record yesterday the other place we've been watching this, and again, pressure came out on the yields for the ten-year pretty substantially right after that adp report. right now you see the ten-year yielding 1.39% rick santelli says look out for 1.2% or 1.12%. that was the low set on july 20th you could see it fall all the way to 1%. that does it for us today. make sure you join us to remorrw right now it's time for "squawk on the street." >> this is "squawk on the street," and now here is your opening bell countdown on cnbc >> good wednesday orning, welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber at the new york stock exchange. futures are obviously a little bit weak here. we'll talk some david on "jeopardy!" in a moment. we're looking at softness as we're coming off the s&p closing

high that adp number was light, 330,000, that's where we're going to start, jim. yields, if we crack 112 we're looking -- we're going to go below that low we saw last month sl we're starting to read about hedge funds that were short that are scrambling when you see that, we tend to forget hedge funds seem to be short many things. there's so many hedge funds that when you see a spike like that, we should start thinking, wait a second, is someone on the wrong side of that trade we saw in the '80s there were people on the wrong side of the two-year but then they kind of got away from that. i'm reading about billion dollar losses of hedge funds. wait a second, before we just say it's weakness in the economy, maybe it's someone who just literally did not figure out that these are thinner than we thought. >> really, the bond market is thinner than we thought? >> typically -- i am finding a

lot of o'ppeople that are -- i o a lot of hedge funds that are short the tenure. >> you do? >> i do. >> oftentimes it's to hedge something else so it doesn't necessarily translate into a one on one loss. >> that's very true. i want to keep that in mind because i'm not getting a slowdown anywhere. i'm simply not getting a slowdown i continue to get july strong. >> i mean your point is some of this may be impacting the actual movement, and it may not be reflective of general views of economy? >> yes look, i come from the point of view of not what the hedge funds are about to do. i come back from the point of view of what eaton is up to, what these are big industrial companies, honeywell was on this morning. they're doing so well it's very hard for me to say wait a second, there's a slowdown. >> not to mention caesar, live nation, lyft, all with pretty

good commentary. the banks haven't been reflecting any of this move down in yields. >> they haven't. they've been okay, even with the onslaught by square. i was going back and forth with dr. topple >> you're talking about the virus now. >> the virus. >> skand i was saying how worrid i was that i have to go to a dinner tonight and i don't know everybody about the dinner aur o our office, we're not sure who's vaccinated and who's not, and i've got -- i have a wedding to go to this weekend and i said, listen, am i nuts that i'm so concerned and he's basically saying, listen, you're probably going to be okay i find that probably going to be okay pieces is still playing out. still playing out. david, people are in denial. >> i'm glad we can laugh it's important to laugh. >> it's a reference to "jeopardy!." >> it was the joke you made, you made a joke. >> i made a very quick little joke, yes, i did.

>> in the memory it's the memory. >> yes >> there's either denial, which i don't want to be or there's confidence, and i cant figure out, but they're both coalescing to make it so people are doing more active than i thought they'd been. fwl >> well, we're getting -- they're getting out and about as they should be getting out and about. >> why >> why not >> if you're vaccinated, i don't know. >> listen. >> you know what it is, we all have our own view to a certain extent trying to incorporate the data by the way it gets very confusing so you end up sort of defaulting to your own risk tolerance. >> i own a restaurant. >> you're a restaurateur >> let me see your card. i need your papers to sell you a

taco. >> would you rather give up that business now or have to shut down your employees completely in a month >> you live through this pandemic, you kept them alive with ppp. >> how is business by the way? just real quickly. >> numbers last night were really good. killed it. just killed it last night. probably one of our best tuesdays -- one of our best tuesdays ever. >> and gottlieb on "squawk" saying new york city could get into the 80s in terms of vaccination rates. walgreen's is out this morning saying they're seeing 30% plus increases in vaccination rates in alabama, in florida, in georgia, in kentucky >> people are getting the message. plus, of course, if you pay people -- i want to go to work at some of these companies for a couple of days they give you a thousand bucks just to go take a shot what did i get to take a shot? i got a little badge >> you should have waited the five months. >> i got a badge that says, hey, you know, you're a good man. thanks for nothing >> oh, please. put away your violin, okay

you got a damn shot. you're a lucky man. >> i'm getting our numbers the numbers were really good last night. >> i'm glad. >> 2,300 >> we'll get those on the ticker if you can send them to the control room. >> i get the numbers unbelievable managers numbers between two and three, he's about to go to sleep when i'm getting up. >> that's good timing. that's synergy. >> the only guy i could talk to in the last two months was benioff, because he was in bora bora, a full day ahead of us. >> they're never coming back at salesforce, are they >> the biggest power in the west are they going to lease it what are they going to do with it. >> they've got to do something with it. i don't want it to hurt the quarter for heaven's pssake not only are they out and about, it's almost as if, carl, this tw whole delta is somewhere else. not here it's somewhere else. >> i'm thinking about what live

nation said, not only were sales up 8x on a year, ticket prices are now 10% above pre-pandemic levels. >> this is what i keep hearing this is just a moment where people are -- they're out, and they don't -- they don't care. david, live nation is like w wood woodstock. >> yes, it is. >> she's been doing very well. she's in robinhood robinhood is just taking the -- >> she may have owned some of this zy. see this thing >> zy? >> yeah, it's small, but it came public but not that long ago zymergen. >> it's one of your clues, did you forget one of the categories after all. >> after all >> oh, yes, from last night. i know my kids, i said are you watching "jeopardy!" he said matt's

really great matt's crushing it how about the host >> i don't know. >> they didn't even know you're doing it. >> it's like your show they don't know you're doing it either. >> if you missed last night, david once again -- >> there's zymer. >> is that one of your clues what company that begins with the last letter of the alphabet really crushed you >> not going well. >> david guest hosting had an exchange with the defending champion. take a listen. >> this was critical. >> i spend a lot of time on my day job talking about the stock market, you've made an awful lot of money here. any thoughts at all about how you might go about investing it? >> yeah, so i've never actually owned the ground that i stand on before and real estate can be a very good investment, so i think that might be where i go. >> not bitcoin just you know, who knows these days matt, you're in control of the board. >> as he gets more comfortable, the jokes come out. >> what's going to happen later in the week? >> not crypto? >> you can't overwhelm the show. it's all about the contestants and the contests

