good afternoon, everybody, and welcome to "power lunch. along with kelly evans, i'm tyler mathison glad you could join us on this sweltering wednesday the ipo rush, companies racing to go public spacs, who needs them? listings are setting records, but not all are worth owning our guest this hour will tell you which ones are speaking of creating the future, how about the hydrogen

economy? as the world moves away from fossil fuels there's a new way to play the shift. the analyst behind one of the day's big calls explains why this payoff could be big and the kanye connection is the artist's new collaboration with the gap a reason to buy the stock? the big numbers behind the powerful partnership as "power lunch" starts right now. and let's check on the markets as we close out the first half of the year it's been a winning first half and second quarter the s&p is on track for its best first half the dow up half a percent today. the nasdaq looks like it could go out with a decline. leading the dow gains, walmart, boeing and goldman sachs, one of the biggest winners year to date today adding 1.5% to that. a number of stocks from different parts of the economy are hitting all-time highs everybody from dom in's to o'reilly automotive and generac

as we talk about storage and the grid lately, ty. after we spent all that time talking about and learning about spacs and direct listings, it seems like the old-fashioned ipo is still quite popular a number of big-name listings today and this week and so far this year. let's bring in bob pisani for a look at those new issues and how they're trading. hey, bob >> reporter: and, tyler, this is the first time in 16 months the nyse floor has felt truly normal hundreds of people back on the floor. it was a great day for me personally, just having that many people back. some of the names that priced today overall. didi global, prpriced at 14, stl above that opening price a threat detection threat company opened at $46. still holding up well. clear secure, a big identity verification company, priced at $31. opened at $38.55

that's still holding up pretty well i don't want to forget nasdaq. legalzoom, the legal compliance platform they priced at $28, opening at $36.75 this is the culmination of a gigantic six months for the ipo market 313 ipos that is what we would normally do in a single year. in six months 213. $18 billion ipo. never have done that before. here is something kelly and i have been talking about the last few days, the average ipo return, sounds great, up 26%, and it is great, but almost all of it has been made on the first day pop. 24% of that 26%. that means retain investors aren't getting the returns the institutional people who bought in on it the day before are getting. the second half of the year all sorts of big names still waiting to go public robinhood is on the list warby parker, the prescription glasses company.

chobani, the greek yogurt company. flipkart, instacart, the grocery platform global foundries, a semic semiconductor and dole company also slated to go public we have a lot going on it felt good today to have so many people on the floor >> i'll bet it did, bob. thanks very much despite the excitement on the street and on the floor there, our next guest is cautious and thinks both didi and krispy kreme, which is set to price tonight, are overvalued. here to explain is the ceo of new constructs, an investment research firm. let's take a look at didi first, david, if we might we'll put up the stock chart there. it opened, priced at 14, it opened at 16 and has now settled back quite a bit there you see it settling at

14.70 or thereabouts what do you think of this stock? >> i think didi is one of the many overpriced ipos coming to market i think the rush to sell shares into a very overheated market is pretty clear here, right make hay while the sun shines. at $16 a share, the valuation implies didi will have close to 45% of the global ride share market that's ridiculous begin the amount of competition out there. we're not sure this business model would work when you're uber or lift but to have close to 50% of the global market share is a ridiculous level. >> you just start with the premise and say this is -- well, i was going to use an adjective or a noun, but i won't how does uber and lyft's experience inform your view of

didi >> that's a great question, tyler, and our perspective on uber lift is different these are highly unprofitable businesses that we don't think ever will be profitable and they're stuck in this terrible catch 22 where if they ever charge enough to make a profit, people won't use them as much. either they can remain unprofitable like we're seeing with didi and uber and lyft up to this point. probably you've had an experience, looked at the price of an uber, maybe i will go a different route because it's gotten too expensive. >> in the case of didi, layer on top of that the idea one never really knows, do we, what chinese regulators might do, how they might infect or cripple the business one way or the other, wipe out the management. >> absolutely, tyler look at alibaba. those are tough precedents to

