1-800-376-4376. that's 1-800-376-4376 welcome to "power lunch. i'm melissa lee, along with courtney reagan today. a midday comeback has made the numbers seem less bad. the nasdaq briefly turning positive cathie wood is selling 30% of her apple stock. will she also come to her record decision and are ev stocks running out of juice? will they rev up again

"power lunch" starts right now thanks, melissa. i am courtney reagan as melissa mentioned, stocks are selling off for the second straight day this time the dow is lower remember do you 35,000 we're close are to 34,000, 800 points from that 35,000 mark bob pisani has move on the stock exchange hi there, bob. >> hello there, courtney we are down but stable very interestingturnarounds have happened in the middle of the day. first issues that everybody is most concerned about is megacap tech many of these stocks, 10%, 12% off of the high, megacap has held up better it has more long-term investors who will stay with it. what's more concerning is what we see with the more spec la

activity tech areas. a lot of these names you're looking at here, they're 40%, 50% off of their 52-week highs now ear seeing investors start to say, well, how far down do we have to go here? 50% off, that's a pretty steep discount i think we're starting to see people pick around at the bottom in some of these speculative tech names meantime keep your eye on the reopening stocks a lot of these names have run up tremendously dr horton, for example, was $65 at the beginning of the your it's $99 pulte. these stocks have had big, big run-ups. general motors has tunnel since november last year general motors is $60 now seismgal that's a doubling in five, sixns

borg-warner is up dramatically, so keep an eye on the overall valuation questions for some of opening names. back to you. >> one of the interesting thing s, we had this huge bowenback in technologies there seems to be something missing here i don't really get the action. >> they're -- like i said, all of these tech sectors, they're down 30%, 40%, so that's a dramatic haircut i think people are finally starting to say, okay, how far is it? when can you start attracting, number one, momentum plays, but maybe some fundamental players they won't touch them at prices twice this high. fundamental people don't care about that you start attracting people. i think that's start to go

happen with some of these names, again, the bigger megacap tech have -- >> it will be interesting to see how the higher valuation names yield. bob, thanks as always. tech stocks have underperformed the markets, but if you go back 12 months, the nasdaq is still the leader here's what investor stanley d druckmiller had. >> i have to doubt we're in a raging mania in all assets i have no doubt that i don't have a clue when that will going to end we're still playing the game we're still -- in the interest rates, into the dollar, all of those shifts occurred last, say, august through october when it became clear to us that the recovery was going, but i will

be surprised if we're not out of the stock market by the end of the year >> wow for more on the markets, i'm joined by lisa erickson at u.s. bank, and steve milan ovich. good to have you both. we are seeing the massive reversal today going to the point that bob was making, that there is a haircut of about 30% on some of the highest flying stocks out there, the cloud stocks, et cetera, is that a point in your view where you with go in and say price accurate reflects the fundamentals >> typically you said to say that closer to 25%, so i don't think you have to be buying here a large cap should hold up better, but the xlk has actually

performed, underperformed the last six, as you have the rotation away. longer term i feel good about names like apple, goaling, microsoft. if you're a long-term investor, you can probably pick at a bit here >> are you surprised at the tech action today, steve, given that the interest rates ticked higher in today's session we saw the massive swings to basically frontline right now. >> i'm not sure how much i would read into it the igv, which is the software index closed on its 200-day. i would be priced if it does we kept talking about mostly software names that are bouncing today, and at we're finally seeing the other signed of that.

