it's coming back to you now... real pants. find amex offers to save on the brands you love. one of the many things you can expect when you're with amex. good afternoon welcome to "power lunch. i'm tyler math son with kelly evans. seems like nothing can stop the meme mania amc positive on the day. we'll get a reality check on that stock and looking at the lasting impact this hysteria could have on the market. and the hacks keep coming. food, energy, transportation all getting hit.

why the huge spike where are these attacks coming from and how should the u.s. respond? we'll talk to the ceo of rent the runway about a change in the company's business model. "power lunch" starts right now let's start with a check on the markets where the dow reversed and eking out a tiny gain did the dow lead what is the correlation? the s&p 500 pulling back after closing a handful of points from its own record high yesterday. the nasdaq continued a 11-day streak of an up and down day focusing in on amc turning positive moments ago an extraordinary aboutface julia boorstin is here as the shares are up 5%.

>> it seems that the stock price so misaligned that the company itself warned investors in an 8k this morning that the quote recent volatility in the current market prices reflect dynamics unrelated to the underlying business going on to say we caution you against investing in the class a common stock unless you can incur losing the investment loop capital markets says that if you valued amc on fundamentals it would be worth $1 and admissions declined since 2002 and number of screens increased by 15% plus all the theater chains are facing new challenges since the pandemic the pandemic enabled studios to simultaneously release films on demand or streaming and to theaters and shorten the window. of course both could put pressure on ticket sales now the question is what amc ceo

aron does with the recent influx of cash to address the reality of the challenge theater business he says which currently the company operates 585 domestic locations and 97 internationally and said he would use the proceeds on acquisitions potentially and upgrading the theaters and paying off debt bu the 2,400% gain year to date is divorced from reality. >> well -- i mean, it is creating a reality at this point. thank you very much. our next guest said investors and managements should take advantage of the trades instead of fighting them and benefitted from the meme stocks in the portfolio. jack gablan joins us now the shorts should be warned. there's two camps.

one thinks the retail public is suckered a kampb that thinks the short sellers are -- which side are you on >> i'm in favor of the retail investor i think that many of these people have signed on to robinhood, the first trades. no experience in the stock market let alone any kind of a formal training so for them it's a number, a momentum it has as amc had told his -- their would be shareholders this has nothing to do with fundamentals. >> as i suggested could it be creating its own fundamentals. if we see that can an army of retailer investors resurrect a company's fortune, can they? >> i think they can. you have to go back to the maybe mid to late '90s and i remember

when steve case took aol the blockbuster of the internet and parlayed whatever market value they had left to acquire time warner and were able to take what was an arguably stock price that was not -- did not reflect the fundamentals and change the business and perhaps amc or other meme stocks can do the same thing. >> what is the wisdom in the end, jack, though of owning a stock when you oknow that the fundamentals are so divorced from the price where you question whether the -- whether you're invest in a going and thriving firm with potential to be a real business. >> you're absolutely right, tyler. we put companies like gamestop and blackberry into some of the thematic portfolios last year with 2% allocations, something

like that. by i think february gamestop got to be 25% of the portfolio so we were able to take advantage of that and rebalance it back to 2 but you're right you go is gamestop really worth what it is and we think that -- i have seen irrational marks behave irrationally than the fundamental players can be solvent. >> what brought you into gamestop in the first place? let me ask you that. was it because you thought there was a legitimate business there? it was notgoing to be the next blockbuster and go away and go out of business? >> right so what we -- one of the themes we have, nine themes and one is future consumer and look at where they generate revenues and because of the bulk is generated from gaming, gaming being an

evolving and continuing to accelerate theme in the consumer it was in there. i think if, for example, that becomes less of a revenue play orb it gets too small it is kicked out of the portfolio and replace it with something else but what we want to do is grab that theme get every player that has exposure to that theme and then we just keep rebalancing until we hold on to the winners. >> you said in january when this stock takes off and pinch yourself i wasn'texpecting it to become some market darling and pinch yourself and go, well that's just the dumb luck of the market, right? >> that's right. i'm willing to take luck as much as skill in this game. i'll take my hits, take the luck but we did, once it was 25% of the portfolio we quickly

rebalanced it back to the 2% level. >> is a win is a win whether on earned or unearned runs to borrow baseball. great to see you, man. >> thank you. >> thank you so fundamentals on wall street don't seem to match meme street. is this a phenomenon to be a part of? joining us is mike santelli and taylor laurens as you analyze the meme stocks, whether amc or gamestop or whatever, what is your conclusion on them are they -- what's going on here is this a hysteria >> well, part of it is driven by hysteria or i guess you could say excitement a mob mentality approaching the companies as almost a game right? where you try to rally the troops right?

