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

book in a while. we are scouring it right now for two key words. inflation and jobs and a third is transitory. >> are we headed for a crypto winter we'll diuss the results of a new survey. and elon musk in hot water again with the s.e.c. over some unapoved tweets and with parents we are getting that baby shark song stuck in their heads again. "power lunch" starts right now the gains are fading away. but the real action is in the so-called meme stocks. amc soaring today. one point it was up over $70 a share. pulled back to 64 and change let's bring in mike santelli.

>> it is using the ox jn in the market amx is up 200% over the last week or so a reason in a short term technical basis is the highest level at which the call options are struck so in the short term the stampedes of buying through the options do have the effect of dragging up the share prices and reads a short term limit and trading halts in the stock so kind of maybe reached the escape velocity the other theater stocks aren't doing much look at how it compares to gamestop of course the original meme stock. it rhymes in the cadences with the eruptions but amc is overtaken gamestop both in the percentage gains and the magnitude and the speed of this one. we'll see where that spike might lie assuming we get one and then

spilled over into other names. including blackberry and bed bath & beyond why they move as a pack. build a bear and best buy up 3.5 pistons so it is like they're going down the yellow pages and we are at the bbs right now. there's story lines that connect them familiar brands. whatever it is but that's in the sights of the adrenaline fueled money today. >> thank you let's turn to rick santelli in chicago for a first look at the headlines out of the beige book. rick >> yes remember the beige book is kind of a road map for the next fed meeting and taking into accounted early april to mid to late may the common refrain seems to be growing at a moderate pace

describing the economy optimistic that growth will remain solid the issues in this map what many are going to be thinking about the most is what philly fed president harker is saying time to think about the taper and robert kaplan going along with him as you look at 2-year, 5-year, 10-year char we have very little change on the headlines and hovering at 1.60 in 10s. dollar index can't seem to hold the 90 handle. riding bumpy along what's the lowest levels of 2021 and even very close levels not seen since back to 2018 finally on the inflation front we know some data is hot but to be fair lumber and inputs have been moving lower. kelly, back to you. >> okay.

thank you. let's get to steve liesman for the details from the beige book. steve? >> yes beige book colored by talk of inflation, supply disruptions. moving faster than the prior period the positive effects from the economy from increased vaccination rates and relaxed social distancing measures adverse impacts of supply chain disruptions. i will come back to that vehicle sales constrained by light inventory though they were doing pretty well in terms of vehicle sales. factory output increased and widespread shortage of material and labor. the strong demand for homes outpaced the capacity to build supply chain disruptions delayed projects and increased cost. we'll get a big jobs number on

friday employment gains moderate. strong gains in hospitality and retail and difficult to hire new workers. let me give you more detail just the lack of job candidates prevented from increasing output and some had to reduce the hours of operation price pressure increased further. input costs rose briskly why you had sharp increases in construction materials.cting of raw they are saying, folks, that some of price increases are being passed along it says contacts anticipate facing cost creases and charging higher prices in coming months colod by inflation kelly? >> okay. steve, thank you stick around. >> because we got more reaction and what it means for the

economy bringing in diane swank. welcome. good to have you with us >> good to be here. >> let's talk a little bit i don't remember a time recently in the american economy where the word shortages as steve pointed out has been so omnipresent. can't find workers, tells short ands, light inventories in automobiles. what's happening here? what is the difference this time >> the pandemic's the great disrupter. what we have seen is it turned everything on its ear. not only ships backed up that can't be unloaded at the major docks adding to the supply chain problems globally. there's a drought in taiwan and doesn't help trying to produce chips that require a lot of water but the labor frictions that are important

an issue is we had retirements still down half a million jobs in manufacturing from february 2020 but we had a lot of people accelerate the retirements because of the pandemic because they were worried to get sick. we know today that 30% of adults that are unvaccinated that would like to get vaccinated don't know that they can get vaccine for free worried about the cost low wage, black and hispanic workers hit hardest by covid and the layoffs and long haul covid which conservatively is millions of workers struggling to be able to work and child care is still -- employment about 75% so you don't have the support got to reopen the schools and see summer programs through the summer so it is a hard friction kind of environment. we have supplements to unemployment you have to look at the whole

