>> far fetch >> good stuff. today was fun. tomorrow is day two of "the halftime report. stock summit, they lay out their picks, give you their favorite sectors, react to the markets too, which are having a nice snap back today. we see the dow better than 500 points, s&p pushing 50 "the exchange" begins right now. thank you very much, scott hi, everybody. i'm kelly evans. here's what's ahead today. dot shock and the debate. sending the bond market the other way as yields hit multimonth lows. we'll discuss that and what it means for stocks plus it's amazon's prime day and while the products might be cheap, the stock has been the real bargain over the years. we've got three names that could be the next big scorers. and the chicken wing shortage is getting so bad that wing stop is launching thigh stop

we'll speak to the ceo about this move. you can order thighstop.com now. let's start with the market. >> i just don't know if thighstop has the real kind of marketing cachet i do enjoy dark meat chicken sometimes. but the markets overall are catching a bit of a bounce we are just near the highs of the session for the dow, s&p and nasdaq the dow was up over 500 points, 33,800 up 1.5%. the s&p 500 up north of 48 the nasdaq underperforming, only up two-thirds of 1%. not out of the realm of reason that the markets hit hardest last week, like the dow, are bouncing the most. speaking of parts of the market that have been hit really heart check out the bank stocks. the interest rate picture, not just the absolute rates coming down but the difference between

longer and shorter term rates as well they are collapsing. the yield curve is flattening. that's hitting the bank stocks look at them so far year-to-date these moves to the down side have been real highlights for only is of the investors out there who have been watching these bank stocks. a bit of a dip here that people are buying, but still a decent way to go from catching highs from earlier in the year where there are other places going in the other direction, check out the mean stocks, a&m down 5%. game stop down blackberry is only off three quarters of 1% there's a risk aversion coming to the markets, but the bit is being put into place for some of those blue chip stocks we'll see if that trend continues this afternoon >> as the dow rebounds from its worse week since october, we look at what is changed for the market since last week's fed

decision and what you should own from here. cnbc'scommentator michael santoli from the new york stock exchange with more >> one easy conclusions looking at the markets today is that less has changed about the overall fed posture and the underlying economy than the exaggerated response than stock and bond markets might have indicated. as we probably discussed plenty at the time, this seemed like an incremental tilt in fed posture toward when perhaps the first rate increases might come into view but really it was much more about these crowded trades already being caught somewhat off balance, investors in commodities, financials, cyclical stocks and also in a steepening yield curve, getting upended by the fact than the fed are more hawkish than expected gdp is growing at a 10% annual liezed rate, the s&p500 earnings more than 30%. credit markets very importantly

were not really impacted last week they did not flinch even though you've got equity volatility going up, you had the s&p 500 go below its 50-day average those seem like shakeout type activities as opposed to underlying financial stress. all that does suggest is all part of the unfolding stories and the value and cyclical and financial stocks have maintained uptrends in the long term basis. it doesn't mean the long term is easy from here, but it does suggest last week was not a decisive flexion point >> just to follow up on that, the revival in growth stocks, the fact the russell is back to all time highs, people are fading that? i mean, value has been the trend so far this year the question is whether last week was an inflection point or not. >> i don't think that we're necessarily doomed to this binary world every single day from here on out in other words, either it's going to be growth or it's value

where there's really seesaw activity it seems like growth can hold its own when value is coming off the boil that's been the case for a while. one other quick point i would make is that the effect in what's going on in the bond market to bring those yields down, supporting, bringing inflation expectations down, therefore doing a lot of the fed's job for it therefore policy doesn't have to change as much because the market did some of the work that you would think the hawks and the mark would want done >> it's fascinating. mike santoli, thank you very much, sir. my next guest says that dropping yields reflects investors fears. despite a 4% drop in the value of etf last week, he's sticking with it. joining me is jim mcdonald his firm has more than $1.4 trillion in assets under management jim, it's good to have you i think you might be echoing some of the points that might start off this discussion with so, why are you confident that sticking with value is the way

