season >> keith, over to you. >> seen a lot of activity in uber i think uber is going higher i'm in the calls >> jim >> qualcomm looks like it's finally breaking out >> kevin, last word. >> trimble, spectacular executive to top management there. great execution skills and a fantastic infrastructure plan. >> that's it for "halftime." "the exchange" begins right now. thank you, frank holland i'm kelly evans, and here's what's ahead this hour value growth, value growth, value growth, value growth, we've been debating this ad nauseum as to which is the better place to put your money but both are performing well as the s&p and nasdaq hit new highs. so, why even choose? we will debate that. plus the biden administration extending the moratorium on evicting renters it's already having a major impact across the real estate industry and plant based meat, plant

based-milk and now plant-based tuna we start with the markets. bob pisani is down at the new york stock exchange. >> we have new highs on the s&p500, not a lot of new highs on individual stocks only 20, 25 on the s&p 500 but they're big names. adobe, new high. target is on the list every day. amex there's a surprise, exxonmobil, energy stocks have been great outperformers. earnings, tale of two different companies. nike 80% above what the estimates were on the earnings report, just a knockout number that's a new line. but fedex in line. they didn't beat the numbers all these companies have been beating the numbers. that's not good enough there's these whisper numbers that were higher fedex there nothing wrong with the report but disappointing to investors. fortunately, fedex is a bit of an outlier they all had great numbers

recently, so the earnings season is starting soon and the early reporters have been outstanding. infrastructure stocks moving big this week. a lot of cynicism about this infrastructure deal. $579 billion in new spending that's a lot of money and it's moving the dial on infrastructure stocks. they only spend about $300 billion a year on infrastructure in the united states the markets seeing that. look at the stocks moving this week cranes and work platforms, equipment rental companies like united rental and deere was up look at these other companies, century alum yum, granite construction, they do construction die come, cleveland cliffs and u.s. steel you can see the market believes this is moving the companies that's a lot of money to these kind of smaller companies. back to you. >> bob, thank you very much, sir. we really appreciate it today.

are we in a buy everything market value and growth are both higher oil is up. copper is up gold is up the only thing seeing big moves are treasuries and bitcoin what does it tell us about the market bill, we wanted you to weighen in on this because we often talk about value versus growth here but again is the broader point is this a good environment for stocks even after what we heard from the feds last week? >> yeah, kelly, the market's grinding higher, but there are so many warning signs that we're in a dream market that is going to ultimately cause heartache for people not to pick on jim cramer, but this morning he was talking about the young people, and he said they should put a bunch of money in the s&p500 index and buy spacs. the s&p 500 is loaded with overvalued growth stocks that when inflation, which is real,

not transitory, hits are going to have their p.e. ratios go down >> isn't the point for people like me, why can't i just go you know what? maybe it's inflation maybe it's deflation maybe it's reflation maybe it changes week to week to week but the bottom line is if you own the broad market, you will own the things that do well when they're doing well and you ensure against your own inability to market time >> and that works great about 80% of the time except in 1929, 1972 and 1999. and all the tea leaves match up with those prior junctures so, the problem is warren buffet talked about this in his annual meeting. he showed the 20 largest cap companies in the world in 1989 and asked where are they now the thing regurgitates and the problem is the index way overowns those things. by the way, don't kid yourself

the antitrust winds are flying on both sides of the aisle this week, and that isn't good for the s&p500 index >> do you think a 1929-like moment for the market because that implies a broad market crash, whether it's '29 or the more recent ones you picked, a broad market crash in the range of 20-plus-percent >> whenever the market historically gets completely inam moored with disruption, it is a nightmare you see the radio disrupted everything in the 1920s and rca went 25 years without making money. the nifty '50, coca-cola and disney were trading at multiples. it's not that these companies don't end up succeeding. it's that the compression in their price earnings ratio ruins long term success. >> it's eye watering to look at disney which is almost 50 times for disney that's remarkable. you can feel a little

uncomfortable with where stocks are trading here, but there's a huge difference between saying tesla might mean revert and the entire market will, right? why can't the broad markets continue to do well even if there's a major correction in m sop of the growth names? >> that's not the history. so, from '99 to '08, energy was spectacular and a few other areas were speck tacular and it was difficult to make money in anywhere else in that time period and that's ultimately the way this is going to play out. the market is not designed for 70% of the people to do well most people over long stretches of time suffer from stock market failure, and this episode is not going to be different. >> most people over long stretches of time benefit from stock market success, from just owning the market -- listen, if you said -- if you're worried about what's going to happen to your money by the end of this year, you're retiring next year, i take your point.