and just can't compare it to any other period only thing close is coming out of a war. >> steve, jump in. i want to zero in on jobs and employment because the jobs number's coming out on friday and i think diane made good points there people hastened retirements. people said i don't want to go back to the office and so i'll resign rather do that and find something else to do i know in our business as people come back people won't want to come back. there's a labor shortage here and could turn into higher labor costs and i remember from econ 101 is main driver of inflation. usually. >> yeah. tyler, you are not old enough to remember a time of shortages because you are so young you don't remember the post-1918 flu period or post wor war 2 period. what's going on now i believe is

mostly a sequencing issues it's a matter of businesses were open and people for a bunch of reasons that have to do with high unemployment benefits, schools not fully opened, with concerns about health, we are not ready to come right back to work i'm amazed at the impatience in the tenor of the media and the economic and political debate. we only opened in march and 770,000 jobs created in march. down to 26 6 in april. hope to do around half a million or more on friday for the may number people didn't just drop everything and come right back to work. you have accelerated demand why i don't know that what we're talking about is systemic. we'll get things right there's a productivity boost over time finding efficient ways of doing things. bringing people off the sidelines over time. may take until september but i

don't believe we'll end up with global trade routes and systems with a place of systemic supply shortages. >> i passed a sign a couple days ago, i believe a retailer and i won't name the retailer i think it is but it said help wanted, $500 sign-on bonus $300 bonus for getting vaccinated and the wage rate this tells me that the labor shortage number one is real and number two that cost and wages will go up and that's going to be a factor. which leads me to the question -- when does the fed start to take the foot off the gas pedal or signal that perhaps it's getting ready to think about pulling back on its asset purchases? >> i think they're going to signal to -- on that issue at

the jackson hole, wyoming, meeting i think that's when powell will start to lay out the road map on tapering i agree with steve we are going to see -- part of what you are seeing out there is many employers having to compete with large employers that did an upgrade and paying more for the workers. seen it with walmart, amazon, target, the fast food chains to pay for more worker just i have seen the same signs and it is a sequencing and a labor shortage issue. interestingly talking about manufacturing we are down half a million. is there some people that aren't ready to come back or other issues out there i think it's complicated and all of the above are true and what we need to see in terms of the inflation cycle is not just the step up in wages that is some spillover effect that larger

companies absorb and small companies can't compete with is that a one-time issue over the summer or something we see sequentially right into 2022 i believe more on the side of i think there's evidence it's more one time issue and need to get through the sequencing issues that steve pointed out well in terms of timing. >> okay. >> it takes two to six weeks for efficacy on the vaccine. it's a high risk environment. >> thank you very much it is complicated and maybe the other thing for a beige book is less beige than normal steve, thank you >> yes. >> thank you. coming up, the major averages are turning low we'll get the stock market impact of the issues we have been discussing. amc is taking the meme stock mantle from gamestop we'll explain it all when "power lunch" returns with amc over 60

bucks a share.

welcome back to "power lunch. i'm christina. we are keeping an eye on several of the big apparel names because they're coming under pressure. see a sea ofed behind me all of tse names were trading at 52 week highs in may and many we know have been strong ouerformers in 2021.

ta for example l brands. that's up 80% year to date i want to focus in on pvh. today.oughly about almost 4% and this could be because some investors selloff before earnings this afternoon. we will have the numbers when they cross back to you. >> thank you heading to session lows on the markets focusing the beige book. let's bring in liz ann sanders with crles schwab and here to lk us through things i don't want to overplay what's going on in the market because there hasn't been that much price action today if anything we should probably look at the meme stocks. if you see things pop do you think the fed will pop the meme stock bubbles? >> they would probably like to see some of these meme stocks

bubbles pop. whether they can i'm not so sure we have been in this pattern for quite a few months now where you have these microbubbles that process of rotation, pricked, some or a lot of air ces out but yet feed on themselves again and back in that mode. the good news is as some of these have popped it's not taken the broad market down with it because i think the speculation is much more concentrated in those hot pockets, not in sort of standard pockets of the market which i suppose is a saving grace. >> amc up 100% today around 64 let's talk about whether the change in the labor force is structural or cyclical how does that go back to whether you should own stocks or which kind to own or inflation might be coming. we look at the ceo of red fin said clients are -- people are tiring earlier cashing in the home just out of

the labor force or aleast for right now. as we watch that dynamic, what does that tell us? >> i think we are seeing a somewhat typical transition from early to mid cycle but the details are anything but typical given the unique nature of the pandemic and i think some post pandemic trends around how and where we work and live i think are yet to be fully fleshed out. i just think that really important in the current environment especially given how much focus has been in the last couple of cycles on all things passive, when u talk about value versus growth to distinguish between the factors of groh and value and if you use two common value and growth,

