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 relaxed

conditions have helped the economy but noting supply chain disruptions and the difficulty for many firms in hiring new workers. and oil is marching higher yet again pushing energy to the top of the leader board. hall burt ton, occidental adding to big gains for the week. 59 minutes left to go in the session. >> there is a slew of order news out. elon musk's tweets as well to discuss. we will do so wi mark fields, former ford ceo coming up later on the show. us as the meme stock rally catches fire we will talk with bridgewater's karen karniol-tambour about how ng the retail trade can last. >> mike santoli tracking the market action. kate rooney with a look at amc's surge and what's driving today's move and steve liesman breaking down the beige book highligs. mike start us off with the market which looks boring next to amc's stock.

>> it has been a prolonged pause as measured by the s&p 500 i have been talking about going back to april 16th when we first madehe approach of the 4,200 level. for the last days it has been tethered to that point in fact the morning high, it was the peak for the s&p for the day. alsohen amc shares started to go north we talked about before when volatility comes from the direion of the meme stocks sims the broader market has hesitation that's maybe what we are seeing. look at the two ten-year yield curve spread it is pausing a little bit have had bullish moves. but a pullback here. the long end, ten-year compreed a little bit from the highs. this goes back to 1980 people would say look this is maybe a mid-cycle type move.

usually when you get late in a cycle ward a recession you start flattening out we are not even in the full steepening mode. but this is the case f cyclical stocks and financials lookt how financials are valued is getting 15, 16 times earning. a relative basis to the s&p it looks modestly valued but of course that's because the s&p haa relatively elevated valuation of 21 times. the q that's an interesting spot with the market leadership sectors of it is now the momentum sector of the market as well as being value. that is now in focus for those reasons. the momentum etf rejiggered itself last week it is almost one third financials. >> mike thanks for that go around we will discuss the amc story in just a moment.

the meme stock spiking against as a company announced a new way of engaging with investors kate rooney has the details. [ no audio ] >> we are going to see if we can get kate's mic fired up again. in the meantime, mike, it is fascinating. before we get into engaging investors -- game stop raising capital traditionally would be bad for the stock price but in thcraziness it is seemingly >> dialing that back, it came om a position of necessity in terms of amc needing the capital, burning a cash and having debt d the debt was trading at a huge discount and the market felt that was a precious balance sheet but they have kept doing it.

they have basically sold as much shares as they are allowed to in terms of authorization now it seems like ey have become part the viral story about how the masses are staving the moviesr something like that or whatever sry line you want to put on it. it has become totally disengaged with what isappening with the business of course but the fact that you have this issuance dirtly to the public and now you have the ceo playing to it definitely tells you it is a different game >> we have got kate's mic back we are discussing there and i hope you were able to hear b the capital raising aspect of the last few days. what's the latest aspect on other ways to entice new shareholders. >> that's right. adam aron really is seen as playing to the reddit crowd here w. the capital raise yesterday which was seen i think by analysts as strategic a good way to raise cash as the share price is up 3,000% this year it is a strategic move even though the reddit traders

don't see that as the appeal here, there is a sense by sort the retail trading community that adam aron is reaching out directly to them this investor-connect announcement that they have made there is a portal on amc's website saying reach out to us there is free popcorn, which everybody loves. reddit traders you have seen it on wall street bets and on line forums are seeing him -- he has described amc now as an underdog which is a prevailing theme in any of the meme stocks amc, blackberry or any of the underdogs. he is playing it strategically he is smart on both sides, at am aaron on the analyst side saying we will raise cash and on the retail side and knowing this audience makes up 80% of amc's shareholder base. >> a lot of people want free popcorn today. stock up more than 100% i love

movie theater pop zmoorn but we are not allowed to buy stocks. >> i will have to pay for our popcorn. mike, if rsell 2000 i shares value index which includes amc and game stop has soared up 77% sbrounsing the growth rival. what other spillover effects are there from these moves >> i mean, yestheir categorized as value of most of what's in the smallad camarket $25 billion or more for amc at this point pretty much near the top oall the small cap indexes on the value side the spillover effects rely i think are about just reinflaming this -- this kind of public trading frenzy a little bit and getting that vein of emotion running through rts of the market as i said, in january,t didn't

necessarily go well for the broader market, this source of votility is not usually welcome by your standard portfolio managers i think that's one thing you have tconsider to be a little bit of a concern i also would hesitate to say that it purely retail as we fined it it's not just people necessarily buying one or two or ten shares on their phone this is in the world of kind of professional and semiprofessional machine traders and prop trading groups. all of that stuff chases this stuff. the volumes are just too big for it to be the amateur hobbyist flipping shares here and there. >> it is working out nicely. gape stop up 14% amc is the new game stop, i guess. >> dent get popcorn with game stop. >> no. they didn't offer anything there has been more communication this time around from the company the meme traders. we will turn to the macro landscape and the latest read on the economy from the federal steve liesman has the latest from the beige book released in

the last hour. >> the federal reserve's may beige book shows an economic recovery from the pandemic but it is experiencing labor and material shortages and higher prices as the economy normal a'ss the beige book is from the 12 banking districts. it found an economy propelled by leisure spending but the report was full of references to supply chain disruptions. auto sales were constrained. pushed up the cost of projects and delayed others delayed the ability of home builders to put up houses. strange gains in food server and hospitality and retail but it was difficult for firms to hire new workers. unemployment benefits and child care were among the reasons. wage growth was moderate

construction and manufacturing were down. some manufacturers and businesses found they could pass costs along to consumers that is a sign of growing inflation. we will have to see if we get the freeh popcorn to watch the inflation story unfold. >> i was going to say no free popcorn from the fed but free money instead. >> more expensive popcorn. after the break, the ceo of s.a.p. joins us. we will talk about the wild action in amc and the rest of the meme stocks as we head into the close. you are watching "closing bell" on cnbc. i'm so glad you're ok, sgt. houston. this is sam with usaa. do you see the tow truck?

