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, raymond

james, international paper and realogy out with earnings and with a distinct take on their corners of the economy we'll also find out where they stand on mandating vaccines. "power lunch" starts right now and here's where the markets stand this hour. the dow up 220 points, near session highs, hitting an intraday record along with the s&p and nasdaq record intraday highs. we'll see what the close brings. steady trading pattern the last couple of hours even with robinhood sinking there. let's check in on robinhood falling in its trading debut priced at $38. at the low down 10%. trading at $36 and change right now. frank? >> kelly, that's right where we begin. as you mentioned robinhood down. over to leslie picker at the nasdaq leslie, you've been following every tick of this robinhood action >> reporter: every tick is

right, frank, starting with the indications as high as 42 this morning and then they went down to 38, which is about where the shares opened. they were down as much as about 10%. but you can see they've come back they've made up a little bit of ground down 4.4% i'm told that a lot of the volume is comprised of retail. there is very, very heavy volume, important to note that, almost 1.5 times the shares sold in the ipo, about 55 million shares in the ipo. upwards of 70 million in terms of volume at this point in time. we could close today with 100 million shares turned over in today's trading on its debut now while shares are lower today, you can see now going down to about 5%, clearly a lot of volatility today, we did talk to the nasdaq president nelson griggs who noted a red opening day, a red print on the opening day is not always indicative of future performance

>> we look at one-day performance. i have been in the business for over 20 years and a lot of times the day one performance is not indicative of where the stock may be in a week or maybe a month or two i think you have to love the long-term story of robinhood democratizing investing for retail investors they believe in that, the mission, the opportunity in front of them. they want to be long-term holders. >> reporter: there are so many examples we can point to there's peloton which has quadrupled, there was facebook which had a notoriously tough first day though they did close pretty much flat in 2012 that stock has absolutely surged since that period of time outperforming the market and so forth. but there are, of course, examples of ipos that have tough days and never truly recover i was looking at uber is trading at, i think, the same level it went public several years ago.

so it's certainly something to watch here as about a quarter, say, of this ipo was allocated to retail investors, to users of robinhood's platform, what that means in terms of their business going forward. all things we will be keeping an eye on especially as it pertains to this deal which is so unique given certain aspects of the deal >> you hit on my big question. about a quarter of the shares given to retail investors or allocated for retail investors how much is due to them? even in their filings for the ipo robinhood mentioned that the fact that its platform has retail investors might make it not so great for long-term holding. >> reporter: a very good question it sounds like based on the order flow coming in today a lot of it is kind of short-term trading, flipping a lot of smaller ticket sizes which would indicate that it's retail behind a lot of today's moves it'll be interesting to see when this stock finds its footing how that compares. one interesting thing to note, sometimes we talk about the

green shoe there were some actual green shoes on the floor today, but it is used as something that can stabilize this stock robinhood has only a 10% green shoe normally it would have a 15% that's the typical for these deals. so kind of interesting as we look at a stock trading lower today how that plays into this deal of course that's one area they did things differently, the retail aspect is different they also had a limited lockup for employees who were able to sell about 15% of their shares today. all of those things create volatility that's to be expected today. however, i think it is worth noting we did see tech technologically. >> those who doubled down into the company's turmoil back in

january. kate rooney with who is benefiting the most. kate >> reporter: that rescue package for robinhood is turning out to be a really good deal for the venture capital firms who were in on it index ventures nea swooped in back in january to back robinhood. the startup needed emergency funds to meet capital requirements during the gamestop saga they own more than 30% of robinhood's shares the funding in january was in the form of convertible debt as of today that turns into equity hence the name convertible it was also at a 30% discount to the ipo price and the debt accrued. interest at a 6% rate. and, kelly, if you remember this showed up as a big loss in the first quarter and robinhood has warned about if they have to raise more capital going forward, they can't call up their vcs next time they have an issue. index ventures is one of thehol%

