customers and those developers' sentiment and they're booking projects here for the second half of this year and into 2022. >> that's fascinating. kyle, as always, thank you for letting us check in and see how business is going as we explain one of the most unusual parts of the market this year thank you, kyle. >> thank you so much >> kyle little that does it for "the exchange," everybody thanks for tuning in but don't go anywhere because "power lunch of the " starts right over there. that's right, kelly, here is what's ahead washington's new power player, the crypto industry, flexing its lobbying muscle. but there's one thing the industry needs to do to succeed in the u.s the author of a new op-ed piece tells us exactly what that is. and the new flight path, airfare spending is down, cancellations are off, and this sector is struggling a little bit. the former ceo of spirit airlines tells us whether the

group can rebound again. >> and spirit has a lot of explaining to do and we'll reveal the mystery stock later this hour. first, let's get to the markets. generally speaking the dow hitting a new high today before pulling back, the s&p 500 doing the same thing nasdaq was negative earlier but now up 20 points >> apples, salesforce, microsoft, are all higher. >> and the best performing stock on the s&p is organon which just spun off from merck. crypto, the sector climbing back to a level last seen in may. the industry faces a number of hurdles as you can probably imagine. and one of the biggest is in washington e ylan mui has more

>> the crypto industry spent $2.4 million during this year to put it on track to nearly double what it spent last year. and remember, that number is from before the infrastructure fight really blew up the industry is also on a hiring spree in washington. former senator max baucus, rosa rios, and tomicah tillemann joined andreesen this week >> it's created an opportunity for the industry to educate policymakers and stakeholders in a way that probably would not have happened otherwise. >> some lawmakers are not only learning, they're buying senator cynthia lummis holds five bitcoin and senator pat

toomey recently disclosed as much as $30,000 of investments in bitcoin and ethereum. both have been vocal advocates for the industry toomey used to be a currency trader and says he got into crypto as a hedge against inflation. >> ylan, how does the spending by the crypto lobby compare with other tech companies it must be dwarfed by the likes of google, facebook, et al. >> absolutely. it's a drop in the bucket compared to what big tech spends google in one quarter will spend $2 million amazon, facebook, spend about $5 million each in the span of one quarter. they don't spend as much money as the big guys but they're looking at what happened to big tech and saying they did not pay attention, they did not engage in washington early on and that's costing them now that we see the backlash in washington so crypto now is trying to get in at an early stage and build those relationships so that what happened to big tech doesn't happen to them

>> ylan mui, thank you very much critics say if the crypto community doesn't win over congress, it will be driven out of the u.s that's the focus of a coin desk op-ed. joining us now is emily parker, the author of that op-ed and a co-host of first maneuver on coin desk tv emily, great to see you again. there's a lot of human and intellectual capital tied up with this. your point is if the u.s. is not open to innovation, they're going to lose it >> yes, cryptocurrency has long had a storytelling problem and now that's a political problem now the infrastructure bill is going to the house, we'll see cryptocurrency coming up in congress again and again the cryptocurrency industry needs to make a stronger argument to why lawmakers should care about this. what i say in the op-ed is we need some larger messages. let's argue that cryptocurrency, for example, will bring jobs to the united states. people are making that argument

but there's not yet a lot of data to support it, so let's at least put some projections out there. that's let's argue that cryptocurrency will bring more privacy. let's argue that cryptocurrency is a form of freedom, of independence from banks, from governments, the freedom to invest in another asset that's not the stock market or real estate we need some larger messages and arguments that will appeal to a broader base of voters >> or maybe it boils down to whether crypto helps the bad guys a lot of people's first interactions with it, they think back to all these different issues that they've had with platforms and, you know, what people are using crypto for and who is involved and why. this comes up time and again that's why we were talking el salvador in the last hour, people are saying el salvador is using bitcoin to benefit their own inflationary agenda, what have you

isn't crypto fundamentally meant for law evaders? what's the answer to that? >> that's such a good point and a chronic problem for cryptocurrency there's a lot of misunderstanding on what the debate is about. i'm sure there are people out there who think this is just cryptocurrency trying to evade taxes. there needs to be a stronger argument that privacy is not the same thing as criminality, you can have a right to private interactions, that's not the same thing as saying you're going to use cryptocurrency for money laundering >> what was it in the infrastructure bill that alarmed the crypto lobby or crypto traders? >> i'll try to say this as simply as possible because it's quite complicated. it was basically a tax reporting requirement that would apply to a wide variety of actors such as sort of developers or miners basically it would require them to classify them as brokers, this evening they had customers.

