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good afternoon why welcome to "power lunch. i'm tyler matheson with kelly evans. big drug news today. b biogen has fda approval for an alzheimer's drug we have got the ceo of biogen this hour. >> apple is holding a developers' conference many are not too happy with the company and the app store's 30% cut. >> that's right. should ransomware payments be outlawed by law? what about the companies victimized what should they do? we'll explore that and more as "power lunch" starts right now a quick check on the

markets. still a half percent decline with the dow and the s&p lower nasdaq with a gain biogen soaring thank to the approval for the alzheimer's drug the shares up at 408 and still a lot of action in the meme stocks with big gains for amc, gamestop and others on heavy volume ty, also watching apple as the worldwide developers conference is under way this year it is down about 6%, half a percent today. >> all right we'll talk more about that developers conference and why it is different than in prior years but first going to josh lipton for what apple and tim cook have said so far. josh >> apple's developer conference right now and highlights ios 15, that's the new operating system.

a lot of new features. facetime upgrades. a new grid view. we know that people that are on facetime a not pandemic and interesting to see what happens as the world normalizes. dau updates to messaging re really rival come petitors all this remember even before this mark zuckerberg did call out apple as a potential rival this is a new look that apple says to help better manage notifications and help them be more efficient order them that sounds small but helping to be more productive that could be important.

ipad software also upgrade with the operating system making it more capable according to apple and new ways to rearrange apps improvements to multitasking ipad was a winner last year and apple wants to keep the muomentu going and new features that apple says is more control and a new kind of panel to let you have more -- know more about what data is collected by the third party apps we'll bring you more headlines as we get them. >> thank you a key focus at the event today is the ability to make sure that the developer community has incentive to develop for the apple ecosystem. let's bring in tim higgins with "the wall street journal" and tom forte with da davidson tom, let's cite a thing you said in the notes that you think this

developer's conference is an opportunity for apple to play offense more because they have been on the defense with respected to the apple developers have you seen that what form do you expect that offensive stance to take >> sure. so thank you for bringing that up this was a much needed tuptd to play offense and the conference speaks to the company's strengths. so you think about the developers on apple that are able to general rate millions if not billions of dollars of revenue, the recent epic games versus apple lawsuit, the complaints by spotify. they have talked about the efforts to improve opportunities for developers fromdiverse backgrounds. i think they'll talk about what they're doing as far as lowering the fees for smaller developers but this is a great opportunity for apple to warmly hug developers virtually to remind

them why it's important to make apps for apple. >> tim, is that what you're feeling here, warmly hug, the developers and maybe concede a little bit of the commission cut to the smaller developers? >> we didn't hear any new developments on that commission today. that's the elephant in the room. >> right. >> there have been some announcements regarding the privacy changes that may disrupt the ad businesses out there. more changes to how email is dealt with rite now a lot of information is pulled out of that information and apple wants to make it easier to turn that flow of information off and those are the kind of thingsthey seem small but they have domino effects to other businesses with an ecosystem around apple and time will tell to see the reaction to that but that's why so many people are watching

today because apple has a great power to kind of change the rules of the game. >> tom, on that front, if i'm facebook, zoom anything hearing today to affect the ambitions, the market share, the share price? >> facebook or zoom what you will hear is that apple is adding new privacy related features to hide if they read email to them from marketers so facebook pointed out that apple is a threat to facebook and i think that the developers conference today is sk consistent with that >> actually, tom, as you speak i think about the news letter i send out and i get these stats like here's how many people opened it and very high -- no. of course it is not. maybe they do me a favor but will people that send out news

letters know how many people opened and read them or do you think it's aimed at literally marketers? how might that affect the entire ecosystem? >> i think this looks like the tool to have an impact on a large scale marketer and unfortunately on your situation if the readers hide if they open the emails that could have an impact on you. >> interesting. >> what's an app developer to do if they have a grievance with apple? how much do they need apple versus how much apple needs them >> you hit on an interesting point. for most developers there's not much they can. small developers is dependent on the system and they're happy to be in the system to enable access to users. created a market what we tend to see is when they

