already modified a bunch of these loans and the good news is a lot of them are also paid off through normal things and a lo of them are current. we'll continue to modify them as mr. dimon said the last thing we want to do is someone who can pay for avoid foreclosure. >> i don't have time to continue that line of questioning because i want to talk about not only the fact that the cost of housing is just escalating so much in my own state of california you know it's increased probably about 20%. it's very difficult for people to be able to get these downpayments, et cetera, et cetera i want to ask you about these low-cost housing housing that is under $100,000 and some of these areas all across the country, small towns and communities of color, in particular they can't get loans from your banks, they tell me. i ask you to submit some information on that. most of you did. but how many of you are

absolutely committed to taking on a look at this market and understanding that this is a way by which people in low-cost housing can become owners if, in fact, they can get the loans from you i'll go back to mr. dimon, again. >> you raised a very good point with us a couple days ago and we're going to dig deep into it and see if we can come up with programs that work >> ms. fraser. >> exactly the same, chairwoman waters >> okay, moynihan. >> you raised a good point and as we enter the markets for lower cost housing, we probably will be doing more of them anyway >> mr. sheriff >> chairwoman waters, we do a significant amount of loans under $100,000 and we will absolutely look to see if we can do more. >> gormen. >> it's not a business we're in. we only did seven months of that

side >> thank you, my time has expired and i can't get into this any deeper. and i yield back the balance of my time and i will now call on our ranking member you have five minutes. >> maxine waters on the second day of big bank ceos appearing before capitol hill today before the house financial services committee. let's bring in wilfred frost to what has now been a two-day event. >> different committee and different set of questioners today and we only just got into the questions 40 or 50 minutes of opening remarks from the ranking members and six ceos the first set of questions from maxine waters focused largely on whether the ceos would preemptatively offer mortgage relief following the pandemic. interesting slight overlap to the coquestioning that got

yesterday. whether people should begin preemptive relief versus when they need. the banks saying we can't respond specifically on something, a measure that we really haven't encountered yet she moved on to focus on low-cost housing will be interested to hear from the questions about republican ranking member mchenry because in his opening remarks he did say at the top that we are here for the sequel that nobody asked for. his general tone in his opening remarks was one of less of criticism, not quite in support of the ceos, but less of criticism than we saw from democrat leaders yesterday just shows that snapshot we were talking about yesterday. it's not unified aggression towards the bank ceos in a way that perhaps it was at hearings past over the course of the last couple years, the last decade. >> the sequel that nobody asked for a memorable phrase wolf, thank you, appreciate it

we'll check back as this continues as we continue to monitor the hearing. let's check in on the markets and welcome to "the exchange," everybody dom chu is standing by with where we are at this hour. >> positivity and modest gains for the s&p 500 and nasdaq as you can see here, well, you would see here if you weren't looking at the three folks but the dow industrials, s&p 500 and nasdaq just above a quarter of 1% overall and still above the 4,200 mark for the s&p 500 technology stocks the big performance and two of the last check were industrials and material stocks. a lot being driven by the better than expected job numbers and senate minority leader mitch mcconnell with regard to compromising on an infrastructure bill with the biden administration some of the best-performing stocks have to do with infrastructure and martin

marietta and think gravel, asphalt and concrete is up almost 1.5%, 2%. and united rentals that kind of equipment is up 2%, as well. watch industrials and materials on that side of the infrastructure trade and then the stock of the day is a meme stock and we've been talking about it for a while very popular on cnbc right now amc entertainment up 21% and over 1,000% gains but crazy to think about it remember the meme stock frenzy back in january, we have exceeded the market alue and price for amc going all the way past there $23.81 the last trade there. this is far and away better than what gamestop has done since the highs that we saw back in the meme frenzy earlier this year. big one to watch, i'll send it over to you. >> amc 500k sure enough they meant $500,000 is the share price. a lot of momentum behind this one. interesting, i don't see it trending today >> so, it's not as much today,

but a good amount of being thrown into whether or not they can get mentions up there for some of these meme stocks which is why you see more traffic in gamestop and others on that kind of wall street bets forum on reddit if you look at the tickers we have on cnbc you see some stocks working their way back up again. fairly pr ly prevalent in the t. >> impressive show of force. appreciate it. talk about the auto market into the push to evs to rising costs and material shortages and changes in consumer habits no doubt the whole market is at quite an inflection point and our own phil lebeau and jonathan smoke the chief economist for cox automotive dan, weelt start with you the change to ev just yesterday we saw ford upping the ante and spending to