to position post-fed >> well, the depth of the value trade would come when there's an expectation that the fed is going to really hurt the cyclical recovery. we don't think that's the case the fed is a couple years away from raising interest rates, and value stocks right now have got much better earnings momentum, and they've got evaluation discount before this sell off, they were trading at about a 33% discount to growth. they've gotten down to about 40% now. and we think better earnings growth and some valuation expansion puts tail wind behind that >> value stocks trading at 40% growth is pretty eye popping have we ever been at these kinds of extremes before >> we have, but it's not been very frequent. it does really improve the odds. we're always thinking about things from a probability standpoint and having that cushion in place absolutely gives you a better risk/reward having said that, i don't want to say that we don't enjoy some

ownership of growth stocks in this environment there's great fundamentals on a long-term basis. growth still looks good to us. but value over the next 12 months we think we'll likely outperform >> it is strange to look at what's happening in the bond market and the growth stocks here you have a fed that's talking about inflation being a point higher than where it thought, all of these different things going on. that is not the end of this trade. it has given it kind of a new life, at least for the time being, right >> i think so. if you think about what the fed is going to do from a timing standpoint, you have a situation where they have to prepare the markets for tapering then tapering goes on. and tapering probably lasts 9 to 12 months before they'll even consider a rate hike that really does get us into this 2023 time frame and the other thing, kelly, is the short end of the fixed income markets we think had two hikes already before 2023,

before the meeting that's why i think the market reaction is a bit overdone and we're seeing the bounceback today. >> it is strange to see the shield curve flattening the way it is. it would be one thing to talk about -- i understand what you're saying, the flattening is what you're going to get but usually that means a slowing economy is not one that's really bordering on a downturn. what does today's flatness of yield curve say to you and do you think it's going to persist? i would think a lot of people are trying to figure out if they can perform well if this curve stays where it's at. >> there's no doubt a flatter curve is a head wind to financial stocks i would bet if you gave a quiz to many of the viewers, they might have a tough time answering the following question correctly. when the fed is undertaking qe, what happens with interest rates? interest rates rise when the fed is buying bonds. and when the fed tapers,

historically rates have fallen and they've fallen because the market has started to be concerned about whether there will be sufficient growth in place after this having said all of this, i think we're going to look back in a couple months from now and say this was a bit of an overreaction we're a long way from interest rate hikes and we'll be back to a very robust economic growth environment where all the questions will be about inflation. >> sure. so, one final question on this then as you've said, often when the fed starts talking about tightening, yields falls, the market falls, everyone freaks out about they about-face or what have you. when ben ber neck ki said they're going to look at the yield. should we expect something system to happen this time around >> that kind of reset yields and the effect you're describing absolutely started from there. but are we going to get some kind of pop with this starts happening do you think >> here's how it could happen. i think there were two contributors to the temper

tantrum. the market wasn't fully prepared but the fed also changed what they were looking at, their reaction function, to include a risk management matrix and if they do the same thing this time around, if they suddenly say we're no longer interested in average inflation or we're not as concerned about the unemployment rate and we're going to tighten anyway, that's how you get a taper tantrum. >> interesting we'll have to leave it there, but we'll look forward to picking up the discussion soon jim mcdonald of northern trust still ahead, amazon's annual prime day is underway. one strategist says you can still get a deal wingstop is telling customers to deal with the thigh as it deals with thicken supply concerns we're going to speak to the ceo of wingstop to launch a new virtual restaurant will it work we're back in a moment

>> this is "the exchange" on central nervous system central nervous system

welcome back everybody amazon's annual prime day actually two days this year. but with sellers facing shortages and shipping delays already, is the supply chain primed for failure as it takes

on this surge in deliveries. >> i'm just having one of those kind of days let me get the microphone on >> as he prepares his microphone -- it is ironic, it's a two-day event when they're pushing one-day shipping maybe they need to bring a whole branding on board for this >> i'm not the only person having logistics problems today. we just spoke to a delivery driver they expect to -- it's kind of prime week when it lays out. an estimated 19% of prime deliveries were late last month as the ecommerce giant is suggesting to change volume, change to items shipped and the tighter capacity the delays have accelerated throughout the year, and we spoke with an amazon delivery driver about the challenge of last mile on this prime day where sales are expected to increase 19% over last year and 70% over 2019. >> the vans are the same size. the package count is bigger. you do the math. it's going to be no room in the van for you to move.