and these entities do not necessarily have customers so basically the short argument is that it would make it very difficult if not impossible for them to comply with u.s. tax requirements and thus might lead them to actually leave the united states for good >> emily, another thing to think about in all of our discussions over the past couple of hours is the case for crypto innovation in the u.s. probably has to go beyond crypto itself why is it worth building out an infrastructure that just parallels the existing payments infrastructure >> well, you know, i think -- look, one thing is that a lot more americans are getting interested in crypto trading, right? i think they see this as a real vehicle for investment, for trade. coinbase just released its numbers, they had something like 8 million monthly interactions from users they would make the argument america has a right to this asset class. >> thanks so much for your time, emily, good to check in with

you. >> kelly, this morning i went into one of these convenience stores connected with an exxon, a dunkin' donuts, and i went to the back of the store and there was an atm that sold bitcoin have you seen these? >> i was at a vineyard, just up in new york, and, you know, they sold the wines they grow and make there and they have a bitcoin atm by the restroom. in fact the guy we know, a new jersey-based guy who does all sorts of things, he puts screens in elevators, his new and biggest line of business is installing crypto atms >> this was the least likely place i could imagine, but there it was, nonetheless. and their regular atm which i needed to use was out of order the crypto machine was working all right. we digress the crypto industry is a job creating machine states across the country are trying to attract businesses and high tech talent in one of those states, maybe the leading state, wyoming. kate rooney is in cheyenne

kate >> reporter: that's certainly the case here in cheyenne, wyoming, the state's capital it's looking to become the crypto capital of the united states one of the big things drawing new tech companies to cheyenne in particular, wyoming, the state has passed two dozen bills related to blockchain. cracken was the first to get approved for a special bank charter. david kovitsky says more regulation on a state level as a good thing and can weed out potential back actors. >> we want these bad actions to take place within the system with supervision and oversight we don't want it in a shadow system where there's no transparency to it that's the choice and the fundamental difference, people

have the choice to operate outside the system or within it. let's make sure it happens within it. >> reporter: on top of that clear regulatory environment, there's no personal income tax here wyoming has a lot of cheap energy sources, that is key for crypto mining companies. some of the country's largest data centers are also located here in cheyenne microsoft is here, for example and wyoming also has a history of pioneering new laws it was the first to have llcs. it was also the first state to allow women the right to vote. and when it comes to crypto, lawmakers say it's bringing in more high paying tech jobs and revenue to the state guys, others are following quickly. we have texas, north dakota, nebraska, illinois, all passing their own crypto friendly legislation. competition is heating up here >> another reason people like to move there is wyoming is just plain beautiful. kate, one question what states are leading the way on regulation and is there a chance of this spilling over to the federal level?

>> reporter: that's the hope we talked to senator cynthia lummis who has really been one of the leaders in washington on this topic she says cheyenne and wyoming have become sort of a sandbox for the federal level. they're hoping some of the regulation that's happened here in wyoming will translate to the federal level, although we've seen with the infrastructure bill there has not been a lot of progress at least in d.c., in her opinion, when it comes to regulating crypto. people in the industry say that competition could be a good thing in terms of driving competition between the states and getting a little bit more traction on regulation so we'll see where it ends up in washington >> all right, kate, thank you very much. kate rooney reporting from cheyenne coming up, the delta variant cutting into travel demand the former ceo of spirit airlines will tell us how bad it could get and what the industry can do about it. plus a billion-dollar boost. that's what state and local

governments are going to get to help them with the damage from cyber attacks. but is it enough as we head to break, a look at some of the stocks hitting new 52-week highs.

welcome back to "power

lunch. we're tracking some weakness in tech stocks related to memory and storage including western digital, micron, and seagate you can see a sea of red across the screen much of this stems from a note out the this morning that downgraded micron and several other players in the space from morgan stanley saying we're entering the peak of supply catching up to demand. tyler? >> christina, thank you very much a rough session for airline stocks as demand for air travel is sliding just a bit after that early spring, late spring, and early summer move up just weeks after the industry expects confidence in its outlook. a new credit card data from bank of america shows a slowdown in airfare spending and southwest is warning that the spread of the delta variant will hurt its profitability. this follows the cancellation of more than 2,000 spirit flights