30 billion through 2025. they are expecting ev sales to account for 40% of their global sales by end the of the decade last night the senate finance committee approved the green energy for america bill which raises ev tax credits. despite all the positive news, ev stocks has seen sharp drops nikola down 20% and tesla down 8% in the last three months. dan, i turn to you with ford on the scene with new f-150, who is best equipped to take advantage of the change in the auto field? >> right now a green tidal wave and that's what we're seeing take place in the u.s. really biden driven green highway because of the ev tax credits and what you are seeing is the lifting of the 200k ceiling. that is bullish for the likes of tesla and gm and the overall increase of tax credits another tail wind for the space. i believe tesla continues to be the main share gainer

incrementally in the u.s., especially with these tax credits. but you look at gm and ford. i think gm is a further rerating stock as they dive into the deep end of the pool. this is not a fad. i believe it's really the biggest transformation in the auto industry has seen since the 1950s. >> you're saying we're in the first inning of a $5 trillion market opportunity in electric vehicles in the next decades so, again, i think people are starting to reflect on what share of that is going to the incumbents to existing players whose equity has been traded pretty cheap because the new kids on the block seem to have all the excitement and buzz behind them. does lords town at $10 a share offer an intriguing opportunity or is ford the better bet? >> i think right now, first off a rise in tide is not going to lift all those you look at a ford, the $30 billion. that's a shot across the bow not just to tesla, but the broader ev landscape and ew and globally what you're starting to see

niche players. but you're starting to see those incumbent vendors, tesla, some of the core ev names from a street perspective, i believe it's temporary put right now there is a lot more room than just one boat in the ocean and i think this $5 trillion green tidal wave just kick it in to the next gear. we saw from the senate last night a game changer from the tax credit perspective >> you know, phil highlighted this but still, dan, plenty of concerns about how green electric vehicles really are in the amount of carbon that is required to make them and so forth. where's this going to all point as we see the esg movement really sort of pressuring companies like exxon what happens when evs the themselves, when people take a closer look at their environmental impact >> yeah, i think that you start to go down the sort of path. that's definitely going to be a big question but right now it's 3% of automobiles globally

we think it goes to 10% by 2025 and 30% by 2030. we still have a lot of room between now and then look at the green footprints and everything we're seeing in the u.s. and now the ev tax credits combined with the overall green tidal wave and now we're seeing the u.s. catch up to europe and china which is really what i view as a big part of our overall green tidal wave thesis. >> do we need these tax credits? ev are popular among higher net worth and why do all taxpayers need to subsidize to spur a movement that is already taking place? >> i think to that point it's important that you'll look to cars but to get mass adoption, you'll need a tax credit that's why it was 7,500 and now going to 12,500 especially those with union employees and the catalyst many consumers look at traditional automobile and ev.

this could really get them to drive toward evs and you have gm. they're going fully ev by 2035 look at ford yesterday it just shows that's just the next step to what we view as really going to be almost a fourth industrial revolution playing out. >> yeah. and, again, maybe that move accelerates it and maybe it happens anyway but, dan, as to regards in the investing pieces, we appreciate your perspective today meanwhile prices for cars new and used and electric and everywhere you look they're surging. as a result, americans are taking out bigger auto loans as ever just as the industry is going through this major transformation phil lebeau is here with the details and the impact phil. >> kelly, the numbers we have from esperian people taking out bigger auto loans and making bigger payments. take a look at these numbers from esperian. on danchlg the average amount borrowed now tops $35,000.