170 packages, give or take, on a regular day, maybe 300 for prime day, prime week. >> and that driver really detailing the logistical challenge for all those blue van drivers you're going to see out there that deliver amazon packages we're also seeing this kind of impact of the supply chain on other carriers that deliver amazon packages or deliver for third party sellers. they're adjusting to the supply chain tightening industry experts also expect prime day to jump start back to school spending. prime day will now replace black friday as the kickoff to the holiday peek, this man says. >> right after prime days you have july 4th, huge weekend for food and beverage, especially beverage that carries directly into back to school. back to school carries into peek season for holidays. >> and here's the situation right now.

year-to-date, trucking demand has risen by 159% while the available trucks, they've fallen by 32% companies that focus on consumer goods and big box stores expect to see increased third quarter demand for example, j.b. hunt, that's the biggest shipper for containers, and that's how a majority of our consumer goods arrive from asia >> you're painting a picture of a supply chain stretched almost as far as it can go. i love the interview with the driver who says we can barely handle this and amazon is going forward anyway if there's any problems they're going to undermine the point of a day like this, which is to get the product as soon as you order it >> they're going to extend the delivery windows normally they go 8:00 to 8:00. they're going to extend them on the front end and back end when you hear her talk about it, same van, twice as many packages and everything stuffed in there. not only do you have more packages, but you have to get in there, figure out where you put things that were put in first,

move things around so, obviously the challenges increase something with amazon, they have the brand promise, two-day delivery we'll have to see how it unfolds. >> if they stretch the hours, can the drivers handle it? it's amazing they are going for it this year in particular frank, thank you frank holland. amazon may be the biggest ecommerce player out there, but bigger doesn't always mean better in terms of stock performance. while amazon shares are sitting near all-time highs today, one strategist says it's time to buy some of the niche players like chewy and etsy, all well off their 52-week highs. stitch fix down 42% from here. simian, welcome. what is it about -- we can start with the stitch fix example -- that jumps out to you that has amazon-like potential. >> sure. if you kind of roll back the clock, think about who thrived alongside of walmart 30, 40, 50

years ago. there are opportunities for niche players to thrive alongside. take stitch fix as an example. their core competency and big advantage was they had a subscription business. that's the holy grail is to have subscription business. they rolled out an individual purchase option, which is likely to be a catalyst there so, you've got to look at opportunities for folks who can thrive alongside amazon. i thought your intro segment was very interesting because even though you've got some of these short-term logistical challenges, if you put a longer time frame on it and you look at, say, amazon as an example, getting back to it because it's the big gror orilla, over the l decade they've been expanding their margins as they've

increased sales over and over and over again but if you look at a legacy player like walmart, they've number two online retailer the one, keep the big picture in mind remember, we are years away from kind of the big box near your house has a robot in the back and a drone for the last mile. the legacy players are going to have troubles that are far in excess of those with the online players, even if there's a short-term hiccup there. but you have this real opportunity for niche players. >> we talked about stitch fix, like you said. you like the buybacks they've been doing, the convertible note offering, the acquisition of d pop. chewy is one we hear about a lot with the potential to be a category killer. tell me about cure ri. qvc and hsn, obviously, but also front gate and zu lily >> all of these players are looking for the ultimate omni channel, if you will

as i mentioned, it's still a long way before we get to an equilibrium of omni channel. but keurig is almost ahead of this because their omni channel is synergizing the whole qvc and hsn. that's going on. you've got buybacks going on it would be nice if some of these niche or ecommerce would buy. we're not there yet. >> so, finally of the remaining companies, etsy and chewy, which one do you think -- if i could ask you this way -- the more potential? which one is more attractive here >> i'm going to demure from picking one over the other, and i will point out what i think the key advantages for each are. etsy showed what its key advantage was in the pandemic. those eyeballs from the mass sales, you just can't replicate

that kind of agility and turning on a dime. one of the key catalysts for chewy of late has been the expansion into pet health care my favorite quip on pet health care is there is no medicaid for dogs you get to make money there. it's going to be hard for any player, including amazon, to replicate that kind of focus on a category that chewy has. >> i've never heard that point made before. no medicare, no medicaid you're right that's an opportunity. simian, thanks so much we appreciate it coming up, we've got a hard seltzer showdown gug hime says one of these brewers is the new in the space thanks to a spike in market share. as we head to break, reminder that june is pride month all month long, cnbc is highlighting here's scott stern >> growing up for me, there

