is going to be spending more time on content. >> does every media company want to be called a streaming company? yes or no? >> yes and they all are streaming companies. there are a couple of companies that are suppliers for the streaming companies but all of them are involved in streaming these days p.. >> i'm a streamer, too thanks for watching "power lunch. "closing bell" starts right now. welcome to "closing bell." i'm sara eisen at the new york stock exchange stocks mostly in the red following yesterday's record close. the s&p 500. the dow down around 300 right now. the nasdaq holding on to some gains. >> and i'm wilfred frost a much weaker than expected adp jobs number hurting sentiment. just 330,000 jobs added in july versus estimates of more than 650,000. though ism services did top estimates.

earnings remain in focus with amgen weighing on the dow and gm taking a big leg lower and the meme trade is back in force. robinhood exploding higher and halted multiple times for volatility as it soars above its ipo price. 59 minutes left to go in the session, sara. >> we've got a great show coming your way we'll speak with target ceo brian cornell covering everything from back-to-school spending to covid concerns and a brand-new college tuition program they announced for employees just today. plus, cvs out with strong earnings and guidance. a new $15 minimum wage cvs health ceo karen lynch joins us for her first ever broadcast interview. she just got the ceo job in february and uber, roku, etsy, ea, we'll speak with roku's ceo ahead of his analyst call right after those numbers break. >> such a big lineup looking forward to all of it

let's focus on the big stories we're watching today bob pisani is tracking the market action. kate rooney has a closer look at robinhood's move higher and phil lebeau covering the plunge gm shares bob, let's start with you. >> wilf, two problems the market is dealing with. one is the peak everything story. this sis as good as it's going t get. the adp weakness plays into that the delta variant possibly changing behavior. you see the sectors here we see the retreat of the cyclical reopening trade remember, industrials, materials, banks, a lot stronger earlier. energy oil below 70 see that all weak here tech that growth sector outperforming on a relative basis. if you look at what's been going on in the third quarter, the defensive sectors have been the ones the leadership group. this suggests that sort of retreat from the reopening trade story. health care, utilities, real estate defensive sectors doing better

than everything else tech still holding up. industrials, materials they're all falling back they were the market leaders meantime, we've got great earnings reports the question is, is it going to move the market that much? livenation the reopening names ecstact. sales up eightfold 10% increase in ticket prices. a lot of people complaining about ticket prices. they're doing well but they're not moving that much lyft excellent 3.6 million new active riders for lyft overall their numbers were very good as well july driver earnings remain strong as demand for the platform continue to grow. the ceo there said it's not helping lyft down about 9% today avis budget. the best quarter in its history. tremendous numbers overall but the stock is up over 100% so far this year. and you can see down 14% here this year. again, this plays into that peak everything story that's really kind of propelling the market at this point very, very tough to figure out what a near-term trend in the

market is. can't quite decide which side they want to be on right now guys, back to you. >> that good news baked in bob pisani, thank you. one name bucking the down trend is robinhood surging higher halted multiple times for volatility and a move that's reminiscent of the action in gamestop and amc earlier this year. kate rooney with a look at what is driving this spike. kate, 46, 47% or so. >> it had touched $85 a share earlier. robinhood is more than double where it was on its debut last week in what was a lackluster first ipo day. today it's the second most traded name on the nasdaq only behind amd halted earlier for volatility. and today robinhood passing its ipo day twwhen it comes to tradg volume to put that in context, that's almost as much as tess la, more than apple or amazon one thing driving this, trading.

there are still lockout periods for investors. fewer shares are available to trade and it often means more volatility retail interest is another factor it's the most mentioned stock on reddit more mentions than both gamestop and amc. and momentum trading hedge funds looking to capitalize on some of the volatility short interest, though doesn't appear to be a factor today. because of the lack of shares out there to borrow, it does tend to be expensive to short a stock like robinhood, especially so soon after an ipo i talked to s3 partners about that earlier they say there is some short interest but it is really the long side driving robinhood's prices today back to you guys >> have you been following the message boards is this officially a meme stock now? and what are some of the similarities and differences that we're seeing between amc and gamestop i know the options market is very active which is something we saw with those other two.

>> yes, absolutely i've been on reddit throughout the day checking on some of these forums it's a little split still. there are people out there saying, hey, unpopular opinion, but robinhood may actually bea good trade also others seem to be just looking to capitalize on some of the volatility and momentum similar to what you see in crypto markets it doesn't necessarily matter what the fundamentals are or what the stock is. they just see a 40% rise and want to get in on the action also hedge funds driving that. but sort of split. there are people that are mentioning gamestop and seem to still be trying to convince other people to not trade. but i think whether they are positive or negative mentions tend to be a good thing for stocks like this or at least for their stock price on a day like today. >> robinhood trading at 70 books. kate rooney, thanks. shares of gm are moving in the opposite direction following earnings this morning. phil lebeau's got that story for us phil >> wilf, it's all about the

guidance and it's rare you see a company increase its guidance and yet the stock gets hammered. that's what's happened with general motors here's what's happened their previous guidance in terms of full-year expectations was for earnings of somewhere between $4.50 and $5.25 a share. they said we expect $5.40 to $6.40. the stret was expecting much more the consense sgog today was $7.39 a share and analyst after analyst asked about this today saying, we thought you'd be doing even better in the second half than what your guidance was about. the other story with general motors this stock has moved higher because of the pivot to electric vehicles they know where the world is going. they know where the demand is going. they'll be a part of that. they are announcing today there will be two new electric vehicles, commercial vehicles that they plan to add to the 30 that are going to be rolled out by 2025. earlier today we talked with the gm owner and asked, is there any concern that the recall of the

chevy bolt due to defective battery cells might hamper interest in electric vehicles? here's what she had to say >> 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. >> take a look at shares of general motors keep in mind one other thing that came up was the covid-19 delta variant. that's been an impact on the chip supplyover the last coupl of weeks mary barra says they're still assessing whether or not to mandate vaccinations for the entire company but they have not reached any kind of a decision guys, back to you. >> phil, how much focus was there on the analyst call on these issues with the share people one would imagine it probably dominated and i wonder whether it weighs on the credibility of mary barra otherwise fantastic run.

>> it got some attention but not as much attention asthe guidance, wilf most of the attention on the call was, look, we thought you would have a much better second half not that you are going to have a terrible second half but we thought it would be even more optimistic and so when you raise guidance but you're not coming up to where we are as an analyst community, that got most of the attention. >> phil lebeau, thank you. targeting the back-to-school season we'll speak with target's ceo brian cornell about his outlook for the consumer the impact of the delta variant and a brand-new college tuition program for employees out of target today you're watching "closing bell" on cnbc. dow down about 285 my dvt blood clot left me with questions... was another around the corner? or could i have a different game plan? i wanted to help protect myself.