being in any chinese company i would turn and run for that alone. the valuation is way over its skis here. the regulatory risk is scary >> didi and baba are fun to say, just on a silly note to krispy kreme. they have great doughnuts. they used to have two krispy kremes grilled topped with vanilla ice cream. it was heaven after a night of, well, you know, after a night. what do you think of krispy? >> i think it will be really tough to compete with starbucks, mcdonald's, dunkin' donuts it's giving them credit and being close to four times as profitable as wendy's already. and, look, the private equity

guys that are trying to sell now have not done a great job. they paid around $1.5 billion for krispy kreme looking to sell at the midpoint while profits have nose-dived. the business profit wise looks a lot worse. the profits are way worse. and so those are the good old days, tyler, we could eat doughnuts and things like that consumer preferences have changed these days we think that's a big headwind >> so this $3.6 billion valu valuation, implied valuation, you think is wildly overpriced given what the properties are. what would it require krispy to do in terms of profits to justify that valuation >> they'd have to double their profit margin from 4% to 8%.

and then grow revenue at 13% compounded annually for the next decade which is three times the industry expected growth rate. we think it's unlikely they will be able to simultaneously outgrow their peers and double their profit margins typically it's either/or, right? you raise prices but it hurts your market share. or you lower prices and you go for market share doing both is almost impossible but that's what's priced in. that's why we see bad risk/reward. >> hold the doughnut, avoid the didi rbc capital is out with a bullish on shares of the fuel cell manufacturer had seen a volatile 12 months the stock went from just $7 up to $75 but when the clean energy trade short-circuited plug power tumbled, more than 50% down from the all-time highs

for rbc it's a bet on hydrogen fuel, a key part of the economy of the future as companies and governments decarbonize. joining us is analyst joseph s spac if anything trades at a higher valuation than the business model would warrant, explain how you get to your price target >> thanks for having me. i think you laid it out well plug is a go-to name of the fuel cell in hydrogen the way we got to our price target is looking at the growth this business can enjoy. so hydrogen economy is still in its infancy. 40% or 50% annual growth through the end of the decade and that's about in line with what we have plug growing at. and on top of that we do have that becoming profitable as they

shift their business model a little bit and go to generating hydrogen and ultimately with about $2 billion of around the end of the decade. that's how i look at this, at a multiple on 2025 then a long-term ten year. >> let's talk about the role hydrogen could play alongside and in conjunction with maybe the electric vehicle, electric engine model often we're talking about roles in robotics and other kinds of transportations. explain where hydrogen is most applicable and how much growth you've received. >> sure. today, i think the case for hydrogen is not there. if you look at plug's business model today the majority of revenues are different by material where they have made some breakthroughs and have made

that cost competitive with traditional offerings. as we see governments invest in hydrogen products around the world, and there's a lot of policy decisions, we think that hydrogen will be more cost competitive. that's what i stress here that plug is in the middle of transforming from becoming a leader to becoming a one-stop turnkey provider and that means expanding fuel cells beyond markets such as in material handling to stationary power and transportation but also becoming a producer of hydrogen and where they ca generate green hydrogen, be that producer, distributor and supplier of hydrogen and sell

fuel cells to be able to create this where there's more demand for both the fuel sell product which then creates more demand for the hydrogen in terms of use case, i think on the transportation side, and you mentioned battery electric vehicles, we continue to believe this is the more electric. where we see the use case for fuel sells particularly for long distances. >> this company still has been public for 20 years. what do you say to people who say i've invested with this name, the big hopes and dreams haven't panned out what makes it different this time >> that's a great question the company has been around for over 20 years and endured on the back of the capital markets. i think what's different this time is there's a lot more

government policy and investment to make hydrogen work. i think the business model has changed, again, to become that one stop provider and then lastly they took a $1.6 billion investment in south korea and raised over $2 billion and i think -- we think they're looking to burn cash through the middle of the decade we think they have enough cash to do so >> interesting and, again, maybe that speaks as the new crop of energy plays comes to market to the amount of time they might neat to iron out the kinks. joseph, thanks for joining us. joseph spak of rbc coming up, has inflation peaked one of the biggest concerns for

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welcome back to "power lunch. it's been a good one for u.s.

