are so far behind. this thing is a rocket t-mobile >> awesome having you. see you tonight. stephanie. quick. >> american express. >> doctor j and then j >> clne. bought it during the show. >> ihi >> good stuff. thanks, everybody. "the exchange" is now. thank you, scott hi, everybody. "t welcome to "the exchange." we all know about game stop, amc and reddit speaking of which, we'll speak with sec chair gary gensler. we'll talk about the discussion him and jim were having about this whole issue around paper order flow what that means for future of free trading for robinhood and reddit and so much more. is it time to retire fang.

one market strategist says it's over we begin with the state of play. >> so much happening in today's market s&p 500 trying to get to the fresh all time high. we're looking at the dow industrials as the sector under performs take a look at stocks like caterpillar, john deere. all of these stocks seen as beneficiaries of an structure deem and they are slipping after president biden ended infrastructure talks with a group of six republican senators there's talking about democrats using the process of reconciliation it's worth noting caterpillar raises dividend by 8%.

there's game stop, amc, clover this week. are red dn legitimate fueled rally is becoming a market force to be reckoned with. even the market pros are watching for the next name that could be headed to the moon. first, what the heck is a meme stock? these are the key points there's heavy short interest, higher trading volume with no major news catalyst and massive encouragement to buy the stocks in online forms. take geo group it manages prisons and correctional facilities and the

most active new york stock exchange today it's halted today because of volatility it's trading well over 24,000 over its -- 24,000 over it's 30-day moving average. anything to do with gambling gets the most attention. volume is through the roof alt although quantum escape is flat, it's climbing high e >> thank you be p let's bring in

value stock investor to see what he makes of the argument do they have a sound case or not? we enjoyed it when you were on let's go over a couple of the other names. what about wendy's >> yeah, i think there's a good case you could make for wendy's having value they have real business that's been around for a long time. i'm sure no one read the report to understand when wendy's is not a restaurant company it's a real estate company it's mostly a franchise operation. the big difference between a wendy's and amc you mentioned or roku is most of the value that's kind of priced in is today value. there's not a lot of potential value that's being priced in that's not to say that wendy's is cheap we own mcdonald's in center stone investor spot.

same basic phenomenon. it's a real estate business with long streak of earnings you can capitalize and rely on the business is not going to change drastically the next year or next two years like you see or read on reports for the meme stocks you'll see over and over again. massive competition in the case of roku. they never made money and will probably never make money. that's very different from a wen wendy's. >> are you saying the valuation has a point. it's pulling the future growth forward. >> there's the tug of war is always between what you get today and what kind of potential there is tomorrow. that's the difference between amc's actual intrinsic value today and what the meme guys think it could be worth with all the potential x y, z or game stop there's a closer link between what it's worth today and what it could be worth tomorrow

that excitement over breakfast or what have you, it probably maybe a little too forward i think wendy's could be worth 18 bucks it was there three months ago. it's not completely crazy to say within earshot or range of its value. it's very different than around 18 bucks >> absolutely. i think it's interesting as well to say, okay, the market was already there. this is not new information to the market there's a difference in some cases between new information, information that was already known and priced in and more people discovering that information but not understanding it's already priced in and new information which is hey, this retail community wants to rally around, race the equity price and offer new information to the market on a name like this i'm not sure wendy's falls in that camp. let me ask you about bed, bath and beyond sometimes people think it's up

because there's interest in blackberry and people get the tickers wrong. it's a traditional real estate play up with of names that's fallen on hard tiemes. what's the case? >> it's a basket case. it's been dying for many years now. they have a massive amount of liabilities of people who never read anything. it's 8800 million a year roughly as the revenue shrink, the rent doesn't change it's kind of a race against time

the stocks and fortuneses have based here if it is continuing to be a slowly dying business then i don't know what the intrinsic value is >> interesting are there any of the reddit plays you look at and go yes that's a company that was mispriced by the market and i would kind of belong this name a along with the rest of the retail community >> this is the stupide est stoc market environment i've seen in a long time. the answer is no for sure they have done a great job. i go just read the report.