>> the ones that were really in the crosshairs. >> well, absolutely. with the highest interest rates we've had year to date, as well as some pickup in inflation expectations, it is going to challenge some of these names where the growth is more forthcoming, but that being said, for tech as a whole, we feel very similarly to steve, if you look over the long term a great sector to be a part of, there's certainly sec ullr demands so they are going to have some higher prices overall. again looking at the pullback we've had, it is an opportunity to bring back some of those valuation to more reasonable levels

>> what companies might win if you have deplanned outstripping supply >> in gen we see a brought arare of basket of technology stocks, including suppliers essentially as well as those who offer in-se in-services we sees -- know those trends just tremendously accelerated. so that provides a very so we really are advocating staying put in those positions. >> steve, in terms of this rotation we're seeing more broadly in the market growth to value, we're also see it within

technology names like ibm, cisco, oracle, they're doing well do you like any of those old-school tech names? >> yeah, they are very much represented by, quote, value tech these are the names i used to cover. when i covered dell, it was like this thing is really cheap and now they have spun off vmware. ibm, you mentioned, krishna is doing some interesting work there. even ibm is picking up the hps have been doing well you're see on-prem spending. at the same time, cloud spending still looks strong oy just think there's a bet of a contraction, and this has to play out a bit longer.

>> good to get your insights thank you both courtney >> children with the ages of 12 and 15 will soon start receiving pfizer's coronavirus vaccine after a decision by the fda late yesterday. that was a hot topic of discussion at cnbc's annual healthy return summit today. meg tirrell joins us with some of the highlights from the event. hi, meg. >> hey, court. that was a main topic. overall he things vac nation, where they have to reach folks that are not as eager, we should be in good shape, but some communities have less than that. for kids ages 12 to 14 that a lot of them will get the

shot. >> she said it wasn't going to be necessary to go back to school necessarily, and she noted for younger kids we probably won't have a vaccine yet. and the biden administration's support for waiving intellectual property protections for the vaccines.

>> i think it's an unfortunate turn the events, but the people who were proponents i don't think understand the issue particularly well. the problems in getting vaccines to the world are quite different and require huge supply-chain effort i believe the number of vaccines for covid we'll deliver in a year as an industry is double the normal vaccine protection for all other diseases it's a huge operational lift >> he also noted that for insulin there are already biosimilar competitors in the market and it is a tough space to compete in. >> thanks, meg

i want to go back to some of the points you were making, and trying to reach them with these vaccines, and tie them back to -- my brother-in-law works at a high school, and they had a vaccine drive for those that would be eligible the day before, and only 14 kids showed up is this going to be a problem that's even more pronounced in a judger generation? >> that's so interesting, megan. the insulin tweet was

fascinating from representative ocasio-cortez and eli lilly's response has there been any follow-up do you believe there should be a bigger conversation between the drug companies and lawmakers because of the influence a tweet like that that perhaps could move broader -- to also those who may not have a deeper understanding. >> cort, it's been a battle going on for so long i don't know if the conversations are happening on a real level it seems like there's shots across the bow from legislators to the drug industry, the drug industry says you don't get it, this is really hard and that's where we leave it. i'm sorry, we have to go to the white house. end ever -- jennifer granholm. >> as quickly and as safely and

as excuse le as possible -- while the existing inventory is available along with some of the smaller lines that are spurs off of the major lines. they are getting those up and running. colonial announced yesterday they expect to substantially restore operations by the end of this week. i've had several conversations with the ceo of colonian, who has indicated that by close of business tomorrow, colonial listen in a position to make the full restart decision, but even after that decision is made, it will take a fee today to ramp up operations this pipeline has never been

shut down before it travels great distances there is fuel in the pipe and then there is fuse with the offtake from the refineries that have to be added it will take a few days, but our interagency effort will be on it all the way. so far this weekend. >> we have spoken today and yesterday with several governor another offices. they're obviously unably concerned with reports of gas stations running out of fuel

they want this pipeline restarted, as do we all. we are going to continue to assess impacts along the east coast and in particular the parts of the southeast, using the information and analysis from the northerly information agency, which is part of the interagency combined effort. we're uses these conversations and that information to inform the federal decision-making with our federal partners to mitigate these supply impacts and disruptions. on sunday afternoon, some of you are aware the department of transportation issued an hours of service waiver, which provides greater flexibility to driver who are transporting gas and diesel and jet fuel across 17 states as well as the district of columbia d.o.t. also moved to temporarily relax some of the workforce

