good afternoon, everybody, and welcome to "power lunch" for a friday, along with morgan brennan, i'll tyler mathisen, morgan will joins us a sec here we go again, dow and s&p, at a fresh all-time high but how long can the party last? we will debate that very question coming right up plus florida flop? the real estate investor jeff green says the real estate boom in florida could be headed for a correction later this year he'll join us to tell us why he thinks that. and then later from the nfl to nfts, football legends peyton and eli manning, launch can the manning legacy collection of digital art, nfts, peyton

manning will join us "power lunch" starts right now welcome to power lunch i'm morgan brennan, as tyler just mentioned, the markets hitting all time highs very strong weak of earnings let's go to bob pisani for all that the markets and the earnings reaction brings bob? >> i want to emphasize how broad the rally. is remember the past new highs it's all tech stocks not this time. this is a very broad rally we're seeing new highs in all sorts of sectors consumer names, sherwin williams, target, lowe's, hitting new high, and big industrials like honeywell, every day, hitting new highs a lot of the big mega cap teches are there as well. like microsoft a lot of retailers surprisingly, also hitting new highs broad rally. and you can see this in the sector it's not technology as the lead this week.

techs up by 1% in line with the s&p. but no, we see defensive group leading this week. utilities. health care leading. real estate development trusts leading this week. things are broadening out. and old leaders like industrials and tech, they're doing okay, but there's more stocks moving forward in those more defensive groups so why are we hitting new highs? why is it broadening out pretty simple, folks the news is good no matter where you look economic data is stronger than expected the recovery is proceeding the vaccine rollouts are continuing overall despite the johnson & johnson disappointment and earnings are not just better than expected. they're much better than expected we were expecting them to be good they're better than everyone was expecting. at least so far. and that's how you get to new highs here in terms of the board here, for bank earnings, here's the good news, blown away this week way, way above expectations. here's the bad news. primarily the beat was on things like trading, where these big banks have big trading desks

most of the time, the street wants to hear, how's the loan business doing number one, it's doing ouk but not great. how about net interest income. how much you are making versus the loans and versus paying for depositors and the answer is it's okay but not amazing. and that's why you're not getting big reactions this week, in these stocks. they're not doing much despite tremendous bottom line earnings growth. we're going to get a wider diversity of companies reporting in the next few weeks. and we'll be talking about that of course, and i expect the news still to be pretty darn good the rollout is really here morgan, back to you. >> bob pisani, thank you have a great weekend. stocks are certainly behaving like the recession is over is it really over? steve liesman is looking at what the numbers are telling us steve? >> yes, and conceptually, too, morgan, the recession is almost certainly over and it ended months ago the problem is, it's not technically over, until the national bureau of economic research, and they have a

committee, and they meet and it's not over until they say so and they haven't done it yet jim poterba the nber president told me yesterday, the committee has not typically determined a trough date at the end of recession until after the economy has surpassed ition previous peak in economic. we're not there yet. and the u.s. economy is certainly at that point now but what was measured to hit the previous gdp in any day now and the business cycle committee could meet soon and say the recession ended maybe as much as a year ago, that's where that little trough is right there when the economy bottomed out. the fed governor chris waller gave a two-part answer to that question >> it depends on whether you're measuring things in levels or growth rates so again, if you're measuring, you know, the recession, did you, are you back to where you were, we're not there. so in that sense, by levels, we're still in a recession employment is not back gdp is not back to trend >> but if measured by growth

rate, waller said, the recession might have ended in the third quarter of 2020. as for growth now, the economy he said is ready to rip, morgan. >> ready to rip. i remember that, it was a great interview on "squawk on the street" earlier today, steve i'm curious, you also asked him about what that's going to mean for our fed policy, obviously there's this whole debate around inflation as well right now, how did he respond to that >> well, you know, i asked him if it's ready to rip, ready to rip out and ready to pair back policy, and he said no, look, we have a long way to go until we stay easy or stay loose until we get back what we've lost here. >> steve liesman, thank you. tyler? so let's talk about this a little bit more folks, is the recession really over or not and what does it mean for the market with stocks as high as they are. that would be record highs let's bring in cnbc contributor michael far, president and ceo of far, miller and washington

