u.s. reits sector up 25% year to date if you were worried about inflation, this was the way to hedge itself >> new high for the s&p today. new high for the dow industrial average. throw up robinhood robinhood officially -- there it is it's down about 5% $36. that's a couple of bucks below the open price that does it for us. "the exchange" is now. thank you, scott hi, everybody. welcome to "the exchange." we begin with robinhood's highly anticipate public debut on the nasdaq today the stock down 6% right now. it was down more than 10% just a couple of moments ago. also briefly positive by 3% or so so it's been swinging around. it priced at $38 for this ipo. a lot of those shares were going to retail investors who use the app. so at the open today, other than when it briefly turned positive they'd be under water on those trades right now robinhood pricing at $38 also

the low end of the range which was indicated as high as $42 this all values the company in the neighborhood of $30 billion or so as we watch the trading activity this afternoon. let's get this very, very latest on this now with leslie picker who is at the nasdaq where she's been all morning she's now alongside nelson grigs. they scored a big one here with robinhood, president of the nasdaq stock exchange. >> thank you so much as you can see that share price has been trading lower, pretty much since it opened very high volume out of the gate for this one, which i think was expected but just broadly speaking, what do you make of some of today's activity >> the volume is actually more than we expected we're already at over 50 million shares traded. and they offer a little over 55 million. we're seeing more activity than we had expected. >> with regard to winning this deal as they say in the lgss business it's usually a battle between the nasdaq and the new york stock exchange why is it that robinhood chose nasdaq as its listing

destination? >> well, we had a pretty good run this year. about 70% of operating companies using nasdaq with robinhood we've known them for years. we tried to develop partnerships a lot you can do with robinhood. and they've been a good partner to us. we've been a good partner to them they felt it was the right home for them >> execution risk is always a focus for listing venues such as the nasdaq on day one. people have made kind of a comparison between facebook with the retail allocation of 25% as well as robinhood, retail allocation quite high as well. in terms of kind of the execution, you guys running trials for this in anticipation of that heavy volume, in anticipation specifically of the retail orders which, of course, each of them tend to be much, much, much smaller than the institutional orders >> sure. the complexity of ipos gets greater when you have more orders notnecessarily volume but orders we expected high retail participation. we test for every ipo.

we test weekly we had done well over 1,000, almost 2,000 ipos since facebook think back to coinbase, airbnb we think about it all day every day but it was not a concern for us >> kelly has a question back in the studio >> nelson, people are joking a little bit now about whether robinhood should have chosen the spac route or other options available to go public any thoughts on why the traditional ipo route was so appealing to them? and again, what would you say to investors who may be holding the shares right now who are disappointed that it's trading lower. is there anything you'd say to them >> well, great two-part question i'll look at the first one i think we talked to private companies every single day and they love the fact there's optionality with the spac market, the traditional ipos seeing more direct listing these days i still say there's a lean towards the traditional ipo if

companies are already down that path which robinhood was so there's still the primary choice for companies going public today and i do think we're going to see that be fair consistent although even monday we had lucid go public through a spac so we're seeing it on both sides but companies have -- lean themselves toward the ipo. i think when you look at one-day performance, i have been in this business for a little over 20 years. and a lot of times the day one performance is clearly not indicative of where the stock may be in a week or month or two. so i think you have to love the long-term story of robinhood, democratizing access to capital or investing for retail investors. they believe in that, the mission and opportunity in front of them. they want to be long-term holders, but everyone makes their own decisions. >> investors are leaning more toward the traditional ipo process as opposed to a spac or direct listing what do you make of today's

activity does that send a signal to people who may have been considering the ipo process, the traditional ipo process to say, well, actually maybe i'd prefer to do a direct listing or spac because you get more in terms of spice certainty with the spac and you don't have the same kind of, you know, price at this point, trading this way on day one. it's just an auction all that's -- >> you could probably go through the pros and cons in a lot of detail you mentioned the spacs having price certainty. i say look to the fall as long as the markets hold up we have an amazing pipeline of companies that are going to go public both routes but it really is an individual company decision and we've had so many ipos here do so well in addition to some that may have had a choppier debut. i don't think it's every company makes that call and they do on a variety of factors and again, i go back to optionality, we continue to hear they hear that there's different methodologies