stake worth more man $3 billion and led robinhood's seed investment, full circle for that firm nea has stakes worth more than $2 billion along with ribbit there is also a lockup period for the early investors. but i spoke to one a couple hours ago. he says he has no plans to sell. venture capital firms have about a ten-year life cycle before they really need to return money back to their lps. robinhood has been private for about eight years. he says it's better to keep the money invested in a winner like robinhood so it can compound instead of starting out to find the next big thing kelly? >> a great point why it might not be hot money even with an ipo like this. thank you, kate rooney for more on robinhood and the landscape more broadly, we should ask about facebook, the

founder of elevation partners and co-founder of silver lake partners roger, it's great to have you. gut reaction to the robinhood ipo today. what are your thoughts >> well, kelly this is super personal for me. i'm a huge believer in providing access to everybody, to the financial markets. and when we were at silver lake we invested in the predecessor firm to ameritrade which was the last big wave of discount brokerage aiming at consumers. i think the opportunity robinhood has is humongous when you're looking at the stock, the challenge you face we're very late in the long market cycle, and the way the business works today very high velocity trading and with trading in a lot of new kinds of securities, things like cryptocurrency and the model that robinhood uses gives it a really high beta if the market is good, this will be a fantastic stock if the market is not good, i

think the stock will have some really rough days, but over time their opportunity is huge and they've clearly broken out relative to everyone else. on balance if you like the market, i think this is going to be a great stock to own. >> i thought maybe you would come down on the other side of this, roger. if you have concerns about facebook, there have been so many people critical of robinhood for basically kind of sucking people in and turning them into addicts and turning the markets into a game and, you know, there's plenty of ways to get access to trading prior to robinhood. it's just their app is much more elegant. >> to be clear, i'm terrified about those issues robinhood is a source of systemic risk for the market because the velocity -- the dollars in it are quite immaterial you can wind up having a disproportionate amount of trading taking place inside robinhood and conflict with the

firms buying the order flow in order to make the trades free. and so all of those things, because of robinhood's seven tr centrality and there's so much activity in options and futures, you look at this and say, wow, if things go wrong there, it's going to be a disaster but, again, i'm trying to separate from that issue which has been around all the time and we've talked about endlessly from now this is a stock well positioned for the future. i mean, again, i wish they were more careful, and i do believe now that they're public that will force them to be much more sensitive to issues of regulatory compliance and also to issues of not over charging the markets that they're in because they saw a few months ago what happens when you lose

control. >> so, roger, clearly you're not anti-robinhood but worried about some of the risk of the markets overall. what about those investing today? they even said the high concentration could take these shares and the stock itself might not be griteat for holdin long term. >> frank, that is exactly the point. and, again, to me, what is your time horizon i think the notion of, you know, a mature robinhood providing a new generation with access to the financial markets is a really good long-term bet. this valuation completely depends on what you think the market will do again, i think the beta on this thing will be, you know, two, three times the market and so if the market goes well, robinhood will be a spectacular stock. the problem for me, frank, is i

don't have a strong sense that the market is going to be great. maybe it will, maybe it won't. there's so many cross currents right now. it just feels to me like that's a crapshoot. so personally i'm not going to be engaged in the stock, but could i imagine a price at which i was really interested in of course i could. could i imagine one that maybe think it was insane? of course. is the stock there today there's just not enough data for me to make that evaluation but there are a lot of other people who are out there who have really strong conviction and god bless. >> roger, you're mentioning a more mature robinhood. let's talk about the people who will own it, will build their assets, i want to make sure i understand what you're saying. a more mature robinhood, is that going to be a mover of the market or a barometer of the market >> i hope it becomes a barometer. i think being a mover of a market is an incredibly dangerous place to be. markets eventually go down and, you know, the thing i'm suggesting we've seen this movie before hundreds of times

google's initial ipo did not go well facebook's ipo did not go well there have been dozens of companies that had rough first days and rough first years and even rough first two or three years that went on to become spectacularly successful the issue here can they sustain this model where they're selling order flow in order to provide the service for free and can they do that in a way that isn't harmful to the people who are trading on the platform? and what's been really interesting is the last few years in a bull market the system has worked really well, but it's not crazy to imagine a scenario that stops working for a while. at the scale they're at, with the capital they have, they should be able to add additional products that reduce that volatility sothey become a barometer instead of the driver of everything. >> roger mcnamee, thank you for being here coming up, we'll monitor robinhood and all of its moves