the outperformance by those that screen well on the value factors is greater in sectors like tech, communication services, consumer discretionary and actually it's the growth factor that's outperforming in energy which is a classic value sector so i think the factor of value still makes sense for investor that doesn't mean put blinders on and only look in the classic russell or s&p value sectors you can screen and look for valuopportunities in the typically growthier sectors so i think that differential needs to be fleshed out more especially in this sound bite era we live in. >> if i'm looking there, in other words if i look for value in the growthier secto, what kinds of measures should i be screening for? i know you don't like to go to specific stocks but maybyou

could help me giving me an idea of what defines a value stock within a growth sector or one of these ones where you typically see higher p es. flow yieldmples were free cash obvi obviously you can look at traditional metrics incling price to earnings, price to sales. you can look at quality faors, as well. strength of the balance sheet. strength of management it depends on how robust you want the value screening to be, whether you do it on a simple factor throw the whole kit and caboodle of valuation into the x. you know most firms, most screening tools give you the options to look at a wide variety so really depends on what you look for looking at individual compani. >> i can't persuade you to say

here's an example of a value pick >> no. you know what? i don't do it. i own one stock. schwab i don't trade individual stocks. i don't look at individual stocks i could go on schwab equity ratings and say here are some examples it's not something i focus on on a day-to-day basis i don't have an example. >> just had try. >> i happen to like schwab but that's not a recommend dais. >> i had to ask. >> i know. >> thank you. >> thanks. >> good to see you. despite being higher today coinbase is noun as crypto volatility continues later on, there's blood in the water and arks are circling sk and not only baby sharks.

why the tesla ceo is in trouble ja risbee off the roof? i'll get it. ♪ (upbeat music) ♪ ♪ ♪ whoa. here you go. (in unison) thank you mckayla! dude, get it. i'm not getting it, you get it. you threw it. it's your frisbee. geico. switch today and see all the ways you could save. these days you have to keep everything moving and reinvent the wheel. with a hybrid, you can do both. that's why manufacturers are going hybrid with ibm. with watson on a hybrid cloud factories can use ai to automate the little things so they can focus on the next big thing. businesses that want to innovate at scale are going with a smarter hybrid cloud using the technology and expertise of ibm.

(♪ ♪) 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 at cdw®, we get drones aren't the best way to modernize. that's why cdw® would implement an infrastructure upgrade featuring hpe proline servers. with best in class security measures,

they build defenses... against new vulnerabilities. and simplify the hybrid cloud by enabling cloud economics and agility, all while reducing costs and upward social interactions with robots. let's find a different room. for transformation that works, you need hewlett packard enterprise and it orchestration by cdw®. people who get it. you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq welcome back i'm rahel solomon.

here's the cnbc covid update president biden unveiling what he called a national month of action to make it easier to get vaccinated the initiatives include free child care for people getting the shot, expanded hours at pharmacies and encouraging barbershoping and beauty salons to support the goal. >> every american over 12 years of age no matter where you live, what you believe, who you voted for, has the right to get vaccinated it's your choice so, please exercise your freedom. live without fear. we need to be one america. united and anheuser-busch is part of the campaign to buy everyone 21 and older a round of beer where the goal is met. 63% of adults received at least one shot

here's a question, what happens if someone fully vaccinated with one type of shot gets a booster using another vaccine? that's a subject of a new study from the national institutes of health so when the results are out hopefully i'll bring it to you in a news update. >> we'll talk more about the vaccine stocks in a moment thank you. let's talk about the power movers the move part of a run for the stock for fubotv it sy up 7% after buying depop for 1.6 billion. jpmorgan bullish on fedex. down 2%. for more on that call go to cnbc.com/pro. ahead are we heading for a kr -- where do we go >> i did it, too >> stay with us.

a survey show it is crypto craze could be waning. the meme rally continues the company ceo looking to communicate with investors more directly to say thank you for d r s pport. anfohibank account

if your money is working toward the same goals, why keep it in different places? sofi is a one-stop shop for your finances designed to work better together. spend with sofi and get cash back rewards that automatically go toward your goals. like investing in stocks, etfs, and crypto. that's better together. or pay down your sofi debt sooner. that's better together. and that's how sofi is helping millions get their money right.