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s.a.p. announcing s.a.p. business network that will connection various organizations with global trading partners on

a single platform. go to see you, christian of urse tell us about this new network? my descriptionas brief >> indeed, today we actually announced the world's largest business network already 5 million enterprises joined the network this network, we are bringing together our customers, suppliers, manufacturers, logistic providers, because if there is one lesson learned out the pandemic, we have tmake the supply chains more resilient. you can only do that when you join a community, when you join a network and can react real time to any supply chain and the best thing is, s.a.p. is served in the best way to do that because we are running those businesses already now, and this is why we are pulling all of them now together in one

business network. >> has the pandemic and perhaps the innovation of recent years in the tech space made the area you operate in christian more competitive than ever? even if your top line has been growing do you feel you might have lost a market share to any of the competitors who offer similar services our q1 results have shown s.a.p. is relevant and that we are winning market share we saw in q1 our highest cloud growth in the last five years with regard to new business. we also saw the highest operating profit ever in the company's history from q1. and we are seeing that our strategy and technologies is relevant because companies now need our technology to enable the future of work to -- during the pandemic they had to change the business model overnight, to flip to commerce platforms to rebuild also the supply chains and how they work to enable home delivery.

this is what s.a.p. zpos why we are relevant to our partners and customers these days. >> you are often seen as a benchmark for enterprise and tech spending. i remember one of your comments made the european market go down on concerns. what do you see now on the appetite for spending in terms of corporate clients how long is the strength on reopening did and stimulus going to ask >> from a market perspective we are very confident about our outlook. indeed, what you are saying is right. i mean we are seeing the markets opening up north america, europe. we see asia iscoming back. and again, we also see high relevance of our technology. and last, but not least, with our move to the cloud, which we announced last year, we are actually hitting exactly the needs of our customers because when they migrate to the cloud

there is no business model transformation this is why we need s.a.p., to move to the included and also to transform how they run their business. >> you got name dropped on marc benioff's last conference call he mentioned s.a.p he said, you are in his sights, and soon salesforce will overtake s.a.p. as a top prior of enterprise applications how do you feel overall about the competitive environment there with salesforce? >> indeed, i heard his remarks and i had another competitor just a few months ago as talking about s.a.p. you know what? i take this as a huge complicate because when they are mentioning s.a.p. this shows we are doing something really well. with regard to our competitors we have a relevant portfolio today we announced a new solution which customers can easily use to web up commerce in a few days and change the way

how they sell. but with s.a.p. you don't stop at the front office. with others, you do. but with us, you can also connect to supply chains, ensure shoem delivery you can offer new flexible payment terms. this is what the customer experience is about. this is s.a.p. >> christian, on sara's earlier question on the macro outlook, in particular on europe how optimistic are you that they have played sufficient catch up on vaccination rates, that the economic outlook there will pick up strong in the second half of the year >> especially when you are mentioning europe we were clearly behind here in europe as compares to the vaccination rates in the u.s now we are picking up. stores, restaurants, all businesses are opening up. and i really also see business travelers coming up. we see across every industry there is a huge demands. and now ceos are coming to us saying s.a.p. how can you help

us to enable the future of work? because we will not go back to the level of the pandemic. we want to offer a more flexible working model. we want to digitize our working models this is what we see and why we are confident with our outlook. >> christian klein thank you for joining us with an update on the outlook. after the break, beefed up prices the hack of the world's largest meat processor could have ripple effects across the food chain. we will tell you the restaurants most exposed today's top seeched. meme stocks dominating amc, tesla, blackberry, game stop they are all in the top five by the way, amc is the biggest winner today, up 110% but across the board, bed, bath, and beyond getting the love build a bear adding into the mix. blackberry up 37%. we'll be right back.

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texas road house, shake shack, carol's and cracker barrel could be impacted. it could affect mcdonald's, wendy's and wendy's but less so because of their highly franchisedystems according the truist for texas road house beef costst rresent 50% of total cost of goods sold. that's a high price. and shake shack, up to 30% >>t is a high price. but when you think about it not surprising >> you would hope they would have diversification in terms of where they are getting it. >> let's get more on the jbs hack eamon jabbers, where do we stand in this fascinating stor >> we are getting reaction from the white house this afternoon press cretary jen psaki was asked a short time ago about the ssibility of the united states government retaliating against some of he's alleged russian hackers. here's how she responded to the question. >> we are not taking any options off the table in terms of how we

may respond. but of course there is an internal policy review process to consider that we are in direct touch with the russians as well to convey our concerns about these reports >> president biden himself was asked by reporters today briefly if he felt that vladimir putin was testing him with this new round of cyber attacks that are allegedly coming from russia he responded, no, those two men are set to meet in geneva later this month as for jbs, a union official tells me the company has been ccessful today in getting up and running all thmeat packing facilities that were shut down yesterday. they said that those were shut down largely yesterday, ba up and running today. the prediction the company made last night appears to be holding true that they would get back to business today that cominwere the union of course it's not just meat it's all sorts oother industries that are being hit here we have got a new cyber attack today against the ferry system that runs between woods hole

nantucket and martha's vineyard. operators tell us they are now operating manually they say there are not going to be significant delays but there are some billing issues for customers there. pay attention to that if you are taking the ferry any timsoon also, the "new york times" reporting this afternoon a signifant hack apparently by the chinese according to the "new york times" of the mta, the subway system in new york city that one doesn't appear to be ransomware, it appears to be a hack desned to gather business intelligence although the motive is uncar mta says they have brought in an outside coultant to help deal with the problems. >> what is the common thread between the hacks, the rising of crypto providing a way the hackers can be paid in route that wasn't available several years ago. >> this wave of cyber attacks couldn't happen without crypto you think about previous waves

of piracy, you go back to the somali pirates in those years they had to deliver the bags in double bags. they will fly it out, drop it down to the pirates and they would release the hostages in this case, this wave of attacks wouldn't exist if you had to deliver cash in duffel bags or transfer money electronically around the world through banks that know your customer rules crypto makes this possible the crypto creators will say that's not crypto's fault it is the hackers' fault that's true but there are bound to be calls on regulation for the cryptocurrency providers. >> thanks so much. still to come, toyota unveiling its all electric suv concept car today but a different automaker's ev

announcement will be the litmus for the market. a check on bonds, the ten-year around 1.59 more to come on "closing bell" with amc 99.8% with 30 minutes left

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welcome back 30 minutes left in the session let's check in on individual market movers. shares of norton livlock are moving higher on news it is entering the crypto mining market it will allow select customers to mine ethereum stock is up 1.5% elliot has taken a ske in drop x. the hedge fund is the largest shareholder with a stakef 10%. the stock is up 4% on the back of that news off its session highs around lunchtime. >> you wonder what that's going

to look like elliot has taken interesting stakes soft bank, with founders time now for a cnbc news update with re hall solomon. >> hello, everyone here's what's happening. kentucky's attorney general is suing cvs health accusing the chain of flooding the state with poipd prescriptions and fuelling the opioid crisis. cvs says they were filling prescriptions written by doctors that were manipulated by drug companies. the tit for tat moves come amid rising tensions between the european union and russia over moscow's support for bell reduce a -- belarus and that country's diverting of a flight so a dissident journalist could be arrested. duke university coach mike krzyzewski will retire at the

ends of next season. coach k. led the blue devils to five national championships during his 41 years with the team he is the winningest coach in n's college basketball history. you are now up to date sara i will send it back to you. >> rahel, thank you. i straight ahead a baby shark tweet arc tesla recall, and an sec showdown. another day in covering the life of elon musk we will talk with the former ford ceo about all of in a and e auto sales out today. check out the meme stocks as we approach the close. amc, bed bath and beyond, blackberry, they are all surging. kos, nokia, bofu tv all experiencing high volumes and big surges we'll be right back on "closing bell." yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh]