also ahead, the ceo of raymond james on his company's record quarter. how the retail investor movement is impacting that business plus, international paper out with their results the ceo of the largest u.s. container producer weighs in on supply chain constraints and higher shipping costs. and later the red-hot housing market, the hiring spree and record high end sales. a lot more coming up here on "power lunch."

welcome back to "power lunch. i'm kristina partsinevelos two of the etfs that track these names, both up more than 3% on the day. you can see that there among the individual gainers are big names like dr horton and pulte group around 30% or better today's jump comes after the latest read which saw pending sales of existing sales fall almost 2%. frank, back to you >> kristina, thanks a lot. many still seek the expertise of wall street asset managers raymond james reported record earnings today with net revenues near $2.5 billion and more than $600 billion in its fee-based accounts nearly a 40% increase since june of last year joining us now is paul reilly, raymond james ceo.

paul, thanks for being here. >> great to be here again. >> the robinhood ipo is happening. what do you think today says about the retail investor and your record quarter? what does that say about the desire to have asset management and i guess inform people manage your money >> it's a broad market i've been fan of the retail apps that allow investors to follow stocks because a lot of times they have young investors getting in is great. if you look at the robinhood model, about $4,500 per account, it's much more leveraged that includes crypto if you look at our average account $1.1 trillion and only 3.5 million accounts, so over 300,000 in assets per account and it's a long-term investing account. almost everyone in our system is there for the expertise, the financial planning and the

long-term goals and many of the other apps are in for more short term you can see that in the sales and how quick they come in and out of assets. our clients are much more long term trying to hit their financial goals. >> your share is up about a percent right now after what was a record quarter your fee-based accounts for clients up 39% over the last year, with so many people turning to apps like robinhood why do you think you've seen such a big increase and desire for those services in particular >> i think it's natural, like my kids i tell them to go and find a few stocks and understand how markets move and they don't have the assets, the money or the kids or the complications. and i've seen this even in my oldest kids in their 30s, children, worried about mortgage payments, worried about paying for school and they look for a financial planner to look at setting a long-term goal

i think you see that natural bifurcation in the market and the growth in other companies are really people that weren't in the market or just had money in 401(k)s in a way it's new entries into the market i think as people have assets and have children and have the complications of life and they want help to turn through it they turn to financial advisers and we're seeing that in our younger clients as they mature in terms of assets and their life paths >> paul, it's kelly here i'm curious what your own thoughts are about stocks being at all-time highs, a lot of things the fed has done to intervene here since the pandemic we spoke with stieffel he was a bit more cautious and to that crowd robinhood or otherwise who is coming into the market, are you concerned here >> i guess i'm paid to worry so i always look at down sides.

we were pretty cautious coming in the last march. you couldn't have convinced me the market in the last year would have done what it did. how the economy reacted to the pandemic i, too, am cautious anytime you see high valuations, people putting in money and prices going up but on the other hand if you look the short to middle term, it's pretty clear interest rates will stay low, so where do you invest it, it's hard to get a yield in those types of instruments. some kind of infrastructure package which is another stimulus we've had other social stimulus and a lot of cash going in and pent-up demand everyone i know, everyone who works for us is trying to get a summer vacation in before, you know, the fall starts because they've been locked up for so long you'll see all that again. i had a daughter on a honeymoon, a delayed honeymoon from an online wedding a year ago and a rental car for five days was