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hi everybody welcome back to "the exchange. let's get a quick check on the markets where the dow is sitting just under session highs the strength has not dissipated throughout the session we're up 542 points, 1.6% gain the s&p up 1.2%. the nazi gak only up 2/3 of 1% the s&p is having it's best day. in other words leading the board at 3.5%. here are some of the individual movers we're watching zip for ziprecruiter shares up with 7%. goldman and ever core out with bold initiatives the two firms writing that the online job marketplace will continue to benefit from the move and recruitment spend online and strong employer demand on the flip side microstrategy is down for its worse day in a month after announcing they own

100,000 bitcoin after buying a billion dollars worth. you see shareholders not seeing good performance on that and your summer wouldn't be complete with a pool pool corp. you would have thought all the games we're into last year. it's hitting another all-time high today as heat waves ripple throughout the country pool shares of 1.4% to 448 and change now to rah held solman here's what's happening at this hour. iran's new president-elect, ebrahim raisi says he does not want to meet with president biden. it was his first news conference since his landslide win this weekend in that barred the country's strongest moderate candidate. raisi says he does want to revive the 2015 nuclear deal with u.s. and other countries so sanctions can be lifted, but he will not negotiate on iran's

ballistic missile program or support for militias another complication for the biden administration israel's new hardline prime minister warning against reviving the nuclear deal, calling the government mass murderers. north korea is repeating an offer to meet anywhere any time without precondition with pyongyang on denuclearization. he's in seoul for meetings with south korea and japan amid discussions with the north the u.s. airlines along with their unions calling on merrick garl garland to investigate the surge of incidents kelly, i'll send it back to you. >> thanks. figs ripe for picking? this summer will be a boom for sam adams and facebook has entered the audio room all that and more in today's "rapid fire. don't go anywhere.

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let's catch you up on a few stories that should be on your radar. it is time for "rapid fire."

welcome, everybody first up, could this be the next lululemon? keybanc thinks so. figs is at an all-time high, up 13%. all time high went public the last month but this has been a rocketing move the shares you are up 40%. they've got nine buy ratings and 50 bucks a share hm, who should i ask about figs first because, mike, it's been hard for me not to make an i don't want an ordinary scrubs joke here. >> right or no scrubs at all, as the song would have it. you would understand why any analyst would want to compare any company to lulu, one that was attacking this one particular sliver of the apparel market with very high margin clothing seemed like it was more expensive than what was available out there, but it had very much a loyal fan base cosmetically, that makes sense

on the other hand, we're talking about valuing this thing based on projected 2025 revenues and cash flows and really is the demographic of folks who are buying scrubs for the same as those who have all that disposable income for a pair of expensive yoga pants that are status items i don't know another company i mentioned is cintas the uniform rental and purchase company, one of the best performing stocks in the last 10 or 30 years and very much below the radar. >> no kidding. this is the point i would make, wearfigs.com, stuff looks great. it's ath leisure, very reminiscent of lululemon look at atl leisure at target and wpm. it's not that hard >> you can do it especially since there are a finite number of doctors and nurses. their customer base is a smaller cohort of people there is opportunity for them to expand but they would be facing the likes of lululemon, et

cetera, as their competition in term of income, usually their customer versus more money to spend and the return rate, 10% of people return the product so, i think that's a pretty good signal that the product is well-liked i asked a few friends. they wear them however, if we're talking long-term potential, it seems right now they can expand internationally and get away from scrubs and go into the ath leisure market it's a saturated market. >> to argue my own point, even as you've seen the explosion of the category, lulu has been a great category, a great stock, a category leader, the sort of go-to in the industry, and maybe figs can be that >> yeah, i would just -- i would just reiterate what christina just said is these are such different companies. lululemon started off with these iconic yoga pants, but yoga pants that were targeting everyone from the soccer mom to people who were doing yoga and

changing and going to work the key is they have the core demographic of doctors and nurses who wear figs to the hospital, the place of work. the question is can they transition to being a lifestyle brand? can this be about selling more than just work wear for people who work in the medical space. i think that's a big question, but in the meantime they do have room to grow to become a lululemon category, it needs to have appeal. they also wear men's pants >> maybe they can make that transition because i look at the product and i'm like, geez, i kind of wish i was a nurse that looks comfy i play one on the weekends anyway, guggenheim is playing beer best in place analysts say the hard seltzer has started to take back market share from the segment leader white claw sam shares are down slightly, gut guggenheim maintained a street high of 1,800 on sam which is currently trading at