markets, all three of the major averages are up at least 12% on the half year. things haven't gone as well for those invested in chinese stocks seema? fund managers often say it is best to diversify your portfolio but sticking with stocks in the u.s. has worked really well for global markets the s&p 500 is leading global markets in 2021 followed by europe up 13%. brazil, a standout, helped by higher oil prices up 7% this year china, as you can see, underperforming this year. only up around 3%. there are those concerns around the delta variant, higher raw material costs plus beijing's crackdown on tech. check this out the biggest names in chinese tech, alibaba, jd.com down from their respective highs the sell-off started last year

alibaba quieted by the chinese government and a company forced to pull a record $37 billion ipo in november that is one of the reasons more chinese companies have pursued ipos outside of the mainland despite rising trade tensions fearly 30 companies from china had gone public here, a new record with an average first-day gain of 38%. kelly? >> it's a good reminder. and, by the way, this seems to be the theme -- you're all over this people have two elements -- three in didi's case, ride sharing being one of them. with the chinese market in general, so many of these names have the huge promise of this huge market and didi itself was a merger that then gave it the mon ly so you think it's not an uber/lyft situation and still it's a struggle. >> right and i guess it depends on how beijing will manage this relationship with all the different tech and consumer facing companies this is the largest ride hailing company, right, in china

you wonder if those monopoly concerns >> you're damned if you do and damned if you doan't, so to speak. pressures may already be easing let's bring in lizanne saunders. it's great to see you. and is this because of something -- does it go back to the fed meeting that you think everything started to change >> well, i think emphasis should be on easing and i didn't use the word like ending even before the fed meeting you had the bond market signaling that inflation risk maybe was more in keeping with what the fed has felt given that after the spike back in march you saw an easing of those yields. i think the spike was in

inflation. the base effects are just mathematically easing because as we look at the june data that goes up against last year, june was the first month we saw an uptick the stickiness of wage pressures, whether it's a one-time reset, whether some of these price shocks or if it becomes the psychological spiral in the 70s for now those conditions are not in place we have strong produproductivity >> so let's talk a little bit more about the fall in yields from the 170s down to the 144 area if i'm hearing you correctly, i'm hearing you say that the market, the bond market, is not so worried about persistent inflation. often lower yields suggest that the bond market may be worried about slowing economic growth or

some other threat and that's why the yields would go down not up. explain. >> also, it's maybe perverse when you have a fed that either makes more hawkish set of comments or in the most recent meeting the change in the dots plot much like periods of qe they moved into the opposite direction and that's just the telegraphing nature of what the fed does and how it forces maybe a change in expectation. so i think a shift to a more hawkish stance suggested the fed would be stepping in maybe sooner than it anticipated which quelled some of the longer inflation concerns i think that's to some degree what's in play certainly in this environment the bond market generally is more rational in the message it

sends about the economy and things like inflation than the stock market is. >> let's round third and bring it home to the viewer. what should i do with my money given what you just described? >> well, interestingly when you do have inflation pressures near term or those more longer lasting as we saw when we had the yield spike in anticipation of this upward move in inflation, you see more pain and longer duration assets with the calming in the yield, you've seen a move back into some of the growthier segments of the market. be it tech or communications services, stocks that screen well on value factors whether it's free cash flow yield or book yield have been doing better within those sectors than those that screen well on the classic growth factor. this whole value versus growth needs to be thought of in a

different way. value is outperforming growth more in the growthier sectors. so what we've been telling investors is don't put blinders on to the index of growth or value or thinking about what sectors those represent. you can actually look for stocks that screen well on value factors but not give up that growth opportunity and i think that hybrid approach especially in this environment that i think favors active stock picking is better than taking a blinders on passive approach either at the index level or the sector level >> so if i boil it down to a phrase there are growth stocks that have value? >> correct and there are sometimes value stocks that don't have value like the utilities right now >> right, right. >> the worst part of the market. a quick word on interest rates does it matter -- can people invest without needing to know whether they're going up or down >> i think there are ways to

invest without needing to know what is going on i don't think the key to being a se successful investor is what you do if we don't see further easing, we do think you could see another leg higher in yields probably up beyond where we went to in march and that might cause another move away from some of these longer duration equities but more in a rotation short-lived in the march time frame. >> liz ann, have a great week. >> nice to see you, too. you, too up next, bed bath and beyond belief the retailer surging after hiking its outlook saying its turnaround is gaining momentum we'll tell you what the ceo had to say just last hour to kelly that's next. plus, further on in the show, the internet for all or