start to become businesses and kingdoms unto themselves that's when the alignment of apple and that developer perhaps has some problem like epic and facebook these are kingdom that is want to have the rule of law on their own world and don't like bumping up against apple's rules and the challenge we see here. >> basically the younger and smaller the app the more they're willing to play with apple the bigger they get the less they want to share the pie with apple, apple pie, right? >> yes that's what we see when we talk to people. for some it's a great deal for others with other ambitions that's what we see the tension. >> tim, tom, tick, tock, appreciate it. >> thank you. >> thank you. >> you bet. coming up, biogen is soaring after the decision of the fda. we'll speak with the ceo to talk about the price for the

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welcome back we are seeing a tug of war over the market the meme stocks, bitcoin and get rich quick traders commanding attention and same time slower more traditional investors

making bold moves. mike santoli has more. >> ofly all the attention is consumed and the oxygen of the market by traders driving volatility, volumes through the meme stocks but flows into etfs. also very powerful more than half a trillion dollars year to date and seems like that's a major support for the broad market this is a chart to illustrate that blackrock caters to those individual investors and hedge funds. they buy and hold etfs and the rest of it both of them doing great up between 55% to 60% look at the cadence. this is a burst higher when the robinhood craze and the burst of gamestop enthusiasm peaked in february and right around the time once that gave way when

blackrock caught up and basically has shown that the buy and hold traders are fully engaged in this market take a look at the volatility index. it will tell you that the meme traders are not necessarily setting the market's agenda in the sense of how jumpy it is a one-year low, and in january and february you did see the spike, once all the gamestop short squeeze it caused distress with hedge funds to cause them to cut the positions and not se seeing it right now. they might come tension with each other and the upshot is the public very, very fully engaged in this market right now. >> so what is -- is there a connection then that you are pointing to between the meme investors, the interactive broker player and the more staid and reserved and conventional

player as represented by blackrock? in other words, are one following the other? >> i don't think it's like that. i would say a bull market invites in all kinds and every bull market is a mix of people playing for the long term and trying to capture returns but along the way you have all the hyper activity, you have a tip of the day, always the case and rite now much more accelerated in the form. >> you think back to the late '90s, early 2000s and think of jds uniphase and cmgi. i remember meeting a waiter at a chinese restaurant in north carolina saying what do you think of cmgi. i thought we have come to the apocalypse here. >> my tailor last week said he

was in on amc. >> listen to the tailor, always. thank you, mike. >> all right. stocks fight a war and another front in the bond market as the fed reserve starts to ready. steve? >> yeah. just to be clear the fed is ready to start talking about pulling support. readying markets for reduszing the $120 billion monthly assets and discuss tapering at this upcoming meeting in june and could be on track to taper this year or next year. five fed officials publicly commented on the likelihood of the discussions recently and patrick harker at philadelphia federal reserve bank, robert kaplan of the dallas fed fed bank supervisor and loretta

mester and announce -- announcement to taper in the summer or fall and then beginning of the reduction by end year or early next year behind it an atertempt to avoida tantrum from the market. kelly? >> it's interesting because the market seems to feel like hawkish, dovish. opposed to which kind of tightening that might be how do we know where the goal post -- data time line event -- a federal reserve speak time line? jackson hole event looms large. >> i think so. so what will happen is there's a sort of outcome time line that becomes a calendar time line as for what the fed thinks of as

success it expects volatility, probably interest rates to rise and going to be watching is can it affect this taper without a meaningful change in the outlook for interest rates for the first hike in the market in early 2023 if the fed can do that and perhaps markets springing forward by a quarter or so i would think the fed thinks it avoided a tantrum there. >> thank you. the fda approving a first drug for alzheimer's in nearly two decades and halted for trading and then again on volatility and quite a day for biogen shares. the ceo joins us live in just a moment