984. that's 80% upside. that's a big call. >> a big call, indeed. but i think it all comes down to the innovation in this alcohol space. i'm just blown away by how much it continues to evolve this may be another summer of the hard seltzer but one thing that truly got a lot of comfort from the analysts is it's pivoting into bolder flavors. people are interested in much bolder flavors in their hard seltzer. i'm not sure exactly what that means, but i understand innovation matters people want to have something new. they don't want to have the same beer that their dad drank. they want something that's new and cutting edge and tastes different. >> christina >> i don't know. i think it's a bold move to set the price target that high given the saturation in the market truly and white claw are like the pepsi and coca-cola of the industry you've got arizona sun rise, cactus, bud light seltzer --

even hallmark has a cheers rose seltzer, 8.4%. a lot of people know the brand but there's so much competition out there. i'm a little bit more hesitant even though the market is expected to grow to 8 billion in the next four years. >> what would be the cintas equivalent for this one? >> well, i would suppose it would be big brewers, the big kind of main line ones coors or others would probably be the corollary sams has been public for a long time, back to the early '90s it's the pioneer and craft beer. maybe it gets acquired down the road it doesn't seem like there's a lot more to the story because of the maturation of that segment is there any craft involved in knocking off other hard seltzers and flavoring them differently it seems a very, very different kind of brand profile. so, i don't think necessarily it's the same equation as before i don't think that big brewers

can do it better than them, but they can kind of do the same thing. it's all about how fast the underlying market grows for everybody. >> exactly, exactly. that's -- we'll just leave it right there. move right along and talk about labor shortages. every time you turn around there's a story about how they're getting worse. american airlines cutting service levels in part due to staffing issues. american airlines, the "new york post" food suppliers are hiring truckers from alabama, paying for their hotels in the bronx, and because workers have so much leverage, college enrollment numbers, especially community college numbers, are plunging post-pandemic according to axios. kristine, i mean, normally on a stock, you would say, okay, if they're running into problems because of shortages, that's a good thing it means they have a lot of demand they're just doing their best to keep up. is that the narrative for all of these companies that, okay, they're not going to be hurt long-term by any of this

it's just above the row. >> in particularly for the airlines, the american airline, they were hit with a triple whammy you had weather issues, increased demand, everybody wanting to fly, and then the shortage of airline staff. so, that did contribute to the fact that they're going to be dropping down the number i think they want to reduce it by 1% until mid-july, the number of planes they have out there. so, that is a concerning factor. if we're bringing the other topics into play, especially the education part, the fact more people are choosing not to enroll in college is a little scary given a lot of the government money that is being given out. that's going to stop in september. so, these are long-term -- will have long-term effects on the market if people are not going to school. we saw that even with terms of the increase in pay just over the last several months. people with a college degree are getting a higher influx compared to those that are not. so, that is a worrying concern but overall, a lot of leverage is given to employees at the moment in terms of bonuses, gift

cards, higher pay, cell phones if you work at some fastfood restaurants. so, right now it could be a peak >> if you're a shareholder of american airlines, this demand -- they need the cash load if you have a debt load this high, you can't afford to say we could have done more but -- it just must feel like a sucker punch. >> it is and obviously it's probably difficult for any of the big airlines to decide exactly how much to schedule at this point you don't exactly know what the cadence of demand is going to be and staffing comes on slower than just adding new flights i think it's all anecdotes that speak to the interpretations of what the fed was talking about last week is the labor market is behaving more tight than you might think it should at this point, given the absolute number of people who are still unemployed, probably long-term factors, seasonal factors and cyclical factors, just a speed

limit of how fast you can hire people in an individual company or the economy it makes for, i think, static symbols. low enrollment in college is because wages are going up and you don't have to necessarily go to school. >> it's attractive everyone is waiting to see post-labor day what the economy looks like, the labor market, see if the temporary factors go away facebook is getting into audio, launching podcasts and live audio streams across the u.s. the move comes on the heels of spotify's debut of green room. club house has meantime seen a steep drop in users. julia, is the audio space becoming too crowded, or is this everybody catching up with what -- if clubhouse -- clubhouse is almost the counterexample of what we were discussing earlier it's the categories of seltzer or ath leisure they have an innovative concept, but is facebook going to be the one to ultimately benefit from it >> well, look, i think that

