welcome to "power lunch," jerve i'm kelly evans with dominic chu this hour. president biden talking about this economy we'll talk to a top administration economic adviser about the impact of the costs of the rescue plan. earnings season with the ceos of two very different

companies. genetic testing, mobile gaming we have two big kind of parts of the spectrum there. crypto growing in acceptance every day. now the big banks ready to let buyers buy, sell and hold bitcoin in the accounts. we'll have more. "power lunch" starts right now ian we are going to kick things off with the markets seeing a rebound from yesterday's tech driven losses the nasdaq still only with a small gain today so has the tech and mega cap especially those stocks fallen enough to make those valuations relatively attractive once again? you can see there the nasdaq lagging up one quarter of 1% bob pisani has more on that story. bob? >> hello, dom. it's a mixed day reopening sectors, industrials, banks, toerls doing better but the key story is tech stabilize.

tech up throughout particularly mega cap with a nice open up throughout the morning flattish right now with the big names and the chip stocks marginally to the upside there was a lot of worries that tech is starting to reset lower particularly after the earnings story and then some numbers here i would n't say tech is resetting lower but bifurcating. if you look at where it is compared to the 52 week highs and in the last couple of months most of them in the mid single digits and the chip names line nvidia apple about 10% off the high but pretty moddist considering the big moves the stocks have had. what's hit hard is the thematic tech stuff clean energy is killed in the months arng, all the cathie wood stuff. lithium battery and electric

vehicles this is the stuff often marginal and doesn't make money and since foeb there's concerns about profitability and that's where all the stuff really started to have trouble i would say especially solar stock. talked about this in the last hour here. all these stocks that you are looking at today at new lows for the year right now and remember they also topped out in february when the rates went up. profitability is a concern guys, i would say it's not so much that tech is resetting. it is that people still seem very interested in high quality tech and for the most part that is the mega cap names. apple's 25 times forward earnings going down actually the multiple on apple because the earnings have been so strong you want tech quality with sherwin-williams and the reopening plays on top of that. >> that's a great place to leave it there with you digging into the themes and while tech has come under pressure the next

guest said he's focused on high quality value names. let's bring in michael huntstead with northern trust asset management bob kind of laid out for us thematically let's go through the themes. it is growth versus value. cyclical versus defensive. what stands out? is the value trade going to have legs going forward >> yeah. absolutely we expect value will continue to out perform really for several reasons. one we are squarely in the expansion phase of the business cycle. this is prime time for the value factors so now is not different from history from an interest rate perspective, 2021 the long rates rising faster than the short rate this bull steepener is good for the value factor and inflation should that come about could

accelerate this and last but not least from a valuation multiple perspective value stocks still very, very cheap relative to their own history so all looks good for value in general but you have to be careful about those lower quality value traps. you want to focus on stocks good financials, paid for the risk you take. >> can you give us an idea contextually what you mean when you say low quality versus high quality? the types of companies that you refer to you mentioned some of the s sectors but i wonder how they characterize or what goes into a high quality team that's value versus a low quality company that's value. >> high quality company to us we look for high profitability. good, strong cash flow good balance sheets relative to the peer group so a great example of a high

quality name that's also very cheep quest diagnostics. it ranks very well in the sector >> all right so we are also showing others there. cisco and qualcomm take us through then some of the lower quality ones which ones are out there on the value side of thing that is you don't think are as well positioned, don't have the strength of balance sheet that those ores do. >> still a lot of thcheap stocks steele dynamics is a good example of that. relative to their peers they just don't rank as highly on a criteria that we are looking for. >> now if you could then make a prediction about how the interest rate environment, how the inflation environment will affect some of these industries going forward.

