>> sve >> get out of park go into drive. sell your gm buy volkswagen or porsche. >> joe >> monster beverage. >> thanks fojoining. kerry see you in a few on cnbc pro. "the exchange" is now. thank you, scott hi, everybody. welcome to "the exchange." here is what's ahead ta a look at amc the shares halted after surging over $60 this after launching a new platform we'll go over the perk, pitfall d who is pocketing the big bucks from the wild swings the white house says nothing is off the table in responding to the ransoare attack on meat producer jbs which is mostly back online. we'll haveetails and tell you is the latt hacking target

>> we'll be watching that very closely. what is working in today's mark, three hours leftn trade. we're off the best levels of the day. it's energy, metals, mining and emergining markets. back to the highs in february of 2021 on tck for seven consecutive days the data much more encouraging plus the covid situation in india is improving i would add still a long road to recovery for that country. back to energy big moves that we'reeeing in one specific name. devon energy now up 17% just in the last two weeks prompted by the out performance in oil wti crude up about 4% just this week the best performer on the s&p 500 right now is the gains of nearly 8% following news of

acquisition of that london based gen z second hand fashion company for $1 billion you'll see stock is higher today but still down about 26% in the last three months. kelly, i don'know you'll talk at it on rapid fire today >> so many different things that are moving now i can rely keep up let's get to the biggest stock story which is amc sging to a new all time high. shares were up 93% at the high the company just aounced investor connect 's a new platform on its weite for retail investors the move is ghting up on reddit wall street you see more than 1600 mention all that said, today's top honor goes to blackberry with re than 210 mentions. all of these stock vs been on a

tear this week. nel is vice share. she's also a movie critic serving as associateditor for roger ebert.com. let me start to -- i curious where your thinking here.

>> i don't understand why retail investors would pile into these companies and drive up their stock prices to levels make no sense and unteether them i'all for an excitement in the markets and if this is wt people want to do, fabulous. they are grown ups they can take their risks. they can benefit and take their lumps if they have to. amc has been clever. more clever than other meme stocks by take advantage of this situion by issuing equity, raising a lot of kcash which is good and repositioning themselves to be an acquirer in the market i say good for them. >> we talked yesterday on this program with analysts about amc and it being over valued relative to fundamentals and blah blah. a lot of the retail investors are interested in this stock

they are trying to sure up their debt it's almost as if they were saying unfair this pandemic happen and we see you could have a chance if you make some changes. blackberry, if you bring a blackberry, you get inundated with how they play the ev revolution ths it's fascinating to see this it seems to be the public saying we want to see them win. >> no question about it. this story of amc is more like a movie that might play in theater. it's a fun story and nothing to do with fundamentals what is good and important is how they are responding to them. he is settling debt.

le he's improving the product and situated for a very happy summer there's some great movies coming and a lot of people dying to get back in the theater. >> bill, people looking at compensation and trying to figure out looking -- is he the villain. as this plot points unfold, you can see people trying to figure out what the narrative is here and still being somewhat unsure about it the fascinating thing is he's been very effective on this. he's on twitter. he's going to his investing base and saying i'm watching you. this is a dialogue tell me what you want me to do tell me why this army is -- he's really kind of taking that all in and speaking to them directly in way that was never really possible before. >> look, i think this is what investers want this is what they want this is what the meme stock investors want they want this direct contact.

i think it's appropriate as long as the sec is okay with it which is something i really frankly think they will have to look at more carefully but unlike game stop, i think the amc management is taking advantage of this. it isn't great to raise equity like nine bucks and change a share on the stock is now trading at 60. that's not so great. how would he ever know that this thing was going to rock and ship up today it's very unusual, frankly, for a company to issue equity and stock take off like this the whole thing is beyond trying to figure out, beyond trying to create a narrative around. it's like this spun roller coaster. it's been going on for a while.