up $1,559, about 5% compared to the same quarter last year the monthly payment ticks a little higher to $577. take a look at the big three what we refer to astrodi traditionally the big three. all moving higher. remember while there's so much focus on evs, these guys are selling a lot of pickup trucks, a lot of suvs. that's the hot spot of the market right now the used market also running hot. this is data from cox automotive it shows that the retail prices that people are paying for used vehicles now at an all-time high topping $22,000 and that means used vehicle loans are surging higher according to esperian the average loan $22,000 and up 8% $1,686 compared to a year ago. the average down in the $330, $350 range and now $413. good news for the dealership stocks look at auto nation and carvana.

two who benefited from the rotation as well as new vehicles surging in the last year kelly. >> let's bring in jonathan smoke, as well stay right there chief economist for cox automotive jonathan, what would you say is the impact of all of this, unsustainable levels of debt as we look at the auto piece of it? again, what happens if people start to trade in broadly speaking for newer evs >> well, first of l thall, the market constraint and that doesn't set up too much risk with major price corrections or declines in the future the lending while it is enabling this strong retail surge, has actually been very conservative. we saw very wide yield spreads last year on auto loans and we actually saw the smallest share of sub prime so, lenders have been very conservative and they are starting to become more aggressive because of how strong

loan performance has been and how strong vehicle values have been but we're certainly not seeing lending that in any way would cause you alarm. >> jonathan, what happens to car sellers, dealers, whatever you want to say, brands who simply can't get their product to, mat for the consumer right now >> they lose share and that is definitely a differentiator explaining which dealers and manufacturers are participating the most in this incredible spring that we had thus far so, on the new manufacturer side, we're seeing toyota gain more than a full percentage point in share and we've seen honda and hyundai perform similarly and what do they all have in common they have more of the supply of more affordably priced vehicles that weren't selling well last year and now that you're seeing lending loosen up, they are able to deliver those vehicles. then you also see electric vehicles hot

you know, the prior segment is absolutely true, but a lot of those vehicles are about vehicles coming in the future and, of course, they're loaded with semi conductors so that actually may delay a little bit of the near term and then the used market has been incredible and so those who are focused on the used market, be it carvana, carmax and the larger dealership groups have been thriving as a result. >> phil, how long should we expect this to last because if it's correlated to the housing market that might be a multi-year cycle because people continue to move to the locations where they can't currently get a house. if it is more of what happened with clorox wipes. >> you see where i'm going with this >> we're early on in this. you have a couple things as jonathan mentioned a really tight supply right now an economy that appears to be strengthening. the expectation is that the unemployment rate will drop a little bit more as we go further into the year. all of that is good for the auto

industry in terms of sales so, i think that this goes at least through the end of this year and then well into next year >> crazy jonathan, i see here you're a deejay on the side and always have a song list for what's happening in the economy ahead of our grilling out this weekend, what are you listening to what is the pulse of the moment? >> well, i'm looking for everything that's talking about up or higher and higher. so the classic "higher and higher" is a perfect groove for memorial day weekend >> if it's true for the auto market, maybe it is true for the whole economy. we want a boom, we don't want the inflationary kind. jonathan smoke, phil lebeau, thank you for being here today with the country in full reopening mode, let's take a look at some of the stocks poised to take off including this media name up 14% this year we'll tell you about it and why it's a standout. shifting consumer habits we'll talk about all of that and more with the ceo of mullson

this is "the exchange" on cnbc, i need your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need. what happens when we welcome change? we can make emergency medicine possible at 40,000 feet. instead of burning our past for power, we can harness the energy of the tiny electron. we can create new ways to connect. rethinking how we communicate to be more inclusive than ever. with app, cloud and anywhere workspace solutions,

vmware helps companies navigate change. faster. vmware. welcome change. look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible.