and manipulate the price in a way or hype the company to make a case for the company in some way which can be dangerous because people are more likely to engage in risky behavior. >> when adam aron said hey, look, you better not be in this stock if you're a squeamish sort because you may go to zero here. you don't hear that often from ceos except occasionally in i guess some filings where they almost obligated to say sump things. >> even in this case i do think it is kind of a legalistic let's cover the backs on this. >> right. >> but also recognizing that selling 11 million shares into a market right now in this kind of a froth that's traded a billion shares in two days did not matter they would feed it out and taking a $10 discount to what it

traded at yesterday so what? there's a found money. there's a corporate calculation going on realizing we might as well take what the market gives us for now and it's always been the case of rooting interest, an element of being part of something big going on right now in the markets. i rememberwhen online quotes were -- became a thing for the first time and watch the stocks move i think this is a bit of an accelerated version of all those things and not necessarily new that basically stories drive stocks in the short term but the scale and the amount of attention on it. >> i was reflecting on this a little bit and wondering your take this feels like really fundamental cases being made for stocks but just disseminated in a different way why when you

read the case for blackberry, you think, okay, that's what i might have heard about and now tweeted about and it's available for the public you don't have to go through the usual channels for the ideas out there. is that one aspect, one aspect of what's going on this year >> it is a strand, yes this idea that value bubbles up from below and doesn't come top down all the time. i would hesitate to apply that to amc even in the before times before disney plus and hbo max and the pandemic it was a low return business a melting ice cube right now it is happening is let's be part of the fun we love movies we have nostalgia about the company and the brand and it's working. i think people consider it play money. if it goes to draftkings

this is no worse. >> taylor, let me read a tweet that i think summarizes the sentiment and the concern people have whether retail traders are triumphing or played as one observer says this is hedge funds using social media to create a mania. i have heard this more and more from friend and neighbors who say why isn't the s.e.c. involved hertz they intervened last week but people made money to this day despite the s.e.c. advising against that so this idea of who needs to be protected from whom, is it possible that something will blow up in the weeks ahead and people point to hedge funds saying to regulators you should have done to keep this from hurting people >> yeah. definitely i think that unfortunately these big financial companies, they do sort of win at the end they operate from a savvy

standpoint and the retail traders might not have the backing of the hedge funds so yeah people always like to say the hedge funds are -- at least on wall street bets they're like the hedge funds are playing the market or playing god with the stocks but to some extent it is true. they still have a ton of power in the market but there's conspiracies that go around about that stuff, too. >> thank you appreciate your time. coming up, as more companies are crippled by hack attack, we'll look at where they're coming from and what the u.s. should do in response. take a look at some of the non meme names seeing gains. ford, general motors up. gave guidance to say we're doing better than we previously thought. we'll tell you about it when "power lunch" continues.

welcome back to "power lunch. i'm kristina partsinevelos the company plans to expand the pickup truck lineup and gm is at an all-time high after raising the profit outlook and increasing deliveries navigating the global chip shortage and then the tesla plunging in the last hours as the information reports that the company sales in china fell by nearly half in

may versus april so that stock is near session lows trading just about 4% lower today. tyler, movement continues with tesla. back to you. >> thank you the hacks keep on coming, whether from china or russia ransomware attacks crippled the u.s. economy in the last six moths, microsoft, colonial pipeline, mta and jbs have all been victimized. here's what former trump homeland security adviser tom b bossert said moments ago about retaliating for the attacks and why that could be dangerous in the short run. >> trump didn't put pressure on russia and allowed them to act and regroup. the problem is short term risk we are just not ready as a u.s. company and private industry >> all right

let's bring in david kennedy, former nsa hacker and ceo of trusted sect why are all the attacks seemingly happening now? what ties them together? >> what's interesting is these hacks have been having for a long time. ransomware, nation state attacks but going after critical infrastructure and saw with colonial pipeline the gas shortages. with jbs the meat shortages. they're getting more brazen and the sophistication increasing to target larger targets and they operate freebie by russia. a lot of companies are by impacted by it. >> in new york mta hacked by a chinese originator but a lot of them have been russian is putin of any mind to clamp