they are facing much more difficult times. good for them. this is what they should be doing. >> to that point when a lot of people look at this price action, it doesn't sit well because they think it will turn around and hurt a lot of retail in inve investors. how easy manipulated are forums. it's always a live discussion in there if anyone is infiltrated from the professional investing community. what's in your gut as for how this might treat those hordes of i vest investors who might be doing well this. >> i want to put to it the narrative that bill asked for. i'm going to put it in the context of engine number one at exxon. we'll be seeing the rise of the shareholders it's a big demographic shift coming the millennials, gen z are

interesting in being hands on. we'll be seeing a lot from them. they will want that direct contact. i really applaud the response to an unusual circumstance in a very business forward way. >> the rise of the shareholders is a fabulous title. we're going to steal that. all the best creators, youwhen u hear a good idea, you run with it we're less than an hour away from the fed's beige book time they look for labor shortages and what the fed plans to do about it >> what words, what descriptions signal to you there's going to

be a problem for stocks? >> i think certainly we're all worried about when it comes. how fast the taper will be and will that lead to increasing interest rates that will cause pe compression that's more than what we will be able to overcome we're going to be looking carefully for how they couch for economic growth. is it moderate, strong, accelerating as well as what they talk about with labor shortages and what that might lead to with wage inflation as well as the hint of more persistant inflation that will last past the summer >> what is risk on versus risk off? >> it's the tail risk of inflation.

there's people that don't have a job from pre-covid now they are making a big bet those folks will come back to the labor market we have unemployment benefits rolling off nation wide. the fed believes that labor supply is going to meet the job openings and that should forestall wage inflation one thing i kind of believe, tapering is baked in the cake. i think that the tapering kelly is a covid pandemic response.

>> give me your best picks where should investors be as we sorts all of this out? >> we think that i vnvestors should be positioned the take advantage. we want to own companies that can benefit from rising pricing that they can get whether that be in specialty chemicals which is a company that spun recently out of honeywell new management focused on improving the returns and balance sheet as well as growing with the kicker of exposure to autos and fertilizers. we also like some of the productivity place because if employment does not come back and labor force is not as slack as the fed thinks, we will need productivity improvements to drive economic growth.

anybody in the company can use it we like decentralization and companies that can benefit from riding prices. >> some greaideas. thanks to both you have as we await the fed beige book out at the top of next hour apple is jt now niensing it's app store facilitated $643 billion in billionngs and sales. there's a lot of mon apple is sayinghrough the store every year it collected no kpgs but no

hard number here is offered on how much it did keep apple developer kmps is kicking off on monday. >> it's like they want to show off for the developers but not for the regulators or the epic trial about the importance of this josh, thanks coming up, toyota unveiling a new all electric vehicle we'll get the details and whether the hybrid pioneer can ca up with the competition one of america's largest employers will no longest test workers for amazon use coming up on exchange. machin ok, at at&t everyone gets our best deals on all smartphos. 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.

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. welcome back we're looking at shares of toyota up about 2% after they reveal all electric vehicles to hit the u.s. market. phil is down in plano, texas with details and toyota strategy to catch up in this race. >> reporter: over the last year when you seen so many auto makers saying we have x number of models coming out, really haven't heard a lot from toyota. today they are out liepi outlin strategy for bringing out more

electric vehicles. this is a crossover utility vehicle. all electric that's the important part here that's going to be coming out next year. the schedule come out next spring why is toyota making a concerted push to let people nope they are in the ev game look at the ramp up in sls that's expected for electric vehicles between now and 2025. this is just the united states a lot of people look at this say and it's tesla it's general motors who will benefit. toyota won't the head of sales for toyota north america says that's not thcase s >> we're developing all kindof technologies that will be available in both of these vehicles when you really have an opportunity see and driver these, we think this is a right vehicle at the right time. we're not ahead of consumer demand nor are we behind >> reporter: take a look at shares of toyota year to date. shares of toyota are at a 52-week high, they have lagged

gm and ford in terms of the sh shares moving higher this year why? it's because of the ev enthusiasm so many people hear news from gm and ford tt as ev stocks have moved higher they benefitted toyota, not so much. 25% of their sales in the united states are hybrid models we're talking about the prius or hybrid versionof their other market they dominant the hybrid market inhe united states and elsewhere. they believe those are the vehicles people will gravitate to before they buy an electric model. >>s t >> the growing ev push could benefit my next guest company in a big way. we nad news about 7-eleven