>> matt's not into bitcoin i guess. >> i'm starting to get annoyed by matt. >> why >> he's so cob descending to the other guests. >> really? >> he doesn't even act as if there are other guests and then he does that famous gambling thing where he goes down and does the 1,000s right at the start. >> it's holzhauer. >> yeah. >> i think to compete on the show you need a certain degree of confidence, swagger. >> you do. >> helps. >> box of salt. >> it also helps to be quite good, which he has been so far i got three more shows >> there are no categories that -- i mean, look, it is an electric show and people should be watching because david's amazing. there's no categories that matt doesn't know. >> he's very good. he's very strong, he's a very strong player. >> david, let me ask, what country celebrates july 4th for independence day >> well, our own our own. it was philippines

it was the philippines, but it's not anymore. >> i am just completely just guessing i'm always like -- is he going -- >> did you get it right? did you get final jeopardy right? >> i had philippines right. >> you did >> i didn't have a problem with that. >> someone said japan. >> yeah. >> you didn't know you could have made fun. >> no, i'm not going to make fun of those at all ever >> can't make fun of people. >> you're not under the lights, right, with someone right next to you with a buzzer of their own. >> it's a big deal, man. i just try to make it as good as possible for them to do as well as they can. they're all nervous. it's really hard. >> you make people feel great. and you always have a funny thing, hey, i understand you saved the play. >> jim watches every minute, carl he really does >> oh, come on every minute. >> it is so funny. my kids, did you see what david said about the nile, river in egypt? they said dad, we're focused on

matt what is this faber obsession >> they have no idea that i actually -- you and i do a show together in the morning. >> they are not the least bit interested in what you're doing. >> do we have that piece of sound, is that what you said in the booth? let's take a listen. >> harry you're up again. >> 1,600, same category. >> the third book bob woodward wrote about the bush administration's iraq war failings is called "state of" this what is denial it's not a river in egypt. let's do 2,000 because we're jamming it. >> did you see matt do that thing. >> i don't know what matt's doing. >> i'm fascinated by matt. >> i think we need to book matt on this show >> you know. >> seven years, he's a seven-year professor, a grad student in new haven >> new haven >> is it unu you won't tell us will you >> i'm going to get ready against that guy. >> do you talk about memes

are there any meme questions >> i don't believe so. i'm under strict confidentiality. i appreciate everybody viewing i appreciate all the kind comments on twitter. >> first time ever. >> it's been largely almost always kind and that has been so nice, so thank you all for that as well, and keep watching three more nights. >> we got this >> jennings, matt, that's what people are saying. that he goes all the way >> matt may not be in crypto, but gensler certainly has his eye on the space talking of course yesterday about a path to an etf, the fact that investors need protection. here's what he said on squawk a few moments ago. >> it's the same as it's been for decades. it's trying to foster good debate and dialogue. just like on this program here about investing and the retail engagement is positive but also to guard against fraud and manipulation

and whether that's from big actors, big hedge funds in the markets or not, and also to promote transparency we are taking a real close look at market structure. >> meanwhile, concerned about the accuracy of chinese companies that we deserve a right to look at chinese audits of companies >> he is making some moves after initially being very quiet he's aware of tether, the issue of crypto. he's very aware of what the chinese have done to our pension funds. there's mention of that. >> and last week there was a statement about the vie structure, which they're at least looking at it's unclear exactly if that was some sort of retaliation or potential retaliation. there are no shortage of things on his plate spacs is still something they're taking a look at. >> one by one. remember the clean plate club when he's done

this is a remarkable conversation he had this morning where he indicated he's far ahead of where i thought he was going to be. >> he's kind of moved up fast because you were somewhat critical for a bit saying he wasn't doing anything. >> well -- >> not anything. i'm overstating it moving slow. >> that he had to make a move. moving slowly, i think that's very good. by no means -- i've known him for years. he's a totally heavy weight, and he is really showing his knowledge. look out i say look out bad guys. this guy is -- you mentioned jake clayton, incredibly nice guy, former chief. but he -- gary is -- look out, guys you think you're going to get away with something? he's smarter than you are. gensler's smarter than you look out. >> we're getting more by poe lairty video games, now they're saying it brings a positive energy and benefits to society i mean, it's -- >> that's like stalin wipe

somebody out and -- >> a little consistent cy in yor communication. >> don't you think >> act vision and blizzard have a lot of -- >> it's a story we haven't discussed as much. >> talk about discrimination than they did about the quarter. >> that thing has just been overtaken. and it was quick in terms of the movement by california. >> the quarter itself was good. >> the quarter was fabulous, but they spent more time about the need to be transparent and open and respectful quite a good call. >> we'll get into some of those names. take a look at futures down, we've got a downgrade of clorox. upgrade of under armour, gm, oil's down again we're back in a moment our retirement plan with voya, keeps us moving forward. hey, kevin! hey, guys! they have customized solutions to help our family's special needs...

giving us confidence in our future... ...and in kevin's. voya. well planned. well invested. well protected. what happens when we welcome change? we can transform our workforce overnight out of convenience, or necessity. we can explore uncharted waters, and not only make new discoveries, but get there faster, with better outcomes. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change-- meeting them where they are, and getting them where they want to be. faster. vmware. welcome change.

team usa is ready for the olympic games... ...and so are mike and eddie! show me the olympics. they easily catch every single event with the award-winning xfinity voice remote. show me bmx racing! show me swimming. track and field. shot put. skateboarding. water polo. climbing! discus. surfing. dressage. dressage? it's horse dancing. magnificent. with the best of the olympics, and everything else you love, it's a way better way to watch! cheer on team usa with xfinity x1. say "show me the olympics in 4k" so you can watch in stunning 4k ultra hd.

coming up, futures are a bit weak adp was a miss interesting note out of citi calling for a 2% ten-year in 2022, and as a result they cut tech heavy u.s. to neutral we'll watch all of that along with a "opdyjear!" style edition of the mad dash with a twist this time. don't go anywhere. you see it. y. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads.

or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum! i think you're going to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it. sorry, sir. i will aim straight at your next step. see that you do. would you like some coffee? workday. the finance, hr, and planning system for a changing world. ♪

new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

2 . and now here is this we can's host of "jeopardy!" david faber. >> thank you, johnny gilbert, and actually, i mean that. thank you for all the work you did for us we really very much appreciate it let's get to our "jeopardy!" mad dash we're going to start off of course with the board there, faang, work from home reopening, crypto and cramer's choice. >> can i take reopening for 500? >> yes, you can and let's look at the clue. pack your bags, this leader of the sea will have 36 ships sailing by the end of this month. >> what is royal caribbean >> you are correct they have managed to be able to do -- now, the stock's down from a very big secondary that they did much higher, but i will say, david, this is a very encouraging sign in terms of the reopening of america and the cruise ships are booming the number of reservations they

have are incredible. >> so delta variant is not. >> that's my point delta variant, they have vaccinated -- it's always the kids, though, that are the problem. no vaccination for kids. but royal caribbean, they made it they got through this. >> they got to the other side. >> which is really terrific. >> obviously they had a lot more shares outstanding, a lot more debt. >> these things when you talk to norwegian, frank del rio, it was that or go under is there another one for us? i don't feel like i'm done here. >> if you're not done, we're not done let's do double jeopardy. >> i get to go again matt does not, right >> yes, you do in double jeopardy typically the totals are doubled but for our purposes -- oh, my lord, it's a double dash. >> can i have cramer's choice? >> what are you going to wager, jim? >> just like everybody else does 5. >> you going to make it a true daily double >> for a true daily double, forget nikola, this company is

now the leader in hydrogen fuel cell use. >> what is commons >> correct good job. >> cummins spent most of his job talking about hydrogen fuel, at one point he said diesel we're going to get away from as soon as possible. they are the guys trying to take care of truck pollution which is the single worst pollution so i'm glad that that's one of the questions that we have on the board. i know there's hundreds on the board. i'm glad this is the one i selected it was a good job on your part >> the stock is not looking to do much of anything here >> yesterday it was up a little, developing head and shoulders. david, cummins is a chinese play there are a lot more people concerned about a slowdown in china than they are a slowdown here because of the way the chinese are handling the new variant. >> okay.