audio is definitely the new frontier, especially in twitter as well. so, twitter, facebook, spotify of course clubhouse is really the originator getting this space started off. but i think what's so interesting here kelly is there may be room for all of them or at least many of these players, and each of them takes their own specific approach. twitter, the idea is for those conversations to be an extension of the type of conversations that are happening on twitter. facebook is really leaning into the fact that they have big names, athletes, musicians, people who are involved in politics they want to get people to engage with their existing follower base on twitter so, it's really about figuring out how audio can fit into each of these platforms and really go to their strengths and of course you just have to remember that audio's great because you can listen and do a million other things at the same time so, it is a much more valuable place in terms of new growth than video because there's only so much time you can spend every day staring at your screen >> i think about it as a zoom

rival because on some of these facebook groups there's an audio option if you can do an audio call with an existing call, you don't have to go to zoom to invite people to schedule something that your group can do by hitting a button >> all of that suggesting is just becoming a feature and not in itself a business or really the essential thing that any given company has to do. at some point scrolling and likes and sharing, they were all kind of -- somebody came up with it, then everybody had it. it's this market expansion, probably a little more of a threat to recorded audio -- or not a threat but additive to recorded audio than it is necessarily for other type of social interaction >> christina, last quicky. >> concern is now they're going to monitor misinformation and racism in a lot of these chatrooms. >> or if they do, does that invite their own concerns about their involvement? it's a great point as well thank you all today. we appreciate it

still ahead, shares of wingstop climbing 10% over the past month as wing supplies push prices higher. now the shortage has wingstop urging customers to go the dark side take a look at the dow the rally picks up steam we're now at 593 points. back in a moment hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap!

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welcome back it sounds like an april fool's joke but it's no joke. wingstop is pivoting away from its name sake urging people to try the thigh, the restaurant launching thighstop as chicken supply tightens. >> kelly, swing wingstop

announcing it is hacking its own brand offering crispy chicken thighs either naked or with 11 flavors. virtual or ghost kitchens for the new brand. wing supply has tightened in recent months. bone-in wing prices have risen as a result. now, the wingstop stock was a pandemic winner as are wings themselves, and that streak continues this year. the stock is up about 10% year-to-date joining us now to talk through all of this is wingstop and thighstop ceo charlie morrison charlie, thanks for being here >> thanks for having me. >> so, you're all about the thigh now. do you think your consumer who is love wingstop and have been so loyal to the brand will move over and try this new offering from you >> we really do. wingstop pioneered center of the plate chicken wings almost 27 years ago when that product

itself was not well-recognized as an item like that and now we're introducing thighs because we think thighs deserve their respectful place in the center of the plate, and we're going to feature them with our 11 bold, cravable and unique flavor with your menu in addition to our hand-cut seasoned fries, our ranch and blue cheese. we think it's going to be a fan favorite not only now but for years to come. >> and charlie, last we spoke we talked a bit about wing supply you said you were in good position in the spring as the shortage was starting to crop up, talk to us about your supply chain what are you seeing? >> much the same we did make sure we put pricing arrangements in place to protect not only the supply of wings for wingstop but again some of the really high prices on the stock market that's been very effective saving our franchisees, our brand partners, lite of money as we've seen this kind of inflation. but as it relates to the supply

of chicken wings themselves, they're just fine. we have plenty of chicken wings. but we think the thighs allow us to pivot a bit and focus on other parts of the chicken, which gives us a strategic advantage even further by buying wholi whole chickens >> it's kelly here love this. it's a very clever marketing idea because it does generate a lot of buzz. why go with the separate vertical for thighstop you kind of just slip it in there, you know what i'm saying? >> yeah. well, it is a fun hack on our brand. we saw a lot of virtual brands build up during the pandemic, and some of those were chicken wing focused, as we've talked about before but not necessarily tied to their brand. we are hacking the wingstop brand as a unique way to launch

a product. they're available carryout and delivery through our partnership with doordash and we think it's a unique way to launch a product that's out of the convention of what we've experienced in the past doesn't mean it won't ultimately be on the wingstop menu, but a great way to introduce thighs to the center of the plate just like the wings >> and you had mentioned, charlie, inflation i know prices are going up for everything across the board. some supply chain issues, some labor shortage issues. it's really trickling down to companies now. how do the thighs compare to the wings in terms of costs? and will consumers see any price difference here? >> yeah, we're launching the product with featured price point that we think is a great value for our fans and fans of thighs in general. that will be a feature both bone-in thighs as well as boneless thighs, just like we do with our wings, in great affordable value but at the end of the day, we think that the product is going to be a great success as well

