hello and welcome to "power lunch. i'm dominic chu. seema mody will join us. an oil pipeline hacked a sophisticated russian hacker gang blamed why who they are, why they did it and what other companies can learn from this saga. the dow busting out to a new record today dow 35,000 for the first time ever but the nasdaq lagging as a theme in 2021. we are starting to see

bigger crowds at sporting events and concert just an annual igs says it is not too late to bet on live nation to be a post-pandemic winner "power lunch" starts right now thank you. hello, everyone. we have to begin at the new york stock exchange where the chairman of the floor bob pisani returned after more than a year away and the dow greeting him with a record high great to see you today. >> thank you it is great to be back here. 27 years down here and wonderful memory just the important thing about today, good news, lots of new highs. 40% of the s&p 500 and one fourth of the new york stock exchange stocks at new highs today. they just keep coming on the tech rolling over. let me show you the dow jones industrial average look at the milestones 31,000 january 6th

32,000 february 24th 33,000 march 17th. 34,000 april 15th and now another 1,000 points starting to lose track we are seeing new highs around the reopening theme just about 40% of the s&p right at or near new highs. retailers, global industrials at new highs and of course reits. this is all the reopening theme and certainly very good news bad news, tech just keeps rolling over i'm not talking about 2% from historic highs but what we called cathie wood type stocks it sy, tesla, paypal mostly hit the highs in the middle of february and had problems struggling to get back into any semblance of near the

old highs. as for big tech i would say down but better intel. the semiconductors down 10%, 15%. apple started better microsoft is the best of the big cap tech only 4% from the new highs. keeping an eye on them back to you. >> the divergence of tech and the market it is a year since you have been on the floor of the stock exchange what is the activity like? how many do they expect to bring back >> they're emblematic of the country and closed briefly in march, reopened in may and open since and a bit of a skeletal staff. most is working from home. a lot of firms that work down here have been working in shifts, some come in one week, come off next week now starting to call people back they want more people back here. firms on the floor want more

people back here and more people vaccinated still fairly strict protocol i'm not wearing a mask but off the set ifr to slowly gentle prods. start coming back. some people will take a good part of the summer off or work from home even and the fall but i'm quite sure that come september you will see a bigger push to get more people back into new york and back to business. >> bob, thank you. let's get to the massive story here colonial saying it hopes to be running by the end of the week it was dark side and said it's a ransom as a service business eamon eamon javers tracking this for

us who is or aredark side >> reporter: we don't know they like to avoid targeting anybody speaking russian and might give you a sensz we don't know for sure we do know that we had a strange dade today where the group actually posted something on the dark web expressing some remorse for this attack and the amount of attention around the world. signifying that they have caused problems in society now. they say they're sorry for that and i talked to the cyber security ceo, he is in israel today and he gave me a sense that he thinks what's going on is there's a dispute inside this cyber attack group about what the right course of action was and what they should do now. >> we do not believe that their motivation is other than money we believe they they hack -- they were not aware of what they

were hacking exactly and happened to be in the spotlight and everybody is involved and i'm pretty sure they sit somewhere outside of the u.s. saying to them like this is not good for business. but they still want the money. >> reporter: so he is saying this is not good for business the attention but they want the money and expressing remorse, want the ransom and should the company pay it the white house not giving guidance as to whether this company and others should pay it here's ann newberger, the white house cyber security adviser on that question. >> we recognize that victims of cyber attacks face a situation and have to balance the cost/benefit with new regard to paying a ransom. colonial is a private company and will defer information regarding their decision on paying a ransom to them. >> reporter: basically the white

house is saying it's up to them. that's different than the tone you have heard from the u.s. government in the past the fbi and others say we encourage companies not to pay the ransom now given this huge spike in attacks the white house is saying we understand the very, very tough position that companies are in here and you get a sense they won't be angry if colonial pays the ransom. no advise from the white house whether they should do that or not. >> let's talk about the advice or the next steps moving forward. what do we think the white house, the government, everybody es will do with regard to a reaction to this what is the next step for the federal government with regard to preventing this from happening to critical infrastructure here in the u.s.? >> reporter: i think there's a technical response and there's a dip lo mattic response the technical response is to figure out how to assist the