well done really i'll call you our reigning champion for this round of the mad dash. >> are you serious >> how about those people, how do you feel when they have $3,600 and they wager that and they got the big goose egg >> you end with zero. >> you go right on though, and then you gave all the money to v vlad tenev then. >> it's robinhood foundation, people, not robinhood the company. >> allig rht, we've got opening bell coming up next. stay with us

♪♪ ♪♪

♪♪

. even though there's still some unknowns as it relates to semiconductor supply, especially because of what's happening with the delta variant of covid, i know the team is going to apply that same energy and will find solutions. so there's some uncertainty as it relates to covid, but you know, when you look at the strength of our underlying business, our product portfolio, the work that we're doing from an electrification perspective and the launches that we have coming yet this year, you know, i think it's going to be a good second half. >> that's mary barra of gm

earlier this morning on "squawk talk" about the chip shortage. they do raise the guide. there's no reason to think why they should lyric. >> i think the stock reaction a little absurd. yes, indeed there's issues in malaysia, the short-term issues. if you take a longer term issue and look at their china sales, i think you're starting to say, well, why is this stock one of the four or five cheapest in the s&p. they're doing so many things that are right the hummer's going to shift. the hummer's going to change people's impressions in the same way the ford 5, the meniustang s changed people's perspective i think mary is giving you in the way jim farly did a very good forecast. they did predict they had have 1 -- that ends, except for steel which continues to go up in price.

i thought that she -- i disagree with the action in the stock market. >> ford's out on the tape saying that the mustang maki up in july, that's the second largest in the ev space. >> there's a lot of controversy about whether ford's making money on this and how many times can jim farley tell you the profit margins are very good i don't think people understand, jim is committed to not selling cars that they lose money on, and i know that sounds like, you know, an ox myoxymoron, but then to be in latin america, so let's just stay in there and sell a lot of cars. that is not farley's solution. farley's solution is to make profit everywhere. he's making money in bronco, making money in maverick and making money on the mustang maki they should give him a break and start listening to up rather than making up fanciful stories that i was not making money. >> let's get to the opening bell

here, the cnbc realtime exchange it's insurance startup doma celebrating its listing via spac at the nasdaq, it is chip maker making chips on semiconductor. >> they are like nxt, now people don't understand there's a -- i think you have to understand what happened to semis here. a lot of people feel what happened is that we weren't -- we didn't keep up, our semiconductor companies just missed the opportunity no, our semiconductor companies were uniquely focused on high performance computing. they wanted to make the semis that go into amazon web services factories. >> they're not your car dashboard. >> right >> because those are full featured semis, and taiwan semimakes a lot of those the money is making chips for data centers it wasn't like lisa su has said i'm going to turn down the money

ford no, the money was to go make pcs but also, of course, to be able to fulfill like nvidia's done the highest end where the margins are. it was just a misallocation by companies going for the best business >> there are a lot of price target hikes on nxpi this morning. j jpm to 233, piper 235. a good response to that print earlier in the week. >> that purchase of free scale, which a lot of people thought was -- david, if you remember, a let's call it a second rate company. >> yes >> free scale, but it focused on automotive. >> automotive and people said, oh, nxp's going after a low multiple we went after a high multiple. the fact is there's just not enough foundries and by the way, even the foundries themselves are not good enough to make. there's only a couple of companies, and taiwan semi and samsung that have uniquely made full feature. >> when you look at qualcomm on that board, of course 127.50 was

the price. that they had a deal to acquire nxp, and it would have been a very good deal for them. not such a great deal for shareholders as it turns out over time. there were plenty of days when the stock of nxp traded below that 127.50. you can see where we are now a few years later. >> david, i'm going to -- you stump people on "jeopardy!" except for matt. i'm going to stump you. >> okay >> what semiconductor stock should be going up at the same time -- same time as a company that's buying it >> xilinx. >> amd has become a meme stock. >> wait, i know. >> how did you -- i got it right. why didn't you give me a well done or a correct in. >> you didn't answer in the form of a question. >> true, and i also said he was matt matt knows everything. >> i'm going to come back to this in a bit, but let's talk about amd right now. >> congratulations if i had said it, this company's stock should be going up. >> you didn't tell me, i didn't

know but i knew because this has become a conversation piece in the market >> xilinx is down. >> the spread is widening. we're going to come back to this in a bit because the downside -- if xilinx were to move up in unison with amd's incredible move higher, the downside, if the deal were not to get approved is just too high for takeover stock traders to endure and so the spread has widened here, and we're going to come back to this a little later, jim. you tell me, let's just focus on amd for a moment, why has it been moving up so much, has it become a meme stock? what does that mean? >> it trades at 5, 430, 5:15 a.m., they've high sjacked it, e people who are giving you break on twitter but not me have decided that this company, amd is a company they can take to the moon, yolo. >> speaking of which robinhood now $60 a share.

>> i got behind that, people are like furious at me don't you know, some people were openly critical on our own network of my decision to back vlad and the revolution. >> you think this all ark? >> no, no, this is meme. >> what is this? >> this is reddit. this is reddit vlad, we may think that vlad, game stop, the money has been coming out of game stop, okay. that's an opportunity. that's a source of funds amc up a little bit today, but it was down, but the money is focused on robinhood and amc these people have a lot more money than people think. >> so much for a not well-placed ipo. here we are a few days later. >> they had to clean up when vlad sold some. >> not quite a double but you're getting in the ballpark. >> you're getting close. >> 39, 38? >> they got 22 million people. it is loved. i know that people think how could this be a single source of truth. >> all right, but jim when it

comes to the fundamentals and the potential for this company, who knows, and certainly you can imagine a lot more -- i'm talking about robinhood. >> no, be ever that, you said the fundamentals. >> talking about the fundamentals and the potential future of the company, you can get a lot more optimistic about robinhood than you could potentially about gamestop or amc. that said, there are so many different potential challenges as well. >> robinhood's stock was going down, and then the announcement came 4:30 in the morning, 5:00. >> what announcement came? >> the announcement of square. >> oh. >> of buying after pay >> so then people started visions of robinhood maybe buying a firm or robinhood doing a complete sweep. >> robinhood getting into the buy now pay later business >> absolutely. >> right now a week after they went public? >> they have grand ambitions don't look at them the way they are now. look at themthe way they will be. >> you know what, that's a great point, and i can remember people sending me via fax all the

reasons why amazon was over valued because it was bigger than the book market you don't ever want to have a lack of imagination. your short sellers often wrong when they put themselves in a little box. >> the average age of the person who is the client of the big brokers is at an age that it's too late to harvest. robinhood's got 22 million people of which many of them will end up being very wealthy, and they're not going to dessert robinhood at that point for, i don't know, not going to mention -- >> what about all the risk factors? are we setting aside any kind of dramatic regulation sit setting in on payment for overflow or anything else? >> i think this payment for overflow, which is what people thought that gensler would focus on misjudged the key issue, which is that the s.e.c. is not a company that -- not an organization that's trying to redo companies it's saying as long as you know we're fine it's caveat emptor