and ron insana, a cnbc senior analyst and commentator as well as a senior adviser to schroeder's north america. ron, i'll start you with you heard what some of the fed governor just said and what steve liesman just said and what you have said, we may be out of the recession but we really haven't recovered from it, we're not totally over it. explain. >> well, you've got 8.5 million people unemployed still, tyler, and so we haven't returned to the unemployment levels or employment levels pre-pandemic you still have people who have been displaced, two million women have left the work force, who have yet to come back in, and you know, gdp, as steve indicated is about to eclipse its pre-pandemic levels. but it's really, it's uneven and that's not to say that i'm not fully expecting the economy to recover, and as he said, rip, to the upside, that seems quite apparent, that for the next several quarters, if not the next several years, we're going to see quite strong growth, given the fiscal and monetary

stimulus but it's that old line, it's like, it's a recession if your neighbor is out of work, it's a depression if you are, and i think we have that kind of bifurcation in the economy, that differentiates among those who have gainful employment, and those who are either have lost their businesses or lost their jobs >> so what does this stance that you just articulated mean for your position vis-a-vis stocks >> nothing, really i mean i think the trade, the recovery trade is still on because the market is discounting those future rates of growth, and a return to normality, and it's funny, i took a flight yesterday for the first time, since march 6th of 2020 and newark was kind of busy. charlotte, north carolina, was kind of busy people are getting back to it. i mean you know, traffic is still somewhere 40, 50% below last year's you know, peak levels but above the 97% discount, if you will, in air traffic that we saw a year ago this month as well so i think you stay the course with respect to that recovery

trade, because it seems to be on >> michael, you say we've had a good year this past quarter. it's a great line. does it mean the party has to stop because we jammed basically a year's worth of gains into three months >> it doesn't mean that the party has to stop, but i think it does mean you have to catch your breath and make sure you know what you own. there's reason to be cautious. immuno mike santoli has a great piece on cnbc.com in which he basically says look, we're in a bull market, period. that's really important to kind of look around and see where we are. so the trend is up you're listening to the economy, according to steve liesman and fred president waller is going up, and we're getting ready to let it rip so could we have a correction? sure but there are so many tail winds, i think the future continues to look very good for stocks you have to be careful where you invest though, tyler

there's still opportunities, still places where you can make money. >> yes, mike santoli, a smart guy. >> he is. >> michael farr, i'm realizing the 10-year treasury yield is up slightly today but in general, we've seen that slip and pretty notably in the last couple of day, despite the fact that we've had a lot of economic data that's been reported what does that signal for the market right now >> we've seen a couple of different reasons for that there's been some technical reasons. there has been an increase of foreign buying, and of course, the fed has continued its purchases, but overall, you know, it has stopped, the bond prices have stopped falling and the yields have stopped rising for now. it looks like we're still trying to put in that bottom, and yields somewhere in the 1.75 range. that may hold, 1.80, somewhere, it may hold. longer term low interest rates are very good for continued future growth. and for future valuations. because you use a lower rate

with which to discount those forward earnings so i think there's still companies that continue to look good, that the treasury rate is key, but you know, you look at a company like a cvs that's come back a little bit, it's got a great dividend, 13 times earnings, the int gration is happening, a lot of people going in those stores to get their vaccine, i had my second one yesterday, i'm really psyched. >> congratulations you seem to feel just fine i'm going to ask a quick question to you, mike, and then turn to ron. i will quote the esteemed michael farr here, you've always been the voice of caution around here, i think, i think that's a fair characterization, bullish optimistic but cautious and hearing the bank's caution earlier this week made me feel better and a time when the brokerage houses proclaim a no way to lose, unstoppable surge of share prices, whenever you are about to think you're not

going to lose you're about to, and i want to thank you for saying the word orgy-astic have. >> you're not the only one >> i taught high school eng lick, whenever i mentioned agency about sex, all of a sudden 17-year-olds pay attention. look, when everybody is cautious, markets continue to climb walls of worry that they are continuing to worthy i think is a healthy sign. >> ron, you have no quibble with the market where it is, but you say, a correction could come any time you just can't, you can't really distance that possibility, can you? >> no, and it's not the type of thing, at least as far as i know, won't reach. that real quick tyler, i sent you a picture which i want to make an nft, i hope you will share it with peyton manning of my high school quarterbacking days because it could be worth a lot of money.

