$25 billion open buy back. >> pete, you're batting cleanup. >> tjx, i'm a max niece at that myself we've had bullish call buying since 69 >> it's hard to imagine you in those wracks markets to near session highs hitting near records today that does it for "halftime." "the exchange" with kelly evans begins right now >> thank you very much, frank. hi, everybody. happy monday here's what's coming up. the fda officially approving the pfizer covid vaccine and the mandates are already pouring in from armed forces to new york city schools vaccine stocks are surging on expectations of more demand. should you buy or sell plus a major blow to uber. a california judge rules the ballot measure passed in november unconstitutional, meaning the companies could deal with fights about driver status all over again we're going to speak to the analyst himself who said this

stock is a top pick. and it's retail rapid fire reducts. high hopes for gap, not so much for peloton. how to play the ugly shoe trend, a perfect introduction to dom chu who is here with the numbers today. >> what are you trying to say about my shoes they're not my plantar fasciitis shoes, but let's talk about the markets. kelly, yes, they are at record highs right now. the dow and the s&p 500 and nasdaq each near session highs i'm going to put the gold star next to the s&p 500 and the nasdaq composite as well both of those hit record highs in today's session the nasdaq pacing gains up by 1.5% as for a lot of the places traders are watching right now, it has got to be cryptocurrencies, bitcoin prices just a hair below the 50,000 mark we did reclaim at one point. this is the highest level we have seen since may 14th or

there thereabouts. bitcoin prices are certainly catching attention as a result of the move higher in bitcoin above the 50,000 mark, check out what's happening with some of the stocks we closely tie or associate to the bitcoin or cryptocurrency trade. namely what's going on with coin base global, the largest u.s. publicly exchange operator for cryptocurrencies up by half a percent right now off session highs. robinhood markets, endless initiations there. also cryptocurrency strain hel helping robinhood markets. microstrategy was up higher on the session and square as well all of these names associated with bitcoin and cryptocurrencies in general. you can see those trades coming up a little bit here now take a look at the vaccine makers kelly mentioned those right off the top. if you look at pfizer and biontech, those stocks up big. pfizer off the session highs biontech shares up almost 11% right now. other vaccine makers on the heels of that full fda approval for pfizer and biontech's

vaccine. moderna up 7% right now. and novavax up 6%. watch those vaccine makers and then speaking of, it's pfizer related news but not vaccine for covid related. pfizer shares were short again but tritium therapeutics up 189% pfizer is going to buy the remaining shares of tritium it doesn't know the reason i'm going to show you here alx oncology holdings trillium does cancer treatments. that's what pfizer wants to get. alx is also a cancer therapeutics make r e. that stock is up 15% in sympathy some sellers or investors and speculators may think what other companies are out there in play. al alx is one of them that's why it's up in that session. we'll send things back to you. >> there's been a slow spate of

activity for small cap biotech stock. so, big news today on many fronts dom, thanks. >> you got it. stocks in general are hitting new highs ahead of the jackson hole meeting this week is the fed tapering over weak fundamentals or is earnings strong enough to justify chief investment officer at huptington private bank joins me john, let's talk earnings share for the s&p 500. where are we pre-pandemic? where are we this year where are we going >> so, earnings continues, in our estimates, it comes higher, kelly. earnings estimates as you know are going to be 95% for this quarter, earnings, i should say. so far, estimates are not coming down that's a huge support for stocks in our view. >> not coming down is not the same as then going up. >> no, no, no. >> so, let's talk -- i mean, what are the expectations now? you know when people are looking at these multiples as bob pisani

