final trade? >> gm. yeah, so they're the -- what was it they did the other day? >> all right >> i'm having a brain freeze right now. it was a dip, i bought it. sorry. >> marathon petroleum, mpc >> joe >> ebay. >> weiss >> verizon moving back up. >> that does it for "halftime. kelly evans and "the exchange" begins right now >> hi everybody. the ransomware search, can the ceos at the white house come up with a way to solve it we'll bring you the latest and the rising cost of being unvaccinated delta now charging workers 200 bucks a month if they haven't gotten the jab how it works and whether other companies are expected to follow

suit and as the stock showdown in rapid fire, the ipos to watch. we begin with another day of records. come with me we are just below 4,500 on the s&p today, first time that's happened nasdaq crossing 15,000 yesterday, hanging on to a gain of 15,047. so, modest increases across the board. dow and s&p leading the way up about .3 of 1% today in terms of the sectors, look through the nasdaq names leading the way. technology plays are looking to boost higher chip stocks. it's up about more than 1% today, 1.5 call it led by nvidia. nvidia the little engine -- the big engine -- that could, just keeps going and going. checking on the cyber stocks i mentioned the white house summit the etfs tracking the group are

higher today cybersecurity etf up 1.5%. octaup 5%. these are coming off a monster week meanwhile, take a look at the 10-year. it's just crossed a key technical level to the upside as yields march higher globally you can see this turn here that seems to be accelerating 1.33%. where do we go next? let's bring in rick santelli with more thoughts on the breakout in rats, rick, the breakdown in the dollar, and what's going on with the risk in the move here? >> i do think if you look at this week or indeed the last week and a half, you've heard a short term breakdown look at the two-week chart we're about ready to close at a two-week high for 10s, at a two-week high for 30 we need to be careful here i think the major resistance is still slightly above the market, right under 140. let's keep it simple the bottoms in 2012 and 2016 were in the high 130s and even

though we've snuck up a couple weeks from 112 up to today's high of 134 which is a technical level. in addition it's the 50 day moving average comes in at 1.33% on 10s let's look at it since the beginning of july. you can see how it's moved higher, but the key here is international, all global rates are going higher look atboones. oh, 1 month high look at the uk guild, two week high as we go into the fed speak that's coming out of jacksonville, this isn't about the u.s. it's about the globe it's about a world indebted that's still floating in liquidity that's not paid for. and all these things are making many investors nervous, the fact that the equities have now been strong as a positive, but the dollar index has softened up a bit. we want to pay close attention to that. if there really is a breakout above 140, the dollar index is going well above the 93 mark kelly, back to you >> rick, thank you very much

rick santelli. is it too late to jump into the repolice station and reopening party if you haven't done so yet? and what if the fed surprises us with more taper talk this week vice chair and head of the investment group at ariel investment let's start with this. i'm not sure what to call this move is it deflation, inflation, reopening? this comes off a summer in which this trade did not perform well. >> yes, and i'm glad to be on today. this is a kind of day we think is going to be typical going forward. it's all of the above, kelly we had the delta variant caught a lot of people by surprise, caught markets by surprise, caught me by surprise, and it wasn't good for what i'm about to say we think directionally we're going to have a strong economy based on reopening, based on pent up demand we're going to have a lot of inflation, and we are going to have higher interest rates we are going to have tight labor

markets. we're going to have consumers and workers with more money in their pockets and itching to spend that money and we're going to have record high money supply. all those things point to reopening, reflation, higher interest rates that's good for a certain kind of stock, value stocks it's not so good for growth stocks >> what happens if we're getting further into the fall and we're heading inside for the winter and there's a fifth wave what if the taper talk this week is a little bit more hawkish than expected? >> yeah, then interest rates will go higher you're absolutely right, the risk to this, if covid doesn't get better like i think it's going to, then that wouldn't be good but we're all -- we're making progress with the vaccinations, rates are getting higher, people are building up immunity from having gotten the disease. i don't think the next round is going to be as bad as this even in this round the deaths weren't as bad, even though the cases have been so ugly. i think we're making progress against this disease, and i