>> i'd like to bid >> you'd like to bid, okay >> thanks, guys. >> it was an orgyastic session, gentlemen. far farther by the way, we know something here, michael farr has a very significant birthday coming up, if i don't see you before then, happy birthday, my friend. >> thank you very much i'll follow ron in that. you can see we're starting off the hour here, coming up, florida real estate has been on fire, the billionaire investor jeff green says a correction in the market could be coming he will join us to explain >> plus, nfl legends peyton manning and eli manning launching a line of nfts, peyton manning will join us live to talk about his digital art push later this hour. we have so much "power lunch" still ahead. tter, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim.

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welcome back, everybody. when coronavirus hit the u.s. more than a year ago, many people started leaving big cities and buying homes in the suburbs. you couldn't find a home to buy, and if you could, you probably couldn't afford it but now, there are some signs that the housing boom is starting to slow maybe especially down in florida. let's bring in robert frank for more robert >> tyler, the biggest threat right now to the florida luxury real estate boom is actually as you mentioned a lack of luxury real estate. inventory in palm beach, for instance, near record lows, with only a two-month supply. normally it's about 10 to 12

months dellray will run out of homes in a month, based on its current sales pace there is even more supply in miami. so not too bad there, but condo prices there up 72% just over the past year. the average price per square foot for a luxury condo in miami, now higher than manhattan, at nearly $1700 a square foot. brokers say they knocked on doors and made offers for houses that were unlisted in the first quarter but those deals are drying up because sellers, even if they sell, just don't have a place to go, because there's no supply >> all right, robert, stay right there. for more on the florida real estate market and whether it's overheating, let's bring in jeff greene, a billionaire real estate investor and developer in palm beach jeff, thanks for being with us today. >> good afternoon, everybody. >> so how do you see it in florida? are you seeing signs of overheating, signs of a potential correction in the works? >> well, look, when you see prices go up the way they've gone up, you have to ask

yourself why did this happen my view is it happened 80% because of the extraordinary amount of liquidity in the economy. 0% because of fundamentals you know, a couple of years ago, we were talking about modern monetary theory like it was some kooky idea that bernie sanders had come up with, and now, let's face it, that's what we have i mean with the, just with the infrastructure plan, you're talking about $5.3 trillion in fiscal expansion money when we only have 2.1 trillion loss from last year so the historic liquidity is what is driving these prices >> we started talking about florida, but listening to the point you're making there, i mean housing more broadly, do you believe it's in a bubble >> absolutely. look, i think we're in an omni bubble i mean how long does it last it depends how long do you keep the faucet open and this money running? i mean let's face it, the fed's balance sheet has grown by 83% just since last february i mean it's completely insane. so the amount of money that we

pumped into the economy has caused, you know, look, if you just look at personal income, it's gone up every month since last april, in a pandemic. because of government handouts so of course, there's just so much money in corporate balance sheets everywhere, and people's balance sheets, i mean the bank accounts, that has just driven prices of everything higher. and at some point, this has to stop >> jeff, it's robert great to see you and of course, you made a huge part of your fortune betting against the housing market, right before the last big housing crash. so people should pay attention to what you're seeing in the housing market as it relates to this migration from high-tech states to florida, are we overstating that, when we talk about the billionaires just this week, we had one of the guggenheim guys go down, there just down the street from you, there was $120 million purchase by a hedge funder, are people truly moving from high tamp states to florida at a large level, at an

unprecedented level, and how far, how long do you think that's going to go on? >> well robert, look, i moved here in two 2008 after i did my sub prime trade because i was only spending to much time in california and i wanted to save money on taxes and we thought we would come here for three or four years and see low we like it and with three young children and being in the real estate development business i thought this was a great quality of life and i'd stay here but let me tell you something, one of the greatest challenges i've had is finding great workers. there is a huge human capital problem. when you live in l.a. or new york or boston or san francisco, there are unlimited amounts of qualified people who you can hire to build your businesses. it's a big problem here in florida. and i think that some of these new tech people moving here are going to find. that they're building a tech company, the number one thing you need is the very best people to build that business are you going to find them in