>> robinhood's halted right now due to volatility. >> yeah. >> there we go >> david, we did that. >> there is another side to this i mentioned it earlier, a small market cap the zymorgen. >> that was an optimal situation. >> during the quarter several customers encountered technical issues, typical of new product and process development learnings. the company's made significant progress towards addressing these challenges the issues resulted in delay in the company's commercial ramp, by the way, their cfo or ceo is no longer -- he's out. he left immediately, and the company's forecast changed accordingly. they -- yeah, they no longer expect product revenue in 2021 and expect product revenue to be immaterial in 2022 >> this was not a spac this just went public, though

only a few months ago. >> you realized wait a second, you can really get crushed i'm looking at these once again. fedex, u.p.s., u.p.s. under such pressure it's endless the pressure u.p.s. i had thought this would be the week gordon might say listen, time to raise the dividend, time to announce a big buyback. it's going to be very necessary. be very necessary. have you watched moderna lately? >> mrna, a little bit, but tell me what's going on? >> moderna is a company uniquely that has -- the guys from moderna, the big issue is they have all these vaccines that they want to try for cancer, personalized vaccines. one of the great stories of all time, but who would ever have the money to run those trials? well, we found who has the money. moderna. >> moderna's $157 billion market value company now. i remember when it was up substantially and it was a $40 million market value.

>> a lot of people also feel moderna may be the most effective. there's a willot of people who l there's no difference between the pfizer and moderna i deal with doctors who say you have the moderna, you have a couple of extra months i don't know it's so opaque >> we'll see about boosters. what we do know from t"the times," the fda is going to try to give approval to pfizer by labor day. >> don't you think it's odd, don't you think they should approve it on whatever date they approve it it's kind of like david, i'm going to approve you becoming the full head of -- it's already been decide that had you're going to run "jeopardy!" from now on, but i'm going to approve it labor day don't you think we should debate it >> they're on a time line, they have an idea of what they're going to be able to do the fda. >> i was going to say, they've got aaron rodgers. >> it's not going to be me

i don't know who, not me. >> the whole thing's an oddity >> moderna's got a larger market cap than bristol-myers how does that sit with you >> just like babe ruth had a better year than the president moderna's a remarkable company the amazing thing when the stock was at 18 told me about his grand dream about the vaccines, and i'm like yeah, sure. yeah, i thought about it you have any glaxo there's this guy standing around do you have a sec? >> moderna's the best performing s&p name of the whole year >> the humility of this man, i mean, it was like can i just grab -- could you interview me i mean, i have a lot to say. >> oh, look at robinhood >> medtronic. >> remember we used to have gamestop on the screen, we'd be talking about other things gamestop would just be on. the lesson here is that the reddit army is alive and well

if. >> look at what they're doing to amd. i love lisa su, don't get me wrong. she's from queens and when anyone's from queens, i always ask if they're going to go in the mermaid parade. >> the mermaid parade is in coney island. >> brooklyn. >> that's your borough >> amd when you look at the volume, it's 19 million. lisa su's company has been captured by the reddit millions because it's a great company >> it is a great company, but i don't know if that's healthy for your stock price to go to levels that aren't necessarily supported by the fundamentals. >> no, it's not. i got to ask her about that. >> really? you got to ask her about that? >> no one ever says their stock's too high. >> amc is still up there at 17 plus billion. >> do you think robinhood doubles today? >> it certainly -- >> it may have been halted again. >> you know what it feels like >> i know it probably has been >> i haven't seen another halt

there. >> it's resorts casino remember resorts hedge fund was shorted. it kept going up and up. >> which one did merv griffin own? >> that's a good question. didn't he own one? >> yeah, merv griffin, you know, mike douglas. >> merv griffin was a businessman. >> he was a great businessman. people forget. bing crosby was a great businessman. >> bob hope owned a lot of land too. >> these were very shrewd investors. >> they bought what they stood on, right? >> real estate that's changed the world still to come, the ceo of caesar's is going to join us will the delta variant dampen demand for vegas we haven't heard a lot of commentary in that direction, but we'll ask. we're watching treasuries ahead of services pmi and ism services at the top of the hour, watching the ten-year very closely at

113. five-year is the lowest since february and energy is hurting the dow, we're down 190. all the things, all around you... where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe. today, more than 100,000 of us are innovating to ensure spaces are more efficient, healthier and safer. abm. making spaces healthier for you. what happens when we welcome change? we can make emergency medicine possible at 40,000 feet. instead of burning our past for power, we can harness the energy of the tiny electron. we can create new ways to connect. rethinking how we communicate

to be more inclusive than ever. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change. faster. vmware. welcome change. new customers get our best deals on all smartphones. that's right. but what if i'm already a customer? oh, no problem. hey, cam...? ah, same deal! yeah, it's kind of our thing. huh, that's a great deal... what if i'm new to at&t? cam, can you...? hey...but what about for existing customers? same deal (breathless) it's the same deal is he ok? it's not complicated. with at&t, everyone can ace back to school with our best deals on every smartphone - like the samsung galaxy s21 5g for free.

- dearest burger joints, (knife thwacking) our royal fryness, thanks for keeping your cool when the kitchen is not. we promise to serve you with the respect you deserve. (upbeat orchestral music) (pleasant piano music)

welcome back to "squawk on the street," breaking news, our final read on the advance, which was mid-month for market services and composite on the service side, 59.9. that is one-tenth improvement over the mid-month read and 59.9 is also the read for the composite index. that improved by two-tenths. we see that yields are hovering right above 1.12% and ten-year notes, that is basically the same intraday low from july 20th pay close attention, a very important technical level. "squawk on the street" will return after these messages.

you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire competition beat us again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. it's got to be something workday. i think i got something. work... hey, rob, you're on mute.

hello! hey, rob, there he is. workday. the finance, hr and planning system for a changing world. show me the olympics. workday. [ "bugler's dream" playing ] ♪ ♪ ♪ ♪ ♪ ♪

and now here is the host of the faber report, david faber. >> we're going to use that forever now i think. can we i don't know do we have the rights to it? thank you, johnny gilbert. guys, you know jim mentioned it earlier, of course, that move up in amd which continues to move up sharply, perhaps becoming at least partially a little bit a meme stock, but it has had the

effect of widening the spread in that deal to acquire xilinx. that's kind of where we're going to focus on today's faber report if there is any trust risk that has risen for virtually every dial that is out there you can see what i'm talking about. look at themoves in the two stocks it is largely a stock deal one would anticipate we're at least a perceived risk to be the same, the spread would remain fairly constant. now, that don't want to take on additional down side risk because you just never know. you're waiting for china, you're w waiting for china and the u.s. i mean, they got challenged when they said forget it. we're done that concerned people. there's a report about a unh deal that they say at least the doj may, may oppose, and that is

concerning people. it is the talk, certainly, not for the deal ss you'll continueo see. technology companies perhaps you've never heard of. but the bigger ones are ones in industries in any way that may have a tinge of antitrust complication, that's where it's going to take a toll remember, an log devices and maxim? remember that one? we're still waiting on china thought it would come in june. who knows. >> a tinge of negativity >> we were talking qualcom, they gave up in waiting s&p global spread is widened dramatically again. and it goes on from there. it is certainly an issue we have to keep a close eye on for deals

of significant size. >> is someone getting wiped out? >> hurt. hurt >> are they aware of this and they're trying to bust >> i'm not sure they're aware of the deal and typically you're going long acquired and a certain ratio to lock in that spread that's what you're playing with and as the deal gets closer to closing or closes, the spread closes and that's how you make the money. that's the basics. when it goes this way, that is payment. >> i'm telling you they look and see what is shortage heavy, look at the percentage. >> may not because they know he's in a deal but why is andy being shorted? >> that's what i think >> robinhood is being halted again.