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a slew of headlines out sounding tesla and elon musk the company recalling 6 million vehicles over risks of loose bolts. weighing in on price hikes blaming the supply chain and chip shortage saying on twitter he has never seen anything like it his tweeting muscle is on

display again, he tweeted about baby shark sending samsung publishing shares soaring. it comes amid a report that musk's use of twitter violated a agreement to have company advisers oversee his tweet let's bring in mark field, former ford ceo. there is a lot there where do you want to go? maybe on the sec enforcement. >> most importantly, the s.e.c. didn't take any action every ceo has inheir mind it is very important to fairly present to the marketplace when you think about tweets they are kinds of -- i won't say incomplete tughts but they don't give ctext in elon's case, the s.e.c. took notice of that given the issues that they had before with him. for other ceos i think they will stick primarily to more beni issues about their companies

versus kind of material information that might move the stock because they don't need the headaches or the shareholder lawsuits and they are using it for i think basic communication versus musk using it a little bit differently. >> the story this year has been a different one for tesla's stock fries and for th competition. the story has been about gm and ford which are all of a sudden looking sexy in the eyes of the investors on their electric vehicle plays. how do you think this is going to shake out, this comtition what's it going to ultimately mean for tesla now that the other automakers are totally changing their focus >> i think the bottom line this is the first time tesla has real competition. right? you have volkswagen, who is now the leader in selling electric vehicles in europe here in the u.s., ford with their mach on e is taking share away from the modes and other models gm coming with their electric

vehicles hyundai/kia coming out with theirs in the next ten months. he has real coetition now. that's going to put pressure on their siness their business right now makes money selling co 2 credits to other automakers and not on the basis of selling and marketing cars is that the bigger risk to tesla from this extra competition coming out, that they are not going to be able to sell the credits so readily? or is this genuine cpetition for the demand of people that want to buy evs? are these impressive cars coming out? >> i think it is a combination of both. when you look at their year to date earnings and even lt year they made a heck of a lot more in selling co 2 credits than they did as net company. that's where they are making their money. as the credits dry up there is going to be pressure to make better margins on eir

vehicles in the same token you have the entire industry -- elon musk one of the many things he did is he pushed the industry towards taking ev seriously. guess what they did he has real competition. that's why you areeeing some of their share and some of the major markets under pressure. >> clearly at the moment auto demand is incredibly hot do you think do you think that can keep going do you see it as we are at the top of the market in that sense and it is going to burn off over the course of the summer or is it going maintain? >> i think it is going to maintain for a period of time. whether it is the next 12 or 15 months, a lot of this has to do with people come out and having saved up a lot of money during covid, combined with the governmenttimulus monies -- you know, last month the industry was almost 18.5 million units. that is incredible and this month it will probably come in probably around 16.5 million units. so sequential down from april. but that's only due to the fact

inventory. is very limited to put it into pspective, the inventory is probably about 2 million units here in the u.s. right now. around this time, normal industry is between 3 and 4 million units. the bottomine, wilfred, i think you are going to continue to see a very strong demand vironment with right now a significantly depleted set of dealer inventories which will improve over time, buthe oem or the automakers argoing to be playing catchup all this ar and into next year as they rebuild their stock. >> which is why the chip shortage is happening a the worst time for the auto industry as dand explodes the longer the semishortages go on what's the impact on the industry >> i think obviously you are seeing a lot of impact right now. the latest survey says in the industry globally it is going to take out about $110 billion worth of production. first half, it has been very hard you have seen a lot of plants go down the second half will improve

not to a great degree, but it's going to improve buyou are going to continue to see this capacity shortage on sem conductors because it takes, new semiconductor plant.ld a the lead times for ordering semiconductors are about 26 weeks. so it will get better, but it is going to be gradual. what that means for consumers is higher sticker prices, lower incentives and not as many deals out there. >> mark fields always goodo get your predictions and insight. thank you. >> thank you. still to come, a new policy at 578z has pot stocks lhting up today those details d choranmu me on amc's surge. that's next n the "market zone."

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>> announcer: the "market zone" is sponsored by etrade trade commission-free today with no account minimums. ♪ with just under 15 minutes to go in the trading day, we are now in the "closing bell" "market zone." commercial-free coverage of all the action going into the close. cnbc senior markets commentator, mike santoli, is here to break down these crucial moments of the trading day. today we have got rid hotels wealth management ceo josh brown back as well let's kick it off with the major market major averages between positive and negative territory the dow down four points the s&p 500 and the nasdaq little change, though it is hiding pockets of strength in the s&p, particularly in energy, soaring again. real estate, technology, utilities all higher mike, the ten-year yield is low 1.60 are you surprised? >> yes, although there is a

little bit of firm innence tech it's not necessarily giving way. once -- if we are in this range as we have been in nearly three months this the ten-year yield i don't think that's the incremental mover. let's look at what we are describing 1.59 versus 1.63, maybe 1.56 a few days ago tiny moves i don't think that's the key leverage point on which ocks are moving the over all s&p is as if it is on a mission to ay at 4200 and whatever happens underneath the surface to kp it there is what happens. so it seems as if it is almost like retrofit. how do we keep the market flat, what rotations have to happen. for months on end if you look at e longer frame it is cyclicals at still retain a leadership position. >> josh, i mean you could frame this over the last couple of weeks, months now, as a nice

consolidation getting us ready for the marketo make another leg higher is that how you see things >> i do. you know, th's kind of what i wanted to say is tt you could look at these indexes kind of flatlining here. consolidating is a nicer way to put it and just say -- you can tellourself one of two source, this is it, we have seen the best we are going to see and here comes the connection or we are gearing up for the next leg higher i am in the latter camp. i could changey mind right now, that's how i feel i think there is too much participation money too many secretary noors the market then when i look internationally which i talk about on the show a lot and new highs in europe and japan, i just see too much -- the weight of the evidence for me at least is that the next move could be higher if not, so be it, we'll live, but that's my gut. you were talking about tech. what is interesting is nvidia

making a huge breakaway move here up 3% on the day story.f is becoming its own this is a post -- post earnings move it is not like there was any specific catalyst today. i think what is happening with nvidia -- full disclosure i have been long since 2015, there is a gro growing realize igs it is the "n" in faang it is going to grow in technology it's $400 billion plus market cap now. twice the ze of netflix. i think we need to start talking about it in the same breath as apple. keep aeye on that in tech. lastly, i nd this amusing. sometimes so many people are at the circus that nobody is left on the main street when y have this boring market doing nothing you now have amc with a $30 billion market cap.