down and how do you see that dynamic playing out when the presidentmeets with vladimir putin in a couple weeks? >> needs to be a strong tonality and policy shift to address russia specifically. what happened before is the cyber warfare realm is loosely defined. coming from direct countries that are sanctioned by the countries are accepted as far as intelligence gathering purposes. hacking corporations and these are treated different than what the country does so for example the top five ransom groups that operate in russia with impunity are not treated the same as the russian government and like, hey, you can hack any u.s. based company. good for the russian government and pain within the united states and allies and not treating it the same here and needs to shift these are big issues that i hope

that president biden's tackling with putin to say if you attack u.s. based companies and you're not touching them you will be held liable for it. >> seem think to think the best offense is the best defense in this case and say shore up the cyber protections and had guests suggest banning crypto because crypto is typically how ransoms are paid does that make sense to you as a strong defense >> we have to get better at defense. 85% of the critical infrastructure that we have here in the united states is private sector and large percentage is gross ri inadequate. cyber security has to be better defensively. if you disallow the payments of cryptocurrency, make it illegal for the payments to these groups that's the government coming into private sector saying, listen, you will be completely shut down without the ability to

recover and i dealt with darkside and the most recent attack on the meat processing company and cripples the company. completely out of business unless they pay the ransoms so it is a difficult balance to deal with and yes they have to do more with sigher security and if we shut off the payment process or these you will have companies go out of business in the united states. >> exactly. >> it is a delicate balance. >> basically saying that there's no way for the u.s. government to help these companies play defense. therefore -- but the u.s. government doesn't want to play offense. you can't do a like for like can you imagine if the u.s. said to thingers, you know what go after the pipelines there would be outrage. >> right. >> if we can't really defend properly because that's not what the government can do that well, if we can't go on the attack in the traditional like for like

way then what do we do >> you see the defensive side of the house helping after the fact after a braemp, ransomed, they help the companies identify the actors but not facilitating the ransom but you have to there's not much to do from the government perspective and on the cyber front we are shoring up the national security agency is the major offensive wing and used for intelligence and not conducting major offensive type attacks and then cyber command from the military perspective. so we're building up the abilities here we we have other options. the other sanction route cause damage only the russian economy by taking a different stance it is not just a cyber side but need to be more aggressive on that. >> we have to do two things,

increase the defensive capability and up the pain that complicit governments may feel. >> 100%. >> for their role in this. very quickly, is this a case in any stretch of the imagination of russia directly or indirectly testing joe biden? >> yeah. it's very peculiar that we see the large profile breaches, especially around the critical infrastructure right around the time of a new administration the groups were targeting smaller to medium-size businesses and never critical infrastructure and now a massive attack there's no intelligence publicly or information publicly saying that putin is involved but peculiar. >> also as you were implying here these attacks are qualitatively different because thank you sow a kind of fear in the american population. going after the food supply, the

fuel supply, the transportation infrastructure why this is a destabilizing matter of a different sort than going after other kinds of companies we have to leave it there. we'll be seeing more of you. >> thank you. >> thank you. up next, rent the runway is get getting thrifty. plus why you might be paying more for your cup of coffee. details when "power lunch" continues. 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.

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welcome back i'm rahel solomon. here's the covid update. a major milestone for the global fight against covid-19 today the number of vaccine doses worldwide administered crossed 2 billion. but the distribution is uneven ten countries account for 75% of the doses. the united states administered close to 300 million doses and there's already been a dramatic drop in cases back to levels we haven't seen since last march of last year as the pandemic was picking up steam and that's helped clear

the white house to share vaccines with the rest of the world. today it says that 75% of the first 25 million doses will go to the covax partnership getting vaccines to less wealthy nations and the administration officials stress there's no strings attached. >> we are not seeking to extract concessions, not extorting or imposing conditions the way that other countries who are providing doses are doing. we are doing none of those things but given, donated free and clear to the countries for the sole purpose of improving the public health situation and helping to end the pandemic. national skurts adviser there saying that the u.s. does have the authority to say where those doses go but it will make the decisions in close consultation with the partnership. up to date back to you. >> thank you. time for the poufr movers. twitter up after announcing

twitter blue, undo organized tweets and more. a summer stock to watch is leslie's higher by about 4% uber lower today they reiterate the buy on the shares saying they see a scenario as mobility rebounds but uber is shedding 3.5%. for more go to cnbc.com/pro. ahead on "power lunch" getting in on hot girl summer. that phrase threw me there. >> me too. >> expanding into a new business secondhand clothing taking on poshmark the ceo joins us next. plus an inexpected impact from the meme mania why it could change the investing landscape forever and for thbee tter that story when "power lunch" returns. ideas exist inside you, electrify you.

