names. >> paul, great to speak with you, as always paul meeks >> thank you going to be an interesting close here, john just eight points off the session highs for the s&p 500 at this point >> yeah. good to be with you, john. >> good to be with you >> thank you for watching "power" out there. "closing bell" starts right now. thank you, melissa and ohn welcome to "closing bell i'm sara eisen along with william. the dow and the s&p 500 gaining back a chunk of this week's losses the nasdaq is in the green, as well, but off its high let's look at what is driving the action the dow is up a little more than 500 points right now following the worst session since january. the nasdaq had given up a 200-point gain briefly going negative and marching higher on the data front the consumer price index jumping from last year another side of rising inflation following consumer price surge and bitcoin is getting clobbered

after elon musk tweeted tesla suspended vehicle purchases citing the environmental cost of mining 59 minutes left to go in the session. we'll definitely be talking about that one >> we certainly will up a healthy 1.4% on the s&p 500. coming up on the show scott black will weigh in on the wild day and week for the market and tell us which names he is looking to buy right now plus shares of poshmark currently down 22% we'll speak with the company's ceo about their numbers and what he's seeing from the consumer. and we have a blockbuster afternoon of earnings ahead with reports of disney, coinbase and let's focus on the big stories we're watching mark sen telly and martin hany and, mark, let's start with you, nasdaq went negative but up 4%

now. >> somewhat mechanical bounce here this is the fourth pullback in the s&p 500 year to date of 3% to 6%. this one right in the middle hp 4.4% high to low we've been here before and usually doesn't turn around immediately and go back to the old highs. we regained a third of those losses also, i would point out this area that was the high for the day in the 4120s remember that was the area everyone was hoping would hold on the down side and we were above there. that was considered to be the former floor, we'll see if it serves as a bit of a ceiling osr also right now all the high and low has taken place within yesterday's range. so, today's high was below yesterday's low and today's high above yesterday's low. certainly not bouncing when we're a little oversold. the nasdaq should have had the makings for a better bounce. we're getting a little bit better of one. it looks like we kind of surrendered the leadership position here starting in

february and the mega cap growth names and a little more to prove, i would say, although still it's not as if this is some kind of a desperate situation and you still have this uptrend line even though it's kind of shallow and even though you probably would want to hold above those lows to february and march it seems like -- it's the tired area of the market and, of course, smaller cap growth like cloud and tech games are still struggling today this is the s&p 500 from 2008 to 2015 the five-year span this was your major market low i pointed out because there is a lot of parallels with what we see now and this huge about 80% off the bottom of 2010 this is equivalent of the phase we're in in terms of that 80, 90% run off of last year's low it wouldn't be surprising to be in this sort of range where we have to chop it doesn't mean it's the script we have to follow but not be very surprising after one of these huge gains over multiple months like that that you do have a little bit more of a give

and take type market with downside chop, guys. >> mike, i guess some discussion what hasn't bounced and tesla. >> they seem a little bit more broken and kind of a little more determine selling there. they trade as a group. cloud software trades right alongside all the other sort of high multiple to revenue early-stage growth names so, yeah, still kind of guilty until proven innocent in this market they will be probably some very, very violent bounces in them from time to time, but it seems like the market is getting bifurcated between mega cap tech which is really just kind of do you want to harness the cash flows and the growth stories and more speculative aggressiveness. >> mike, thanks so much. we did just hit a session high the dow is up more than just 560 points moments ago the nasdaq as we've been discussing having a volatile day

up 1.6% and fell into negative territory briefly and the index remains on pace for its worst week since february 26th it is down 4.4% week to date as we stand mark joins us. thanks so much for joining us. what do you make of the pull back we've seen this week? did it make sense given the inflation print and the pressure on yields? >> i think it made sense i think michael set it up pretty well there are two camps here spec tech speculative valuation tech and trade at the multiples because they don't have nearterm profitability in that sector and even an up day today they modestly perform and gold standard tech, i have to come up with a better phrase than that i'm talking about microsoft, apple, facebook, amazon, google and those hold up pretty well in

this market and those, i think, when the tape turns, when the market comes back to growth, those will be the first to i think outperform >> of the gold standard tech, mark, what is your top pick on this pullback? >> if you're going to give me amazon at a discount to its average four multiple with a very strong print they just put out but more importantly guidance that suggests that their growth is elevated post-covid than pre-copre-covidi would suggest amazon top pick. off of the covid crisis and tons of cash flow coming in and very attractive valuation >> do you change your estimates at some point, mark, on this rethink of how we value growth in a world of higher inflation and higher rates >> yes, i do i have to seriously think about that we're going through what is the great d rating i'm exaggerating but the point is there we're seeing two of the names reporting tonight.

doordash and airbnb in the last two months had forward multiples cut in half. any stocks that rated materially during the covid crisis you're seeing a lot of those. tradedesks that reported yesterday. their multiples are coming back to the pre-covid levels. if you're going to rerate during covid you have to justify to that proving it is stronger post-covid than pre-covid. i think amazon, google and a lot of companies can't and if they can't, they will keep rerating or d rating. >> so, mark, to thatpoint for the spec tech, are you worried there is a lot of momentum to unwind to the downside given that there was so muo th upside last year could this go on for quite a lot longer >> i don't know if it goes on for a lot longer a lot of macro factors involved. nasdaq is off 8%, 9% that's not a huge correction we could see 20% in an

environment where we really get dramatic fears about rising inflation rates. so, you know, there could still be further, we could still see a further correction in the nasdaq we shouldn't be surprised if that happens whether that happens or not, i don't know that's in the macro god's hands. >> airbnb and doordash reporting after the bell two stocks that you covered. the general thread here is that airbnb reopening play and doordash is a stay at home play, is that simp snl. >> it's that simple. very different setups here but two things in common very high multiple stocks that have had that 50% fall off because of the multiples coming down and lock-up expirations coming up and they have lock-up expirations in the next 48 to 72 hours post their earnings so you'll see continued pressure. it's kind of hard to see them clearly aggressively trading up and then the real trade is going to be or the investment decision

is going to be those experations next week and do you want to use this as the entry point? can airbnb recover in the 2019 bookings level in the back half of the year? the market expects it can do it and any weakness to buy the stock. doordash now is going to go into its toughest comps i think we're on the sidelines on that stock. we're going to wait and see what kind of growth rate we can have as you go against the peak covid c comps, i mean. >> a fun after-hour session. thanks for helping us preview it. the dow up more than 500 points 520. only dow stock lower is chevron. up next, the market is clearly seeing a rebound but shares of second-hand retailer poshmark are plummeting after showing a widening net loss in the first quarter. stock is now down 65% from its peak we'll talk to the company ceo in