up 60% i've got it now >> good day for robinhood. >> settled back a touch down to 70 >> and remember all the people who had accounts and stock, i salute them for making money they're buying what they're standing on. >> so, you're encouraging this, in a way, even though it's not necessarily based on fundamentals it's got a certain connection with a cohort you think is going to control a great deal of assets in the future so, that's good. but is a stop going up on 30% on nothing? >> if this is the supercharged version of the system, then that is -- >> we've asked you this before because you've written a book

called "get rich quickly." but that was before this new environment of volatility. >> i do wish if you got 100 shares, sell 50. >> you also wrote "confessions of a trader and street addict. i can imagine what you would be do figure you were back -- >> every share would be in robinhood. at one point all i did was intel. every share was intel. position in stride rite. >> that's the first meme stock, stride rite. >> why don't we do an anatomy of a one-point gain and he said you know how we get a one-point gain buy me shares of intel there's a one-point gain david's right. i don't want to be too

enthusiastic and i'm willing to risk what happens when you say that, which is i'll bow attacked as someone who worked for the sif lord and people who do not favor -- >> jim. >> what? >> you have to accept -- >> i do -- hey, listen, maybe as much as 30% went to individuals. think of what they think of vlad lock in some, go get a cashmere sweater. >> it's up $40 from its ipo. >> and the post ipo low of $30 >> maybe they doubled down and i salute them. but please take money off the table. go book a trip to disney >> why not >> jay will greet you in person. >> in what outfit?

pluto? >> maybe stay at the new galactic star cruiser hotel. >> we were in the modern one >> the contemporary. >> it was contemporary it was new >> i love that place i remember staying there in 1973 >> how about the floridian >> i haven't been there. >> i went and my daughter had the picture made by the person who made the pictures and she said we're leaving we're not taking it. i never -- i've got devon energy and before that developed continental resources. he runs that company to make money.

highest yielding stock in the s&p 500. >> really? >> this company has the largest of dividend in the s&p >> no kidding? >> yeah. who knew >> robin is coming back since i said sell half and buy a sweater. prima is doing better on that, probably >> what are you talking about? >> stay on jimmy choo and the toe cleavage for the new ones, david. >> yeah? >>. [ whistles

♪ - [announcer] introducing the grubhub guarantee, our promise to deliver your order on time within the delivery window and for the lowest price compared to other apps or you'll get back at least $5 in perks.

good wednesday morning welcome to another hour of "squawk on the street. got a really interesting day setting up here. dow's down 150 10 year goes back to a six-month low and robinhood's guying nuts.

rick's got it. rick >> yes you see yields popping there's a good reason yields are popping here because july 1997 we had our first number from ism services and today's number is 64.1, which is the highest ever. y u srping is more and it does underscore we have a lot of challenges with the reopening. there's a lot of horse power and this demonstrates that this could make a big difference how the markets are trading this morning. look for directional jumps morgan, back to you. >> we are 30 minutes into the trading session. we're going to start with robinhood, surging again, following the 24% gain, when it rose above the ipo price for the

first time since going public. those shares are up 35, almost 36%. 63.73 is the level there plus general motors moving lower and company raising its forecast for the remainder of the year. that's based on strong demand and pricing, nonetheless and we'll end with cvs health. same-store sales rieszing a better than expected 12.3% cvs down nearly 3%, carl >> getting comments from fed vice chair discussing the outlook for the economy and comments on rates. steve. >> yeah, carl, you hit it right there. he expects conditions for raising interest rates to be met by the year-end 2022 and he says policy normalization, in quotes, begins

in 2023 or early 2023, once the conditions have been met more near term, he says, the economy has made progress in the goals required and the committee will assess that progress at future meetings. that's code foreman at some point this year they're probably going to tell us the spread of the delta variant, he says, is a down side risk to his forecast and most of the favor overshoot, he says will prove to be transitory however, he says the risk to inflation outlook are to the upside he says core pce inflation above 3%, which it's already above 3%, will be more than moderate he doesn't go on to say what he would do with it being higher than that. he says we're still in the recovery phase when it comes to employment and it's taking longer to open the economy, rather than shut it down

the economy is on track for a rapid recovery from a recession. in general, surprise to the upside the prices paid index hitting 82 or above 82, which is the highest since 2005 the idea of seeing the service sector come back strong, that's what you want to see carl >> all right a lot of information in there, steve. thanks and hopefully we can chat a bit more about it later this morning. if you haven't seen it before, a high of $89. remember, the ipo price was 38 we asked jim whether or not this was a dynamic feeding from kathy woods' interest in the name but seems like it might be broader than that. >> there's a lot of retail interest we're seeing. nothing has fundamentally

changed. the stock popped as much as 65% today. it was hovering around $77 a share at one point it priced at 38. so, it's more than doubled from where it was last week it was a lackluster ipo day. we saw the turn around starting yesterday. and as i said nothing really fundamentally changing unclear exactly what's driving it but there's more tension from cathy woods. one of the factors here that may be weighing on or helping robinhood. she bought another 89,000 shares from robinhood on thursday that was on top of 3.1 million shares she bought two days after its debut. a lot of concern about cathy wood they follow her closely and what she's trading. there's also, as i mentioned, tons of attention on, online

forums there's a couple of different posts for people saying they may be conflicted in what happens with gamestop. but a change in sentiment for the retail trader. >> is it a fair statement to say the mean meme goes metta >> and in their interview on the ipo day, he said he wouldn't comment on that, in particular and just from robinhood. so so, it is a household name and a ton of memes in general. that does seem to draw a lot of trading activity, whether it's positive or negative does seem to be positive >> one of the questions andrew asked as well was about the long-term changes to the business model they could provide financial

services, especially to their core audience. it could go into buy now, pay later. where do you think consensus is right now on that? >> it's interesting. so, during the road show, they have a retail portion of it. it's one of the big pressures on robinhood in general if that is banned or comes under pressure, they will feel the pressure or heat to go into other areas of financial services you have the thin tech that need to become, as robinhood has put it, the single money app ali pay is the comparison in china. entertainment, finance, everything in one. robinhood, square, paypal all competing for that i think they'll need -- they'll feel the pressure.