why tell people to get out of the market in order to avoid what might happen with growth stocks when they might want to be exposed and in it for a period of three, five, 10, 12, 15 years or more time. >> i'm not telling them to get it of the market i'm telling them that stock picking that is interested in economic growth and companies that will benefit from inflation are likely to do well like the 1970s. there was money to be made peter lynch and john templeton and warren buffet built their track records on how well they did in the aftermath of '73-'74 bear market. the problem is the one-size-fits-all mentality is just a sign of a financial euphoria and that's what it is. >> understood. and one more you have so many interesting particular picks in here, and i think a lot of times value is a misnomer it's really almost like growth is understood stories and value is misunderstood storys or something like that, right if you can find the real story

and wait for the rest of the market to catch up, that's often how you can do well. with that in mind, you mark -- you like housing we talked about home building before and how it's a secular growth story you also like the oil and gas names. to put a point on the discussion you had lately, you think fossil fuels could be one of the biggest beneficiaries of the trend. >> buffet has said to brilliant guys the people who think we're going to make a quick transition to positive carbon transportation and the people that don't think we'll ever make the transition, they're both crazy. so, put yourself in cotton elle resources. that's about over $300 of proven reserves per share, and their enterprise value is about 50 bucks. so, you're paying 50 bucks for $300 of oil in the ground, and they've got all the property outside to poke holes. and a lot of that will be used to create electricity to charge

people's cars some day they win both directions >> in this market you've been winning in value and growth this week bill is here to make a strong case for stock picking in particular have a great weekend, bill >> thanks, kelly under the surface and kind of to what bill was talking about, there are areas of the market that came out roaring but have lately suffered a reality check. be bertha coombs is here with the ones falling back to earth >> a lot of them, kelly. the s&p health care sector hits another record high today but it's been a different story for high flying healthtech firms the latest example genetic testing from 23 and me down 5% since listing richard branson's version spac just a week ago there's long time unicorn oscar health which sank 10% in its march debut. it's trading in bear market territory down more than 40%

from its ipu price and hims and hers, a telehealth platform which acquired a teledermatology firm, down more than 35% since listing in january. part of the problem is that investors are still trying to get to know these spac listed firms after the fact for clover health that has meant a roller coaster ride. short sellers have questioned the financials of the tech-enabled modifier who listed through the spac in january. shares were pummelled back in february short positions rose they're at about 36% according to fact set, which then made clover into a mean trade place you saw that jump in the beginning of june. squeezed high over six straight sessions earlier this month, but now it's been down again ten of the last 13 sessions and still

down about 16% >> fascinating bertha coombs. even as the public markets recoil at some of the buzzy ipos this year, venture capital funds are continuing to rake in the dough. four firms just yesterday. senior tech reporter ari leave sri is here for us >> two ipos on the enterprise software side valued each own stakes worth over a billion dollars. that's what happens when you get in early, pre-revenue, betting on founders, betting on ideas. and then with proximity, what we call a link pin for doctors, the emergence capital, which has been probably the biggest winner in enterprise software, certainly one of the biggest winners through zoom going back

to salesforce, they got in at the early stages and now about a billion three are at the proximity share when these venture firms get in on the ground floor and see these $10 billion companies, huge outcomes come their way >> the ipo market still seems largely friendly we just looked at mr. car wash jumping above its pricing earlier today. so, we're seeing good first-day pops we're seeing a lot of different kinds of industries come to the market we've seen a ton of innovation in the form this is taking yet to bertha's point, a lot of these have left a bad taste in people's mouths. the performance over the long run has not been the same as the previous -- i don't know if it's because they're spacs or what have you is that trickling back through the vc world yet >> it's industry specific. for companies that are delivering well, that are delivering, continue to boost their margins and take market share, certainly if it's an