universal music is a huge competitor now and have the balance of power going forward if you go through the working you'll see how much power universal with 30% market share. they own the content all of that stuff will impact the profitability businesses and a lot of that potential that people are looking at will not happen yeah -- worth today what it could be worth if everything goes right, you just have to question that and even slight things going wrong -- >> yeah, don't crush the hopes

thank you for joining us today we appreciate it we have a news alert out of the bond pits now. ten-year notes up for auction. rick has the layest. >> make this go better or worse. i would have said worse. boy, was i wrong we just auctioned off 38 billion tens on reopening. i'm giving this auction an a plus every metric was unstoppable 65 on indirect that's the good group we like to pay attention to that's the best since august of 20

if you have a big dinner at your house and all the food is gone and there's no leftover, that means everybody kind of liked it the dealers only got the leftovers of 15.7% that's the lowest everybody will continue to believe the fed will be right. this could all change quite quickly. >> let's get back to the reddit trade. those traders are having an impact on analysts as they scramble to change coverage. in the past week we seen them revault their stances on three stocks

saying the shares is being driven by another surge the they say shares of triple b wire no longer trading on fundamentals it fully reflects the dproet we were assuming to reach our target price of $25. couple of these names taking a breather after the megarallies coming up, after years of dominating the investing landscape is it time to retire fang one strategist says yes and what he thinks is going to replace it plus, we have an inside look at the largest housing community in world built from the premise of net zero it's in california how does that work that's ahead machine plap

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. welcome back there's a lot of love for ibm. ibm and cisco up david the performance looks pretty good this year. what's your beef >> well, i think with the fang components it's thinking of it as one fang. one monolithic entity. in netflix you're down 10% apple is down 5% some are trading at 28 times earnings like facebook you look at netflix trading at 70 times earnings. it's such a disparate group that i don't think it's acting monolithically anymore >> david, we have to ask the man

who coined the moniker in 2013 here is what he said >> people want to give an obituary to these stocks forever. i only wrote o ditch rares for two years. >> he's not ready to bail on it. can this trade still work, nine, eight years in the running >> if anyone thinks that the companies are going away, then it's ridiculous. that's not my thesis i happen to think they are over priced we are dividend people the idea that fang is dead is not our case >> sure. to add insult to injury, let's talk about why these old tech names are so attractive.

you mention you're a dividend guy. they have a decent performance they are undermine by a poorly performing stock why is 2021 going to be the year maybe it's beyond this year that this group of stock will continue to work >> first of all, the dividends don't go away for us because that is our underlying thesis. we have to believe in the sustainability of the dividend a lot of these great names over the years, we all know general electric and others have cut their dividend it's our job to avoid that with ibm, with intel, with cisco, we have to look tot free cash flow covering the dividend. when companies are paying a dividend out of the company credit card that's not the way you want to go with these company, old main line businesses that kick off a ton of cash and then catalyst

for growth into the future at really low p/e ratios. we want the market not to believe in it. we're buyers we like low valuation entry points eventually the market does find value. that's what's going on right now. >> last question on principle. are dividend growers, let's say, inflation protected? >> the greatest inflation hedge of all time. there is no inflation if companies with pricing power are not themselves raising the prices the ability for a good equity, a good company to pass on the impact and the investors to receive that benefit in growing dividends, dividend growth portfolio should see it going up

5 to 10% per year. we believe dividend growth is an inflation hedge short and long term >> we're going to have to call them icky. thank you very much. we really appreciate it. coming up, breaking at the top of the hour, sec chair saying he's recommending rules to ensure fair composition between exchanges and brokers. what does that mean? we'll look to shares of charles schwab spinning on the news. a reminder that june is pride month. all month long cnbc is spotlighting contributor, business leaders and our own on air producers and anchor >> i credit a lot of my success that i am lgbtq. once i fully came out, i fell a tremendous weight lifted off my shoulders an started notice that's when i started to succeed

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they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm. nice bumping into you. do you struggle with occasional nerve aches, weakness or discomfort in your hands or feet? introducing nervive nerve relief from the world's number 1 selling nerve care company. as we age, natural changes to our nerves occur which can lead to occasional discomfort. nervive contains b complex vitamins that nourish nerves, build nerve insulation and enhance nerve communication. and, alpha-lipoic acid, which relieves occasional nerve aches, weakness and discomfort. live your life with less nerve discomfort with nervive nerve relief. welcome back let's get a quick check on markets. dow is down 30 points. other major averages are

positive in terms of individual movers, we're watching shares of dish taking a hit today on a downgrade from jpmorgan who is expressing skepticism on ambitions to enter into a market that's costly in the first place. brown-forman taking a dip. the jack daniels sales maker beat expectations. it's seeing significant increase in commodity cost. tune into closing bell for an exclusive berinterview with the company ceo. now over to leslie picker with a news update >> last year inductctinductees e baseball hall of fame will have to wait longer original set for july, it will happen on september 8th. the event was also moved out doors. former wvolkswagen ceo has