companies once they're in the jams all it takes is a one employee in your company clicking on the wrong link and the company is exposed. what's the technical solution? once companies are hacked to unhack them essentially and is there a government role there? the diplomatic focus, we heard from president biden suggesting to meet with vladimir putin and there's going to have to be a nation to nation dialogue about this and some cost structure will have to be imposed by the u.s. government, that is the u.s. government will have to make the more costly for those in these attacks in russia or around the world because of right now it is too easy to do this and get away with it and get paid. >> eamon, thank you for the latest on dark side there. the next guest worked with victims of ransomware attacks in

the past as well as conducted preventive work to reduce exposure to this specific kind of threat. joining is david kennedy, ceo of trusted sect and a former nsa and marine corp. hacker. you have seen this before and dealt with it. what happened and how do we deal with it? >> they're ruthless and their whole kind of campaign is not to target hospitals or critical infrastructure we go after companies and steal from the rich. and they're very good at what they do. they focus on maximizing as much damage as possible they encrypt everything at the exact point in time where you really have no response back they go after the backups and everything that runs the company and unfortunately a lot of them the only result is to pay the ransom and these are big

businesses hundreds of millions of dollars, billions of companies impacted it is out of control it is a thing where not just dark side but all the other groups are making hundreds of millions of dollars a year off of ransomware and no sign of slowing. we have seen a 300% increase this year. >> this is a die hard movie plot this is a hollywood movie plot of a group going after say a nuclear power grid, a critical infrastructure what are the implications going forward if this is going to happen to a pipeline could it happen elsewhere to something more important >> absolutely. one over our launchest concerns in the industry and the mandates from the critical infrastructure security agency is trying to protect the grid, the water treatment facilities how we conduct day-to-day life here in the united states and it

is a major problem and one that's highly vulnerable you look at russia targeting, china, iran, north korea they have high levels of cyber warfare capabilities so we're kind of caught all over the place from a defensive stance to try to protect ourselves against the type of threats and on the companies like colonial to bolster the cyber security ander ensure the backups are encrypted. all of these things can be accomplished but requires technology focus as the key things we haven't seen before in the past. >> what does it tell you that the bad actors are s sophisticated? they're said to be based in eastern europe. >> it is a major problem and talk about extradition laws. we may know who they are and

where they live, the operations inside and out and cannot extradite them so it's a tough position that we are in from the united states perspective of getting the bad folks off and recently a largest group was busted and they went out of business but five other groups stepped up and took their spot so you knock out one and five surface. until we disincentivize them, if we put sanctions in place, it is painful here for the companies to be subjected to it but same time to cut the revenue source off from groups and not establish a monitor gain and shut them down quickly it is a balance. it's diflt we thing that's known is that companies have to do a better

job with security and one thing that's uniform across the world. >> david, we have a few moments left here. you touched on it. there are countries involved here i'm not linking any one group to a country but government calls state-sponsored actors what is the u.s. do with the international diplomacy to make sure this thing doesn't happen >> correct we have a number of different methods available to us from a diplomacy perspective and we have to get stern on cyber security it is an area where we literally have no guidance, no laws, no what constitutes cyber warfare we need clear laws and definitions of those and go after the countries and in a very severe way that shows

impact to the countries so it's stops. >> thank you very much >> thank you. coming up, take a look at shares of draftconditioning just the stock down 20% it was at one point but down 6% since it was picked in the stock draft. brick and mortar casino companies fares better wynn resorts report after the bell we'll hear from the ceo about growth in the sector that's next on "power lunch.ng ♪ and found solutions that kept them going. ♪ at u.s. bank, we can help you adapt and evolve your business, no matter what you're facing. because when you close the gap, a world of possibility opens. ♪ u.s. bank.