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shares of poshmark are plunging after widening net lauss for the first quarter despite strong sales the stock is down more than 20% and joining us now is poshmark ceomanish chandra. thank you for joining us, manish. >> thank you for having me >> it appears the wider losses are a part of the problem here, wider than expected and also coming off a brief period of profitability that you saw during the covid pandemic. the world has changed and there is more scrutiny and microscope under some of these hot growth new companies like yours what is the path to profitability? >> so for us we're focused on operating profitability and stay at $4.2 billion and 5% adjusted profitability. so we continue focus on profitability and our long-term strategies, which are focused on really expanding internationally, expanding categories and continue to focus

on technology and product innovation including launch of video on the platform last quarter. >> the sales growth was impressive and guidance, if you still expect growth, but it did come in a little bit lighter talk to us about the momentum you're seeing from the consumer as we enter this reopening period where everything doesn't have to be online. >> no, it's really exciting to see people actually going out and engaging with the real world, which gives them more occasions to fashion and a social marketplace where we have over 4.5 million sellers selling over 150 million plus items. it gives more turn for both buying and selling so, we're pretty excited about the reopening. one thing we talk about is how the consumers are getting ready for reopening and in march we saw the sales have cropped up over 100% and over 86% and jean sales jump over 85%. >> manish, do you think where we

are in the economic psychoal and how much goes to people buying brand-new versus resale? >> resale is very interesting because it gives you a hedge against fluc ctuating prices and on the sales side it gives you against the inflation, as well because everything in your closet is appreciating as the goods are appreciating and on the flipside, you're not subject to the supply chain because you're working with pieces that have already been manufactured and sitting in people's closets. >> a lot of hype when you went public with second hand and threadup and reporting around the same time. is that still a hot, trendy place especially for the younger gen-z generation >> yeah, we continue to see the interest in resale continue to explode, not just in gen-z but brands jump into the game, et cetera we think resale is not just a trend that is here to stay, but great for the wallet, great for

the economy and also a bet against inflation. >> were you surprised when we saw the inflation print or have you been seeing similar trends already on your website? >> we actually have not seen major inflation on our website overall. i'm not surprised by inflation you know, given the amount of money we have been pumping in. but we actually think inflation can be actually hedged with using your clothing and using resale clothing and that's been very powerful as people continue to realize that their closets have value and it's sitting in front of them. >> do you think the market understands your story, manish a lot of excitement around ipo, but since then it's really fallen off >> well, when we think of our story, i think parts of story that people understand people understand that we're about resale but i think when people start to club us with high asset models and a lot of processing costs

and asset-like bundles like etsy and amazon and partly amazon's model and also facebook, et cetera, that's where the social market based this thing. i agree with you market understands half our story and misunderstanding the second half of the story which is reflected in the 80% plus growth margin and adjusted profitability and over $19 million of free cash flow in the last quarter >> international expansion, which you said is a big priority how are the test cases going, i think, in australia? >> yeah, australia has really launched and to give you a sense of the asset-like model we launched australia in the covid time frame we never met the team and we launched the country with a small team and that gives you a sense of how fast and easy it is for our model to launch into new countries. >> manish, thank you for joining us much appreciated. >> thank you for having me. we have 42 minutes left of the session and we're up 533

points on the dow. not far from the session highs as we go about 570 moments ago coming up, the tweet that tanked bitcoin. we'll talk about elon musk's chain of heart and the wide-ranging impact that is having on the crypto world check out some of the today's top search tickers and ten-year yield on top followed by apple, slandogecoin and bitcoin we're back in a couple

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40 minutes left to go. here's a check on the markets. we are seeing a rebound after yesterday's big selloff the worst since january and february for the s&p 500 which is up 1.44%. a check on individual market movers for you right now chip stocks are seeing a rebound after this week's declines up more than 1% led by gains for lam research and applied materials and kla corp shares of alibaba posting first operating loss as a public company. results were hurt by a 2.8 antimonopoly fine it received from china over the quarter, especially positive for the bulls on the chip stocks that is when i was watching into today. a leadership group for the market and for the economy and also for the tech sector in particular and was flirting with some lower levels we were watching to see if it would take out march lows. for now, though, things look set for apple. a lot of these chip names and

mega cap growth are up and tesla an interesting decliner. >> alibaba missing out and asian stocks did already close and lock in some of the losses might have something to do with it >> correction mode up next, elon's coin flip. the second richest man says suspending vehicle purchases citing environmental concerns that is creating a whirlwind around crypto currencies later disney is gearing up to report after the bell and the key metric investors should be watching as we head to break a check on bonds yields pulling back a little bit today the ten-year as we stand is 1 1.66

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35 minutes left of trading dow is up more than 500 points time now for cnbc news update with leslie picker >> hi, sara, hi, everybody here is your update at this hour first lady jill biden and joe

manchin quickly adopted that new cdc guidance announcing just 90 minutes ago that fully vaccinated people generally don't need to wear a mask indoors. they were maskless as they visited a west virginia school where teens are getting the covid vaccine. and as both israel and gaza deal with the damage caused by the continuing exchange of ariel assaults, another expansion of the violence israel's military says at least three rockets were fired from lebanon towards israel no injuries reported there and there are also reports israel is hitting gaza with artillery and tank shells as 9,000 reservists are called up in what could be preparations for a ground invasion cnbc now reporting colonel pipeline did pay a ransom after being hit by a cyberattack that caused fuel shortagesin the southeast. at her weekly briefing with reporters she thinks it is a mistake for ransomware victims

to pay up. >> we don't want people to think there is money in it for them to threaten the critical infrastructure in our country. >> very complicated situation. back over to you, wolf >> leslie, thank you so much. bitcoin taking a major hit today. tesla is suspending vehicle purchases using bitcoin due to environmental concerns bank of america has highlighting that it is the equivalent of 2.1 million cars being driven over the course of a year on the flipside last month put out a white paper making the case for bitcoin as an esg play and could lead to more renewable usage. >> let's dive right into how bitcoin can accelerate renewables and how the energy consumption, again, does not necessarily equate to pollution or co2 emissions

so, when you look at solar today and some of the limitations, we see that the sun shines during the day and not at night the energy supply is either abundant or nonexistent and in the case of solar, there is often a mismatch between the demand for that -- >> i just think you're completely ignoring the questions we put to you and going back to original point i get that energy consumption doesn't necessarily lead to pollution, but what is happening at the moment is not that the only energy used for bitcoin mining is renewable. and if that was the case, fine but that's not what's happening. you're pushing back to say energy consumption isn't necessarily polluting the environment but it is if at the moment the mix of energy consumption includes all sorts of fossil fuels, which is the case, is it not? >> it's not actually the case. if you look at the overall energy mix of bitcoin mining, well, i agree it's not by no means exclusively renewables based, there is a significant portion of the mix that -- >> what percentage

what percentage? >> so in hydroelectric, 40% of bitcoin energy derives from renewables and 76% of miners are using renewables in some capacity >> some capacity great. it's just a massive leap >> meanwhile, billionaire investor mark cuban replied to musk's tweets saying the dallas mavericks will continue to accept crypto currencies and shrinking big bank will help the environment, end quote guys, the interesting thing is i don't think the green aspect is necessarily key to the argument of bitcoin as a currency in the future or as a store of value. the issue with the likes of tesla is that in other parts of their business they profess to be green and esg investors and also had a position in bitcoin clearly tesla and elon musk admitting that was wrong and felt disengenwise when that note came out and we'll see how long

they stick to that messaging to say that it is green or not. doesn't necessarily have to alter the value of bitcoin or the argument of whether it could be a store of value or currency in the future. >> i would agree it's certainly not necessarily core to the proposition for why bitcoin exists and people have chosen to adopt it except that bitcoin is based on this kind of idealized future this engiinengineered future wh is a less polluting form of energy that runs counter to the sense of why there are sensitivities around it. to your point if the mission of tesla in large part has been to free the world from fossil fuels, it's just dissonant to be involved with bitcoin. also i'm sure taking it for tesla was a little marketing stunt and it's inefficient and you probably don't have any real desire to do that long term except to express support for bitcoin as an idea. >> you think musk is really not

accepting bitcoin for tesla's because of the environmental concerns these concerns were not new and, in fact, musk himself tweeted true to the ark innovation research we just put out and jack dorsy retweeting it i think there are a lot of other theories out there for why musk may be doing this. "new york times" made a good point that spacex are major carbon emaitters and what could be the real reason he made this decision regulation around accounting for accepting bitcoin and the return where you have to give dollars more at the purchase price >> that's what i am saying an efficient way to take payment and, therefore -- it was, again, a marketing stunt and not the way you would ever want to transact in real goods and this perhaps is the cover story for why it doesn't make sense right now to, you know, to continue to do it at retail in this way. >> cover story

