tv Power Lunch CNBC April 6, 2021 2:00pm-3:00pm EDT
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welcome to "power lunch," everybody. i'm tyler mathisen the s&p 500 continues to smash old records. now, though, just clinging on to very small gains dow a bit lower today. who needs to happen right now to keep this stock market run going? and many people can't wait to get back to the mall, try on clothes, eat at the food court i got to say i've never heard
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anybody say they want to get back to eat at the food court. be that as it may, many others have fallen in love with at-home deliveries and a remarkable basketball season coming to an end, a season unlike any other. we'll talk to the player of the year, luke garza, from iowa about his plans to cash in on his success and popularity now that he no longer needs to play by the ncaa's rules. "power lunch" starts right now welcome to "power lunch. i am courtney reagan we have a lot to look forward to we have the record highs, is there anything that can derail this record rally? bob pisani joins us for more he always has the answers.
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hi, bob. >> hi, courtney. even though we're flat today, this is a powerful rally everything is working the low volatility, high volatility, the stay-at-home, most stocks are doing well why is it happening? we have a confluence of just about goldilocks market. we have an acsell rated vaccine roll-out president biden is talking about april 19 for all americans, not may 1st. the jobs report, the ism record, imf is estimating that global -- well above their prior estimates. i've been talking about these earnings revisions they keep rising, the estimates are going up for the first and the second quarter, and the market's internals, the advance/decline line and other internals we used to look at the markets have been stress strong. it's very fashionable to say
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people don't want the stay-at-home stocks anymore. i'm sorry, but the bigger names, the home depot, the lowe's the target, sherwin-williams, masco, they all hit new highs yesterday and against today new highs. people are still buying stuff for the home, but at the same time there's the growth names, the technology stocks that benefited from stay at home, but also benefit from an expanding economy. alp alphabet, microsoft, facebook, and they're hitting new highs today as well. texas instruments and these travel and leisure names, they're not quite at new highs, but essentially they're just about there. they're one strong trading day away most of the names you see here, including many of the airlines like delta, many of the hotels like marriott, they're 1% to 5% away from 52-week highs. what does it mean?
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it means the confluence of the global reopening store, like with, of course, the vaccine, along with the new stimulus programs, is creating powerful incentives the big story next week is the start of earnings season i'm expect to go hear a lot of guidance, which we have not been hearing for a whole year guys, back to you. >> robert, thank you very much can anything continue to take the markets higher? joining us now is riverfront investment group, global fixed income co-cio, kevin nicholson and crossmark's chief strat citi victoria fernandez kevin, what do you say is the market in a bit of danger because the prices have gotten so high? if there are any slipups as earnings season gets until way, they're really going to take it out on stocks? >> i think the market is priced for perfection, such that it
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wants to make sure the roll-out goes out smoothly, we continue to get vaccining done, we reopen the economy and have a good strong earnings season all of those things so far seem to be on track, when you are looking at gdp being forecast at 6%, i think there will be upside surprise that is occur during earnings season but i do feel the mac could pull back here we started this year out with 175 operating earnings on the s&p, if you put a 23 multibamultiple o that, we're right about where we thought. it's been a strong year so far victoria, you sea the credit markets are almost always the canary in the coal mine for stocks what are the credit markets say right now? >> you know, surprisingly, with some of the volatility we had seen over the past couple weeks
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with people doing the rotation between value and between growth, the credit markets have been stable. for us, combining that, along with what bob was mentioning with the breadth we're seeing of stocks doing well and hitting highs in the equity market, that's telling us there really isn't a reason to be terribly concerned at this point in time with a huge pull dpback investm grade is stable. that's telling us there's anticipation, earnings is going to do well and corporations will have good guidance going forward. >> kevin, part of your title has "global" in it, so let's talk a bit about what you say happening around the world, really wherever you want to go, when you consider that especially some of these emerging countries and theius ozone is behind the united states when it comes to the vaccines
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can that drab down the global economy? >> i think that the global economy will do well just for the simple fact that when we reopen here in the u.s., you're going to then see a following -- the process being followed in europe in a couple of months i think overall, the global economy is actually going to continue to do well. we really like emerging markets here, because we think they're going to have to rebuild the supply decchain, so emerging markets will be the beneficiary. the biggest impediment is if we see the dollar rally here, that could hurt the trade a bit, but overall, the reflation trade globally is going to continue to go off and go up over the next coming months. >> victoria, what will happen to
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your dollar in your view >> obviously when you have these multinational companies, you have to take into considering what's going to happen when we're looking at foreign markets and what the dallas is do -- dollar is doing, it seems to be consolidating so we don't think it's going to be a huge component over the next few months, but i think what they're going to be focusing on is the vaccine roll-out in some of the european countries, and how is that going to affect the growth that those companies are seeing i think that will be the bigger factor. >> thank you both so much for being with us today. we'll see you again soon courtney well, vaccines all around.