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terry bradshaw: hi, i'm terry bradshaw rocky bleier: and i'm rocky bleier. col. greg gadson: and i'm col. greg gadson. terry bradshaw: on this independence day, our heartfelt thanks, to all of our military veterans for their service. col. greg gadson: we honor our veterans, and those who are no longer with us. rocky bleier: to all of our military serving around the world, thank you for defending the many freedoms we enjoy. terry bradshaw: tune in to salute to veterans for discussions about the issues our military veterans face daily. salute to veterans presented by sap, navy federal credit union, verizon visit us online at www.salutetoveterans.org [swords clashing] - had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme.

welcome back i'm rahel solomon and here is your cnbc news update this hour. let's begin with actress rashad saying a right has been wronged. cosby is expected to be released soon from this pennsylvania prison where he has served two years of a three to ten year sentence rashad playing cosby's tv wife on "the cosby show" in the 1980s. allison mack pleaded guilty in 2019 to extortion and forced labor when she was a high rn ranking member of the nxivm sex club cohn edison asking for people to conserve temperatures are near 100. and the fourth day of the heat wave, although cooler weather is

expected in mexico a 2 year year boy was found abandoned near a truck crowded with more than 100 migrants that boy is now being cared for by mexican authorities you're now up to date. kelly, back to you let's get a check of markets this hour as we look to close out the second quarter the dow up half a percent. the s&p slightly higher and the nasdaq lower by 0.2% didi, the day's biggest ipo, is close to turning negative. it priced at $14 last night. we're only 13 cents above that level. ride sharing has been a tougher space for investors. in terms of our other power movers, bed, bath and beyond here is what the ceo had to say about the shift to private label

products >> early signs are terrific. the on and line ratings are exceeding our averages people are repeat purchasing and we're only just beginning. the good news around space tourism is already priced in we spoke to founder richard branson last hour whether he's racing jeff bezos to space >> jeff who? >> virgin galactic is a public company. i am not going to be able to talk about that. when the engineers tell me i can go to space, i'll be going to space. >> and constellation brands up nearly 2%. they reported an earnings and revenue beat for more on that call and others to cnbc.com/pro.

tyler? if there was a person i could be for one day, it might be richard branson he has a lot of fun. and he is fit, man he is one fit dude >> training for space. >> they call this the catwalk. here is what is still ahead on "power lunch." gas stations already running out of gas ahead of the holiday week what will this do to already spiking prices gap partnering with kanye west this could be a billion dollar opportunity. should you get in on gps stores? and a housing disconnect pending home sales sorg last month but mortgage demand dropping significantly what is really going on.

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welcome back to "power lunch. "let's get to rick santelli in chicago who is watching the bond market but the dollar especially today, rick. >> reporter: absolutely. we have it all under one tent today. look at the chart of the ten year it certainly looks on pace for the lowest yield close in a week and a half down three. it's down 30 for the quarter that's an interday zoom, zoom, zoom last quarter it closed at $92.23 but if you open the chart up to the first day of april you'll notice on that day moving forward we have come back and today's close is now higher than the june 17th close you see on the right side of your chart the followthrough should be aggressive and finally the historic day, not only the end of the quarter,

end of the half year, it is window dressing on steroids. comes close to $1 trillion a whisker under $992 billion with 90 counter parties all trying to fit in that parking lot and one of the reasons, well, we anticipated this. we do like to have positions cleaned up they look squeaky clean in that parking lot. kelly, back to you >> all right, rick, thank you, sir. rick santelli. over to the oil market where prices are rising as stockpiles are shrinking and opec is warning of a glut come 2022. over in the rest of the commodity front copper and gold are higher lumme perber is lower gas prices are at a seven-year high and there are

reports that stations are running out of gas just ahead of the holiday weekend. our next guest says the problem is tied to the labor shortage. the head of petroleum analysis at gas buddy good to have you here. how widespread are shortages are they anything like what they were during the colonial pipeline hack? >> thankfully not at all this situation is vastly different. they are ahead of july 4 and fill their tanks refineries producing highs with gallons of gasoline this summer. the problem is getting it from a local terminal to the gas station and we're seeing some of these delivery delays, i'll call them, very different than the colonial pipeline outage and all of this having to do with not