installing 500 fast charging rts at 250 locations is that rival technology to yours or is that your technology >> it's super large fast growing market with all of these evs coming to market, we need teps o -- tens of thousands of chargers in the next few years it looks as if 7-eleven will go and invest in their own charging infrastructure if those location as well. >> tell me what the difference would be between the growth of companies kind of diy doing it themselves and where we should expect to see and why we would want to seek out ev go >> ev go partners with some of the largest grocery store chains, retail locations in the country. we're in 800 locations now, rapidly expanding. charge where they will be any

way. we love being in grocery store parking lots we're at albertsons and safeway and whole foods and meyer. you go and drive up, dwro your shopping, come out and you have your fuel for your ev. >> as we look through the economics of all this, as i understand it, fast charging is kind of the way that ev can really get scaled. just takes aong time to charge the traditional way. in ter of speed, this is kind of the wayo go in terms of cost does it rival a traditional gasolinetation fill up? >> our average spend is about $8.20. it is quite -- whayou get with the technology that we are putting out there now is about 150 miles of range in 15 m minutes. it's great we have electricity everywhere we need to put the fast charging everywhere that's why we just feel like going where people are going to

be any way at park, at a grocery store. it is just the perfect mix people are still going to charge at home. only 30% of americans don't have access to at homcharging people like me i live in an apartment that i rent in santa monica i don't have access to a home charger. n i need to charge away from home and i want to do it fast >> a great point are you going public spac >> we are. we are going public through a spac the ev go ticker will go live by june 30th. >> we cannot wait to add that to our list of ev stocks to watch appreciate you being here. >> my pleasure coming up next block hour and we'll take a look at these markets. watch crypto we'll lk about the cyber attack that's been disruptg the world's largest meat

pplier and the government's response as tries to crack down on criminals. it'sot just private businesses hurting for workers. thimpact the slow recovery in state and local government jobs could have on your portfolio that's also ahead on the exchange artner to help share the load. wealth is saving a little extra. worth is knowing it's never too late to start - or too early. ♪ ♪ wealth helps you retire. worth is knowing why. ♪ ♪ principal. for all it's worth how am i doing? some say this is my greatest challenge ever. governments in record debt; inflation rising and currencies falling. but i've seen centuries of rises and falls. i had a love affair with tulips once.

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insurrection on capitol hill he's plead guilty to one count of obstructing an official proceeding the mamum sentence is 20 years but the judge says that guidelines call for sentence to 15 to 21 months. > texas a rescuer from a helicopter here to save a stranded driver, his carot stuck in one of the many rect flash floods across the state. this man was lifted to safety using a harness. a 14-year-old girl is fighting for her le after being shot in a shoot out with county deputies. the girl and a 12-year-old boy escapefrom a juvenilgroup home and broke into someone's house. they took a rifle and a shotgun and fired on officers who returned fire. the latest on the teen's condition and why deputies are blaming the juvenile justice system for failing to manage the teens. the boston celtics are s shaking up their front officer the president of basketball operations is retiring and coach

brad stephens will take his place. >> wow what a career brad stephens has had. interesting. thank you. the world's largest meat supplier is back online. we have the very latest. what do we know? >> we know a short time ago over at the white house the press secretary was asked about the prospect of u.s. retaliation against russian cyber targets. here is how she handled e question >> we're not taking any options off the table inerms of how we may respond but there's an internal policy review process to consider that we're in direct touch with the russians as well to convey our concerns about these reports >> jbs says they were able to ship to all facile tills

yesterday. the resuming plant operations in the u.s. and australia and resuming production at a beef facility in canada all of this being done by a source by an entity called r evil that's connected to the v russians they hacked the apple supplier earlier this year. they demanded 50 million they are native russian speakers they are liky located in a former soviet state. they post their documents on a dark website called the happy blog that's their dark sense of humor. they made more than $100 million from ransomware attacks in 2020. that's a lot of money. it shows you the industrial size scale of some of these hacking operations which are as large as some silicon valy start up companies. >> $100 million in revenue is