i wouldn't be surprise fd that's an area of focus >> thanks, katy. it's up along with caesar's entertainment ceo, tom reed. take it away >> thank you for that. well, we got an incredible earnings report from caesar's yesterday, which beat expectations on the top and bottom line. i'm looking at the margins 1200-basis point improvement in las vegas. profit margins of 51% in the regionals of 40% how did you accomplish it? is it sustainable? >> good morning contessa, the answer is yes, it's sustainable. the perverse effect of the covid environment is your business was

taken to the studs and you can examine everything, as you brought back costs to ais port the reopening. and we've been doing this type of margin work throughout our history as the former eld roddo resorts and in caesar's, you're pulling similar levers in a much larger organization. and you get to see the effects as we've shown in yesterday's report >> you also made a big splash when talking about your entry into the app, your sports book, caesar's sports book app you launched this week you're kind of late to the party. fan dual and draftkings, in fact most, they have elbowed out the competition, grabbing most of a the market share how do you plan to compete with the, in a very crowded space, with the existing players? >> we're in the really early

innings of a long game here. you've got less than half the states available to us and more legalizing as we go forward. we had a partnership we needed to deal with, with william hill and the former eldoroddo and buying them out, basically froze us until about 100 days ago. so, we've spent the last hyundais mobilizing the entire organization for this launch, that we just kicked off on monday so, you're going to see the national advertising during the men's basketball game tomorrow night on nbc we're leaning the entire caesar's rewards data base into this effort. and we've got 54,000 employees, all of whom will be incented to sign people up we have the tools to succeed in this business. we recognize that others have

already gotten started we feel good about what we bring to the table the experience where you can earn and use points on or off line we can create unique experiences. we bring six exciting, existing sports partnerships. and we're putting the full organization behind it so, we feel good about our prospects. >> you said on the call you're prepared to spend a billion in the next 2.5 years in marketing the caesar's sports book app mobilizing and incentiveizing employees to be sales people when you have 65 million people in your seeds p -- caesar's data base >> this is a data base and system that's been developed over two decade said 367 and it's unmatched in the industry

you haven't seen this type of program tied to a sports betting app or sports betting in general. we think that's going to be a game changer we know we've got our work cut out for us and it's not going to be a straight line we have a ton of resources to throw at this effort and we are fully behind it as of monday >> it's morgan i realize we're starting to see the beginnings of recovery but with the delta variant spreading and covid cases starting to tick up in parts of the country right now and so many questions about longer term, what the trajectory to full recovery looks like for business travel in general prrls what do you expect >> that's a key piece of what we reported yesterday the results we reported yesterday out of las vegas were the best in the company's history. may was the best month ever.

june topped that and then july topped june. and that second quarter results were done with effectively zero group business in vegas. we know it's coming back we also know the delta variant is out there and that we're going to have to deal with it. but we've not broken stride as we've come through reopening we know the group is on the books, if you look to 22, is 15% ahead of caesar's prior pace but in the interim, we're doing the best that caesar's has ever done in las vegas without the group. >> and that's remarkable that you broke all-time records the second quarter with mask mandates for two of the three months of the quartser,ality least and no significant business

i got to ask you about the labor problem right now because everywhere we look across industries, it's a big challenge. how are you tackling it and how do you think vaccines come into play with hiring people? so many people are going to mandate vaccines for their employees. are you thinking about that? >> so, labor is difficult across the country. we're challenged to find enough employees in certain areas throughout the country we've raised wages we've done incentive programs, job fairs, referral incentives we're incentiveizing employees to get vaccinated. my view is i'm much more in favor of insentiveizing employees to be vaccinated, than punishing them for what's ultimately a personal decision i personally got the vaccine as

quickly as i possibly could. but i respect that others have different views and our job is to educate them and incentivize them we still have work to do >> it's great to talk to you, tom. i really appreciate you coming on cnbc and talking to us about the quarterly results and where you think this is going. talk soon. >> thanks. >> caesars, by the way, is a partner, basically, in the las vegas strip, with beachy we have huge deal news to report beachy properties is acquiring mgm growth properties. it's valued at $17.2 billion mgm stock is up on the news. mgp is up 6.5% today mgm own asthma jort steak in mgp.

it's pursuing an asset-like strategy, though will take a 1% stake in beachy. beachy is one of the largest on the strip. and now it will add mgm properties it's pursuing a wider diversification of the portfolio. and this deal will transform its company into a $35 billion power house. the largest read focussed on consumer experiences and it's raising the dividend to a $1.44 annually we'll hear more about this after the bell, morgan >> it's going to be a busy day for you. thanks for bringing us the interview and breaking that news yesterday was david's second episode hosting "jeopardy. >> and that's a daily double and 13,000

painful choice here. prrls what do you wager? >> oh, my goodness 13,000 >> okay. for 26,000 if you get it correct. australia became its own nation january 1st, 1901, as the this of australia, a word implying union for everyone's good. >> what's commonwealth >> that's correct. well done. >> so cool, david. how does it feel watching your self asking questions on "jeopardy. >> it's surreal. we sat and watch would family and you're like this is very odd. matt is quickly moving up the leaderboard in terms of all-time dollar amount. if he gets that wrong, he's at zero it's interesting how the calculus has changed since going big on the daily doubles sort of a thing.

>> there's got to be a part of you that's like oh, my god, this guy nailed it. >> everything does move quickly that you do try to remember this is a moment. we need try to focus people but you can only do it for a word. so, for me it was, okay. but that's all you have time for because it's so tight. >> twitter is voicing their support of you as well a lot of comparisons to the late-great alex trebek >> i find that flattering and appreciate it, as i said earlier. i've never seen twitter so nice. i'm trying to keep up. i hope there's no backlash but i'm appreciating the kind comments >> and well deserved >> thank you >> here's a road map for the rest of the hour including what the chair has to say. >> plus, we'll have an exclusive

with milwaukee bucks and. >> new york city is becoming the first u.s. city to require proof of vaccination for places like gyms and indoor dining ♪ someone once told me, that i should get used to people staring. so i did.

it's okay, you can stare. when you're a two-time gold medalist, it comes with the territory.

and there you have it - wireless on the fastest, most reliable network. wow! big deal! we get unlimited for just $30 bucks. i get that too and mine has 5g included. impressive. impressive is saving four hundred bucks a year. four bucks? that's tough to beat. relax people, my wireless is crushing it. okay, that's because you all have xfinity mobile. it's wireless so good, it keeps one upping itself. right now this asset class, bitcoin, and the hundreds of

other coins that investors are trading in is a speculative asset class and people want to take risk, that's all right. but what we want to do is provide some of the basic protections against broad manipulation the trading platforms they're on are not currently under a regulatory regime. it protects them like they're trading on the new york stock exchange it just isn't. >> a wide-ranging interview cov covering crypto and potential regulation he sees ahead . and we're with a crypto asset trading company head good to see you. i wonder, it's nice to see him coming out and saying this, rather than unsourced, deep background stories being written. but when he says they're under the purview of the sec, are you hearing anything you don't agree

