everybody. it's a big hour coming up, don't go anywhere, because "power lunch" starts right now. good afternoon and welcome, everyone, to "power lunch. here's what's ahead in this busy hour keep on rolling. america's aging car fleet giving advanced auto parts a boost but it's not immune to higher wage and delivery costs the ceo will be here to break down his quarterly numbers and tell us what's ahead. >> and a la carte pricing. the airlines do it so why can't hotels we'll talk about a controversial new strategy. we head out to l.a., it's the final stop on our powerhouse road trip where there are signs the scorching housing market is starting, kelly, to cool. >> oh, starting to cool but from a pretty hot place the dow is up 96 points. same for the s&p which is edging towards 4500

the nasdaq hitting an intraday high crossing above 15,000, now adding 13 points to that reopening stocks are certainly getting a lift las vegas sands, southwest, norwegian, all of those names up 4.5 to 7.5%. and best buy shares are rallying after reporting a 20% rise in sales and raising its outlook. look, they're up another 10% one of the pandemic beneficiaries. they say consumers are still upgrading their devices as they continue to embrace working from home and there are two forces playing out in the market which we talk a lot about. wage pressures and the shipping crisis our next guest is using these two concerns to decide which stocks to bet on, and he says he can get the stocks even cheaper after jackson hole this week let's bring in greg branch, managing partner with veritas financial group. let's start with the names >> sure. >> go ahead. >> actually i'm going to start with the dynamics. the dynamics are that we're

waiting for the fed to announce and it's a when not if that they are turning their attention away from trying to help the labor market recover and back towards trying to control inflation. so when i look at names that i think are more resistant to these inflationary pressures or at least better situated for these inflationary pressures we're feeling, i like to folk us in on the value retailers. we just talked about one, which is walmart but as these inflationary pressures continue to rage due to the constraints on shipping, due to the inflationary wage pressures, the american wallet will feel the strain and, thus, i think the value shopping trend is emerging. we saw last quarter all of these names crush their earnings on just about every metric. now we get even more stimulus to continue that tailwind and so we were worried about the child tax credit fading off into the september roll-off on

unemployment benefits and we get a 25% boost in snap as well as repurposing of the american rescue act to continue those benefits so i think the low end consumer will continue to drive the tailwind in these stocks. >> so some recent policy changes have you looking attractively at these. some of the other areas you're looking at, big tech, casinos, financials for all of these names are you waiting until post jackson hole to buy >> i do think that the fed will shift its posture, at least articulate a shift in posture in jackson hole as we saw last week when those notes emerged, i don't think that that's priced in. it's never priced in until it's actually said live so i think we will get a slight pullback after jackson hole because i think it's very difficult to make any cohesive argument that we need to continue to push accommodative monetary policy to push the job market to health it's already quite healthy we already have one million more jobs than people seeking work. so yes, everything i'm looking

at i would be looking to at after jackson hole as i believe we'll get a better price after that. >> what's the argument for the casino stocks you like, i think it's las vegas sands and wynn? >> yeah. my original thesis did not take hold as i foresaw. what i thought was going to happen was as the asian economies emerged from the pandemic before we did that the strength would be in the macao market and asian markets particularly as they transition from day junkets into secular day trips. because of the delta variant and because those economies were so effective at containing the first weave, they found themselves well below the vaccination curve compared to the u.s. so the opposite ended up happening. we are seeing strength in vegas.

group bookings are above the 2018-2019 level and so i've been surprised by the strength in vegas. as i said before, there's a secular tailwind in macao even though it's postponed by recent outbreaks of delta in the region but these are companies that can produce $3 a share in earnings and $3 a share in dividend and trading at three times eb to ebitda >> greg branch, thank you very much we appreciate your time today. >> thank you. >> fantastic. chinese tech stocks are rallying on a number of headlines. dom chu is here to tell us which stocks are on the move and why dom? >> some of the biggest tech and com services stocks are up huge today. there is general sense among some investors that things may be due for an upturn you've got alibaba and baidu impressive lehigher.