not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month. $30 dollars. and they're number 1 in customer satisfaction. his number? delete it. deleting it. so break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. welcome back to "the exchange." stocks are moving higher with the employment picture improving and vaccination on the rise, is it too late to play the reopening trade or has the market gotten too optimistic

for more i'm joined by david katz at matrix and welcome to you, both. jerry, you're saying the reopening conversation is a bit more difficult now that we're in it what do you mean by that >> the reality is, we're vaccinated and we are opening up buildings and offices are coming back the lines now are going to get longer and longer in everything we do and we as investors have to start processing things like inflation and the impact we could end up having on valuations and overall market in terms of what that would mean and what stocks we should own. >> you have a name, for example, like freeport which is exposed to copper prices positively exposed tell me about that where else you think investors can go if they say my main thesis i'm worried about inflation and i want to know what i can own to protect me from that. >> the whole inflation story today the market, the government, the fed, companies, everyone feels this is a

transitory event we can get through it no problem. the reality is, six months from now we'll be in the middle of processing a lot higher prices in everything that you can imagine. and you're going to have to decide at that point whether it's really transitory or not. probably enough evidence that people will be concerned and they're going to look for a name that has a direct link to it copper is one of these all in types of names and goldman sachs did a great piece on copper and f freport is a great example we just don't have enough new mines and we haven't opened enough and it is going to go up. the kind an investor will have to gravitate towards just too cheap and the same is true diamondback on the oil side. we don't have enough ready to market supply for so many of these things that investors directly linked to inflation and will want to embrace >> david, let me turn to you because i think your thesis is a

little bit different when i look across your plays, i see dividend yields that wouldn't perform as well if interest rates move up meaningly and less of a concern. i'm talking about your ownership in verizon and viacom. tell me why you think these are names investors should own this year >> so what you have is a rolling recovery over the last six to nine months. things that did perform well and in 2020 started to do better in 2021 value has come, industrials have come back, financials have come back and we think that will continue the stocks that we're highlighting today are things that have not participated in the rally and we think they're going to be the next leg at some point valuation is going to matter and highlights selling at 12 to 15% earnings. in terms of the verizon, it's down on the discovery deal, which really shouldn't have any impact on it in fact, it makes them probably in a better competitive position for the next 12 months and we

think that yield is going to be important. if interest rates do start to rise, we think these stocks can still do very well we also like financials which will do well in a rising rate environment. they picked up very significantly this year. we think that will continue. last one viacom the discovery/timewarner deal content being king and we think the assets are worth a whole lot more than that one of the few properties that are remaining and they have a powerful franchise at a great price. >> david, why not more exposure to commodity names to the more traditional financial hedges you're in financials but why would you say to people you're not piling into those areas of the market >> we think the commodity businesses are going to do well, we think the earnings are going to do very well. a lot are reflected in the stock prices already we had some industrials and we continue to liken and we have taken some money off the table one industrial that we have is te connectivity and that relates

to your last two segments on ev cars and automobiles in general and basically they have contracts with all of the electronic vehicle manufacturers. they make the chips, capacitors, sensors in those vehicles and that is the type of company that is economically sensitive and really is a play on where the world is going. >> fascinating to hear from you both with similar but slightly different takes on many of these issues david and jerry, thank you we appreciate it today >> thanks a lot. coming up, inflation does hit main street. we'll talk about wages and price hikes hitting the highest level since 1981 we'll break down the latest numbers. plus, do you want an iphone with that? we'll look at mcdonald's latest efforts for workers. just wait. do you struggle with occasional nerve aches, weakness or discomfort in your hands or feet?

introducing nervive nerve relief from the world's number 1 selling nerve care company. as we age, natural changes to our nerves occur which can lead to occasional discomfort. nervive contains b complex vitamins that nourish nerves, build nerve insulation and enhance nerve communication. and, alpha-lipoic acid, which relieves occasional nerve aches, weakness and discomfort. live your life with less nerve discomfort with nervive nerve relief. pain? yeah. here. aspercreme with max-strength* lidocaine. works fast and lasts. keep it. you're gonna need it. kick pain in the aspercreme

new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home.

