wrangling, but we like democracy and capitalism congressm man gottheimer, thank you. >> i'm for all of it that will do it for "the exchange." "power lunch" starts right now with tyler mathisen and courtney reagan. >> if congressman gottheimer can fix that -- we're an hour away from president biden's big meeting with auto executives on the agenda, new ev targets s we have a top analyst to join us. >> and doubling down on denim. jean and apparel maker kontoor

brands joins us. are older americans using bitcoin as a retirement catch-up play the nonetheless bers say yes we'll weigh the risks against the possible rewards, later today on "power lunch," which starts right now green on the screen, let's get right to the markets at this hour stocks are higher across the board as you see right there the dow, s&p 500, nasdaq, all sports gains bill deal in the gaming space today, scarce of score media, and it will -- and weber grill rising in its -- priced at $14 a share. it has been moving up from there. >> we begin with president biden

speaking in about an hour from now, making a big push for electric vehicles. phil lebeau has more on the president's plan good afternoon, phil. >> this is not a surprise that the president is pushing for the greater adoption of electric vehicles the big question is, does this means anything or, yeah, 30% ev sales by 2030, nobody will fight with that. since he won the ford lightning, he said, wow, this sucker is quick. he's been pushing for higher fuel economy standards and now also pushing for 50% of all u.s. vehicles sales to be electric vehicles by 2030. a little reality check of where we are right now evs make up just 2% of all vehicles sold in the u.s that's 295,000 vehicles last year the projection in terms of the models for sales is increasing you will have more choices

even with that, analyst partners is forecasting that evs will only make up 29% of u.s. auto sales in 2030. it's not that the big three are not committing you'll see the ceos with the president today, all putting in $99 billion, but that's evs, and some of that for autonomous vehicles so the commitment is there through at least 2025. elon musk will not be at the white house today, and the press secretary was asked, is that partly because tesla is not a union shop make no mistake, tesla is the market leader in ev sales, and ev sales here in the u.s. >> phil, a couple questions here 50% ev penetration rate in nine years does sound like a stretch. we're at 2% now.

>> yes >> i wonder, though, what the opportunity is for trucks specifically in that area. is that what we are over-llooki here >> we're talking more about the consumer is there an opportunity there? absolutely with the trucking industry, with shipping companies, would they like more all-electric or fuel cell semis yes. you will see some of those in the back half of this decade, maybe even over the next several years, but it's still a small percentage of the overall trucks out there on the road. >> phil lebeau will have his eye on the white house powwow. our next guest very bullish on evs, and says the white house has been to aggressive greg irwin is at roth capital.

welcome. we're glad you could join us today. you follow not only the manufacturers, but some of the generator companies, some of the battery companies. if i want to invest in this trend, which i happen to agree with you does seem to be inevitable you can debate the people in which we'll get there. but where is my best play? >> you can invest in battery materials, equipment companies, the charging infrastructure companies, and then the different ev producers, either small-cap plays, and many of my clients are buying household names like general motors and ford today it will all come down to the individuals' investment style. my preferred names at this point are names i see with a higher probability of long-term winners. i like the guys in the charging space. charge point has about 75% share of the network level 2 chargers

out there, with the dominant share like that, you know, it's hard to imagine them not being successful long term they really have done a fantastic job on cost structure, and they'll face some interesting tailwinds. you know, there's lots of other good names you know, you can play mary barra's commitment at general motors with an investment in ev go general motors is sponsoring the installation of 2700 units, basically tripling the size of ev go's network. >> are they a charger company? >> it's everywhere, not just in california, new york, washington state. she's teamed up with someone that can make her do it, aevgo can do it. >> is evgo a charging company? >> yes, the electricity will be

for profit in the long run, but they work with fleets. they work with generally retail consumers, electric vehicle drivers like myself and others >> can i ask you one question that i've been wondering about if i go to a remote charging place, does that place accommodate necessarily every kind of electronic -- electric vehicle, whether it's a tesla, whether it's a gm make, whether it's an audi make? or do i have to go to ones that are specifically designated for my make, like a tesla? >> so there are three main charging types in this country the apps that, you know, ev drivers use, very clearly articulate which stations are using which chargers tesla's network is closed here in the u.s they do not have ccs connectors, which is what they would need to work with audi and everyone