west palm beach or sarasota or miami? not the kinds of people you will find in boston or the silicon valley. >> let me then take that thought, jeff, a little bit farther and ask whether you think that trend, and it really was implied in robert's question as well, that trend could reverse and two years from now, we see so folks who have come down to florida to establish primary residence, have left the new york, boston, l.a. area, do you see that potentially swinging back for that very reason you cited, and maybe because florida just gets to dam crowded >> well, that's, look, i tell you, my parents moved here in 1970, there were 6.7 million people and i moved here in 2008, there 18.5 million people and now 22 million people. florida has always been growing. because you know, what it is a fantastic place to live. especially in your later years if you're not building businesses, you're slowing down a little bit, you're playing more tennis and golf and you want to raise a family and

you're in a business where you can make a living here, the the idea that you're going to suddenly have these fast growing industries all here i think is a bit of a fallacy so i think people will come here but people have always come here but i think that you're not going to have the huge migration that a lot of people think, that you think is going to happen. >> jeff, given the conversation we're having more broadly right know i'm wondering what you think the trajectory is for interest rates >> i mean i think they're going straight up. i mean look, if you look at inflation, i mean we are now, like we were just buying some lumber, we're building two 30-story towers in west palm beach, the cost is not up 2 or 3% it's up 100% from last year. wait until some of these increases, energy prices, everything is going through the roof, and you know what? the only places that there are not inflations are the industries that have been affected by the pandemic, lodging, apparel, airlines as soon as people start

traveling again, like you were saying in the previous segment, we can't get help anywhere, you can't get help, you can't get materials, and there will be inflation that no one has any idea is forecasting whatsoever and it's going to have to lead to much higher interest rates, and that is going to slow down all of these markets. >> you got to wonder what all of those higher material costs are going to do in the midst of possible infrastructure spending as well. jeff greene, good to see you. >> the government has plenty of money so they don't care. >> good to see you thanks for being with us and robert frank, our thanks to you as well. >> thanks for having me. all right, folks, don't go anywhere, folks, nfl hall of famer or soon to be and now digital art creator peyton manning will join us for an interview about his legacy nft collection that he is launching with his brother eli, my son's vote pyeoffarilar all time, eli manning. after this quick break

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that's a trifecta, a good recipe for a gain and there you see the gain, up 9% bin test falling as cleveland research argues there is a slowdown in spending from some of pinterest's large retail partners like walmart, home depot and target, after a strong holiday season bernstein out there afternoon depending the stock, saying these concerns are overblown nevertheless, pinterest down 9%. and we end with state street, falling despite beating on earnings and revenue profits did fall from a year ago. many banks reporting this week, turned in record profits, as you know also the company offering no forward guidance in its report morgan to the bond market we go rick santelli is tracking the action, hi, rick >> hi, morgan. you know, as we sit right now, the 10-year yield is at 1.57 we're down one on the day. down nine on the week. but the day really reversed itself early let's look at a chart of housing

starts up almost 20%, and if you look at the level, highest level since june of 2006 if you look at a one week of 10s, obviously we hit the sell button on yields, or the buy button on price yesterday, as they dropped dramatically, the low 1.52 should be pretty good support and if you look at where it's trading today, it's somewhat sideways, and this friday, it looks like the lowest friday closing we've had since friday, march 5th. year to date, of 10s minus wound, the difference between us and our peek, the narrowest since n-a while, 2.05, 1.83 now, and very important to watch, and we continue to see demand start to shift from different sovereigns, as rates move post-covid and the dollar index not having a good week as you see, it's down two-thirds of a percent and you open the chart up, it's going to be the lowest close in a month. and of course the euro on the other hand, the highest close in five weeks morgan, back to you.

have a good weekend. >> you too, rick santelli. thank you. ahead on "power lunch," another nft player get it nfl legend peyton manning ttg t clebeinonheolctible craze. he will join us next if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades.