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cheer on team usa with xfinity x1. say "show me the olympics in 4k" so you can watch in stunning 4k ultra hd. target announcing today it's launching a debt-free education assistance program so all u.s. part-time and full-time employees will be eligible for undergraduate degrees at over 40 schools and universities target will also pay up to $10,000 annually for masters programs the company saying it's investing $200 million into this initiative over the next four years. target chairman and ceo brian cornell joins us in an exclusive interview here at post 9 which is a treat i think you're our first guest that we've had on "closing bell." >> it's great to be here in person >> good to have you. especially on the heels of a big announcement we'll talk back-to-school. but neclearly a lot of companies are doing this you're announcing it it's a little broader. why now? >> we've been investing in our

team for years going back to 2017 when we said we're going to put a minimum wage in place at $15. and really take an industry-leading position. and throughout the pandemic, we invested over a billion dollars in that health and wellness of our team making sure they had backup when they needed it had paid time off. we paid out five bonuses last year and just last week again we made another bonus commitment to our team so this is just one more element in how we're thinking about taking care of our teams and investing in our team. education is a great unlock. we think it can make a big difference for our teams and just make sure target is a preferred place to work. and we provide rewarding careers for our teams. it's just one more investment and what i believe is our most important sset and that's our team. >> companies often announce these things i'm not sure how often it gets used expect people to actually use it and -- >> i would tell you today, after we announced it we've had

hundreds of team members already go online and sign up for the program. so i think we'll be able to have a huge impact for those team members who want to go back and get their ged or take college classes towards a degree, certificate programs, master programs so i think we're going to see really strong engagement and the feedback i'm getting after just a few hours is really positive >> that's supprprising does it speak to the state of the labor market, just how tough it is to get workers is that something you're experiencing >> i think it gets back to the commitment we've made to our team for years now the wages we pay, our commitment to training, development, the way we took care of our team during the pandemic. we actually have not had any challenges with labor. in fact, our turnover rates are the low of the we've seen in years. so making sure that we talk about our target culture, a culture of care and growth and winning together i think our teams are really engaged. i think they know how much we

care about them. and this is just one more sign of the commitment we're taking to our team in the long term >> so we're here partly to talk about back-to-school, back to work, back to college, back to everything what is 2459that looking like ts year >> we've seen sort of back to unfold over a number of moments. we saw guests engage in mother's day and easter and celebrate father's day memorial day holiday fourth of july but we know our guest is really excited about getting back t school and getting back to college. and it's a big moment for us we play an important role during the back-to-school, back-to-college season our multicategory portfolio. you can get those electronic items, school supplies, get a lunch box, a backpack and actually the food and beverage you need to fill that lunchbox we become a destination. so we're seeing a consumer and a guest that's really excited about their kids going back to

school and for college students, particularly those that weren't on campus last year. they are really excited to be going back to campus >> consumer spending has been very strong. consumer balance sheets are in good shape how do you characterize the environment right now? >> i think it's a very healthy consumer environment obviously, stimulus has helped but i also think pent-up demand to get out and spend we had a very strong year in 2020 our top line grew by over $15 billion. we had a $9 billion of market share. we saw a very strong start for the year with our comps over 20%. driven by stores our store comps grew by 18% in the first quarter. and i think it's just a sign of american consumer and a target guest that wants to get out to stores and they're shopping all of our categories. it's a very strong consumer environment right now. >> you said three years ago was the best consumer environment you've seen in your career are you caring to revise that now? >> i think it's -- >> 2021? >> this is a very unique

environment and coming out of the pandemic, obviously, americans have been at home for so many months i think they are just excited to go back to something that feels like normal life and target is part of that and they shop our stores during the pandemic we built tremendous trust because our focus on safety and the work our teams did throughout the pandemic. and we're just seeing that play out as we move into 2021 >> what do you see beyond that when the stimulus wears off p. i still see a very healthy consumer environment we watch it every day. i don't have any magic crystal ball as we look around corners but as i think about the balance of this year, i think we'll see a very strong consumer environment. i'm expecting again a long back-to sko-school and back-to-college environment. americans are going to celebrate halloween. they're looking forward to thanksgiving and we'd expect a big gifting environment come christmas. >> doesn't sound like you're too concerned about the delta variant which is surging in many parts of this country. are you seeing an impact

>> we think about this almost every day. i have got a task force that's been in place going back to january 2020 and we generally meet every day and update what's happening with the virus. what's happening across the country and across the world so i think we've all got to watch that we've been very focused on safety and going back to the start of the pandemic, we said if we're going to be an essential service and service america during the pandemic we've got to start by taking care of the safety of our team so that focus on safety is something we think about i think about every day. and we certainly look at the case counts across the country and want to make sure we're doing the right thing and making sure we're investing in the safety of our team >> i know you're encouraging vaccinations for your team and you offer that at cvs clinics in your stores. why not just mandate them? if a bunch of retailers like you and walmart did that, that would be hundreds of thousands of americans. >> we're going to watch it carefully and continue to think about what the next right step

is we're encouraging our teams. giving them paid time off to get a vaccine. we've got the convenience of having a cvs pharmacy in most of our stores for those that need a ride we're giving them a lyft code. we'll continue to encourage and watch this as it continues to evolve >> you talked about the growth you've seen in the stores and the traffic that you've seen i wanted to ask about the ulta partnership. that's happening this month, building ulta stores in target i'm curious what your goals are. >> first, i am really excited about the partnership. we'll open up our first 100 stores in the next couple of weeks. you should expect to see 600, 700, 800 more along the way. it's another great partnership 50 new prestige brands to the target guest we'll bring the best of ulta beauty inside of our stores and online and it just ties back to some of the great partnerships we've formed over the last few years whether it's our partnership with disney or levi's. the work we're doing with apple. those partnerships are really

important to the guests that we serve. and it brings great excitement and more traffic to target stores and to our digital component. >> it is a little reminiscent of the department stores which had a rough time during covid. has that been a huge beneficiary for you? you mentioned $9 billion added in market share. is that where you're capturing it >> we're benefiting from the strategy we've had in place for years. investing in our stores. putting capital into remodeling hundreds of stores across the country. building new stores right here in manhattan where we moved in new neighborhoods. the investment we've made in our digital capabilities the fact that we've got all these wonderful same-day components that make it really tease shop at target we can go to the tribeca store and pick it up in a couple of hours. many larger stores just pull into the drive-up lane and one of our team members will put it in your trunk. the investments we've made in our stores in our digital

capabilities, in our great own brands, the national brands but also the investment in our team. i think that's what's really driven our success over the last few years and certainly that was a big part of $15 billion of growth last year and the tremendous start we saw in q1. >> brian cornell, thank you so much for coming by >> it's really great to be here. good to see you. our back-to-school series continues tomorrow we've got an exclusive interview with bed bath & beyond ceo mark tritton. we have just under 40 minutes left of the session. down about 0.3% on the s&p 8% on the dow. nasdaq still holding on to slight gains still ahead -- cvs saying it administered 6 million covid tests and 70 million vaccines in the quarter. we'll talk about the coronavirus impact on the bottom line and much more with ceo karen lynch we're back he jt coleerinusa up of minutes

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a multibillion-dollar real state estate deal is poised to reshape the ownership structure of the big chunk of the las vegas strip. contessa brewer has those details for us hey, contessa. >> yes, this is a blockbuster $17.2 billion deal for vici properties to acquire mgm growth properties it will give vici five additional properties and this will make vici the largest land owner on the las vegas strip and also a blockbuster reit. the preeminent real estate owner focused on experiential. the ceo told me he likes casinos because they pay their rent 100% of the time in cash, even during covid. lost in all the news, the 9% hike that vici dividends that it

announced. mgm the majority stakeholder in mgp will unload debt it makes significant toward the asset light strategy and it announces earnings after the bell today we'll hear more on all of this from the ceo bill hornbuckle at 5:00 p.m. eastern. sara >> looking forward to it big move in the stock today. mgm up more than 7%. we're counting down to earnings after the bell from uber, electronic arts, etsy and roku plus, an exclusive interview with roku's ceo ahead of its analyst call also the ceo of frontier airlines following the country's first report since going public. 10-year yield plunged earlier down to 1.13 then came back yielding around 1.17 right now on the 10-year federal reserve vice chair make something news today saying we could be ready to raise rates by