else. >> if i go to a tesla charger, like i'm seeing here, the only thing i can charge there is a tesla vehicle? >> exactly what elon was saying here, what, in the last couple weeks is ridi ridiculous there's not enough ccs connectors to retrofit the network. it would take years, and the chip shortage, what he said just didn't make sense. he was posturing the supply that's in place has already been engineered in place, the commitments that people are making are incremental, and for a tidal wave like that, it's just not realistic. but that's elonelon. he's grandiose, and prone to hyperbole. >> if the biden administration wants to get to 50% by 2030,

what comes first is it the infrastructure for the charging, or the cars? i'm not too excited by buying an electric vehicle unless i know i can find a plethora of charging stations without any trouble don't you need that first? or is it the other way around? >> well, it's an open debate what i will say is 80% of charging is at home. so either if you have it at work or grocery store you do typically pick a route that coincides with your preferred chargers so the networks there is pretty good right now there's a lot of room for improvement. infrastructure, as you said, is a big issue. that's why i believe that fuel cells have a play.

i think bill is right, but i think you'll see more trucks out there in 2022, there's a large company that's retrofitted a bunch of their forklift hydrogen refueling stations for trucks. i'm just waiting to see them on the road there will be pictures before long there's a lot of progress being made. >> my favorite gas stations are the ones with the best prices. craig irwin, thank you very much for joining us. >> thank you. volatility with robinhood today. the stock down 15% right now that's from a 15% gain from yesterday. kate rooney, this is the opposite of what we talked about yesterday. >> different picture than yes. today robinhood insiders are now

free to sell more than $3 billion worth of shares. in a filing this morning, it was some early investors can sell up for 97.9 million shares. there is through conversion of debt through some venture capital investors. that turns into debt when the company goes public. this would be a maximum offer price of $35 a share remember the stock closed above $70 a shares yesterday, but based on how early they got into the stock, it's likely a big windfall for those who do like to sell. it goes back to january when robinhood raised aboutedly 3.4 billion. that would -- new enter price associates, index ventures and early investor an degreesen horowitz are all on the list much potential sellers meanwhile, wolf research initiating coverage, saying not

to yolo this stock, on both of long and short side, early signs of weakness retail activity a and -- >> as we've seen this year, becoming a meme stock could be a good thing is it always but we know amc took advantage of it, but there can be a down side, too, which is what i was trying to get to yesterday, too, right, kate? >> it can be a great thing to raise money, on paper for the executives, it's a great thing, but it scares off a lot of longer-term institutional investors. if you look at amc and gamestop, that's what happened there it's almost now entirely owned by retail. >> if you say, come in as a ceo,

not that rye roy needs a new ceo, but if they were looking for a potential high-profile executives, it's hard to get people who may look at a stock and say, we don't -- it doesn't seem to be based at all with the fundamentals in how the company is doing that can be another factor, it might make it harder to recruit people. >> kate rooney, thanks very much i'm sure we'll be talking about this more tomorrow, perhaps. coming up, the ceo of kontoor brands, raising its outlook, we'll talk to the ceo of the direct consumer strategy, and whether denim is driving results. and we'll dive into the growth versus value debate again. our market guest will explain why not all stocks are created equal. some of the stocks are hitting 52ee-wk highs, fresh ones, in today's session

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welcome back shares of freelance work marketplace are trending for its worst day after it made a downward revision toward guidance it had risen more than 700, but fiverr says it's the post-covid

effect where people are spending more time out of their homes, and less times on screens, as restrictions are lifted, and, court, with today's move, it's given up all of the 2021 gains so free license work a good things, but as we get back to normal, maybe not so for fiverr. kontoor is well known in the retail word. it reported a strong quarter thanks to an improving digital business the stock up about 160% over the past year, outperforming the retail etf, though it is pulling back a bill today. it owns ranger, lee, and more brands joining us is its ceo scott baxter thank you so much for being here with us. you had a 41% increase in revenue.