it was a $400 million market cap in january i think a lot of the action is happening away from the major afternoo that's perfectly okay. it is a summer wednesday let's all stay cool. >> let's talk a little bit more about amc, as you are saying, up 100% or so it was halted multiple times during the session due to volt the company announced a new effort to communicate with its retail investors called amc investor connect it offers exclusive features like movie screen free popcorn bed bath and beyond, blackberry and gape stop all jumping significantly well. josh, the question you alluded to main street versus the circus. is it getting to the extent that

when you are reporting 2% performance on the month are they saying that's disappointing because amc was up 1100% in one day -- has it gotten to that stage of infecting the broader mindset of investors yet >> i don't think -- i don't think it affects peoplover the age of 40. because i think they have seen a version of this before and they understood what the wnside of that was and how hard it is to time these sort of things but even if you justook in the last five months since the year started, we were at a moment in january and february whe the average spac was selling at a 20 or 30% premium to its $10 offering price and now almost all of them are negative, including acs that have consummated fairly high-profile deals so the money was lost pretty quicklthere. i think for every amc example or blood, bath, and beyond today, up 42%

foreevery example of that can find i will point the niyo an ev start that's down from its high i don't think that has invected the average investor i do think if you are under 40 and you are doing a lot of what you are doing for fun, yes, there is a sense youant to be in the next one to double up which is why you are sitting on reddit and robinhood listening to what other people are trading. that's okay. everybody did a version of that when they were young. >> it is true, there is a common thread, mike that is there is higher short interest in some of the names than you would see in other stocks bed bath and beyond 32% almost of the public float is short, sold short the ticker p-e-t-s, huge short inch, 40% of float blackberry is one of them. gtt communications 20% of the float is sold short that one is up 37%

so they are just taking down these -- they are just -- it is a short squeeze, down the board. >> it is a short squeeze it's part of cover story and motivation for what people are telling themselves is going on as they buy these stocks and chase them higher. and the volumes in these stocks start to outstrip by many multiples all the shares that are short. i mean i think you can have that as being just kind the wallpaper in the room. these are heavily shorted stocks blackberry is not heavily shorted. it is just playing around with the other ones there is some resonance with that name w that ticker for this kind of group of traders out there. so i think that it's part of it. but you know, we really cleaned out the shorts to a large degree january and february it's not overall a heavily shorted market admittedly, bed bath and beyond has been considered a structural short out there. until 10:30 this morning nobody cared this time around and then it kind of lit fire it is hard the predict

these are kind of side shows that threaten to encroach on what's going on in the overall market we did see that in january only as they become really volatile and start to stretch the dealer's capacity to try to make a market in some of the options. the options game has really restarted again, too, in terms of the volume and people really agreasively paying up crazy prices for out of the money loadry tilkts. >> mike, we always debate what it might mean for the broader indices when we see these types of moves in a single stock or a group of stocks. at the least does it delay the narrative that the huge spike in retail investor interest in the market would go away as things reopened -- does it delay that mundy parting the market >> i don't think that was ever very persuasive that when he was going to go away even when it came off the boil from the extremes of january and february in terms of volumes and

a lot of the momentum moves it never went back down to anything close to premarch 2020 levels. it was always really elevated. everything you would look at in terms of retail broker volumes, what's happening in the options market, and all the rest so i think that it does reinforce the idea that this is not going to be just a fleeting thing. there is going to be a subculture that's going to involve themselves in the market in this way for a while. >> well, it could have been a lot worse i guess is one way to put it and still can. but so far, not. the energy sector, top perforr on wall street today -- >> why is it bad, though >> i am just saying it could have bn worse for retail investors. it couldave been a less net wrer. >> yes, you are right. >> with a lot more people losing their shirts i agree but i would just say one other ing to cap this. i know you want to move on but this is important. there is a reflexivity involved here where things occurring with stock prices actually ends up

spilling over and affecting the real world, the three 2k34e7ksal world that we live in. amc is theoster child of that. this business was saved by these rabid shareholder campaigns to beat up shorts -- sohere is a real world effects that come from this activity even if it is really risky and maybe inadvisable. i think at's probably the most fascinatg part of the whole thing. all ght, sorry. >> absolutely. no i mean both am kprrks and game turnaroundn the middle of a adam aron has a lot of fresh new capital he can put to work in buying distressed movie chains. oil prices are continuing to rise pippa stevens has details. what's driving oil prices even higher. >> hey -- hey, sara. well, energy stocks starting june on a high note here jumping about 2% today, and building on yesterday's gains. the movefollows strength in th

oil market wts at the highest level in 2.5 years. brent crude holding above 71 and hitting a multiyear high the optimism is stemming from opec keeping production steady and an expected jump in demand during the back half of the year oil service companies are the top performer in the oil services industr the ois pushed higher by hal burton and slum better hughes. >> energy top performing sector up 1.8% today. pot stocks getting a pop as well after amazon announced it will no longer test potential workers for marijuana use. deirdre bosa has the sales. >> they will treat weed like alcohol. it won't include in its drug screenings also announcing support for the

federal legalizati of marijuana. a few takeaways here the first, amazon continues to rethink its labor policies as its practices come under discrete me. this is st the latest. second, guys, amazon's support at the federal level signals growing willingness of corporate america to support legalization. on that note look at pot stocks today. they a higr. canopy kro us and tillray up. >> nice jump in those names. de, thk you. mike, they are a volatile bunc i guess 10% is not as striking as it could be for other sectors. it remains to be seen if this is the start of a sustained build for these names. >> it has been a tough run it has been chopping all over the place. tillray made aigh a few months ago. it is way off of that. it doesn't seem all that durable a headline catyst for this its policiesmazon is changing probably reinforces the idea,

though, that societal acceptance of mijuana use is absolutely becoming more entrenched we knew that, it is certainly a reminder of that in theory just kind of an excu for these names to participate in the fun today mike, amc is up 107% we have got just about two minutes to go in the trang day. what else are you seeing in the market internals >> a little bit xed. net positive in terms of number of stocks paiding in the up side but definitely not overwhelming the way it was yesterday new york stock exchange, 1800 stocks higher, 1500 down once again hesitating to use the volume split on days like today because am skrrks just so overwhelming the totals. it has traded 746 million shares today. only 500 million shares of the company exist. so that's just a little bit of a scale for what's happening there. then, the number of new 52-week highs and lows, 400 new highs,

nine new lies. i don't think it means the market itopee, init means a lot of stocks are on good up trends the volatility index, clicked below 17 we are still around that level whicis probably comforting because the place you will see the disruption of the stress we are feeling from meme stocks getting stressed and needing to change is probably in the volatility index the options levels filter in from keep an eye on that level. slight gains for each of the three major averages, only slight up .1% for all of them, the s&p and the dow and the nasdaq energy the best performing sector, followed by real estate. materials on the bottom of the sectors. gold is up .3%