requirements and monitoring so that we can make sure we have the personnel online in these places and with the drivers. this morning the environmental protection agency issued a waiver of the blend of fuels for the affected states, to allow us to use noncompliant fuel and boost available supply where it's needed. furse, the department of transportation's federal rate administration is working to enlist rail operators in an effort to transport fuel from ports inland to and from, and i spoke as well with chairman blik of ferc this morning he is positioned to -- ferc is positioned to issue orders quickly to prioritize fuel to the areas that are most in need

once the pipeline is up and running. in short, we are looking at every option we have across the federal government agencies. i do want to say this, that we expect that gas station owners are and should act responsibly we will have no tolerance for price gouging. federal and state officials already investigating those actions if they see price gouging. we are urging consumers to report any price gouging to their state attorneys general. still, i want to be clear these states who are impacted storks even with the turning on of the pipeline system, they still may feel a supply crunch, as colonial fully resumes so -- but the american people

can feel assured this administration is working with the company to get it solved as soon as possible as much as there was no cause for, say, hoarding total paper at the beginning of 9 pandemic, there should be no cause for hoarding gasoline, especially in the light that the pipeline should be substantially operational by the end of this week and over the weekend. at the same time, it certainly is a reminder we need to take a hard look at how we need to harden or necessary infrastructure, and that includes cyberthreats, and at anne neuberger was here yesterday, saying this 5d manufacturing is taking an all hands on deck, and senior is my y -- secretary mayorkas is here to tell us morning.

jennifer granholm saying a decision on whether to restore the pipeline will be made as soon as tomorrow in the meantime she warns americans, do not hoard oil. no need to hoard toilet paper at the beginning of the pandemic, no need to hoard oil at this point. oil is up slightly higher. on the equity side of things we were just a couple pennies away from its highs hit on friday, but mostly lower now. coming up, retail is coming back if you want to bet on the retail revive, our next guest will tell you how to play it

the stunning reversal by palantir following the quarterly results, but now it's up limb 8%, on pace to break a ten-day losing streak. despite today's move, it's still down about 15% year to date. courtney, i'll send it back to you. thank you very much, rahel now let's mo on to retail. so far this year the retail etf is still up about

40% some of companies that struggle have now started to see new increases. ike, i want to start with you, because we mentioned l brands there. we have news that they are going to officially spin out victoria's secret, something they had largely tell graphed before, that it will either be a sale or a spinout. how are you looking at lbrands as it exists with just bath & body works? how do we evaluate a stock like that >> lbrands you get both of them, bath & bodyworks is one of the

best performing special retailer in the space victoria's secret, ever since the sycamore deal fell apart around this time last year, the management team has done a fundam phenomenal job we wrote in our note today we think $5 billion is on the table. so there's still a lot of hiding value, for sure. we also mentioned gap in the intro. you like brands over -- but gap is so beaten down. they still have a ceo relatively new, making new decision, they're finally sharing number about athleta. is gap a name you're still watching here? of course it's higher, but is it a name you like on fundamentals? or just because it has room?

>> it's still one of our topics. if you look at our top picks, whether it's capri, or gap, l brands, there is a lot of hidden values you mentioned athleta. what the market missed last year was understanding how much value it has, how much value old navy has, you know, gap being called a liability, but gap is being turned around. they have the easy collaboration coming up. it's a call option there to gap brands so the specialty guys in the brands, they've been outperforming, meaning they're up 80% since november. the discounters are up t25%, 30% there's just more up side. >> ike, we talked, you and i, did pbh. today the ceo's 100th day. they sell, of course, names like

tommy hill gigger, calvin klein through their own product chains, but also licensing deals. how do you value wait a name like that, right it's a brand but sells at many different formats. >> the ceo has done some great things in his career he did great things at on the navy it's still a little early to see what his multiyear view is on the business they have an analyst day coming up soon. he wants to focus more on data and digital. that makes sense he wants to focus on distribution these are a lo -- this is the playbook from ralph that makes sense. for us we prefer some other names that we're trying to right. pbh has also been on the glide path up as well. >> a lot for retail investor to say chew on.