agreed to pay 14 million dollar back to car maker to address the crisis quickly in northern mexico, investigators are still trying to figure out what caused a bus crash that killed at least seven people and injured dozens of the bus was carrying more than 50 hyundai factory workers when it rolled over near the u.s. border tonight on the news, the latest on the crash and why it might have happened. tune in at 7:00 p.m. eastern in western canada, pair of cay y kayakers coming to the rescue of a moose after it fell into the river. they rigged up a safety rope and one of them walked through the river to scoop the moose up. look at that it's almost like he's skiing or something. remarkable >> i'm trying to see the moose he was so small. there we go. >> such a little guy >> safe at last. >> wow impressive thank you very much.

just last hour sec chair announced the sec will undertake a broad review of the structure of the stock market. could change the way stocks are priced and traded.

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welcome back sec share making headlines announcing he's asked the staff to recommend rules aimed at ensuring fair comp between brokers and exchanges. all the trades that you and me and ef one on reddit is making sec chair joins us right now for more on all of this with our very on bob. >> thanks very much. making a few headlines here. you're saying that the sec is under taking a broad review of stock market structure i know you've said in the past that you are somewhat unhappy with the payment for order flow regime you've implied there's too much concentration and also implieped investors may not necessarily be getting best execution can you demonstrate or do you think you can demonstrate that

investors may not be getting best execution, and if so, what are you proposing to do about that >> bob, first, good to be with you. technology changes are markets ever increasing base sis so what i've said is stay up and my commissioner says we should ensure our rule sets are updated for 2020's technology. what do we find is there's a provision that you and me are to get best execution when we enter a trade into trading platform and the broker gets the best execution. it doesn't mean better execution. best education execution there's this thing call payment order flow there's conflict where somebody paying with our trade and order flow is saying i can give you a

lot better execution depending how much i pay you for that order flow i think we need to take a lohse clook at that. not every country allows this payment order flow many major markets around the dploeb don't >> i think the key point you have been making is you'd like to see more trading in the lit marks on exchanges like here at the new york stoxck exchange. is that the thrust of what you're trying to get it? >> i think it's broader than that i think it's about ensuring transparency and competition that we as individuals, working families get the best execution and the best out of their investment platform. i think transparency and competition helps that it's not what you call the lit markets. new york stock exchange, nasdaq.

it's going to some whole seller buying that order. >> let me move on the the meme stocks we have been talk about them the last several days. you said in your recent testimony you asked your staff for more information on what happened with reddit and game stock and robinhood a few months ago. what if any regulatory or rule changes need to be changed at this point can you share your thoughts at this point i know you said you asked your staff but what's your thought. have you come to any conclusions about what, if any, regulatory changes need to be made? >> i'm only in the second month. i know a few months you'll ask me again i think technology is greater access and it better user experiences. it's easier to trade within the market at the same time, we have to watch out for investors. the behavior prompts that are being put on our mobile ops --

apps to trade. is that really the best thing. we're going to take a close look at what's called gameification all these prompts and encouragements to trade. how do we protect investors in this new regime? >> jim cramer this morning was talking about the sec. we're concerned this could blow up in people's faces does the sec have roles oobt the problems that can happen when you get involved in stocks way beyond price areas and way beyond their fundamentals. what role does the sec play in mitigating this or helping people to understand what's going on >> we do have an investor education, investor focus.

we had that at the core of our mission. we also have a vibrant enforcement regime and we look out for investors in terms of making sure and looking for where people are trying to do frauds scheme or trying to do pumping up a stock in ways that are on the wrong side of the line that's easier to do when it's a very low price stock sometimes it's called penny stocks and the like. through bad actors doing bad things we'll do investor education, rigorous enforcement but also look to see whether we should freshen up our rules in this area >> it's kelly here i want to get two questions in before handing this back to bob. my first question question is more of an observation that the

business order iinary -- model pay for order flow there's no more free trading and underpining the reddid, ro robinhood phenomenon >> i would say this, kelly, don't -- i think that's a misperception. it's not free trading. somebody is paying for your and my order they getting our data. the data is very valuable. it is zero commission but not necessarily free number two, not every broker does it in the united states and number tlaehree, the united kingdom, canada, it's banned most of europe you don't have it there's different business models but it's not free >> understood. the other question that we're getting a lot from people these days is about naked short selling. it's illegal but there's insistence it's happening. some would acknowledge on a