so my first question is, is offering your brands to the consumer, whether it's in a retailer that sells other brandt along with yours, directly to them or online is that the right answer long term for kontoor and its brands? >> i think you nailed it thanks for having me today one of the things we talked about is we had great opportunity with the brands to exactee ographically, and then specifically to expand in categories, so we have launched an all-terrain gear, we kicked off a big t-shirt expansion like, and then obviously we're looking at other things, specifically work wear, which is an extension for us, too those were all part of our initial strategy, and now we can focus on our horizon 2 strategy. >> gross margin increased 760 basis points, as your guidance

for the rest of the year, you also are projecting an increase. i was a brit surprised, only because we're hearing so much about the increased cost of transportation goods, the increased cost of labor, so i guess the question is, how did you do it? did you increase prices to the consumers? because consumer demand is so high right now, and consumers are paying higher prices for your goods >> i'll tell you exactly how we did it we're building better product. so at the end of the day, one of the things we wanted to do is go ahead and gain traction in the accretive space, build better product that we can higher price in the marketplace in all the different channels we have done all those things, so really calling out our brands in a significant way, and they

haven't been called out in a long time, and all of those factors, as far as cleaning up our sales channels have combined to give our brands the emphasis they need. we're finding consumers are finding our brand and really love it. >> is denim back, number one and number two, not to get too freudian, but what do women want >> i think what it appointments down to is you've seen -- i tell people it's not cyclical, it's here to say. this is how the world is going to look. >> nobody wants to update their war wardrobe. >> they want to casualize it

so denim is going to actually be a big winner there we're positioned really, really well. we have an outdoor line, a denim line i don't know if i can specifically speak to what women want, but in our big, they really do love our denim we just did a collection w with -- -- they love that collection we kicked off. >> i'm hear your message the demand is high but will you able, from retailers, with goods stuck on

container. big delays for back-to-school, for holiday are -- if the demand is so hot, can you meet it with supply right now >> we're doing the best we absolutely can one thing to know about our company, which is much different in the apparel industry, is we control almost 40% of our own production we own our over manufacturing plants in mexico and nicaragua and now it's been very important to us, and we haven't a seasoned team from the supply-chain standpoint we're doing the best we can to immediate the demand.

>> i'm skeeing in -- are mom jeans cool >> totally totally cool. >> oh, i can't do it, but i wish you luck i can't do it, tyler not me scott baxter -- >> the one thing he's xashlly right is the casualization i am the only man in my town who wears a tie or a suit. >> i'm the only one wearing heels, i think, too. it's been a wild ride for energy stocks, the xle etf, should you buy our traders will weigh plus from here to ethereum, 'lbeiting bitbco wel right back. son, did you kno could save you hundreds on car insurance and a whole lot more? cool. so what are you waiting for? mckayla maroney to get your frisbee off the roof?

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highway. holding on to their earlier gains on this green day. time for today's power movers. other theme park names are up higher as well >> and finally check out ethereum up into without outperforming bitcoin that's up a modest 40% you didn't want to wax poetic on that ahead on "power lunch," speaking of crypto, are older americans using bitcoin to grown their retirement savings

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the oil market is closing today, and pippa stevens has the numbers. >> it's green today for oil after three straight losing sessions t the, new covid restrictions, including in china are tapping the gains. , and 26 cents, earlier in the session it had traded until $70 some wall street firms remain bullish. and jpmorgan echoed the sentiment. on the back of oil's rise, energy is a top secto today, tile her, up nearly 2%

back to you. >> pippa, thank you very much. let's go to the bond market, and rick santelli is keeping track of it. >> definitely 8:30 eastern is good for rates, if you're looking for rates to go higher let's put up a chart intraday. even though the trade deficit widened to the biggest deficit, 75.7 billion, it was still let mostly -- moderated from the recent historic highs, is it enough no, we want to see it even lower, but it is a good i don't think going correction, as we try to get back to pre-covid levels if you look at a two-days chart, everything you need to know, yesterday we made a bottom a 112 that definitely fueled a nice takeoff and the fact we are now

trading above yesterday's high yields gives the market credibility, and system trader will be under the 112 area when it comes to foreign exchange, let's look at the difference between 10s and bunds. they're always correlated, but recently it's kind of separating, which means that our rates either have to go higher, or the dollar index is a bit too high courtney, back to you. >> thank you goldman sachs out with a bullish call on on the market, the firm racing the s&p 500 yeay yearend targets. our next guest agrees there's growth stocks worth own. so let's bring in michael