>> i think it was sodis disengenious in the first place and it was pro-esg when we thought it would be one day in the future and maybe we would get there. not the case now and just very interesting to see one of the most high-profile advocates for esg and bitcoin change his tune on it. >> the ark elon musk because tesla is the biggest holding and usually when it comes to these things and now the entire bitcoin community is up in arms against elon musk which is also an inest teresting sort of spli. who would think he would be the one to sink bitcoin. we'll see where that price goes. we have less than 30 minutes to go before the bell. 28 minutes or so here's where we stand in the market big comeback the nasdaq up 1% went negative briefly at one point. the s&p is up 1.6% and every

sector is positive except for energy which was the outperformer yesterday and the dow is near session highs, again. up 570 points. we're still on track for deep declines for the week. so, the question is, should you be looking to buy the pull back? we'll discuss with citi group tobias levkokich next on "closing bell. it's a [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most and $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today. the pursuit is on. the pursuit of outperformance at pgim. with deep expertise to outthink across multiple asset classes,

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stocks are bouncing back after a big selloff yesterday. major averages have higher for the first time in four sessions. the nasdaq continues to underperform, though, slightly today. it's up a percent. joining us is tobias revkovich you put out a new target which is lower than where we are in the s&p 500 right now, i think around 4,000 or so so do you see more pain ahead if this correction continuing >> unfortunately, i think we're still not going to have any issues around inflating for several more months. i think we're going to have this and we're in the stickier inflation than the transitory than the fed or some of the bulls and issues like solving

some of the supply chain factors. you can't put up a fad in three months and you can't get lumber and trees growing overnight. company after company are talking about these things and real issues that are not going to get resolved quickly. and i suspect you're probably going to want to sit on the side of edging higher expectations and that is a technology call and nasdaq being much more of an index. >> your connection is a little shaky. so you like banks over tech. shouldn't industrials be doing better if this really is a more lasting inflation story. >> some investors are worried about the cyclical names and the

travel hospitality perspective and what you would suggest is the amount of recovery is going to be probably greater than what we've seen in the past for example, consumers with $2 trillion plus incremental savings and they will want to go out and party a little bit if you think about the need for capital spending if we get things like infrastructure policies kicked in and you'll need more equipment that is sit around and available to you. i'll argue you will continue to see some of the better stories out of the cap x opportunity now, technology is the cap x beneficiary but substantial winners over the past year and in some cases the stocks ran a little bit too far as got overly excited. >> do you fear that can now unwind and that there is more downside or we found a little bottom today >> we may have found a bit of a bottom today but i think the proof in the pudding is what does inflation look like not only in the next month and resolve the next week. more of the next four, five months

as you get closer to august, september, think about the things you have to address you have to address higher bond yields and what will the fed be saying around jacksonhole and what's with the budget and taxation and what will happen with debt ceiling and all coalesce around september and october and challenges for the market to resolve. could they get a little bit of a bounce as people overshot in a day or two i'm an investor not a trader >> is there any part of tech you like, tobias you have the semis with their own secular growth story and having a nice move today you have the mega caps which are seen as a little bit more defensive like the faang stocks and then, of course, more of the hypergrowth momentum names or are you staying away from all of it >> look, we like large cap over small cap in this sense and your point about maybe they're higher quality in the bigger cap names and the ability to buy back their own stock and things like that when things pull back

they're probably a little bit better place if you want to hide out in tech and i'm not saying hide out but i'm trying to suggest on a relative basis more interesting. in a hypergrowth area that is where you have the yield moving higher and really hurting the terminal value and long-term value of the company as this moves higher so, they were the ones kind of almost in the scope and as their attitude changed towards potential inflation lasting a little bit longer, those probably are not going to delve into this. they're not cheap against revenues and that's the kind of stuff you have to worry about. >> tobias, thanks so much for joining us much appreciate it coinbase is gearing up for the first earnings report as a public company and comes on a wild day for crypto. we'll preview what to expect watch or listen to us live on the cnbc app.

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[triumphantly yells] [ding] don't get mad. get e*trade and take charge of your finances today. just over 15 minutes left in the trading day. cnbc mike here to break down the crucial trading moments and we have chief investment strategist stephanie link with us, as well. let's get things kicked off major averages high for the first time in four sessions. the dow on track for its best day since march 5th.

we are at 1.7 on the s&p but still down 2.4% on the week as a whole. mike, great little intra day bounce and close to the session highs. talk us through some of the key levels of where we stand. >> it often happens after we get a flurry of volatility that the market trades a little technically and has, you know, these sort of high sensitivity areas. i think today was as soon as we got the reflex bounce in the morning and the s&p 500 you went up towards yesterday's opening level which was the high and didn't quite get there and then we have to go back down below and didn't get to the opening low. that kind of ping-pong and right now it looks like the market is on target to close just about where it started the day yesterday. take back yesterday's loss leave it at a kind of level of maximum indecision because you don't know if it was just the reflex bounce. i think all of it is a healthy process. bigger picture for weeks you had people, the correction below the surface and you had

people doing a little more hedging and exposures from very high levels perhaps have come in a little bit and parts of the market got oversold and that's what we're working through today. >> down 2.5% or so on the week for the s&p. steph, are you spooked by inflation or making any adjustments in your portfolio? >> no. i think it's kind of funny that everyone is so obsessed with inflation and is a transitory or not transitory obviously, parts of it are transitory and i understand that mainly on the commodity side other than lumber and copper those are still in very strong demand trends. but i think the biggest issue on inflation is wages just watching it started with the nonforeign payroll numbers and 0.7% and expectations were about 0.1% big, big upside surprise there but i'm just like anecdotally talking to companies and talking to business owners wages are going up people and companies have to spend more to get the workers in

the door and that's not going to change any time soon, right so, we heard from mcdonald's and we heard from chipotle and marriott and i talked to a lot of small, medium-size companies and they say the same thing. that to me, i'm not worried about it so much we have the technology part of the economy and that would be a governor on it, but i think it is actually going higher and it's not going to be run away inflation but going higher you know, i am focusing more on the financials for that reason and for cyclicals for that reason because i do think the reason that inflation is going up is because growth is better that's a good thing. >> so, steph, do you think we can now kind of forget about inflation? is that what today's action is showing at least for another month until we get to the next print and little signs and flickers of it coming out of earnings calls or wherever else. will that start to spook people again? >> it probably will, wolf. the more we hear it and experience it. this week i think people will start to get a little more