small scale. others insist it's a larger scale. what can you tell us about its commonality in today's trading environment? >> i think that we can bring greater transparency to short selling. this is one that bob will say you're only in your second month. i've asked the staff to serve up recommendations that we can look at we have authorities to bring greater transparency in the short selling and relayed it and i look forward to putting something out to public comment. >> let me move on the bitcoin and crypto there seems to be an awful lot of confusion about who is regulating what here we know bitcoin is a commodity regulate bid the cfpc. it doesn't seem to be clear to a lot of people who will regulate these other coins out there nor is it clear who will regulate bitcoin exchanges, bitcoin wallets. you seem to be unsure of it yourself

can you tell us what your conclusion is? who should be regulating this area and do we need congressional authorization for you to say we're the people who are regulating this. we need some decisions on this i'm wondering what your thoughts are. >> here is what i'm pretty confident about. investors don't have the full protections that they have in the equity markets or in the commodity futures market our sister agency and our agency, the sec. bitcoin and these other crypto currencies do not have the full protections. it's speculative asset class technology neutral but what i said to congress is i think that one of our agencies should have authority to write rules and help protect investors on crypto exchanges. now as it relates to those tokens, many of those tokens, many of those tokens do come under the securities law

the sec brought six to seven dozen enforcement actions over the last few years but there's hundreds of other tokens i think there's 1600 tokens that reportedly have a market value of over a million and 70 or 80 over a billion we're going to keep trying to protect investors as best we can under the authorities but i think crypto exchange is there's some work to be done you launched the climate and esg enforcement task force i know the house republicans have pushed back on you about there warning that the sec doesn't have mandate to do this. this is not really material at this point what is your response? does the sec have the authority to move ahead and ask for more information on climate and

climate disclosure >> there isn't the heart of our disclosure regime that was done in the 1930s and it's very much the authority of the sec investors get to decide but it's based on disclosures from the companies. they are asking for more m information related to climate risk disclosure. we not only have the authority but we have a role to play to help bring clear, consistent and reliable information so that investors can decide to buy, sell a stock or vote on a proxy. >> you said recently sec said and warned about the potential

for fraud or manipulation in the under lying bitcoin market these are very similar to words that the sec used in the past to deny bitcoin etfs. i think the question that every one is wondering about is fraud and manipulation in your opinion still sufficiently high enough for the sec to pass on a bitcoin etf this year. >> i'm not going to get into one filing but let me say investors should be aware, i'm saying this in my own voice that the underlying bitcoin cash markets is not a robust oversight that you have in the stock market or in the derivatives market. there's underlying kark markets do not have the investments. >> i want to ask about executive stock trading plan you want to overall the rules to

reduce improper insider trading. is there any evidence that executives are abusing the safe harbor laws and abiassing those executive stock plans. >> we'll build the record and the economic record and put this out to public comment but this affirmative defense was put in place 21 years ago i deeply believe that we need to freshen it up. insiders right now can enter into multiple plans and insider cancel those plans even when they have material non-public information. i think we could lift the confidence and corporations around this and this is diminishing the confidence, the good faith actors want to do either we have to repeal that 20 -- to the year 2000 set

affirm tifr defenses or freshen them up but how they are working now is real gaffes >> thanks very much for joining us very much appreciate it. kelly, back to you sdplp that was fascinating our thanks to the chair as well. a really, really wonderful questions. very thought provoking sounds like it will be a lot of changes afoot if we take each of those answers and implications seriously. quick programming note power lunch is dedicating our entire show to the crypto craze. we'll talk about a who bunch of the different parts about this industry set your dvr, skip work, whatever you need to do. another stock goes public. tired of tik tok it's all in rapid fire right after this

[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”]

let's catch you up it's time for rapid fire joining me to break down the headlines today, michael, christina and leslie picker. first up, the company counting door dash, insta cart and uber as some of its big kus customers. they note square with 70% of their revenue. shares are popping about 14% now. they sold 45.5 million shares. market cap up around $15 billion. leslie what does today's ipo tell you >> tells you get a pretty bullish response to this fintech ipo market to your point more than 70% of its net revenue came from one customer that is square that was in first quarter of this year. that's a very big bet on the square's future. clearly the market is telling you that they like this idea >> the pricing seems to be sort

of normal. it's not way up or way down. it's the kind of thing that the ipo market likes >> normal. you had other tin if he can companies and popped off of their ipos they did say they do see incuring net losses in foreseeable future i think they can capitalize on the crypto market. they did sign deal in april with the canadian firm that they will be allowing customers to trade bitcoin. >> if i were next year, i would have handed you a five i just did it downstairs here. i'm wone of those guys. there are hedge funds out there and other investors who feel buy anything related to payments