since july 31. that created chaos at airports here to weigh in on this, the vaccine mandate debate, the former ceo and president of spirit airlines. ben, welcome, good to have you back with us why do you think airline spending, to the extent we know, is trending downward is it partly seasonal or is it related to the delta variant what do you think? >> thank you, it's great to be with you i actually think it's both it's still very warm outside and yet the traditional end of summer travel is right around the middle of august and if you think about a normal year, that's about when many school districts are going back or kids are getting ready to go back to school so family travel is pretty much over for this summer now so there is a seasonal drop that the country would expect at this point that could explain some of that credit card spend but i think southwest is right

when they say there's a little more reticence and nervousness about traveling again given the delta variant too. >> my guess is that mid-august to the end of september, probably two of the slowest months for airline travel. are you also hearing about an uptick in cancellations as perhaps big business conventions step back from having large gatherings >> well, you know, convention travel traditionally is about 20% of all business travel and obviously anyone hoping to organize or run a big convention this fall has to be thinking twice about whether or not that makes sense and whether people would come so if those start being canceled, and i know a big auto show up north was recently canceled, if those are canceled, then airlines probably are going to pull back in some capacity. but, you know, canceling a flight six weeks out doesn't

really disrupt customers very much it's the short term cancellation than causes the customer disruptions. >> quite obviously i'm curious as well what impact vaccine mandates will have and how you're expecting that to evolve >> obviously united airlines has announced they want all their employees to be vaccinated on the other hand, american, delta, and southwest have all said they're not going to do that delta put out an interesting statement saying 75% of their people were already vaccinate and 5 to 10% would probably meet some exemption so they were sort of minimizing the mandate, saying it would only affect, you know, a relatively small percentage i think every company in the u.s. is having this debate right now, guys, in terms of thinking how do we keep our people safe, how do we keep our customers safe in the airline sense, obviously customers may feel a little better getting on board an airplane when they know everyone they get in touch with that

airline has been vaccinated. that said, you know, i'm sure i can't be the only one to say that the two airlines in texas are not doing it but the one in illinois is. >> let's talk a little bit, you mentioned a moment ago how disruptive those immediate or short term cancellations are your alma mater in the business, spirit, had a true meltdown last week, 2,000 flights canceled, all kinds of chaos, doing i think a ton of long term reputational damage to spirit airlines what went wrong there? did they just not have enough staff to accommodate the seats they had sold, or what >> well, i think this is largely an execution problem for spirit. they spent the last five years doing a really good job of becoming more customer friendly, improving their on-time, and being really -- really shedding the reputation of being

indifferent to customers but they've given all that back in the last couple of weeks by stranding all these customers. they say it's a mix of i.t., weather, and staff, but it really comes down to staffing. spirit was one of the few airlines in the u.s. that was very aggressive about adding a lot of capacity for the summer and really putting out a lot of seats, trying to take advantage of a spike in leisure demand and yet it seems that they didn't have the operational side of the business in line with the strategy side, to have enough people to run all those flights. >> it is a ballet extraoridinaire in the airline industry to have enough staff for the seats. if a flight is canceled, you are toast. >> that's exactly right. spirit's model is one of, like you said, mostly one flight a

day in most routes also there's another issue too, which spirit does not have protection deals with other airlines that are traditional in the legacy space if american airlines cancels a flight and delta has a flight nearby going to the same people, american can send their people to delta and there's an agreement behind the scenes about how they'll pay each other. spirit does not have those deals. so they fly one flight, if they cancel it, they have no way to protect those customers on their own network and no deals with other airlines to get them on other airlines that's why traditionally the airline has tended to run late rather than cancel, because they really have very limited ability to cancel. but the thing i'll say, and the reason that i say that i think this is more of an execution problem than a strategy problem, is spirit has been like that for a long, long time, yet they have not had the kind of problems they've had over the last two weeks. >> all right ben, thank you very much, we appreciate your time today and

your explanations. former president and ceo of spirit airlines. >> that was a fascinating look into what must be going on >> why >> absolutely. ahead, airbnb and disney are set to report after the bell, two stocks that wouldn't seem to have much in common other than growing fears around the delta variant. these stocks are up about 1% or so today we'll discuss. plus check out some of the names that reported this morning. p palantir reporting