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welcome back time for a cnbc news update with rahel solomon. >> hello, everyone here's what's happening at this hour the fight to contain california's largest wildfire is getting harder the dixie fire is getting stoked by a return of high temperatures and strong winds the fire has already scorched nearly 175,000 acres federal prosecutors are now looking into possible obstruction of justice by top leaders of the louisiana state police investigators are looking at

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market some pressure. the dow down about 0.75% nasdaq still holding on to some gains up 0.1%. the s&p lower by about 0.3%. tech and communication services are the only green sectors after the break, the ceo of cvs health joins us to talk about the earnings report. also with the new minimum wage and how covid vaccines are impacting their business it's her first broadcast interview since taking the job, coming up next another check toward robinhood, up 41.4%. we'll be right back. sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options

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cvs health out with strong earnings before the bell the company beating on the top and bottom lines as well as raising its full-year outlook. the shares are down about 3% joining us now in a closing bell exclusive interview, cvs health ceo karen lynch. this is her first interview since becoming ceo earlier this year >> hi, sara. great to have you, too thanks for having me >> it's quite a time to come in as ceo in the middle of covid. how much are the vaccinations and the testing that you're doing at cvs driving the overall business and the performance right now? >> as you know, we've been on the front lines of the pandemic doing testing and vaccinations, you know, since early on and what they are doing for us is creating an opportunity for all americans to prevail against this pandemic. and it is having a positive impact on our results, as you know as you said at the outset.

we started the quarter strong. we delivered really strong results. 11% revenue growth we beat and raised once again this quarter so overall we feel quite good about our business >> stock is a little lower some are zeroing in on the investment plans that you're making perhaps in lieu of dividend or buyback increases on digital othe team. you announced a new higher wage increase and also some lack of visibility into 2022 how would you address some of those concerns >> what i would say, sara, is all of our businesses are performing strong. each of our businesses beat our expectations in the quarter. as we think about 2022, we're coming in with very strong growth within our health care segment and pharmacy segment we mentioned today that we had very strong integrated sales we had strong sales in our national accounts business and our pharmacy business overall. and we also saw good -- a good

rebound in our front store sales and script volume. so i would say the business is performing quite strong and we feel confident about how we're positioning the business for 2022 >> is it hard, though, to see out into 2022 when we really don't know what the guidance is going to be on booster shots, how many of them we're going to need, what that's going to look like on children's vaccines and what the uptick there will be? all of those things would be key for you, i would think >> that's correct. there's a lot 5 uncertainty due to the covid variant obviously, within the health care segment, you know, there's puts and takes relative to utilization. the booster shots are an unknown. we're not sure when and the timing of them obviously, you know, depending on how long this spike in the variant occurs, that will have an impact on our business. as we said on our call earlier today, we aren't giving 2022

guidance, but we are giving some, you know, headwinds and tail winds relative to the performance of the business and for some things for our investors to think about >> kauren, do you think flu shot will come back more meaningfully this winter? >> we do we think just like last year, flu shots will be important for people to take we think that will come back we think that we'll see another big year of flu shots. i think it's important because, as the variant continues to ebb and flow, we won't know if it's the variant or the flu we'd encourage people to get flu shots in the fall as well. >> and karen, how are you finding it in terms of getting staff to man your stores is that an easy task at the moment, and is there a willingness to come back into the workplace? >> well, as we announced earlier today, we did increase minimum

wages. about 65% of our hourly colleagues are already above $15 an hour. so we're very targeted with our wage increase for pharmacy techs and our front store. there's a very tight labor market and we are addressing that with our overall wage increase and relative to people coming back into the office, we're very -- we're taking a very measured and disciplined approach to returning to the office and we'll start returning our office-based employees some time in september. >> karen, just on your leadership, you come from the aetna part of the business been there for a long time, since the integration. do you feel like investors understand this story yet? there were always questions. they came on a bunch of times to explain putting the pharmacy benefits with the insurance company with the retail pharmacy business do you think that's a well understood story are you still having to convince investors? especially with your background

in the insurance business? >> we are a broad health solutions company. and we have the ability to meet consumers where they want to be met along their health care journey. and as we've learned in the pandemic, clearly health care is local. we have the ability to have retail locations so you can access care in those retail locations. we also have the ability to connect with them digitally and connect with them in the home. and i think you have to think about our company as a broad-based health solution company. meeting consumers where and how they want to be met. and i think our sales performance that i outlined earlier is a good indication of that >> and just finally, really quickly on the vaccine since this delta surge in the last few days or weeks, are you seeing a greater pace of vaccinations have you seen a change across the pharmacies, especially in the hard-hit spots >> we have seen an increase in vaccinations over 60% of our vaccinations that were currently

administering today are first doses. and we've seen an uptick in a lot of the states that are predominantly unvaccinated so we have seen that uptick. we've also seen an uptick in our testing capabilities as well matter of fact, some of the most recent days we've had the highest testing results that we've had throughout the entire pandemic >> that's good to hear karen lynch, thank you for joining us we appreciate it >> thank you very much nice to meet you >> your first broadcast interview. nice have you on earnings day. over to you, wilfred >> certainly was up next -- reaction to robinhood's rally and the one key metric to watch from uber's results. those stories and many more as we go into the final moments of the trading day. in the market zone that's next. no-no-no-no-no please please no. ♪ i never needed anyone. ♪ front desk. yes, hello... i'm so...

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don't get mad get e*trade and get more than just trading investing. banking. guidance. ♪ welcome back we've got 13 minutes left in the trading day. commercial-free coverage of all the action going into the close. today, joining us we have veritas founder greg branch with us first of all to the main markets. the dow sharply under performing today. citigroup came out with a note calling for a 10% correction before year end. the firm pointed to too many inexperienced investors. an action that citi says is representative of the '99, 2000 era. they cut its outlook to neutral off the back of that greg, i come to you on this. i guess you haven't been

surprised because you've been fairly upbeat on markets to see us at these record highs the notes like this or the delta variant or anything else make you think now is the time to take a bit of profit >> well, it certainly gives me pause. the consensus was well below the true earnings power of the companies given the recovery we expected and that would play out with an earnings revision cycle and the beats we're seeing in this quarter, the third quarter, 85% of companies that have reported have beat their earnings but as we look through the remainder of the year, what impact is the delta variant going to have on that? it will be twofold domestically as we expected the unemployment rate to dip down below the 5.7% that we saw beforehand, will the delta variant cause further deterioration of that already limited pool of available workers? and so that's going to keep wage pressure continuous throughout the back half of the year, i

think. on the global side, our trading partners, our sourcing partners, they are much less progressed on the vaccination curve that we are. mexico at 20%. taiwan is at 1.8%. thailand at 5.9% and so on and so forth many of these economies are closing back down. that will keep our supply chains fractured. we'll see a component and raw material shortages in a much more acute way than we anticipated. and for a longer duration. that, too, will strain productivity and keep those inflationary pressures in place. whereas before i thought -- i looked across the board and thought consensus was light for everything, now i'm starting to look at sectors and wonder if consensus isn't too high >> how do you read the economic data we're getting in that context? adp was a miss raising maybe some concerns about the big jobs report on friday and yes, services are expanding

at a record pace >> you know, it really depends on how the fed is going to use that data. right? we had 9 million openings the last two months. record openings which is indicative of the fact we don't have a supply of jobs problem. we have a job consumption problem. and so whether it's today's number or whether it's friday's number, the narrative can be construed that what we're doing is working if we have above consensus numbers. we have below consensus numbers, we need more of the same so jackson hole is going to be imperative because those numbers really matter in terms of how it changes or continues the fed's posturing. >> newly public company robinhood getting the meme stock treatment of late. particularly today trading -- was halted for volatility several times and robin hood currently up about 30%, 40%. we'll get that price in a moment best daily performance in its five days.