$2,800, more than a business class airfare. >> wow >> we see that kind of pentup demand from travel and other things i think it will fuel the economy for a while but the question is when is that going to overprice, when do rates come up or when does the economy turn down opening and slow down expectations so there's a lot of things to be cautious about but i think short to midterm, okay >> are you just, real quickly before we go, paul, is the service with covid, how much is in the office and how much is distributed, are people going to be permanently working from home or will you be making them come back >> i don't know about making them come back it's very important to be in the office we were one of the last that announced september 13th we were going to ask people to return and we were on a journey for mobility we hired an expert from one of the firms to join us last year to get us on a mobile track. so the jobs will be more mobile, more flexible. culturally it's important to

interact, to talk to each other, to problem solve we purposely waited until september 13th we wanted people after working hard from home to enjoy their time with their family, summer vacations, to be able to lock in their kids' school and child care, adult care, whatever challenges they had. we're more flexible. it's so important for culture. >> you are bringing everybody back paul, thanks for joining us to talk about that and the rest of the trends between the markets and banking right now. we appreciate it paul reilly is the ceo of raymond james. still ahead, is caterpillar wall street's china proxy? why are investors watching the earnings as the world's second biggest economy. shares up 1% less than a month after going public in the u.s. new reports say didi might go private just to appease chinese regulators. the company denies it.

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teenager in 1974 he's the highest ranking catholic official in the country to be charged cripple fally. his lawyers say he and mccarrick look forward to addressing the case in the courtroom. israel is now the first country to offer a third dose of the pfizer vaccine to a large number of its citizens amid indications the shot's protection decreases over time any vaccinated person over the age of 60 can get a booster starting on sunday later today president biden on several new measures to get people vaccinated and curb the spread of the delta variant. nbc news says the president will require all federal workers to get a shot or tested on a regular basis. and disney will require all guests above the age of 2 and workers to wear masks indoors at its two big theme parks, disneyworld and disneyland, whether or not they're vaccinated back to you. >> kristina, thank you very much kristina partsinevelos let's get a quick check on the markets. though robinhood is in the red, the markets have been in the green and we're just off session

highs. a little more than half a percent, the same for the s&p, and a ton of earnings movers today is the busiest day and the halfway point of earnings season so let's check in on a few of them facebook down more than 4% now after thinking growth will slow in the second half and ford up 3.5% after posting a surprise profit. to the bond market now where there was just another auction rick santelli tracking things. rick >> reporter: yes, seven-year note auction completing 183 billion in coupon supply was on the messy side a d-plus apple is coming to market with $6.5 billion four-part deal. on the corporate side lots better demand, i suspect you could see around auction time at 1:00 eastern we did see rates pop up a bit because there was buying interest.

our yields are outdistancing european equivalent yields and currency at the same time euro versus dollars at a one-month high that doesn't add up. look at the charts, the euro versus the 10s minus bunds, our currency should firm up. there's arbitrage, a trade to pay attention to frank holland, back to you >> rick, we are paying attention as always. up next we'll continue to monitor and discuss the robinhood ipo shares, currently down 4.5%. two ceos and two different reads on the economy we'll speak to the ceo of international paper. we're going to tell you why they're pushing paper away in favor of cardboard, but the company facing issues last quarter. then further ahead the ceo of realogy says housing is red-hot and they're hiring more brokers to handle demand wel scs "weluh.'ldiusonpor nc

♪ put a little love in your heart - david ruffin ♪ my bad, my bad... good race! -you too! you were tough out there... thank you, i'm getting you next time though. oh i got you, i got you. hamblin goes down. d'agostino helps hamblin back up. are you okay? -yeah. welcome back check out international paper. shares are down just about a percent right now despite posting an earnings beat the company said low inventory impacted operating costs

it plans to complete its paper business spinoff by october as it leans into packaging. this week u.p.s. reported shipping fewer packages year over year and warned of slowing growth is betting on packaging a good move if shoppers head back to the stores instead of shopping online let's ask the chairman and ceo of international paper mark, thanks for being here. >> thanks for having me. good afternoon >> mark, i actually cover u.p.s. shipping was down about 3%, but u.p.s. also said that business to business shipping was up about 29%. so with these dynamics changing of where packages are going, not necessarily going to houses but going to stores and businesses, what's your outlook for e-commerce based on the fact you produce about, what, one in three cardboard boxes in the u.s. >> correct our outlook remains strong e-commerce continues to grow at rapid levels, really 2020 was a groundswell of adoption from