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welcome back i'm rahel solomon and here is your cnbc news update at this hour san francisco will require proof of full covid vaccination for activities including restaurants, bars, and gyms, more stringent than new york city's rule that only requires partial vaccination. as the nation's largest teachers union announced support for vaccine mandates, florida governor ron desantis threatens to withhold funding from school

districts adopting strict mask mandates >> to the mayors, school superintendents, educators, local leaders, we're standing up to the governor's political sizing mask protection for our kids thank you. thank you as well. thank god that we have heroes like you and i stand with you all and america should as well census numbers just released today shows the nation's white population is getting older and has dropped to its smallest share of the total population on record that will be used in political fights around the country over redrawing congressional district lines. the panda population in japan has increased by two just under two months after they were born in a tokyo zoo, the eyes of these five-pound twin pandas are just now beginning to open the zoo is asking for help naming them. they've also grown quite a bit of hair since they were born, thankfully kelly? >> rahel, thank you very much.

rahel solomon. the dow is down 50 points this hour. s&p and nasdaq are higher. the nasdaq was negative earlier today so it's been clawing its way back look at shares of aerojet rocketdyne according to bloomberg reports, it could impact lockheed martin's plans to acquire the company. tyler, a sharp move lower. we'll keep an eye on it. let's take you through some other stocks making news today first up, utz brands, the snack maker, falling after missing earnings estimates the company saying it expects costs to remain elevated for the remainder of the year. >> eb charging and fuel players missing on earnings, getting a downgrade from roth capital, down 8%.

>> virgin galactic, downgraded by credit suisse, saying there are no cat lalysts for the stock in the near term morgan stanley says the stock will fall 20%. for more on this call and others go to cnbc.com/pro our next guest says the fed is your friend, don't fight it plus state and local governments battling a seemingly constant stream now of ransomware attacks, now getting a big boost from the 'lfrastructure bill. wel give you those details when "power" comes right back to you. l estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing,

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and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 welcome back the oil market is closing for the day. let's go to pippa stevens at the commodity desk >> the trading has been in a pretty tight range, a departure from the wild swings we've seen over the last few sessions driving the market today is the release of two closely-watched oil reports which said different things the international energy agency slashed its forecast for the second half of the year as the delta variant spreads. the report said that demand, quote, abruptly reversed course

in july. opec, on the other hand, is sticking to its demand growth forecast for this year and next, though the report did say that, quote, numerous challenges remain that could easily dampen this momentum. let's get a check on prices here wti, $69.07 for a loss of a quarter of 1%. brent crude, down one fifth of 1%, both in the green for the week >> pippa, thank you very much. let's go to the bond market. after another big auction, this one went very differently from the ten-year yesterday rick santelli is here with the latest for us. rick >> yes, what a difference a day and a different maturity makes today's 30-year bond auction was not only lackluster, it was below average. as you look at the intraday of 30s, you can see right after that 1:00 eastern end of the dutch auction, yields briefly shot up to a little over 2.03% now, they have moderated a bit and that was the end of 126

billion of treasury coupon supply if you look at 10s and 30s together on a one-month chart we're still pending a close that would be a one-month fresh high yield close in both those maturities but we do see that the short maturities have given little back, hence the curve has s steepened to one-month highs 182 basis points separate them, that's a two-month fresh wide. why is it important? we've discussed this as you look at that chart, let's now add in the dollar index. look at how it literally turned the dollar index because the more that we separate from europe, a, the more aggressive our rates are, the more we should contribute to an upside of our currency. tyler? >> rick, thank you very much while wall street anxiously awaits the fed's next move, our next guest says don't fight the fed, the fed is your friend, and instead of a faang or a popular retailer he's recommending a

name we don't often talk about but has its fingers in many areas of the wireless ecosystem. david roth, chief investment officer with wedgwood partners and lead portfolio manager of the river park wedgwood fund, welcome. we're glad to have you with us, sir. >> good to see you, tyler. >> fantastic let's talk about the market broadly and we'll drill down on that one stock name that you think has a commanding position in its niche let's talk about the market more broadly. are you concerned that valuations are too high? are you concerned about the eventual ultimate turn of the fed away from quantitative easing >> i really am we got the case shiller data a couple of weeks ago, a boom in house prices yet housing affordability is at laul t

all-time low the market continues the fed to continue its role as fireman when the markets get dislocated. you start to ask yourself, particularly in the house market, is the fed becoming an arsonist as well that may sound harsh i have to tell, i've been picking stocks for 35 years and so many of my client meetings over the past few years, besides stocks in the portfolio we talk about, it's completely dominated by talk of the fed i think the markets are addicted to the fed i think the fed is a high wire act and they're probably in a box right now. with all of the booming going on, and they're style buying 80 billion a month in treasuries, 40 billion a month in mortgage backed securities, enough already. i am worried about it. >> the fed is your friend, you say, but it sounds like you're saying this is not going to end well >> no, i don't think so. a quick thought experiment, if