47%. the trading app had an initial lackluster debut on the markets closing down 8% on its first day of trading just last week. but, of course, has performed very strongly since. amd also getting caught up in the frenzy the dollar volume toda exceeding $20 billion. nearly the equivalent of the combined volumes of tesla, apple, microsoft and amazon today. some of the original meme stocks like amc, bed bath and beyond and gamestop are selling off today. some pretty extraordinary moves there. does this type of thing make you worried that the citi note has some truth in it that there's too much retail investor engagement and that we're building a bit of a bubble in some areas? >> the last year we saw retail and investor activity be fairly significant in whatever thing we were talking about whether it was the reopen trade, the esg trade, the electric

vehicle trade. so that's not particularly surprising and quite frankly, at this f juncture, i'm not sure it's wrong. at the end of the day some of our more cyclical sectors, more value oriented sectors are facing tremendous pressure whether it's food costs, rising labor costs, particularly at the mid to low end on the tech side we've seen with the earnings thus far that they've decimated some of the narrative that had people hesitant we were concerned that their results were a result of covid pull through or covid bump and they have put that narrative to rest we've seen strong growth in cloud, in digital advertising. we've seen margin expansion at google, at microsoft at amd and pretty much across the board. and so i think that the market is now bearing witness that we are seeing secular tailwinds across many of the tech sectors. and i think that's something we should capitalize on while we

see inflationary pressures weigh on some of the other sectors so that breadth will narrow again. >> 7 1/2 minutes left of trading. wells fargo investment strategist scott wren also joins us in the market zone. making a cameo we're talking robinhood, scott is that indicative it's up 40% or so as investors pile into options here indicative of something in the broader market, the retail fever or just looking -- >> i don't think it's the retail fever. i think this is just the latest in a series of stocks that trading retail investors not retail investors there's a big difference there they've become interested in because of the volatility. initially interested because it just keeps going up. it's generally another story when it drops like a rock as many of these other stocks may be similar to robinhood in terms of trading patterns have been.

so for us, this is not a pattern that tells us, hey, there's something wrong with this market we don't think there is. i think brad mentioned that there's been a stumbling here in terms of breadth some of these more value plays have stumbled over the last three months or so but for us, it's exactly that. it's a bump in the road. we're still leaning towards a continuation of this expansion we're neutral technology we have been overweight for a long time. so you need some growth. but if you look at the earnings, second quarter is a perfect example. where's the triple-digit earnings come from it's the sectors that are very sensitive to the ebb and flow of the economy. we don't think that's going to change any time soon >> 10-year yield at 116 oil prices down 1% target chairman and ceo brian cornell joined us earlier this hour here's what he said about the state of the u.s. consumer >> i think it's a very healthy

consumer environment obviously, stimulus has helped but i also think pent-up demand to get out and spend we had a very strong year in 2020 our top line grew by over $15 billion. we had a $9 billion of market share. we saw a very strong start to the year with our comps over 20%. driven by stores our store comps grew by 18% in the first quarter. and i think it's just a sign of an american consumer and target guest that wants to get out and they're shopping all of our categories it's a very strong consumer environment right now. >> we're hearing this message from a number of retailers on the show, during earnings and getting strong outlooks as well. target reports in a few weeks. couldn't say much on that front. but are these consumer discretionary stocks retail stocks still a buy they've already had a good run on this idea that the consumer is doing quite well. >> for us, sara, as a sector, we're neutral. but for the industry groups

within consumer discretionary that are reliant upon consumer spending, we think this labor market is going to vastly improve from where it is now despite this adp number this morning. so we like anything that's tied to the consumer. consumer spending. better jobs. more money in your pocket. those sort of things we backed off and went neutral on the consumer discretionary sector a few months ago as well. we've been overweight that for a long time because you have to remember that there's probably five or seven stocks that are really growth stocks and almost technology stocks to some extent that really run that particular sector and those five or seven stocks, their valuations were very high. we felt we wanted to back off there. the underlying industry groups which make up a much smairl per smaller percentage of the market cap in that sector still look pretty good. >> 3 1/2 minutes left in the

session. down about 0.4% on the s&p uber will headline another huge hour of earnings after the clos today. deidre bosa has a preview of that for us. >> after lyft reached adjusted ebitda profitability ahead of schedule, the stakes are high for uber to hit or get closer to that milestone investors may be more focused on the driver shortage and how much that is costing uber uber, of course, has food delivery as well so investors will be curious if demand has held up. also any current color on the quarter on the delta variant uber shares down 18% year to date and we should note trading about $3 below its 2019 po price back to you. >> d, thanks for that. interesting move today in uber based on those lyft numbers as well last night. we'll see how uber does in a short little while greg, what's your take on these sorts of names and whether

they'll benefit from reopening >> with regard to uber, dee hit it right on the head we'll be looking at driver supply not only have they been able to open up more supply hours. they opened up 25% in may and have they been able to continue that trend but what did they have to spend to do it because the question becomes, how much of that do you pass on to the consumer before uber becomes a noncompelling value proposition? and so that will be the key on the one hand looking at driver supply and what it means from pricing and margins. on the other, will they actually achieve adjusted ebitda break even this quarter as some suspected. i suspect it will be pushed out until next quarter but those will be the two key issues going back to retail, i laser focus in on the value shopping trend that's going to emerge as these inflationary pressures continue to make their way through our economy. with real wages not really

rising giving inflationary pressures we're seeing, i think you'll see an anxious consumer willing to go out and spend but on the other hand looking for value and in particular, i think those companies that have used this time to invest in their eretail il infrastructure, theyr going to have a structural advantage. this favors the targets and walmarts of the world versus the rosses and tjmaxxes. they reported 50% growth in digital on top of 140% that we saw last year. so i do like consumer. but i'm more targeted on things that offer value proposition >> as we head into the close, about 35 seconds left to go. let's check on where we are in the market the dow is pulling back today. it's being weighed down by a few movers amgen, caterpillar, 3m,

honeywell. industrial stocks are selling off today. salesforce, nike and united health are the only winners in the dow right now. s&p 500 alsounder pressure about half a percent or so technology and communication services are strong but utility, consumer staples and energy are the three worst performing actually, industrials are also down a lot financials are also down about three quarters of 1% nasdaq closes positive just over 0.1% bucking the trend on some strength in tech and moderna having a very strong day >> nasdaq halted but dow pretty much at the session lows welcome to "the closing bell." i'm wilfred frost with sara eisen. dow at the lows of the session down 0.9%. s&p nearly 0.5% lower. the nasdaq eked out a slight gain two sectors were positive, communication services and tech. while energy led the declines down 2.9%. crude oil found 4% today is down