worried about it you're right we have another month of easy comps and then let's see what happens in the summer months, right as the base effect kind of normalizes a little bit. but that's when you're going to get the real tell. wages are 70% of inflation and that's the biggest piece and the biggest concerning piece that's why we have to worry about it unit costs are zero. how much higher? i don't know that's why we're watching it but that's exactly why the euro dollar futures are now pricing 80% chance of the fed tightening in the second half of 2022 up from 60% just earlier this week alone, right because they, obviously, see better growth and a little more inflation. >> it certainly has hit technology the nasdaq slightly underperforming today even with the gains for the major averages earlier briefly dipped into the red as high-tech stocks beaten down joining cnbc earlier this morning and weighing in on the pressure in tech >> i think it's just relatively

based on the people's view on long-term interests. and as some interest in the interest may go up it's not the change in the company's performers the fundamental is very strong companies are growing, tech companies are all growing. they have a record high profitability and so on. >> mike, spoken like someone who has large investments in a lot of these technology companies, obviously. but he does make a point and that is it has more to do with the interest rate outlook than necessarily anything changing in the fundamentals of those companies. the question is, how do you value them now, especially the ones seeing high growth that we've seen over this earning season and sold off sharply. >> the real high growth names that are these younger companies attacking huge markets that got capitalized at high levels, that came public. a massive supply of these new names, whether it was through

ipos or direct listings or spacs and now being revalued i was joking earlier if you look a lot of the consumer kind of growth tech names from just a few months ago they have gone from 20 times revenue to 10 times revenue. that was bumble and all those in those categories and that's not to say ten times revenue is cheap, but resetting the level a little bit here. one interesting piece of the soft bank style approach first of all, it's venture type. massive, huge winners that pay for a lot of losers even if they're in public companies. but the idea that you can capitalize a company that can spend so much in marketing and get -- just get more consumers before the other guys can and just like use your losses to your advantage, that's undertest right now because a lot of those types of companies are not being loved by the market. >> clearly as we've been discussing tech has pulled back, any of your favorite names in

that space >> i actually have, wolf, you know i have barbell. i have light semi conductors for a really long time they're still attractive on valuations but they're actually very crowded it's a very consensus long on the margin i have been trimming some of my semicap equipment and still overweight that part of technology. the other part of technology that i think is interesting is the value tech the ibms and the ciscos of the world and they're fairly new positions for me in the last month and a half or so but i think the valuations are really attractive i think ibm, i mean, i love their cloud strategy and totally underappreciated 12 times earnings and get you over 4% dividend yield cisco reopened enterprise and spending is going to recover and they're going to generate a ton of free cash flow and next week when they report they increase their buy back platform. you get a 2.74 yield and little more expensive at 16 times but certainly not as expensive as

the semi cap names or any of the expensive growth stocks. >> you've been trimming google, though, is that right? >> yes, i did. i did and it was really only because last week it was up 37% year to date it's a phenomenal company and still overweight the name but underweight faang and underweight tech in i erl. but i think that with google they just did a great job the last couple quarters on operating leverage and digital advertising is certainly on their side right now and recovering quite nicely. but i'm kind of looking at some other names within that faang complex and even in the extensive tech side of things. if they continue to pull back more substantially from here, that's where i think consensus, people are very much involved in emerging in expensive tech but everyone is saying quality tech will outperform expensive tech when they get less expensive, they get interesting to me looking at some of these other

names. >> coinbase is set to report results for the first time since going public and it's kind of having a wild day for bitcoin and coinbase 20% since market debut back in april and 9% of that is coming today. the street earnings of $3.09 a share and revenue of $1.81 billion. and, mike, i mean, clearly, not coming on a good day the first quarter's numbers sort of already out there or relatively speaking clearly guided to it and it will be guidance going forward but also given elon musk's comments last night. no doubt people will be eager to hear any comments on the earning's call about bitcoin and its green nature and what not. >> yeah, i mean, the stock has traded terribly since the direct listing on almost straight down. it was a ton of preliminary excitement both in crypto themselves, as well as in

coinbase because the business was just running so hot and looked so great in terms of the numbers. so, i think it will just continue to be largely about sentiment towards bitcoin. i would be on alert for anything that coinbase might say about whether regulators or if they get any questions about the regulators have taken a closer look at crypto exchanges and try to figure out more rules of the road there because you are seeing reports in the general direction. not specifically about coinbase. all those things are in the mix right now. could be a great quarter that reminds people that the business itself is really good, even if it's crazy expensive based on current revenues >> will that matter, steph clearly a ton of enthusiasm for b bitcoin bon both sides and that's good for a company that makes money with transaction fees but does it matter when bitcoin is down because of an elon musk decision >> i think it does matter. but, look, adoption in general is just increasing, right. we normally have, you know,

we've got fis actually just announced new news, a partnership, as well square, paypal, mastercard, real companies that are embracing this whole thing so, adoption is increasing that's very good transaction fees that's the problem i have with this story because it's 96% of total revenue. i want to see that diversify that being said, market share is almost 12% versus 5% just a couple years ago they are certainly doing the right things and, again, as adoption increases over time and more broad based and i think they will benefit. i don't own it and i'm not involved and i don't have any bitcoin exposure and this is a fascinating story and this is the gold standard. >> gold standard the bitcoin standard disney earnings also at the bell today julia boorstin. >> the question is whether disney can continue to grow its streaming division which thrived so much during the pandemic. analysts are looking for the company to add more than 14

million disney plus subscribers -- bring those numbers back to the prepandemic levels they expect to decline and earnings dropped by 55% and earning estimates range so widely because so much uncertainty here going into earnings 71% of analysts have a buy rating, a quarter of analysts have a hold rating guys, back over to you >> all right, julia, got most of that thank you. julia boorstin. disney trading up. flat to down for the year so far, steph what do you do with this name and earnings >> it's expensive for good reason, right. because it's a turn around story and also a stay-at-home story and delevaging and i own so many reopen names at this point, this is not one of them a whisper of 110 million disney plus subscribers is the number,

right. the other question we have is netflix saw a pull forward in their quarter. so, is the same thing happening for disney, as well. they are playing catch up. they should have about 163 million total if you include hulu and espn plus so, let's watch to see if they pull through and the second thing is parks they opened up california at the end of april what is that trajectory? i know it is expensive and i own other reopen names that are a little less love, if you will. >> less expensive than it was and earnings should pick up and hasn't been soaring in the same way it was for much of the couple years leading into this year >> but right now you look at an enterprise value to cash flow and it's pretty much a netflix and the company includes abc networks and includes parks and selling t-shirts not just a screaming business

and got valued that way because it's in this elite portfolio and plus did completely figure out streaming and everyone is just fiably excited about that. yes, definitely leverage inside as parks open up to actually have earnings get back towards normal and better, but it's not like the overall company based on this current valuation is going to be swung that violently in that direction just by the parks. >> mike, two minutes left. what are the internals showing us >> little bit less than meets the eye in terms of the market breath relative to where the index are trading. 2.5 billion shares to 1.75 billion on the downside. but it's been kind of more mixed than you might expect. very indexy move people trading the indexes as opposed to shopping across the board for individual stocks. take a look at new 52-week highs and lows on the nasdaq and there you see pretty lopsided to the downside more than 250 new 52-week lows and highs.