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comcast business powering possibilities. well, welcome back, everyone tyler matheson here. dom, thank you for pinch hitting for me i don't think i was a victim of a ransomware attack. but we did -- i probably was just the victim of my own incompetence i am my own i.t. guy in the bunker the sports betting stocks dropping with scientific gails and draftkings down about 5% 6% for scientific games. casino stocks having a huge run. amid the reopening come back with some names up as much as 244% however those same names sinking

lower over the past month. there you see single digit declines one name worth highlighting is bally's. posting a net loss contessa brewer spoke with the ceo earlier today. contessa >> hi there, tyler they're on a roll and by a roll on a buying spree. it bought the brand name from caesars, bought the tropicana on the las vegas strip and bet works and sthaking a claim in a competitive crowded spasz. i talked to the ceo today after the earnings call about where the company's heading. we have a significant media relationship with sinclair which happens to be the number portfolio of live sports with that deal there's 19 regional sports networks that we were able to put our bally's brand on

really gives us the ability to localize the experience and as well as game-ification they have the fox sports go app which is 30 million subscribers and went converted that with the beginning of baseball season and we believe aside from the access a ten awareness to markets which is over 80% of the u.s. with the networks that we really believe we could reduce the overall cost of customer acquisition for a competitive edge we added daily fantasy sports. and a free to play which is sports caller so we acquired and helps us in the space and they're a leader in new york and

in addition to that they have a significant free cash flow as a result of the operations we feel that rounds us out as far as having the ability to fill the gap we couldn't be happier about the deal we entered into. >> they acquired the third largest casino portfolio with assets and seeing similar imprumplts on profit margins as other casinos. they saw 2,000 basis points improvement in margin than last year generally speaking this is because of cost efficiencies implemented in these casinos because of the pandemic. >> contessa, if they're doing it and having success and able to cut costs and increase margins on a spree, does that suggest that other companies do m&a this

year >> it's so smart of you to point that out because it's happening faster than the rate that those of us who cover this space can keep up. you're seeing it in the major competitors. they're acquiring these smaller regional casinos this consolidation is happening. the mergers are happening and the partnerships in a way they think propels the growth picture of the entire space. tyler? >> what is the latest on the kentucky derby and bob baffert >> he said the anti-inflammatory and never been given this medication and doesn't know where it came from, denying it churchill downs is not waiting

they have suspended bob which means he can't run any of the horses at churchill down just the preakness is saturday. the maryland jockey club said we'll explain the situation but without the results do they have a legal standing to prohibit bob and his horses from running? no right now the winner of the kentucky derby is the favorite in the preakness so we'll see what happens one note to mention since i cover the gambling space, more than $150 million bet on 1 race and will be no change no matter what happens with this horse and whether it's stripped of the title no change in payouts for those that gambled on it with the second place winner to win they're stuck with losing. >> they're stuck with the second place payout and not a win interesting. thank you.

>> sure. shares of marriott down nearly 4% after reporting earnings the move comes as ceo told me earlier today the what enis experiencing staffing shortages. >> here in the u.s., in a few leisure markets with a rapid return in demand, south florida, texas, arizona, we are having a bit of challenge staffing the hotels we are putting one time incentives in place. running job fairs. >> the hotel giant noted it's keeping a close eye on rising wages as demand recovers the cfo saying inflation cuts against the save made even with higher rates stock down today but it is up to about 62% over 1 year. ty >> thank you. saurve stock the trade desk cru crushed following the company's

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welcome back, everybody, to proumpbl time for today's power movers. trade desk plummeting 20% with an earnings beat and the stock split but not good enough i guess. that news offset by guidance that didn't live up to expectations the ev space getting maui raided today. plug power and blink charging down 6% or more. sunrun down 5% and frisker down 6% now 9% sunrun down 10%. intel downgraded to unweight and the company saying it won't catch up to amd. you can read more about that call at cnbc.com/pro seema? coming up on "power lunch," a market strategist wants to

pull the trigger and raise the s&p target but waiting on washington he'll explain next. is it finally time for live events will live nation benefit we'll discuss on "power lunch" when we return you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum! cal: our confident forever plan is possible