canter mic michael, thank you for being with us. you're saying growth and value how do you do it, then, if you have to pick the winners in each of those areas >> thanks good afternoon investors have become somewhat used to training in a binary, a bill of secular stagnation we don't think that's the appropriate positioning for where we are today in the business cycle when i say growth and value, think more of where they overlap of stocks that are -- have high quality and cyclical attributes, so those are your quality value names, and then win the growth

space, we want to not yet reach for your long-term, long-duration secular winners, because we're not seeing earnings slowdown yet, we're seeing in the more shorter duration cyclical growth stocks. it's not all value or not all growth, as we go through the business cycle, we will move along positioning. today um to kind of be in the middle we've kind of shown here some of your picks on both value and growth i notice that they are all retail names, whether it's growth or value of the four, at least, that you've pointed out to us. >> we decided to highlight a few discretionary names. that's a sector we repain over overweight our economist is expecting a report tomorrow well above the street, at about 1.5 million jobs, so we are seeing the consumer going to roar back in terms of job creation.

it's an area, two of them are both ndices, so you can't get more in the middle than that, but these are stocks that have decent valuation, with decent growth prospects somewhere in the middle so we're looking for stock that are more moderately positioned that can pull away from the macro pack, and these are companies that are seeing earnings revisions going higher what do you think defines growth they right price >> well, it's really, the right price of growth is difficult to

around rarely do people use valuation to pick growth stocks in facts over the last five, six years people were buying at any price, and that's a reflection of how growth visibility was. so it's try to go balance the equation having a deep valuing position, finding the cheapest stocks doesn't make sense anymore a lot of what is cheap today should be cheap and is cheap for the right reasons. both have decent growth prospects, but also cyclical attributes that allow them so, again, the answer is about rank -- >> michael i, thank you very much you have a lovely home, as i look at all zoom -- >> thank my wife for that.

>> good answer, michael. >> yeah. >> thank you. we have some sad news unfortunately, richard trumka, the leader of the largest union in the country, has died at the age of 72. he suffered a heart attack he was the president of the a afl afl-cio, was elected president of the mine workers at the age of 33, went on to be the number two official at the afl-cio, serving for 14 year in that post before moving on to the top position in 2009 today president biden called him a close friends, who was more than just the head of the a afl-cio richard trumka, dead at the age of 72.

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welcome back to "power lunch. oil stocks seem to be hitting a rough patch. rising crude prices pushing the van ecs oil services pushing -- the energy sector still struggling to regain some momentum and so far this quarter, well, that's really mostly just this past month though it is a win year to date. todd borden, and boris schlossberg are your trading nation team today. boris, what do you think of this sector, number one number two, do you have any particular picks in it i think the market continue to say growly understill. imbalance once that goes away, very limited supply, and within the sector, i love halliburton as i said before, i'm long 1922

calls for november i believe that continue to be a great trade. it's levered to the north american market, even though it's a fracking company in a lot of ways,but it's at the best margins since 2019 it's also a very efficient company to produce much better results with much smaller personnel and equipment especially if oil just simply stays at these levels. i think we're going to look very golden. >> a quick answer, if you don't mind, with halliburton, as a fracker, have a regulatory target on its back , it will, but at this point i think it's a problem far away. we're going to need energy

that's going to have an immediate impacts on their margins and profits. >> what do you think of these sectors? >> tie already, if you don't mind, i'll take it from the commodity down to the industry level. we've rallied all the way back goings down to sector level relative rotation model, you can see -- knowledge rotating in, but in terms of our portfolio, you would say know oil equipment, and services has been underperforming while exploration of production is the industry to watch within energy. if you want to name, try one like devit they beat expectations by about 13%. i think they beat three out of

the last four quarters >> todd, boris, thank you very much for more trading nation, head to our website,our follow us on twitter. crypto often seen as a risky bet, but there's potential, but would you bet your retirement on it that's coming up next.