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president joe biden moving up the deadline for states to make all americans eligible for the vaccine. >> court, we are waiting to see images of president biden at that vaccination site in alexandria this as we no he plans to announce later today they're moving up the deadline for every u.s. adult to be eligible to have a vaccination up to april 19th we knew that 90% was going to be eligible by that point, and more states had even moved up their deadlines. right now only hawaii is holding out for the may 1st deadline we maybe expect to hearty from t -- hear from them as we did from oregon this morning as white house press secretary jen psaki put it into context
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earlier, that doesn't mean we'll all get a shot immediately here's how she put it. >> by april 19th, all adult americans will be eligible to get the vaccine. that doesn't mean they'll get it that day that means they did join the line that day if they have not already done that beforehand >> so folks will be able to join the line this, guys, as there's a lot 6 progress being made on the pace of vaccinations. the number of people who are fully vaccinated, more than 62 million, that's 19% of the population or of adult almost a quarter, 23% of people over 65, 55% are fully vaccinated so we're getting there we just need more supply court? >> that point you made about the appointments is tough. you can be eligible, but getting at appointment is a whole other ball game. once you do, the relief feels
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good the california governor, governor newsom just announcing actually he plans to lift most coronavirus restrictions june 15th, if certain conditions are met. he's still talking about keeping the mask mandate what is your take on that? >> it's a bit of a different approach from other states, the mask mandate in particular some states lifting that completely like texas. the conditions are important, having enough vaccine supply for everybody by this and seeing hospitalizations still staying low. california went through a huge surge? january. >> i don't remember if i asked you the other day, what do we know about the persistence of protection what are we learning, if anything >> i talked to dr. fauci about this last week, actually
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what he said, we know they protect out to at least six to eight months, that's only because that's how long they've been following the vaccines. more and more evidence is coming out for the pfizer, six-month data 91% protection. for the moderna, some studies showing the antibody response lasts up to seven months. >> it's a function of how recently those vaccines were released meg tirrell, as always, thank you. coming up, as more and more americans do get fully vaccinated, restaurants are getting more and more crowded. coming up, a look at the sales number and the new problem that is cropping up plus tesla trading near $700 a share. one analyst says the stock is worst more like 150? we'll have that story. the latest on gm's ev am bigs.
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zero this is not far from the headquarters where they plan to build only electric vehicles they said we'll be building the hummer here, and the upcoming all-electric silverado pickup truck. we don't have a lot of details we've known for some time they plan to build an electric pickup truck. not surprising the silverado brand is extremely popular that there will be an electric version. for general motors, as it is for tesla, the key is how do you bring down your cost as quickly as possible on the most important part of that vehicle the battery cell that goes into the battery pack, and keirin energy research, this is the most recent estimate tesla is in the lead while it may look like a big gap there, gm is lowering its costs at a pretty good clip. they're both ahead of the global
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ev average in terms of ev sales last year, guys, i get this question all the time, how big was tesla as advantage last they they basically sold a half million worldwide gm, 39,000 the silverado pickup truck, all electric, this is probably a dumb question, are electric pickups going to be as powerful as internal combustion engines >> that's the expectation. there's a huge commercial market there, so you better make issue this can perform when you have certors, small business owners relying on that vehicle day in and day out the ev pickup trucks will have pretty amazing performance.