clearly a churn and a struggle below the surface. volatility index was a story yesterday and really all week. we do have a spike on this chart, not a completed one but we did get up well above 25 and now down a few points from the high and that tends to mean the market is settling down and probably on firmer footing to come but you want to see more of that premium drain away. tremendous amount of hedging going on this week and that is probably bullish once we get out of this choppy period. but only know in retrospect when it's over, sara. >> one minute left to go before the close. take a look at the markets we're off the session highs but still having a nice rally. dow is up 451 points and every dow stock is higher except for the energy stock, chevron, which is lower home depot adding to the dow's gains the most and 3m, honeywell, jpmorgan doing well look at the s&p 500 also coming back strong up 1.25% still down for the week but does look to break a three-day losing

streak financials and industrials are your best performing sectors, along with utilities everyone is higher except for energy the nasdaq is higher by three quarter of a percent by the close and went negative and has come back. like the semi conductor and the chip stocks and some of the big cap tech like apple and microsoft and small caps also come back 1.7% welcome to the "closing bell" i'm wilfred frost with sara eisen the nasdaq up 0.7% and they have been briefly negative for a brief part of the session around 2:00 p.m s&p 500 up 1.2%. the dow up 1.3%. off its highs 433 points compared to about 600 points at the high of the session. in terms of what remained in the

red throughout ark innovation and rounding out 9% decline this week tesla down 3% and 15% low this week and bitcoin worth pointing out closing below or not closing, it's still trading but just below 49,000. investors now turning their attention to quarterly results from disney, airbnb, doordash and coinbase we'll have the numbers as soon as they are released stephanie link is still with us and tiffany from pivotal advisors joins the conversation. mike, to you first of all. i guess summing up today's action is great intraday bounce but not everything took part in it >> clearly relieved e pressure fr three-day selloff ask definitely noisy because of the give and take and the waves of people doing a little bargain hunting and then taking it back a little bit what was clear, though, is, once again, pretty much the cyclical tone of things

the overall s&p 500 looks lukewarm bounce and you did have equal weighted financials and up 2.5% or so today and that's double what the overall index did. that's a similar story in terms of what leadership of the market is and the message hasn't changed. we didn't get a credit stress and this is the pullback we had this year and maybe just steady as she goes and choppy rotation. >> look at some of the new all-time high list today, not that many but a few consumer staples. hershey, tyson foods people loading up on more defensive type stocks? >> yes i would say that loading up on them, i mean, i don't think this has been like a real steep trajectory on those, but definitely they've firmed and seems like a little bit of a defensive tone that is coming. if you look at biotech really

week relative to the rest of health care. i don't know there is much of a story there except they are inflation beneficiaries and some of them could be a way to play the rising price levels. >> tiffany, what is your take on the action of this week? nice bounce today but still significantly low week to date >> yeah, so, listen, you know, we've always expected volatility to creep in as we're really entering this, you know, reopen kind of phase which is really kind of stretching out although we did just hear that that news a couple hours ago that people wh fully vaccinated can freely move around without masks. i think that's a good thing. so what we're doing is just really, again, you know, diversifying our equity positions and really to kind of weather whatever volatility is going to continue to kind of creep in we do think that it is again, you know, we love the high growth tech stocks and i know that, you know, they've

struggled a bit and we still continue to like them and creating value and dividend stocks, as well. so, you know, it's fine. we don't manage, we're not managing portfolios from day to day or week to week. our clients are more long-term investors and really managing things years and years out five to ten years out. >> let's get to the first earnings result of the afternoon. airbnb and just got the numbers for us. >> the beat on the top line. revenue coming in at 887 million versus 714 million expected. that is growth of 5% year over year stands in contrast to the decline from booking holdings and expedia. lost per share, 1.95 this is not comparable to the street's estimate. we're still sorting through this and this may be what is hitting the stock right now as investors try to digest this and includes one-time off including a charge as it consolidates its

headquarters in san francisco. let me move on the gross booking value coming in better than expected at $10.3 billion. average daily rate $160. that is up 35% year over year. the company warning, though, that the average daily rate could fall in the future and that they have limited visibility for growth trends in the second half of 2021. mostly on europe uncertainty there were some interesting trends there they are seeing more longerterm stays that made up about a quarter of bookings in the first quarter. more growth and family and group travel and guests booking further in advance and, guys, this is key here supply theysay is increasing i nonurban areas but overall airbnb says the active listings are consistent with the last quarter that is q4 of 2020 so, we know that this is sort of been a fierce battle to get more listings on the platforms and competing with expedia and vrbo in this space. we'll continue to watch that but shares right now are down more than 5%

i'll continue to dig in to the bottom line. back to you. >> deidre, thanks so much for that mike, the gross booking value and revenue overall better than expected but clearly reacting to shares to some of those individual one offs. >> just very sober comments about what is to come in terms of moderating the expectations for growth from here this is a market that is just not that receptive to, you know, we'll make it up down the road on volume. you know, these companies have already been pretty suspect and airbnb falls into that realm of huge address of the market and great brand and growing really fast, tremendous number of customer connections and we don't know about profitability long term. >> let's get to coinbase reporting results for the first time as a public company kate rooney with the numbers kate >> hey, sara these are the official q1 numbers for coinbase they had given us the preliminary numbers before their public listing back in april a huge jump in revenue in the quarter thanks to this crypto bull market we have seen in the

first quarter. total revenues coming in at $1.8 billion. we don't have a comparable number for that. net revenue is 1$1.6 billion almost all of that 1.1 million was from crypto transaction fee and that is making up a majority of the business. gap earnings $3.05 for the quarter. coinbase has verified users, that's up 55% from the same time a year ago and the first quarter the company added 3 million verified users guys, a line in here about competition. i want to bring you that coinbase saying, quote, our competitors are supporting certain crypto assets that are experiencing large trading volumes in growth and market cap that they don't currenty support. they say they welcome these challenges and they indicate the market is growing rapidly. they also continue to move quickly to address them and they say it inspires them to, to some action and growth. guys, that is likely a nod to

robinhood offering dogecoin and coinbase does not offer dogecoin and a run up lately. guidance, they gave three tiers or scenarios based on market conditions and the price of bitcoin which is down big today. did fall below $50,000 shares of coinbase down slightly they are also down about 38% from the 52-week high. guys, back to you. >> kate rooney, thank you. jim cramer will break down some of the numbers and the outlook with the cfo of coinbase tonight on "mad money. a few other things i would highlight in this coinbase result, 8,000 institutions that's clearly been an important growth spot for this company and as far as guidance, they say so far this quarter we have seen high level of volatility and high level of interest across crypto and institutional and they say so far this quarter performance across business metrics are trending to meet or

exceed q1 results. so, they're offering some strong guidance there the stock is off tiffany, do you want to take this dependent on bitcoin prices and momentum which is down today because elon musk is no longer going to take it for teslas? >> i think in addition to, coinbase gets the majority of their revenue from transaction fees so, i think that's very important. but i also think that, you know, regulations are very important, too. and that i think is going to be one of the major risk factors to the entire industry. so, we own it and our clients are institutions and you talked about institutions and how they're investing in coinbase and, sorry, crypto, it really depends on what type of institutions you're talking about. pensions are not investing in