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welcome back i'm rahel solomon. here's the covid update. the testimony before a house committee today secretary of state blinken said that china failed to meet the responsibility of cooperating with the investigators and investigations into the or vin of covid-19. >> what we have seen unfortunately more than unfortunately from the prc since the beginning of this crisis is a failure to meet its basic responsibilities in terms of sharing information, providing access and doing that in realtime with transparency that was true at the start, it remains true unfortunately today. >> meanwhile areas of china's southern province are locked down trying to control increase

cases there. some cases with the delta strain first defected in india. moderna has applications to european and canadian health regular lay toers to use the vaccine in 12 to 17. the vaccine is used for 18 and older in the u.s., european union and canada back to you. >> thank you. it is time for the power movers kkr lower. the firm buying the airport services company atlantic aviation. next u.s. concrete soaring 20% why the supplier bought for $1.3 billion. progressive lower why downgrading to underweighting with margin erosion and too many

commercials. no just kidding go to cnbc.com/profor more. ahead on "power lunch," a sit down with the ceo of biogen to discuss the alzheimer's drug approval. should companies pay ransomware jeff bezos going to space and taking the amazon shares with him. heading to break june is pride month. cnbc is spotlighting here's kevin fln. >> be proud of who you are be true to yourself. never be something you are not to please somebody else. use your power help others with it. be fearless. be a leader. always stand up for what's right. your sense of pride in yourself will tear down walls and build a future that's for effect witible and inclusive.

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the oil market is closing for the day and pippa stevens has the closing numbers. pippa? >> oil jumped to multi year

highs today but couldn't hold on to the gains and finishing up the session in the red wti crude futures down at $69.17 after hitting that key $70 level overnight for the first time october of 2018. brent crude down at $71.47 weakness in the broad market and china import data weighing on prices the country's may imports marked a low and down 15% year over year but coming off the fifth positive week in six and some traders say this is a momentarily dip rather than a reversal back to you. >> thank you. the fda approving the alzheimer's drug of biogen rs the first in nearly two decades. the stock up 42% right now

meg? >> kelly, thank you. michel vounatsos joins us now. this is huge the first alzheimer's drug approved in 18 years, the first ever to potentially slow the course of the week and this is a controversial decision how are you looking at this moment this historic moment for alzheimer's disease and the people saying this was the wrong decision by the fda and they need more data >> thank you, meg, for having me it is a historic day for the company. i want to applaud the amazing job made by the colleagues why it is an honor to be leading the company at this stage but today i want to think first about the patients, the cavegivers and the families after almost two decades without any innovation it is a new day, it is some hope finally for the patients and families. it is a new chapter that is

being opened that we are going to write together with the patients and the families and the caregivers. >> now the fda approved the drug in a creative new pathway as an accelerated approval approved on the fact to clear plaques from the brain and should confer a clinical benefit and slow the progression of the disease and requiring a postmarketing study essentially a phase four trial what can you tell us about those results? >> accelerated approval is a well established pathway by the u.s. fda so there is nothing new here it is used mostly for largely with oncology products this is a new way in order to open a new space with a --

eventually indication of clinical outcome over time we are delighted about this approval and committed to continue to study the product. this was the plan in any case so having to do another study is nothing extraordinary. we are committed to learn more it is a new beginning. >> if the confirm tori trial does not prove the clinical benefit of the drug that it's hoped to prove would you support the fda pulling the drug back off the market so if i'm not mistaken we have more than nine years to deliver, up to nine years to deliver the results of the study that we will design together with the u.s. fda and the protocol is not yet over and finalized and as importantly before the nine

yea years and we are committed to deliver the data as soon as we can we will be in the position to generate real world data which will hopefully show the mechanicization. today and this hypothesis so challenged by so many we have three studies showing binding characteristics and similar results. so it's not a map. now we have three independent compounds that are able to target the toxic plaque of peptide that is bad in the arteries, the heart. also around the brain. and here we are able to decrease the plaque burden that is affecting the neurons and causing alzheimer's disease. i think this is significant. i think this is the right thing.