8% so far this week. we have an action-packed show for you as always coming up here on the closing bell. uber, electronic arts, etsy, mgm, booking hoelgds and roku all ready to report their earnings we'll break them down as soon as they cross plus, roku's ceo will join us anthony wood to discuss the company results even before the analyst conference call. first of all, let's discuss the markets in a bit more detail scott wren with us as is greg branch from veritas. and joining us, gabrielle from jpmorgan asset management. gabrielle, what do you feel about that data that we got this morning, very strong on the services side. a little bit soft on the payroll side and how earnings season is going as a whole, whether it justifies the market levels we're seeing >> so i think we still have a lot of questions here in august

going into the fall and today didn't provide any definitive answers. so we're still wondering if we can sustain the significant above-trend growth pace for a few more quarters. that's going to depend on whether we resolve some bottleneck issues, as well as if the private sector can pick up the baton from the public sector the adp and ism didn't really clarify that still citing bottleneck issues we also want to know if the earnings season is good this year but can expectations keep getting revised higher for 2022? and that's going to be about the reconciliation bill and potential corporate tax increases. no clarity on that yet and lastly, the third main question is on whether the fed can start communicating its baby steps towards normalization of policy in the fall without spooking the markets and i don't think we got any clarity on that from richard claridus' speech or from bond yields which remained extremely

distorted. for us, probably the questions will be answered in the affirmative which is good for risk assets but we're not getting the answers yet which keeps the market trendless and volatile here in august. >> i think we should pause on that labor report that we got out of adp today private sector payroll, scott. which you alluded to pretty big disappointment coming in about half of what was expected in terms of job growth. everyone just assumes that job growth is going to pick up we'll have a few really good looking months starting with friday's numbers is that potentially the wrong assumption or is this a temporary thing where jobs are being held back because the unemployment benefits are still being paid out in full until september? >> if you think about it, for most of the last three or four months, the market has been talking about big numbers. and we haven't had that million number yet in a month. it doesn't look like we'll get it this time and i think if you talk to small business owners and i talked to a lot of small business owners we've got half the states that

are not taking that extra $300 in federal money for unemployment benefits. small businesses in those states, applications for jobs have jumped dramatically that's likely to happen as we -- as these other states open up in september as well. so you have to have some confidence that this delta variant isn't going to lead to a lot of lockdowns which would be a big-time headwind for the labor market so for us, we get past these federal benefits we know there's a lot of jobs out there that are available we know there's going to be lots of people out there looking for jobs as those extra benefit goes away so for us, we've got -- we've talked about this when we've been on the show before. our expectation is for a 4.1% unemployment rate by the end of year end 2022. this economy will be driven by

consumer spending. it always has been i think that's going to be the case in this recovery. at least out through the end of next year. >> we're starting to get some earnings electronic rts, ea, just out josh lipton with the numbers >> ea reporting q1 results, 71 cents on the bottom line that's not comparable to estimates. net bookings at $1.34 billion versus $1.28 billion forecast from the street. for q2 looking for $1.73 billion versus an expectation of 1.5 billion. for the year looking for 7.4 billion versus 7.45 billion. andrew wilson, the ceo, saying with our expanding ea sports portfolio, more amazing experiences and apex legends, new battlefield 2042 it will be here in time for the holidays and our leading live services including mobile were set to deliver more great games and content to players this year this call starts at 5:00 p.m. eastern.

back to you all. >> a little pop after hours up 3% let's get to uber earnings diedre bosa has those. >> it's a beat on the top line revenue ahead of expectations at $3.9 billion and eps at 58 cents a share. that's positive 58 cents versus an expected loss of 51 cents but here's why the reason it realized a profit in q2 was thanks to paper gains from equity investments in didi and aurora didi has had a rough public debut. recorded a gain there and also remember it sold its autonomous vehicle unit to aurora for a 25% steak. gross bookings for rides and delivery combined double from the year ago to nearly $22 billion. uber not hitting that adjusted ebitda metric of profitable that lyft hit in the past quarter the figure was a lot of more than $500 million, although the cfo says it's making progress and expects that to improve to less than $100 million in q3

this is key here forecasting gross bookings between 22 and $24 billion in the current quarter. that may be why you are seeing shares slip in extended trade. at the low end, that would be flat from the current quarter which was gross bookings of $22 billion. key for investors is how uber is addressing that driver shortage. the company says it added 420,000 drivers in the february to july period it is unclear what percentage of the total driver supply that is. remember, lyft increased by 50% quarter over quarter more importantly, though, guys, was that enough? those 420,000 drivers. so certainly we'll expect analysts to ask for more details on the call which kicks off in a little bit back to you. >> diedre, thank you don't miss a first on cnbc interview with uber's ceo tomorrow morning on squawk box first take on those uber numbers. the stock is down about 4%, more

than that, after hours >> right the devil will be in the details. i'm sure that we weren't expecting a guide down necessarily, particularly as we've seen some pick-up at the airports but we have to diagram what that driver add means in terms of supply hours that's the important metric and what they paid to obtain that. we know put a lot of incentives out there to try to pass that cost on. there comes a point where the consumer doesn't see uber as a valuable alternative if pricing remains at elevated levels i'll have to dig in and see how they added those drivers and what the impact to the bottom line is. >> the selling in uber stock is extended a little bit. down about 6% or so now. and, of course, down about 2% or 3% in the regular session. also worth pointing out there, i imagine, sara, that the gain it

had in didi may be as of the end of june. and that share price, of course, lower than it was at that point whether or not that was a full sellout of that position there or not i'm not sure but the slell-off in uber continuing after hours more discussion on uber to come. we're joined by an analyst on that in a moment firstly to wynn earnings and contessa brewer has those. >> right now wynn beats on the top and bottom lines revenue coming in at $990.1 million versus the estimated $932.5 million earnings loss per share of $1.12 adjusted that's against the anticipated loss of $1.61. let's talk the crucial earnings metric in the casino space here. ebitda it's a big beat in las vegas more than $133 million and the street was expecting less than $60 million. it was a beat in boston, but a

big miss in macaw. travel restrictions there increasing visitation limited encore boston harbor got better ebitda than wynn macau and boston is closed midweek the stock up 1%. that beat in las vegas is a big deal >> thank you, contessa brewer. a pop for wynn after hours roku results also just out julia boorstin with those numbers. >> roku shares plummeting after hours despite they beat on the top and bottom line. it's the reach of the company that's not growing as fast as expected active accounts at 55.1 million rather than the 55.7 million expected and streaming hours decreasing between the first and second quarter and coming in lower than expected. so a decrease of 1 billion hours from q1 to q2.