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>> has gm put a stake in the ground as when they expect their full fleet, everything they make to be electric >> well, they want to have by 2035, basically all electric fleet. you and i both now how it works. if the market is not there in 2030, 2035, if for some reason gasoline is a penny a gallon, you go where the market is that's the expectation that general motors will transition more into electric vehicles. they have put a stake in the ground in terms of doing that, 2035 for all-electric vehicle fleet and 2040 for carbon neutral. but again, it's the market will the market be there? >> tesla coming off a huge day with these crushing delivery estimates. one analyst says the stock is
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way overvalued what is the street saying right now? >> the street does not agree with craig irwin, he's with roth capital. we've had him on "squawk box" and other shows. he has maintained this position for some time. he believes this stock, the price target he thinking is appropriate is $150. essentially his argument is there's more competition dumbing. tesla's advantage right now will not be advantages over the next several years when volkswagen, gm, other automakers start rolling out their electric vehicles as well when you look at it from craig irwin's perspective, these advantages will erode. keep in mind they have three huge ones right now. they are numb better one in global sales think about it one out of every five electric vehicles sold in the world is a tesla. they have plans coming online in
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germany and texas. they have more capacity and more modelings they're rolling out. it's not like overnight they will give up this lead. >> right, exactly, tesla is like the o.g. electric vehicle, but you have to give it to the analyst for sticking to his guns how much you think of the stock price is baked into the visionary of elon musk >> oh, it's tied into him. definitely you believe in musk if you buy into the tesla stock look, think of it this way, if he says i never want another thing to do with tesla, i am done completely, what do you think that stock would do? i guarantee it wouldn't be trading at the same levels you buy in, in part, a lot of the things he has set out in terms of development of the electric vehicle market, what tesla would do, they have ultimately happened.
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that is a testament to his vision and the drive he's had for this company >> he's a dreamer, that's for sure folks, up next, the cryptomarket lower today after crossing $2 trillion in market cap. this is bitcoin trading platform coinbase readies for its direct listing. those details when "power lunch" returns.
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coinbase reporting its first earnings after the high her anticipated public debut next week with a key focus on the bitcoin trading numbers. hey, kate. >> the big line items today, cryptotransaction fees that's how coinbase made 96% of its revenue last year. the company brought in just over a billion in 2020. the majority of that came from bitcoin and ethereum trading the coin base also says the performance is tightly correlated to bitcoin prices, but also listed volatility as
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one of the biggest risk factors saying the net revenue is, quote, substantially dependent on volumes of transactions price declines, it says, could adseri adseriously affect the business. they're also looking at institutional numbers. there's a big focus on user numbers and competition. coinbase -- remember, paypal launched its own crypto-offering. ethereum is up about 180%. those gains lifted the entire market cap past $2 trillion for the first time ever this week, tyler? >> two questions here, number one, it would appear that this company doesn't have a big moat around it. it could be subject to a lot of
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competition. there are other big players who could come in and eat their lunch. number two, do we infer from what you just said, this company's stock could ultimately be as volatile as cryptocurrency prices have been >> that's exactly right. on your first point, coin base really was the first entry point for people to invest in bitcoin. as you have folks like square, paypal and others getting into the market and offering cryptotrading on what otherwise is a pretty straightforward payments companies the people have called that out. in terms of volatility, the wall street analysts who have already initiated coin base expecting it to be extremely volatility which we'll see next week in its debut. >> all right hang on to your hats
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thanks courtney >> i saw a bitcoin.com digital advertisement yesterday, it's not too late our next guest says 80,000 more stores could close in the next five years. we'll be joined by player of the year, luca garza talking ncaa, the state of sports amid covid and more all of this when "power lunch" returns.