crypto a lot of foundations like the ones i work with are not investing in crypto. so, you know, our purchase of coinbase was the way that we can kind of participate in the market without having to, you know, participate in a buy crypto and really be subject to its volatility that's how we're playing it, but, really, we're also watching these regulations which we think will come into play and it is going to be -- >> no, hedge funds and insurance companies i think are two institutional sources of growth. disney earnings are also out we need to get to those. julia boorstin with the numbers. >> disney earnings beating estimates by quite a lot earnings coming in adjusted earnings coming in at 79 cents per share versus 27 cents estimate and revenue coming in lighter than expectations. $51.6 billion versus expectations of $15.87 billion we see the stock is trading down

in afterh hours because the disney subscriber number smaller than expected growth. >> coming in that is lower than the 109 million disney plus subscribers that wall street analysts had been looking for. that does seem to be putting pressure on the stock. other areas in term of bottom line performance where the company performed far better than anticipated i'm going to continue to dig through these results and we'll be back in "fast money" first on cnbc interview with bob chapek >> looking forward to that interview. steph, the miss, is that why the stock is up? >> i guess revenue for one, that is always disappointing. disney plus, yeah the subs were disappointing. and then i'm looking at disney plus down 29%.

the other thing, which is strange, because they actually raised prices in the quarter so, i wonder if that means they're actually seeing more churn and we saw exactly the same thing at netflix. because of stay at home. so these guys have an offset we talked about it before. they have parks and film, it's not a disaster but this is why the stock trades at the premium it does and everyone got really excited about streaming in general. i think it's time to take a pause. >> mike, there was definitely a take that perhaps disney was still earlier in its stage of growing subscribers, streaming subscribers than netflix and not so much of that pull forward growth that we started to see come out in the last couple quarters for netflix this might start to paint the opposite picture >> right i think it's still percentage wise still a faster rate of growth in terms of net ads than netflix right now. but i do think also a little bit of payback for just how incredibly beyond expectations

the growth was up to this point. so, they just accelerate they hit multi-year targets in the first year and it would seem so, i think that's why you have this moderation of trend and, you know, the stock, as i said, has been kind of on the defensive for a while trying to digest that huge move through 2020 and just not really necessarily value to absorb this right now. i don't think it's much of a story changer, but it explains why the stock has been heavy for a bit. >> it's still up more than 70% over the last 12 months. tiffany, what do you do with this stock down 4.4% on this miss in revenues and particularly disney plus subscribers? >> well, you continue to hold it when we think about the disney story, we're thinking about three things streaming, parks and film. we just mentioned the streaming story is pure magic, right hitting 100 million subscribers within 16 months of launching when it took netflix ten years to do the same thing and then, you know, also we're talking

about disney and streaming and we're talking about hulu and espn at the end of their fiscal year across all their platforms 146 million subscribers. i'm not totally surprised about their miss n netflix did the same thing for us, again, we're long-term investors so we're totally fine here it really is an opportunity for us to buy a little bit more and when i think about parks, parks are still closed before the pandemic parks rs represented about 30% of their business parks in california, paris and hong kong are closed, but, you know, some of them i think florida, japan and shanghai are open with limited capacity so, when the world really does open back up, there's going to be a pop, we think, in parks we're thinking maybe like first part of next year and then, of course, with film. they have plans to release several movies but before the year is out. so, you know, we're really

bullish on disney and we think it is a buying opportunity right now. >> and we will leave the conversation there thank you very much for joining us, tiffany mcghee, stephanie link. up next, much more reaction and we're joined by an analyst who thinks the stock could rally another 20%. plus value investor scott black says the market is still very expensive despite this week's pull back but will name two stocks that he thinks look cheap right now. "closing bell" back in 90 seconds.

doordash results are out >> little evidence of a slow down at doordash as the economy reopens. revenue beat $1.08 billion and that's nearly 200% year over year and that growth continuing. gross order value holding up 222% better than expected by nearly a billion dollars lost per share 34 cents and we'll dig into that. also, this is key to why the stock is perhaps popping some 6% raising guidance gross quarter volume for the year raising 35 to $38 billion and adjusted guidance raised to 0 to 200 and raising guidance

gross order volume 9.4 to 9.9 and guidance 0 to 100 million. and also comments in here about dasher supply. they also have been affected by a labor shortage they said it was affected and they saw a shortage due to better than expected demand, severe weather and the stimulus impact the company says that that shortage was resolved by the end of the first quarter and that's interesting because that's in contrast to what we're hearing from uber and lyft who are dealing with their own driver shortages. airbnb did manage to go briefly positive as investors sort through that bottom line and some of the one off just falling slightly underwater by 1 to 1.3% just hovering going from gains to losses and we'll continue to dig in and bring you that. >> thanks so much for that airbnb recovering some of its losses and doordash jumping nicely

doordash ceo tonight at 6:00 p.m. on "mad money." coming in lower than expectations, the earnings call just moments away. joining us now to talk about the report is heather and also the former senior vice president of content partnerships at hulu it's good to have you on, heather. that number was a miss 103.6 million disney plus paid subscribers. do you think they're vulnerable to the same kind of phenomenon that affected netflix during the pandemic, it pulled forward so much demand? >> i think that is part of what is going on and part of what is happening, they so overshot in terms of what their performance was. performing five years of growth in the first year that it is a little bit of pull forward and a little bit of asset with pent up

demand and with coming out of the gate with great product. i wouldn't take this as a signal that disney plus and streaming service is slowing down. they are for sure going to have to switch from just an acquisition game which is what they have been playing for the last year and a half since the launch to more of a balance between acquisition and retention gain and that is a new that they need to learn that netflix has a lot of history on. it's something that we can continue to watch, but not a sign this is a major slow down >> from tigers financial and covers the company and has a buy rating on the stock. $220 price target. ivan, anything that changes your view here on disney? it was a revenue miss and a sub miss, but there was some strength under there, as well.

a lot of optimism around the reopening of the parks. >> absolutely. you never want to see misses, especially on a key metrics in the situation like subscribers but, you know, there's so many things that are going on that will help disney and you have the parks reopening and you have theaters reopening and studio reopening and the halo effect that the company has from their content to drive park visits, merchandise sales. so, i think that this pullback is a buying opportunity. they did well, they survived well during the pandemic and they will do exceptionally well in a post-pandemic environment >> heather, what did you make of the hulu numbers and the isprooiis pricing there is pretty attractive >> i would expect disney -- when

you look at the retention of hulu plus espn plus and disney plus you start to see retention that actually receives the gold standard which is netflix. hulu is kind of the secret sauce for disney to learn and to grow in terms of their -- and outside the u.s. they have a similar play they're executing on by launching star as part of the bundle and it will help disney overall with the growth of their premium services globally and compete with netflix in a world where it is not going to stand, is not going to be appeal to the entire population, although they have been good at getting half the subscriber so far. >> heather, thank you. that's from a former hulu

insider. shaky line there we appreciate it ivan, thanks to you, as well. send it now back over to mike santeli for a closer look at earnings expectations mike. >> longer term earnings expectations this chart shows the long-term expectations for s&p 500 companies collectively now, this is not a number that a lot of analysts or investors necessarily spend a lot of time thinking about five-year forward earning expectation. this is annualized anticipated earnings growth. it shot up to about 15% recently for the coming five years. that seems like it's super bullish and basically companies are thriving, which is true in the moment but i also think it acts as a little bit of a sentiment gauge because right in here was 2018, 2019 and it was after the corporate tax cut and people thought that we had multiple years of fast earnings growth to come and was not the case once we got into the late cycle here 2014 an earnings recession here i would say basically people are getting a little bit overconfident, perhaps, and

projecting earnings multiple years even if right now the forecast provisions are relatively positive. how we're valuing different sectors. industrials forward p/e is now exceeding that of tech that tells you the story of this market after many years where tech was known for being the expensive and fast growing group. we have industrials now that are far more favored and even materials are getting up there, guys you can argue the earnings estimates will go up to justify it we have to wait and see, though. >> it's not like the tech has pulled back that much either just a major search for industrials. the home builder etf more than 100% over the past year but value investor scott black thinks one stock in that industry looks very cheap. his pick coming up next. plus, much more on this wild hour of earnings when we get reaction to results from coinbase and airbnb. s pobase falling on the back of itrert and "closing bell" back in a couple