thank you very much, ike, for joining us here today. >> thank you well, we will continue to watch these markets. the dow is down nearly 500 points the tech crunch continues, nasdaq laggard ebay and intel are in focus "power lunch" will be right back

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here is your cnbc covid update this hour president biden discussing best practices for the covid-19 vaccines this is the average daily number of flu cases, falling below 40,000 for the first time since september. the chief science officer telling lawmakers that covid-19 of booster shots will also be free to the public he says it's still unclear whether the booster shots will be necessary, but the u.s. is preparing in case they are. broadway coming back the news comes after governor cuomo says broadway theaters

will reopen after labor day. and tonight on "the news with shepard smith," they will discussion what return to normal means for mental health. melissa, back to you. >> thank you, rahel. time for today's power movers novavax shares down 20%. the drug makers delays timelines for seeking regulatory approval u.s. steel getting an upgrade shares are up almost 4%. bmo updating activision. for more, check out cnbc.com/pro court? coming up on "power lunch," fund fight it's old school verse new school one wall street oracle against the other.

cathie wood and warring buffett seem to disagree on a lot, especially when it comes to apple. we'll explain. plus one group getting crush recently, electric vehicles and batly stocks lie tesla, fisker and blink wndo big we'll talk about it when we return

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welcome back today is almost a mirror image from yesterday s&p 500 down a percent, the nasdaq is pretty much flat, which is a remarkable reversal considering the lows of the session were down two-plus% or so rick? we have not slipped under 161, which is an important level for the close.

bund yields for a while were hovering at minus 15 basis points, one basis point made a lot of difference. they settled under or above, i should say, a minus 16 a less negative would have been the highest yield close going back to 2019 dollar versus the chinese yuan, yet it touched a three-year loan with a meager bounce today, as you see on the chart finally the pound versus the dollar, standing in a three-year high we talked about how many policies will play havoc who the greenback. we're seeing some of that right now. rahel has another market flash. >> take a look at some of the electric vehicles and battery stocks many have rebounded.

talk about a reversal. tesla remains a laggard most of these stocks have already had a tough year, with club power, among the names that are 70% or more off their recent highs. we'll have to see whether the move is beginning a turnaround. >> rahel, thank you. joining us is gabe daoud, managing director for sustainability and energy transition at edison u great to have you both. >> the key question is what has changed? quantumscape reports after the bell it's down 77% from the highs should the stock ever have been at those highs what is behind this decline?

>> certainly a good question you could argue the complex year to date has certainly had a tough year that versus the s&p, i think there's a lot of enthusiasm that's come out of the stocks this year. there's overall plagues the auto industry you have a chip shortage copper, steel, aluminum, put pressure on the margin side. these were all longer dated, which take hold over the middle part of the decade and beyond, so what could be beyond anyone's realistic time horizon, so i think you're seeing a lot of that enthusiasm come out of it, but like we have said recently, we think the longer-term stories are largely intact march highs, and then as a percentage of sales, evs were 6%, which doubled year to year

>> when i hear enthusiasm, i think froth. dowd really mean froth has come out of these names >> enthusiasm, froth, you can argue that the valuations are certainly a bit stretched coming into this year again, a lot of the stories really plays a longer-term theme, so, yes, maybe the multiples compress, but i think the long term are intact. >> edison, you cover the decline ease ev makers, so i wonder what your take is their -- on success or failure of the tesla in the chinese market >> thanks for having me on i would point to two things, specifically on china ev it's sort of classified, i would say, in one bucket is competition. the other side would be a

rotation the competition in the chinese ev market is by far the most intense of any geography if you look at the shanghai auto show, there's literally every tech company in china coming up with an ev, some are partnering up with local competitors, and they're releasing models fairly soon. >> so the competition that's coming has created a lot of anxiety among investors. this is trance lating into fairly weak stock sentiment. the other issues, i would say, are a bit more tactical. you compare it against the traditional automakers, you can see there's been a big rotation from the new upstarts to the