with >> i think it's fair to say there's some speculation in the crypto asset class i think that's short sighted bitcoin or etherium represent monumental shifts in technology that can lead to a better tomorrow for a lot of individuals, via inclusion these are real shifts i think the world is receptive to and looking to apply to a novel set of problems. >> all right he says i'm neutral on the technology, even intrigued i spent three years teaching it, leaning into it, that's not something that necessarily needs to draw criticism from the crypto space >> correct i think well functioning markets are a hallmark of any industry that we're looking to grow and crypto's no different. what i believe though is

innovation and regulation do not need to be mutually exclusive. i think when someone like chairman gunsler speaks on it, they should work together to make sure we implement smart regulations to provide investor protections and rules of the road for folks to follow >> what have you made so far about his comments regarding an etf. he see as path to it but we didn't get a lot of specific were you satisfied >> i think people are waiting for that to be approved in the u.s. we understand steps need to be taken. as the next natural step, etfs make sense they provide a degree of regulatory oversight and protection that may not exist in certain places and they make it easier for individuals to deploy

assets into the bitcoin space, while subsidizing complexities we need to get the construction of the e, if f correct >> i realize it's going to be scrapped from the infrastructure bill making its way through the senate right now but the fact there was crypto tax reporting intee it, how does that speak to some of the framework that might be shaping around that piece of the puzzle, when it comes to the asset class? >> on the positive side, the acknowledgment of the crypto asset industry in something like an infrastructure bill is an important step it actually represents something that's important for the world and the united states. what i found in the infrastructure bill is it seems the language is not fully informed

it's entirely possible to interpret language around a service provision and reporting requirements to apply to people like the mining community. to people that validate and confirm transactions when you apply something broadly like that, i think there's a risk that typically come from a lack of understanding of the mechanisms at play so, for someone like a minor validating transactions but doesn't have an awareness of who they're being conducted by, it's impossible for them to meet the requirements that exist in the infrastructure bill. i'm hopeful senators, that have spoken up, really taken a active role in the conversation and this paints a picture of how regulation will move forward with active dialogue and interest at the congressional level. >> it's going to be fascinating to see how the policy fills itself in. we're clearly knocking on the

door of 30 k once again. great to see you great being here apprec yalt it and talking everything from infrastructure all the things, all around you... where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe. today, more than 100,000 of us are innovating to ensure spaces are more efficient,

healthier and safer. abm. making spaces healthier for you. - dearest burger joints, (knife thwacking) our royal fryness, thanks for keeping your cool when the kitchen is not. we promise to serve you with the respect you deserve. (upbeat orchestral music) (pleasant piano music) jerry is here! j! mate, how are ya!? it's so good to see you. good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean? it makes it easier to develop great relationships with our suppliers. now everyone, everywhere loves jerry. they sure do. they do. they really do. mmhmm. workday. finance, hr, planning and spend management for a changing world.

what the world needs now...is people. people who see healthcare a little bit differently. where technology helps doctors provide more precise care... leading to faster, better outcomes... and puts improved health in all of our hands. because seeing a healthier world isn't far in the future. we're building it...now. ge building a world that works.

. let's get to our etf spotlight as we go to break. ticker i buy stamps.com, lands end, revolve group. and keep your eye on lift. smaller than the 24 cent loss we were expecting down about 7%. that's going to set you back a lileorth t wkstt me anwoee we're back in a moment wl

welcome back to "squawk on the street."

the $20 billion investing in roads, rail, clean energy will make its way to president biden's desk until at least septs. september. i'm joined by wes eden he's the coowner of milwaukee bucks. so great to have you on the floor of the new york stock exchange >> thanks for having me. >> you and i have been talking about the need for an infrastructure deal for years now. i realize it's making its way through the senate but will this do it? will this address the country's needs? >> it's a big step in the right direction. when you look at the u.s. is the wealthiest country in the world, 48th in terms of rail, which is a fashion of mine. and i think it's a step in the right direction. >> you mentioned rail. i think 66 billion has been allocated. a lot of that has been allocated

to amtrak. >> the train we're building to florida is two-thirds completed. the miami/orlando train you got to ride when it's open we're working on vegas to l.a. something like that could be a participant in that, i think >> private equity bonds. that seems to be tucked into this bill. is that a key way to get the bill funded? >> it's helpful but in one of the earlier bills, they had an infrastructure bank. debt finance is a critical piece. it's not part of the current bill but maybe something that can be added in the future >> bright line in florida getting ready to reopen, i think, in the coming months? >> october 15th.

>> what does that process look like as you look to rehire people in the railroad and that we vhave a delta variant contributing to an uptick in places like florida? >> getting people back to work is a challenge we feel good about that. the delta variant is obviously an issue i'm a big proponent of vaccination. i wish everyone would get vaccinated but between vaccinations and masks, we feel good about people's safety on the train that's for sure. >>and another key piece of you portfolio where infrastructure is concerned is the nerj company, new fortress energy i realize there's constraints of what you can discuss since they're getting ready to report earnings later this week global expansion, striking another one in sri lanka and

we've seen natural gas prices go up >> it's about 11,000 kilowatts per person n nicaragua is 500 number one, we're focussed on that, but number two, it's about sustainability i think hydrogen' based fuels is a big part of the future >> are natural gas prices that are higher a tail wind or head wind to the company? >> they're really neither. the prices of gas and oil are pretty disconnected at this point. and the competition for fuels outside the u.s. is really oil as oil prices remain high, gas is still competitive and of course, it's a lot cheaper. the volatility and commodity prices has been something. the question on everybody's mind

is, is inflation going to take off from here? >> hydrogen as a clean energy source i mean, blue hydrogen is something you're focussed on as well what does that technology look like >> i think it's going to be mainstream before you know it. most of the hydrogen in the world is created by taking natural gas and splitting it you split the h 4 from the c 10 million tons of co 2 for every million tons of hydrogen clean fuel is the blue fuel. when you take that in the pure form or turn it into methanol, i think it's going to be for transportation >> i want to talk about the markets, especially the fact we've seen the meme stock mania.

robinhood, we saw it halted for volatility retail investors taking a more active role, at least in equities right now how do you think about valuations right now >> you know, i think there's been a rebound, obviously, as people are optimistic. the covid stuff is, not behind us, but under control. and as long as nalts true, there's a lot of things to invest in. covid is a wild card i'm a bear i think rate ss should be higher and inflation is around the corner commodity prices have gone up in the last 12 months and something like this infrastructure bill could really be a real catilous for more inflagsz that's something i'm focussed on we heard from corporate aplmeria

every day with earnings. >> i really don't know i started when it was higher everyone is a product of their experiences. i feel like it's going to come but it hasn't yet. >> i want to shift gears because milwaukee bucks, first win in what four decades >> 50 years. >> good to see you wearing milwaukee green here >> purely coincidental, but you're welcome you're somebody who has invested, whether it's the bucks, aston villa in the u.k., you've invested with a strategy of turning the teams around, almost the way you would with a company. what's next? >> just to stay on the bucks, we feel so blessed. it's been seven years since we started. worst team in the league to best

team in the league and we have a lot of great players on the court and people that made it happen in the corporation. we did the same thing in villa invested heavily in the infrastructure of the organization and hopefully that leads to results so far, so good. >> in terms of the stadium, we see it here in the last 24 hours. vaccine mandates or insistence on folks showing they're vaccinated to get into locations. is that something that could be on the table for the stadium >> i think it could be easily, especially if these variants are on the table there's varying views on weather they should get vaxzinated or not. i'm a big believe in science and think everybody should if showing your vaccination card in new york city at a restaurant, like i did last night, then i'm all for it