they grow from our imagination, but they can't be held back. they want to be set free. to make the world more responsible, and even more incredible. ideas start the future, just like that. [typing sounds] [music fades in] [voice of female] my husband ben and i opened ben's chili bowl the very same year that we were married.

that's 1958. [voice of male] the chili bowl really has never closed in our history. when the pandemic hit, we had to pivot. and it's been really helpful to keep people updated on google. we wouldn't be here without our wonderful customers. we're really thankful for all of them. [female voices soulfully singing “come on in”]

welcome back let's check on oil where are we $70 mark pippa? >> hey, kelly. oil seesawing today in a volatile session wti crude futures lower here,

$68.78 global benchmark brent crude dipping to $71.27. now earlier today wti hit the highest level since october of 2018 but the weekly inventory report september prices tumbling crude stocks declined by 5.1 million barrels last week. but on the flip side gasoline stockpiles unexpectedly jumped still after strong gains in the last few sessions wti on track for the fifth positive week in six. back to you. >> thank you very much. now the bond market and rick santelli is tracking the action for us this week rick >> historic day. look at a chart of the service sector as envisioned by ism going back to 1997 when the series of data started and won't find a higher number than

today's 64 that and a strong jobs report just shy of 1 million and both initial and continuing claims making postcovid gains lowest levels all good things so look what the 10-year note yield did. it continued to move higher with parts of the equity markets and looking at 10s and bunds it started to narrow. it's starting to turn again and all about the usa. if you look at a two week of the dollar index it is starting to pop here short covering big movers against the dollar/yen up to one month it's a three-week high close. back to you. >> thank you. the clothing rental company rent the runway getting into the resale business to let women buy

lightly used clothing through the platform without a membership and comes at a right time seeing the subscriber base nearly double over the past year and customers find those going out clothes stashed in the past year here is jennifer hyman ceo of rent the runway and julia boorstin. >> thank you so much for joining us today on this big news, your business is built on rental. why get boo the resale business? >> we have conviction that coming out of covid sustainability and secondhand would take off because people would change the values and reconsider how they consume and wanted to be the first platform in the world that offered the customer the flexibility to choose whether she wanted to rent, buy or subscribe. >> so, jen, there are so many

players in the space where do you fit in? who do you see as the main competition? >> the hero of the business is really oush subscription which is over 75% of the revenue and will continue to be and the transformative behavior of having a closet in the cloud that you use on an almost daily basis. the resale business is an amazing funnel into our rental business the things that make us unique are that we source the inventory from our 700 brand partners but most people in the circular economy source out of customer's closets. we get current season inventory, the assortment is full size runs, feels more like a luxury shopping experience than a treasure hunt. >> so do you see this resale business being more of an alternative to rental than to a

different resale business or buying something on discount >> no. i see it widens the potential customer base. resale is an incredible first step into the world of secondhand we have seen many people convert over the years from representing with us for a special occasion to purchasing a subscription to fashion and expect the same with the resale business. >> jen, tell us what you see in terms of business trends your business up 97% from a low in may and did take a hit at the beginning of the pandemic. what kind of drop did you see in subscriptions and are you back to prepandemic levels? >> in most of the country right now we are back to almost our 2019 levels and in second and third tier cities we are above

the 2019 levels which is really striking but the growth rate is 50% higher this those second and third tier markets than the metros which are recovering so we are seeing something that's so different than the first 13 years of running rent the runway the fashion that people are renting is more bold, more exuberant than i have seen in my career much wider geographic diversity of customer and why they come to the service so whereas the business was primarily focused on being dressed for work and special occasions in the past they rent for casual occasions and going out to dinner, having brunch with the family celebrating a birthday going on vacation and symbolic of what everyone is expressing in their lives where they don't want to let a moment pass