for jd.com and pinduoduo both reported better than expected quarterly results. there have been a slew of reasons why companies have been hammered, absolutely hammered over the past several months, not the least of which is the more than an apparent effort by the chinese government and chinese communist party to crack down, regulate and stem the growing influence of those tech beheem ots we've lost half of the value since the record high in february is the worst over? that's what some traders are pointing to. there are other chinese stocks on the rise. casino operators, heavy exposure to macao this after they loosened some of their travel and testing protocols on those junkets from mainland china one more thing to point out,

just in the last hour gary genzler said they will demand chinese companies trading here in the u.s. be more ransparent about investor risks because of government regulation. he made those comments during a bloomberg interview. if you look at the picture of these stocks, this has been the proverbial falling knife for months now the question becomes whether the fundamentals are there with earnings report like jd.com and pinduoduo, saying maybe there is a fundamental case these stocks should be bought. >> so it's the potential of good numbers here it's not anything the chinese government has done or not done today. >> it's what they have already done or said they're going to be being priced into the stocks already right now. so has it been hammered enough over the course of six to seven months at this stage now where maybe it reflects a value

proposition because it's lost trillions of dollars of market cap over the course of the last several months to the industry overall. >> dom, thank you very much. dom chu. coming up, where are you -- there they are the ceo of advanced auto parts on his company's quarterly results. upbeat guidance, rising costs. the stock up more than 30% more upside for this pandemic play plus pay for the pool? how about for an early check-in? we'll talk to the ceo about a pricing strategy. and the nasdaq 100 at an intraday high but some stocks are lagging behind are those the es wthonor buying? we'll dive into that in trading nation no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. don't like surprises? [ watch vibrates ]

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welcome back to "power lunch," everybody. shares of advanced auto parts up more than 30% this year. the stock adding slightly to those gains today after reporting a second quarter earnings beat, raising its full-year outlook. the company did miss slightly on same-store sales, but one reason for the great guidance, there's strong demand for auto parts with the average age of a vehicle on the road now at 12 years. here first on cnbc is tom greco, president and ceo of advanced auto parts mr. greco, welcome good to have you with us your numbers on cash flow and

other metrics were actually higher not just than 2020 but than 2019, which was the pre-pandemic year. tell me about it >> well, thanks for having me, tyler. we had a great quarter our team really delivered. to your point, you compare it to 2019, which is a good way to do it because it smoothes out a lot of the pandemic-related factors, we were up over 13% on a two-year stack our earnings per share were up 57%. we were significantly above our free cash flow levels, 70% above two years ago. we definitely have been executing our plan well. >> apart from the sheer brilliance of the ceo, what explains this rise in demand how do you tell your shareholders and the public about what's happening in your neck of the woods? >> first of all, it's definitely

not the brilliance of the ceo. we have a team that has put together a strong plan we're trying to build an ownership culture, which we've done very successfully by giving stock grants to our frontline team members, which is quite unique we've got a strategy to grow above the market, which we do in both of the sectors of our business, and we've got a pretty unique opportunity to expand margins. our team has built very, very strong plans around expansion, which we delivered today we're going to return a lot of excess cash back to our shareholders, which we also did. in the quarter we returned $450 million plus of share buybacks and dividends back to our shareholders so it is the execution of a multi-year strategy that we've been driving for a couple of years now. >> let me just ask one follow-up question here. demand is high, obviously, for replacement parts, whether it's

through the professional channel or the do-it-yourselfer at home who wants to change their own oil or do a different kind of job. but are you able to get the parts you need to serve and meet the demand has the supply chain served you well or are you seeing bottlenecks? >> there's no question it's been a very challenging supply chain environment. everything from the sourcing of products over in china, their availability of people to do the work over there, containers coming across the ocean, and then here on this side even within our distribution centers there's tremendous demand for supply chain workers now, that has moderated the last couple of months but it is a challenging environment. we're fortunate because our merchant team and supply chain team, they have long-standing relationships with our suppliers and that's helped us it's a challenging environment. >> yeah, i'm curious if you can