that's the reason the stock is down over 7% when you look at the top and bottom line results, they did beat estimates earnings of 52 cents per share versus 13 estimated and revenues of $645 million surpassing the 618,000. also strong revenue guidance of 675 versus $646 million that's analyst consensus. they do took about in terms of guidance how varying rates of recovery from the pandemic continue to present an uncertain operating environment. so that, of course, weighing on the stock along with the slower than expected growth of active accounts sara >> julia, thanks so much down about 6% or 7% after hours. don't miss our exclusive interview with roku's ceo anthony wood in just a few minutes before he joins the analyst conference call. first, another earnings crossing bookings holdings.

frank holland. >> shares of bookings holdings up 5% now. the company beat on revenue but a miss on eps. the estimate was for $2.04 loss. the company had a much bigger loss $2.55 per share. a lot to look at here. obviously the travel sector impangted by covid-19. still impacted by the variant. the ceo had commentary that resonated with investors we're encouraged by another quarter of meaningful sequential improvement in the booking trends with second quarter room nights increasing 59% versus the first quarter of 2021 driven by stronger results in europe and also here in the u.s again, shares of booking holdings up about 5% right now despite a miss on eps. still a beat on revenue. back over to you and there's more we've got etsy earnings just out. courtney reagan with those numbers. >> for etsy's quarterly results,

an earnings beat, 68 cents compared to consensus estimates of 63 cents. also a beat on revenue $529 million the street looking for a little over $524 million. you can see shares, though, are lower by about 12% no earnings guidance for the third quarter but the third quarter revenue guidance range given by the company of 500 to $525 million is below what the consensus analyst estimate is. the gross merchandise sales for the etsy marketplace did grow 14% to $2.8 billion. but the company notes the growth in new buyers did decelerate year over year they point out it was as anticipated and also point to habitual buyers. the people that buy the most often are the most loyal, continues to be the fastest growing buyer segments, up 115%. the street wants to see the new buyers coming in and expected more from thatguidance

hopefully we'll get more on the call when that starts later. for now, back over to you. >> courtney reagan, thank you. this was always going to be the risk with etsy which did so well during the crisis some other numbers that stick out on this one. if you look two years, compared back to 2019 159% growth from there in terms of the revenue so they're clearly still growing. and outside of shopify, it's really the fastest growing e-commerce company, if you look at that two-year basis they clearly benefited from the pandemic and the buyers stayed with them. the gms, gross merchandise value increased 22%. still strong numbers but as courtney alluded to, the concern is going to be around the guidance and just not seeing that growth rate or the new users come in the way they did when people were at home maybe i'll turn it to you. you don't do individual stocks but we got so many reopening

plays here with the likes of wynn resorts and uber and the pandemic plays like etsy where are you on some of those categories and what you should be thinking about given some of those numbers? >> i think, let's face it, earnings have -- they're up 80-some percent for the s&p 500. earnings are blowing away expectations market totally counted on that and expected that. and that's exactly what we've had overall. but as you look ahead, that's the thing. you have to say to yourself, is this economy going to continue to reopen? are we going to continue to see the labor market better? if that's the case, we're going to have confident, employed consumers out there spending money. there's probably not going to be a whole lot of business capital spending that's going to try to meet surge demand. that surge demand is going to ease a little bit. but anything that is tied to the

economy opening up, not just here but abroad. and the global economy is a little behind the u.s. we expect it to start to catch up toward the end of this year that's the basic foundational belief that you need to have to lean into this recovery and like things like energy, financials, materials, industrials all those things are going to continue to benefit. that's what we do. so this earnings season, it's a total blowout. you could expect it to be a total blowout. this is peak growth for earnings but that's meaningless in this environment. we'll still see some good earnings growth and good economic growth as we look down the road not just the rest of this year but next year as well. >> a little tidbit from etsy 700% increase in searches for job resume templates which tells you a lot about the economy right now. scott wren and gabriella santos, thank you for joining us up next -- newly public low-cost carrier frontier releasing earnings this afternoon.

we'll talk to the ceo about those numbers and about that viral video of an unruly passenger getting duct taped to his seat how the company is responding to the incident plus, wally adeyemo on the outlook for the economy and inflation and whether the economic recovery will stall without the passage of president biden's infrastructure plan. something that treasury dacretary yellen talked about toy. we're back in two minutes on a packed "closing bell." (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you, your dreams, and the way you care for those you love. so you can live your life. that's life well planned.

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another set of caseino numbers are out. contessa brewer has them >> mgm out with unexpected profits. earnings per share of 14 cents the street expecting a loss of 30 seconds revenue in line with expectations those revenues off 2019 levels but a key metrics earning coming in 22% higher. and mgm is outperforming in macau. it's recovered to 43% of prepandemic levels here.

that versus the broader market there. recovery at 35%. we'll be looking for insight on the call about how mgm has managed that and color on the big deal today selling its reit. there you see the stock up almost a percent in extended trading, wilf. frontier airlines just out with their earn,s. ceo barry biffle joins us with phil lebeau. phil, i'll hand it over to you >> barry joins us from frontier's headquarters in denver, colorado thank you for joining us let's talk about the q2 results. a loss of 24 cents a share revenue $550 million but the important thing, i guess, from your perspective is the resurgence in demand has helped you build your cash balance, correct >> that's correct. thanks for having us on, phil. look, we were pleased with the quarter. ended up 13% ebitda and truly the vaccine has been unlocking the demand as we planned

>> you saw us tease the video before the commercial break. this passenger who was duct taped to his seat after allegedly groping a couple of frontier flight attendants as well as physically assaulting another flight attendant, allegedly. what -- i have to be honest. people look at this and say what's going on in the air when is this unruly passenger stuff going to stop and what is it going to take to stop it? >> i think we've always had this and our flight attendants industrywide are trained to deal with unruly passengers but over the past year we've seen a significant uptick. that's a serious issue that happened the other night we really support our flight attendants in having to deal with this. i want to thank the faa. they've stepped in and have taken this seriously and are fining these passengers. our hope is that word gets out and we can get people to start behaving on airplanes. >> it's sara eisen in new york why were these flight attendants

placed on leave when they duct taped him to the seat. they had no other options. why was that the initial reaction from frontier >> as you can actually -- if you saw the video, you can probably expect, there's a lot of trauma associated with dealing with an incident like this this is a very normal thing to do we're also interviewing them and fellow fellow passengers to understand. there were some, we believe, to be some differences in what we would like for them to restrain passengers in this case. and so there may be some retraining necessary but it's just under review and they are on paid leave. >> including, i'm sure, duct tape around someone's neck probably not ideal perhaps that's what you were referring to either way, i think most people watching this will be thinking that they side with your crew. they side with the passengers who restrained the unruly passenger because no one wants to experience that

what is the adequate punishment if all that is alleged, important word phil was using, turns out to be true what's the adequate punishment for this passenger should people like that ever be allowed to fly >> clearly thaibl they'll be on our no-fly list but the question is should they be banned from all airlines the fines are one thing. people don't hear about that, but if you find out you can't travel on an airplane for some period of time, i think that might start to dissuade people >> barry, i want to shift gears. you fly into reno. have been for a number of years. you know about the fuel shortages reported there a couple of weeks ago. and at other airports in the west have said we're not out of fuel but we're not having as much supply as we would like here are you concerned about these fuel shortages, particularly in the mountain west? >> look, it's not that we just know about it. we've experienced it ourselves and, yes, we're concerned about

it we understand there's some trucking shortages in some of these areas. not just jet fuel, i understand. also automotive fuel and other things but i think, look. you shut down the country for better part of a year and you know, things are taking time to get back so i think this is temporary all of these issues. and people talk about staffing challenges and thank goodness we have enough demand to worry about these. these are good problems to have. what we're seeing over the last couple of weeks in the job fairs and recruiting, you're seeing those people get off the fence and the couch and they're coming back to work or getting ready to over the next 6 to 8 weeks so i think these are things you just have to deal with when you shut down the country. >> barry biffle joining us from frontier's headquarters in denver we'll jump on the call as well because there's a lot of questions aside from unruly

passengers that a lot of people have with a lot of the airlines right now. >> thanks for having us. >> thanks so much, barry our thanks to you as well. still to come here on "closing bell" -- roku shares plunging disappointing the street ceo anthony wood will join us to discuss the results as kathy wood sells a big part of her fund's stake in the company. that interview is next 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.