which shows will you be getting into tonight? and that's how sofi is helping millions how 'bout all of them. netflix. 'cause xfinity gets you really into your shows. when one burns for someone who does not feel the same. daphne, let's switch. from live tv to sports on the go. felix at the finish! you can even watch your dvr from anywhere. okay, that's just showing off. you get all of this on x1. so go on, get really into your shows. you need a breath mint. xfinity. it's a way better way to watch.

welcome back to prourch. the oil market is closing for the day. pippa stevens has the numbers. >> oil continuing its upward march today as rising demand boosts prices. wti futures up at $68.79 on track for the highest settle if two and a half year just brent crude advancing to $71.32, a level we haven't seen since may of 2019. the market signaling it likes what it heard yesterday from the opec plus meeting and hurdles of nuclear talks stoking optimism analysts are looking for a 3.3 million barrel drop. energy is once again the top performing s&p sector today rising 2%.

oil field services companies are leading the gains. back to you. >> all right thank you. bitcoin was red hot when crypto trading exchange coinbase opened with the drop is the stock price. so will trading pick up or are we headed for a crypto winter. joining us is dan do 4rof. good to have you >> not in the near term.er back? thank you for having me. the survey we did coincides with realtime data that we get about the actual trading volumes on coinbase and we are seeing following the peak in early may seeing a downward trend in volumes for crypto and specifically for bitcoin and reminds us of 2018 when we had that last big crypto winter when bitcoin sub 5,000 and that is what we are seeing now

lack of interest in trading for bitcoin and came out of the survey we did yesterday. >> wow so lack of interest. does that mean that the buyers are going elsewhere? are they in ethereum or dogecoin >> i think bitcoin at the end of the day is everything. what happens outside of bitcoin is ancillary but the survey specifically on bitcoin we saw that 50% of the people said they don't intend to sell or buy the bitcoin any time soon why they want to hold it while 32% said they'll buy, 17% said to sell, the upside is average. 42,000 by the end of the yr. in january or february people at the end of the year bitcoin that lack of volatility is probably the first sign of the

so-called cryp winter and obability of it is higher. whether people are going to dogecoin or an ethereum is great questionut if bitcoin doesn't work nothing really works. >> let's talk more about coinba what are the implications for a stock as volatile as bitcoin since coming out this year you think it will go down from the current price? >> 100%. we have a $225 price target. the reason for number one and what people have to understand is number one driver of revenue for inbase is not the price for bitcoin. it is a factor it is the volatility it is how many times people want to buy or sell crypto. if there's a crypto winter then people are not trading, not buying or selling and coinbase makes less revenue

there's a pot between the price of boinlt and the actual trading volumes on coinbase so once that comes down people shy away from buying or selling and on the fence and the revenue goes down and that's the thesis that the monthly users are going to end the year toward the low end of the guidance with crypto wier scenario. >> right now the study indicates about half of bitcoin owners are just going to sit there and do nothing. 32% will add they say. 17% plan to sell basically a 50-50 split. what ratio would be better for coinbase would u like to see thatatio closer to 75% plan to add or sell >> correct you want to see two things more people wanting to buy versus people that want to hold. but the more -- you want to see

people's expectations of the price of bitcoin, so the dream, to be higher think about the expected value of bitcoin by the end of the year, 42,0, that's only a few percentage points ove today so there's limited upside to bitcoin and reluctance to trade it and that combination coulbe pretty lethal for volatility. >> which is bad news for coinbase >> 100%. >> let's talk a little bit more about the coin itself. you think it's just at a calm period or do you thi it's testing a floor or going to head lower? what >> look. nobody knows i think the interesting thing -- i want to talk to the work we have done. you neveknow where bitcoin will be a year from now but if you think about it the good news

most people according to the survey are still above water and not getting the point where a lot of people have lost money so the average price or the average cost basis f people in bitcoin according to the survey is about $21,000 so most people are still above water coming to that so that their holdings and you would get into a tricky scenario if bitcoin continues to ide and sort of touching that point where people are at -- you know, on the mark or below water and then rethink the strategy. that would be that watershed moment for bitcoin when e cost base equals the price. we are not there yet. >> or as people decide they need to get out with profits and beginning a spiral of selling. thank you so much. we'll have you back. >> thank you. the following is approved for all investors, traditional,

reddit trader. amc is looking to communicate with you we'll explain how next. what happens to vaccine stocks when the covid crisis ends we'll give you the losers and winner just stay with us [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”] hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help withhat. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap!