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welcome back here's the cnbc news update. covid update at this hour. the head of the world health organization says that the agency seeing a plateau in global case numbers but a high number and encouraging world leaders to do everything to drive transmission now. illinois governor and chicago mayor with a push to get people vaccinated where they work and teams will come to office buildings in chicago. tonight on "the news" shep will speak with dr. collins director of national institutes of health on vaccination efforts in the u.s. australia starting to administer covid-19 vaccines to ath leetss heading to the olympics in give them quote comfort and certainty for the tokyo olympics this summer

more than 20,000 athletes, coaches and officials are expected to receive shots before they travel. tyler, back to you. >> all right thank you very much. take a look at where the markets stand right now. the dow is the lone higher index. at least among the majors we follow up a quarter percent, about 100 points the s&p 500 down two thirds of a percent and the nasdaq sinking again. check out the mega cap tech stocks like apple, amazon, facebook, all are down as you see there more than 2% facebook by 4.4% energy markets closing for the day. oil and gas no real e angst to the hack attack. colonial hopeful to get back and up and running by the end of the week gas up .2% now to the bond market we go and

where else would we find rick santelli but the cme >> good afternoon. look at 24-hour chart of 10s we did a u-turn again from lower yields resting on the 155 support level and did turn around a reason look at the recent strength in the dow jones industrial average. 35,000 another record though it's not on the highs at home if you look at a two-week chart of 10s against the dow you see there's a relationship, as if the stronger equities are pulling up to some extent. the dollar still down on the day and if you look at a chart that starts at february you can see we are at a possibility of closing at fresh 10-week lows and if you zoom, zoom, zoom back to february of 2018 you can see we are not far from that support level and going to the summer

2014 see how precarious this level is over the next penny and a half with the regard of the stability of the dollar and another reason that rates are up today? we know janet yellen rang the inflation bell and ex-fed president dudley did it again. the talk of the town and having an affect in the markets tyler, kelly back to you. >> thank you, rick. the dow hitting a record high today but the nasdaq is continuing to lag. our next guest is considering raising his year end s&p 500 price target already among the highs on the street but one big issue holding him back corporate tax rate michael cantaritz, thank you for joining us looking at the broader market and you could say that investors are not as concerned about higher taxes but you're more concerned. tell us why and how you factor it into the consensus where

stocks can go from here. >> sure. thanks for having me as you mentioned we already have a pretty bullish forecast for the market but 5% from here and we are considering as we get more visibility on what the tax hike is going to look like and who it's going to hit the most changing that forecast but this is a year though where the average stock is doing better than the index and this is kind of a really good backdrop for active managers because of that. >> sticking with that claim that the gains on the s&p 500 are capped, you look at rbc analyst showing when the rate increase in the past the s&p 500 index on average increased by 11%. >> sure. that may be the case but that's a historical analysis based on averages and this is not an average period why this is a unique backdrop due to the

pandemic and a lot of other things going on. especially with the policy stimulus we're about to get from the u.s. so we think the earnings estimates on the street continue to be too low for 2022 and continue to rise just about every single day so while everyone is focused on the tax hike to come while they have been focused on that the earnings estimates rising more than the hair cut to see from the tax hike. >> you could maybe say the market isn't responding to higher taxes because biden's plan will need congressional approval but do you think that's a fact or behind the underperformance in tech >> not really, no. tech is underperforming in a textbook fashion most of the tech sector looking at the indices is heavy with regards to the growth atributes. it's not just tech this year we find and speak to some clients and listen to the

mainstream media that everyone is focused on tech for growth and it's underperforming in sector so it's a mistake we are in an earning recovery. things continue to get better. rates are rising inflation is picking up and that's not an environment to own growth stocks and tech is poster child of that story. >> so this not growth tech stocks that you like, what is it >> we like -- we are in the midst of a market rotation right now. the first two months of this year we saw interest rates rise and carry leadership in companies like bank stocks and sensitive to higher interest rates and now moves past that and stabilizing what we typically see in this part of the market recovery is that stocks with the best earnings revisions and outperform so we have had a rising macro tide for