talks about time and again and thinking okay, for example, is 30 multiple justified? is it possible i could get decent earnings growths in '22 after the huge rebounds this year, what would you tell them >> yes so, in other words we have a 9% earnings growth expectation for the s&p 500 next year. the forward earnings multiple is 9. that's right on the edge, we would say, of overvaluation, where two times earnings growth rates. kelly, what we're looking at is that bond yield. we're still in an environment where bond -- or excuse me, stocks yield more than bonds >> the s&p 500 today 4488. 5,000 we're starting to see in some analysts' price targets where are you? what do you think is feasible here >> our equity team looked at 4,600 by year end. they're using the 23 trailing multiple, $200 per share that's what we're looking for for the end of this year, still at the left side and as mentioned on the low

interest rate environment, still attractive to us so, that's what we're looking at now. and again, kelly, the surprise to us is forward earnings estimates. we haven't seen them come down very much. >> in terms of specific likes here, cisco, j&j, parker, caterpillar, crown castle and microsoft. so, a lot of different industries represented there's just a question about the fed and stimulus do either move the needle for you? it's interesting how the market can go we don't have to worry about the fed, they're going to figure that out. if it means delay the taper, they'll taper and we'll all deal with it and use any selloffs to get more risk exposure it's amazing how little consternation there seems to be with the fed these days. >> there is and we would say what happened when people thank a china king man with support for their economy is under some fire from the regulatory side of it so, this fed this week, thursday

jackson hole virtual we don't think they're going to do anything to try to upset markets. they may back off slightly in taper talk given the resurgence in the virus we just don't see them fully back stimulus too soon it's just not in the cards in our view from our economic team. >> fair enough i guess a final question would be if you wanted to recommend -- you know, we talked about a lot of the individual names you like would you go styles or factors if you would, value versus growth do you try to play that game or do you think that's too difficult to pin down? >> rotation. so, there's evidence of high rotation so, we've been doing -- our equity team's been doing a barbell. so, over the past 12 months, it's financials that are the best performing. but then over the past month now, it goes back and you're almost looking at utilities being the best performing. >> right >> so, we see rotation evident we continue to barbell in equity

portfolios >> when you say rotation into utilities, do you think that's persistent that feels like more of an aberration than anything, right? >> that's been the interest rate with the 10-year at 1.25% this morning. but what we're saying is between valuation, earnings, interest rates and policy, it's best to barbell. >> yeah. all right. john, thank you. we really appreciate it. covering a lot of ground there today. john augustine with huntington private bank bitcoin is getting above 50,000 today it's got a lot of investors grinning we know crypto has exposed something of a generation gap among the investor class kate is here with numbers on it. >> new investors appear to be more bullish and more exposed to cryptocurrencies this is according to our new invest in you next gen survey. those new u.s. investors who had got ton the markets in 2020 or later are more than twice as

likely to own cryptocurrencies as compared to more experienced traders or at least those who started getting into the markets in 2019 or earlier that newer investor also tends to be more optimistic when it comes to crypto. more than a third say they think bitcoin prices will be higher by the end of the year compared to about a quarter of the broader investor base in the u.s and take a look. stocks are still number one. but with about a third of new investors holding shares of individual companies but in a close second, kelly, 26% of new u.s. investors now own crypto that is more than twice the level of mutual funds or etfs, and it's more than three times the level of ownership for real estate or for bonds. as far as the broader population, one in ten u.s. investors now say that they own crypto men, meanwhile, are twice as likely as women to hold digital assets and roughly half of all u.s. investors still say crypto is

high risk, but there are differences in opinion depending on age about a third of those 18 to 34 say that it's risky, while those over aged 64 are much more skeptical. more than two-thirds describe it as a high-risk investment. >> are individual stocks the number one holding among young investors? that's interesting >> so, it's interesting. new investors. so, it is majority younger investors. but there are some older folks that got into the markets this year with some of the other head winds for retail trading like stay-at-home orders, stimulus checks and people had more time on their hands so, a lot of folks did get in. but it does include majority younger investors. but stocks are still number one. >> that's so interesting it could be stock slices it doesn't have to be the whole thing. anecdotally i know a few of those over 35, let's say, who have gotten into the market. kate, thank you so much. we appreciate it coming up, shares of uber rebounding today even after a

major legal setback. up next an analyst who says the stock is still a top pick. plus shares of alibaba getting crushed in the china crackdown. u.s. hedge funds are throwing in the towel on the trade is it only going to get worse for chinese stocks from here okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need.

