welcome, everybody, to "power lunch." i'm about to say some words that make me very map pi, with kelly evans i'm tyler matheson watching the market sliding right now but is there a reason to be really worried we'll talk to mario gab elli about that and the economy and what he is buying right now, an interesting list you won't want

to miss. johnson & johnson, peloton, tesla facing potentially serious image problems what are the ceos of those companies need to do to manage the issues to get the so-called messaging right? "power lunch" starts right now >> i am happy to say, thank you, ty we'll be in studio together tomorrow, right? >> tomorrow i will join you. i'm sorry i'm home off today and welcome back we missed you one and all. >> i missed you likewise and nice to be here. stocks are falling from record levels today with the nasdaq hardest hit down 1%. bob pisani, that's nice to say has more for us. hi, bob. >> so great to see you again any warm my heart every time i see you.

welcome back modest declines -- we love kelly. did i say modest what's half a percent with a 5% increase in the s&p in april alone? no particular headlines to account for the decline but tech is part of the weakness today particularly semiconductor stocks with an incredible run and very extended. long leads out there and weaknesses in banks. defensive names like consumer staples holding up better. notably on the weak side nvidia up 15% this month apple's up 10% this month and that's holding up very well. rough day for cathy wooden and the arc funds there. shopify, square -- they all highs in the middle of february when we had concerns of highest

interest rates hit all high value, high beta names in the tech space and most did not go back to the old highs. february action here we saw another big day of declines in another group, electric vehicles. what's happening with tesla may be knock-on effects but stocks hit the highs in february and never also recovered and been on a downward trajectory since then guys, this is very typical of the high beta tech names highs in february and struggled to get back to the old highs this happened with spacs, ipos and with most of the stocks in cathywood arc funds. back to you. >> always watching the portfolios thank you. there's huge economic growth expected for a first quarter and with stimulus and the bounce back from shutdowns how much is

real and temporary or fleeting let's bring in steve liesman for that story. >> welcome back. economic forecasters believe the economy boomed in the first quarter and then winding down beginning at this end of the year and the beginning of next the cnbc rapid update with theest ma its on the street sees growth near 7%, above 10% in the current quarter and then growth of 7% and 5% in the second half of the year. gregory daco writes the consumer boom is only beginning a strong start to the year means that consumer spending growth could approach 10% while gdp sur passes 8% but john ryding say there is's a valid issue as to whether the economy can meet these demangd-side estimates is it a sugar high to some extent but a lot of

sugar out there. look at the annual rates that we have here. the bombdy nation of the pandemic recovery and seemed turned around from 2020 and powering 7% growth this year, better than 2% last. 4% in '22 and then trend like growth for investors the growth rate increases the pie, the source of earnings main hitch here for the companies is can they meet the demand out there and pass along rising prices to consumers. >> how much agreement is there among forecasters and what's the bull case and the bear case on the economy? >> i got a lot of double digits here 14% oxford goldman at 10.5% so this quarter here looks pretty good. second quarter i got a lot of 7s

and 8s fourth quarter when you get more disagreement 3% from jpmorgan goldman stays up at 5% for first quarter of 2022. but barclays at 2% are we back to trim growth in the next year or the higher than average growth continue next year but this year doesn't make it so but agreement on it. >> looking at the numbers suggesting 12% growth in the second quarter, is that compared with 2020? really the other question is or implied in that is, are we back to 2019 severals of output >> so, tyler, thank you for asking that question we are talking about the quarter to quarter change at an annual rate why that's what those numbers represent. so it is really to the fourth power or times four if you will.

not quite. quarter to quarter change and then are we back to 2019 or the peak before the pandemic not quite. it could be this month or next month and your question leads to the question of are we out of the recession yet? they won't meet until the prior peak and then meet to determine when the recession ended which could be a year ago and may take out the prior peak on gdp. >> thanks for the clarification, steve. >> thank you. for more on where the market goes from here, let's bring in esteemed investor mario gab elli great to see you especially when the knicks are winning. >> welcome back kelly.

the economy, you know, we look at year to year but not sequential so the numbers are quite good the international monetary fund came out with a 2022 projection. over $100 trillion just still a big part of that china 25%. when we look at companies we have the following revenues are very strong in the first half continuing to be strong and the chip shortage, the things like that will help 2022 so comparisons will not be as bad or at least against very strong first half of this year. gross margins, however, the fact that they haven't yet put through price increases across the board in addition to the lag effect and then ppp so q1 will have a little impact on growth margins.