enough truck drivers >> why are there too ifew? did a number of them retire or what >> this has been a brewing problem since 2017 but it was accelerated early on when gasoline demand plummeted. some companies were letting truckers go. some took early retirement a problem made worse by covid brought to a head as motorists hit the road this summer >> not as simple as putting out a shingle saying drivers wanted. these are complicated trucks that require maybe months of training to be proficient and safe at it >> exactly and you need experience, hazmat certification, and just to highlight the gravity of this a lot of gas station chains

looking for drivers are offering sign-on bonuses of $5,000, $10,000, even $15,000. >> to prospective drivers to drive their trucks tell me this, does a gas station owner have to schedule hers or his deliveries one at a time or is it taken care of by the owner of the company problems a sunoco or mobile exxon? >> it depends. some have in-house logistics in trucking and don't have to schedule it. the mom and pops, absolutely they have to get down and schedule some of the deliveries may take a 24 to 72-hour lead notice >> and they may be dealing with independent suppliers who are not part of a major oil can be system so may have to dial for gas, right >> absolutely. this is survival of the fittest

and those delivering for third parties may find it more lucrative to go somewhere else there's this fighting going on with those getting pulled and, unfortunately for now as the nation's gasoline demand continues to rise this will be more challenging >> $3.10 is the average, the highest in seven years could the trucker shortage at particular parts of the country push prices up even further? >> well, thankfully since this is not really focused on production, the trucker shortage is not something i expect to have a meaningful impact on the price of gasoline. having said that basically every other aspect of this recovering economy is pushing up prices of course we have opec plus talking about their production levels, that could impact us going forward. shell producers disciplined at slowly raising output which, by

the way, stands at the identical level as it did a year ago 11.1 million barrels a day, far below the prepandemic levels that exceeded 13 million a day >> patrick, thank you very much. wherever you drive this week, i hope you have plenty of fuel patrick dehaan at gas buddy. up next, how the stock benefits with kanye west and the source code for an nft for millions the latest from the auction when "power lunch" returns. what happens when you make power your thing... above everything? you decide fast... is never fast enough.

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yeezy line with the rapper kanye west has been grabbing headlines for the retailer and some say it could be a great big cash gift for them as well recent analysis from wells fargo estimates the line could bring in nearly a billion dollars in incremental sales next year. joining us now is wells fargo securities managing director and senior analyst

does kanye west have that kind of pull in the fashion world, ike? >> i think you can look no further than five or six years ago, the partnership collaboration. the footwear brand was languishing. and post that collaboration their revenue and earnings growth really exploded it's not really the revenue that kanye west's yeezy line drove, it's the halo it created for the brand. and that's an important thing when you think of gap meddling along for years. >> too many dad jeans, i guess this would be an effort to appeal to a younger demographic. >> this is a new ceo, a new cfo we really like the changes they're implementing in the

business, taking risks, cutting costs. this opportunity has been available for gap and new management team is taking a step forward. this might be the most exciting product driven catalyst we've seen since colored denim a decade ago and that's part of the reason why it's one of our top picks and why our earnings estimates for next year are leading the street. >> we've been talking several maverick things. is it a partnership with walmart to put their product in the stores, gap-granded product? how relevant are the stores or is this something you expect to drive a lot of digital traffic >> yeah, kelly the reason we think this catalyst is relevant today we had our first sign of the collaboration a week ago there was a blue puffer jacket on the gap site. i believe it crashed the site with demand for free order

if you are interested in it it's available for resale for $1,000. there's demand there mr. west was given 8.5 million warrants when the partnership went into play he has a vested interest in this working, both partners do. and we think again that this can be a $900 million to a billion dollars which is a brand that hasn't shown much growth if any over the past five years >> 64% indicated they plan to buy product from the collaboration. do they know -- two questions. do they know what the product is and what it looks like or are they just buying on faith that what kanye collaborates on design wise will be cool, number one? number two, the stock is up some 60% over the past year or this year is this already reflected in the stock?