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stocks are bouncing back today following yesterday's big selloff with the dow finishing higher by 433 points let's bring in scott black, great to see you thanks for joining us. >> thank you for having me,

wilfred. >> we fell about 4% to 5% before today's bounce from the recent highs. how much would the broad indices, we'll get to your stock picks in a moment. how much would the broad indices have to fall for them to look cheap to you >> well the multiple right now based on 185, 90 still a 22 p/e but the offset to that is, yes, it's high by historical standards but interest rates whenever this low, you know, you have the ten year right now closing at 1.65% we're sort of in unchartered territories. we're bottom up stock selectors and we don't buy the market of the etf. the nasdaq itself is very expensive. 39 times trailing and 39 times forward earnings what is interesting is about six months ago the 2,000 were much cheaper and most of the bargains have disappeared in the small and mid cap.

>> what about those big cap tech stocks that do have genuine earnings and have really grown into themselves in recent years but have been affected by this recent pullback of the faang names and microsofts of this world. if you had to pick one of them, which would it be? >> we had apple since a value multiple and we continue to own apple. they have well over $100 billion in cash on the balance sheet it's bulletproof and a great franchise. it's not cheap even if you back out net cash i still think 27, 28 times earnings what is inest teresting we own of the stocks and they have greater earning acceleration over this year and next year and the spend has gone way up and all somewhere between 17 and 20 times this year's calendar earnings we normally buy things under 14, we continue to hold them but good franchisers and below market multiple at this point.

>> want to get to some of your picks, scott i think one is a home builder which i always find interesting because you do pick home builders but such a tremendous run up already amid the boom and the housing market so, why would you go there for a value pick >> well, for a long time we also owned mi homes but this company has done a great job. the stock closed today and was up nicely $67 but going to earn between $10.75 and $11 a share. it's ridiculous. the company generated over $75 million in the first quarter in free cash flow and earned last year 22% return on equity and 25% return on equity and only 1.4 times on a deleveraged value sheet and sell roughl ly homes and top three in a lot of markets like columbus, ohio,

cincinnati, chicago, detroit and even in florida and tampa. so it's a well-run company and, of course, the question is what happens the input costs like lumber have gone up but they've been able to pass it through the average price of their house is $430,000 in backlog slightly up from above $400,000 the typical customer is eetithe first-time buyer or move up and the cancellation rate still very low. only 7 or 8% less people who signed the purchase of sale but able to get financing. as you know, interest rates, mortgage rates, conventional today closed at 3.05 which is 3.27% by historic numbers, this is very, very low and it makes affordability much better for the average citizen. >> so, that's mho, give us your other pick, property related but with a tweet

>> it's called global medical reit in bethesda, maryland solid balance sheet and cash flow has about a 6% yield and $830 million market cap we figure that the noi this year which is net operating and stick to about 102 amimillion. the actual revenue because you have to analyze is growing at almost 20% clip. they started the year with about a billion in investable real estate and their goal was to add $200 million in properties which they already added $100 million with a cap rate of 7.84% if you look at the internal rate of return based on their own noi divided by capitalization, it's around 7.5%, which is very good compared to many reits selling at 5% and 6% internal cap rates. mostly medical office buildings and that's about 62% that's outpatient. they have about 21% of their

facilities are rehab and 7% are surgical and if you look at it by geography, the biggest concentrations are texas, ohio, florida, arizona, pennsylvania make up almost 50% of the book and the occupancy right now is 99.1%. so, it's a good business we got an aging population many people are going to outpatient facilities and, for example, in boston around route 128, mass general has all sorts of outpatient facilities and i'm sure this is occurring throughout the united states so, people, you know, tend to get sick they have to go visit the doctor the credits they have have been very good. zero defaults. basically 145 buildings but 117 different tenants and 3.8 million square feet nationwide so, for somebody who is looking for some income which most people are desperately looking for they have a pretty good business

double-digit grower and you have a 6% yield >> thanks for making the case, scott black. we'll turn to you for some of the value picks. appreciate the time. good to see you. >> thank you, sara thank you very much. coinbase shares are lower after reporting its first results since its ipo. we'll get reaction from an analyst with a whopping $650 prictaet a ae rgndn uber bull on this stock actively managing invs in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential.

♪ ♪ ♪ ♪ ♪ welcome back time to get you a cnbc update with leslie picker

>> that's right. as president biden walked to his rose garden podium he was maskless in keeping with the cdc new guidance that fully vaccinated people generally don't need to wear a mask outdoors or indoors. >> i think it's a great milestone. a great day. this was made possible by the extraordinary success we've had in vaccinating so many americans so quickly >> earlier today the masks were on as biden started his meeting with some republican senators looking for a compromise on his infrastructure spending plan west virginia senator shellie capido said she thinks a deal could be found and reported that everyone in the meeting took off their masks after the cdc announcement also in the last hour "new york times" report that a group of conservative activists and a former british spy had a campaign to discredit people in the trump administration they thought might be enemies of the then president, including national security adviseer h.r.

mcmaster ran its operation out of a large, rented house in georgetown using female undercover operatives to go on dates with fbi employees and others hoping to secretly record them saying negative things about trump. and tonight on the news at 7:00 eastern, a top house republican who is rattling a lot of cages over cybersecurity and the oil and gas industries not one to miss. back over to you, wolf >> certainly not leslie, thanks so much for that. the earnings calls for coinbase and airbnb set to kick off. coming up the stock reactions doordash is higher by 8% and the others is hum to help you get back to your future. edward jones.