keep growing profit margins with labor costs doing what they are, tom. i also want to ask you about electric vehicles. we heard from cathie wood on cnbc last week and this is her out of the box thinking that it would go from 2 to 40 million units. brian sullivan just did an illustration of how difficult it can be to charge them. if the car supply starts going electric at an increasing rate, what does that mean for your company? >> first of all, the industry has been around for a long time. we've seen a lot of innovation and technology changes over the years. clearly we're positioning ourselves to adapt to that change over time it's a trend that we describe as deeper than it is sooner there's 280 million cars on the road eventually there will be some scale of electric vehicles but even my 2030 we have about 15 million vehicles on the road out of a population of 300 million. so it's going to take time

but every electric vehicle has wipers, it has brakes, it needs to be accessorized, it needs to be washed. we sell a lot of the products anyway today and we're positioning ourselves to make sure that we're able to service all the makes and models that are on the road. >> i want to ask you about consolidation. your industry, there are several players of scale, let's put it that way do you see consolidation in the industry as a possibility over the next five to ten years >> well, it is a very fragmented industry relative to other retail sectors if you take the big four players, we only comprise about 30% of what is a roughly 160, $170 billion total addressable market so we do see opportunity to gain share from some of the smaller players in the industry. you're going to see us continue to grow and get to new outlets we just expanded into california we picked up 109 locations in

california through pep boys, and we're very excited about our westward expansion out there so those types of things you're going to continue to see as scale, having an omni channel platform, having a mobile app, having availability really does make a difference. in the past year that's been borne out. i think the larger players have won over the last certainly 12 months. >> you just educated me. i had no idea that the market was as fragmented as you said. tom, thank you for your time today. we appreciate it tom greco. >> thank you thanks for having me. >> you bet advanced auto parts. up next, imagine seeing your cryptocurrency completely vanish the craze getting many to cash in and bitcoin has a dark side with hackers trying to take over those accounts we have that investigation when "power lunch" returns. folks the world's first fully autonomous vehicle is almost at the finish line today we're going to fine tune the dynamic braking system

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welcome back to "power lunch. i'm rahel solomon and here is your cnbc news update. missouri's attorney general is suing school districts that require students to wear a mask. he claims mask mandates are

unlawful because children are at low risk of getting covid-19. former governor cuomo has had his emmy taken away. the international academy of television arts and sciences said that it rescinded the emmy because of the new york a.g.'s report on cuomo and his subsequent resignation. and in israel, health officials say that they are seeing an impact from the country's covid-19 booster drive. covid spread is slowing among people over 60, the first group to get the additional shot new daily cases are also near their highest level ever the government reporting over 9800 just today. kelly, back to you. let's turn back to the markets here which continue to crawl higher the nasdaq is now up to 15,017, a half percent gain and the first time ever above 15,000 s&p adding a quarter percent, same for the dow

take a look at this stock surging on strong quarterly results and projected record revenue and billings this year this is nearly a 20% gain for the cybersecurity name, tyler. the crypto craze has baftd inv boosted investors but also led to a rise in hackers taking over and draining accounts leaving investors with little recourse many customers of coinbase are taking aim at the customer service department there saying coinbase has left them hanging eamon javers now with a cnbc investigation, crypto nightmare. >> reporter: tonya and jared discovered cryptocurrency through tonya's worker a few years ago and they thought the boom that attracted so many investors would give their young family a financial way up. >> it was going to be a way to retire and be secure. >> reporter: so they started buying bit cone and ethereum

using coinbase. >> so how did it go at first >> up until recently it was great. >> reporter: earlier this year, they say their account was hacked their investment which had grown from $45,000 to some $168,000 was essentially wiped out, going down to $587 >> i see a ton of security alerts, password changes, everything then i signed onto the crypto and i said it's gone. >> reporter: to their astonishment they said they couldn't get anyone from coinbase on the phone, just email. it turns out they weren't the first investors to have that problem. more than 11,000 complaints since 2016 mostly related to customer service have been filed. and the better business bureau in an alert says coinbase has nod responded to a pattern of complaints from consumer who say state they are locked out of their accounts even after providing required information or updates and customers have difficulty