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despite the federal court ruling in california which said the prop 22 vote was unconstitutional prop 22 allows companies overturning the exception could be expensive for the companies brian novak says youtuber can regulatory issues, saying uber eats could be under valued it's good to have you, brian so, i mean, i guess the main question is how much more of a fight is there still going to be over this issue of driver categorization if it had to be employees, would it destroy uber's business model? >> thanks for having me, kelly i would say a few things on the regulatory discussion. number one, i would not expect headlines to go away in the near

term however, number two, as long as job creation and worker flexibility remain important, which we think they are, for perspective the gig economy employees tens, even over 100,000 people in california alone. we're talking about a couple million people in the united states alone we think that the current voter approved structure, proposition 22 in california, is appropriate. now, could there be changes to it could you have amendments to it where maybe there is worker compensation that's made to it or added to it or collective bargaining that's added to it? absolutely however, i think it's a low probability that you're going to have case law and a voter approved proposition 22 completely overthrown and we move toward a far more stringent regulatory structure that would hold back job growth and lead to fewer people making less money across the entire united states gig economy. >> yeah, it was strange to see a judge overrule a vote by the public basically saying he thinks they don't understand the

history. again, i would have to read more into it, but it seems like a pretty big move to tell voters, no you don't understand, and to rule it unconstitutional so, let's just put that aside but point out why this is important to the ultimate question of the profitability. you see a couple ways that uber gets to decent ebitda in the next year or two rides obviously rebounding, reduced fixed cost, platform of benefits, the delivery of benefits the question of fixed cost is a big one here, right? >> correct i think through everything that's happened through uber initial public offering a couple years ago and all about covid and everything else, i think the market needs to remember a few things as we head into 2022 and 2023 number one, fundamentally ride sharing is a cash flow generative business. it's a very healthy business that as long as you don't have access discounting and couponing competition, which we don't think you're going to have, the

business does throw out healthy precash flow and ebitda. you can see that across multiple countries where uber ride share is generating 60 plus percent ebitda margins in multiple countries around the globe point two, you brought up the cost cuts. uber last year took over a billion dollars of fixed cost out of its company wide op ex. as we think about recovered rides and even growing eats volumes moving into 2022 and 2023, the incremental leverage flowing through from that should be pretty strong we think the market is underappreciating what we think could be $2 billion plus of ebitda next year as it recovered. >> that's how you get 80% upside to the base case here. let me ask you the momentum question what changes the common perception of uber as to some extent dead money? >> that's a great question i think it takes performance and

the actual results i think the key next date is probably going to be the november earnings print. so, 3q '21 earnings where we are hopeful that the company is going to demonstrate strong incremental rides ebitda margins in that quarter, which we think is going to give the soc market more confidence to look into 2022 and 2023 and say, wow, if they're able to put up that kind of incremental profitability despite rides not being all the way recovered to 2019 levels, it should help the markets to understand the free cash flow that can come as the business continues to grow off the smaller op exbase than it was in 2019 >> $72 price target. best thing for 2022. thank you so much. we appreciate your time today. brian novak of morgan stanley. oil rebounding today after a long losing streak we'll look at the energy stocks recovering with it pfizer also higher today after the covid vaccine got official