are there certain specific sectors poised out to out perform given the trajectory you think which is higher. >> yeah. there's a lot of interest rate sensitivity across the sector spectrum financials in particular obviously poised to do well as interest rates rise. that is a big segment of the value stock universe to begin with so anything with a positive correlation interest rates financials being a great example of that is well positioned to outperform. >> all right from the banks, kelly. michael, thank you very much. speaking of banks, could bitcoin be coming a bank near you? according to crypto firm hundreds of u.s. banks are asking for bitcoin planning to allow customers to buy, hold and sell it through the existing accounts as soon as this year. let's bring in banking reporter hugh sun what has to happen behind the

scenes in order for people to be able to access bitcoin in the banks? >> hey, kelly. nice to be with you. so there's ffis and they have an 300 million in checking accounts through their thousands of bank clients so they service the tech vendor that serves banks and then also a crypto -- a bitcoin custody company and they're like a galaxy so thif a deal with morgan stanley for instance. so you have some nascent players joining. and they basically said we are going to make it easy for people to actually own bitcoin. it is after all a financial asset and they've done studies saying if people have the ability to own bitcoin through the existing financial

relationship, through the portal they deal with the other money, their fiat munger and able to do that you have greater adoption and basically they will have as they turn this on access to clients, customers of these community and regional banks that sign on for this go to the bank app and look inside and see crypto all right next to their other deposits and savings. >> it's interesting because it raises issues. it is part of the bull case to own bitcoin because more exposure to it the more you adds to the demand potential. does it undermine the places like the cash app, paypal, other apps that offered this in the past remind me of zell banking technology become what venmo was in terms of sharing payments but there's a couple big shifts. a lot of the time dealing with

bitcoin taxable events if you sell it, use it to buy something that's a taxable event and i wonder opening this up to people are they aware of how many times using bitcoin they're facing tax problems? >> lots of great points. on the last point there's nowhere to hide if you've got bitcoin and it's sitting in the bank account and get the 1099 end of the year and it's going to show you that you have appreciated 200% in the couple of bucks in bitcoin so i think that's going to be something that's bringing bitcoin into the light and into the regulatory frame work and probably good thing. you talk about cash app and square and paypal, you know, they have always been providing access to bitcoin for a while now. i do think this widens the pool of people willing and

comfortable to get this because there are people not comfortable with signing up with the coin bases of the world and this basically makes it a lower hurdle to get into it. we can talk about this down the line that nidig to roll out is essentially a bank account and insured but the interest, the yield is paid in bitcoin. another example sort of a play on this, if you have a debit card and using it you have rewards and instead of them in cash or points you get them in bitcoin. and so, looking at this, bitcoin the highest yielding financial asset of the past decade and getting the micro amounts and they appreciate at the rate they have been it could be a generator of value for people. >> i'm looking at dom chu over

here for his - >> i'm thinking how many people out there want to do something like this? >> i think a lot of people want to. >> at a community bank. >> or do you -- hugh, you predicate the success on the returns but we don't know what will happen from here. >> reporter: to dom's point, the reason why these banks are doing this and it's supposedly an upswelling of demand from the ba ba banks themselves, dom, they have data analysis abilities and see money going from the customers' accounts into the coin bases of the world. and they could see money going to robinhood and know that the customers are -- there's deposit flight leaving the institutions and going to the crypto custody places so i think that this is -- demand is fueled from

people themselves and data to show that there's going to be adoption of this as they roll out. it is focusing on community banks. smaller institutions my understanding is that there are top ten financial institutions looking at this and i suspect haven't. paypal does this and community bank and how long can they hold out? >> it always comes back to the data. >> right. >> everybody knows what everyone's doing at a bank and making transfer payments to coin base. >> over and over again. >> you are interested in crypto and the reason why it's big. >> all the banks will offer this except for the biggest ones? why? >> they have the greatest incumbency and trillions of dollars of asets, the most to

lose if this thing goes sideways and the most risk averse and you have these community lenders and fighting for existence. so they have less to lose and more to gain and this is going to be a revenue generator. they decide the points. >> fascinating. >> i think it is ultimately going to filter over to the largest banks eventually. >> well said thank you so much. let's hit a quick news alert on gamestop. from b-minus to "b" saying the equity offering should provide runway and also removing gme from ratings watch. >> it is $160 stock now. wasn't five months ago. >> you run up the stock price enough and you can save a money. >> shore up a balance sheet. >> yes. >> probably have yourself enough to issue debt and not a credit watch negative event

this is all big. i don't know how much a catalyst this is going to be in terms of generating the stock returns that we saw in the height of the meme phenomenon. >> craze. >> yeah. >> still a victory there if you will. going to take a quick break. coming up a genetic testing company not going after the covid market the stock down 25% this year and talking to the ceo about that decision peloton down big after recalling the treadmills we have that and all the day's big movers ahead on "power lunch.