pre-tax margin is okay so we look at the companys that have pricing power i think steve talked about that before which companies have the ability to anticipate costs, lock them in then the question becomes, the tax rate and we're assuming for 2025 a 25% rate and then the question is the impact of the currency and then the other part with the dollar -- euro at 120 and the pound at 139 and the benefit of the nonu.s. operations so the question is some income and guilt changes on the g i6 -- and what's the cash versus the boog? but that's all simple, tyler you look back and say, what's the multiple that's the function of the 10-year like we have discounting that has

already occurred and we think a good place to pick stocks but that's my church and preaching to that virtue. >> we have you around for two blocks and then we'll drill down on the specific picks and you laid out the scenario eloquently here i think this question is on a lot of mind. you are a stock picker's stock picker but people wonder about the valuation in the market broadly and of individual stocks they may own and wonder if they're too pricey right now how do you think about valuation in what you own and may be considering to buy and how would you advise the viewers to think about valuations overall and in their portfolios basically from my point of view i have to customize that

question if i'm 78 and i ride motorcycles with a fairly large portfolio diversified, what do i want to do scale back and can i deal with volatility yeah if i'm 30 and have had a major dent with a limited amount of capital, broad comments, taxable or nontaxable? i look at the following. what portion of my portfolio do i want to have on companies that are part of the digital rev nugs in which the street is valuing growth rate in revenues and looking at the potential recovery in the margin and change from a negative to positive cash flow and what value weighs i have? so if i look out four years from now what multiple do i putt on those earnings that's the challenge and really not easy and uncertain awhy

individuals like myself that go through companies with a microscope and then a telescope look at the current value of a business where's the public stock versus that when i look at a company like 30 or 40 years in a cable xen, had negative catch flow and figured out the penetration and then we figured out the valuations so if you do that today with cyber security and a lot of companies this is not an area which we have accumulated knowledge but ask you about automotive, we have accumulated knowledge and sports entertainment, those areas we look at taking a concept and say i have got disney plus driving doesny to a valuation of x, netflix, coming out with numbers, how do i deal with the discovery plus with paramount plus? with sony and netflix?

and there i look at disney viacom is an example 600 million shares telling at 24 billion market cap with the cash from the stock sale. they will have 12 billion of debt and paying $36 billion for a company that can venerate 4 to $5 billion with a changing product and look at both sides i say i can see what netflix is doing. take a concept of streaming music. who are the vendors to spotify so that's what we do. >> so let's do this, mario if you wouldn't mind let's take a quick pause here and come back to you and talk about and drill down on the things youen joy talking about the most and that's stocks kelly? >> we'll talk about viacom and the drama that we have seen with that stock this year and specific on the thoughts about growth, inflatn d mioansouch

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welcome back let's do stock picking with mario gabelli. i notice on the buy list you have a fair number of media companies or companies that are related to sports. i like to ask you specifically about a category of sports relatted stocks on the list and that is the sports gambling

stocks are they not part of your horizon right now? you just don't like them tell me. >> we were very early on look following the gaming industry for years. going back to one that went public so bottom line, we do have mgm we like what barry did we like the dynamics there chilling from what's going on in macau. we don't know how the license renewals will go the gaming stocks and the infrastructure, in terms of the uk base, we have a team in london that covers flooder which owns fanduel and fox owning a piece with that because they own a sports group, how much will they pay we like that we like the company in reno,

nevada, caesar's we like sue kim who run runs bas had less than regional sports betting in twin river and bought what caesar's could not own when el dorado bought them so that we like but the sports teams themselves, we like the kond witts for that, the fact that online betting will keep individuals watching longer will the knicks win in overtime? how much can i bet on that on game, in game what are the mechanics of doing that we like that echo system and in that context what are the sports companies? madison square garden at $182 and 24 million shares and you talk about getting the rangers from free with a win streak. and if you buy it here

going to be a lot of players that like bitcoin and like limited companies that they can buy in the sports fields i think that's one as an example you can have madison square garden entertainment but that's the venues and accumulating names of subscribe ores same thing with live nation. they have names to use to monetize and bring that to the table. one stock i will look at and recommend is sinclair at $30 the stock is 75 million shares and when you look at the cash flow from the broadcasting and assume that the regional sports networks which they bought are nonresource and can figure out how to monetize that i think i can make 50% over 2 years since the spring of 2022 is an election year and they will have people spending -- not individuals but politicians spending money on advertising. so that's an example of --