going public today and more unique ways to tap the public markets. >> who doesn't like optionality. kelly also has a question. >> couple of quick questions on the events of today, this afternoon, nelson. one is for those asking why aren't people wearing masks tightly gathered in a space crowded around the computer. the second is, i still think you need a better tv shot for that -- the crowded around the -- i don't know. it's an asthetsic comment but your thoughts, please. >> another two-part question the first one. so we do look at the data around covid and what the restrictions are, and we adhere to all of the guidelines that we are receiving. so i think we have obviously seen a bit of a change here in the last handful of weeks. so we have a management call almost on a daily basis that reviews that and understands how we stick with appropriate guidelines and we'll do the right thing all the time in conjunction with

what the guidelines are and also making sure the companies are comfortable with how we are bringing folks together here there's been a big uptick, which is terrific but we also want to do it safely >> let's talk about that big uptick in companies that want to come in just broadly as a characterization of the market as a whole because, you know, we looked at a statistic yesterday and were talking about this on our air. of the biggest ipos this year, those that have raised more than $2 billion, all of them are under water as of their first day of trading obviously, this kind of is the seventh of the six ipos or of the seven total ipos raising more than $2 billion under water. what does that do to the ipo market are you starting to feel more of a chile fect take place? or see the window close a little bit? >> the buy side does look at the performance of current deals or previous deals, how they've done to give them some indication they want to participate in ipos this year has been a little

softer compared to the broader markets than we've seen in the past so they look at it on a deal-by-deal basis in general we'd love to see a nice healthy return for the average of ipos. keep the ipo market as steady as it has been. 460 ipos on nasdaq i think we'll see a pause here in august, next handful of weeks. but we have a very full calendar for september, october time will tell, but at the end of the day we'd love to see a nice increase over the averages. >> it will be interesting what the covid variant -- or delta variant does there kelly, you had another question? >> let's close with the following. we're asking all the executives about this so final thought as we've spoken about covid and this and that. what are your plans for having people back to the office full time, requiring vaccinations or not requiring masks or not, requiring people to come back to work what's your philosophy here and has it changed in the last week or two >> there's a lot more dialogue

in the last week or two. we're looking at a post-labor day return to office and a bit more hybrid environment depending on the rules at nasdaq very role dependent. but we think about not only our employees but also the companies coming into nasdaq and i would say the last few weeks with new data, we are looking at that again on a daily basis and making sure we can be as safe as we possibly can it's a combination of things but we're looking at a post-labor day return to the office >> and that hasn't changed >> that has not changed, no. >> understood. thank you, nelson, for your time leslie, thank you for bringing that to us let's dig further into robinhood and what this debut reveals about the current ipo market joining me is dan primak, the business editor at axios robinhood shares are down about 5% right now what's going through your mind >> it's funny nelson talked about ipo fatigue. we're seeing investors are

really treating each company very individually and separately dualingo goes public yesterday today you were to have clarios, a huge ipo going to raise $1.7 million. they pulled it this morning, postponed it and said market conditions this isn't about lots of ipos all doing well or all doing badly as a bucket. it seems very company specific >> also traeger debuted today. that's the real company. we've talked about it and weber a couple of weeks back so there are obviously you can look at this market and say that's a great indication of one going off well i wonder if the timing comes as companies are reporting a pandemic hangover. u.p.s. down big this week as volumes are flattening out robinhood is a pandemic trade. is this timing just working against it even though delta is back but there's this sense this is not anything like what it was in the depths of 2020

>> for starters, we should realize, yes, robinhood is not this blockbuster ipo right now not having a huge pop. that's it. it's still worth a lot more. the public markets have validated. the private market valuations from earlier this year and then some and did raise $1.8 billion or something. that's really important. i think the bigger question for robinhood is people i think are a little confused about or not confused, are concerned about what the business is going to be, say, in a year from now. for example, a huge amount of its revenue comes from payment for order flow which has been discussed before there is talk from the s.e.c., from congress, about changing, limiting payment order flow and even robinhood has talked about becoming more of a market maker. those could be very big fundamental shifts to the business obviously the crypto piece when you look at their crypto assets, how much driven by dogecoin and no one knows where that will be in a year traeger will be making grills in a year people aren't sure what robinhood will be in a year. >> let's talk about the pricing