welcome back to "power lunch. shares of invita are higher this afternoon but the stock down 25% so far this year and while many health care companies pivoted to chase after the covid market they chose to focus on the core business even with the recent stock declines the stock up 90% over 52 weeks cathie wood called it one of the most underappreciated holdings and softbank invested a billion dollars in the company shawn george is the ceo ian joins you now. why wasn't there more of a covid market for yous? >> thank you for having me when the covid pandemic hit and we had to figure out quickly

what to start doing on a day-to-day basis we focused on the samples coming in the door these are patients spanning all disease areas from birth to death relying on the information. and so we focused on keeping the production environment safe, secure, making sure to support the team in serving the patients and the covid testing we stood up entirely focused on that. we did provide other services, background genomic sequencing. pan surveillance and will continue to work applications in the future but really for the last year we were focusing on the patients, cancer, women having children and where we stayed. >> i'm choir you how a lot of -- the people who were fewer cancer screenings last year people who are now kind of realizing that health problems they may be in

what are you able to do in the future to help people with their health and maybe to avoid the outcomes >> right i think this is maybe a silver lining perhaps for the country of the xoel covid experience is diagnostic information particularly with the scale to deliver ahead of time can do a lot of good. it is the old ounce of prevention is worth a pound of cure the information can help people understand the disease risk in the family it can help explain symptoms happening at a given point in time help with reproductionve choices for women. 1 in 6 choices is driven by genetic information and we get that information into mainstream medical care for billions of people. >> how much information is too much information

what happens when people who might have otherwise -- i don't want to say perfectly healthy but do they take measures that are unnecessary? i think a little bit of the breast cancer space over the last decade, what do we do to make sure that the information is useful and that kind of helps with really serious issues but doesn't cause people to jump the gun? >> first and foremost while we see the role in disrupting health care in a way pulling an individual's care providers, the clinicians is essential and front and center in the approach this information is serious information. the better the faster the cheaper to deliver identity great. we also spend a lot of -- invested a lot to make sure to deliver it in easy to understand what's next steps for the patient. for most the individual and their care provider and that's the piece of this all. care provider for them along the

way to make sure that the information is put to use for their benefit and not spurious chasing down false leads or doing actual harm. >> sean, it is dom here. as the ceo of this company looking at the covid pandemic and the business to flourish perhaps outside of the construct of covid how long do you think it takes to start to realize the returns on the investments you have made now that you haven't gone through the covid route >> sure. so the -- great question we have been thinking about it in detailed way. the short of it is it looks like now as if we are emerging from the pandemic impact. the primary care, the specialty care, it seems like this is now coming back. these are very important pieces of information to have ian it looks like this -- we are emerging out of the pandemic impact period and expect to see

the business to continue and clip along that's the way it looks but it is around the globe there's still spotty impact from covid that we are still pushing through. >> thank you for joining us today and continuing to watch the story. >> thanks again for having us. the honest company is going public today the jessica alba company raising $400 million but honestly how's it trading today that and more coming up. plus later on, who let the doge out? why it's no joke today "power lunch" is bacinwo nus.k t what happens when we welcome change? we can make emergency medicine possible at 40,000 feet.

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welcome back to "power lunch. time for today's power mover just the honest company, the consumer goods brand founded by joesz ka alba going public today up 40% alba was on cnbc "squak box" to discuss the company goals. >> it was definitely more focused around a certain type of

consumer but now oemeveryone is aware how to live a better life and do care about safety and health, they want to care about sustainability, diversity and inclusion. all of the core pillar that honest stands for. >> over 10 million shares traded in that company today. pole on the sinking after announcing to recall all treadmills after reports of injuries and one death finally, holly frontier seeking 6% reporting a wider than expected loss for the quarter and announcing a deal to acquire the puget sound refinery from shell. kelly? >> is the honest company big at costco >> i boo the products there because i get them on seal and in bulk. my daughter and son use those products in their bath and bedtime. >> i will have to check it out ahead, queen kathy's crown

slipping a newest bet skillz down nearly 9% today the ceo andrew paradise will join us next and president biden's economic policy hitting road bumps as the mrks struggles to min support we'll speak with adviser heed. proi "power lunch" is back after this you're slouching again, ted. expired. expired. expired. thanks, aunt bonnie. it's a lot of house. i hope you can keep it clean. at least geico makes bundling our home and car insurance easy. which helps us save a lot of money. oh, teddy. did you get my friend request? oh. i'll have to check. aunt joni's here! for bundling made easy, go to geico.com hello?! flexshares are carefully constructed. to go beyond ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives,