>> sinclair is principally a station group owner on that? they're big and brought -- >> yeah. scrips from 15 to 22 or 21 gray television has done well. broadcasting is coming back. you know, not as quickly in part because local station level they give you sports and news but you have to have car dealers with inventory to sell and get promotions so that's slowly recovering and will accelerate. >> let's move on to another sector you like and that is a kind of obtuse play i guess i would call it on infrastructure and that is logistics. you like a couple of big truck manufacturers. >> yeah. well yeah. but the entire infrastructure,

roads, bridges, waterways, exciting the civil engineers, that's hard core basic sense infrastructure and the broadband with that for remote learning and work and medicine. in that context when you look at the class a truck market, a company is navistar. on the munich exchange 500 million shares volkswagen took it public. we think the stock will be able to sell it within a year at 36 euros so you have a 50% in 18 months and they're buying for cash the navistar and the combination of the markets in europe and the u.s. makes sense. that's an easy one in addition to that, packard is just a great company that i have

been following for 45 years. but then the second part is simple what happens when companies that have businesses with financial engineering or do something? take a company like one based in mexico and first visited them probably in 1987 and they have 557 million stock and 13 times 550 million. you got a 6.5 billion and what they did which is very good is engineered their content business, spanish business and in that context 200 million are in the united states and mexico and all of a sudden they put it into univision with greg davis doing something and you can getz that 45% for free because you get a company with a billion and a half dollars, a billion from

cable, 500 million from sky which is let's say declining but the other cable part growing and you're getting a financial engineering. and so on. that's an example of what we like and an area we like the global marketplace and picking niches that we like. >> why 50% with that thoughtful sort of investment case when you can load up on crypto? have you gotten any exposure to it >> i'm sorry which one? >> crypto. you don't have to be specific of doge or bitcoin. what is your pick on the market? >> well, we have been a historically kind of looking at gold go back to 17 -- let's not do that i was going to 1892 and williams

bryant presentation and so on. we don't have a point of view on that our clients don't allow us to buy it it is not in the man date and don't own any and like things done instantly so you don't have problems like the company with the leverage you have the same thing with regards to gary genzler. what do we do with regards -- the mechanics of the market -- you say, look. 36 months ago on your show or shows in general people say there's no more public companies. the good news about spacs is

clearly you have to put in electric fences to give the marketplace this kind of an ability to have more companies going public and handle that dynamic so that's -- >> sounds like you're saying there's opportunities in the good old-fashioned stock market given the way -- >> you can do a lot of things. that's not our mandate for the clients. love to own things 13 months so that's the dynamic that's where we are take a look at agriculture the american farmer is working 24 hours, 7 days a week, do get that crop planted and will have

a boom in agriculture and john deeres will help the world the planet and climate benefit from that work and so we like that ecosystem one of the companies in process to make a significant amount of case new holland it's controlled by smart people. >> yep. >> and they're selling off the truck business so i think you will have an easy 50 pi% there. >> there we go mario, thank you we appreciate your time today and ideas. mario gabelli. >> good to have you back and, tyler, see you at a game. >> that's right. we got to keep rooting for julius randall, one of the best now. thank you. good to see you.

tesla shares sinking after the autopilot led to a crash killing two. details on companies navigating major crises, plus, the "power lunch" for the post-pandemic why high powered business meetings could involve more swtshan itthea tsus is summer.

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after a year of isolation, the "power lunch" might be coming back. "wall street journal" speaking with ceos across new york and the consensus in-person meet-ups are coming back. limited days available with the hybrid work model, people want to drink more casual dress code, ty. >> so maybe you don't have to dress up to go out and have that power lunch. kelly, i'm looking forward to those days again we never go out to lunch there's no food on "power lunch" at least not on this one. ahead on "power lunch," no food but airlines are prepping demand is back and when will the business travelers fly again

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powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. welcome back i'm rahel solomon. roughly a third of the nation's adults are fully vaccinated and

as of today everyone 16 or older is eligible to get a shot in all 50 states but the director of the cdc said it is not time to celebrate yet. >> we are in a complicated stage. on the one hand more people in the united states are being vaccinated every single day at an accelerated pace. on the other hand, cases and hospitalizations are increasing in some areas of the country and cases among younger people who have not yet been vaccinated are also increasing. swedish climate activist said that the international community has to do more to address what she called the inequity of vaccine. and with help from the vaccination program the united kingdom reports four covid deaths a day, the lowest toll in more than seven month just the seven-day average is 25 per day.