reaching the company >> this not only was our future, this is my kids' future too. >> you wrote them and said you lost $170,000 and they didn't call you back? >> no. they still haven't. >> reporter: here's how the crime often works. hackers get into the victims' phone and redistrict texts and conversations to themselves. tonya's last communication with coinbase came in late may when coinbase gave her back access to her account after she was locked out for a month. >> there was always a struggle with customer service. >> reporter: former customer service employee jason rose said the company's customers needed reassurance taking the plunge into crypto. >> they need that touch of somebody being there while going through this complex transaction. >> reporter: he worked at coinbags from 2014 to 2016 add the company was phasing out live chat. >> the decision to do that was disastrous because the time that it took to respond back to

emails took a lot longer than it would for a live chat. >> unfortunately, most people who contact me would tell you it's poor customer service. >> reporter: david silver, an attorney who specializes in cryptocurrency cases, represents the couple. >> they're being almost victimized twice. >> reporter: while the company was happy to go on camera to talk about its ipo and earnings, it repeatedly declined to sit down for an interview on customer service, instead sending a statement saying in part we grew from 43 plus million users to 68 plus million users as of june 30, 2021. through all of this growth, some of our customers unfortunately experienced challenges and delays reaching our support team the company would not disclose the number of accounts that have been taken over, but a spokesperson says only a small number, less than 0.01% of our customers have been impacted by account takeovers. law enforcement officials are seeing crypto account takeovers

across the country an fbi analyst told us these crimes are different from those in the real world in one important way. >> one of the difficult things about cryptocurrency transactions is that they're irreversible so when the attacker withdraws those funds from the exchange, that's not a transaction that you can take back. >> how big of a problem is that, the crypto exchange accounts being completely deleted >> it's a huge impact on the victims, which is incredibly difficult for them and something that we're always looking to help out with. >> reporter: a coinbase spokesperson told us it eliminated live chat in early 2020 to avoid long wait times. as we continued to ask questions, the spokesperson also said coinbase will roll out phone support this month plus live chat support later on this year as for the couple, coinbase reached out to them by email saying the company would not reimburse the couple because the

breach on their account was due to a third party and, therefore, not coinbase's account. >> that third party being the telecommunications company through which they were doing business >> that's correct, yeah. so the way this works, it's called a sim swap in which the hackers get a sim card for your phone sent to them by the phone company. they do that by calling them and simply impersonating you they can pretend to be you get another sim card and they have access into your phone. they can start communicating with all of your apps and all of your accounts. so through that method of simply lying to the phone company, the hackers can get access to your account information and off they go there's a real question about what the phone companies need to do to tighten up as well. >> it seems to me that there are two things going on here and i want you to tie them together if

you can, eamon on the one hand there is a risk that your account with coinbase or other such exchanges could be drained by a hacker. that's problem number one. problem number two that you point out is a deficit, a serious one at that company, on customer service what does the one have to do with the other and if the customer service was better, would the couple have avoided this problem in the first place or not >> well, customer service might not have saved them, because as you see from the statement from coinbase, they're saying this hack wasn't to do with us so it's not on us to reimburse you. but they might have gotten the satisfaction of getting somebody on the phone or face-to-face meeting at a branch office someplace, which doesn't really exist with coinbase, to hear that from a person directly instead of this frustrating saga they have gone through you're right, you do face this risk across different exchanges,

depending on how hackers can get into your phone and whether you've used two-factor authentication so the risk exists the customer service piece of it would simply help customers mitigate the damage that's been done and figure things out much, much quicker. >> when you don't know what's going to happen, why it happened and whether coinbase will reimburse you. >> imagine if this happened at a bank if you called a bank and just said i've lost $170 tha,000 thaa in my account yesterday, you'd have somebody on the phone right away there's anti-fraud procedures, there's insurance, there's mature, sophisticated ways of dealing with that because banks have been dealing with bank robbers and there's a process enshrined for that in this case this is a new industry and when coinbase talked to us, you saw from their