13, 14 months and now a question of who can pull away from the pack as the macro backdrop stabilizes we like companies in the industrial, material sectors but specifically really stocks in any sector that have earnings revisions that are greater than the peers and that is clearly where the money is going since march. >> if i could go back to technology for a second. producer pointing out that the nasdaq at session lows how much lower do tech stocks have to go for you to say now's the time to get back in? >> so we have done a lot of studying on the valuations and market timing. and it simply doesn't work very well and we have to think about why are tech stocks and growth stocks underperforming and i would argue it's not because

they're expensive. they became expensive. they're safe safety is not what investors should be or are looking fsh in an economic recovery so it's not about how cheap they are but the attributes they possess and investors look for stocks that are cyclical with risk and leverage in the business generally cheaper so i think they'll start to outperform again once we start to see earnings revisions and leading indicators start to decelerate but not until the middle of next year and what's the next catalyst to make them more attractive >> thank you for joining us ty >> all right still ahead inflation protection

tr traders discuss why the reopening is music to life nation investors' ears and it is stormy in the cloud sector check out some of the names reporting after the bell today including smim direct club, eaofhe galactic and roblox lower ahd t reports we'll be right back.

welcome back to "power lunch. i'm seema mody a crucial piece of data on inflation releases wednesday and will offer a clearer picture of how fast prices are rising let's discuss with a trading nation team. ari wald and quinton ari, you like the minors tell us why. >> we do since january we have been making the case that metals are an attractive hedge or rising consumer prices. a chart that makes that case is looking at the metals and mining spdr roam tifr performance and how it's been positively core lated

to break even expectations standing at 2.35%. our take is that the metals ian mining are reversing a decade of underperformance there's going to be some fits and starts but, sigh ma, so far so good. >> quinn, you play pthrough gold what is the trade? >> i like the miners and gold but that the trade now seems very crowded and seems like they have definitely run the course and we have been rotating out taking the profits going into the beaten up groert names so we stay versatile but longer term if this continues to play out ari's spot on we like the miners with gold to hedge against long term inflation. >> gold is negative on the year. thank you. for more head to the website or follow us on twitter

tyler? jeffrey's jumping up the volume on live nation calling it a buying opportunity looking at the software stocks crushed today. p palantir down and the results tomorrow before the bell but major losses in that group of software names we'll be right back. and now the latest from traded nation.cnbc.com and a sp word from our sponsor.

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modest but that's okay outperforming the markets this year up 135% from its 52-week low. but often a little bit in recent days what's the catalyst? jeffrey's says 2022 could be a bigger year for concerts than 2019 before the pandemic. plus international events are already selling out. david katz is behind the call and a managing director at jeffries i suppose you have a perfect position people what want to get out. artists that want to get on the roads and need the money because that's how they make money these days right, david >> that's well said, tyler the demand dynamics and the setup here at least from a high level are perfectly clear. as you said artists make more money than -- out touring than selling albums so they need to get identity on

the road capacity is more than ample. live nations owns many venues and we know proven across the expert shl leisure coverage is people want to get out and do stuff and even before covid we have known appetite for live fo entertainment is a growing dynamic. now it's -- there's a better adjective for how it's going to grow the next couple of years. the one catalyst and i do want to point this out, tyler, when we talk about what happens beyond '23, what happens to our terminal value, it became clearer that this is going to be a multi-year dynamic in terms of how we climb out of this from the perspective of live nation >> explain that thought a little more take us through your hypothesis as you get beyond the immediate 2021, 2022 where you can look and see there's probably going to be a hockey stick kind of

move in attendance and presumably revenues that derive from that, but what happens after that and why >> we hesitate to -- hockey stick is a bit of a dirty word for us, right? >> okay, sorry >> our estimates run through 2022 '23 we have not forecasted when we do build a dcf, we think about what long-term trend line of growth is going to be, right? and we have a double-digit growth number in our dcf for five years before we get out to that terminal value. what we wanted to be clear about is the notion that artists will need to get out on the road in the next 18 months what we know is that there's a practical logistical reality for how the larger concerts, festivals and mega shows are planned and that takes time. that can take a number of months to get set up. so by the time we get toward the fourth quarter of this year and into next year, the pipeline

continues to build for those large shows. one of the points we make is that '22 should have double the number of mega shows as it did in 2019 and we expect that to carry through. so when we get to '23 and beyond, if we're talking up, down, sideways, we're comfortable with up. >> i said hockey stick i apologize. you said -- >> not at all. >> i haven't heard the word "album" in a long, long time. >> i suppose i just dated myself >> but i'm with you, brother i am so with you, i can't even tell you a little steely dan on a turn table is what i'm talking about. let's talk about where live nation -- what kind of events and what kinds of venues is live nation uniquely or do they have an edge in is it places like jones beach or madison square garden? what is it >> well, they are the market share leader when it comes to