and the differences in this ipo versus others. there was some sort of talk they were trying to price it low to make sure they had this nice one-day pop and retail would participate. and leslie was reporting that even though retail share was not -- they didn't see demand come in as strong. 25% to 30% of the shares maybe on the lower end of that and the retail public who they are trying to specify here is still upset about what happened to gamestop. they remember the outages last year we often talk about robinhood like it's a proxy for the reddit trade. that's not necessarily the case. >> and it's interesting. if you look at reddit and message boards robinhood is -- it seems some of these folks are taking glee in this ipo not going as well as robinhood wanted it's gamestop stuff from six months ago it's recent. it's really recent you're right just because you use robinhood to buy and sell stocks doesn't

mean you don't want to take a shot at them a lot of us use products and we don't particularly love the maker of those products. that may be the truth in this case >> if they were the only one offe offering free trading. they have -- charlie munger, scott galloway who say it's -- you know, too addictive. it encourages the wrong kind of trading. even where they most succeed they have critics of the app interface they've designed you wonder who may be waiting in the wings to see what happens for the pay for order flow but is even a well-designed app a moat in the long run >> the question is, what does robinhood do next in terms of innovation they were ahead of everybody else, not just no-fee trading but on the interface so they were the smartest guys in the room. they saw what was coming next and maybe they can do that

again. i think that would be the bold case on this one when it comes to that. >> traeger will still be making grills we don't know about robinhood. dan, thanks for your time. we appreciate it dan primack of axios still ahead -- we'll talk about molson coors the ceo will join us to talk about the quarter, his hard seltzer strategy plus, trevor milton is charged with lying about, quote, nearly all aspects of the business we'll take a closer look at this case a little bit later. "the exchange" is back in a moment this is "the exchange" on cnbc

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welcome back as robinhood about to turn positive again shares down less than 2% right now, back over $37 it priced at $38 we'll continue to watch it only opened a little over an hour, maybe an hour and a half ago. still getting its bearings molson coors delivering a strong earnings beat and posting its best topline growth. shares are bumpy after warning of rising transportation and packaging costs. the company discontinued production of the hard seltzer joining me is gavin haddersley the ceo of the molson coors

company. and tell us what's going on with transportation goss. >> thanks for having me. transportation costs have been tight for the whole of this year we do need some elements of that we have some cost certainties as regards transportation costs but just like everybody else in the industry, anybody else using over the road haul, it has been tight. >> so tight gets to the point where, you know, obviously we've seen things get extreme as fuel shortages in some airports because of the shortage of truck drivers and prices are way up. is this an issue where you mentioned it and say we may have to make a little change or at what point does it become a much bigger problem that has to be resolved and rethinking how your product gets around the country and doesn't eat into profit margins? >> we do that all the time we look at the most efficient and effective way to get our brands and our deals out to our

distributors whether that's over the road or by rail we do focus on the most cost effective, cost efficient way to get it to our distributors and with the tightness in the freight market, that's certainly an area that we -- >> let me ask you about hard seltzer which was this huge hit product for the last couple of years. boston beer doing poorly you've discontinued coors light seltzer. what's going on there? >> this is no surprise to us we've been saying for almost a year that we didn't see that the hard seltzers category would grow at the meteoric rates that it was growing so this is no surprise for us. from our perspective, we launched a number of hard seltzers in the u.s. market and got two clear winners in vizzi and topa chico hard seltzer. in order to focus and put all our investments and efforts

behind our two clear winners led us to the decision to, in the u.s., stop producing coors hard seltzer. up in canada, coors hard seltzer is doing really well gaining double-digit share in some big retail outlets in canada it will continue in that market. >> fascinating love to know what accounts for the differences in taste between the two countries. how much longer do you think the seltz zer trend will continue? people were asking, what's next? if that category is cooling off, what comes on its heels? do we know yet >> from our perspective, the seltzer category is here to stay we also have been saying for quite some time now, it's growing 10, 20 or 40%, it's still the fastest growing segment in our space it's good for the beer industry and surely good for our overall portfolio. we, in the second quarter, we allowed our largest share of premium space and the seltzer certainly played a big part of that so it's here to stay

from an innovation pipeline point of view we've got a robust pipeline of innovation coming next year and in the years beyond probably too soon to tell you about that just yet but we've got some exciting ideas. >> again, i'd love to know let me ask you about covid obviously, we've seen some major companies, major tech companies delaying their return to work or whether to require vaccinations and that type of thing what are you guys thinking >> from the day one, kelly, our focus has been on the health and safety of our employees. and we've also put particular emphasis on the medical experts and what the cdc guidance it so what's what's leading our decision-making process. we certainly are encouraging vaccines and that all of our employees get the vaccine but at this point in time we haven't -- >> can you give me a hint on what's in your product pipeline? >> i can't do that, kelly. >> i appreciate you letting me ask a couple of times and for joining us to talk about the quarter and the trends