internet software-based company, you're really not seeing such a challenge. the broader tech market is obviously pulled back this year, and so that has hurt some of the stock prices along with the broader market for these companies that have big adjustable markets, that have strong margins, which is very different from some of the companies bertha was talking about, a tremendously profitable company, as long as they're showing those metrics and growth, investors are still very hungry for these assets. >> and you would expect the world to be flush with cash for some time. i was reading the other day about pension short falls. that's one place they look to make up the short falls is in the kinds of returns that vc typically promises coming up, it's been a volatile year for shares of this media company that went from trader darling to being left behind if content is king in streaming,

this company wears the crown we will tell you its name and explore how long its reign can last plus the cdc is extending the national eviction ban for what it says is just one final month. but at what cost to small landlords whose tenants aren't paying and aren't getting the federal aid promised them? that's after the break >> announcer: this is "the exchange" on cnbc.

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welcome back the cdc is extending the national eviction ban through july it's an all hands on deck challenge to help landlords who are hurting while keeping families in their homes. why the billion of dollars in aid are not getting to the landlords who are suffering as a result of this >> yeah, kelly, roughly 6 million tenants are behind on their rent and about $46 billion in federal aid is available. it's getting that cash to the tenants and landlords that has proved incredibly difficult. now with another extension of the eviction ban, landlords are again left in the lurch. landlord howard simon hasn't received the rent on his apartment since last october he's out about $7,000 so far >> i have mortgages. i have expenses for repairs.

>> reporter: while about $34 billion in federal aid has been distributed to states for back rent and utilities, getting that back cash to landlords has been an onerous prospect >> the tenant is not even involved in completing the application in my experience >> reporter: some are struggling to get delinquent tenants even to answer the phone. >> if the rental assistance bureaucracy is a monster, then the local governments that created them are dr. frankenstein >> dean hunter is a landlord himself and argues they all should have been included in the small business relief package. >> this is the most excessively and overly broad taking of private property in my lifetime. there will be no eviction tsunami. what there is going to be a tsunami of is a loss of affordable housing because landlords are going to sell

their property >> reporter: the biden administration added several new measures designed to streamline getting that money where it needs to go. it's also encouraging rental assistance programs to work more closely with courts and to automate some of the rental assistance as so much rent today is paid over apps. >> was yesterday's announcement a surprise >> reporter: no. not at all i mean, most expected it to be extended some expected it to be extended through september. there is still the question hanging over the supreme court on whether it is legal most did expect it to be extended >> okay. thank you very much for that report and landlords are saying rather than extending the moratorium which leaves renters saddled with debt and owners holding the bag, there are better solutions proving more effective bob hengar is the president and ceo of the house association

>> some states have shown that they're willing to work with the industry and have been able to put together programs that are functioning rather well. virginia is an example of a program that was not very friendly to the industry in the beginning. but working with the industry, they were able to create something that works well. same thing's happening in pennsylvania and colorado is another standout program but there's painfully few programs that are like that across the country >> it's probably a little bit of a reputational issue, right? i'm sure landlords are up there with calling the cable company in terms of how much people love them as a group. as an anonymous group without putting faces, i thought diana's report very well did illustrate who this hurts and how it could result in a shortage of affordable apartment rentals do you think that could bear out if this continues the way it's going? >> it's already happening. there are studies that have been done that have indicated the independent rental category,

somebody who owns one to five single family homes, which is 88% of the 14.9 million single family homes across the country, that 11% have sold one property. 12% of the rond sold their entire portfolio they're cashing out to save their retirement income. >> and you think that turnover is looking people into the class of ownership who are looking to make more money by upgrading the units, trying to sell them at a higher price can they do anything in the meantime until this issue is solved or are all the existing renters staying put? >> at this point existing renters are staying put because of the order but the industry, the in an unprecedented way, whether it be a small operator or a large national company, have been working with their residents to set up payment plans to assist them for the funds in the