incrible i want people to know there's been another major cyber attack today. ransomware on a ferry service in massachusetts. thatight seem small but as everybody gets out to travel after this pandemic, i mean, what a cheap shot. >> look, this is the summer travel season. this is the ferry that goes from martha's vineyard. a will the of summer tours but a lot of people's lives and livelihood with that ferry service as well. it tell us they are right in the middle of is hack. they are trying to do as much as they can manually. we don't have a lot of details as who,000 this will play out and whether that will be delays or cancellations if you're going to martha's vineyard or trying to get home from a of those places, you might want to check in with the ferry provider before you sit in that line. there could be some significant disruptions. they are dealing with it right now. they will get us more information later on today >> it's cruel.

thanks be sure to tune in to "the edge" today. they will dig further into the cyber attacks. come up, disrupters on a aisle six. resell is red hot and coin base gives doge its day it's all in rapid fire right after this when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim web. because platforms this innovative, aren't just made for traders—they're made by them. thinkorswim trading. from td ameritrade.

welcomback so much to catch you up on today. let's start with a few stories that should be on your radar now. we're still watching shares of amc. this thing was or 70 bucks a few minuteago. joining me to break down the headlines is deirde and mi let's start with a note out from hsbc they are talking about how tech is ready to shake up the dpgroc store saying food shopping will never be the se. grocery stores are the last major frontier of e commerce to be cracked the check out line, esg could change the experience. they are naming uber, waulmart

and amazon as companies that could benefit. what do you say? >> it's funny that grocery seems to have not changed very much in the last several decades with the innovations of partnerships like instacart and the buy online and pick up store offers that you get from a walmart or target we know the grocery margins are razor thin and it's really hard to get people to want to pay for delivery of grocery. i will use the example of myself i saw insta cart was running a special. i'm not a member i built this whole grocery cart and at the end it had me paying a fee of 5.99. i thought i'm not doing it i'm walking to the store i know technology can take us there but you have to get people to want to use it. i know obviously in the pandemic many people did have necessity but we have seen some of these numbers go back to where they were before as old habits come back out and people pick out

their own avocados >> right a little more reliable i'm not that good at it. what do you say? >> i have kind of blown away i looked through this report and i saw, as courtney just said, instacart was mentioned once they think that uber could be a bigger player that instacart we have not seen instacart's financials we know it has higher market businesses behind it like advertising. it builds the websites for a lot of grocers when amazon arrived on the scene with the whole foods acquisition that the jury is still out whether or not amazon can really crack the grocery industry in a significant way. i think that we are seeing tons of evidence that instacart is. i can't wait to order them again. i will pay 5.99 or whatever they want me to pay >> why did you have to go into the store? >> i'm in an area where i'm

actually -- if you can believe it, not covered by grocery delivery i have been trucking to the store with gloves and masks tlou throughout the whole pandemic. >> i was thinking of the lack of uber drivers, as delivery becos more popular, it will demand more workers. it shows you they are at the hard pt. it's not low hanging fruit i'm on board with the idea people are in the habit more than they were before of doing it online of kientds of out so outsourcing that function. it doe't mean it's a profit bananza. >> it's one of those things you you bounce from one to the next and maybe someone will

amazon announced it's no longer testing and disqualifying employees from marijuana use the company supports the federal legalization of marijuana. according to data from quest, the 7 million drug tests by all employers, 2.7% came back positive for marijuana use amazon announcing the much ancipated prime day will return on june 21st through nd amazon shares are still down slightly on the year i guess sticking with the theme of shortages here, is that what is drivi the relaxation of this marijuana policy? >> i was just thinking as soon as i read that blog post, that has to be it they're saying it's not the case they don't want any of their employees being impaired it seems it has to be wering