we all woke up tomorrow morning and we saw the headline where the fed said, forget about tapering, we're just going to stop buying treasuries and mortgage backs today, zero it would be october 1987 again i wish the fed would start to taper and let the economy and the market maybe find its own footing. i'm afraid too many investors have been hooked on, forget about the fed put, it's probably like a fed trampoline. every time the markets get in trouble, the fed comes in with even more firepower and we go ever higher still. >> david, it's kelly let's talk about a stock you do like, motorola, a name that popped up when dan clifton was talking about winners from the infrastructure bill. tell us why you like it and why it's not someone who's kind of been caught up in this high valuation market if you want to call it that >> great, thanks, kelly. if motorola was a consumer stock, i think a lot more

investors would have their eye on it. as it stands here today, motorola have a near monopoly in mission critical public safety networks like police, fire, 911, as well as commercial networks and they have about 13,000 of these networks around the globe. but we have to give a lot of credit to the ceo, greg brown. over the past about six years, he went on a $4 billion merger and acquisition spending spree and if you fast forward today, what you have is the land mobile radio. you've got command center software and you have fixed and mobile video. and they have an ecosystem, a one-stop shop that i think it's as powerful as what apple has with their ecosystem and if you look at estimates, the estimates have gone up since the last couple of earnings reports. but if you look where estimates

are now for calendar 2022, kelly, they're just approaching about $10 a share. we got sales momentum, we got margin expansion you mentioned all of the federal and state fiscal spending that's yet to come. it could be huge for them. we think the number on earnings per share next year is closer to 11 if we're close to that, the stock is only at 22 times. so again, given all my worry about valuations and the fed, here is an incredible growth company, all the metrics are moving in the right direction. it's only 22 times next year's earnings >> mr. brown has done an amazing job, he had to shed a lot of those legacy lines of business to get where he is today, but he went all in, as you say, on these mission critical infrastructure what is the largest holding in your fund right now if you don't mind me asking, and how long do

you hold a particular stock? >> we only own 20 stocks and we typically hold them a long time, typically four or five years sometimes we've held stocks for a couple of decades like we recently sold berkshire a couple of years ago but our largest current holding we've owned for many years still is alphabet. >> david, thank you very much, good insight there i always like to ask how long a fund holds its stock, and obviously you're a buy and hold kind of guy. we appreciate your time. >> good to be here, thank you. >> thank you up next, check out airbnb, up 118% over the past year as the vacation industry rebounds from the pandemic. but the stock is down 30% over the past six months because of delta. what should you expect when it reports results tonight? our traders will discuss that next

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♪ - [announcer] introducing the grubhub guarantee, our promise to deliver your order on time within the delivery window and for the lowest price compared to other apps or you'll get back at least $5 in perks. welcome back to "power lunch," everybody. airbnb is out with earnings after the bell we'll see how the delta variant has affected travel demand

matt, airbnb, love it or list it >> well, i mean, it's looking quite good the news from southwest air earlier this week has made me a little nervous but the setup for the stock is pretty good on a technical basis anyway as you mentioned before the break, the stock has been going down but it made a bottom at the 132 level in may and july and since then it's bounced back, broken above its trend line in march. it could have a higher high to follow the upward break of the trend line that's going to be very bullish. right now the setup is pretty good we just need one more jump here and that will confirm that the trend has changed from downward six-month trajectory to an upside one >> bullish around the 153 level. john, what about you, are you a buyer of airbnb?

>> i wouldn't be surprised if it's a strong quarter but of like its peers i think you have to wait and see what the comments are because the delta variant has had an impact over the past two weeks, three weeks, towards the end of the quarter in the short term i think there's potentially a lot of volatility around management's comments and guidance. but i think longer term, airbnb is a solid company i think the long term trend, there's actually better value in the space compared to airbnb, in other words some of the other competitive names that aren't trading at such higher valuations i would expect strong results looking forward to management comments i think the trends are positive longer term for the travel industry >> so matt a buyer if it goes higher, john may be a buyer if it goes lower. matt and john, we appreciate it.

for more trading nation, head over to the website or follow twitter @tradingnation next, the delta variant creating a lot of uncertainty for disney does any of that matter? as the company moves towards its streaming end game, we'll speak to a top analyst, next >> announcer: and now the latest from tradingnation@cnbc.com.