promoting these events in some cases they do own the venues, in many other cases, most other cases they do not own the venues but what they have is a set of historical relationships with the artists and with the venues that enable them to put those events together, whether it's a large festival, whether it's ball or whether it's a concert at madison square garden that's where their leadership comes in having been networked to put those things together and execute. what's interesting about the model, tyler, and my sense is you may -- we're going to get there is that when we get at the concert business, revenuewise it's very, very large. the profitability on it happens to be relatively small, about 2.6% when you get down to the adjusted operating income line. >> wow that's amazing. >> but ticketmaster is quite a bit higher so in a similar way, the concert piece is critical, it's large,

it has a lot of scale, but it begets what they do on the ticketing side where the margins are quite a bit more normal in the mid-20s. >> i'm looking to go see luke bryan at jones beach in august nobody should buy tickets there, i just want to be by myself. david, is that a duke "d" on your sweater what is that >> it is a duke "d." i am not a duke grad but two of my three children go there and so i am a fan of theirs. >> well, long reign the acc, i'm a very guy but some of my friends went to duke david katz, thanks love the conversation. seema. stocks are off the highs of the day. the nasdaq is selling off and that is accelerating this afternoon, down 300 points, around 2.4%. we'll put the weakness in tech under the microscope. plus a quick reminder, tune

into cnbc's healthy returning summit tomorrow. a huge list of talent and business leaders discussing this era of innovation in health care hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need. zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade, which saved investors over $1.5 billion last year. that's decision tech. only from fidelity. ♪ i wish that i knew what i know now ♪ ♪ when i was younger ♪

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can help you build a complete financial plan. visit letsmakeaplan.org to find your cfp® professional. ♪♪ hey frank, our worker's comp insurance is expiring, should we just renew it? yeah, sure. hey there, small business owner. pie insurance here with some sweet advice to stop you from overpaying on worker's comp. try pie instead and save up to 30%. thirty percent? really? get a quote in 3 minutes at easyaspie.com. wow, that is easy. so, need another reminder? no, no no, i'm good. uh, yes please. oh. ho ho ho, yeah! need worker's comp insurance? get a quote in 3 minutes at easyaspie.com. storm clouds gathering in the cloud space. let's talk to josh lipton who has a look at that one for us. hi, josh. >> so, tyler, let's start with

mega cap tech here all the big names under pressure facebook is down 10% from its all-time high since april. apple is down 10% from its all-time high despite smashing the street's expectations with that last report microsoft and alphabet both down about 6% two other distinct areas of tech under pressure, the clou, the etf that tracks cloud names is on track for the seventh day of losses in the last eight sessions it's down 15% over the last three months and that means it is vastly underperforming the tech sector and the broad gauge. they chalk up the pressure to stretched valuation after some remarkable runs. earnings that were good that were maybe not good enough for very high bars and investors concerned about what growth

rates could look like post-pandemic. recent tech ipos also taking it on the chin in today's trade check out snowflake, and asana same goes for palantir it's town 20% just this month and down 60% from its all-time high they are to report earnings results tomorrow morning before the open back to you all. >> josh, as i look at those lists of names, i draw some subtle distinctions. they don't all seem to me like cloud stocks, per se some are in -- are reopening trades or pandemic trades and others are in other businesses so is it really the cloud that's getting walloped or the palantirs of the world getting walloped. >> they are down about 15% over the past three months but software names in general, in

software, high multiples, those names are all getting torched after some very strong runs. >> all right, josh, thank you very much. we appreciate the insight there. and folks, seema, it was nice to be with you for three-quarters of the hour, once we got everything back up and running here thanks, everybody, for watching "power lunch." hope you enjoyed it. "closing bell" right now and look where they are. >> we are live from the floor of the new york stock exchange. >> we're back. >> it is good to be back i'm wilfred frost along with sara eisen 14 months since we were here at post 9 as we were just saying, good to be back mainly to see old friends. i haven't seen bob pisani in months, all of these great traders. it is a little more empty than normal. >> about half the traders are back they have been taking precautions to get back. march 19th, 2020 we had no idea