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now california phones offers free devices and accessories for your mobile phone. like this device to increase volume on your cell phone. - ( phone ringing ) - get details on this state program call or visit shares of coinbase slipping after reporting results just moments ago conference call kicking off at 5:00 p.m. eastern time kicking off is director of research at da davidson really likes this stock looks like the numbers came in line with expectations profits surged those monthly transacting users more than doubled in the quarter and the outlook was strong

so what's the issue here >> i don't think there is an issue. the quarter was fantastic, as they preannounced a few weeks ago and most importantly the said that the second quarter is shaking up to meet or exceed the results from the first quarter that is far above anybody's expectations right now expect expectations and estimates to go up very significantly tomorrow as everybody starts flowing those numbers through their models >> to which particular crypto currency their customers are buying and selling and what do you think we might hear on the call following elon musk's tweet about bitcoin last night >> that's right, coin-base benefits regarding all of what crypto asset is being traded and sometimes more bitcoin and sometimes other types of crypto assets that's one of the unique investment feature of investing in coinbase, they're diversified across those crypto assets

another really important note is they benefit from volatility so even though elon musk knocked the price of bitcoin down by talking about environmental features that's great for them. that's a bunch of people selling on their platform paying a transaction fee. as long as there are transactions, coinbase will do very well. >> gil, thanks so much for joining us coinbase moving higher by one percent as they're off to a big selloff during the session today. >> 30% of their volumes are in bitcoin and 21% and two of the biggest. the rest of the 40% does reflect some broader interest in cryptos and they don't have dogecoin which they said in the release they missed out on the competition. >> the big pullback of bduring

the session. we'll dive into that move with an analyst who is vy er bullish on the stock that's next. be more successful with payments, payroll, and banking. keeping your oysters business growing has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo

(♪ ♪) whether it's a technology first, (♪ ♪) a fashion first, (♪ ♪) a science first, (♪ ♪) or a first for us all (♪ ♪) whatever you hope to achieve for your business, cloud first helps you get to value...first (♪ ♪) let there be change accenture airbnb ticking lower while revenue increased 5% and net loss tripled as we await the conference call. let's bring in analyst and has $210 price target. bernie, good to see you, as always thanks for joining us. why the initial kind of gut check on the shares and then

recovery from there. what's your take >> look, yeah, stocks in general haven't been working when they report but the numbers of airbnb reported really strong estimates are going to be going higher off this and when it's showing with the 30% beat in bookings and then better than expected ebitas the recovery is happening and happening profitability. the q2 margin breakeven sets up for the better second half of the year with the unprofitable tech stocks trading off and you can't put on nearterm profitability but they're getting closer and we think they have the potential in the consumer marketplace sector to be a leader in margins. >> two-part question because we only have time for one more. pricing power and how much airbnb has and competition because the other hotels are also gearing up for this huge, huge surge in demand for travel. so, how do those two factors play out for airbnb? >> yeah, no, great question.

really why we're so bullish on airbnb is the organic demand they have for the platform 90% of their users coming in are through unpaid channels and if you just look at the google trends, too, just dwarfs their competitors in terms of the amount of people they have on their platform just a really strategic asset that gives them pricing power and a lot of consumer mind share and wallet share we think they'll be a share gainer with the recovery >> bernie, thanks so much for joining us we appreciate it >> thanks for having me. >> that was clever, sara, way to ignore our producers two questions in one >> i totally heeded their orders >> you did i'm breaking them even further we're getting calls from disney's earning call. >> the ceo just announcing two additional sports rights deals which will bolster espn plus announcing an extension of the deal with major league baseball through 2028 with the option of

streaming some of those games on espn plus and also announcing an eight-year deal with the spanish football league and all intended to bolster the options there in that espn plus streaming service. back over to you >> no premier league, nbc still has, parent company. much more important. >> you see a surge in the stock-still down 3% after hours. up next, after 17 years with coca-cola nba champ lebron james is pepsi why he made the switch, next zed investment strategies to help you get back to your future. edward jones. this is the sound of change. it's the sound of low cash mode from pnc bank giving you the options and extra time needed to help you avoid an overdraft fee. low cash mode on virtual wallet from pnc bank.

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up next, your earnings run down it's been a busy afternoon session, shares of disney falling thanks to weakness in a key metric, we'll explain when "closing bell" comes back. plus lebron james explains his switch to pepsi after a long coke deal, that story next and so do retailers. which is why they're going hybrid, with ibm. a hybrid cloud approach with watson ai helps manage supply chains while predicting demands with ease. from retail to healthcare, businesses are going with a smarter hybrid cloud,

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but it's only human... to protect the one we share. we are all over this busy earnings season, including disney, air bnb and coinbase here's other big names moving after-hours, door dash, also raising gross on volume guidance aura cannabis and plantronics plummeting, hit by the chip shortage down 16%. don't miss "mad money" tonight with jim cramer. his all-star lineup cfo of coinbase and ceo of door dash

and sonos at 6:00 p.m. this evening. meantime, lebron james is out with his first commercial with newest endorsement partner, pepsi, after 17 years with rival coca-cola, he was the face of sprite he's now launching an energy drink line. the nba champion spoke exclusively to cnbc about what drew him to the energy drink category. >> more than the energy drink, the concept behind the energy drink is what a gravitate towards. the narrative behind it is rising above so rising above the occasion, rising above obstacles, above people who don't believe you can do certain things, that is what resonated with me more than anything >> this deal with pepsi came as coke was looking to shed cost. james said because of the pandemic hasn't had a chance to meet

pepsi's ceo. >> that opportunity to meet the ceo and meeting all of the great people at pepsi, the creative side definitely involved in that, can do that through e-mail, can do it through certain zoom calls, things of that nature, but heavily involved but my name is attached to it. >> lebron james clearly the most marketable athlete out there and of course i want to bring you the market share break downs, it's not the soda wars it's the non-soda wars and energy is one of the fastest growiing beverages. red bull and monster dominate, either coke for pepsi. coca-cola has a 17% stake in monster so i'd say they're leading but bang is distributed by pepsi rockstar was just bought by pepsi. this is clearly a battleground for these two companies and what pepsi is trying to put lebron in

front of was mt. dew wasn't allowed to boost caffeine, now they can do that they are positioning it as a energy drink for the mornings, instead of coffee you'd have an energy drink, the mt. dew. >> that's a lot of sugar. >> it's only 25 calories i think. >> really? >> yeah. >> do we expect some drinks with his name specifically or he's the face of the brands that already exist. >> he's the face of the newer, low-cal, high-caffeine energy drinks, not sure more than that. he obviously is going to be working very closely with them they are starting by launching this which is a pretty important category for them to dominate and take away from leaders he was the face of sprite for so long big change. >> going back many my role for multiple decades, we're talking

about energy drinks, remember michael jordan, be like mike, early gatorade ads before viral was viral. also before gatorade was owned by pepsi-co but is in their portfolio now. it's fascinating that energy drinks are opposed to sports or exercise drinks. >> right it's pure caffeine. >> pivoting to the final minutes of the show. disney the most high profile of the after-hours movers. >> yes, i'd say so don't know if it will have coattails to the down side because there's poor response on net basis to earnings. in general i think the market held where it needs to, looks like a relatively tame bounce in somewhat tame pull back. as i mentioned it's not about credit or the macro story it's about what will we pay for

earnings here. resetting sentiment is probably the main thing the market is up to. >> and swings, coinbase now higher 2.5% was down 4% on the initial results. pretty bullish >> lots of after-hours movers. more analysis throughout the evening on cnbc we're out of time on "closing bell. "fast money" is next. >> i'm melissa lee this is "fast money" tonight's trader lineup guy adami, tim seymour, dan nathan and james mcdonald. we're all over after-hours action on disney, stock is moving lower on the back of earnings, the call is under way and we'll hear from bob chapek who will join us on a first on cnbc straight ahead. breaking news out of -- fisker to build cars in the u.s. fisker ceo joins us exclusively. and stocks rebounding from yesterday's big sell off we will tell how traders a