statement they're citing the incredible growth that they have had as part of the reason why some customers have had an unis the p-- unsatisfying experience ahead we'll talk to a hotel head that has a new strategy the ceo joins us next to explain charging for the pool. plus the last stop in our powerhouse -- i can't believe it's the last stop. >> how did we get from boise down to los angeles in that van? >> it was fun. >> you were driving. >> it was hazy we will look at l.a.'s housing market when "power lunch" returns. if you wake up thinking about the market and want to make the right moves fast... get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity.

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welcome back, everybody. the oil market is closing for the day. crude is up more than 8% now over the past two sessions pippa stevens has the latest. >> oil jumping again today building on yesterday's gains. it's a little bit of whiplash here for crude because the strength over the last two days has now completely erased last

week's sharp drop. demand concerns appear to be subsiding as china reported zero new covid cases and reopened a port in mexico it is also helping prices today. wti has $67.63 for a gain of throw% brent crude at $71.09 advancing 3.5% it's first settle above that $70 level. they expect demand to recover over the coming months and quarters although it will be uneven across regions. they also noted on the supply side of the equation, opec and its allies can adjust output should the backdrop fundamentally change they see more gains ahead. tyler, back to you. the fourth largest hotel group mcr has a new pricing strategy lower room costs but lots of fees for just about everything else extra for the pool, early or late check-in and even housekeeping it's a page from the budget

airline playbook but will it get more customers to check in and check it out seema mody is here with the chairman and ceo of mcr hotels, a guy with a great first name, tyler morse. >> a lot of people are questioning whether this pricing concept will work. welcome to "power lunch. you are behind this pricing concept. yes, people are wondering whether it's the right thing had to do, tyler, to charge customers access to the pool, early check-in, late check-out tell us why you think this is the right time to do this, to implement this strategy. >> great to be here, seema i think all you have to do is look at the airline industry they pulled in $105 billion in nonfare-related revenue last year it's fully 35% of air carrier revenue. customers griped about it at first but now they love it

you can fly to florida from new york for $39 if you want to check a bag that's an extra $20. if you don't want to check a bag, you're good at $39. so the hotel business is the second oldest business in the world. it took a long time to come around to this if you look at the aviation business, it's only been in business 80 years and already gone up and down that curve in unbundling its pricing, so -- >> i was just going to say i've increasingly say in the travel industry customers do want to customize their experience but at the same time i totally understand the ease and convenience of booking an all-inclusive resort where you don't have to think twice about getting into a hotel, going to the rooftop bar. are you worried that you're going to over time collect less revenue per customer >> we're not worried about that. if you look at the high end of the hotel business, they have beening to this foryears, if not since the beginning of time. you stay at a four seasons, you

know, you get charged for breakfast and lots of other items along the way. same thing at disney same thing at the beverly hills hotel. that's a fairly priced guests so we're talking about bringing this down to the three and four star level of the market people want to customize their experience, as you said. by unbundling the product, it allows people to have a more customized experience. you decouple the elasticity of demand for each of the various products and then people can pay for what they get, which is what they want in the first place >> at how many of your hotels are you trying this? and are you doing it at the hotels that you own or operate with the branding of marriott or hilton or some of the other big ones >> so we're doing it at all of our independent hotels right now. >> how many are those? >> hilton and marriott have not

jumped on this bandwagon yet. >> i would think they would be hesitant to try it. >> they're approaching this from the brand standpoint, not the hotel ownership standpoint but the customer is interested in paying for what they get. for example, business travelers never use the pool so why should they pay for it? >> that's the reason i go on a business trip, tyler >> well, the tylers clearly use the pool but a lot of other people don't use the pool so we have free pool use at one of our hotels, the twa hotel, up until noon and then periods of high demand, we charge a different fee to use the pool. early check-in, early check-out, you know, that's not just good customer service, it's just good business we have to change around our housekeeping schedule around