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welcome back to "the exchange" everybody. pretty strong session with the dow up 279 points as we built we saw on the future session this morning. nasdaq is up 1.5%. a lot of the different stories driving stocks today and that includes energy. tack a look at some of the names leading the s&p as oil rallies after that 9% drop last week occidental up 6.5% crude is up 5.5% occidental still about 30% below recent highs madison square garden entertainment is moving higher after a revenue beat they reported better than

expected revenue on the return of live events 13% gain home builders are under pressure despite home sales rising for the second straight month. can't get gains today. they're declining about 1% to 1.5% and general motors is the worst performer on the s&p today they extended their safety recall over the bolt to include newer models it's still only down 1.5%. over to kristina partsinevelos for a cnbc update. we have outgoing new york governor andrew cuomo saying he will not run for office again. he also congratulated new yorkers for their battle to rein in covid he also said the allegations needed deeper investigation. >> the attorney general's report was designed to be a political fire cracker on an explosive topic, and it worked

there was a political and media stampede but the truth will out in time switching gears, afghan refugees continue arriving in the united states. this group of about 50 going to a convention center in virginia for processing the next stop for them is either fort bliss in texas or fort mccoy in wisconsin and on "the news" can evacuations from afghanistan be completed by the august 31st troop withdrawal deadline. shep will tack a look and talk to the ambassador about staying in kabul longer. that's tonight at 7:00 p.m. eastern time and six in ten americans support mask and vaccine mandates for students and teachers in k-12th grade this according to new polls from the associated press 80% of democrats support the requirements versus 30% of republicans. new jersey's governor also just announcing a vaccine mandate for schoolteachers

the dollar store's inflation woahs, bearish peloton payments, and what's ugly is hot, at least when it comes to shoes all of that is coming up in today's retail earnings edition of "rapid fire" in just a moment ♪ music playing. ♪ there's an america we build

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welcome back, everybody. let's catch you up on a few other stories and headlines that should be on your radar. it's time for a retail earnings edition of rapid fire because it's going to be a busy week d welcome everybody. first up a major vote of confidence for gap ahead of earnings later this week even as shares doubled the fast week, tell si group bumping up estimates across the board, maintaining the market performed in the $38 price target. jen, get me excited about the gap. >> i'm kind of excited about the gap, but this note is not very exciting all they did was serve a come up to consensus, and they're still using market perform they didn't tell us much that was exciting old navy is doing really well

and so is agenthleta i do think they're getting better and i think old navy is becoming a bigger part of the business and they'll continue to improve. so, i think it's a good story and we know people are buying apparel. back to school is doing very, very well. i think the gap is a good story. i think it's a better story. >> interesting rahel, what would you add? >> i would add, kelly, do yoga pants interest you because if so, maybe this is exciting this is based on the strength we're seeing at gap between the brands that are working, old navy and athleta, casual trend and yoga pants, which i love old navy doing good from back to school sales if banana public and old navy doesn't excite you, maybe yoga pants do >> this is a company that talked for the longest time about splitting this company up.

we want to get old navy performing so well away from some of the underperforming brands this is a classic case of the portfolio approach working, right? because you have that athleta yoga side doing well and everything doing well for a long time now i wonder whether or not when things normalize, remember banana republic clothes have been a stapable for working professionals, especially younger ones when we do emerge from this pandemic, i feel like people going back to workplaces will want to go places like banana public so, maybe this is a nice portfolio approach for gap stores >> jen, just a final word on this what's your sense about what's happening with -- we have a big cluster of events all of a sudden all these firms pushing off their return to work at the same time this vaccine gets final approval and we're seeing a raft of vaccine mandates from public schools and parents having to figure out how comfortable they are with their kids, how much

they might be how many because of quarantine and all these other things where does this leave the retail names? >> amazingly nothing has happened regarding the apparel business since kofd covid-d emerged. through yesterday, it's very, very strong. back to school is very, very strong started early. it's going to run long there's no evidence of that changing yet it seems like there should be something happening but we're not seeing it. >> but the july sales report was soft, apparel was down maybe we're going to get a huge august surge and maybe not >> month to month, retail sales seasonally adjusted aren't very good from the point of view of judging the consumer the consumer out there right now in accessories, apparel and shoes, is spending like crazy. she is going back to the store traffic was up the first week of august traffic was up the second week of august to new record levels

