a new consumer in. we have done that across the globe with additional demand creation, and collaborations right now we kicked off a collaboration with h & m in over

60 countries we wrangler right now has a collaboration with the tv show stranger things and the tv show skprik morty significant. we are happy with how people are responding to our brands the other thing we did in our strategy which was important is we don't just think of ourselves as a denim company we have a strong outdoor line called alta rain gear that's sold globely and we have a strong shorts business with caprice and a strong tops business as we thought about how the bring consumer into the franchise rear going up and down the entire value channel we are pleased with how we are thinking about it, how the teams attacking globally and playing offense. >> clearly you are selling a lot of jeans over the course of the last year. do you think, though, in your design, given the shifts we have seen, it is now more of a focus on making sure those jeans are comfortable as opposed to fashionable? do they have to stretchy

technology in them to sell well? >> stretch is a big technology i am glad you hit on that. it is across the globe we sell a lot of jeans for the work standpoint. a lot of customers turn to us because we have great value. we sell a great frokt that's made well and it has a great value. and we also send high enjeans at places like nordstrom and jeans that have a little make in them. in china, our lee brand is elevated with elevated price poents in the chinese market a little bit different for us in each one of the big geographies around the world certainly we feel like we positioned both brands to be doing well ahead and be where the consumer is going. >> wilfred likes a good pair of stretch jeans, apparently. >> no doubt. >> i wanted to ask you about the stores i know

in the past year a lot of the stores you sell through closed department stores closed some going brunt like jcpenney how has that impacted you and where you think you want to be. >> one the pillars of our strategy when we spun out was to win with the winners we had that pillar of strategy that was win with winners and move to a quality of sales initiative we set ourselves up so we were doing business with walmart, target, kohl's, amazon, western partners, tsc. we focused on those customers. and globally but we focused on the real high quality accounts that we knew were going to be around for the long term and spent our effort and energy there they were essential. in some cases during the pandemic, opportunity for us, and part of our strategy but we like the position we are

in because that's where we put all of our energy and effort with those winning retailers we are pleased sth. >> scott, big stock move, up 7.6% doubled in six month thank you for joining us, scot president biden said that the federal pharmacy program will be prioritizing educators throughout the month of march and he wants every teacher to have one shot by the end of the month. this as he tries to open the majority of k-8 schools by the end of his first 100 days. interestingly he said under no uncertain terms there should be an expedited supply. he said everyone who wants a shot should be able to get one by the end of may, moving up the

previously set date for july that we had been previously watching for not so fast. biden had previously said he expected things to return to normal he said by christmas he was asked again today he said he's been cautioned not to answer that question. he offered up "perhaps this time next year" >> let's hope it was the caution that led him to say that thank you very much for that for more on the vaccine and the collaboration, don't miss the ceo of johnson & johnson that will be on "mad money." still to come, an update on the carlos gomes saga. it looks like one ymt paen company could be doubling down on crypt ho in a big way details next

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skip bail in jail. they've been extradited from the u.s. arriving in tokyo today they believe the father and son were paid to smuggle ghosn out of japan he's been in a boston jail since last night i caught up with carlos ghosn last november. here was his reaction. >> sending to american citizens to work through the system by the administration and i cannot think two second that they're not aware about the extremes of the japanese system is for me very difficult to understand >> in addition to the taylor's former ghosn aid greg kelly remains in japan where his trial will reportedly continue through the summer what's surprising and goens' reaction there was one of just shock. yes, we have extradition with

japan and that is the law. both the trump and biden administrations have upheld that human rights groups and doorls ghosn himself have criticized the system in japan. he described and you heard it in the interview the condition when he was held in solitary definement and interrogated day and night and not treated humanely for this white collar crime that these americans would be sent there, which is what they were trying to fight in the courts over the last few months and ended up failing. >> i guess carlos ghosn criticizing it isn't the ones to focus on it's the human rights groups as you point out. at the same time it's difficult. japan is a country with a rule of law and an ally and its trading partner and the various offices are upholding the laws as they stand. we'll have to see what happens up next, the key things 're we

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stocks closed lower on the day, still up for the week, mike, after a big rally yesterday but sold off in the

close. what will you be watching tomorrow to see if we can continue to hold the gains we saw yesterday on the stabilization in yields. it's not like they popped today. >> no. it's about the continued heaviness in tech stocks by the way, the issuance pipeline continues we're watching airbnb, that's an area that seems to be weighing >> the nasdaq was down 1.7% today. that does it for "closing bell." "fast money" starts now. >> i'm melissa lee lee this is fast money money tonight, the chart master says it is time to harvest gains in the tractor trade. he'll break down the chart next, clean-up in isle three target misses the mark we start off with the