>> we don't think so this is still a top pick 64% of people are saying this is an interesting opportunity for them and they're compelled by it because of what the yeezy brand stands for, that's what matters and where the opportunity comes from when you start looking at the earnings from what that can drive this company and where the multiple is, we don't think so the yeezy opportunity in and of itself could be worth $5 to $10 a share if you just look at multiples of athletic and business >> fantastic make some yeezy money. ike, thank you have a good weekend. spending home sales are up demand is down the reversal of the housing numbers. we'll make sense when "power lunch" returns

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no slowdown in the housing market in may. the highest level of sales activity since 2005.

let's bring in diana olick for more >> pending home sales jumped an unexpectedly high 8% month to month. the highest may reading in more than 15 years. and even the realtor said they were surprised at this one the street was looking for a 1% drop sales up 13% year over year. you may recall sales started to bounce back in may of last year after the pandemic lockdowns pending contracts are a forward looking indicator of closed home sales. the chief economist points to lower mortgage rates which fell in april and held in a narrow range throughout may sky-high home prices have been a major concern. in april the s&p case-shiller index up over 14% year over year the largest gain in its 30-year history. and lawrence yun said while these hurdles have contributed to pricing out some would-be buyers, the record high aggregate wealth in this country from the elevated stock market and rising home prices are providing funds for home purchases. the folks at s&p called the

price gains truly extraordinary. >> so we have all of that on the one hand then the weekly mortgage applications on the other hand showing a drop, right? >> yeah, so that tells a different story. the weekly mortgage applications are from last week as opposed to this data from may what we're seeing in the purchase applications, that's loans to buy a home, they've been dropping steadily down 5% for the week, down 17% from a year ago which says that in june we are starting to see a slowdown in buyer demand, probably because of the high home prices. >> diana olick, thank you. how much would you pay for the web's source code as an nft? sotheby's auction is over. the results are in we'll bring them to you next it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position.

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some people thought the nft boom was over, today we have strong evidence to the contrary. another multimillion-dollar sale robert frank has the details robert >> tyler, bidding started at just $1,000. 51 bids later, the nft, the source code for the world wide web selling for $5.4 million one of the most expensive entities ever sold and clearly doubles what was paid for jack dorsey's nft of the first tweet. what does the winning bidder get for the $5.4 million they're not buying the actual

source code. they are not buying any commercial rights since the code is free and doesn't generate any royalties. what they are getting is a block chain certified ownership of the original time stamped files of the code they get a poster, a video and a letter from sir tim berners-lee. he said this has offered me the opportunity to look back in time to the opportunity i first sat down to write this code 30 years ago and reflect on how far the web has come since then and where it could go in the decades to come. for comparison, guys, you could have purchased this painting by mark shagal that also sold today at christy's for $1 million less showing once again that beauty is in the eye of the beholder. >> was that less, did that disappoint expectations?

>> that was above expectations it was just a comparison of similarly priced collectibles that are so vastly different in terms of what they actually are and sold for a comparable price. i'm more of a shagal guy, but that's why i'm a dinosaur. >> what are you actually getting? you're getting a screen grab of the source code or what? >> you're getting an nft verified ownership of the code now no one owns the code sir tim berners-lee famously said this code is free it's open to anyone. that's why there's no commercial rights attached to it. no patent. no royalty so you don't actually own the code you own a blockchain verified screen grab and a poster and a video and it's sort of like buying a signed book or a poster by him >> the poster and the video puts

it over the top for me i don't know about you, robert >> yeah, there you go. >> that definitely gets it over $5 million >> listen, as collectibles go, not the worst one. we talked about how the nft market, the volume had come down and now it's back. thanks for watching "power lunch. "closing bell" starts right now. good afternoon welcome to "closing bell." i'm wilfred frost. the dow looking to close out strong first-half of the year with a bang up triple digits and sitting near session highs the s&p 500 and nasdaq are lagging as we head into the final hour of trade. >> i'm sara eisen. let's look at what's driving the action in this final hour. energy stocks are leading. they've been strong all year long the sector is up 42% so far in 2021 the biggest winner it's a big day for ipos. three key names hitting the public market today. didi, i.d. verification company clear and cybersecurity firm centinal one more on all of those in just a bit. intel ishe