always good to see you >> thaunk you for having me and coming up -- we'll speak with another ceo at kimco realty the shopping center reit it's moving into the supermarket world even further today shares up 4% is this a sign that commercial real estate has made a full recovery from the depths of the pandemic. let's check on shares of robinhood which are down 1.5%. they have turned positive earlier towards -- when they first opened for trading they were up about 3% at one point before falling more than 10%. so they've come off the lows as well down about 1%. we'll see if they are positive by the time we're back from this break.

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welcome back to "the exchange." we've been squarely focused on robinhood's ipo which at last check was under water. the broader markets are at all-time highs today the dow up 0.6%. the nasdaq is trailing slightly up 0.3% as well. but when at the open, pretty much every major average was at a record high. here are some of the other non-robinhood movers this year including traeger. they are surging 28% now and their debut on the nyse. my neighbor used to cook so great on the traeger i miss that. rob, come back and cook for us they opened at 22. the current valuation is at least -- that may have been at the open price of 22

a $3 billion market cap. still much smaller than robinhood. align technology is also doing well today new all-time high and on pace for the best day since february. this is the maker of invisilign. the shares are up 8% also shares of crocs in the green again. they are in their longest monthly winning streak on record 12 consecutive months of gains up 260% during this time $136 stock adding 4% today now to christina for our cnbc news update. >> here's what's happening the biden administration saying it will allow a nationwide ban on evictions to expire saturday. the white house says biden would like to extend the ban, but says his hands are tied by a supreme court ruling biden now calling on congress to take action to protect vulnerable renters on the news, full coverage of president biden's expected vaccine requirements for federal workers tonight at 7:00 eastern. in wisconsin, more than

40,000 customersstill without power after severe storms ripped through parts of the state overnight. powerful winds uprooting trees andcausing widespread damage t businesses and homes at the olympics, novak djokovic cruising past japan's kei nishikori in straight sets the win puts the world's top men's tennis player in his third olympic semifinal and keeps hopes alive he can become only the second player ever to win the golden slam. that's all four grand slam tournaments and an olympic gold. mic drop and a pioneer of info commercials has died ron popeil made a science of enticing customers with pitches for items they never knew they needed everything from kitchen gadgets to pocket firning rods and spray-on hair to cover bald spots. he was 86 years old. coming up -- we'll check on

shares of robinhood down 1.5% or so right now get reaction from traders on the floor of the nyse and whether robinhood's debut marks the p t red-hot ipo market.

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welcome back to "the exchange." robinhood's market debut, one of the most highly anticipated of the year maybe not what the company was hoping for the stock down about 1% right now. opened below where it priced let's bring in bob pisani and michael santoli with more thoughts bob, what are you hearing on this one >> well, i have not, and i've been covering ipos for 24 years. it's been a long time since i've had this much commentary pro and con. people seem very passionate about this one they love it or hate it. there's a lot of obvious concerns people have people telling e, look how dependent they are on trading revenue. $30 billion valuation dependent on trading you better hope trading stays very, very high. then the whole issue about the regulatory situation it's a gameification they are exposed to crypto

gensler is going after all of this it seems to be a very serious risk that people have investing in it. and then they keep saying we're unique i see tons of competition. sofi, fidelity and vanguard and schwab out there schwab bought ameritrade morgan stanley bought etrade a lot of company interested in buying companies like this everyone makes a thing about their 22 million users that's nice. but the assets are pretty small. $4500 average user there vanguard has $8 trillion in assets under management. blackrock, $9 trillion they've got $81 billion over there. so nice they have 22 million users. that's a great metric but they'll have to grow that darn fast to get anywhere near charles schwab's lead. >> and how important is it that they close in the green versus in the red or slightly in the red versus down 10%. we know how definitive these narratives can become. what's significant in terms of the trading activity and how it

closes >> i don't think it necessarily has a tremendous amount of meaning literally how it closes today. we know this was not a spring-loaded deal a lot of insatiable demand i think the narrative is set it was relatively soggy demand at this valuation level. but not a disaster if i go back and look at how uber was very heavy out of the gate took time to get its legs under it it didn't take down the market with it when it did fail even though it was a wildly anticipated and hyped deal a little grease identify the valuation. it was a deal sold and not bought they had very specific cash-out needs. the people provided capital earlier this year. we've got to go public there was a lot of incentive on the company's part to get a certain valuation. it's reflected here. and bob is right about all the concerns if there's an upside, the skepticism is pervasive. everybody is actually kind of