standard retail. our customers are telling us the adoption rate is sticky, maybe 80% plus plus all of the reopenings that are occurring have re-established business-to-business for us it's food related to restaurants and other places that use food products and so we saw pretty strong demand u.s. box demand was 8% up year over year in the second quarter. our u.s. packaging business, boxes and the container board up 10% and revenue up 15% so a pretty strong second quarter and we gave a strong outlook on our earnings call this morning >> mark, i don't know if this is ironic or not. you said transportation and shipping issues for your business when you're in the business of transporting and shipping things, with so many containers held in shims off the coast of ports and held here when they get on land because it's hard to turn them around and get them into trucks and on trains, do you see that as a pipeline for your business

>> we cited supply chain velocity in all modes is disrupted right now. one of our businesses, our cellulose fiber, we export 85% of what we make in the u.s. to markets around the world and you have to get to a port and get it out. and that's the business that took the biggest hit in just getting things through the port. in our u.s. businesses transportation by rail and truck is slower which usually means you have to plan in a different way to get customer demands met. it adds cost and sometimes it adds frustration for customers we did talk about, though, we see some improvement in the u.s. over the road and rail transportation as they're able to hire more people as we get through the second half. the port issue is a little bit different and may longer longer. as you said it has a lot to do with the import -- the number of containers coming on import and what we're doing to turn them around >> very often those containers

it's consumer goods, an iphone, a pair of beats headphones or nike sneakers. i know you said your customers told you they believe e-commerce adoption is sticky, about 80%. do you see all those items coming over, people buying those or get them sent to their house along with lead times for delivery and waiting for them to get on the shelves >> i think from the business to consumer e-commerce, a lot of the stuff that's coming in to ports gets stocked in a fulfillment center or distribution center and that's where we would pick it up in our packaging that we make in the u.s. and send directly to the consumer we're seeing continued demand and we start to build inventory for the fall season and holiday season at the end of summer. we have customers that are large and customers that are small and when we look at the data that they are looking at and they share with us as we plan our production, we're expecting continued strong demand in the e-commerce business to consumer

as well as what you mentioned at the beginning, more business to business >> mark sutton, ceo of international paper. we appreciate you being here >> thank you turning now to shares of robinhood dropping on their first day of trading the latest check down 5% they were down 10% at the lows was the pricing off? was there no interest? was the retail strategy wrong footed or is the stock difficult to bet in? writer for "wall street journal," i love your stuff and it's great to have you here. you make a really interesting point about how this was a barometer for a strategy that many people say is broken. it gives big money insiders the advantage of the first day pop this was meant to share with the retail public. now they're potentially under water, what are your thoughts? >> when you share on the upside you share on the down side risk, i guess. this happens with ipos it can reflect a number of

different things sometimes it's the mark, concerns about the fundamentals of the company. but certainly i think robinhood's ipo will be studied closely for a long time to look at whether that retail aspect had some impact on what's been going on with the stock today, whether there are a few different reasons why you might speculate that the retail aspect could have affected the ipo. one might be that they sold a lot to retail in the initial offering and then didn't have as much demand from retail in the after market it could have nothing to do with retail t. could have more to do with the institutional accounts and how they were feeling about robinhood. >> sure. >> but certainly it's welcome to see innovation in the ipo process, i think, by a lot of people in the markets. and there will be people who look at this and say, look, the reason you bring retail into an ipo it reflects the real market. you're not playing games with where are you pricing it versus

where is it going to open? the market for robinhood, there was a market for it at $38 and soap there are a lot who would say, great, you raised as much money as you could. that's successful ipo. a lot said that about facebook >> and then the facebook analogy for those who think this would have tons of room to grow. they are going public when they are of pretty big size if i can get meta, for the point of the whole ipo process is to -- basically a show you have this exciting night before the launch and there's all this whisper about the price range and where they're going to price, and then we wait to see what the pop is going to be and the retail investors who want a piece of it, it's almost like a little show that when you try to get away from the show for all the various reasons ends up not working that well. it's also a reminder that the retail trading base is a love/hate relationship with