kelly, back to you. >> amazing. a return to the skies has more than a million and a half airline passengers screened in the u.s. yesterday that's the third highest daily level since march of 2020. delta air lines ceo last week saying he's seen a surge in bookings back to 85% of normal levels for leisure and business won't be far behind. >> i expect to see offices reopen this summer i think by fall we're going to see a pretty significant bump in business travel starting back. people need to back to the customers and own people, get out to the marketplace, drive the businesses forward we are planning to reopen the campus officially in the month of june. >> for more i'm joined by gordon bethune. great to see you you are more skeptical i think

than he is about the return of business travel. >> thanks, kelly glad to be here. i guess we've learned a lot of lessons with the working from home and businesses have learned to say money and get the same pro productivity i believe the volumes of business travel will continue to increase, possibly offsetting the loss that we have incured but i don't think that automatically everybody goes back to going to the office 8:00 to 5:00 and attending conferences quickly but a couple years. >> a couple of years it's, okay, we have to wait longer and why investors are so keyed in on it you can say it takes an extra year or two or never going back to what it was pre-covid. >> compound learning, learned some things we don't need to be all be there every day and look

at the verhead costs of square foot face in downtown office buildings is a big chunk of change that maybe you can re-evaluate and do with less and i think those lessons not soon forgotten. >> let's talk about what that would mean for the airlines. some are more exposed than others the return of leisure travel is good except if you're a business that builds on the business elite. do their to change course? >> i don't think so. they're smart people running the i airlines today drawing on reserve talent with assets to throw into whatever the marketplace demands. but they can respond quickly but they're not going to put more capacity out there than they can sell because that's the

road to failure. i think they got the right mix they seem to be doing the right thing. i notice united going with a lick liquidity issue and managing the expenses well the big four are going to be fine the noise will be out there from the others but i think the major industry players are going to be fine. >> what do you think were any of the mayor changes from the pandemic i'm thinking of i believe united impbt opportunities to get bays at airports that might not have existed. we thought there would be consolidation. i don't think if that's a bad thing as an investor. >> i think boys in the scheduling department won. optimize the use of the hubs so use flying to the same destination over hubs and use one hub. no use running every type of

airplane they have in inventory and can consolidate to a couple vital airplanes and use them and reduce the overhead costs to paying for every day those extra airplanes that probably need to be parked for more months anyway >> right and a little more patience is all we need although the damage is done to the balance sheets. thank you. we appreciate it >> nice to talk to you. rick santelli is tracking the action today hi, rick. >> hi, kelly welcome back of course you can clearly see 160 key area if you look at one week it slices the action and which side we close on may be key to the ultimate momentum as we all of course monitor rates to see how much higher that can go.

bund yields high tied at 23. dollar index today looks to be the sixth session in a row that the dollar index is going to close lower. this is accompanied with interest rates and so much going on ept with the strength in the euro currency pushing the rates higher back to you. >> thank you very much. was the drop in bitcoin an overreaction our traders will weigh in on that one when we come back with a bang, energy and change came to every part of our universe. seismic or small, it continues.

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welcome back to "power lunch. a wild week for bitcoin and it's only monday. falling close to 52,000 on sunday the selloff tied to rumors of a crackdown in the u.s trading nation team today is ari wald and nancy tangler

nancy, the digital currency market has become more crowded whether it's doge coin or bank of england with a version. how do you read the volatility in bitcoin and as they launch their own. >> yeah. thank you for having me. we know that regulation is a risk and it is well telegraphed for sometime and we know that genzler taught block tan at mit and we have limited supply and increasing demand with companies like walmart, square, tesla even starbucks with an app to use the bitcoin so we know the demand is going up walmart will pay suppliers in bitcoin in other countries square and tesla on the balance sheet and then concentration

risk 2.4% of bitcoin accounts control all of 95% of bitcoin in general. so because it trades on sentiment i don't know that other sen tram banks getting involved will drive the stock. i mean, the asset stock but rather that it's going to move on sentiment and demand and we are invested in the areas to value as the miners and the technology surrounding bitcoin >> yeah. makes sense. it was trading above 60,000. where does it go from here >> i have some minutes to read off. in august bitcoin suffered a 20% draw down. 31% in january 26% in february. 18% in march and now down 16% about peak to

trough must have been a tough nine months for investors right no, up 315%. this is a volatile currency day-to-day may not be suitable for other investors. there's no damage to the trend on this though but there's a tradeoff to get the big upside reward there has to come with s substantial downside risk through that. >> not for the faint of the heart. thank you for your per suspect i. kelly and tyler, back to you. >> thank you very much. we got tesla, peloton and johnson & johnson. three companies facing serious issues rightnow. so what are the companies need

to do to minimize damage "power lunch" will be right back >> and now, the latest from trading nation.cnbc.com and a word for our sponsor >> in determining the entry points with rising stocks look to buy pullbacks at support levels i'm lee bohl and schwab is the better place for traders did you know that geico's whole 15 minutes thing...