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welcome back i'm rahel solomon. here's the covid update. india's top court given the government a day to come up with a plan to meet the growing oxygen needs of hospitals. meanwhile long lines are forming in the country as people desperately wait to refill oxygen cylinders. a federal judge overturning the national eviction moratorium ruling that the cdc does not have the authority to impose such a measure and meant to protect struggling renters from becoming homeless in the pandemic the justice department is appealing the decision. google's new hybrid work model offers more flexibility saying that 20% of the workforce will remain remote full-time

after offices reopen and all others send four weeks working from a different location. and there's something fishy going on in the japanese town. it's being criticized for using covid relief funds for this statue local officials say they hope it boosts tourism and bring awareness to the fishing industry dom, you are up to date. >> i'm not sure. maybe i would go see the giant squid statue. >> we are talking about it >> doesn't look delicious to me. that's fine. >> yeah. it is something to see that's for sure. >> i'll leave it at that. >> good use of money. >> thank you for that. let's check on markets because we are seeing some movement here overall for the dow, s&p 500 and nasdaq. actually picking up a little bit of steam in the last maybe half

hour or so the nasdaq composite lagging only up by 1/10 of 1%. modest gains for the russell 2000. oil markets are closing for the day down slightly. $65.58 for u.s. west texas intermediate crude this is all happening despite the fact of inventory data from the energy department earlier this morning with a bigger than expected draw down and should have been supportive of prices but yes today at the close not so much there and keeping an eye on oil prices $65.56 for u.s. crude. let's get to the bond market where rick santelli is tracking the action. >> hi, kelly intraday of 10s, volatility around 8:30 eastern where when the treasury announced the may refunding. and the package they said don't worry. it is the same as february

it is. 126 billion but the issue is it's 50% bigger than pre-covid 84 blg pre-covid 42 million hired half of 84 we want to pay attention look at a two-day chart of 10s yesterday is somewhat inside today. technically it is a little bit soft so say traders. and if you look at this barclays investment grade spread relationship back to the credit crisis in '07 under 100 basis points of add-on unbelievably tight as companies continue to take in money to stockpile. because rates are so low finally the dollar versus the looney the dollar's at 3 plus year low against canada dom, back to you. >> take what can be taken. rick, if we could follow up quickly because we were having this kind of quick conversation.

what does it feel like in chicago? i know you are so close to many of the floor traders we got word from the cme group many pits at the floor including many agricultural commodity pits to grow permanently since the pandemic last year what does it mean? how are those traders feeling right now? what exactly is this a signal of perhaps? we have known that electronic trading is huge but i miss seeing those colorful jackets and guys yelling buy and sell orders to each other i remember spending time in chicago and it was always a sight to behold. >> yeah. you know, it is very depressing. i guess the most depressings a poekt is that pre-covid and then covid hit and the floors closed to august and one pit opened so all the other traders seem a little discombobulated and talked to many over the phone not having a chance for close yir but from the exchange's

perspective we are starting to thin out and the dollar options pit is still large, active and still open. >> that options ian the corn options pit, the two i remember the most out of the cme group. thank you. last year cathie wood took the investing world by storm as everything she touched or went towards seemed to kind of turn to gold. this year is not so kind her flagship etf of arkk down 8% the performance ranks it near the bottom of the list of more than 500 mid cap growth funds and it comes at a time when the s&p 500 has risen by 11% tesla is ark innovation's biggest holding with 10% of the fund it is now down 4% as you can see so far this year to date the fund's next big oes holding is teladoc down 20% year and

hearing from cathie wood friday on "the closing bell" talking about what she sees as the next big investment themes and doing with the portfolio. another name that ark is betting big on is skillz this is the mobile gaming company. the beet also comes as it launches a new partnership with the nfl and brings new talent to the executive suite. investors however don't seem so impressed today. the stock down 8.5%, doing 20% so far this year joining us now is skillz ceo and founder andrew paradise. thank you for being with us today. let's talk about the results and how much covid played into them and can you sustain the momentum >> all right thank you for having me. we recorded record q1 revenue growth ian outperformance so i would say certainly pre-covid