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roku out with earnings a moment ago a decrease in streaming hours. joining us now is anthony wood, the ceo of roku ahead of the analyst call now down 9%. very good afternoon. thanks for joining us. >> hi. great to be here, wilfred. thanks >> so clearly the shares are slipping i know there's some stellar numbers there when looking year over year. of course, the share price as well over the long term has been fantastically well as for this quarter and that 9% share price reduction, is that because you think investors are focusing more on the streaming hours decline than the rpu

increase quarter over quarter? >> our stock is notoriously volatile we had a great quarter it was a record revenue quarter in terms of growth revenue has grown the fastest it's ever grown driven primarily by superstrong monetization. our platform segment passed $500 million in the quarter, which is a huge milestone for us. and if you look at active accounts, we add 1d.5 million net actist accounts which is more than we added in q22019, the last pre-pandemic quarter. so i think our active account growth is also good. if you look at streaming hours, you know, people are watching less tv than they were a year ago because of the changes in things opening up and the pandemic lessening a little bit. so people are spending a little bit less time indoors. if you compare roku to the overall tv industry. tv viewing in general is down 19%, but roku's viewing was up

19%. so i'm pleased with our streaming hours. if you look at where we are in terms of the market, it's a huge secular trend happening. people are shifting to streaming. a lot of room to keep growing. >> the streaming hours, though, obviously did decline quarter over quarter is that simply down to reopening, do you think? >> yeah, just people's behavior. people are watching a little less tv than they were a year ago, even a quarter ago because they're going out and more things are opening up. but if you look at where they're spending their time watching tv, they're spending their time streaming versus traditional tv. even roku's hours which were up 19% if you look at the streaming platforms overall, total hours for all streaming platforms, it was down about 2%. up 19% so the amount of tv people watch varies a little bit depending on whether it's summer or not summer what other options they have in general, streaming is growing

like gangbusters it's a great time to be in the streaming business >> wanted to ask, anthony, longer term how you see yourself in five years' time with roku originals and your own content, whether that's developing it yourself or buying things like quiby's archive. do you think people will be framing you as one of the content players. will the likes of netflix and disney considering you more as a rival than a partner >> just in general, roku's goal in the ecosystem is to connect viewers with content and advertisers and bring those groups together. that's what we do and do it well if you look at how, there's different ways for content owners to distribute on our platform they can distribute by licensing content directly to us and having us distribute on the roku channel. so we try and support a variety of business models, whichever business model our partners want

to use the roku channel specifically, one of our key assets is doing well it's in this cycle where we're seeing more viewers wanting to access free tv free ads for the tv. that's bringing in more advertisers. that's allowing us to spend more on content and created this virtual cycle. that's going to keep growing so, yeah, i think it will be a bigger and bigger customer for content producers over time. that will keep growing it's a portfolio approach for us primarily license content for the roku channel but we do supplement that with, you know, with originals we've bought qibi, this old house. the goal is to create a portfolio that in aggregate matches the business model for that product which is an ad supported business model >> if you are going to be buying intellectual property, anthony, i'm curious what you make of the valuations these days. we saw the reese witherspoon

deal for $900 million. >> i haven't really looked at it closely. it's hard to say i don't really have anything to comment there. i do think what's happening is we're seeing a lot of m&a activity in the traditional legacy media business. the reason for that is that you've got traditional legacy media companies putting together direct to consumer services and trying to aggregate enough content to make that happen. and that's a trend that's just great for viewers because it's resulting in more service offerings for them to choose from it's great for their economics they can spend less than they used to spend on traditional -- great selection of content great for roku because our business is to distribute content. so if you look at results in the quarter, $500 million plus in platform revenue, that was driven by two areas. one is advertising obviously, advertisers are moving to streaming. but also content distribution.

all the new direct to consumer services are a big driver of that as well and using roku's tools to help build their audience >> your name anthony is often thrown around when people talk about more m&a to come, more consolidation to come, particularly as you say with the legacy media names what's your reaction when you see your name in those conversations? >> it's not something i focus on i spend my time thinking about how can we be the operating system that powers every tv in the world. there's a billion broadband households in the world that watch television most of that television watching is still through traditional means. all of that is going to switch to streaming it's a huge opportunity. that's what i spend my time thinking about >> a lot of investors are focused on the opportunity in front of you internationally. especially europe. what is the road map there considering you're not there yet and could be a huge market

>> yeah, obviously, streaming is a big global phenomena the number one streaming platform in the u.s. we are expanding internationally. that's a big area of focus for us we're the number one streaming platform in canada we just announced we'll be entering the german market soon. that's going to be a new market for us we also in the shareholder letter announced that we had started shipping tvs in the uk with tcl so that's, you know, we've already started shipping roku tvs we're adding more brand and it got a five-star out of five-star review we're getting good reviews internationally with our streaming players and tvs. >> i was going to let sara know that you are available in the uk already. i can confirm that personally. the final question, anthony, in terms of another potential area of expansion we've seen netflix push into

this what about gaming? are you considering that space or is it very hard for you when you care so much about your tech and software that being the most user friendly that the gaming is a whole different leave and you'd rather not enter it unless you can be the best in the space? >> well, our business at its core is being the platform, the operating system for television. and, you know, distributing content, bringing viewers content and advertisers together to the extent that streaming gaming services catch on and become a content source for television people want to consume streaming services on their television, that's something we'd definitely do right now that market is fairly small. it became larger we'd look at it just as another content source for tv >> anthony, thank you for joining us, fresh off those results. especially some context around the streaming which the market appears to be focused on

anthony wood, ceo of roku. more earnings movers after the bell we've got frank holland with the details. >> shares of fastly down about 20% right now after a bit of a mixed quarter. weak guidance for q3 and for the full year. the company also says its revenues that were impacted this quarter by a network outage that impacted nearly all of its customers including shopify and wayfair. they expect that impact to continue in the near and medium term shares of fastly down almost 20%. back over to you >> ouch. frank, thank you up next -- much more reaction to uber's after-hours drop we're joined by a bullish analyst who thinks the stock can rally more than 50% from its current price. we've got a lot of after-hours earnings movers. etsy down 13%. roku also down both of those are kind of paem wne tndicinrshat pulled forward a lot of the business. you look a little lost. i can't find my hotel.