the barrier gto get more and moe employers especially in the areas where theyeed them when they do the hiring blitzes hire thousands, sometimes hundreds of thousands during the holiday. where will they find them this se season it's hard the find the uber drivers. it's on demand work and the rules are less we heard about an amazon warehouse and the company runs by fisefficiency if you want a flexle schedule, i'm not sure the amazon warehousis for you if you're interested in smoking marijuana where it's legal then i guess maybe you could apply now. >> what would you add? >> i have a different take i think what we're seeing is a new amazon right before he takes over i haven't heard of them having any issues fulfilling the massive nuers of employees that they have been able to liar

over the last year that vi been increasing benefits for workers. amazon labor practices are coming under greater scrutiny. this is an example of the performance metrics, the marijuana usage is an indication that amazon is no longer just a customer obsessed compy but a peopleowered company as bezos outlined in the last annual letter i think th is play to show they are more friendly to warehouse workers. >> it seems to be working because as we spoke last week some of those workers have dropped out of the retail or restaurant industry and gone to work for places like amazon. here is what the ceo had to say

about this on squawk box >> depak has been growing like crazy. it grew over 100% last year. it growing with any market expense. this is organic phenomenon that's loved by gen z. >> this is why you should watch r rapid fire josh told us this is coming. his daughter has been all over it fashion is to fickle >> so over in the sense for younger people >> there's herage. >> millennials will shop online for second half stuff. my daughter is very much power users of depop these packagesre coming into our home it's low ticket. it's very much in tune with this vintage fashion movement people want to cnect with

other individual who is have cultivated a brand for the style they have, for the way they curry what they own. there's a culture of putting a gift inside the package. i think they play up the social aspect of it my household is very much power users of depop >> now it's owned by etsy, which is fascinating now i will order something just to see what kind of gift i get what do you think it will do as part of etsy empire? >> that's the part that's interesting. so far josh silverman said we want them to exist as they are they will still remain headquartered where they are headquartered. their management will continue to do its thing i'm your yous about how this will overlap with etsy i'm muchless familiar with this

platform than posh mark or thredup. it sounds like it's a good purchase but i'm not sure how the platform will over lap i have bought from etsy before it was a vintage mirror. that's not clothing but that was sort of a vintage purchase that i bought that wasn't necessarily hand made. perhaps they want to expand their platform getting message out it's more than just arts and crafts. when mike said it was about vintage on depop, i looked at it earlier today and one of the categories is like y2k which makes me feel very old and maybe i should move to depop to sell my stuff instead of posh mark. >> esty shares are up 7.5% today. in investors like where ever they want to take this platform it exposes them to this up and

coming base. >> esty hasbeen a strong pandemic play in terms of stock price. they need the prove they can do more they can out last the pandemic and bringing in a new generation, gen z seems like a good way what brands so they sell on depop? what's cool now among gen z? i have no idea what would you go there d shop for? >> it looks like cast offs from somebody's closetx it's '90s. >> it looks like my closet >> it's bell bottom jeans and p bulky sweaters i know that's one of the bohemian type styles >> if anybody saw the snl skit about gen z. this is like a screen grab >> my daughter said she's trying to cut down on how much she buys she's doing favor to friends to

kind of scroll for them so she can make curate for their purposes >> i was watching the friends reunion and my husband said, oh, my gosh. i understand why you like this show this kind of looks like your wardrobe maybe i need to move on and get rid of some of that stuff on this platform. >> we're all going to have mike's daughter deck us out. tomorrow tune in to hopower lun because rent the runway ceo will join us to discuss the growing resell marketplace as all of this becomes more and more popular. we want to mention dogecoin is surging. coin base announcing traders ca trade starting at noon tomorrow. we're talking about a 20% gain in doge. it's back to trending on twitter. coinbase still slumping after its much hyped ipo the stock is down 19% in the past month it's down another half percent today. not benefitting too much from