think we're going to be pretty close to dealing with it remember it doesn't have to go away completely. it just have to be something where the economy can deal with it, and i think we're going to have that condition next year. >> let me flip the question on its head a little bit. when do you look at those levels and feel like things are a little bit unmoored? >> you know, importantly, so we think the tech stocks are anchored to redwral. they are benefitting dramatically from these low interest rates we talked about this before. tech stocks earn their money way in the future. if you have a low discount rate, then the present value of earnings is close to the value stocks the value stocks make their money today, so they benefit less from low interest rats. as that changes, we think the nasdaq is exposed, the s&p 500 is exposed because it's got such big exposures to large cap tech stock. so, we think the right place to

be is in value, small cap value. the fund that i manage is creating 13 times earnings we think that's the opportunity. >> you're sort of hedging against the index by stock picking. so, you have some names that have done really well this year, up 41% northern trust even is up 27%. but let's talk about madison square garden. you're a chicago guy, right? why all the love these stocks where the e or the s, they're down 6% to 25% year-to-date >> right well, people -- madison square garden entertainment owns the real estate. even a chicagoan will tell you is one of the prestigious venues around the world they're building the sphere in vegas. we toured the sphere about a month ago. it's going to be a spectacular site for concerts, and we think there's a lot of demand for entertainment coming in. they own the rockettes real estate is going to very well in an inflationary

environment. real estate holds it's value plus the niknicks are going to e better than they've been >> if that's any part of your investment case, i'm worried the real estate piece is interesting. when that sphere opens, i think we should interview there. i've heard more about it from you than anybody >> i love it you're going to love it. the led screen, basically the entire ceiling is an led screen. >> it will be nice to have a vision of what the world can look look post-pandemic as we get back together. thanks for your time today we mentioned the cyber summit at the white house today. right now in fact a group of the biggest names in business are getting set to meet with administration officials the move comes as cyber and ransomware attacks continue to spike. since 2019 ransomware attacks are up 62% globally and 158% in north america. for more on what might get accomplished today, let's bring in amon javers

amon >> kelly, take a look at the video here you mentioned the ceos it is an all star list at the white house today. some of the biggest heavy hitters have been arriving at the white house, some carrying their own bags believe it or not as we watched some of the arrivals here of some of the top executives coming in one of those executives, dr. arvin krishna, the ceo of ibm did stop and talk to us, and we gave us a sense of what he expects today. take a listen. >> we are going to get out of the meeting a much more holistic and coordination on how both government and industry can work together in cybersecurity. it's the issue of the decade, so we've got to go solve it >> he called cybersecurity the issue of the decade. now, what they're going to be talking about inside the white house once they sit down with the president is a whole host of things under that cybersecurity heading, including the cybersecurity work force

shortage the white house has been emphasizing that there are about 500,000 cybersecurity jobs that are vacant right now they can't find those workers. so, part of this is going to be about worker training, education, employment opportunities. and then part of it is going to be about the deliverables from the companies. each of these companies have been asked by the white house to prepare something to release today. we can expect a slew of releases after this meeting comes out we'll see what they do here, how much money they put behind it given that these are some of the biggest and most powerful companies in the world and also what specific changes they're expecting. we heard from the cybersecurity adviser to the white house earlier today who said one of the things she's looking for is announcements around the idea of building in cybersecurity into the hardware and software before it goes out to the public rather than patching and trying to catch up with the hackers after the fact that might be one area to look at as we ksee companies like apple and microsoft in attendance as well >> it's a real difficult problem.

i saw travellers there to speak to the insurance piece of it but what can be done is a huge pressing question. eamon javers is at the white house. speaking of hacks, let's check on the etf with that name. the biggest components are cloudflare, up 62% cisco up 34% fortinet is 106% and shrunk 8% j&j wants a booster and delta airlines tells its employees to get the shot or pay up we have all those stories coming up on "the exchange. >> announcer: this is "the exchange" on cnbc.

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♪ welcome back news on covid vaccines today on making them and taking them. moderna pushing for full approval while a j&j booster could be on the way. and delta airlines offering a new incentive to its holdout employees. now, meg, let's begin with you >> hey, kelly. well, johnson & johnson trying to provide some data to get in the booster conversation we've heard u.s. health officials talk about folks who got pfizer or moderna needing a booster shot eight months later. now johnson & johnson saying they have given their booster to

a small number of people in an early trial six months after getting that first shot. what they saw was it produced what they call a rapid and robust increase in spike binding antibodies to the extent they're nine fold higher than about a month after people got their first shot this comes as health officials including the cdc in a tweet yesterday signalled they expect j&j will require a booster, saying people who received j&j will probably need a booster dose, saying they need more data this is the first we are starting to see of that emerging data and we are waiting to see more, specifically on the safety of giving a second shot, as well as the efficacy against delta as j&j has shown that their immunity remains stable out to at least eight months. this showing what people are calling promising news that you can boost antibody levels up six months later the moderna front saying they have finalized submission of full approval. so we'll wait for the fda to