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welcome back time for a cnbc news update. >> more investigations into improper conduct by the new york governor andrew cuomo. now four district attorneys across the state say they are looking into accusations against

the governor meantime, in the state capital, the push to remove the governor is also gaining steam. this afternoon, cuomo's top democrat in the new york state senate says the governor cannot avoid impeachment if he refuses to resign. no relief for passengers on spirit airlines. the discount carrier canceled more than 400 flights today and a similar number yesterday flight aware shows that's about 60% of the airline's entire schedule spirit now apologizing to customers saying it's working around the clock to try to get them to their destinations the world health organization calling for a pause on booster shots the agency's director says wealthy countries need to hold off until people in poorer countries have gotten the vaccine. meantime, san francisco is offering boosters, though not calling them that, to people who received the johnson & johnson vaccine. state officials are saying they are making requests for what they're calling supplemental shots. tonight we'll talk to san francisco health officials about

their decision and how to sort out the latest debate over the need for booster shots in new york, in a world without cuomo, a woman would become governor. we'll profile her on "the news" right after jim cramer, 7:00 eastern, cnbc >> thanks, shep. see you then we're watching uber shares they're sinking after hours despite beating on the top and bottom lines joining us is dan eisman pretty big miss, though, on the ebitda loss. the adjusted loss coming in worse as this company has to spend more to get drivers. is that a concern to you >> driver shortages and major overhang in the stock. they are spending more to get ridership. and that was a worry going into this clearly worse than expected. and this is going to be an overhang on the name something they need to get through. it's definitely disappointing to the bulls. they need to navigate through this it's really starting to ultimately really contain what

was going to be just a massive rebound. >> we're down 9%, though, dan. is it just that reason what else was wrong? >> ultimately, it was really two things it's really profitability per rides as well as just overall ridership. they are spending more, less margins per ride if you look at the bookings next quarter, it just shows that we're not looking for just a massive rebound that we and many of the bulls are expecting going into this. because even with the driver shortage, it was starting to moderate what they are showing in the guidance is that there's still some -- a lot more wood to chop going ahead. you compare this to lyft that's really the one-two punch where i think the headline is the driver shortage is really containing what was going to be an opening rebound, especially post-covid >> dan, thanks for your first take on uber shares down after hours. treasury secretary janet yellen making her first official

domestic trip this afternoon to atlanta to rally support for the bipartisan trillion-dollar infrastructure bill and the democrats' $3.5 trillion budget plan joining us now in a closing bell exclusive interview is deputy treasury secretary wally adeyemo. great to have you back mr. deputy treasury secretary. >> great to be back, sara. good to see you. >> good to see you as well before we get into the actual bills, it's just interesting that treasury secretary yellen is on the road in her first domestic trip sort of as a politician, pitching and rallying the public behind these two bills. i wonder how the administration sees her given it's a little bit of a shift for this audience and for the investors that know her as the fed chair, an academic economist. >> well, sara, as you know, secretary yellen is an economist by training. and she was in atlanta talking about the u.s. economy and about the things that we need to make sure that the

economy continues to grow long after we debated the pandemic. she's talking about investments in infrastructure and human capital. things that economists and business leaders have been talking about us needing to invest in for a long time. >> one of the concerns on the economy right now is that it's overheated and secretary adeyamo, adding another $4.5 trillion, i guess it will be spread out into an economy that's already going gangbusters in terms of growth and on prices. could just be the fire what do you say to those concerns >> it's important to remember where we came from in order to understand where we're going a year ago the economy was in a free-fall due to a global pandemic today because of the grit and determination of the american people and policy choices made by the president, the american economy is growing and we're creating jobs. we always knew that when the economy opened up, we'd have

some mismatch between demand and supply that would need to be worked through we're already seeing that happen you look at lumber the prices were high and they're coming down. think about the fact that the prices are rental cars are high now. so are rentals we expected over time supply will meet demand in these areas. the reality is there's a difference between the american rescue plan, which was passed in the beginning of the year to help the american people get through the pandemic and what the president is calling for now which is an investment in infrastructure and human capital that will be investments over the long term that will help create jobs, improve our competitiveness and increase economic potential over time these things will help the economy ensure that when we're through the peculiar we address the issues the economy faced long before covid-19 >> so the two then are not linked, covid-19 and the latest infrastructure bill. and i guess the delta variant,

therefore, doesn't make this bill any more necessary in the short term >> the reality is we faced a number of the structural challenges that we're addressing long before covid-19 but we've seen that covid-19 has made them worse. we've seen the labor force participation has decreased due to covid-19. the marginalized communities have been the most impacted by covid-19 which makes it more important that we make the investments in infrastructure and also in human capital. it's important that we remain vigilant to the delta variant but we know that we're better positioned today to deal with the delta variant than we were a year ago because of the grit and determination of the american people but also because of the policy choices we've made already. today 70% of americans are vaccinated we have money in the economy through the american rescue plan that can help people stay in their homes and help them pay for their children and we think that we're well positioned to deal with the variant. but we need to remain vigilant

to the down side risk that exists due to covid-19 >> secretary, it's clearly almost inevitable that there will be more variants because so much of the rest of the world isn't fully vaccinated yet how do you weigh up in your advice to the president whether to fully reopen international travel and the boost it would give to the economy in light of that sort of inevitability of the fact that there probably will continue to be more variants in the next 6 to 12 months, even once the u.s. is hopefully fully vaccinated and almost fully reopened? >> you're right that the risk of covid-19 is not just an american one. this pandemic doesn't respect borders. it's a global pandemic and that's why the president has found it so important to make investments in the health and safety around the world. and that's why we're giving out 500 million vaccine shots to countries around the world because we know that even though we are doing what we need to do at home which is increasing the

rate of vaccination and providing stimulus to our economy, we'll not be safe from covid-19 until the world is safe our advice to the president is that we do what we've done here in america since the president has been in office we follow the science but that we also provide the american people with the resources through the american rescue plan to ensure that they're able to make it through the pandemic and then work closely with our allies to provide the support to the world to make sure that we can end this global pandemic >> we appreciate you joining us today, secretary adeyemo great to have you back on. >> it's always great to be on. thanks for having me it's not just uber a lot of earnings movers to get to as well uber, etsy is down about 13% more on both of those next when we come back

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ahead of comp tietition and himt the helm, helped that company. >> yes certainly looking forward to that as you say. rare and a massive interview tonight looking forward to earnings tomorrow given the massive stock moves on earnings tonight. uber's got to be the one that stands out climbed during the session only 2% or % legging lower with its earnings and lyft down about 10% regular session. look at it now, gosh, haven't. see realized uber would be in somewhat of a similar boat interesting dynamics in those stocks, of course, carry very, very steep multiples. >> i think, two other themes to pull from the after-hours movers, one is roku and etsy did well pulled forward, can't keep up with the comps and growth seen during the pandemic. and overall really good numbers.

reactions are not always too hot, because a lot of the good news has been baked into this market >> absolutely. and, listen, interesting day for this morning looking forward to more coming later in the week. ten-year ticked up a little. not much 118. dollar a little higher as of course oil continues to slide down 8% today. >> yeah. after a dramatic drop earlier fop yields. have a good evening, wilford. that does it for us here on "closing bell. "fast money" coming up after a short break.

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the nasdaq market syceite overlooking new york's times square i'm melissa lee. the big three with us tonight. on "faster track" after-hours action shares of uber and etsy, and roku and gm, how traders play the drop and later leveling the playing field. what s.e.c