without appreciating it. >> people want to get dressed up for every occasion now i guess a quick question on gwyneth paltrow. what do you expect her to bring to the company >> she is a consumer visionary and one of the best entrepreneurs. so it's a strictly business partnership. if we work with goop i leave it to the chief merchant. >> jen, thank you so much for talking to us about the big expansion here >> thank you. >> fascinating julia, thank you rent the runway is a five hch time weekly disrupter company. we want to bring you a headline now coming out of the bernstein conference

jpmorgan co-president saying overall credit spending is up, get this, 17% so far this year compared to the same period not 2020, way back to 2019 smith also noted that the increase in spending from may came despite airline ticket sales down and expects another uptick in the credit spending in june kelly, people are opening the wallets. >> i think for people saying up 17% from last year makes sen but -- >> 2019. >> prepandemic levels is extraordinary. another retailer is lululemon with results after a rough start to the year. is casual on the way out we'll discuss. plus check out the other names after the bell today we're back in a moment

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welcome back to "power lunch. lululemon out with earnings after the bell, a pandemic

darling but shares have fallen by about 8% this year with consumers switching sweat suits for swimsuits. what will the reopening mean for the companies like lulu? let's bring in the team. matt and delano. it is good to see you. you would think that the investments that lululemon making in the digital platform to get investors more excited but shares underperformed this year. >> yeah. shares have underperformed and i think investors looking for higher growth expectations which haven't been met so far but a couple positive things one talking about the reopening of the most recent segment and important seeing people opening wallets and bodes well for premium brand. i think that's a sticking point of why you would buy not only going into but past earnings a big reason why investors will come back into the stock. >> matt, you say that the stock

is trading at a critical level what is it >> exactly why yeah. hire at the 343 level. it's interesting because the stock even though in a downward sloping trend since last september it is rallying since early march and made one nice higher low higher high sequence and recently another higher low and if the report is an impetus to trade around the 343 level there will be another higher high and above the 200-day moving average and i think give more upside momentum and with the premium product it is people put on the weight when they were out there shut down, they might be moving into those clothings and should help the stock so how it acts coming out of the earnings report should be important. >> i think that mecommentary fr

the ceo is important tonight thank you. head to the website, follow us on twitter. >> thank you. another news alert fromthe bernstein conference boeing ceo saying the leisure market is going gang busters and kcht that business travel will be the same and added that he sees supplies constraints beginning in the summer. kelly? all right. up next, why meme mania could be creating the next generation of real investors we'll bring you the resultings of a new survey after this. enow the latest from tradin nation.cnbc continue come and a word from our sponsor.

welcome back to "power lunch. casino operators all under

pressure today the moves come in the wake of a "the new york post" report that lawmakers in new york city squashed plans to potentially issue a casino license to certain companies this year. three of these operators reportedly competing for that competing for that license all three stocks are underperforming their rivals today. despite the hot reopening trade, las vegas sands has been a big laggard on the year. one of the only casino stocks trading in negative territory for 2021 kelly, does that mean a trip for you to vegas >> no. kristina, you're going alone. >> i don't like it there not my scene. >> i like it there for about 48 hours. >> yeah. >> that's good i'm good then. >> all right, kristina, thank you. we have new evidence that the meme mania hitting wall street is having a huge impact on teens a survey from wells fargo polled about 300 teens nationally in late april through early may and

45% of them said they're more interested in investing because of the gamestop media situation. kathleen was named baron's list of top 100 women financial advisers in 2019 and in their financial advisor hall of fame i think this is your first cnbc appearance to have you here, especially because the survey is so fascinating this meme phenomenon you think could actually translate into creating the next generation of investors? >> absolutely. i think we've certainly gotten their attention now, which is awesome. we need to leverage that and educate them, create some conversation, particularly with parents and teachers and even advisers to cultivate a love of learning and financial markets markets are exciting i love this job and i think there's going to be children that are going to really adapt to it. i think it will be a really fantastic experience for them and create habits that will create wealth for them their whole life. >> one of the criticisms that's

emerging from the likes of robinhood and even some of the other more mainstream platforms that are making it easier for teens to trade is commentators go, you know, they're saying this is all about financial literacy but it's really just in their own interests to generate trading activity and profits from kind of an especially gullible segment of the population how would you respond to that? >> well, that's a tough one. i would say if you get the parents involved, i think they can mitigate some of that. that's just part of the conversation i think parents can engage their children, especially if they're interested this is the perfect time to get them to tell them about what are the trends teens are involved in now? they usually have their ear to the ground way before parents and i would argue maybe before analysts as well they know the latest trends in fashion and music and entertainment. so challenge the child to express what are the products they use and then educate them that perhaps this is a publicly