welcome back to "power lunch. let's take a look at shares of cigna. they're down 11% after the company noted elevated medical cost pressures in the latest quarter, especially from direct

covid-19 care and higher utilization levels pharmacy benefits manager, cvs health, for one said it expects that stock and others are following cigna lower today, as you can see here, with unitedhealth the worst performer, on that basis, tyler, at this hour, things back over to you, tyler. >> dom, thank you. bitcoin is back above 40,000 today. while you may think of it as an investment for the younger generation, you would probably be mistaken in assuming so older americans are using it as part of their, yes, retirement strategy chris klein is the c.o.o. and cofounder of bitcoin i.r.a. that lets veinvestors trade into thee

assets >> it's great to be here with two absolute legends >> we'll take it. >> i was talking about courtney, tyler. [ laughter ] >> listen, let's -- i get the idea of using bitcoin or other things in an i.r.a., because it's tax sheltered why wouldn't you trade in your tax-sheltered account. on the other hand, what gives me pause is the idea there's a tremendous amount of volatility in many of these assets, which is not what i tip dale think of as smart strategy, and particularly the idea that people might be getting in here to, quote, catch up on pas lapses in retirement, and catch

. >> in our economy today, pretty much everybody is. even you have recently done stories about how dismal the savings is, and that was before covid now, moving into the other part of your question, there's a lot of folks that are beyond just catching up they're looking at bitcoin as a potential hedge against inflation, and it does stand up pretty strongly against those, as we continue to print or way through situations so, in general, and then you nailed it on the head, tyler, tax advantage to it. if you're smart and right about bitcoin, what better place to have it in a tax-sheltered setting. >> of course, right now there are tax benefits, but what are the reg la tire risks, all of that could change, no?

actually regulation has been around i think a tighter microsoft with bitcoin over the last few years, and this new bill, the infrastructure bill that's been introduced is going to provide, i think clarity on the rules and the guidelines, as we move forward. who doesn't want to protect consumers or investors, right? anybody who is not up for the regulatory dynamics is probably not somebody who is doing what's best for the consumers >> i think people think of retirement as assets as ones that they don't want to, um, see go up and down in value greatly. they want a -- basically a trend line, while it has some volatility, is generally going up, and bitcoin has done that. it would have been a good long-term investment

it might have given you some an angina along of way. can you roll it over and i assume you -- >> that's a lot there. we'll start with volatility. that's a key component as far as volatility is concerned, it's about rely activi -- relativity, too. has it gone up to 65 and fallen back to 41,000, absolutely what that volatility does is the forward thinkers using our platform through the mobile app and downloading it smoothly, they're looking at this as, i call them a nest egg of -- there is a three to five-year investment strategy. it's something they're thinking three to five years retirement

when it comes to volatility, remember bitcoin is only 12-year-old. so i have a 7-year-old daughter, she thinking she's 16, so i know about volatility for sure. this is part of the behavior of a maturing assets. now countries and businesses are looking at bitcoin -- >> we'll have you back, chris. it's an interesting proposition. >> thank you. legend or not, we thank you. chris klein, we appreciate it. after the break, a developing story on the dark web. keep it here we have breaking news.

let's get to eamon javers. >> cnbc has learned that 1 million medicare credit card numbers have been released by a new russian-speaking criminal agency the group call itself all world cards is a so-called carding shopping, with stolen credit card information to sale for other crennels, but in an offer today, the new group, which comes with an angry-looking o octopus. think of this like the free samples they're trying to lure you in this analysis is coming from cnbc's cybersecurity consultant

at q6. it's a large numb. the expect is they will start using d. and banks will probably see an impact. it's not clear where the card numbers came from. likely they have come from several recent cyberattacks dating from 2018 and 2019, and they say at least 20% are still valid. so -- we may hear more in the future. >> do we know whether all of these cards are american cardholders? or could they be global cardholders? >> we north there are american cards in this tranche, and there are global cards as well it's a mix, tyler, is what we're told. >> how will i know if my card has been affected? >> well, you might hear from your bank. if somebody starts running up charge, the bank may start to

check that they might be bryced to find that their card is trading on the dark web >> being used in bulgaria or somebody like that. >> it really is. it seems like there's always one hack after another all right. watch out for your bank account. thank for watching "power lunch. "closing bell" right now. >> welcome to "closing bell. stocks rebounding today with the dow turns positive for the weeks. setting a record intraday high let's -- job less claims shares of robinhood are pulling back today the company says existing holders may sell nearly 98