the dollar is up .1% e ten-year down at 1.59. the meme stockreally the focus. up 101% for amc at the close a whole slew of other names getting a ride on the back of that really the big news is amc, up 101% at the close. s&p 500 up .2% the nasdaq up .1% and the dow up .15%. >> amc closing up over 100%. welcome back, if you are just joining us to "closing bell. i'm sara eisen with wilfred frost and mike santoli, cnbc senior markets commentator look at how we finished up the day on wall street the dow closed up 25 points. less than a tenth of 1% but actually made it its fifth day in a row of gains. biggest contributor to the dow gains, visa, chevron and ibm

biggest drag, ibm, home depot and force. energy the standout, up almost 2% real estate, technology, utilities, staples and financials all ending the day up materials the worst performers the nasdaq today did manage to close in positive territory. a small move there and a tick up into the close the biggest helper, nvidia, which josh brown just mentioned having a big day, up 3%. apple, amazon, paypal, they are all up, too. no thanks to tesla, the biggest drag on the qqqs russell 2000 also up so far the winner on the week, up 1%. and transports took a 1% move backwards today. worth noting meme stocks continue to dominate the wall street trading action amc skyrocketing today coming up we will discuss a potential long term impact the retail revolution could have on investing. spotify has had a rough start to the year the stock down more than 20% this year.

but ever corps head of research mac mahanay says there are a billion reasons to buy this stuck. we will see if he can sum that up in a five-minute segment. first up, josh brown still with us dana peterson joins the conversation first to you, mike i feel like we have to start with amc, and bed bath and beyond and game stop, whether there are similarities or differences between early january when we did see this with game stop for what is happening with amc >> why do viral memes become viral? prepopcorn. >> well, it resonates with some critical mass of people who are locked into participating in this look, i don't think there is really a why when it comes to yamc has doubled today you can say all you want about how people are going to go to the movies this summer and they are going to be able to roll up some of the business and pay down debt with the money they raised yesterday it is all very true.

but it is not twice as true today as it was yesterday. you have to look and point and stare and shake your head and smile and say good for you if you owned it hope you know what game you are playing. and let it happen. i don't think there is something fundamental different happening in these stocks than has happened in years past with other subgroups of stocks that kind of catch breezes of this sort of collective industry. but it moves faster and it gets more amplified and gets more attention on it. and it feeds on itself until it kind of exhaust. honestly, it is the same game we saw in january february where just the runs higher the chasing of the options prices to the sky drag the stock with it that's pretty much the dynamic going on. >> we should maengs that robinhood put out a tweet 15 or 20 minutes ago, in light of the fact that trading of amc was halted a couple of times during the day by the stock exchange, they weren't the ones ceasing

trading themselves to their clients only understandable to clarify that due to all of the heat they got during the gamtop. >> they assumed if they couldn't trade it through robinhood, robinhood had shut it wn. >> exactly >> that's a tweet to -- >> to put that clarification out. josh brown, come back to what it means for the markets, i was going to ask you whether you have altered the way in which you pick your stocks today, less balanced in your decision making to fundamentals with more of a consideration to what people might think is hot or attractive or memible in the future or do you still pick just based on your traditional methods? is that going to have to shift >> it doesn't change anything for me it is just more entertaining to watch. people forget we went through

this 12-year -- almost 15-year period when we asked ourselves will the next generation ever take an interest in stocks it was almost like stamp collecting then all of a sudden last year the entire thing got flipped on its head it is just more fun to watch like if you hear me talking about a stock on the show, it's because i am like a long term investor in it i am not trading it. i hope i never have to sell it that would never be the case with me with something like bed bath and beyond. it is not like i think i could make money getting long the stock. i only have x number of dollars why would i invest in a home goods retailer it doesn't change anything for me but i am fascinated as you are and everyone else is and i like that young people are taking a huge interest in the stock market even if i don't personally approve of all of the

methods people are using i am not the world police. i doesn't matter what i think. i like that there is action, activity and people seem to be into it. >> dana i know you are a chief economist and you are a good macro view of the overall economy. when you see trading action like this, do you think that is connected to the federal reserve, the liquidity, the fact that the fed refuses to even talk about talking about tapering, and therefore just lets the money run free? >> well, i think what we have been seeing is that asset prices in general have been rising over the last year during the pandemic period, for housing, for equities yes, young people are at home, and their bored, and they are trading. and i think all of that is certainly linked to the fact that the fed is keeping interest rates very low they are engaging large scale asset purchases, applying a lot of accommodation and even saying they are not looking to raise interest rates at any time we are starting to see cracks in

the facade some of the fomc members and even some of the fed president right side saying, hey, look, inflation is rising, the economy is doing well, let's start talking about at least tapering some of the large scale asset purchases. >> in terms, mike, of the interchange. i mean, so fascinating that the top five tickers on cnbc.com are four meme stocks and the ten-year yield, which one would never have imagined altogether. >> someone cares about fundamentals. >> yes someone cares. to what extent is that a drivening force at the moment? you mentioned it briefly as we were going into the close. >> right i don't think it is really the prime mover. the ten-year is pretty much always in the top ten tickers for cnbc.com people really have no other way to find out what the yield is at maybe they are looking for a way to refinance but i do think, look, it is part of the general climate in which all of this is happening

but, look, there is a $30 billion market cap thereabouts of amc there is $30 billion pieces of craziness attached to all kinds of other companies have nothing -- you can't really chase the origin of those dollars back to the federal reserve. in my opinion. it is all part of what we tell ourselves, the psychology of risk taking but i don't think it is about literal dollars released into the economy and finding their way into shares or call options of amc. >> ihink a lot of this hinges on the inflation question and the jury is still ou right, on whether we are going to see a prolonged sustained potentially dangerous bump up of inflation if you look at the ten-year break even rates they are down from recent highs. they are obviously still elevated where do you think we are on the inflation debate how will that shape policy