that some hotels will always have all inclusive. remember the club meds where you get the shell necklaces and the beads? >> the pooka shells, yeah. >> that will always be a thing but as more hotels start to piecemeal their services -- we're used to paying for wi-fi now you pay for super fast wi-fi and you can get the garden variety snail service for free you pay for parking. why would you not pay for early check-in or the pool or breakfast. you know, you pay for the movies you pay for a noncancellable room you may a higher premium for that so it's segmenting demand -- >> tyler, we're going to be watching if this strategy works because it's in these big cities where you are testing it out we know new york, l.a., chicago, that's where occupancy in recent

weeks has really been on the decline. to join us to let us know how it works out. tyler morse, thank you for joining us. >> so fascinating. now i'm thinking about all of those business travelers in the hotel pool or not. seema, thank you very much. let's get a quick check on some of the hotel stocks it's been a long road up from the lows of the pandemic but a little more mixed lately here you can see year to date wyndham is up a nice 19% but intercontinental still down. ihg down about 2.5%. the stocks are well up from those march lows, though, of last year. for instance, wyndham from the pandemic low of 184%, it was $25 back then and is at $71 now. hilton was at 65 at now it's 126. this is a pretty nice doubling marriott also one of the big winners. in march of last year you paid 70 for the stock and today it's 137. strong gains off the lows. a little more differentiated

story this year. and now investors have to figure out which of these names or if all of them are going to be placed for the next phase of this rally, ty. the nasdaq 100 trading at record highs but not every name in the group is outperforming. we'll run through the names lagging behind and our traders will tell you whether to buy -- it's trading nation. it's usually what seema does, but i'm going to do it today >> all you. >> we'll be right back (♪ ♪) whether it's a technology first, (♪ ♪) a fashion first, (♪ ♪) a science first,

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new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. welcome back to "power lunch," everybody. the tech heavy nasdaq 100 all-time highs in today's trade but not all of its components are up to speed. zoom, tesla, peloton and trip.com still far off their records, off their 52-week high bias anywhere from 20% to 40%.

can any of these names play catchup? let's consult your trading nation team today. j.c. o'hara of mkm partners and quint tatrel j.c., you like biib which is 25% off its highs. why? >> i do like this stock, tyler first i think we can both agree nasdaq 100 in a clear bull market so i don't think the proper strategy is to look for names making 52-week new lows. we're in a bull market and have to question why those names are so week. what i like about biogen is it's been consolidating and we believe poised to break out. notice, the knock on biogen is it's been dead money for years and the longer term chart that it has been moving left to right the last five years. but this looks awfully like how

the stock traded from 2000 to 2011, a decade-long consolidation period when the stock finally broke out in 2011, look at the powerful run. biogen appreciated nearly 400% that's why i'm keeping my eye very closely watching biogen because we believe it's on the verge of breaking out and it could be a powerful breakout. >> quint, your pick is micron, down 26% from its 52-week high what per ssuades you >> first of all, j.c. makes some great points but i do think there's an opportunity when you have such a large disconnect and such a very small number of stocks leading the broad averages that you can go out searching for some value i think that's what we see here with micron. micron is significantly off highs. however, it is trading at valuations now that are just ridiculously cheap six times forward earnings let's say they don't hit those earnings because we do have a

slowdown in memory chips so it's 10 times or 12 times forward earnings still ridiculously cheap they have a stellar balance sheet. they occupy the memory chip space. it's basically semi conductors for computers. so the idea that computers are peaked and we're not going to see a pickup in computer demand, i do think we'll see that. i think micron is the one for catchup. >> for more trading nation head to our website follow us on twi twitter @tradingnation kelly, back to you. let's take a californiacation up next, during the pandemic many wrote off the state my next guest says this is the biggest exodus she's seen since the 1994 earthquake, but there are a lot of buyers. we'll tell you who right after this