>> mr. vounatsos, let me ask a question that may have been implicit in the earlier answers. but i would like to ask it all families have been struck by this disease as mine have. this is not a cure you say this slows the progression of the plaques and the disease. am i right to assume then that if it slows the progression it extends life and quality of lich do you know by how long or how much that's number one. and then since i asked the word -- used the phrase how much, how much does it cost per year >> we are still at the beginning of learning in terms of efficacy of the compound. we have five year's data on the long term extension study and continue to see benefits so the clinical trials conducted for 18

months and then in real life we will have much more data in order to be in a better position to best inform the critical question that you ask, how long should i stay on therapy? is the elimination of the plaque when i should stop therapy we don't know. on the long term extension data after five years we continue to see benefits so much more to come. >> then you say we are gathering information. we don't know how long life might be extended with the use of this drug but that that cer certainly is an outcome you could look forward to. what is the cost per patient per year or what do you think it is likely to be >> we have seen some level of evidence in terms of activity of daily living and we believe the

patient should be able to live a more normal independently bmp moving to an institution which is the case of more than 100,000 patients every year in the u.s. which is a terrible situation so hopefully what we have seen in some of the data is that activity of the living and the cognition could be confirmed this has to be confirmed the price is $56,000 a year in the normal year. after lengthy engagement, obviously, this is important, we, the payers and private, and public, with the pricing this will allow sustainability of continuing to invest in our reach pipeline beyond

alzheimer's. parkinson's. als. stroke and many more. so we believe this is a fair price. we'll be working very closely with medicare that is covering 80% we believe approximately in order to secure sustainability of the system. and monitor very closely the drug utilization moreover, we are committed not to take any price increase during the next four years >> michel, on the price, stat news has a story out saying this could be the most lucrative drug in pharmaceutical history. rbc says the sales opportunity here potentially $46 billion a year and the same analyst also saying that the price could come back to bite biogen about four times higher than many expected

you to price this drug at. are you expecting pushback from payers could this be a moment like my colleagues at stat news pointed out of a drug for hepatitis c? >> meg, we are engaging with medicare and engaging with the private payer since a long time. do you know that today the cost of alzheimer's is $600 billion to the u.s. in terms of direct and indirect cost? so it is time. without having really a treatment that addresses the pathology of the disease, it is really time now that we invest some resources to treatment. >> and i understand also biogen is investing in helping people get diagnosed with alzheimer's this could really change the

face of brain health treatment for a lot of folks you're establishing partnerships with cvs for screening labcorp mayo clinic. there's a new drug and pharmaceutical industry tries to help diagnose for patients what do you expect in terms of accessing patients with alzheimer's? >> if you read the round report and other reports it is documented that there's bottlenecks in the infrastructure the infrastructure is not ready. a company cannot do it well. cannot do it alone so we will do everything we can in order to support the diagnosis and the patient journey towards treatment and monitoring of the treatment,

also for the underserved community. we have learned from the last pandemic and the incidents is higher for the latinx, the black population and we want to give the same chance as a patient living in boston today. >> all right michel vounatsos, we appreciate you being with us. thanks again. >> thank you. >> meg, thank you very much. now more analysis from michael ye at jeffries your price target is only a little bit above where the shares are trading so does the stock move make sense to you what about further trials not baring out the best hopes for this drug? what stands out for you? >> thanks very having me on. i think a couple thoughts. one is this is totally

transformative for the pnl faced the issues with the legacy drugs and people down and out on biogen and this is transformative and got $10 billion of sales to start off with and i don't think people think that's crazy there's a transformative growth trajectory ahead in terms of what the stock changes here and where i think it could be going certainly if you look at the numbers and the company could be doing $35, $25 of earnings power and simple multiples of 15 or 20 times on the numbers gets you to $500 to the upside with reasonable assumption so i obviously people are not positioned for this. this was obviously a surprise. this was something that we were positively calling for but certainly transformative here. >> michael, the contingent

nature of this approval. are they saying it doesn't matter that this company now has -- i was just on an international website where this is the number one story by a long shot just approves first algz drug in -- is this so proposaling and the opportunity for the public to get its hands on the drug so overwhelming that the possibility that the trial may not fully bare out the hopes is just not that important right now? >> let me say a couple informed points and comes with perspective and context having followed the industry and seen accelerated approvals in oncology point number one is some point they will come to a design of a postmarketing study to attempt to confirm efficacy on cognition or memory. i think they will come to an agreement on what makes sense.