>> as harkens back to 19s style inflation it is probably not going to happen. but we will see higher prices and prices will continue to rise certainly over the next 12 to 18 months before we see the dynamics change. some of these price increases are transitory, indeed, things linked to the paemic, linked to supply chains, disruptions, but also linked to -- suddenly services are opening back up but there may be capacity pressures. those things are going to happen as we transition out of the pandemic era back into a normalized economy but some other prices are probably more persistent so prices for chips -- anything thatequires a chip or a battery, those prices may remain elevated anything lked to housing, certainly lumber mills are not planning on building new lumr mills. they are just going the ride this out and collect on the higher prices. some of these things will going to be peistent but overall our view is that yes the bulk of the inflationary measures we will be seeing will

be transitory. but the question is how much and how lo does the fed wait before they decide to start raising rates? >> what happens if they decide toaise the rates. >> i have been sayinthis on this show every wednesday for five or six months real estate. these are companies th have a direct method of hedging themselves for higher real costs in the ecomy that is in the form of rising rents. so the various reits tt i talk about all the time are doing great. the iyr is up 20% year to date beating a lot of technology stocks that you might think are sexier, beating the s&p 500. and i think that outperformance can ntinue because there is going to be this resetting of prices, whether we are talking about industrial, some commercial, a lot of like retail, rental homes, single-family homes in the

suburbs that are for rent, you are going to see this across the board reset in what realstate own remembers able to get for their space so long as it's not offices in manhattan but pretty much across the board. so that's how you hedge your portfolio for inflation. in fact, when you go back, it turns out real estate is in actually a better inflation hedge in theontext of an overall portfolio than gd. and i promise you, if you ask 100 investors that in times square they wouldn't know that but that's actually the truth. i have been talking that talk all year maybe people lten to me. i ho if i am shouting into an aby, that's okay, too it is not colex. be a landlord. >> the "market zone" viewers is not an abyss, josh josh and dana, thank you f joining us. up next, meme stocks having another big day leby amc's

gains. bridgewater's cocio for sustainability will join us with whether she thinks the retail trader revolution to lead to boom or busts. and more on the big rally in crude prices we are back in 90 seconds. at fidelity, you get personalized wealth planning and unmatched overall value. together with a dedicated advisor, you'll make a plan that can adjust as your life changes, with access to tax-smart investing strategies that help you keep more of what you earn. and with brokerage accounts, you see what you'll pay before you trade. personalized aice. unmatched value. at fidelity, you can have both. ♪ more than this ♪ at fidelity, you can have both. labradoodles, cronuts, skorts. (it's a skirt... and shorts) the world is going hybrid.

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shares of amc skyrocketing today. the stock closg higher by 95 -- more than 95%. all time high. the retail investor-fueled rally also spilling over into other meme games, bed bath and beyond and even gamestop. let's bring in karen from bridgewater. you recently wrote a note about the creased retail investor participation. it iclearly on full display today and the last few weeks and ev months. how does that change the entire equity market? >> you know, any market is driven of course by buyers, sellers, and how ty think about the market, how they respond to changes in conditions in most of the world, investors really haven't had to think about retail particints because they haven't been a meaningful part of the market. it was a maul enough piece tt you could mostly ignore it and

if you were thinking about other buyers and sellers, think about other buyers and sellers that's rapidly changes because pipes are being laid all over the worlto enable retail port the robinhood story, the memes we are talking about describe how global this issue is think about the market that has had the most retail market participation, china, which is dominated by retail partication and you really see the type of being more prone to boom/bust cycle activity when you look at that market. that while these pipes are being laid everywhere you are going to have retail investors with their access and they might get hot or cold a particular week but that infrastructure is there to allow them to be a bigger player, having a different kind of effect than before. >> hmm what is a long term investor supposed to do with that >> i think that any long term investor should be, you know doing the same thing they have always done, ask themselves what

exposure do i want how do i think about valuations? also how do i think about what are the types of factors that drive valuation -- drives prices further and closer from their fair value at the end of the day it is players that drive assets. someone has to buy or sell for the price to move. you have to be asking yourself what are the players in any market that you are in in the stock market, as retail investors kind of concentrate in different corners you have to ask yourself in the corner you are in how big of a role are retail investors playing if they are playing a big role you have to predict their moves, in or out. that could happen for macro reasons like checks get shipped to them or whether it what happens on platforms that you can't predict like reddit. >> that implies the only trading that goes on is -- surely, this

would suggest if no one is trading for discounted cash flows you are going the find some bargains, you might not get amc type of returns in one day but you have a sure fire way of getting 10% annual returns if that's enough for you. >> absolutely. you want to be saying what do you think the underlying cash values are and ask what will happen to the traded price if you are not holding it forever you want to know what's the multiple i am likely to see on this in five or ten years that depends on who the holders are. most stocks are not stocks where this retail trade is a major part of the volume so if -- even if you are doing what we call a flows analysis thinking who are the buyers, who are the sellers what is leakly to consider in terms of buying or selling, that may not be the most important part of your calculus if you are in amc that's the

most important part. >> you have been focused on the inflation story and commodities. do you like commodities as an asset class? if so, which ones. >> absolutely. when you think about the equity market it has exposure both to growth, cash flows are going to do better as the economy rebounds so you will get cash flows and liquidity. highly exposed to liquidity. in many ways you are actually more exposed to liquidity more than in the past you have lots of companies that relied on cheap liquidity either to finance buybacks or even to just get their revenues in if the way they are getting revenues is that all of this free money going through venture capital firms is giving it to start-ups and buying your products and services. as tech has become a bigger part of the market you have different business models. less going up and down with the

cycle, maybe they are paid subscriptions. if you look at the stock market as a whole you don't have that exposure, but you have a lot of liquidity exposure when tyou could have a case where the real economy outpaces it is a today asset with a short duration the market supply room has the clear every day. inflation pressures are coming to bear minute by minute as growth gets stronger you need more of the commodities. growth metals are important to rebuild a greener economy and transition away from carbon. we need a lot of them in order to move into greener world there are structural reasons to

believe demand has to be rising and you need higher prices to incentivize more mining. >> all the metals. >> at any rate copper, aluminum say what iit use if you are trying to say what does it mean you have to be in a low carbon economy you have to build the ectric vehicles, refurbish buildings, build charging stations. you need raw materials there has been a lot of word out there how little mining has been done compared to what is going to be needed iron ore, because it was mosy traded on in china a lot of instors missed out on what has been a huge rally there as they have occurred because it is not in their standard of a indication when they are looking at prices. >> a lot of interesting ideas there, karen, thank you for joining us it is always good to talk to you. >> thank you. meanwhile a news alert on exxon.

josh lipton has got it for us. >> news just now on exxon. we have been waiting to hear whether engine number 1 at activist fund would secure and get that third board seat. last week secured two others exxon is just now saying that the new vote -- the new vote count does suggest that they did. that is a win here for engine number 1 back to you all. >> josh lipton, thank you. they finally tallied that one. let's send it back to mike santoli for a closer look at oil prices, which continues continue to rise. >> yeah, sara, oil prices, energy stocks, the interplay between the two. part of the bull case for energy stocks is that they have lagged the commodity prices this is over a two year span you see the spread between the xl and equal weighted energy sector stock index as well as crude oil and natural gas. it would suggest there is catch up to be had there are other bull cases which is value stocks like energy got underowned people thought they were

secularly going to be out of it. and we obviously have demondemand coming back. however look at the ten year version of the chart you will see not much of a discrepancy between the commodity moves and what the stocks have done it is a way of framing the whether in terms of whether there is catch up, whether there is not and whether commodity prices are the reason to own these thing. the stock prices have come across the board here but me it is not that the stocks have commodities because that waxes and wanes. pbh's earnings are out courtney reagan has them for us. >> for the first quarter for pbh it was a very strong quarter, earnings per share, 1.92, street was only expecting 83 cents. revenues up 55%. the stret was looking for $1.927 billion. beat tre as well