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i'm sara eisen here is your cnbc covid update concerns about blood clots has prompted oxford university to pause a small study in which children and teenagers were getting the vaccine with astrazeneca. it is waiting for uk and european investigators into the rare blood clots that have been seen in an extremely small number of adults after they got the shot protection from the moderna vaccine, data reports, that protection lasts six months.
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the cdc says you don't need to be constantly disinfecting surfaces to fight the spread, because the virus is transmitted mostly by close contact with an infected person or droplets in the air. regular cleaning with soap and detergeen is all that's need the ---ed, but if a person has present in the last 24 hours, disinfecting with bleach is -- the s&p 500 appeared nasdaq still hotting on to relatively modern gains >> tyler, 1% games, u.s. benchmac, west at the futures now $59, a 1% gain there
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they are getting some help from better than expected economic data, giving traders a reason to price in more demand, between the ism services index hitting a repor record high here, now the bounce today does not get back what was lost in yesterday's session, and more covid case spikes, but enough to keep oil prices in a reasonably price range back over to you. >> now, let's go to the bond market >> to refresh memories, i want sm services yesterday the strongest number ever. today, job opening labor turnover, best level in two
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years, over 7 million, now two months in a row thanks to the revision, yet look at treasury yields, drifting a business lower. since the very end the march the 29th po jumps right out at you. that is the support thatten technicians are looking at it's on a closing basis, of course, when we first started to see yield zoom, it was that wild session where we went straight up there many times they always come back to go significant technical levels it's down a little over 1% high to low intraday courtney, back to you. >> thank you, rick as the reopening picks up steam, many retail stocks are on the rebound, not surprisingly.
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the xrt already jumping more than 40% so far this year. a new note, ubs warns more than 80,000 stores could -- michael laser is the author of that report, a broad line and hard line retail analyst. michael, thank you for joining us give me a perspective. 80,000 sounds like an awful lot. how different would it have been without a pandemic retailers have been right-sizing the fleets for some time. >> yeah, it's a good question, courtney our argument is that we have yet to really scratch the surface of the transformation of the retail landscape will see over the next few years. two reasons. one there's been a sharp shift to the consumption of goods, away from leisure activities as that rereverses on an
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opening, that will put pressure on retail irs. there wassing efforts to keep and support businesses as a result, those two factors are going to subside that's when we're going to start to see the store closures accelerate we think 80,000 is a baseline number it could be higher than that there are currently 880,000 retail stores in the u.s., so it would equate to about 10% of the total base. >> okay. that's not so shocking, about 10% of the total base, but my next question is like a tyler mathisen question, a compound question we all know online is where the growth is. however, retailers often also tell us when they close stores in an area, they also lose the online sales in that immediate zip code, because the consumers are using the stores together. that's my question
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how do you think about the calculus of closing a store and what that means to your online sales and what is the ultimate equilibrium. >> a few quick points. number one, we have assumed, our analysis, about 20% of the online sales will be fulfilled by stores. we're not making a case that stores are becoming obsolete stores are still going to play a critical role in the retail landscape. number two, it would be bandy upon the retailers to evolve with this changing landscape, and it's not going to get to 50% recapture. what will happen, as there are some closures, it's going to increase the super ed between the large, well-positioned players, costco, home depot, walmart, lows, target and
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others, in a lot of other smaller, less well-positioned players who can't take out the friction like those large, well-positioned players. >> they have really upped their game online. costco has been pretty on the ball online. the numbers have been pretty eye-popping, but came from a small base why is costco still a winner for you. >> costco does things very measured, you know, very slow and deliberate pace. what their fundamental view is, if it's working, don't fix it, don't fix something that's not broken we expect costco to continue to increase the rag it offense to
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i -- it's just been more deliberate as a result it's going to clearly be a winner in this retail landscape as there are other stores that close, it's going to push the consumer to do more business and concentrate more of its shopping with a retailer like costco. >> go the it michael laser, thank you for joining us here today. >> thank you, courtney. the reopening trade also boosting restaurants, as more restrictions are lifted across the country. kate rogers is now looking at the big rebound in sales numbers. hi, kate. >> hi, tyler for the week ended march 28th, as we continue to lap the pandemic lows. comp sales up, comp traffic up 124%, both down over 60% this week last year year on year, the regions of the