robinhood. many are still really upset what it did to trading in gamestop and some of the outages they experienced last year. >> i think a lot of people feel the expectations for ipos is a rigged game. if the stock pops on the first day, everyone comes out of the woodwork to say you underpriced it you didn't really understand where the market was you left all that money on the table. if you price the deal kind of where the market is and then the stock doesn't pop or is flat or goes down, then you have people saying, oh, look, you couldn't orchestrate a pop in the offering so i think you're right that a lot of the ipo is this sort of performance and show, and i think what's so interesting about robinhood the stakes are even higher because robinhood is itself in the ipo business and in two different ways. one being that it wants customers to come to it because they want access to ipos because

they want to make money from that pop and, also, it has to appeal to issuers, other companies, that might want to use robinhood to sell shares in the future so it's playing to all these different audiences and getting the balance was always going to be difficult for them. and i think you're right a lot of the first day of an ipo are the optics and what it might say about management strategy or thinking because for a lot of companies how the ipo opened is an afterthought. we all remember facebook, but let's be honest, facebook stock, the performance today has nothing to do with the ipo what did apple do or amazon on first-day trading? few would remember that. a company can leave it behind but the stakes were higher for robinhood because it was an advertisement for the product. >> we're almost out of time but great article on this ipo being a bit of a tightrope one of your final points was that democratizing this ipo might be a limb bit risky but there's a lot of rewards

the stock price down 4.5%. is there a chance robinhood in the near term can reap those rewards? >> if a lot of people signed up and wanted accounts because of the ipo and maybe the price to stock rebounds over the next week and they've encouraged people not to flip it and so really the way that the product works, you shouldn't sell it or can't take part in other ipos, i'm sure robinhood would say give it that time and customers may end up doing okay. maybe it did what it was intended and people signed up to participate in this to get their feet wet in the market it could still work out for them depending on how things play out. >> it's a fascinating reminder the ipo was a test of robinhood ipo as a product for users as well thanks >> talk about meta

up next major industrial names reporting tomorrow caterpillar is down 12%. what to watch and what its earnings could tell us about the global economy especially including china's. if you're 55 and up, t-mobile has plans built just for you. switch now and get 2 unlimited lines and 2 free smartphones. and now get netflix on us. it's all included with 2 lines for only $70 bucks! only at t-mobile.

welcome back to "power lunch. i'm seema mody caterpillar in focus ahead of tomorrow, waiting for word from wall street's favorite china proxy on whether the recent regulatory crackdown is affecting the u.s. companies like caterpillar that operate there. gina, how are you evaluating a company like caterpillar where on one hand it's a beneficiary of a u.s. infrastructure bill but also does have exposure to china about 5% to 10% of total sales? >> well, china has -- the fiscal numbers have come out and we're seeing a drop in fiscal spending and that will flow through to demand like you said, we have an infrastructure bill coming and the u.s., just the reopening is already presenting strong demand and so i think some taff will get offset and the outlook for

caterpillar is still quite good. >> $117 billion market cap do you buy, sell or hold shares of caterpillar ahead of earnings tomorrow >> well, technically caterpillar is in a wait and see mode. the recent price action suggests investors are waiting for further news about the global environment. we could see caterpillar has traded in a very nice well-defined trading range off the march 2020 lows. we are at a crossroads right here if we see any down side below 200 that would mean a break of a long-term uptrend and that's your down side risk. now going into earnings, if investors like what they see and what they hear out of k caterpillar it can rally up to highs of 245 if not higher keep an eye on the risk at 200 with potential upside of 245 >> we'll be listening to see

what they say on the call tomorrow for more "trading nation" head to our website or follow us on twitter. frank, back to you >> seema, thanks a lot realogy shares down fractionally reporting high-end sales the ceo joins us next. stay with "power lunch." and now the latest from tradingnation.cnbc.com and a word from our sponsor. some people refer to the vix as the fear gauge but i like to refer to it as uncertainty while an elevated vix may imply the market is headed for big moves, those moves could be to the down side or to the upside