>> and thanks for being at the stock exchange with us time for an olympics update. >> good morning. good morning, everyone two medals and a world record for the 200-meter hurdle. and suloam out ran her own record and brianna stewart scored 23 of the points it's their 53rd straight olympic win. they'll be playing serbia in the title game and a bella russian sprinter landed this morning in vienna. an austrian officials says she is doing well, under circumstances. she'll fly to warsaw later today, after poland offered her a humanitarian visa. after she refused to return to

bella ruse, after fears of reprisal for criticizing >> u.s. is in the first place, followed by china and russian athletes and keep an eye on novavax they reach a deal for up to twoe 00 million doses of the vaccine candidate. dow's down 175

the personal loan from sofi helped me consolidate my credit card debt into one simple monthly payment. debt free! thanks to sofi. ♪♪ i think you're going to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it. sorry, sir. i will aim straight at your next step. see that you do. would you like some coffee? workday. the finance, hr, and planning system

for a changing world. ♪ could a key sectore b breaking down a. br. as your broker, i've solved it. that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income.

schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to wealth management. millions of vulnerable americans struggle to get reliable transportation to their medical appointments. that's why i started medhaul. citi launched the impact fund to invest in both women and entrepreneurs of color like me, so i can realize my vision and give everything i've got to my company, and my community. i got you. for the love of people. for the love of community. for the love of progress. citi. . restaurants kocontinuing to deal with labor shortage joining me is denny's president

and ceo, john miller the market responding quite nicely to those results. but we're getting an employment number on friday as well i mean, you have what? as much as a 20,000 employee head count shortfall >> the shortfall is improving day by day we did do a nationwide hiring tour that many might have heard about. we took our mobile diner we usually use for disaster relief. we took it on a national hiring tour that resulted in 13,000 applications in one week hiring tour we also established a careers.denny's.com so we didn't have different franchisees making it difficult to find denny's and apply. and a flb of efforts making sure

they know it's a great place to work, with flexible pay, sanitized work environments. all the things you need to build a great career so, all the things seem to be helping. we think you've moved the needle a little bit >> not many people know, of course, denny's being 24/7 what percentage of your store base is operating at the full, wel well, every single hour of the day, thing >> we opened the quarter with about a third of the stores at 24/7 and the performance of 24/7 is 20% higher than the stores with limiting operating hours and we're doing a good job communicating back to 24/7

in spite of that, we ended the kwa quarter up about a point and that's with two-thirds of stores missing all those operating hours. >> i think 24% of sales seems to help is this something you see sustaining itself when we're finally, if we are, on the other side of the pandemic completely? >> we see a couple of trends that are very promising. third-party delivery and overall takeout. we've also seen demographics interesting. while they continue to be consistent, diners are filling back up again 367. and the take out and delivery tends to be millennial and gen z

populations. so, we see this as very promising for our brand to have exposure, trial, and adoption with some very sticky new customers coming in through the pachbdemic and now post pandemic >> the fact you're rolling out two new virtual brands, walk us through the economics of that and why does it add to the broader denny's brand? >> they're highly incremental but the main story is when you have capacity for a cook at monday night, 7:00, 8:00, 9:00, 10:00, we can have virtual brands selling world class burgers and high-quality products with artisan bread and ingredients, that have been well received by the customers. they've received extremely well.

the meltdown we have -- expect to have at about half the locations. they improve the sufficiency of our website. the margins are good noting they're highly incremental, if not highly inkmental. customer that's tried these products. i encourage people to go on door doordosh you're going to love the product. >> talked about the employment piece of the puzzle. what about the food inflation price of the puzzle? what are you experiencing on that front and how transitory or not do you expect it to be >> a little bit of both. i think the, you know -- pork and eggs have been most troublesome year-to-date we typically run in that one to three inflation range year in, year 0-of-out. sometimes better, sometimes

lower or higher end of that range. potential being outside of that range range. that said, it's not really scary. the numbers are starting to come back down. fourth quarter largely solved except for edible oils transitory what's not, gas prices at the pump and wage increases persistent beyond the typical inflation rates for a while. the market basket, we're not terrible concerned. >> john, on the virus itself were you mandating vaccines amongst your employee base >> so what we have is some very strict safety and protocols you can imagine being in the restaurant business. demanding in and of itself and goes with the culture of anybody running chain restaurants. we have what we call our franchise council that we've put together that takes the well-being of our community and guests very seriously, and they look at the cdc mandates they look at governors' orders,

how these things vary market by market and we do our best to sort of piece together the right policy in all of these places. our many employees are wearing masks, and in all of our restaurants. we have plexiglas between cash registers. we have touch-less transactions, deliver food to your car in the parking lot. a number of things we've done, and i would say that overall, not every employee, but also our guests are largely compliant with these rules, and behaving as good citizens we don't see in our denny m's vr many examples. every now and then a knucklehead in there but not many examples where people are misbehaving guestses sit down at the table, talk off their mask. often times still entering with them and in places where they're mandating they are complying. >> john, appreciate it thanks for your time. >> thank you very much for having me on. >> you're welcome. coming up on "techcheck," two former executives from

disney kevin mare and tom staggs, the new venture that just purchased reese witherspoon the hello sunshine for $900 million. meming up at 11:30 a.m. each ck tiba in a moment.

ugh, these balls are moist. or is that the damp weight of self-awareness you now hold in your hands? yeah (laugh) keep your downstairs dry with gold bond body powder.

6 later on the "closing bell," starts at 3:00 p.m. eastern. we'll be right back. don't go anywhere' innov truly absorb the natural goodness. new chapter. wellness, well done. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee...

yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need. you have the best pizza in town and the worst wait times. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

you're up again. >> $1,600. same category. >> the same book bob woodward wrote is called this -- what is denial not a river in egypt. >> let's do $2,000 because we're jamming it. >> it is not a river -- >> you know, every so auv a brief moment when you can try to inject a little levity or just have a little bit of fun not much of course that show is so tight. erg has to move at a very quick pace obviously, you just want to keep getting to the next clue, but when i could have a little fun, i tried to. >> yeah. i get asked this question a lot. what goes into preparing for our show every day so i'll ask you the same question where "jeopardy" is concerned. >> one of the most fun things of the entire experience was spending time with the writers and the executive producers and the other producers going over the clues. they take it all, as they need

to, so seriously not just that i can understand it and/or make sure i'm pronouncing things properly, but also recheck, double check, triple check making sure they've got the correct response as well that was great something i'll never forget. >> awesome to watch and certainly we'll keep watching throughout the week. market does it that does it for "squawk on the street," "techcheck" starts now. ♪ good morning welcome to "techcheck" i'm carl quintanilla with jon fortt and deirdre bosa today, oh, the people-ryes robinhood surges as traders find a new name to chase. then this stock is crashes after earnings why investors pulled a u-ton