so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need. the world's first fully autonomous vehicle is almost at the finish line what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq 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 to "power lunch. we are getting a check on where some of the meme stocks stand at this hour. amc 7 almost -- well above 95% right now and inching closer to the session highs of 115% and while that number is a big number for today it may hold candle to amc's biggest intraday

gain of 300% back in january and that stock is trading firmly attal-time highs other big names of blackberry, bed bath & beyond with help from the plan to launch three private label brands this quarter and company continues the turn around plan and a sea of green big green here with these meme stocks tyler, back the you. >> i wish i were a meme. >> you would be wealthier, right? >> sure would. amc's climb not just good news for jefrs but made the ceo a lot of money robert frank now with more robert >> you are the greatest meme of all time but adam aron announcing a new program for the millions of retail investors, so-called amc army and called the amc investor connect lots of special rewards and including free popcorn retail investors own 80% of the

stock and driven that market cap over $30 billion and they have added $200 million to adam aron's personal fortune. the shares just for context worth $8 million at the start of the year with the stock almost doubling today his shares right now worth about $260 million so his gains this year about $250 million he asshas added $6 million overnight. he did give some shares in march now valued at about $30 million to his two sons. but other executives of the company have been selling. they have catched out more than $4 million since march and the top seller is the chief content officer sold more than a million dollars of shares in march the cmo sold 15,000 shares for a

gain of $400,000 if he waited to this afternoon he could have sold for more than twice that no comment from amc on any of these sales but most companies hope to convert customers -- >> blame executives fothinking this is the time to sell the shares probably never thought they would see this valuation. >> curious why adam aron didn't sell his given them to his son. maybe a personal stand or maybe some are restricted somehow, robert do you know? >>no, i don't know

i would guess this is about signaling. as you mentioned this whole rally is about we believe in the future of amc and will save the company from the evil short sellers and the people saying we couldn't make it an ed if he sells that's the opposite message a little bit of this cash off the table right now but so far he has not. >> i'm curious i don't know of many large -- i don't know a large stock but wildly held where 80% of shareholders are retail investor just most of the time it's an index fund or an institution. >> yeah. that's why this is a whole new paradigm and most ceos prefer a few large holders. how do you deal with 8 million shareholders adam aron is using social media and rehing out to them and embracg it and profitable for

him, good for the company. we'll see how long it lasts. >> if they have a areholder meeting theyave thee ders to hold it. >> need a big theater. still ead, elon musk nding himself in trouble again thanks ttwitter. once the need for vaccine slows down will the drugmakers nd a shot ithn e arm? we'll dig into that when "power lunch" returns wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. wealth is watching your business grow. worth is watching your employees grow witit. prcipal. for all it's worth.

welcome back bio tech stocks in the vaccines had incredible runs since the outbreak began moderna stock price hitting an all time high today. up 800% since last year. biontech up more than 500% novavax expected to submit for approval this year up 4200%. but will the valuations be sustainable? let's ask jeff meacham you have to think through the hard questions like this what answershave you come up with >> i do, yeah. it is difficult i would say to

sustain the valuations we are at given unprecedented demand my guess is that you'll see a little bit more of a decline next year and then by the time of 2023 to 2025 i would sadie min misdemand and th and this technology of the future, what would you say in response >> you know, we have an underperform on moderna. it's not that we are cheering for covid. it is literally a function of valuation. i get it the company did a great job during the covid development of their vaccine. but it just takes a lot of time. their cmd product, their flu product. it will take time to work through the clinical trial process. a lot of the vaccine makers i

think it is going to be very difficult to really translate the recent benefit into long term benefit. >> you like lily and vir why? >> there are other things going on portfolios and pipelines lily have a great diabetes business up and commerce in the alzheimer's field. lots of things going on in terms of inflammation. their covid antibody is not core to their business. same goes for vir. they have a hepatitis b portfolio, flu portfolio those are all drugs in clinical vote h development. but their covid vaccine or covid antibody could help fund some of these other products like moderna, but for longer. >> what about boosters. >> moderna's implying we need