looking at it and saying, yeah, but -- >> there's nothing in here that suggests irrational markets. reddit mania and all the rest of it so is there ipo fatigue or just robinhood skepticism >> there's a little ipo fatigue because of the disappointment of the performance so far this year we've had 260 ipos the number has been great. the value of the money raised, almost $100 billion. that's been great. we're near a record, kelly we can hit a record in terms of the amount raised. what i don't like is the trading action 49% of the ipos are above their price. below 50% are above their ipo price right now. that's very disappointing. we've had first day pops the average ipo is up. but it's down -- the average ipo is down after the first day of trading. so what does that tell you it tells you they've been getting aggressive on the pricing. the pricing too high and you're getting companies that people are selling into the high prices immediately upon going public.

so i think you'll get a little bit of what you might call valuation pushback in the second half of the year because people are saying, look at these numbers. down 13% after the first day of trading. that means your average cnbc viewer who is going to buy in on that first day of trading, they're under water. that's going to get noticed on the street for people who want to buy ipos in the second half of the year, maybe you'll get a better price. mike, a quick final comment to wrap it up >> what's fascinating, it's a rorschach test this stock. if it's a brokerage firm and comparing it to interactive brokers which has four times the revenue, it doesn't make a lot of sense if it's a consumer app where you'll judge is on monthly average users and a call action on the wealth building over time of a very young generation, then it gets more substantiated on the valuation front. we'll see how that story line evolves as it matures. >> great point guys, thank you. we've got a few developments in the hack of electronic arts

eamon javers has the details >> the data stolen from ea sports and posted on the dark web earlier this week is source codes of the massively popular soccer video game fifa 21. this according to consultants for cnbc at the cybersecurity firm q6. hackers posted that data earlier this week. we've been analyzing it and confirmed what it is just today. the stolen data includes visual studio project files and the consultants at q6 tell us the risk to ea is in terms of piracy and potential cheating in games by people who get access to this source code on the dark web. the hackers involved here are demanding a ransom they are threatening to release more information that they say they have stolen from ea they claim to have user data from the sims 4 game and they're demanding payment in less than 45 days. we went to electronic arts with this and asked them for their comment. they are saying a couple of

things they don't like the idea of the term ransomware. this was an extortion attempt. so some very strong words here from ea. they also say they're not particularly concerned about this data being out there on the dark web they say we don't consider the amount of source code accessed a material threat to our games, business or players. ea saying, yes, this data may be out there on the dark web but we don't consider it to be a material threat at this point. >> extortion is a big word eamon, thank you now a news alert on disney with scarlett johansson involved julia boorstin has this story. >> kelly, scarlett johansson, the star of disney's latest marvel movie "black widow" filed a lawsuit today in los angeles superior court against disney. this according to a report in "the wall street journal." this lawsuit alleging that her contract was breached when the film that she just starred in "black widow" was released

simultaneously on disney plus for an additional fee as it was released theatrically. her deal guaranteed an exclusive theatrical release and her salary based on the box office performance of the film. so this really raises a lot of questions about the new simultaneous streaming strategy, the shortening windows we've seen a lot of studios take really interesting to see how this plays out we have reached out to disney for comment. we have not heard back yet but kelly, this is really a moment where the whole movie industry is re-evaluating how they'll be making deals with talent and how they'll be releasing films >> fascinating i'd love to know if she raises this as a concern upon hearing they were going to stream it, some establishment at a contract negotiation before we got to this point can't wait to hear those details as the industry evolves. up next -- never mind the growth versus value debate one strategist says low interest