and post-covid we actually in terms of covid saw normalization several quarters ago so really towards the end of q2 last year in toerms of the behavior on the platform. >> can you take us through about some of the mechanics behind the results there? what exactly was driving them? what types of games, the types of things driving revenue growth over at skillz >> sure. so in q1 we achieved actually a new highest rate of conversion to payers so 17% payer conversion for the first time 8 times high oere than the industr average in mobile gaming the second piece is strong average revenue per paid user so companies with higher conversion and strong payments. is really what you are seeing in

q1. >> what franchises are performing the best for you right now? >> we usually don't comment on individual game os ten platform. there's of 100 titles that build. i usually don't go into commenting on specific titles. >> this is also a situation where you have spoken about the spac deal and the notion to build this company for 100 years. we have seen some competitors like blue mobile and king digital acquired by electronic arts and act vision blizzard as well is there an example of independent mobile game operators and publishers >> there is a fundamental dimpts skillz is technology platform. we don't own or operate game

just only the game we own we purchased for $5,000 and general rated a multi-million dollar return and so that we could demo the software so when you think about zingya versus skillz, different businesses but building a marketplace company i think it's important for the game developer community to know we'll be an independent business and safe for them to build the businesses on our platform. >> do you feel that the future for mobile gaming is going to tilt towards sports, some point have this meshing and melding or possibly collision course with online gambling? and perhaps your company is uniquely positioned because you are the platform operator. is that the general trend secular wise in mobile gaming to be about gambling in the future? >> maybe not gambling but we believe that e-sports is the

online equivalent of offline and sports as we know it and we have seen a huge opportunity to drive the conversion so last year we announced a partnership with the professional bowlers association and they partnered to use the platform for strike and we actually announced a partnership with the nfl and kicking off a developer challenge there for the future of sports in terms of football. >> all right a huge deal for shure there. andrew paradise, thank you for joining us with the results and we appreciate it. >> thank you for having me. it's a death cross or a huge red flag five stocks with a warning signal and debate there's more pain ahead. check out some of the names reporting after the bell why yub ore, paypal and booking sinking

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welcome back to "power lunch. we are watching five stocks that are waving a bearish technical red flag take two, biogen and amazon below the 200 day what's known as a death cross which suggests potentially more pain ahead. let's check down the names with the trading nation team today. gina and boris among the names, bk, your eye is on take two interactive. g gaming is a hot trade. >> take two is the pre-eminent studio in gaming and yes the gaming is a selloff with the post-pandemic i guess sugar high but long term there's grand theft auto 6 coming out and probably the single biggest blockbuster hit in gaming and i

think any savvy investor will buy the dip. >> gina, the name you have your eye on is amazon and digital payments are not going away but the stock is trading flat on the year where does it go from here >> amazon is a staple in our portfolio. partially because the trend to e-commerce already well established before the pandemic and brought in the late adopters and forced them to the party and they have cloud play which is up 32% this quarter and that you cannot ignore and though we see the pullback which i think is natural i think that this stock still has a lot of room to go. >> got it. amazon and take two. thank you. for more trading nation head to the website or follow us on twitter. >> thank you. jeff bezos' blue origin announcing plans to begin sending paid passengers to

space. how much and how you can be among the first space tourists that's next on "power lunch. >> and now, the latest from trading nation.c innocent.com a and a word from our sponsor.