boosters for as many as the next ten years. that's not the case for pfizer or biontech. if you lock at how durable the vaccines are going to be, i think it is going to be at least two years. the important thing, though, kelly, is that we haven't seen in countries like the u.s., the uk, israel, where you have a high vaccinated population we haven't seen variants breaking through and unwinding all the progress that's an important observation, i would say. >> absolutely. and then all of this being said, as people weigh how much the manufacturers are profiting off of these vaccines, broadly speaking, do you expect there to be more regulatory sort of whiplash against them? we have seen comments from elizabeth warren and others. what is the environment going to be like for drug pricing and patents and all that going forward? >> drug pricing has been a debate for as long as i have conferred the boyio tech and pharma industries. many, many years it is interesting that none of

the companies are really reaping the benefits from policy perspective of all the prosecuting that they have made. they are still getting as you said, you know a target on their back but i would say for the most part, though, what you are seeing, you know, all the progress from covid, as long as, you know, that continues to be sustainable and durable and we get back to normal, i don't think you are going the see a reemergence of drug pricing to the -- you know to the really conviction that we had over the past couple of years. >> jeff meacham, bank of america. than musk's midas touch, whether it is tesla, crypto or baby shark. elon musk's social media influence can seemingly send any stock soaring. nothe scc has noticed. programming note tune in tonight 6:00 p.m. eastern for on the edge with scott wapner more hacks on america. where we stand on declaring mission accomplished on covid, and the crazy things americans are doing to buy new homes

if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tec from fidelity.

for smarter trading decisions, my parents worked long hours and i helped raise my younger brother. when college felt out of reach, the kpmg future leaders program was there for me.

it was more than a scholarship. it was four years of mentorship and support. today, i'm an investment banking analyst and i'm just getting started. the kpmg future leaders program. empowering young women to reach their potential since 2016. the scc reportedly saying elon musk violated terms of his settlement and influenced the price of his stock through his tweets phil lebeau has the details. >> this revolves around a couple of tweets from elon musk that happened in 2019 and 2020 that caught the scc's attention

the first tweet was in 2019 and had to do with tesla's solar business tweeting spoolg up production hoping to manufacture 1,000 row lumbar roofs a week by the end this year. that was sent in july of 2019 in response to that, tesla's lawyer said look that seemed like an aspirational tweet not necessarily guidance to investors. then in may of 2020, tesla's stock price is too high in my opinion. that was considered a personal opinion according to tesla attorneys. remember in 2018, elon musk, tesla, and the scc agreed to have some of his tweets preapproved at tesla since that settlement look at what tesla has done. it hasn't changed things a whole lot or caused people to say i am not sure i want to be involved

we reached out to boththe sec and tesla for comments on this reporting by the "wall street journal. neither replied to our request for comments. >> what about his comments on crypto, and bitcoin and dogecoin where basically on "snl" he s asked is it a scam, he said yeah it is a scam that wasn't his word a. hustle. >> yeah. look at what happened with bitcoin since his appearance on "saturday night live." remember going into it you had bitcoin believers and investors saying this is great, it is going to be rocket fuel for bitcoin. it has been just the opposite. >> and so if he's moving tesla share price, if he is moving crypto, everything he speets now moves, samsung because of baby shark, phil. >> samsung publishing, yes, because they own the rights to baby srk all he did wasweet about baby shark last night what you got was shares up 10%

th's the influence of elon musk. >> it's genius little babbum. these videos have a billion plus views. kids watch them over and over again. [ no audio ] >> coached duke since 1980 and won five title john shire will take over for coach many people know i went to the university of virginia we lost lot of games to coach a. over the years coach bennett is doing a beautiful job. we have had the better of duke a couple of times. >> they just missed the tournament for the first time. but it was a strange year because of the pandemic. someone like coach k. could come back and have somewhat of a normal final year. i wonder if there is a lot of people feeling that y, whether

they are on the verge of reti retirement, they want a chance to come back and not have left off in the middle of the pandemic. >> an incredible legacy. the debate will remain whether he is the g.o.a.t. or whether it is wooden of ucla. coach k, sail on we know you will do your best in whatever you do. >> absolutely. that's it for "power lunch." "closing bell" starts right now. welcome to the "closing bell," i'm wilfred frost at the new york stock exchange. stocks alternating between gains and losses on this wednesday afternoon. but the mean trade in full force with amc seeing eye popping gains. >> let's look at what's driving the action i'm sara eisen as wilfred mentioned more blockbuster returns for c. the theater stock he can proceeding higher today, up 3,000% just this year, doubling today. we will more on the stunning rise throughout the show the federal reserve introducing the beige book of economic conditions saying