welcome back let's get a quick check on the market here. the dow is up 115 session highs and up 285 we have come quite a ways off of that 30% gain for the blue chips. quarter percent for the s&p and nasdaq right now let's get to leslie picker in the meantime for an update. >> here's what's happening at this hour. democratic senator joe manchin urging republican colleagues to support a bill to form a commission on the january 6th insurrection on capitol hill manchin says he does not know why republicans would oppose it. >> it's frustrating to say this, i will tell you, there is a lot of negotiations and the leadership of the democrats on both the house and the senate have agreed to the

recommendations that were made to make the adjustments. there's no excuse not to vote for this unless they don't want to tell the truth. >> they voted to launch an international investigation into possible crimes committed during the 11-day conflict in gaza between israel and hamas u.s. officials say they deeply regret the move and say the probe could endanger recent progress in the region and a 21-year-old is the first million dollar winner of ohio's vaxccination lottery. four more new millionaires will be announced in the coming weeks. see how she reacted to the news and where she ahead on rapid fire, walmart mines the gap, snowflake to the mountains and then there's this. >> wall street is heading to the beach. we'll tell you why the week we

took to the hamptons were turned upside down. which companies and stocks benefit most coming up, after the break ne, cvs is working to bring you one step closer to a better tomorrow. i'm evie's best camper badge. but even i'm not as memorable as eating turkey hill chocolate chip cookie dough creamy premium ice cream and chasing fireflies. don't worry about me. i'm fine. you can't beat turkey hill memories. that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...?

don't just sell it. ten-x it.

welcome back let's catch you up on a couple

stories that should be on your radar right now. it is time for rapid fire. it's great to have you guys all here first up, the gap is coming to walmart as a home decor brand. a multi-year deal to create gap home and it includes bedding, bath and decorative accessories and set to launch late next month. part of walmart's push for more online sales and gap's strategy to strengthen its own brand. still, courtney, we should check on the stocks both in the green today. gap has been unstoppable this year athletta a big piece of that up 70% at first i was lukewarm and the more i read it, this could make a lot of sense look, the pioneer woman has been very successful for walmart. you know i love some hurth & home over at target and maybe gap does have some appeal. i hate to put it this way, but

it's not a bad choice to have. >> right i mean, it's funny, kelly. are i have been talking a lot about it and experts in strategies and the company's way of thinking. immediately i thought about a conversation i had with gap ceo saying if he would sell gap clothing on amazon it's just another distribution platform he said, look, it's not out of the question he no longer runs the gap, so this is someone else's decision. sonya singles decision because gap is doing it through a licensing agreement, the risk is a bit lower from a financial standpoint it is going to be a revenue stream the licensing partner that gap is using i'm not sure what it really does for the brand for gap. walmart had a lot of success recently when it comes to their home good selling and it's really helping their margins and, obviously, they're trying

to help develop these brands as outright purchases of some and also some partnerships with others but i think there are certainly pros and cons to each side of this deal and gap, the namesake brand has definitely not been the one driving it higher. it is really athletta and old navy. >> maybe both of those interesting partnerships and gap may be a better fit. less overlap gap they say this could be a more predictable revenue stream. you know, these kind of monthly sales and anything, you know, anything you can see as a monthly predictable stream has a lot of value in this market and also transitioning from a vertical retailer selling apparel, which is exactly what courtney was just saying >> i couldn't help but think of amazon when this deal was announced yesterday. amazon really leaned in a fashion and home decor pretty early, well ahead of walmart that really boosted them they have this great partnership with vogue where they have this

curated page of fashion. and, again, like we were just talking about, gap had trouble with this kind of stuff. gap had trouble selling online or selling in store during the pandemic this is a boost for them through an online retail channel interesting they went with walmart and not the big, giant amazon to give them more of a boost. >> especially amazon being attack under this week michael, quick last word >> test gap brand and striking to me all this time gap has existed in not necessarily seen the opening or the need to extend into home decor really. gap like, you know, me and sesame street was founded more than 50 years ago and it's the entire existence of bed, bath and beyond and home goods and martha stewart partnering with k-mart and all the rest. they didn't see the reason to do it until now seems pretty low risk from both sides. >> better late than never, mike. >> i tell myself that. >> all right next, shares of blackberry are