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i hope you're ready. 'cause we are. i'm courtney reagan. here's your cnbc covid update at this hour. new numbers from the cdc today show more than 200 million vaccine doses have been administered in the united states, with almost half of the country adults getting at least one dose but the cdc's director remains worried that relaxed prevention measures are contributing to what she called a very concerning increase in cases, hospitalizations, and deaths >> another reason for these increases is the continued spread of highly transmissible variants more than 50 to 70% more transmissible. which makes the race to stop the transmission even more challenging. and threatens to overwhelm our health care system again in

parts of this country. >> moderna says it's having problems as it tries to increase european production of its covid vaccine. and that means it won't be meeting its targets for second quarter deliveries to the u.k. and canada shipments to continental europe however do remain on track. and on italy's train tracks, the country's first covid-free train left for rome this morning, heading nonstop to milan. all passengers have to have a negative test before being allowed to board with free testing available at the terminal. this is our new world. tyler, back over to you. >> courtney, thank you very much. the nft craze continues at a record pace, of sales. sales of the digital tokens topped $2 billion in the first quarter, according to a report from the nonfungible.com organization, and beginning today, you can now bid on nfts from the most famous sibling

pair in nfl history, the manning brothers peyton and eli auctioning off artwork, original, one of a kind stuff, featuring some of their most notable career moments like the helmet catch between eli and momtclair's own david tyree in super bowl 22 as well as one audible call you will surely recognize. >> omaha. >> and joining us now is five-time nfl mvp, and two-time super bowl champion, peyton manning. peyton, it is wonderful to have you here i want to start off by just telling you that i may well be a customer, because my son is a huge fan of your brother, and it is his favorite, and this is a signed eli manning helmet, as you can see there, mackey, where's number 10 because of your brother and this is one of his favorites. my prop man here, let me bring him in, this is mack, say hi to

mr. manning. >> hi, mr. manning. >> how are you doing >> anyhow, we're great and mackey's a big fan of your family as well as so many are. >> thank you. >> i didn't know a dog gone thing about nft until a copt of mo , a couple of months ago and when did you learn about them and as far as the proceeds, what is the attraction of them to you. >> like you, i learned about it these past few months as well. obviously cryptocurrency and these digital items are kind of taking on just a great interest right now, like you said, it's quite the craze, and patrick mahomes kind of started it out in the nfl and eli and i decided to join in the fun i think what is cool about it for me and eli is we spend a lot of time with these artists creating some really unique digital items that collectors, fans, whoever, can have, and you

know, and have the blockchain to kind of show as the authenticity, and it's a diversified asset, it can last for a long time, you can trade at other times, and so it's an alternative investment, if you will, but it's just another way to kind of bring items to the fans that might have an interest like you said in the helmet catch, or trying to figure out what the heck omaha meant. >> you want to tell us >> you know -- >> what did it mean? did it mean anything >> it was kind of an underwhelming answer to tell you the truth, it was kind of a rhythmic three sill billion world that usually meant we had changed the word and there were just a few seconds on the clock and a rhythmic omaha to tell my teammates we're getting ready for plan b, getting ready to go now but i will tell you i'm a big deal in omaha, nebraska now, i went there a couple of years ago i got treated well, i got some steaks out of the deal,

it's kinds of taken on a life of its own to me as well. >> you're playing your cards right, you'll get to meet warren buffett, if you haven't already, the most famous guy in omaha. >> the beauty of nfts, they're each one of kind, you know the providence, what you don't really know with some of the other collect ible forms and you can add new items to the string along the way if you so choose but there's an original scarcity value there. >> that's right. like you said, these are unique items. eli and i spent a lot of time with the artists jk-5 and matthew johnson, kind of capturing some of our nfl moments, some of our college moments. he did one with my dad, me, eli, my dad, all s.e.c. quarterbacks, and that one is really cool, and then michael johnson kind of captured these, these tokens of omaha, and the helmet catch, and also did a couple that are going to raise money for tackle for cancer as well as the children's hospital in indianapolis