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safely. securely. and responsibly. so now, between all apart and all together, there's a bridge. cisco. the bridge to possible. welcome back, everybody. on top of robinhood's public debut, today also marks the busiest day and halfway point of earnings season. with a record number of earnings and revenue beat it boasts the strongest quarter since 2009 which was also coming out of a recession. estimates for the third and fourth quarters keep rising. we got today's gdp miss. are investors being too optimistic with the direction of the economy and these earnings power of the s&p 500 here to drill down on this is the president and chief investment officer of castle arc management jerry, great to have you just an observation. tell me if this makes sense to

you, but the way i see it, we hear so much belly aching from corporate america about higher supply and labor and transportation difficulties and we look at the numbers and this is the most amazing earnings ever not rev news, earnings they are increasing their profit margin >> kelly, let's be honest. these guys have to always put caution ahead of everything they say just to sound good but the reality is that gdp report and the market's reaction to it are spot on. all we've seen now is the pushing out of what we were worried at the end of the year was, blast of growth and then rolling back over. now your visibility is being pushed out into maybe 2023 because you are forcing companies to slow their pace of growth, which they prefer all day, and you are allowing somebody to discount stock and earnings you get us now five or six

quarters that we get to see visibility on. >> okay. so you're kind of in the camp that said, okay, there was inventory drawdown we'll need restocking. slower pace means a stronger pace then and so forth what does this mean for corporate earnings we have a market price as of this morning at the open at all-time highs for all the major averages the way you see it, these earnings are justified we spoke yesterday with the ceo of stifel. he said the trailing operating earnings are at their highest levels since the late '90s and late 1920s is that a concern for you? >> not at all. in fact, again, earnings have been growing systemically for 30 years now on the backs of the transition in the economy into service and things that are much more innovation driven and we're now seeing all those innovations that people have put in place that's now manifest itself in these better than expected earnings and as i've said before, now you'll have the

smooth bathing of the waters of growth for the next five or six quarters to now push back some operational leverage so it may, in fact, be the best of both worlds >> all right >> and, boy -- >> yeah, so there's obviously, you know, the easy thing to do is sit back and relax about your passive index, but you also have picks in this environment you think could do particularly well they include conoco, ford, microsoft, nvidia. are there a lot of different opportunities? >> so the most unifying theme is, until the bond market decides there's a really structural problem with inflation and it wants to value long-term yields at something at 1.25% to 1.5, you now have the opportunity and it only happens in rare instances. being able to look across the universe of stocks and say, gosh, conoco is going to throw 15% to 20% of its entire market cap every year at these oil prices ford has got really cool -- the

combination of an ev/tesla play inside of a massive cyclical pent-up demand for old internal combustion cars and then move on to the low-risk stuff like the 10-year outlook microsoft has and their suite of product and nvidia high multiple. if we had 3% interest rates, that would be a problem, but not now. and their competition is so weak compared to the market they have so we get to look both cyclical, inflation and growth oriented here this is a rare opportunity >> there is some business tax deduction that encourages people to go out and buy pickup trucks even if they don't need one. there's demand from ford for the traditional f-150, the all electric one, for whatever it wants to introduce thanks, jerry. still ahead -- kimco realty

is reporting a faster than expected improving occupancy rate and hiked its 2021 outlook. the shares are up nearly 4% today and 43% so far this year the ceo joins us next. you can catch this show any time, anywhere by listening to our following "the exchange" podcast. we're back in a moment age before beauty? why not both? visibly diminish wrinkled skin in... crepe corrector lotion... only from gold bond.

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welcome back, everybody. look at shares of kimco up 3.5%. they had strong earnings, beat expectations the shopping center reit raised full-year guidance as operations return ed to prepandemic levels faster than expected kimco realty's ceo connor flynn is here. we were talking about how companies have this kind of surprising earnings power and momentum behind them would you consider yourself one of them, even as delta spreads >> nice to see you we're very proud of the quarter we just had. the team has really rallied the kimco portfolio through this pandemic and it's starting to shine a light on the value our shopping centers are perform willing and traffic is back to 2019 levels. and we have a real playbook now

that we can follow thanks to all the lessons learned through the pandemic we launched curbside pick-up and the last mile shopping center that we own is grocery anchored and gives the consumer the optionality that is so important to consumers today >> yeah, probably mentioned this you have a shopping clause with a whole foods and the a mile away from you with a whole foods in it. it must be crazy because it's always beautifully done. talk about the traffic trends, the ways in which things are going back to normal and the ways in which you don't anticipate them to, because i think when we spoke last time we were talking about investment and making it easier to arrive and leave at your destination to do things like curbside pickup >> sure, the way retail has evolved it's become in more ways than one evolved to service the customer in any way they so choose if they want to buy online, pick up in store, if they want to use