climbing higher thanks to the wall street bets crowd as the stock has jumped so did the number of mentions on reddit mentions a blackberry frequently showed up to rocketship emojis we know what that means. not even the best performer. amc is up 70% like we talked about off the top. virgin galactic and fubo tv up 20%. mike, what is this telling us? >> i think asking why is a bit futile when it comes to these eruptions of interest in these types of stocks. i don't think there's necessarily a chain of logic that gets you there except for they have been beaten down they benched but didn't break. if you look at gamestop it didn't go down below 140 whether it had peaked in january and then crypto and maybe a little more money flowing in other risk-taking areas. it sort of finds its way here. now, the narrative is still, oh, these are heavily shorted stocks not nearly what they were in january. i don't know if there is enough

fuel for that. blackberry is always an odd one. not heavily shorted and not a big picture story except for, oh, they have all these patents or something like this it's fascinating that it fits with this group. >> the wall street bets group is older than people think because if they're looking back fondly on blackberry that wasn't exactly, what am i trying to say, that was an older play than i think people would realize right. this isn't gamestop and amc, blan bla blackberry is ancient. >> not ancient, they don't even make phones any more amc is showing movies in theaters and you have virgin galactic still blasting people off to space blackberry is a cybersecurity company now. there's no mean left to it any more indonesian countries like that and for the most part a boring cybersecurity company and i don't know why there's so much

energy around it >> almost like gap should wait around for the same kind of lift but they got it because of athletta and they would fit the mold here. >> yeah, i know, it's so funny like i don't really understand the reddit crowd and the targets they end up. find a stock that has short interest and a fundamental business that might be growing so you can make those gains and hold on to them for the long run if it's not about trying to screw over the hedge funds or some of the narrative that we heard initially. blackberry is definitely an interesting one and makes me scratch my head and miss the tangible keys. i did really like those. >> it's only 2007. that's when the iphone came about. >> a lot of people, they were born in 2007 like not using the high blackberry users that was 14 years ago, michael >> you're right. i'm surprised i even remember it snowflakes, let's talk about

the latest earnings from snowflake that reveal the corporate headquarters are moving but they don't really have a corporate headquarters. the workforce is globally distributed but just required by the sec to have one and they picked montana because that's where the ceo and coo are. maintain a large operation in silicon valley this is an interesting stock and story for so many reasons from the performance and massive reversal and the compensation for its ceo and just the valuation, the biggest ipo ever. so many things we could hit on but what are we really learning in this move because it seems to just codify the way that the company has already been operating. >> yeah. but keep in mind they're not just doing this distributive workforce thing. they have a really nice office still in silicon valley and we just did a story on cnbc.com about this and they revamped it for a post-covid world and not totally giving up on the office

space and they will invite people back in the coming weeks and months silicon valley, again, we have been talking about this for the last year and they were so far ahead of the distributive workforce and twitter came out boldly saying work wherever you want forever and we just saw the c cascading list of companies. >> do you think this is emblematic of the changing workplace? >> the workplace will change in various ways some companies are absolutely going to lean into it and an on-brand element to it when it comes to snowflake the cloud company. the cloud is something that is everywhere and no where in particular it kind of doesn't matter once you're established in this way i think even their history and even all of silicon valley's kind of history points to clustering of talent and resources and services that really matter a lot when you're trying to come up with something from scratch >> you're taking the other side.

interesting point that maybe the whole thing is a successful marketing ploy it's almost memorial day weekend and feels like friday to me and it's the start of summer whether that's in hamptons, cape cod or jersey shore, a new migratory pattern as more office workers stay remote. what do we mean? let's bring in robertfrank to explain more robert >> kelly, the whole business of flying wall street to the beach and it has become a big business has been totally turned upside down it used to be you would leave the trading desk on a friday afternoon and go to the beach and and back on sunday or monday night and now actually the reverse. a lot of people are doing what they call office laps where they're based at the beach and then they come into the city two or three days a week for meetings or appointments and then fly back. what that means companies like leg and wheels up which were weekend businesses are now seven days a week. it runs seaplanes and helicopters just to fill demand is running every day seats are $795 each way.