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we are wrapping up our powerhouse summer road trip in los angeles. according to zillow, median home prices in l.a. are $776,000, putting in the top five most expensive markets in the country. nearly half the homes are selling over list. my next guest says the bidding wars are slowing a bit they are nour slowing to just 8 to 10. joins us is a real estate broker with keller williams stephanie, this is a major story of churn, isn't it you said you've soon the biggest exodus since the earthquake, and

maybe we'll start with some of the listings to show us what we're talking about. how about the granada hills sold for $1.2 million how many offers did you get on this one >> we had 32 offers in the first nine days, and yes, it bid up several hundred thousand over list, which is just unprecedented. >> wow, studio city, we're getting into more of the high end of the market, stephanie tell us about the slowing. again, we're slowing from really high levels, but what is accounting for the cooldown? >> sure. i think what's happening is, you know, as soon as shelter in place hit, everything just went sideways the first month, of course, was radio silence, and then right about mid may of 2020, it just two things happened primarily, interest rates dropped to historic lows. money is almost free high 1s, low 2%.

collectively everybody went from spending 8 on% of their waking hours outof the house to 80% inside the house, so it was all of a sudden hyper-sensitive to where am i living? what can i do with my own housing situation. it changed lanes and took off like a rocket. quite frankly u. when shelleder in place hit last year, i thought after selling real estate for a few decades, i thought, i'm done. who is going to want me in their house to sell their home it took off like a rocket. what pertain of your listings are trading at above the asks price. is that roughly the same as last year >> that's a really good question it really depends on where the seller prices their home in relation to the market last year we were seeing where you would look at the comps and just pick a number higher, and

it will go from there. we are back to a new normal. it has leveled, though we are still seeing strong pricing, we're not seeing runaway pricing. we are getting some buyer fatigue, buyers who will say, i'll pay a good price, but i'm just not going to pay a crazy number, like we did see last year >> how about -- where issal this money coming from? where is the cash coming from? >> sure. last year in california, this is a california association of realors statistics, 83% of all transactions did get a loan. only 17% were all cash interest rates are so low, so it's affordable. in many cases, outside of property taxes, it's actually more affordable to purchase than to rent. so even though there's been a tremendous exodus last year over 50% of my clients left california, we are seeing a tremendous amount of people either moving up or getting into

the market even for a first-time buyer, which our price levels are over half a million, $700,000, which is a bit crazy for a first-time buyer, but compared to rent, it's in many cases cheaper to buy than it is to rent >> first segue stephanie. thank you very much. it's great to have you cap off our road trip today. >> thank you we want to quickly show you shares of the reddit stocks which are moving to highs of the session. amc, gamestop adding 32% keep an eye on the whole meme stock list, if you want to call it that. there's gamestop this is just the last couple hours, accelerating to the highs. we're back in a moment hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot.

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that building you're trying to buy, you should ten-x it. ten-x is the world's largest online commercial real estate exchange. and it's fast. if i could, i'd ten-x everything. like our lunch. (laughs) amazing! see it. want it. ten-x it.

dom dom chu is zeroing in on this stat >> it only took seven years. new york has finally overtaken the once red-hot rental. san francisco riding the tech and com services boom, the most influential and cutting-edge companies putting their headquarters around the area to

help drive up rents. not enough ever to outpace san francisco, but many folks cried about the death of new york city as many people left for the suburbs, for florida, from new work-from-home regimes new york is back to pre-pandemic levels more people have opted not to come back to san francisco that's why new york is now the expensive market $2800.10 per month for a one-bedroom apartment, tyler >> we see the gains behind you, too. biggest -- is new york emerging because things are declining or picking up >> gilbert, arizona is the most expensive of these five, some $1600 per month.

new york has been steadily climbing, if there's 25 metro markets that have declining rents year over year, four of which belong to major metro areas in california, as people flee. >> on your last segment, thinking about what she was saying as a real estate broker in l.a we still haven't heard from the president. any mom now. thanks for watching "power lunch," everything "closing bell" is now. he's expected now at 4:30. welcome to "closing bell" i'm wilfred frost, all green on the market today let's look at what is driving the action leading the nasdaq after a brutal stretch