we're not seeing anything from covid yet. and the retail sales don't tell us anything about what we saw in july it just wasn't important >> all right then that is the perfect pivot to our next topic. peloton is going the other way the big stay-at-home play is getting a bearish move from oppenheimer on their prospects from results based on the payments firm. this is interesting from an economic indicator point of view, a firm the buy now, pay later platform visits to peloton's website are down 30% from july oppenheim is dropping the price target to 140 because they see a slowdown in product deliveries and subscriber growth. rahel, they still have an outperform on the stock but pulling in the reins a little bit. we've seen this discussion, is peloton a hardware company or software company in terms of subscription of the programs and the workouts if you think it's a hardware

company, then perhaps this is a little concerning. if you think it's stronger as a software company and it'll really continue to deliver revenue because of its subscription model, then this really shouldn't bother you. in fact i think peloton hit an all-time high earlier this year, close to 170 if you like the company fundamentally in terms of software, i don't know, maybe this is an attractive entry point. >> and here at 107, it's like the quintessential apple argument do you go off the expected sales of next round of iphones or the sales base >> it is both. if you look at apple, that analogy, it is very much about that subscriber growth aspect, the recurring revenue of it. i'm not sure the oppenheimer analysts are looking that far down the line. they're issuing this call right now around this particular earnings result because of the way peloton stock has reacted over the course of the last 12 to 18 months going into this print. there's no doubt that peloton is going to have to evolve as a company. they're going to have to figure out ways to get their gross

margins better on the hardware side of things they've got goatet more people using it that aren't buying the bike product or the treadmill product or the rowing product or whatever else they have coming out there. if they can kind of grow that content system, that's where it's going to be but i'm not sure that's what they're looking like in terms of the next three to six months the downgrade doesn'tphase me that much. >> we get a big reset here in key earnings out this week, expectations coming in a little bit. let's talk now about what's going on with the dollar stores also reporting one of the heated debates is how far a dollar goes these days given what's going on with inflation. we might learn the answer in dollar general and dollar tree's results. dollar general is outperforming this year. they think dollar tree, the rival, will have a harder time managing supply chain and wage pressures because of its fixed dollar prices. dg has had multiple price points, better positioned to

weather cost pressures do they need to go to $5.55 or stick with $5 and so on and so forth. what are we going to learn from the dollar stores? >> i think if you're a dollar store it's a bit of a struggle because the supply chain is tough. and you fill up a container with low value things so, the expenses to bring the stuff here are really, really high relatively speaking that's not going to change for a while, certainly not before spring season. and you've got the dual problem of inflation and inflation is real at that level and it's really hard to pass that through. and walmart is taking share. we saw that last quarter so, when walmart is taking share from you, that's a big problem because they can take big dollars and reduce your share. and that's going to continue to plague the dollar stores as walmart becomes progressively more aggressive in this space. i think they've got three problems here they're looking toward however, saying all that, do i like dollar general? yeah, sure, i like dollar general. but i think it's the best of the

breed and i think it's going to be a very tough space. >> rahel >> i guess one thing i wanted to bring to your attention was not just inflation but also wage pressure dollar store associates, 70% are part time. it's vulnerable to wage pressure and wage growth. if you're looking at the names that were mentioned in the note, dollar tree is probably the one that's most susceptible and most vulnerable to wage and prices. that's a big concern >> dom, final word >> i would say that when you look at these particular stores, to me, it's much more about what the commentary is going to be about the coming quarters and months without stimulus check payments because over the course of the last year or so, a lot of the dynamic for many of these stores, not just dollar general and dollar tree have been around and many ceos have addressed it directly on some of their commentary, the idea federal stimulus checks were a big part of the story as those things taper off, as