but they're now selling out of commuter passes which lowers that price to under $300 per seat kind of like the metro card for millionaires we talked to the ceo about how the whole notion of vacation and work has changed this summer. >> it started out people coming back very often and now with this hybrid, remote office work environment you're seeing people stay out in their leisure homes or what we now call co-primary residences and coming back to the city for a day in the office and meet colleagues, a monday morning meeting. >> and for those lucky enough to have those co-primary residences out on the beach this flight out to the hamptons only takes 30 minutes. again, just under $800 per seat. but we priced an uber this morning and it was $600. who knows what traffic that ride could be two to four hours there is a time saving but, again, this is now a

seveseven day a week rotation. >> crazy courtney, speaking of the distributed workforce. >> i mean, oh, my gosh i don't think you can fly all the way to bozeman, montana, with that but frank gets tough assignments. the millionaire metro card what a nice thing to be able to afford i'll stick with my regular metro card at this point but it makes sense, always opportunity out of interruption and look at this new world we're living in. if you can live and work at the beach most of the time and pop back in for a meeting or two during the week, maybe you can expense that blade ride. maybe it makes sense for some folks. i just don't think i'm one of them. >> i just love the four shot of all of us hanging out in the office and robert is balancing on the wing of a plane >> tough to be robert frank. >> a loud 30-minute ride and probably no wi-fi so i'm going to go the other direction and take the long island railroad.

>> good world advice guys, thank you all. robert frank, thank you. want to bring you a news alert on robinhood a massachusetts judge just rejected the company's bid to stop state regulators the broker dealer license in the state. they encourage investors to place trades without investments and no comment on this ruling but it would allow massachusetts lawsuit against the company to proceed. coming up, shares of molson coors climbing 30% we'll talk to ceo gavin hattersleynd h aow the pandemic has changed consumer taste we're back in a moment

there's interest you accrue, and interests you pursue. plans for the long term, and plans for a long weekend. assets you allocate, and ones you hold tight. at thrivent, we believe money is a tool, not a goal.

and with the right guidance, you can get the financial clarity you need, and live a life rich in meaning, and gratitude. to learn more, text thrive to 444555, or visit thrivent.com. welcome back the reopening of the economy has been a boon for brewers especially molson coors as america's bars reopen their doors and barbecue season heats up and with a push into hard

seltzer can it brew in any more gains. can we bring in any more puns. gavin hattersley frank? >> thanks a lot. gavin, almost the unofficial start of summer memorial day and the unofficial start of the beer season thanks for taking a minute to be here with us >> thanks for having me, frank and kelly. >> so, gavin, historically about 80% of all alcohol that is bought is bought to drink at home and the pandemic accelerating that trend even more and e-commerce alcohol put for you bar and restaurant sales are the most profitable and drive sales of your higher margin premium products. what percentage of prepandemic bar and restaurant sales do you see coming back over the next few months >> frank, thanks for having me on look, we've seen a surge at bars and restaurants and events over the last few weeks we're back to about 85% of what it was before the pandemic and we're pretty excited about

that it's got so many positive aspects for our business >> so, we have to talk about hard seltzer you increased production 400% in the last year and you have seen some success hard seltzer is popular across all demographics how do you see that popularity impacting sales of beers and driving those premium products >> frank, you're right we did increase our capacity towards the end of last year by about 400% in the united states. in fact just last week we announced a 300% increase in seltzer in our operations to beat the demand of seltzer down here the reopening of the on premise certainly is going to benefit big trusted brands miller lite and coors light and a strong performance in the early stage of the pandemic as consumers load with brands that were big and trusted and they

knew well. we're seeing that same behavior manifest itself in the on premise now as it reopens. consumers are still focusing in on big trusted brands and miller lite and coors light and growth of those brands in the last few years. seltzer an opportunity for us. hard seltzer launched in texas a month ago and it was a spectacular launch a stronger one from on-premise retailers for us to get the products in their outlets. so, we're reading that demand right now. >> gavin, it's kelly here. not to be a downer, but i want to ask you about the cyberattack because we've seen in the last few weeks. look at what happened at cna, an insurance company paying $50 million and the colonel pipeline were you guys under a ransomware attack and what would your advice be to other companies who