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welcome, everybody realogy has a jump in transaction volume and record sales of luxury home the question now is whether the super-hot market is showing any signs of slowing down. joining us to talk about that, brian schneider is the ceo of realo good

y. >> we have a great brand lineup. caldwell banker, eras. better homes & garden, and we love all of them. >> as they're looking at real estate listings, more often than not, they're looking at one of yours. are you seeing any signs of a slowdown at all? >> we have actually not seen a slowdown in our numbers. you talked about the powerful 80-plus results, this morning we even shared or early july results with our investors those are up 20%, 30%, 40 percent compared to last year. we seed real strength, not just recently, but in the transactionses in pipe did not line for the future. >> let's talk about competition. there's a story in the journal not long ago there's more real estate agencies than homes for sales in the country there's also been new technologies to market in the

real estate space. where does that leave realogy? >> well, first off, it leaves us welcoming a big part of the competition. we like what we're doing to change the industry. we have gained market share, now, four quarters in a row. we continue to be the leading luxury player, and we're setting records within or portfolio for the number of million-plus and 10 million-plus homes we are selling. we're fierce in the competition andwe think the results are showing a good trajectory. >> one of catalyst was people leaving urban areas because of the virus concerns do you see that trend continues? possibly accelerating? what happens when people have to go back to their offices and they're now about an hour and a half away from their job >> we think that trend is continues, but more because we think remote work is something

longer to stay here for us in the economy. rear moving realogy to much more of a hybrid company, as an example. we're seeing substantial strengths in the tax and weather favorable destinations you know, while we think there's a lot of permanence to some of these moving, especially at the high end of the market it is higher-end, white collar workers who benefit most from remote work, >> what did you mean about your own mobility or hybrid strategy? it's interesting you're now the second ceo that told -- we spoke with raymond james earlier, they hired a mobility person to look at how to make that you are company more mobile, basically. >> we're charging ahead with this we're taking our comp headquarters that used to have 1,000 people in it, we're knocking down walls and making it into a more collaborative

space. instead of 1,000 people here, we want 250 people here instead so we think all of our employees will be hybrid, working from home a bunch, which they prefer, they like, it gives them more time back for themselves, but also to work on our things, but we'll still have the power of collaboration, in person, technology showcase, brand showcase that's how we envision our work. >> what about cybersecurity? so many these home buying transactions being done online, working from home. the cybercriminals know that i just refinanced my house the amount of personal information in a real estate transaction is sometimes mind-boggling. >> that is a great question. we were on this topic long before some of the trends you talked about we've had a long-term investment to have get cyberprograms. the dollars we invest, the resources, the talent, even the

oversight. it's a critical topic for me as ceo. we their is with our board every single quarter we know we have to take care of thousands and thousands of customer and their most personal information. we've liked our results, and we will continue to stay very focused on that topic. >> thank you, ryan, with realogy. rideshare losses, how didi as pains is turning into uber's losses that story, when "power lunch" returns. and one we explore. one that's been paved and one that's forever wild. but freedom means you don't have to choose just one adventure. you get both. introducing the wildly civilized all-new 3-row jeep grand cherokee l

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welcome back, everybody. here's share of didi they're denies a record. the initial headlines -- this after steep losts in didi and other chinese companies. meanwhile, shares are falling after c increases reported that softbank is selling about 30% to cover their losses. the question is, what are retail investors thinking >> yes, they were good zenchs

we've talked about some of the reasons. anyway, it's been a pleasure, frank, having you this for this hour. >> such a great time, we should do it tomorrow. >> we will we'll see you tomorrow on "power lunch. "closing bell" starts right now. >> thank you, frank and kelly. who is robbing whom? stocks are broadly hired, but we'll have a look at what's driving the action missing estimates, the v-shaped recovery continues the pace, but could the delta variant cause the economic rebound we'll dive into the story. the robinhood