for our franchisees. the price of these ultimately on the market is about half of what we've seen with chicken wings. but more importantly we can utilize this product to continue to buy the entire chicken, which allows us to hedge or contract more of our supply well into the more of our supply including the wings for our traditional wing stop menu. >> and the last question on the labor market, you are operating thigh stop as a virtual brand. are your franchisees going to have to hire more to meet the demand you expect with the new offering will it be done by the workers already done at wingstop how will you handle that >> well, certainly the labor shortage in america affects not only the supply chain, which is the key constraint on our availability of chicken in general but certainly in wings it's all about getting people back to work at wing stop we enjoy a fairly small roster in all our

restaurants. we do have some challenges in spots around the country for the most part we've been able to maintain our staff levels, paying competitive wages, making sure the right incentives are in place but, also, it's a recognition of this brand that it doesn't take a lot of people to execute a wingstop and make a lot of money and great volume for the brand we're going to continue to focus on that, making sure we retain our team overall, this shouldn't require us to hire any more people, just make sure we keep the existing staff we have in place >> certainly some good news in this market. charlie morrison, wingstop and thighstop ceo joining us to talk about your new offering. >> thank you very much >> charlie, our appreciation kate, to you as well we tried to order some here. we're not in the delivery zone we wanted to go "consumer reports" style and see if they are as good as the wings kate, thank you. bitcoin falling with the majority of mines shuttered

after the government ordered a halt we have all the details and what it means for the crypto prices next the dow is now up more than 600 points as we continue to build steam into the close, up 613, nearly a 2% gain the nasdaq even up almost 1% the s&p up 1.4%. we're back in a moment if you're 55 and up, t- mobile has plans built just for you. switch today and get 2 lines of unlimited and 2 free smartphones. plus you'll now get netflix on us. all this for up to 50% off vs. verizon. it's all included. 2 lines of unlimited for only $70 bucks. and this rate is fixed. you'll pay exactly $70 bucks total. this month and every month. only at t-mobile. (♪ ♪) whether it's a technology first, (♪ ♪) a fashion first,

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welcome back bitcoin is dropping today on pace for its worst day since late may let's bring in kate rooney a lot of head winds for crypto today. >> reporter: absolutely. and china is getting even tougher on cryptocurrencies. that's weighing on sentiment and prices today bitcoin fell as low as 31,000 earlier this morning and the first part of this, the people's bank of china, today saying it urged allie pay to restrict crypto pays the second big thing chinese authorities ordered a halt on crypto mines in another region, the sichuan. we've seen it in inner mongolia

and other provinces. according to the global times in china more than 90% of china's mining capacity is now shut down beijing's crackdown has been pegged to worries over the amount of energy it takes to create new bitcoin and its carbon footprint sichuan is known for hydro power, so some are questioning this is more about competition and bitcoin is a potential threat to the digital yuan analysts i've been talking to say the mining ban hitting prices is a lot more about sentiment. the actual mining machines moving offline hasn't been much of an impact as on the hash rate, closely followed metric that measures how much energy output and new bitcoin is beibeing i mined. it changes it for miners with less competition the miners are picking up and moving on the hundred for clean energy and, "b," political stability. that's important the folks i'm talking to say

getting some of these new mining facilities up and running can take between six and nine months kelly, it can't happen overnight here >> i don't think anyone should take it for granted it will be that stable over here either maybe year to year but political cycles can have a big impact as people get more sensitive, places that were initially open to it you could potentially see more pressure. kate, thanks very much for joining us today, kate rooney in san francisco. that does it for "the exchange." coming up on "power lunch" morningstar's manager of the year the winner will join us after this quick break

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good after knoop noon, everybody, welcome to "power lunch. we start with a big week for the dow. the best in three months the nasdaq higher, not up as much as the dow. we'll talk to an analyst who is cautious on chips. >> fading the rally. and travel demand has come back so fast american airlines can't keep up. it doesn't have enough workers >> worker shortage everywhere. big-name t