are suffering the same thing >> kelly, that is not what i want to relive getting up at 2:45 saying all the breweries were down were not a happy wake-up call for me. everyone's circumstances are different. from our perspective i was so proud of our our teams we had a plan in place in case this ever happened and world class experts on the stand by and with our internal brewery folk and i.t. folk they worked magic to get us back up and running and we were brewing within 4 hours and a number within 48 hours and the rest soon after that. ic n't -- i could not be more proud of my team. >> one of the contributors suggested it is illegal to pay

the ransoms because you could say we'll resolve this for you but i listen to your story and wonder if you were in some ways barred from handling this the way you did you could have been dealing with weeks of delays or outage and not sure something you want if you have to pay to get the operations back up and running. >> it was disruptive for us. not the same effect as the breweries within 24 hour and the rest the next week and got a recovery plan in place for last six to eight weeks and brewing a million barrels of beer a week which frankly we haven't done or hadn't done for about a year and done that consistently for six to eight weeks and well on track

with the recovery plan >> i know we have to go so let's leave it on a lighter note which one of your products should i drink this weekend? >> if you look for a seltzer or go with mills lite and coors lite. >> all right thank you both coming up, it is not just the fed keeping an eye on inflation. small business owners report price hikes not seen in 30 years. we'll see what it means for main street and today is red nose day. funds raised for this campaign to end child poverty support programs in the u.s. and worldwide. go treo d nose day.org we are back in a minute.

(vo) this is more than just a building. it's an ai-powered investment firm with billion-dollar views. a cutting-edge data-security enterprise. yes, with a slide. a perfect location for the world's first one-hour delivery. an inspiration for the next workout cult. and enough space for a pecan-based nutrition bar empire. it could happen.

this is where dreams become brick and mortar. find yours, on loopnet. - [announcer] grubhub perks give you deals on all the food that makes you boogy. (upbeat music) get the food you love with perks from... - [group] grubhub! - [announcer] grub what you love.

welcome back new data shows the impact of inflation. kate rogers is here with a closer look. kate >> everything is more expensive. there's data on average selling prices for small businesses for

q2 tracking with personal consumption expenditure inflation. in april 35% of businesses reported raising prices up from 17% in january price hikes of 12% of owner just the group said the frequency risen to a level decades ago in 1981 wages are on the raise and this january 25% owners reported raising compensation to 31% in april, the high est since march of 2020. higher compensation stronger in 2019 but now the higher costs are passed on in prices for consumers. wages are also rising because it's challenging to find workers right now. a record 44% of small business owners said they had roles they could not fill in april, a new

high for a third straight month. the group's chief economist said some businesses are even offering show-up bonuses for workers that come to job interviews. >> wow the illinois mcdonald's is offering an iphone on the job for six months hard to get them to sthow up and stay coming up on "power lunch," the republicans released a $928 inasteofr unr feon frtructure memorable as eating turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories. (♪ ♪) 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 do you struggle with occasional nerve aches in your hands or feet? try nervivenerve relief from the world's #1 selling nerve care company. nervive contains alpha lipoic acid to relieve occasional nerve aches, weakness and discomfort. try nervivenerve relief.

ok, at at&t everyone gets our best deals on all smartphones. let me break it down. you got your new customers — they get our best deals. you got your existing customers — they also get our best deals. everyone. gets. the deals. questions? got it. but, why did you use a permanent marker? because i want to make sure you remember. i am going to get a new whiteboard. it's not complicated. only at&t gives new & existing customers the same great deals on all smartphones. get up to $700 off our latest 5g smartphones. [typing sounds] [music fades in] [voice of female] my husband ben and i opened ben's chili bowl the very same year that we were married. that's 1958. [voice of male] the chili bowl really has never closed in our history. when the pandemic hit, we had to pivot. and it's been really helpful to keep people updated on google. we wouldn't be here without our wonderful customers. we're really thankful for all of them. [female voices soulfully singing “come on in”]

welcome to pro"power lunch." we're glad you could join us on this lovely day. they're $800 billion apart but the gop and white house seemingly inching toward an infrastructure deal. >> yes we'll have the latest and the best stocks to own plus the bold call of the day. why one expert says we ban to bite crypto fight ransomware. >> masks off makeup on. i know i'm wearing mine today.