enhanced unemployment benefits start to taper off, you wonder whether or not that generally healthy, very healthy balance sheet consumer is going to keep up that spending >> the child tax payments are going out for months still, i believe, into next year. so, it may be helping to offset the loss there regardless, like you said, one way or another we all know which way this is pointed. it's all going to be trickled off. we want to hear from commentary on that. but finally, guys, perhaps the most important thing going on, the ugly shoe trend. is it unfair to crocs to cal them ugly? i guess it's true. my son wears them and i hate looking at them. but they're the most -- he loves them and they're so easy crocs sharing growing. dom, how do you think we should play it? >> i first want to know what you really think about my shoes because you called me out at the top of the show. i was wearing the fancy sneakers just because people have caught me wearing my sneakers, my covid

plantar fasciitis friendly sneakers that i've been wandering around here's what i would say. i think the sneaker scene is very much turning into the art scene more and more every day. and when you have these types of things happen, when you have a secondary market for these sneakers that is as explosive as some people have been reporting with regard to certain limited edition ones, then all of a sudden this becomes much less about the experience of sneakers and even the functionality of them and much more about the artistic interpretation. >> here's my thesis. look at the performance of crocs here in a way i think it's saying no, we have to take into account the performance. and we've got to figure out a way to make it look pretty the clunker. how are we going to make the clunkers look cool half are saying we're not even go to try. we're going to just go with the clunk. the other half are saying we'll add a rainbow or something

silly. it's about the functionality somehow. >> i think if you know, you know, and if you're out, you're out. and if you don't know -- this reminded me of high school where we had a rigid uniform and we would go through extreme lengths to show off our individuality. we would wear crazy shoe laces or whatever we were allowed to do i think it's worth mentioning that we've all sort of become more casual so we're not necessarily dressing up as much. so, i don't know these are sort of a fun way to show your personality and also perhaps show that you get it you're in the in crowd you know >> in crowd, exactly i'm not wearing them on air yet, the crocs, jim but here's my question we talked about the western wear trend and this huge stock play, boot barn and the cowboy boots and all that how do you play the ugly shoe trend other than crocs >> the boot trend is in. i never owned a pair of crocs or a pair of berken stocks and i never will but it's just the usual trend. you guys are too young i've been in business forever.

think about it we've had goofy trends in everything crazy socks. people want to be individualized what you should be looking for are new, interesting, young brands that can capitalize on the individual zags concept of this so, it's not so much where we're going but where we are where we are is the goofy phase because we're coming out of covid and been wearing pjs for 18 months. >> you've made these great cases for why you want to wear them or buy them they're an asset class now if you get them they might be worth double or triple what they are five or ten years now from now. >> even the crocks >> maybe, i don't know >> if the shortage persists, absolutely true. thank you all today for this edition of rapid fire. meanwhile the fda has granted full use authorization to the covid vaccine. what it means to the future of mandates and whether moderna and j&j shots will follow the same

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the fda granting pfizer and biontech's covid-19 vaccine full use authorization for people 16 and up shares of pfizer and biontech both climbing today after the announcement biontech up nearly 10%, pfizer adding 2.5%. it's up 36% already this year. the company expects $33.5 billion in revenues from its covid vaccine this year. joining me now to discuss, ronnie als it's good to have you. a lot of investors have been trading these vaccine names, and the price action today maybe tells you that there was not fully priced in just how many mandates we're starting to see as i mentioned from the armed forces to new york city public schools to new jersey public schools, you name it what would you say to people

about the stocks >> it seems a lot of those have good news. we now have the u.s. and the rest of the world already committing to buy those vaccines from pfizer and moderna at a higher price than the first wave of vaccination, about 10%, 20% we don't know if there will be a need for additional boosting beyond the current boosting that is being discussed and it seems like a lot of that seems to be a bit priced in. to believe there's further offset, you need to believe covid will be with us and you can be vaccinated with us for many, many years to go and we're not quite sure we understand the data to argue that just yet. >> sure, so, you know, especially if you look at moderna's performance, it's up 288% this year what do you think that's priced in now >> it's bigger than bristol. >> it is >> it's bigger than bristol. >> wow do you think that could ever be bourn out in terms of people looking at this going, okay,