the second quarter guidance however is mixed when you look at the full year earnings guidance while they are raising it to 6.50 compared to $6 previously and still above analysts of $6.16 they had such a big beat this quarter that that looks pretty conservative the gross margin however this quarter verympressive as more than 59% and that's above prepandemic levels digitize as the percentage of total i like to watch this nuer for all of these companies. it is sitting at 25% now pbh had very strong international revenue this quarter also hitting prendemic levels the shares are higher about about 3.5% will andara back to you. >> announcing also that the coo and cfo mike schaeffer will be stepping down in september. spify shares slumping more than 2 so far this year. but our xt guest says there

are a billion asons to own the stock right now. >> plus, two e-comrce companies making big bets on a big retail trend with gen details later on "closing bell." hey, it's good to see you. the company we've trusted to keep us working remotely,

is the same company we'll trust to bring us back together. cisco. the bridge to possible. which shows will you be getting into tonight? 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. shares of spotify trading

down 38% from their highs back in february. our next guest says it may be buying opportunity and he has got a billion reasons why. mark mahanay is here from ever corps esi. thank you for joining us you have done a big sur vey. and i guess that the key takeaway is you feel spotify is the leader in their space? >> wilfred, i think that's the right setup. you are also right that this is a dislocated stock it is a dislocated high quality stock, off almost 40% from its highs. our annual survey -- this is the ninth time we have run this. consistently has shown increased usage. in the u.s. has 2.5 times as many user as the second closest competitor n this case, apple music. in the uk that lead is like three to four x greater than amazon music and apple music n. our book, it is winning the

music streaming wars and they layered in podcasting for which we find increasing pop layer it microscope the use case stronger it is a question of when the gross margins and the profits of this company start to tip. we think it will happen in the reasonable short-term. that's why we like it here while it is dislocated >> part of the reason you think that can and will happen is you think they have got a lot of pricing power? >> yeah, this is the first time ever that the company has started to pull pricing as a lever. they have done this over the last six to nine months in the u.s., in western europe, and in other parts of the world, in japan. just like netflix started doing this in 2014, amazon way back then, too, they started increasing the price of their basic subscription plans, their prime and they were able to do it successfully multiple times we think spotify has the ability to do that if you have the world's music library on your phone at beck

and call for 9.99 a month or cheaper it translates in market expansion a great backdrop for stocks. >> we did a lot of tease force billion reons you like spotify. it is in reference, mark, to a billion users which you think this company cou have by when? it seems aggressive for a company that has 350 or so million users right now it is. >> yeah, it is not aeasy one this is what the founder announced as the company's goal for 2025, a billion monthly users. they launched into 86 new country marks this year. you layer in more markets that could get you to the goal. what i found interesting we started to work the math on that if you get close to that, we are still south of 950 million that year

ab but 1 billion kicks off over $3 billion in cash flow we about it de andhat allows a years.ng of the stock in three that's the math we wanted to go through in the exercise. if you can get your billion subs then we think you can get close to it what is that worth for investors it is doubling -- that's a great entry point your target price, 375, big jump from here. mark mahanay thank you for joining us. breaking news on the fed steve liesman with the details steve? >> sara, yes, the federal reserve announcing it will begin winding down it is secondary bontd market corporate facility beginning relatively soon. a fed official saying this decision is unrelated to monetary policy. the smccf, these sales will be gradual and orderly. the fed says it will maim to

minimize the adverse market impact of making these sales it was established during the pandemic, a historic far real estate by the federal reserve into purchasing something other than bonds and mortgages it currently holds 13.7 in corporate debt just by way of context the corporate bond market in the u.s. is about $46 trillion it is a very small amount both of what the fed holds, which is more than $7 trillion, as well as a small part of the bond market the plan is for the federal reserve to tell the etfs it acquired first and then sell the corporate bonds individually the goal of the federal reserve is to ends the down by the end of one. >> just to be clear, this is unrehled to the tapering discussions and inrest rate levels if some people are trying to link this in their head, does this now lead to t first step with the next to come?

>> the federal reserve does not want you to make that linkage. they want you to think -- ey say they are doing this emergency for real estate into the secondary bond market to help the economy those facilities closed in december it has been closing some of the other emergency facilities and now it is going to -- it closed this, and now it is going to wind it down as a normal part of business. whether or not that linkage is going to be made, well, people are going to jump, especially because people are talking, as you know b the fed potentially discussing winding down its $120 billion of monthly purchases of bonds and -- of treasuries and mortgages sometime this summer >> steve, thanks so much. still ahead, did your company make the cut just capital out with a list of the top firms supporting healthy families and communities as businesses look beyond the bottom line. we will reveal the names that made the cut. amc shares soaring again today. the stock is up 3,000% this year

nearly wow. coming up a look at just how wealthy that has made the ceo, adam aron, and other top executives esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim.

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time for a cnbc news update with shepard smith >> thanks very much. from the news on cnbc, here's what's happening at this hour. the nationwide ban on evicting renters from their homes will continue a federal appeals court has reversed a lower court ruling that the ban was illegal the moratorium on evictions was

set to expired at the end of this month it covers renters who earn less than $99,000 a year or joint filers with less than $188,000 in annual income. new york state is considering whether they will continue to allow consumers to enjoy their cocktails to go. a temporary law that allowed alcohol to be included with takeout orders expires this saturday restaurants want it to continue, liquor stores want it to expire. multiple flaws exist in the tip that came on the nashville arsonist who was building a bomb blue up in his rv --

>> when we come back, making the grade. find out whether your company just made the top list of compies supporting the health and well-being of workers and communities when we are joined by just capital's chief strategy officer with a brand-new rankings. a huge amount of wealth being created for amc's top executives by the stock's poinray.ll up 100% just today ress, we must keep taking steps forward. we believe the future of energy is lower carbon. and to get there, the world needs to reduce global emissions. tying our executives' pay to lowering the carbon emissions intensity of our operations. it's tempting to see how far we've come. but it's only human... to know how far we have to go.