traditional incumbents i think that's a reflection sort of competition, but a different sort, which is the existing oems fighting for their lives, and actually putting forth very credible plans for ev future investing. so you throw those two together, and then you had 2020, which was a year when all these stocks went up like crazy, it's -- and then, you know, we'll see what happens. it's a battle. i think it's truly a battle going forward. >> certainty gm, for instance, has won a lot of favor gabe, last question to you, and unfortunately we're almost out of time here, but a name like quantumscape, they were the target of a short seller report. it wasn't the only one f recent spac company, at least threes

i'm wondering if there's a of tourist money. it's harder to understand. i mean, it's not intuitive there's a lot of complicated things going on. it all sounds great, and maybe the wave of the future, but if terms of understanding the actual technology. they're an easy target for shorts. >> that's a good question. as you mention the battery conversations can certainly by quite -- taken again for the chemistries around solid state and the potential there. solid state has shown promise before, and so investors, i guess are questioning if this time is different. again, the issue with quantum scape, the technology looks impressive, but it's still a ways away for commercial applications or seeing the technology on

vehicles on the road so, with the first revenue not really expected until 2025, it's an easy one to pick on all right. well will watch the earnings after the bell today gabe and edison, our thanks to you. great insights courtney coming up next, techened pressure we've been talking about it. which names should investors buy on the dip our traders will explain is microsoft the best bet? we'll have to talk about it. plus, as we head to break, take a look at some of the other parts of the market getting hit, line john deere, capper pillar and ge are in the red. some of the names reporting earnings after the bell, all higher ahead of results. "power lunch" wi brit ba cklle gh

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welcome back to "power lunch. i'm seema mody check out the nasdaq 100

attempting a reversal today after being down 2%, roughly half of the components still in correction some down 40% from recent lies bill beruch, and nancy tangler if you could pick one name, what would it be? >> microsoft thanks for having me, seema. this is not march of 2000, where we were -- in fact tech cap ex is about 50%, so we want names that will benefit from that. microsoft has sort of been trading sideways in line with the market, about you group revenues at 19% and raised guidian. this is a fact we want to own for the next three to five yours or buy for your grandkids.

no hurry, take your time, it's 10% off the 52-week high here. bill, i know technicians are searching for a bottom from a technical perspective, are there any names you think are poised for a rebound >> i did not plan this. i chose microsoft here too for a number of reasons, but i want to start off saying there's a thematic divergence taking place in the markets everybody has been talking about it we've been writing about it since the fourth quarter rising rates will be a headwind for tech i was much more selective in tech than i was a year ago i think you have to continue to be that way. so we had this breakdown in the nasdaq recently. it hit a trend line from the november lows and the market is responding i'm watching for nasdaq futures to close back above 13,350 today. as for microsoft ahead of earnings they had a tremendous run. we trimmed our positions in half in microsoft ahead of earnings i'm simply putting that back on

here today it's a very technical stock. it hit a trend line from the march lows here today at about 240 so i think that's going to be a big support and we'll see a rise from there. i like microsoft and i think that's going to be a leader. >> some consensus on the panel bill and nancy, thanks we also discussed the airline sell-off on tradingnation.cnbc.com check that out online. melissa and courtney, back to you. after the break, the battle over apple cathie wood selling shares warren buffett says selling is a mistake. who is right about the future of apple? we'll debate that. and now the latest from tradingnation.cnbc.com and a word from our sponsor. generally speaking, a strong dollar is good for the economy, but that doesn't mean that all companies are going to benefit equally. in fact, companies that do a lot of business abroad and those that are in manufacturing tend to be more vulnerable to a strong dollar. so if you believe that the dollar is going higher, you might want to check your