so it's a great way to raise money for some great causes but also just to create some interest, for football fans out there, just like they did with mahomes and gronkowski, we're glad to be a part of it. >> peyton, it's morgan and we're talking talkin talking about nfts, you're part of a private investor group that bought barbecue guys.com for an example and wondering how you think about the investing landscape and whether it's cryptocurrencies or something else. >> well, like i said, i'm like everybody else trying to figure out that this is here to stay and this is part of the adjustment process i mean i'm not an expert, but i follow what happened with coinbase yesterday and it's just going to be a part of it, going forward. and so either learn to adjust and kind of get on board with it or probably be behind. so call an audible if you will in the investment world, this is a major audible, and it's a good one. >> you're really one of the most

marketable former football players probably of all time, you have your hands in all things, media business, collectibles, which is what we're talking about here today, the insurance sponsorship which i feel i see all the time every time i turn on the tv. >> too much. >> probably a good thing and i wonder what you see as the potential next chapter for yourself, would you ever envision a career in politics or coaching >> i don't think so on either one of those i still enjoy being an ambassador for the nfl, and kind of staying involved with football, in some new and different ways, but i find myself just busy, i don't really have a one word job description, i just finds myself busy but also, protecting free time to do some things that i never had a chance to do in 22 years of football. and whether it's coaching kids sport r-sporting events, or someful that that i just never got to do. i'm trying to protect that time, to sort of do some things that i never had a lance to do.

>> i can't think of another former athlete, other than perhaps shaquille o'neal who has managed their post-career affairs as el kbantly as gantly as you have i have to ask you though, i can't imagine at some point after you get this phase where you're sort of transitioning that you wouldn't want be to an owner of an nfl team is that a possibility? >> well, sure i keep looking for that $3 billion in my pocket it must be, i just don't have it, i can't find it, it must be in another account look, i think the nfl is always going to be a part of my life in some way i haven't said no to anything and i guess i haven't said yes to anything officially, so certainly have great relationships with, you know, indianapolis colts and the denver broncos, and want to be ambassadors for both of those teams and like i said, who knows what might happen down the road. >> let me ask you, three quick questions, quick answers, that's

going to, they're serious ones and i want to get your response to it. how comfortable are you with the growth of gambling and the partnerships that the nfl and other leagues have taken with gambling companies are you comfortable with that? >> well, it's just a part of it as well. and it's new, but it's here to stay as well and so the nfl announced their partnership just the other day with caesar's and draftkings and that's a part of it i think the nfl is doing anything they can to bring fans closer to the game we're trying to grow the game. and it's always been a part of a lotof fans' interest in watching games, in the nfl, just kind of making it official now, and i don't have a problem with it. >> my guess is eventually there will be kiosk betting parlors, in stadiums, i think the owners will want it i think the league will go for it let's talk about sports and social causes. what is the role of sports in

getting behind certain social causes like major league baseball did with the georgia vote, like the nfl did last summer, during the periods of awareness of racial justice and injustice, what do you think how do you feel? >> sure, well, i think nfl players are doing a great job of using their platforms, using their voices to speak about causes that are important to them i think the good thing, as so many nfl players are doing, is they're walking the walk as well they're talking about what they want to do and they're spending their money to help boys and girls club, whatever it may be, and that's the only way change and difference is going to happen, if you kind of put your mouth to work, if you will, and kind of walk the walk. so many nfl players are doing so many great things. and i think it's outstanding >> and now, i'm going to ask you one that i know is a very delicate one and i will respect you whatever your answer is, it has to do with desean watson

do you think he will play football in the nfl this year? >> boy, it's hard to say obviously, i've known deshawn since he was in college, and he's always been great to me i've tried to keep up with him, throughout his nfl career. it's certainly a very tough situation for everybody at this point. and it's just hard to say how it's going to end up playing out. >> finally, peyton, i just wonder what your thoughts are on this tight rope that the nfl is navigating under this paramedic which we all hope i think comes to an end pretty soon via the off-season workouts and the fact that a lot of players don't want to participate because of covid right now and even a very strong push by the league without using the words to essentially look like a nonmandate mandate vaccine at least among personnel oo how do you think the nfl is doing all of this? >> i know a lot of players are stepping up and making their opinions heard the off-season program was