jurisdiction where they have we have one member in texas that has set up a computer lab in their common area. as i've been explaining to different outlets asking these questions, if you know that the dollars are going to be coming and the person is working with you cooperatively, it doesn't make any sense to evict because the eviction process is long it can take up to 90 days to evict somebody the courts are going to be backlogged with not just evictions but with just other things in general, legal matters. so, it could take months for an eviction to be processed so, if you can work with the resident that's communicating with you in the unit and keep them there, that's what's going to happen. >> yeah. so, what happens now i thought in one of biden's plans there was actually rental assistance going to landlords to try to make them at least make up for some of the lost money here i don't know if any of that's happened, if there are any targeted relief measures that made their way through diana also mentioned the supreme

court. what happens if they say this was never constitutional in the first place? >> well, the supreme court is really going to judge on did the administration and the agency have the authority to do this, which really goes to future questions that come along because we do feel and we've been a participant in those court cases that they have overextended their legal authority given to the cdc but the bigger question is while there's a large amount of money that has been authorized by congress to provide relief to renters and property owners, they're still at this point based as of march of this year, based upon information from moody's and the mortgage bankers association $18 billion in debt that is unfunded and by the end of july that could be $25 billion or $26 billion. so, this is a growing crisis and the faster we can get dollars out, great but also the quicker we can get the economy open and get people working again is really going to be our long-term solution.

>> yeah, and then it would start to take care of itself, perhaps, as people work out situation by situation. thanks for joining us to explain the position landlords are in. >> thanks for having me. still ahead on "the exchange," mr. car wash, a car wash company just like it sounds going public with a 30% pop on the exchange we'll bring you details of this $4 billion ipo. we're back right after this.

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welcome back to "the exchange." the douw is up 260 points, 2/3 f a percent gained and the blue chips are leading the way today. s&p 500 up a quarter percent nasdaq fraction nally lower. one of the best days ever after the company beat earnings and shares estimates up 14.5%. they booked record revenue in north america. that's the biggest market. digital sales for the quarter up 41% from last year up 147% from 2019 this is the best day for nike since last march, an incredible story about corporate transportation and the pandemic. and if you think that's a big move, look at virgin galactic. what a story this is up 34% today, the best day ever

after getting the green light from the faa to fly passengers to space they have 600 reservations for tickets on future flights. the shares are up 70% in june alone. as i was just informed, this green light could mean possibly maybe does richard branson make it into space before jeff bezos. bezos is supposed to take off on july 20th. let's get over to tyler mathisen >> any time we hear a sound, we concentrate in that area that's how a fire department official describes a continuing search for survivors, an effort complicated by wind and strong winds. four dead and 159 unaccounted for. the search effort is the top priority now, but investigation into how it happened is getting underway >> we'll have to figure out why did this happen, and that answer

isn't necessarily apparently right now. but it will be identified. and i think that anyone who was affected by this directly wants that answer. but also we need to know is this a bigger issue or is this something unique to the building >> shepherd smith is at the scene, and he will report live throughout the afternoon and tonight on "the news." drove's request for a new trial has been denied. his sentencing hearing for the murder of george floyd is scheduled to begin about an hour from now governor brian kemp is denouncing the justice department's just announced lawsuit against georgia's new election law the suit says the law discriminates against black voters kemp calls the challenge part of a, quote, far left agenda that undermines election integrity. kelly, back to you >> thank you very much. a new exchange focuses on the esg. we'll talk about the eye popping

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welcome back it's time for rapid fire and

here to break down today's headlines are bob pisani and dan persos we'll begin w it emphasizes long-term strategy over short-term gains. they focus on the g in esg, that means governmental conditions for listing include aligning executive compensation with long-perm performance, more consciously thinking about customers and employees, sharing moving in opposite directions today. bob pisani, what are the practical implications of listing on the ltse in term of share ownership? are there any? >> no, not much. by the way, it doesn't happen much anymore it used to happen when you had a lot of small regional exchanges, so you would have the dual list

things where they would list on a regional exchange and maybe a national exchange. i interviewed eric reese, the head of the long term exchange, wonderful guy, a great idea. here's the problem for many, many years you've been able to have what's called unlisted trading privileges. that is if you list, say, at the new york stock exchange, nasdaq can also trade it and vice versa. and basically you could trade on all of them. that's greatly reduced the need to have another exchange out there. as for esg, you can do that on the new york stock exchange and the nasdaq as well i laud them for the concept. let's keep pushing the idea. i think it's wonderful i just don't know if you need another exchange for that. >> dan, what do you think in terms of the practical impact of the companies themselves, for the shareholder bases and the impact on the investment community broadly speaking >> i don't think of it as exchange i think of it as a good housekeeping seal of approval.