takes a long time to run that study. i think that we could argue the actual end point orb the totality of the end points to suggest that there is efficacy and certainly keep the drug on the market regardless. so what we have seen is oftentimes there can be a flexibility in design, certainly he said nine years to complete the study and based on the totality of everything it is likely that it wouldn't be a situation to pull it from the market unless there's something terrible that happened >> all right michael, thank you for your time today. really appreciate it. more and more companies are hit with crippling ransomware attacks and more experts say companies shouldn't pay. why investors could be more exposed to meme stocks than they think. we'll discuss when "power lunch" returns.

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unlock the systems and prevent sense tifr data leaks or be offline paralyzed. right now the government does not ban private companies from paying the ransom but should they here's what energy secretary jennifer granholm had to say yesterday. >> do you think there should be a law on the books that bans the payment of ransom? you may have to outlaw the ransom payments. are you ready to go there? >> yeah. well, i mean, i would. i will say that. but i don't know that -- i don't know whether congress or the president is at that point but i think that we need to send this strong message that paying a ransomware only exacerbates and accelerates this problem you are encouraging the bad actors when that happens. >> for more on the question of to pay or not to pay i'm joined by dimitri alpararovic and

michael daniel welcome to both of you fascinating topic. i know a lot of people are thinking about that. dimitri, let me get your reaction to what secretary granholm said banning the payment of ransomware because it encourages this behavior. >> i think this is a really bad idea no one wants to pay the ransom but the reality is sometimes you have no choice look at the colonial pipeline incident if it took months to recover would we have wanted to wait i think banning ransom payments revictimizes the victim and need to make sure that the payments

themselves are traceable to prosecute these people. >> do companies really have no choice here? we have heard stories of companies or cities that chose not to pay but then ended up with fixes that cost them multiples of what the ransom payment would have required. what do you think? >> sometimes companies do have other options. sometimes it turns out that the ransomware perpetrators used a form of ransomware for which there's a code known there's ka group called no more ransom that keeps deencryption keys and there's backups in other structures to recover more quickly so in some cases there are options and other cases there are not. >> so let's delve further into

where you come down on this. you say, yes, there might be alternatives to paying the ransom but then the other leap to outlaw paying the ransom. do you favor that? if you do under what circumstances or nuances would you favor that >> i do support that as a long term policy goal but agree with dimitri to tomorrow flip the switch the saying that payments are banned would be really bad policy there's a lot of work to be done to put in place to enable the government to support companies so they're not in that position where they have to feel like they have no choice but to pay the ransom and i would say that's a policy goal that we should set and also do those things that dimitri mentioned, be aggressively going after the perpetrators, woging to bring

the crypto markets much more into alignment to trace the payments and track down those responsible for this ransomware so there's a lot of work between here and banning payment. >> reabout to what michael just said he said as he said as a short-term thing, banning ransomware -- excuse me, banning the payment of ransom to the ransomware people would be bad policy, but in the long run you've got to take away the incentive for those ransomware people to attack a company but in the meantime, companies, institutions, medical systems, hospitals, they could be frozen in place and it's not too much of a stretch to say lives could be lost. >> absolutely right. this has become a huge epidemic. it is one of the top national security issues that we face

right now. look, we've been through this debate before in another arena with kidnappings and the u.s. government has had a policy for decades that families should not pay ransom to get their loved ones back. people wanted to save their loved ones and family members and no one is going to prosecute them for paying a ransom if you're a hospital, if you can't do life-saving surgeries, of course you're going to pay the ransom if that's the fastest way to recover and save lives. we have to let them do what they need to do to get back up and running. we shouldn't encourage it. we should say to pursue all other options before paying the ransom but sometimes we have no choice i agree with michael, we need to start tracing the cryptocurrency so we can identify these people and create some deterrent here. >> michael, let me tie this off by asking you this in this interim period where you're moving towards a world where paying ransom is, you