they are just competing with cash it's on cleaner software they will not all make it but they are buying it and figuring out what wins later. >> there's some other companies that they're involved with it. next up another public listing to tell you about. 23 and me. they will do it via spac it will happen next year it will trade under the ticker me richard branson announced in february it would be acquiring 23 and me. >> the fact that a lot of these companies have gotten pretty significant amount of excitement surrounding that announce m and fallen subsequently trade a lot closer as they approach their

listing day. that's what we are seeing with 23 and me and the vg acquisition group here >> mike, what would you add? >> just that it is sort of a business in transition ancestry.com is in private equity hands they are moving away from genetic kits toward health data. now clear how well they will be able to capitalize on that >> story i really want to talk about today, which is worse. being subordinate to big corporate or big algo. keep that in mind as we read you about this headline in the new york times it's gotten to be too much for some of these young stars. creators have noted when they come mine they tell you get over it you're an influencer sounds like the dream job. the hustle of a lifetime but it turns out tik tok is really hard

to do well and really hard to figure out what the algorithm wants over time. >> i guess it sounds like the dream job when you get free stuff sent to you all the time >> hopefully this means it's pushing a younger generation into creative fields and have more epic futures and tv shows in the near fuch with this we saw the youtube stars saying they are burned out. instagram which is why they removed the like buttons this is a common occurrence that we do have to take note of going forward especially when all our children are using these apps. >> right it's interesting because a lot of people have been able to kind of push off from shore in the corporate world and say i'm on tik tok now. it's not that easy there's trade offs to everything and as much as it opens opportunities in new frontiers to earn money and have influence in the economy, it's just as

much of stress in many ways the people think they are walking away from in they leave their day job. >> you're self-employed. you have to -- you're basically someone who has to afeel that hustle every single day itcrowdedness. now everybody is caught on peop. in order to get the video seen you have to work extra hard and create that content and the algorithm makes that even more important. >> i was speaking to someone switching jobs from digital media saying they didn't feel like a slave to google and they figure out what google wants you have a choice. >> yeah. >> we had a boss but maybe when it's google, it can tock, an algorithm that you can never say what do you want from me it macks life that much harder. >> the fplatforms are insatiable

when somebody works there's always competition from somebody to hack better or incrementally and i get the exhaustion i see why you're burnt out and try to get orr it because you are after all just making videos. >> that's all we are doing. >> exactly what are we doing? no michael, christina, leslie, thank you all today. still ahead, 21,000 homes are being built in a community in california where diana is talking about what makes it so special. >> what is a cook stove in africa have to do with helping this california community leave no carbon footprint? i'll tell yocongp xtn u mi une o "the exchange.

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with the tory. >> reporter: the plan is the homes on acres built by big names. there will be some affordable housing and commercial space and will be the largest net zero carbon community in the nation >> how creative do you have to get to get to net zero >> very creative and challenge yesterday. >> reporter: the homes with solar and electric vehicle charges, attics that reduce the need for air conditioning, heating and ventilation. the neighborhood's pools heated through exchange technology. recycled waste water for all irrigation but all that is not enough to get to net zero so there's carbon credits a methane capture program, roof top solar and 5 point with the

state's 170-acre pine creek forest it is replacing traditional 3-rock cook stoves in africa with clean burning stoves and savoring california's endangered spine flower by carving out preserves for it at the development. now, there's already been demand here from millennials because while the parents like to brag about the mcmansions they like to brag about their environmental awareness. >> this was fabulous this is exactly why we wanted to have you because what you just said trying to go get net zero they bought a forest, putting panels in l.a. it challenges the sense of reality but if this is the world that people want to achieve by making the changes and incentive a private

developer maybe it is a win-win. >> reporter: it is a real blueprint for others and because there's so many companies that wpt to get into esg investing they see a lot of capital pouring in if they see a development like this one you know you will get more capital coming in because people want to invest in these environmental projects >> fascinating material shortages, too. so interesting thank you so much. that does it for us. next on "power lunch" while fewer than 10 million unemployed people 15 million of them are receiving jobless benefits that's right after this. ou struh occasional nerve aches in your hands or feet? try nervivenerve relief from the world's #1 selling nerve care company. nervive contains alpha lipoic acid to relieve occasional nerve aches, weakness and discomfort.

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good afternoon welcome to "power lunch. i'm tyler matheson with kelly evans. millions of americans are out of work same time companies have millions of job openings what is going on in the labor market what are the data really telling us plus, the burrit