just capal releasing its list of top companies within the russel 1,000 that are leading the way in supporting their workers and their families by contributing to work life balance. topping the list, nvidia, microsoft, banof america, force, and intel let's bring in allison owe men's, chief strategy officer at st capital a non-profit that does a lot of these kinds of rankings great to have you. talk about what led these five to be the winners in terms of the policies that they extend to their workers. >> sur and thanks for having me the first thing to understand about this list is that we were trying to elevate the issue of health broadly and the impact that companies have on workers, families, and communities. so these five companies are

about health holistically.ing what we mean by that is for example, nvidia top of the list has unlimited paid sk leave policies for their wkers microsoft is really goodn paid family live including thing about child care for working mothers in particular. bank of america has done a number of thing on pay raises, hazard pay, financial assistant grants those sorts of issues, from sick leave, to supporting workers, families, and lping workers make sure they are making ends meet every month is sort the broad version health. >> i think it is interesti you also looked at the stock market performance and the outperformance of some of these companies and whether you are trying to make a link there? >> yeah, so the top performers, the top 100 of in list outperform the russel 1 howe overall by almost 5% that's kind of consistent with the type of work that just

capital does we are a non-profit but we do a lot of tracking of what financial performance actually looks like in addition to stake holder performance so it is a pretty consistent story that we see, that companies that are investing in their stakeholders overall again, that's workers, communities, the environment, as well as their shareholders do tend to outperform and the other thing about health, and again, this broad definition of health, is that when we are looking at research on the business case for investing in workers, investing in training, investing in racial equity and de & i. over the long term we also see outp outperformance we see those companies take making an investment, perhaps additional costs over it are outperforming, in way that puts them above their peers that's an important asct of this and one of the things that we continue to dig into. >> whether it does lead into

better share price performance as well or not, this debate about stake holder capitalism over the last coup of years around the business round table. it is something we talk about a lot. often we asked whether it is windowoldings and you will matly they care about shareholdereturns and not quality of life and things you mentioned. when you look at the top ten at the list do you think they are putting their share told holders over their stakeholders? >> first i have to reject the premise you don't have to pick shareholders over your stakeholders we are actually looking at returns as part of the assessment so organizations like just capital, which is tracking companies on stake holder performance overall, including return on investment, that is

our job. right? our job, as we see it is both to advance the consent of stake holder capitalism as well as understand which companies are delivering up to those promises. so that really is a critical element of this next period of time it was particularly acute during the pandemic the racial reckonings, recognizing that there are a number of companies that sort of have the window dressing, to your point but others really are walking the walk that takes a lot of time it take a lot of time. it takes a lot of resources. so this next sort of post pandemic environment of looking to see which companies who may have done really good things on paid sick leave, on hazard pay, which ones will continue to concretize what has happened and which ones may be looking to 2019 after 2020 and say we want to go back to that that's a question that people like just capital are thinking on and tracking. >> allison, thank you for joining us.

>> thanks for having me. shares of amc shooting higher again today amid the retail investing frenzy. up next a lo aokt the insiders may going a fortune off of this meme stock rally "closing bell," back in a couple check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪

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than $4 million in stock since march. they have sold 350,000 shares in total. the top seller is the chief content officer. she has sold more than $1 million worth of shares back in march. the cmo just sold 15,000 shares for a gain of more tn $400,000 if he had just waited until this afternoon he could have sold for twice that amc not responding for any requests for comments on the sales. but the ceo, did give 500,000 shares to his sons back in march, now worth more than $30 million. his total ownership was worth $8 million at the start of the year it is now worth more than $260 million. but the stock almost doubling today, he has gained $6 million in paper wealth per hour since last night not a bad day's work for adam aron

guys >> the question of course is what would happen if he did sell some shares, to the stock? one couldn't really blame him for doing so if he did it's not like he pledged long term buy and hold. >> he has been encouraging the retail traders encouraged them. tweeted at them. offered them popcorn. >> but if it all went back down again yowould regret at least not hang banked. i wonder what his sons are doing. i didn't know that he gave some to his sons. maybe that was a stealthy way that the family could gain some cash without drawing any level of attention. >> they don't have to file as insiders unclear if they sold or when what's clear, one the share sales by the insiders haven't rattled the investors. these guys have been selling since march and disclosing it. the investors haven't cared. cost corp, the managers and owners of that company have also

been selling throughout this rally. the retail traders as we saw today kept buying that stock i don't know it would matter -- unless adam aron sold a huge percentage of his share holding, whether it would even matter to these retail investors. >> hard to know what what will exactly influence them one way or another eye popping numbers. >> exactly. >> the stock is up after hours, add that to your calculation up next, etsy making a big push to cash in on gen z. we explain how after the break [ suspenseful music ] hey, you wanna get out of here? ah ha. we've got you. during expedia travel week, save 20% or more on thousands of hotels.

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welcome back etsy is guying gen z focused fashion retail app d pop for $1.6 billion, this is part of a and boost its position in ers vintage clothing etsy shares finishing up a little bit more than 7%. also rent the runway getting into the resell market, the fashion rental platform will soon allow its customers buy designer clotheslines opposed to renting them and no membership required

mike, how do your teenage daughters feel about retail does it still have the appeal it did, it's been going on a few years now. >> all about it. i can't remember the last time they bought something new. they were early adopters on d pop, buyers with some selling to subsidize the buying it's fascinating because it's focused on teen, early 20's world, it's not really about labels it fits in with the throw back fashion thing, who knows how durable it will be over the years. that's what it's all about there's also a thing where individual sellers seem to try to cultivate a style or a brand and i'm not saying there's a relationship between the buyers and sellers but there is an attempt to make a soci element out oft. >> hash mark and thread up went public rent the runway was hit so hard during the pdemic is seen as a

reo reopening and potential ipo candidate. >> it would be a reopening story, in terms of things we away in terms of occasions to use them it's a little bit more conceptual, like the old uber for clothes. most of the time you're clothes arnot being used and you can just grab them for an occasion as needed. that remai to be seen. i think each of them is creating different slices in the mark the. posh mark a little bit more littlena, more -- millennis, branded stuff, which is like stuff from 30 years ago which is what comes into my house now at low price points, i will say. >> yeah. >> up next, wall street look ahead, we break down key data and earnings reports everyone investor will be watching and later, more hacks on america,

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wall street look ahead is sponsored by c3.ai this is enterprise a.i now it's our wall street look ahead on the data front, initial jobless claims tomorrow morning, economyist ist -- and tomorrow, crowd strike and slack and many more some movement in the after-hours in today's trade for some of those names. mike, final thoughts interesting action we didn't touch on, bit of slippage today in tesla, i wonder if we'll see more action in those names tomorrow. >> yeah, as a matter of fact a lot of the other ev stocks were moving higher, considered a zero sum game there were some talk about

market share losses not sure if that's part of it, but the name liken rallying off the lows seems people are suspect of this bounce as being durable so they came under pressure for sure. >> we barely talked tesla because of the 754 million share that's exchanged hands of amc today. unbelievable not even a tweet in elon musk. that does it for us for "closing bell." "fast money" begins right now. life in the nasdaq market over looking new york city's time square this is "fast money" i'm melissa lee tonight's trader lineup tim seymour, steve grasso, guy adami, tonight on fast lights, camera, rally. amc shares what we saw nothing short of incredible. mike khouw said he never seen anything like it he will break down the blockbuster activity plus watching shares in fireeye after hours announcing $1.2 billion deal to sell