ltse does have this regulatory body that's going to keep them to those pledges i think trwill yo kind of broke the dam. they didn't want to be the first ones out of the gate >> deirdre >> i've got questions. bob, maybe you can help me out here what's the difference? we talk to any ceo and say they they are already focused on the long term. you fought organizations to keep them accountable plus long term stock exchange backed by venture capitalists who typically have a life span for their funds of 7 to 10 years. i wonder are they going to put their money where their mouth is and hold on for the long term? what's long term for them? >> yeah, that's a very good point. i don't think -- that's a good gotcha on the investors there. if you can talk to the nyc or nasdaq on this, they'll look at you and say are we against the issue? we're happy to talk more about

the issue. we're aligned with the concept more there's no reason you can't do it down here as i said, i think it's just -- it eliminate a lot of the reason when nobody is arguing against the concept you're talking about. >> let's see if anyone is going to ipo on the exchange we've got still a couple looking at the more traditional route. despite the boom this year, these names are waiting in the wings. you have dede, the chinese ride sharing giant. it's getting there it just driesed at $60 billion valuation. meanwhile, robinhood's ipo reportedly delayed by an s.e.c. probe into its crypto trading. their valuation could be upwards of $30 billion when should we expect these to go prime time? >> dede's sooner robinhood probably after labor day. dede's should be going in a few weeks, maybe july 4th messes with that a bit so it's three

weeks. the thing about dede is the shareholder base, namely uber. it's the second largest shareholder with a double digit stake. uber, despite what it is, it's an etf for ride hail companies in other countries and dedeis by far the largest. >> it'll be interesting because we've talked about this before these companies have received very high valuations in private markets. they were the best example of that remember when we thought it might go public at $120 billion valuation that got quickly scaled down. it's trading below $100 billion. public market investors have not been so excited about ride sharing. uber and lyft have underperformed didi has a tough road ahead of it some thought it would go from $100 billion we'll see if sentiment has warmed up, but when you talk about uber it's negative year-to-date and it was supposed to be a big reopening play

>> uber has been, you know -- i don't want to say tragic that's too strong. but that one is a story all to itself the struggle of a lot of these companies that have reached their mature valuations in the private markets. maybe snow flake is an exception to that. i want to go back to the point we're making about ipos. we should we expect to see people choose the long term stock exchange for the ipo and if nasdaq and nike were to lose market shares, would it be a real business threat >> the money that's made here is on the listing fees. and so the nyse will charge $100,000 to $500,000 in listing fees, nasdaq about 100,000 they're substantial. there will be fights over that i just don't see the nasdaq and nyse losing their listing supremacy any time soon.

they fight amongst themselves for listings for various reasons, including the price of listing. but also just the different styles in the way the nyse and nasdaq are run i think it's wonderful to have competition here i just don't see it as being a massive story in near term in terms of getting new companies to list down there >> dan, one last quick word on this is there anyone you hear that could be first to ipo? >> i'm not and i don't get the sense they're really making that case very hard for people right now. i think they want to get a critical mass of companies listed there and then they can go try to get somebody who wants to go first there. >> fair enough thinking about the likes of warby parker i think they're one of the original corps, somebody whose very important for that to be part of their ethos. up next the worst performing faang stock this year got a big upgrade, bumping the streaming giant to outperform. they're saying subscriber growth should normalize into the year with new seasons like "stranger