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welcome back blue origin is releasing the details of how travelers can get their hands on a ticket for the first ride on its new shepard spaceship. morgan brennan has all the details. what do i need to do i am not sure if i want to do it yet, but i would like the know what it takes to get me into space stereo right now, one seat, jeff bezos' blue origin with people actually on board, a

crew that will include the highest bidder of an online auction. july 20th is when they plan to perform this first crude flight. blue origin has started a five-week three-phase auction for one of the six seats with proceeds to be donated to you build origin's no word on when bezos plans to make the trip to an altitude of 344,000 feet but it will start the space tourism business the company is not gis disclosing the pricing to the game plan. head of ticket sales does say they have been fielding requests and inquiries for years now. the privately held company plans to release more details post flight in the meantime, given the fact it is privately held but the most direct competitor is virgin

galactic, you can see shares of virgin galactic down on this news. >> what would elon musk say about this news tim? >> i haven't checked his twitter feet in the past hour or so since we have gotten this news but, yes, there tend to be some snarky conversations and tweets that happen on twitter you could call it, perhaps, a rivalry, particularly between bezos and musk, where space things are concerned there was some tweets from musk actually just recently regarding a major lunar lander contract that spacex won and blue origin lost out on. although that's now going through a protest process. so the rivalry between the two of them has been alive and well for quite a period of time but to your point, yes, everybody is now getting into space tourism, but everybody is doing it in different ways and

capacities. >> there is one kind of real publicly way to play this? that's virmin in -- virgin galactic. >> that's right. other are taking etf views around aerospace is there a win they are the space race right now it has to be spacex. we see videos of falcon rockets, everything with the iss going on is it fair to say they are the ones in command of space right now. >> i would say everybody is focusing on something a little bit different and that ecosystem continues to grow. that being said when you talk about orbital capabilities, reusable kpagts, when you talk about the ability to actually send astronauts to orbit from u.s. soil, that is spacex. and just from an investor spanned point i think spacex has really not only lent attention

but kind of investor credence, if you will, to this burgeoning new space economy. now of course we are starting to see more of these companies going public, many via spac although those timelines seem to be up in the air right now given the s.e.c. guidance we have seen around spacs in general. increasingly you are going to hear more and more about these space companies. spacex very much the key disruptor and the one seen in the lead. >> morgan brennan with the story on blue origin. every doge has its way rapidly approaching $1 that's in context there. you can see there, it was a brryin per token back feua more on that after the break

all right. welcome back what you are seeing right there is a chart of dogecoin we are showing it to you because it is up another 10% it's well off its session highs. at one point this morning when i was on "squawk box" looking at the chart it was up 20 to 30%. it was at 66, 68 cents per tiktok token. >> people were buying it at one cent. >> they were it was as low or high depending how you want to look at it, as four to five cents in february or april february is when spacex founder and tesla founder and ceo elon musk started tweeting about it

talking about it going to the moon and whatnot there is a narrative out there i guess is the way to put it that a lot of the rise that we are seeing is because he is going on cnbc's sister company, right, nbc, "saturday night live," this saturday night. >> he tweeted about it again today. >> the doge-father -- that's what he's calling himself. what it going to do -- if he makes more comments on this does it go even higher? >> do you remember doge they were trying to make 3/20 into -- i remember buy the rumor, sell the fact go ahead. >> i was going to say, if you look at the way the market caps is structured the overall value of the ecosystem, we have used that term more these days, is roughly about $83 billion in terms of the number of tokens, and you multiply it by 60 some-odd cents to put it in perspective, because they are in no way related but just to give you the

idea of the size of that particular world versus general motors on the car side of things, its equity value is $83 billion and fedex is $80 billion. >> one of the doge founders sold doge coins to buy a used hon do only to have doge coins, those dogecoins to be north more than the company of honda >> here's what one person had to say about what is driving the price action. >> i do think, you know, when you think about the whole theory of what this crypto revolution is, there is something pure in what dogecoin has done it's a little bit of a middle finger to the system doge has its own community for people in that community, it is very speculative. they think it has value. most of the value is a gambling

value in my mind. >> moet of the value is a gambling value. >> somebody who was in early on ethereum. >> on bitcoin as well. >> highlights the difference between knows and dogecoin. >> again, it started off as a joke it is now $84 billion. keep that in mind. >> are you going to stay up for "snl"? >> i might. >> i won't. >> from a news perspective. >> i won't thanks fortuning into "power lunch. "closing bell" starts right now. >> thank you welcome to "closing bell," i'm sara eisen along with wilfred frost. stocks are most low higher this afternoon with the dow hitting a record level, near the highs of the day. up 200 points, half a percent. let's lock at what's driving the action the nasdaq is off its highs, barely in green looking to avoid its longest losing streak since october. apple up just shy of 1%. the energy sectors having another strong session, up more than 3% driven by big