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countries boundsing back were some of the hardest hi in 2020 and i had how, oregon, arizona, nevada, washington, hawaii, and alaska, segments that are outperforming including quick service and fast casual. it's something that tropical smoothie cafe is seeing firsthand. i talked to the ceo charles watson -- we were supposed to have a sound bite there -- he pointed on vaccines, stimulus and pintup demand. one note, they were having a hard time hiring >> they're having trouble findic people to fill jobs? >> yes, but what he did mention is they're starting to surpass some of the sales levels by about 30% they had in 2019 the business is doing really well, but they're having trouble finding people to come in and
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they are concerned a bit about customer service not having enough people, of course, in stores would impact that another company that's hiring in the restaurant space, taco bell announced today it's going to have these hiring parties across the country. covid style out in parking lots, in cars, but they're trying to hire about a,000 people for summer jobs. that's a positive sign, if they can find the people to fill the positions. >> kate, thanks very much. courtney i haven't been brave enough to go back to a restaurant, but maybe sometime soon. how can you make money off the trend? our traders will break down the key names to watch plus let's see the markets top this the sports trading card company is going public via spac, of course that and more in today's power movers "power lunch" will be right back
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first is illumeina the company says record orders is driving it higher next, golden nugget online gaming, it's surging today after jeffries indicates coverage with a buy rating and finally mudrick capital, taking it public, it's up over 15% today. cord any thanks, tyler. atlantic equities taking a bite out of yum, china and starbucks, calling the two stocks its preferred names. to break it down, steve, what is your take on the broad restaurant space
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kate rogers gave us a pretty bullish look. >> we agree wholeheartedly we think humans haven't changed. we're still social, we want to go back out, and we're going to. by and large, consumers are sit okay roughly $3 trillion of savings. the united states is vaccinating at a rate that's the envy of the developed world. and we expect that consumers are going to refocus a lot of their wallet share away from home goods and spending on their homes back towards experiences, including restaurants and casinos, hotels, and things of that nature. we think the best is very much yet to come in what's really going to be a summer of reopening in the united states >> matt, give us some names. what do you like here in the restaurant space >> well, it's funny, i've been
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looking at all these charges on these restaurant stocks. you know, they all got absolutely crushed about this time last year, so the rally, you know, since last summer has been spectacular the problem is basically all of them are getting quite overbought it probably means they only get of a breather, but there is one exception, one stock that's not wildly overbought, and that's starbucks. in january the stock got hit pretty good, but did not fall below the sideways range it had been in. it's finally breaking out, got out of it within march and now breaking out again to a higher high so this is one i think has more upside movement to a group that should do well throughout the spring and summer. i want to have the one that has the most up side for me right now, that's
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starbucks. >> okay. a bullish outlook and a pick for starbucks. matt and steve, thank you. for more trading nation, head to our website or follow us on twitter. ty >> courtney, coming up, college basketball's top player is about to join us what is next after a storied four-year career luka garza will join us next
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success, why not he's the first college athlete with a limited edition, one-of-a-kind nonfiungible toke or ift here is luka garza congratulations on a great season, luka, and congratulations even more so on completingfour years in college. you're one of the rare athletes these days staying in that long. let's talk about the nonfungible token that is going to be auctioned tonight. give us some details on that how did this idea come to you, or did you come up with this idea >> like you mentioned, i'm an economics major so i've been following this closely blockchain technology is something that really interests me and something my dad was also in the tech world. with both of us talking about it and seeing other athletes, like patrick mahomes do this, i
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thought this was a cool and unique opportunity to be able to start pushing my brand for me it's really important as well it's something i'm very passionate about and i think it's going to make it to support a good cause as well. >> the nft is multiple images of you playing during your college career there but wait, there's more, as we just indicated if you win the token, not only do you get the token but you get shoes from where you broke the iowa scoring record, i get to play a game of horse with you, a private meditation session with you, dinner and a movie and a night on the town. has meditation been a big part of your life and of your basketball preparation, luka >> yes honestly i credit a lot of my success to when i started routinely doing meditation and that was during my junior year