always important when i was plague it kind of when you developed your timing with your receivers, and you learned new plays that you were going to put into your offensive system obviously, they can do a lot of those things virtually, now, but i think it just depend on who the team is, the tampa bay bucs, probably don't need as much off-season work together, because with tom brady, he's leading a pretty finely-tuned machine. other teams with younger players, you probably do need to have some type of off-season work, to get their timing to try to get ready for this season so i know for coaches they would like to have players there, to kind of see them and be able to work with them there's probably a balance in there somewhere. hopefully they can get it worked out and both sides can be happy. >> all right we appreciate you -- >> you know, peyton, one last question, i got to do this i have to do this, mr. manning, if you don't mind, number one, you are very funny, people say you're not funny, you're funny, and peyton's place is very funny.

>> thank you. >> would you sing with me, or hum the nationwide jingle with me, and morgan, as we go off air? >> i'd be honored. i'd be honored >> here we go. one, two, three. nationwide is on your side >> on your side. >> on your side. >> there you go. thank you. great to be with you, peyton >> thank you very much thank you all. >> we're going to go to a break. after that what ee ullscod you do

welcome back to "power lunch," rising hotel occupancy and tsa numbers helping fuel travel thoughts but only certain parts of the travel trade are outperforming in recent months budget airline spirit is one of the top performers this year, along with jet blue, southwest, expedia, and norwegian cruise lines and booking holdings have lagged, but are still up in 2021 what does this tell us about where jfrs are placing their bets stacey, and quinn, with the trading nation team today. kwintden, hotel occupancy, now at 59.7% so we're almost back to

pre-pandemic levels. >> yes, and stocks are reflecting that, obviously, they're trading near highs, they're factors in an incredible rebound, as we're seeing, but honestly, we think that the stocks are still underappreciated here. we still think they have room to go i think people are really underestimating the incredible pent-up demand that we see we're focused right now, we like the casino plays take a look at the mgm for instance, pre-pandemic levels, mgm brought 390 to the bottom line that's a ten multiple on a stock that we believe is not only going to return to pre-pandemic levels but go far beyond that. so look, these stocks have run any dip in here, on any news, or short-term weakness, i think it's an opportunity to buy these names. >> jc, looking at the online travel operators which i know you have your eye on, booking has been underperforming its

competitor expedia as well as airbnb and has to do with international exposure and you think booking can go higher by as much as 13% tell us why. >> i like the technical setup here especially when you look at some of the peers. a lot of the travel names have basically moved sideways since march. it's consolidating but bookings is breaking out today and if it holds its current levels it would be a new weekly closing high and that's very powerful by our work so where can bookings go we set a 27.5, $2800 technical price target and that does represent 13% upside from here so we're buyers of booking on the breakout this week >> expensive stock, too. 2478 a share jc, quint, thank you, huge earnings follow us on twitter for more. morgan and tyler, back to you. >> rest up this weekend. it's going to be a big one. coming up, what does the future of work look like

plane companies are starting to bring workers back to the office but not full time. so up next, we'll hear from a company looking to benefit from the new hybrid work schedule stay with us nation.cnbc.com and a word from our sponsor. >> some people refer to the vix as the market's fear gauge but i like to refer to the vix as a gauge of uncertainty while an elevated vix may imply the market is headed for big moves, those moves could either be to the downside or to the upside t bteway frederick, and schb isheetr place for traders.

welcome back as the country reopens many asking when employees will return to the office some opting for the hybrid model, splitting time between the office and home. names like microsoft and zoom have emerged as winners in the remote office space. and now today virtual collaboration platform bluescape announcing a collaboration with amazon peter jackson joins us now peter, thanks for being with us.