know, obviated, would you favor setting up somekind of government indem fiction fund that would help companies pay the ransom or recover from the ransomware attack so those companies don't run the risk of going out of business or being paralyzed for weeks and consumers and others hurt by that >> yeah. so if you actually look at the ransomware task force report that was put out by the institute for security and technology that i was one of the co-chairs of, we strongly recommend the creation of a cyber ransomware incidents response fund in a sense to do exactly that, so that you can, particularly for state and local governments, where you've actually got taxpayer money that could potentially be being used to pay ransoms which i think is a very bad situation those entities need a lot more support to be able to avoid that

but yes, you would use this indemnification fund with an insurance policy to try to reduce the costs on businesses. >> gentlemen, this is a fascinating conversation, very, very timely. both of you have really great experience and really great points of view we appreciate it we'll have you back soon thanks >> thank you now let's flip over to seema mody who brings us trading nation seema? >> kelly, we are watching the meme stocks. i want to take a closer look at some of the etfs that hold these names. some of the names in the russell 2000 amc and gamestop are now the two largest components in the russell 2000 value etf once a small component, amc now makes up 15% of the invesco leisure and recreation etf gamestop, a big reason the spider retail etf is up 47% this year how should investors play it ari wald and nancy tangler

if you're waking up and thinking i need exposure to these meme names through these etfs i hold, what should an investor do >> you should look at the top holdings in any etf you own. in this case that's what we find this is a company whose management has voracious appetite for capital insiders are selling that's still in distressed territory. and it's got negative earnings to boot. i'm speaking about amc. i would be a seller as fast as i possibly could at these levels investors should be aware of what their largest holdings are in any etf they own. >> and etfs, change on a quarterly, and annual basis. how do you trade it? >> the rebalancing will take care of that issue for investors

on their own these two stocks are only 2% combined of the russell etf. you get a little of that, you get a little of this i think small caps overall are positioned to break to the upside we were on the show a couple of weeks ago talking about an early summer rally the russell 2000 has formed a coiled spring that appears to be breaking to the upside i think that's the ports summertime rally for stocks overall. >> for now these meme trades have helped these etfs outperform for more trading nation head to our website and follow us on twitter. tyler and kelly, back to you. >> seema, thank you. jeff bezos, he wants to go into space he's going to go into space and he's going to take his amazon shares with him. why some investors aren't happy he's taking the risk he's also invited his brother. >> a lot of confidence in that brother. >> "power lunch" will be right back and now the latest from

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jeff bezos announcing he will fly on the first passenger space flight for blue origin and he's not going alone he's taking around 51 million shares with him. robert frank joins us with more. >> jeff bezos owns more than 10% of those amazon shares he is far and away the largest individual shareholder and those shares worth about $163 billion he also controls the vote of around 16% of the shares since he still votes the shares owned by his ex-wife mackenzie, his total net worth about $187 billion. investors right now seeing little risk from this flight or the shares amazon shares basically flat today. now, some of that may be because bezos will step down at ceo on july 5th, that's before the flight he's sold over $6 billion in shares just this year as part of his scheduled share program. amazon and bezos have not disclosed what his estate plan is for those shares. would they go to a trust

would they go to his kids, to charity, to his partner, lauren sanchez? these are all questions that he has probably answered in some estate plan they have not disclosed. i would argue maybe they should. maybe his shareholders deserve it given this risk, guys. >> would you tell him, robert, i'll take care of his shares while he's away. >> i will. that's a great idea. >> thanks for watching "power lunch," everybody. "closing bell" starts right now. >> thank you, kelly and tyler. welcome to "closing bell." i'm sara eisen here at the new york stock exchange. major averages hovering near record highs the dow and s&p 500 are a bit lower as we head into the close. >> and i'm wilfred frost let's have a look at what is driving the action shares of biogen are surging after the fda approved their alzheimer's drug apple is weighing a bit on the nasdaq on the back of its developers' conference we'll have more on those stories ahead.