they did it, they brought a vaccine to market based on mrna, think about what they could do from here? >> to argue the valuation is justified, you have to believe this technology will be spread out across multiple areas and more of that will be used to deliver proteins beyond vaccine. so, you're now beginning to get to the point where it begins on mess messenger rna. >> if i were to say what's the next phase of biotech plays as we look hopefully beyond the pandemic we look at pfizer's other acquisition today, oncology, the idea -- joe said this morning about oncology maybe vaccines in the future what's the next play for biotech? >> so, there are two things. first, if you look at the biotech large gap, all the action focused on the vaccine names. the rest of the industry have not done particularly well

if you look at the last years compared to the market this is what the current administration will try to do when it comes to drug prices and that's all in the next 45 days beyond that, what we think is going to happen is the broadening of a lot of the sector and coming to the fourth quarter. beyond that, we are looking for some recovery. more importantly in the large gap pharmas, one of the obvious choices that pfizer made and other companies made will be to replace their cash by buying innovation happening outside of the vaccine world. for the vaccine world itself, we are looking at some of the proof of concept of things that you discussed. for example, using those vaccine technologies outside of covid as the obvious next target, but there will be others there's also chance trying this. biontech has an ongoing trial

with regeneron in that respect the next set of news about the technology will be about its capability >> it is very exciting news. there's trillium up 200% today on the acquisition, reminder they do have cash now. ronnie, thanks for joining us. ronnie gal u.s. markets are near market highs, but hedge funds aren't seeing big returns because of one particular problem the hedges took last quarter and why next you can catch the show any time anywhere by listening to and following "the exchange" podcast. we're back in a moment ♪ but it's actually a network. ♪ connecting just about everyone to just about everyone else. ♪ it can open eyes with a cup of coffee and change minds on what makes a business, a business. and it is working to connect everyone, everywhere.

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welcome back alibaba, jd.com all well off their 52-week highs. some of these names falling more than 60% as the chinese government is cracking down. the losses have hit hedge funds. lesley picker joins us with the numbers. >> unusually weak is how goldman sachs is describing recent hedge fund performance a third of hedge funds holding an american depository receipt

since february the average chinese company trading in the u.s. has been cut in half with the most popular ones among hedge funds lagging the less popular ones alibaba, for example, had ranked as the top five for 11 consecutive quarters in 2q that drops down to number seven still popular, nonetheless other names include jd.com, al companies. now short interests have risen modestly during the first half of the year but not enough to negate the losses. goldman notes the overall popularity of china adrs registered as the highest in our data history making clear hedge funds were generally not prepared for the regulatory shift. and impact on share prices vip basket has lagged the s&p 500 by 13 percentage points the last six months matching 2008 as

the worst stretch on record, kelly. >> it's funny you say 2008, leslie as were you talking, i was thinking to myself the whole point of investing with the hedge fund they might have better information on local sources. what is the edge if they've miss this had so utterly and completely, why am i paying access >> reporter: it's a very good question and i'm sure the hedge fund investors will be having with their managers. but china overall has been seen as this edge, the idea of paying a hedge fund manager, because they understand these geopolitical nuances, various regions. the massive population size, the value of the local tech giants at the time. now it's clear that they weren't quick enough to really trade out of the names before a broader fallout. it begs the question and is going to cause some

soul-searching within the industry >> incredible stats you brought us and a huge story. leslie, thanks very much leslie picker down at the nyse still ahead the great resignation is well under way and a new study reveals one reason more than half of employees have quit. that's next. as we head to break, the reopening trade is a winner today. a look at the cruise lines all climbing we're back in a moment we now find that 85% of individual investors are interested in sustainable investing. among millennials, the interest is even stronger. ♪♪ one of the big trends in sustainable investing is data, and the ability to understand how sustainable your investments are. by taking that information into account, investors can make better decisions for the long term. sustainability is not about one number. it's about variables like water usage, data privacy, consumer trust, diversity, land use and conservation.