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and so i think that was something cool for people, whoever were to win nft to be able to see what gets me locked in, what gets me to succeed at the highest level and we locked in in the play against the highest competition. this makes it a unique nft where it's not just image or piece of art but there's a personal connection that goes along with it >> and, luka, i assume that the timing of this was just in case iowa made it to the final game so that you could still comply with all the ncaa rules because now that your athletic career is over, you are allowed to accept compensation is that right? >> well, honestly, during the year i never really thought of anything like this when the season ended, you know, after a few days of reflecting, i started to think about some ideas. obviously it had been in my head for a while but i never talked about it
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my dad had been thinking the same thing so we were able to talk about it, think it was a good idea and thought the timing was really fitting. i didn't want to take away from anything that was going on at the ncaa tournament and wanted to do this following the conclusion of the season >> you mentioned your father a couple of times. you're an economics major. i understand he is also an economist. so when you look at the world today and you look at the united states economy as we go through this reopening and recovery, what are your thoughts what is this year going to look like from an economic perspective? >> you know, i think this is -- i think this is a crucial time in our country's economics, especially with everything that happened with covid closing down everything, that this is a time when things are safe enough to start being 100% i think there's going to be a real boom and i think that will be really good. >> i want to talk to you about last night's game a little bit but before i do that, a
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controversy surrounds the idea that players like you, prominent players, basketball, football, women's softball, whatever, ought to be able to monetize, get some compensation from their images the schools get a lot of money by marketing luka garza and others how do you come down on that one with respect to what ncaa athletes ought to be able to do to make some money >> well, first i just want to say that i'm very thankful for the ncaa and the opportunity to get an education while i'm in school and to pursue a degree in economics. i don't want to take anything away from that but obviously we've seen the great work of a lot of college athletes one of my teammates is huge in pushing these kind of issues and i definitely stand with the change in times and i think in the future that this is something that could pave the way for college athletes of the future to be able to do this and make money off their name and likeness, something like an nft so this is something that could
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provide an example for people to come if name, image and likeness is passed. >> were you surprised last night by the results and i understand you all played gonzaga earlier in the year as did my alma mater, virginia, got our you know whats whipped. >> i think, you know, for me going into the tournament after we lost, i kind of went towards baylor as a team that i thought was going to win this tournament you know, i definitely had a lot of respect for gonzaga we played against them and thought they were really, really good and obviously the second best team in the country and not close. they held the number one title throughout the entire year, which is extremely impressive. >> very quickly, luka, if i might. i grew up like you in northern virginia where did you grow up and how did tony bennett let you get away >> i was born in california berkeley but moved to the east
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coast when i was younger i moved to d.c. to go to high school virginia recruited me a little bit but never extended an offer or anything like that but i think they're obviously a great program. but like i said -- >> they could have gone so much farther with a big man like you in the center. good luck in the future, luka garza. >> thank you so much i appreciate it. stick arnd, oueveryone there's more "power lunch" coming up next ♪ i wish that i knew what i know now ♪ ♪ when i was younger ♪ you need a financial plan that fits the way you want to live in retirement. a plan that can help grow and protect your money. now or in the future. with an annuity in your plan to help cover essential expenses,
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let's give you a market check as we tee it up for the closing bell the industrials are off just a little bit but the other major barometers are a little higher, basically a digesting day. court, great as always to be with you thanks for watching "power lunch. "closing bell" starts right now. welcome, everyone, to "closing bell. i'm sara eisen along with scott wapner who is in for wilfred frost today. stocks trading in a pretty narrow range the major averages are mixed as we head into the final hour of trade. let's look at what's driving the action treasury yields making a big move lower with the 10-year down to 1.65, big drop from last week's peek above 1.77 the imf predicting global output of 6.1 for 2021 job openings rising to a
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