things" justifies the rating this has been a tough one. there's been a big debate over netflix should even be part of the faang trade because it's been going its own way it faces a lot of competition. just the other day we talked to laura martin who thinks they're funding their competitors because they won't take advertising dollars. are you surprised to see an outperform from credit suisse today? >> i am particularly given the time on this because when you look at europe and the uk, netflix is getting talked about in term of new regulations netflix is part of the faang in europe so, i think it's an interesting time they might be tasing things that have nothing to do with subscriber growth. >> what's the concern on the regulatory front here? >> the similar concern you have here about market power and market dominance netflix hasn't gotten included in the u.s in the uk it is. >> maybe a couple years ago you would have made that case here but even then it would be

against the whole movie industry nowadays it's amazing to see how close disney's forward p/e is. >> yeah, investors don't seem to care much. they haven't been built into the stock prices or performances of the other faang. netflix, that's interesting saying it's still the king of content. netflix perhaps is pushing into purchase if it is king and producing the best content, bringing partners into the fold as well. this merchandise businesses that expand does it turn into theme parks? does netflix turn into disney in the long term? so, i think there's finally talk about that diverse or differentiated revenue stream, the next step for netflix is maybe what we're starting to see. >> yeah. i agree with you bob, quick final word on this. >> two things.

number one, yes, you mentioned maturity they are slowly becoming a mature company but they still do well they had 4 million new subscribers last quarter and they're still adding subscribers. number two, the company makes buckets of money they made $6 in 2020 i see $11 this year. they're going to make $13 next year that's pretty good overall they're still pulling in a lot of money and a lot of subscribers. t so, it's underperformed in the last year, but it has dramatically outperformed the last five years. it's had the same performance as apple over a five-year period. so, take it out a little bit further than the last 12 months and netflix has done pretty well >> and it still earns its faang name to dan's point maybe that's not what it wants if it's going to be under increased scrutiny. before we go, we want to mention the trading debut. mr. car wash it's a fun one to talk about it's gone pretty well. what would you add in terms of is it any sort of teller of the

ipo climate in general >> no. first off the only thing people didn't like was it priced at 15 and they were talking 15 to 17 and look where it is at 21 >> it's up 40% now >> look at all the money the average -- the person might be making here who might have gotten in here at the average price there. so, the important thing is it's done well today. the initial subscribers, the people bought it last night, they're doing really well. the average return, kelly, this year on an ipo is 18%. almost all of the gains are made on the first or second day >> bob, this is what drives me crazy though does that -- is it only from the time they actually -- that the shares were publicly available if you include the change from what they priced the ipo at, that means the public never got any of that 18%. >> that's exactly right. so, bought in yesterday at 15.

they were sold the ipo from the underwriter yesterday at $15 those people today at $20 are doing really well. but if you're the average slub who brought it we tend to look at it from the point of view of the guy who bought it. >> exactly it's a weird quirk we have to go. but, dan, the business model -- i'm looking here, the average car wash for a base car wash is $8 if they offer like my place around the corner, a monthly service, car wash as a service, that's one of our favorite business models of our time. >> it is and that doesn't reflect anything about the company that reflects something about the bankers. the bankers had too high of a price. it has nothing to do with the company. whenever a company does much better or much worse in ipo price, talk to the banks, not the company. >> we appreciate it.

thank you for rapid fire up next, out of office, out of mind? not necessarily. the former yahoo ecuvexeti who has changed her mind on work from home. she'll join us to discuss that next

welcome back depending on who you ask, the future of work is either remote or it's back in the office or it's something in between. in fact, adobe settled on a hybrid model this week allowing employees to work from home 50% of the time. the where to work debate isn't new. but given how widespread remote work was during the pandemic, is it finally here to stay? joining us now is jackie reeses. she was quoted saying, they say there's no evidence chance meetings at the office boost innovation, adding to the no need to go back camp are you now in that camp >> i've always had the same philosophy even when i wrote the memo in