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several companies on the back foot today. tesla dealing with the aftermath of a deadly crash down in texas. peloton's treadmill now the subject of a warning from the consumer product safety commission and johnson & johnson of course waiting for word on whether its covid-19 vaccine will continue to be used in the united states or really anywhere here with more on navigating the fallout of crises like this is jeffrey sonerfeld. jeff, it's always great to see you. tesla has been very quiet today. peloton with respect to its

treadmill is saying we want to cooperate with the consumer product safety commission but when used in a safe way, the product is safe. let's set aside j&j. what should the executives of those two companies, tesla and peloton, say now. >> thanks for the invitation of course to join the chorus welcoming kelly back, so wouldn't miss that opportunity tomorrow when you're all in studio you should play the great theme about together at last but there are great historic lessons that you can think of when of course tylenol handled -- johnson & johnson handled the tylenol situation. mary barra took charge at general motors there are things to do to not attack the critics, not to be stand-offish we see peloton a little defensive.

tesla goes silent. we've seen those happen before with mark zuckerberg and facebook and others too. the mishandling of the equifax data breach. what they have had to do is embrace the critics, get the board engaged, speak with a single voice, don't vilify the critics and try to come up with constructive solutions you can imagine there could be weight sensors to these animals, pets and young children off of these dangerous tread mills. you could maybe punch in something or default to shut the system down but you'd think engineers could come up with solutions. >> they have apparently a key that has to be inserted into the device to be able to turn it on and they say hide that key in a place children can't get to it but people forget to take the thing out and leave the thing on. >> exactly

they answer the door that's why a weight sensor would help and why continually punching in on a default would be a little annoying but a good solution they could also embrace some of their competitors that have similar situations with treadmills so forging alliances that way would be a smart thing to do to help them. >> my sense is that behind what you're saying, jeff, is a feeling that there is more to be gained by coming out and getting in front of these kinds of stories, even though the general counsels are going to say don't you dare go on cnbc, don't you dare make a press statement to anybody, but that there is more to be gained from coming out and speaking shoulder to shoulder with the consumer than from not. >> that's exactly right, tyler but you can't go too far people learn from jim burke embracing the critics with a very successful recovery at johnson & johnson with tylenol and bob eckard at mattel when

they had lead paint. but in india after the horrible gas breach, he went over and said i'm the one responsible for this, i'm the ceo. so they put him in prison and eventually he came back to the united states but he was a fugitive from justice the rest of his life. they were forever trying to extradite him back to india. >> let's talk about johnson & johnson's -- >> don't confess to things you didn't do. >> no, exactly, you have to be careful, but there are things you can say to the consumer it seems to me to position the story so that in the case of peloton, you see those videos of a child being pulled under and those pictures are worth millions of words of defense let's talk a little about j&j in the time we have left, jeff. j&j is really at the mercy of

the science here there's not much they can do or say. >> it's an interesting thing with johnson & johnson this was a call by an advisory committee to the cdc that's a little newer in the saddle and not as experienced as other advisory committees and it was not the fda that was trying to join and support the cdc anthony fauci at the nih and jeff zientz, they knew nothing about this in trying to keep paolitics out of this, they have some people -- it's likely they don't have a problem any worse than any other vaccine maker. it's very, very rare and it could just be extremely rare situations and the problem is not the vaccine but it could be the virus itself and they need to look at the data for everybody and hopefully we'll see some cooperation from pfizer joining in with their data as

well as moderna so they can see if maybe it's just some, since we're giving anti-coagulants that they shouldn't have produced but johnson & johnson is great about engaging and telling the public what they need to know and working with the authorities. i suspect -- >> yeah, i guess they had a very contentious case and ongoing with the baby powder and the talcum where i think there might be some who might characterize their response as different there. >> but that was the plaintiff bar. there was no evidence that the industrial talc had to do with cosmetic talc. they generally win those cases. >> we've got to leave it there thank you, jeff, your knowledge and history is terrific. we appreciate jeff sonnenfeld. markets are still heading

lower. the dow down about 120 points. es'll of more on these mov coming up after a quick break. don't go anywhere.

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i guess evans sold all of her bitcoin before coming back red numbers on the board, evans is back. coincidence? i don't know. >> you're not the first person to try that connection, so let me point to something which is moving higher, which is gamestop this could go from a meme stock to a retail turn-around story. the ceo is leaving it's been a pleasure see you for real "closing bell" takes over. welcome back, kelly. and welcome, everybody, to "closing bell. i'm sara eisen along with wilfred frost. the major averages lower following record highs on friday one hour left of trade earnings season kicks into high gear this week coca-cola out this morning, ibm and united airlines reporting after the bell today more on all of these names strayed ahead. b bitcoin on watch with prices down 20% from the peak

the nasdaq is down