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solomon for a market flash. >> hello again, melissa. we wanted to take one last look at the home construction and improvement players firmly in the red. all five stocks on your screen were all trading at all-time highs yesterday, clearly pulling back today in fact pultegroup and lennar are both down. you mentioned this at the top of the show, home depot, it's the worst dow component pulling about 70 points from the average and on pace for its worst day since november you can see it's down about 3% courtney, i'll send it back to you. >> thank you very much, rahel. if we had more time left in the show we'd see you again. let's talk apple now the stock has lagged this year, down 6%. the oracle of omaha, warren buffett, and the so-called new oracle, cathie wood, are of different minds on this particular stock cathie wood recently selling some of her apple decision and

warren buffett says he regrets selling some of his holding. so who's right about the future of the tech giant? dan ives is here as well as tim higgins, a tech correspondent with the "wall street journal. dan, i think you probably agree with the oracle of omaha on this one. why is apple overweight in your opinion? >> yeah, i mean i couldn't agree more because to me it's about the monetization i think they're just starting on the services side. we think that's worth $1.3 trillion alone we've talked about the super cycle. this is not just a six-month super cycle. it's a 12 to 18-month super cycle. we believe this is just near term pain that we've seen with the rerating but we ultimately think on the other side this is a stock that's up 40% to 50%, $3 trillion in the next year. that continues to be our call

and we do not waver from that. >> tim, you feel like perhaps cathie wood is on the right side of this one. what are your thoughts here? >> i think an investor like cathie wood is making huge bets on technology that she thinks can disrupt the world. when she looks at apple that's not disruption in the future, it's more of the same, which is a very solid business but it's not going to the moon. she's looking for rockets. >> right, of course. so perhaps if you look at apple, tim, it's a stock that you could buy and hold for some time it is a stock that you hang on to and pass down to your kids then >> that's been very successful for a lot of people. if we're looking for this short term era where people are looking for speculative bets, apple is not a very speculative bet at this point. it's a known winner for a lot of people and so if you look at the way that she has viewed apple in the past and that's a place to safely put money until she wants

to put it back on the table into bigger bets. and so if you're the short term, you're probably looking someplace other than apple >> so, dan, as you look at apple's universe, there are so many things that we could talk about but service is a focus for the company. how valuable is that and how important is it to the trajectory of the stock? probably not parair parabolic bt an important component >> it's been a big part of the rerating we've seen in the stock the last year. a year ago many on the street were looking at 200, 250 billion. i believe it's worth 1.3 trillion they'll continue to prove the doubters wrong and that's why i view this as a near term move down that ultimately is a golden buying opportunity for my long-term view that's why i couldn't agree more with the oracle of omaha.

>> and so, tim, when you follow cathie wood and she's gained a lot of notoriety in the last couple of months, of course she's been around for some time, are there other stocks that we should be focusing on in her fund that trade along with or in opposition, perhaps, to apple? >> well, i think there's a lot of attention -- she's won a lot on her bet with tesla and that's been the challenge this year as you look at her returns. companies such as tesla, they are a growth story and there's questions about growth this year and so we're looking at the closely at tesla and some of the other companies in that genre. >> absolutely. well, tim and dan, thank you very much for joining us here today to talk apple and tech >> thank you >> all right so of course we're watching this big tech reversal. it's still holding firm but the nasdaq is slightly negative, down by a tenth of a percent quite a ways away from the

session lows of down 2%. we're looking at session highs for the names like netflix as well as amazon interesting price action there the dow is down 1.4% the s&p 500 down by less than a percent at this point. really be weighed down by financials as well as industrials. courtney, great to be with you i hear the birds chirping, go enjoy them thanks for watching "power." "closing bell" starts right now. >> thank you, melissa and courtney welcome to "closing bell." i'm sara eisen along with wilfred frost at the new york stock exchange a broad sell-off here on wall street on this tuesday afternoon. today for a change it's led by the dow and the s&p 500. the dow is down more than 650 points at the low. it's now down about 460. let's look at what's driving the action the nasdaq outperforming for a change after a blistering recovery off the lows of the day. it had been down as much as 2.2% climbed all the way back into the green. names like tesla, rackspace, affirm all seeing outsized