2013, which is company versus to take the right approach with the tools they have available, the culture they have and their own talent needs so, i think depending upon the situation any company in, that's how they should think about what model of work makes sense for them they have to think about it in the context of hiring and retaining the best talent. and so i don't think there's ea a monolithic answer. >> i can see two different stories a year from now. forget it, we tried the work from home thing. it's a bust. the other is it's different this time because i couldn't have hosted a tv show from home prior to last year now people are doing it all the time >> absolutely. look in the last year how different the frameworks are that we've created in order to work we've first created lot of different options for how to create flexibility in a work schedule and how we hire and retain talent. we also have a lot better tools

for how we operate, whether it be video conferencing or facilities in our own homes to do these types of videos and collaboration and communication with our teams companies have also created a lot of adaptations around the way they work with employees and those adaptations around benefits and time zone management and compensation have all advanced flexibility for different models that might work going forward. i also have found that tools like slack, office chat, it gives you that real time environment that you previously could only have in the office without clogging your inbox or missing calls. it's not perfect but it's pretty good a lot of this is a case by case basis. i wonder if companies invited this upon themselves we talked prior to the pandemic about the revolt about the open floor plan workspace it was driving people crazy. is there a way to make work itself more productive >> yeah, i mean you have to really think about your work

environment as the place that will enable you to be the most creative and best at your job. so, the idea that that is a open floor plan office or even an office itself is really tired and requires a lot of challenge because i don't think people actually do their best work in the constructs that we had i know people do their best work in the constructs we have tech companies, for example, we heard in a lot of different kofrpt situations i was in being in an open floor plan was the worst and a lot of employees preferred very quiet alone space so they could do their best work i think we've just opened up the apperture what companies are willing to explore to be far more creative in the way we think about a work environment if you really think about it, we still have this convention that work has to happen monday through friday 9:00 to 5:00. and thankfully this last year has really enabled us to think

far beyond that. >> as long as you are also getting that down time people realize that's key how do you make sure you are not on call 24/7/365 the last question on this, you're an investment firm now. what have you settled on >> my firm is small and it's easy to have everybody work from home we create structures so people can get together and have that space to have connectivity wheel we enable flexibility we schedule a lot of specific time to get together and spend both social time and work time. >> so many trend storesies like the return to the corporate retreat to the need for third spaces like what starbucks was to work but be away from home.

thank you so much for joining us today. it's a really thoughtful piece thank you for joining us >> thank you >> still ahead after this break, move over plant-based meat faux seafood is shaping up to be e -a-cinenot alt food trd. thupndomg players next

keeping your oysters business growing has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo

welcome back to "the exchange." the alternative food stocks beyond meat have been surging after their debuts they're up 15% and 21% investors have a big appetite. will alt milk and meats stick with consumers kate rogers joins me with a look at an alternative seafood company that can't keep its products in stock. kate >> reporter: hey, that's right it's called the plant-based seafood company and didn't quite start out that way the all-female family owned and operated business sold traditional seafood for 20 years but the ceo tells us after seeing what she called, quote, hidden practices from overfishing to child labor and mislabeling, they decided to

pursue new products without using fish >> we wanted to do something about it and we thought if not us, then who and that's when we really made the decision we were going to do something to create change >> reporter: so they started out with a plant-based crab cake featuring artichokes instead of crab that really took off. from there the company launched coconut shrimp, scallops and more, all currently sold out online and pushing into select retail stores. alternative seafood options are lagging but they continue to be 12% above the total meat alternative as a whole through the end of march now while there is not yet a market leader like beyond meat or impossible foods there are some standout players, working on a shrimp alternative. gathered foods makes good catch

tuna has raised $26 million and also nestle which has launched a plant-based tuna alternative in switzerland. >> as unappetizing as it sounds to me, the subway story about investigation that subway tuna didn't have tuna in it alternative tuna since 2009. >> reporter: i don't think that was intended to be alternative >> and the worst part is that it tastes good. that does it for "the exchange." up next, travel is back and from both sales to boutique hotels to the return of cruising, we'll hear from industry executives all about the reopening. stay with us

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what happens when we welcome change? we can make emergency medicine possible at 40,000 feet. instead of burning our past for power, we can harness the energy of the tiny electron. we can create new ways to connect. rethinking how we communicate to be more inclusive than ever. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change. faster. vmware.

welcome change. new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home. good day and welcome to "power lunch." i'm tyler mathison along with kelly evans. the s&p hitting an interday record thanks to optimism over the economy. experts say an infrastructure deal could boost growth creating new opportunities for investors. >> and the next frontier a new "power lunch" series