this some users of coin jesus base are upset the pro clients get access to this first >> right it took coin base a bit longer to roll out doge coin trading. we showed 39 cents this morning on tech check an analyst put it the hobblers versus the tourists that are in it to get a quick buck we'll see where it goes. >> segments like this, mike if you're watching at home you'd be like throwing the remote across the room like what are people talking about. >> what's a doge absolutely these terms only have three years worth of history to them or something like that what i find fascinating is coin base is what were the listening

standards. what's the process of figuring out doge qualified for a listing. it's the anti -- it's against everything that big picture wise is promised in terms of the kind of tech endorsements of bit coin >> as we have seen in kind of whether the snl appearance, they tried to have time to sell the news kind of thing mike's daughter made an informal when she gets home from school, she'll be blown away >> i'll as i undesend the clip. >> we all need help. a big name activist reveals a stake in the company we'll tell you the name and the firm after this. june is pride month. all month long we're celebrating cnbc dist contributingers >> i think to celebrate you have

to first be thankful you have to be thankful for those people who came out when it was difficult and potentially injurious and it could be a hazard to their health they did it for years and years so that all of us can live authentically. i'm so thankful for every single person that did that [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”] if your money is working toward the same goals, why keep it in different places? sofi is a one-stop shop for your finances

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day since january. the stock is trading at its highest level inearly three years. shares of moderna are hitting all tie high after the after parter inning for packaging the covid-19 vaccine moderna shares are adding 2%. after this, the road to recovery for goverent jobs is taking longer than expected. at that lag anmes for muni bonds and what can be done to speed things up. ... 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

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welcome back the worker shortage dominated the reopening conversation an aspect under the radar are public sector jobs employing 20 million people nearly 13% of the whole labor market jobs in that sector more than a million below the prepandemic level and it could take years to recover. joining us is head of credit strategy at hill top securities. tell me whether you thinthe jobs hole is going to be a head wind for muni investors.

>> thank youing if having me on. state and local government jobs are 1.2 million below where they were before the pandemic peak. at being said i think the rescue act funds for state and local governments, 130 billion for schools and some other money that's flong to public finance entities i think the rescue plan that revenue gap unlike what you mentioned like what we saw just after the great recession. >> do you think that these jobs will be filled quickly and will forestall any issues here? what are investors' concerns that -- just curious what kind of headwinds they think this creates. >> we have started to see a return at the worst state an local government jobs were 1.3

million down they have been positive over the last month i expect them to continue to be positive and don't expect them to really charge back until the end of the summer or the fall and that's because a lot of jobs lost going back to last year were education related and until the schools start to ramp up will we see the jobs increase. >> if anything i heard less lately about the need for state and local government help and support and i wonder why that is. >> i think that one of the things that's happening as we speak is that state and local governments are reviewing much money they received and either continuing to put together or finalize plans how to spend the money over not just for this budget cycle but in for future budgetycles. >> broadly speaking tell me where you think investors should place their bets in this market

right now. >> what we have done over the last month is raised the sector outlooks to stable on almost every sector schools. state and local government credit this rescue plan act money has really provided a substantial boosto overall credit and si think that tre are several sectors that have -- that are going to be the beneficiaries of that. >> such as where should people be looking >> not only on the geo side but the revenue bond side there are sectors like airports really not only took a hit bukind of a reputation of airports issen certain. i think that's really changed. even over the past weekend you saw people traveling and the travel boon or just a travel rebounbut a boon and going to help airports and other revenue

sectors like transportation. is infrastructure money potentially going into state and local governments or funneled elsewhere? >> that's a thing we are waiting to hear. thers an important meeting that is going to be happening this afternoon at the ite house from what we understand and i think there's absolutely the potential for whether or not there is something on bipartisan basis or budget reconciliation a going to be a substantial impact on state and local governments from something that happens on frastructure. >> i can see why that changes your view. thank you for being here we appreciate it that does it for "the exchange" today. ahead on "power lunch" we'll get the read on the economy, jobs and inatn ghfliorit after this don't go anywhere.

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good afteron welcome to "power lunch. i'm tyler matheson with kelly evans. glad y could be with us. the fed just released the so-called beige book its read on economic activity. may be the most colorful beige