curbside pickup, it's the ease of returns, all of a sudden the last mile retail has become more valuable to the retailer as well as the consumer. we really saw a huge uptick in our occupancy driven by our anchor we were up 70 basis points and that's the largest incremental quarterly gain we've seen since we started reporting that metric. and so you're seeing the demand coming through the space we're in a smisnice spot driven our leasing spreads, and there's really no new supply on the horizon. i think it's a nice way to showcase the future cash flow growth we expect >> you can't control interest rates. utilities are having their best month in a long time, reits have done well. do i adjust your business to that or acknowledge the stock

price adjustment that would happen >> i try to focus on what we can control. interest rates is not part of the equation when we point to future cash flow growth, the nice part of our business it's easy to project out. we have a 300-basis point spread $33 million waiting to commence. >> so we've learned basically from your results that the local grocery store didn't go away if anything it strengthened though everyone was ordering groceries online i order mine online but pick up at one of your locations, so i understand that. >> it's actually a lot of names we all love.

target, for example, has been a wonderful operator through the pandemic that is utilizing their stores exactly as you mentioned, in more ways than one. utilizing the store for distribution is here to stay you're seeing with grocery but with a multitude of retail concepts and that's why anything touching home is quite strong still home improvement, home goods you've got the grocery stores doing quite well off price so the t.j.maxx, burlington, ross we have a lot of new tenants as well, so most of the e-commerce tenants that started out in the digitally native world is looking for growth through brick and mortar amazon the largest with their fresh grocery store we just opened in bellevue, washington lines around the block there's a lot of net new demand. and retail continues to evolve i'm a big believer in the last mile that kimco brings to the table. >> conor, thanks for your time we appreciate it

>> my pleasure >> the ceo of kimco. up next, shares down 60% over the past year of nikola the shares are down almost 10% this afternoon details of the indictment and what it means or doesn't mean for the company next a check on robinhood open for trading just about two hours ago. it's still in the red down around 36.50 it did turn positive once earlier on you can see the green spike. icy hot. ice works fast. heat makes it last. feel the power of contrast therapy, so you can rise from pain. feel the power of contrast therapy, ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪

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welcome back trevor milton, the founder and former executive chairman of nikola charged with making false and misleading statements to investment shares 10% lower this morning, trading right around there still. it's about $ 12.80 phil lebeau with the details and what happens to the company now. phil >> reporter: kelly, trevor milton has just posted $100 million bond, his first appearance in a federal courtroom in manhattan, has wrapped up the doj is charging him with three counts of fraud. there is also a parallel complaint that has been filed by the securities and exchange

commission the three counts come down to this they say trevor milton lied to investors about nikola products including the badger electric pickup truck which they say wasn't a real truck, it wasn't even built from the ground up. they took f-150 donor vehicles, hid that it was not an f-150 underneath it and that's what they said to investors was the vehicle they were building here is the u.s. attorney for the southern district of new york >> we allege in order to drive investor demand for nikola stock milton lied about nearly every aspect of the business >> reporter: and you can see she stepped away from the podium to talk about some of the products they accuse trevor milton of lying about. you take a look at shares of nikola, the company has issued a statement essentially saying, look, those charges are not against nikola he has nothing to do with the company. he's been gone for more than ten months those are charges strictly to trevor milton. his legal team has issued a statement saying trevor milton

is innocent. this is a new low in the government's efforts to criminalize lawful business conduct. every executive in america should be horrified. trevor milton has posted $100 million bond, kelly. we'll see how this plays out over the weeks and months to come >> $100 million bond is a humongous number, phil so -- >> reporter: sure. secured by-t two $40 million properties >> what about the company now? has there been a leadership complete change? i get nikola and lords town confused >> reporter: yes >> what's the status with the company and the ability to try and salvage all of this? >> reporter: once they bounced trevor milton, and he left -- i want to say october/november i don't know the date, but it was pretty clear once the gm deal fell apart, the hindenburg allegations from that firm came out and they said, look, all this is a house of cards, trevor

milton left nikola and they have spent the last nine months trying to resurrect their business and go forward and say, look, what trevor milton said we were all about, we are not about that. and there have been a few instances where there have been those who have said, look, there's potential here for this company. let's be clear, they are not involved in any of these allegations. >> phil, thank you phil lebeau with the latest on nikola that does it for "the exchange." "power lunch" starts right now with frank holland in for tyler. robinhood's rocky start, the stock dropping below its ipo price as investors turn cautious >> our growth is organic and word of mouth. we think we've scratched the surface. >> robinhood ceo is betting his fast-growing company will grow even more. a prominent venture capitalist sees risk. a ceo triple play,