welcome back, everybody. in a new article on cnbc pro they identify five dow stocks most loved by wall street analysts each has a buy rating from at least 70% of analysts. one of the companies is disney which reports after the bell the stock is down about 1% joining us with a look at what

to expect is the managing director and head of u.s. media research at morgan stanley he has an outperform at disney ben, it's good to see you. let's start with why this stock has gone nowhere this year this has been a very strong market >> let's good to see you, thanks for having me. look, it's been a tough year for streaming stocks i think the massive move that disney had last year, while it certainly had to do with the vaccines and the recovery and the consumer, it was primarily around the expectations around streaming, significantly better than expected. this year we've seen it for knelt netflix, for roku. streaming has been pretty modest across the board this summer as people are watching less tv [ inaudible ].term.

>> how does it fit into the overall disney equation, and specifically how does it fit into the streaming strategy? >> espn, which if we go back a decade was sort of why people were bullish, and then it quickly became why people were bearish. it's sort of fallen off people's radar screens, and in our last report published about a month ago, we actually raised our

espn-plus estimates. in fact they're pacing, in our view ahead of the streaming guidance so the good news is that in the u.s., the all-disney bundle, we think that's in about 50 million -- or has the opportunity to be in about 50 million households over time espn has been a nice story there, the question is, can you make money streaming sports? i guess the good news is they're off to a good start scaling the sub-base, and having secured the nfl monday night football rights, now they have to execute. >> let's talk about this evening and what people are expecting. i guess you could argue they're baked in does that set a low bar? >> i think the expectations are for about 110, 111 million-plus

subscribers at the end of june 30th i think people were late -- this is one of the last companies to report this cycle, so it's not going to be a surprise that it didn't grow faster than that as we look forward, there's a couple things that are important in the september quarter, including the return of the indian premier league, the cricket tournament that's important to the indian subscriber base. they're launching latin-american with some sports, and on the theme park side, we had comcast report with attendance in orlando and per capita spending in the june quarter already back to 2019 levels so the expectations were that they should by strong, and frankly if there's uneasiness about delta, i don't think it will matter to the stock i think people are able to look beyond that. >> what are your predictions here, sort of best case and bull case on disney

>> we have about a $210 price target on the stock, which is 15% to 20% upside from here. we think there's 30% to 40% upside on the bull case. that comes from the acceleration in net adds for next year. we think as people's behaviors normal ice beyond covid, and the slate next year, they have a lou of really big films, which we think could end up driving net adds in a way that the market is not expecting. would you mind turning out the lights, ben, with all those people -- >> i don't think he's really at the office benjamin, thank you very much. [ laughter ] a quick programming note, don't miss the exclusive interview with bob chapek tonight on "mad money. he will join you know who. after the break, the infrastructure bill carving out

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financial damage eamon javers has more on a billion dollar booth >> citying have been crippled. take new bedford, massachusetts, the victim of a ransom ware attack mayor john mitchell tells us the city is still rebuilding a critical database two years later and continues to fend off additional cyberattacks. >> attackers don't give you a break after they have landed a punch we are subject to attacks all the time they're often wolves in sheep's clothing >> the good news is included in that is a cybergrant program it will authorize $1 billion over four year to eight states with cybersecurity.

they will need to distribute to local governments. attacks on state and local governments are holding steady there are 112 attacks in 2020, according to data from m so soft mitchell says his city can't afford - can afford, but the budget is out of reach for most. you're talking about tens of millions, hundreds of millions of dollars that will be spent on cybersecurity in the future that could have been spent in our towns and our community. >> a billion is a lot of money, eamon, obviously in this bill.

but if you start to spread it out across 50 states and how many countless municipalities, it really doesn't come down to all that much, it wouldn't seem. >> especially when you see what this town is paying. imagine here, that the towns and communities that get hardest hits are the poorest ones, unfortunately. they won't have the budget for the cybersecurity. all of these towns and communities are riding this incredible wave of cyberattacks, and they're subject to it almost regardless of what they do they're looking for data they can lock up, and the tax dollars they can extract and the communities are subject to the international whims of attackers, diplomatic negotiations, don't have any control over this. >> eamon, thank you. before we go, let's go back to what we are talking about

sornos, the stock bead on earnings, and a big driver in the quarter, tyler, was streaming. i'm a big sonos fan. >> kell, thank you. thanks for watching, everybody. "closing bell" starts right now. it certainly did welcome. i'm wilfred frost. health care is eneleading, ener is lagging >> jumped in july in the latest read rising 1% versus estimates of 0.6%, jobless claims meantime i fallin