traded company that you could actually invest in >> i have a great book that i think kind of summarizes people's hopes for this trend, investing the last liberal art you have to bring a lot together in order to form a view on whether to invest in any company. less surprising was the finding from your survey that half of parents admit their kids know more than they do about bitcoin. >> that is not surprising. kids are usually the first to know it is a trend that most paurnts didn't adopt so i think that's absolutely correct. >> do you think in the end when the history of these meme stocks is written two years, five years from now that it will have -- that they and the investing surge that they have been a part of will be viewed favorably or unfavorably? in other words, if people make a lot of money, they'll remember it favorably think of all the money i made in amc or gamestop, but if it goes

the other way, it could sour a generation on investing, could it not. >> well, it certainly could but we've seen dislocation in the market back in the tech boom in the late '90s but i think it's a good lesson to learn and an early one is better because you probably have less money i work with clients are all ages it's amazing to me they can recite the exact worst investment they have ever made that maybe occurred 30 years ago so they leave lifelong lessons i think it's important even for a teenager to understand what's their risk temperament it doesn't really apply just to older people wanting less risk they really have to understand what's right for them. so those lessons, i think, whether they lose or win, you almost want them to lose a little so they get a little humility because this isn't investing, this is speculation that's the key to parents getting involved is saying, yeah, this is great. we want to encourage it. >> what was your first investment, kathleen just curious. >> it was ibm.

>>mine was the t. rowe price prime reserve fund a money market fund back in 1977 when inflation was high and it actually paid something. >> oh, sure. yep. that's funny >> i don't even think i had one. i think i was writing about it before i ever could own one. kathleen, thank you so much. it's been a pleasure to have you on. >> absolutely. thank you for having me. >> fantastic ibm. i was there once too for all the wrong reasons and lost. looking for signs of inflation? wake up and smell the coffee the price of bean up more than 25% this year and could climb higher that story is next

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like most commodities, the price of coffee surging over the past year, so will this affect your cup of java kate rogers has more tell me the ain't so, kate >> it's true, tyler. the price of coffee is having a record run, up over 25% year to date there's an ongoing drought in brazil that stands to impact coffee crop into 2022 and beyond coffee farmers in colombia fighting for a living way and port delays all factoring in the average price of coffee in the year ended april 2021 was $3.23, up 7% from a year ago while specialty coffee like lattes, $4.34, up 5% from a year

ago. at gourmet outlets, the average price paid for a cup of coffee up 8% and specialty coffee was up 3% from a year ago. the current rising coffee futures shouldn't be hitting big chains like dunkin or starbucks just yet dunkin, which is fully franchised, said while local pricing is set by independent franchisees, we've been able to successfully manage costs to continue to deliver a great cup of coffee at a great value we don't anticipate any noticeable impact to price any time soon. starbucks also added our coffee purchasing contracts are put in place well in advance reducing volatility for everyone, and we pay premiums that support farmer likelihoods. as far as retail pricing we are planning ahead as well and expect to remain on par with industry practices and below inflation which is at 3.9% back over to you. >> i'm ahome coffee person, ty in the smucker call this morning or last night they said that

their folgers brand attracted millions of new shoppers in the pandemic, many of which have gone on to buy it again. >> yes, i'm sure that's true i became much more of a home coffee person over the last year. >> are you going to stay that way? >> yes, i am >> are you sure? >> we redid our kitchen and got one of these fancy things. it's very good. >> i want you to bring me in a cup. >> will do. >> thanks for watching "power lunch. "closing bell" starts right now. >> it certainly does welcome, everyone, to "closing bell." i'm sara eisen at the new york stock exchange it's an up and down session on wall street. the dow clawing back from a 265-point drop but the nasdaq is firmly in the red as we head into the final hour of trade amc recovering most of its 40% loss. >> in the green and then back into the red again i'm wilfred frost. let's have a look at what's driving the action another wild day for amc, the meme stock which doubled in yesterday's session. it's trading all over the map after the company announced a new share offering there's positive news on the data front as we await tomorrow's may employment report weekly jobless claims coming