>> thank you for having me. >> talk us through what it means for bluescape and bluescape's customers that are uses all of these different options to work remotely. >> it's been something that's over a year in the making for us working with amazon. dating back four years ago we started thinking about hybrid work in the sense that people spending a lot of time in public transportation or long commutes were going to see more productivity by using tools that make them feel like they were still in the office. so we built a platform that would run anything and everything you mentioned microsoft or maybe even salesforce slack. so this opportunity with amazon really brings in their chime product, which is now free conferencing, which you can't get from anybody else, and your able to bring all of your content in whether it's a video, any of those things. >> you just announced this partnership. over the past year you increased total employee head count more than 60%

one million new work spaces created by users a 400% increase in bluescape users, a 300% spike in demand during the first months of the pandemic can that growth continue as folks start to go back to the office, albeit in more of a hybrid approach? >> it's actually taking off more now. the last year was really dealing with a lot of people that said we switched the travel and entertainment budget to we've got to have something. you look at a company like ford. they were just in the "wall street journal" a couple of days ago talking about needing a platform to do whiteboarding on steroids so those are the larger type customers. but we're seeing a boon in the education area like university of pennsylvania. also every single -- i can't think of one movie studio or tv production house that isn't using us because their employees are suddenly moving from more rural areas and may be coming in once a month or twice a month in

this hybrid idea >> it's fascinating. i'm curious what that means or how you're thinking about the trajectory for the company itself you're currently private would there be plans in the works to take bluescape public or do something else >> i think tyler mathisen interviewed me last time and that was part of the dotcom '99 era. i think we're focused on the growth and not trying to meet shareholder value. when you go public you want to think about this as a long-term play for investors i think we're getting close to those kinds of numbers but i want to make sure if we do that that it's comfortable for everybody, employees, investors and the new investors. >> all right >> peter, i knew you looked familiar let me ask, do i, the end user, buy your product or do you sell to the i.t. manager for an

enterprise and then they bolt it into or onto their zoom application or their teams application or whatever it is. explain that to me. >> tyler, this is an incredible question coming from a sea dog like i am but that is a great question the answer is we have seen a penetration through late stage venture where they try to do a freemium malls and get to i.t. i.t. brings in security and says nix on that. we started off a little differently. we started with the big agencies and started thinking about this as a mass product for all users that they can have conversations about earnings or a secret product or a movie that's coming out and not have it be in a situation where it's been a screen share where something can get hacked so it's a really good question main line companies in the world were using it at the medium and high end we had big, big customers u utilizing it

i just saw an order from an orthodontist office. i see orders from small studios and small designers. so we opened up the product to make it more accessible for everybody in the world right now. you can go to our site and get it yourself for 30 days and start playing around with it so we weren't like that a year ago, we were very a lot of time at legal, trying to get proven >> right all right, peter, thank you so much for being with us today good luck and nice to see you again. >> yeah, tyler, i'll see you in another 20 years, how's that sound? >> let's hope. >> yeah. >> thanks, man. >> take care >> morgan. all right, we do have some news we've known a decision was coming before month's end but it looks like nasa has awarded a contract for its closely watched human lander competition this is the hls competition. this is the spacecraft that will ferry astronauts to and from the surface of the moon. "the washington post" reporting that nasa has selected elon

musk's spacex and only spacex for a $2.9 billion award this is specifically for starship, that reusable rocket and capsule system under development. you've seen some of those test flights in texas over recent weeks. so this outcome would be significant since this was expected to be two contractors, not one, to ensure competition and would be some redundancy in case one gets delayed. spacex is owned lie lidos and jeff bezos blue origin it's going to send another man and the first woman to the moon and to do so as soon as 2024 nasa is expected to make an official announcement later today with a media teleconference that is scheduled for 4:00 p.m. eastern, tyler so right now it's just a report from "washington post" regarding spacex but this is a potentially

very big, very high-profile win in the space realm, if you will. >> and as we get ready to hand it off to "the closing bell" what stands out to me is that none of these names would have been around 30, 40, 50 years ago during the first space race to the moon it would have been the big guys, boeings, lockheed martins, northrop grummans. this shows you where we are today. morgan, great to be with you today as always. >> thank you, you have a great weekend. thank you for watching "power lunch. welcome to "the closing bell." i'm wilfred frost along with sara eisen record highs for the s&p 500 for its fourth straight week of gains. a key early read of consumer sentiment hitting a one-year high for april and housing starts jumped to a 15-year high. morgan stanley and pnc among today's reports. next week we'll have a