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crepe corrector lotion... only from gold bond. people are quitting their jobs in droves in what's been dubbed the great resignation pushing job vacancies to all-time highs and a new survey found that 54% of respondents are looking to change jobs and 43% say their career paths have stalled or, quote, slowed to a crawl so what's behind all the dissatisfaction and turnover joining me is the co-founder and ceo. it's good to have you. i can understand from the demand side people can live new

lifestyles in new parts of the country post pandemic but why on the supply side, if you want to call it that, would they say their work has suddenly stalled? >> well, i think it's an interesting time in the world employees have more choice than ever and people are constantly able to see what's out there now and so i think we live in a time now where companies have to think about how do i rehire this employee every day and make them excited about their work there's more choice than ever and easier to change roles than ever >> what accounts for people leaving previous roles we talked to kevin rousse and he was talking about this idea people say i only have one life to live, i've always wanted to start this business or live in this different part of the world, you name it others may realize working from home they can go somewhere that was previously not possible, right? >> yeah. i think what you're touching on is very real

the last 18 months people's values have changed in many cases. people saw a different interest in work. i think that has really been an impetus and at a timewhen the economy is doing well, you can work remotely, people have options. i think all of those things combined with the fact now that i'm working remote i don't have as close connections with my colleagues, with my company, that leaves for an ability for people to feel more comfortable moving around. >> "the wall street journal" had a story about how people are realizing, it's sinking in, this style of work will be with us for years. just the realization we thought everyone was going to be back at the office to suddenly going, wait a minute, maybe not until 2022 it's a whole other year of this. you had some interesting stuff for firms to help them manage their workforces better at a

time like this suggesting, for instance, no meeting wednesdays. recharge days for the team to disconnect what are some other ideas? >> i think that's right. i think that comes from the sentiment you need to think about your employee, as your customer you want to help people feel motivated and engaged. you want people to feel like their needs are being met. so things like recharge days where you give people time to themselves things like a no meeting day things where you help people understand their career path at your company are important so people see here is what's in it. as i put work in over the coming years, people want to feel connected to the mission they want to feel career growth and a sense of community and sustainability so i think companies need to focus on those things. >> i thought it was funny as a side note that companies are running more surveys than ever we have all these surveys we're talking about. do you think companies themselves are trying to figure out what's going on with their

own workforce? >> yeah. i think it's the same thing in the past, companies would survey their customers. i think companies are nowcomin around to this idea that if they treat their employees like their most important customer, their most important user, everything will work itself out i totally believe this companies are trying to find out how can we listen to employees and make sure our product, working at our company, meets people's needs >> one final question. has overall productivity gone up or down as a result of these changes? >> there's a lot of different ways to measure it and things that have improved and things that were easier when you were in person. i think by basically any metric it doesn't look like productivity has gone down in any sort of broadway which is part of why companies and employees are realizing this remote and hybrid flexible work thing is here to stay because it is effective >> we see gdp back

jack, thanks for joining us to talk about it. jack altman of lattice don't go anywhere, "power lunch" starts right now indeed it does, kelly. welcome to "power lunch. we are tracking the rally today. here is what's ahead this hour the fda grants full approval to the pfizer biontech vaccine. a milestone that could usher in a new wave of mandates by business and bitcoin's bounce the cryptocurrency, in case you didn't notice, back above 50,000 now. now it face as surprising new test, an underground market in, of all places, afghanistan and shipping bottlenecks are huge right now volume at a record freight rates, new highs the head of the port authority in south carolina has a front row seat to the supply chain bottleneck