accept that and see how long that process takes that would put it in the same class with pfizer. and more news coming out really in the last hour or two. pfizer and biontech say they've started their submission to the fda for their booster dose and plan to finalize that submission by the end of this week. so, we're going to see that go through the regulatory process, the fda needing to sign off and the cdc as well, kelly so, this is starting to move into the fall. >> and even the vaccines, the efficacy you get from having had covid still seems to provide better protection. my kids, my older two have it, if they were asked about vaccines, is there a way to prove, hold a vaccine card, say they have it, right? so, i forget sometimes we go if they're not wearing a mask and i'm explaining to people, they already have it. i don't think they're going to get it maybe they should be wearing masks anyway my point is how do we recognize the people who literally had covid as part of the

quote/unquote protected population >> well, the data actually suggests that you get better protection from the vaccines than you do from natural infection. we haven't seen that when there are vaccine passports that this is extended to people with natural infection. some argue that they should because it's not like you don't get any protection from natural infection. you just get better protection from the vaccines. so, that's a really good question and whether that's something that will come up with schools as the vaccines get extended to younger kids will be an important thing to be looked at for sure >> should they be masked if they've had covid? that one i'm confused about. >> yeah. the cdc's guidance applies to people who are vaccinated or unvaccinated it doesn't stretch into whether people have had prior infection. so, for kids who would be in a crowded place, in a place with high community transmission, i think the cdc's guidance would be masking >> strange or interesting thank you very, very much. i appreciate it.

let's turn on that note -- before we turn to phil la bow, here's a look at how stocks are performing moderna is up 282% pfizer is up about 28% johnson & johnson is only up about 10% and that's about half the gains we've seen for the whole s&p 500 so far companies are pulling out all the stops to urge workers to get vaccinated delta airlines says it will charge employees who don't get the shot >> this is an interesting approach that delta is taking. we've seen this from airlines deciding how are they going to get more employees vaccinated. united said you've got to be vaccinated by a certain date, otherwise you lose your job. delta is saying if you're not vaccinated by november 1st, it will cost you. here is the mandate, if you will, from delta november 1st is the deadline unvaccinated workers will be hit with a surcharge, a monthly $200 surcharge on their health insurance if they are not

vaccinated in announcing the new policy, ed bastian said the average hospital stay for covid-19 has cost delta $50,000 per person. this surcharge will be necessary to address the financial risk the decision to not vaccinate is creating for our company keep in mind that 75% of the employees are already vaccinated what about the other 25% that comes out to about 17,000, 18,000 employees they are not vaccinated. so, they've got 75,000 employees. the goal is to get as close to having complete vaccination for all employees. and that's why delta is taking this approach. quickly also want to talk about american and southwest if you look at the four largest airlines in the u.s., you now have united and delta setting vaccine mandates, if you will. but you haven't heard anything from southwest and american. both airlines say they highly encourage their employees to get vaccinated but at this point, neither of those two airlines has made a decision to follow what we've seen from united and delta

kelly? >> yeah, and it was interesting to read delta said it's $50,000 sometimes these hospitalizations for unvaccinated workers we'll see if other companies follow suit in this way. phil, thank you. coming up, more surprises as we look into a hot investing trend in water, as investors pile into water themed mutual funds do they really know what's in them? plus is the real estate market hot or not? we'll get the latest pulse of luxury to see what this indicator is telling us about what and where people are still buying we're back in a moment

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we're up 135 at the high we're hanging on to about a quarter percent gains. nasdaq is lagging slightly, but the s&p and nasdaq hitting big numbers. the s&p over 4,500 for the first time financials were the best performing sectors american express, jpm, goldman sachs all moving higher by 2% to the 3% and around this time yesterday gamestop started skyrocketing. remember that? it's been in and out of the green hanging on to a gain right now. it's remarkable how well it's held up since meme mania earlier this year. another stock popular with the reddit crowd is hitting back today at questions for the trial data for their alzheimer's drug. the shares are still down 26% for sava and finally toll brothers is gaining today, beating on earnings saying low inventory and low mortgage rates helped their results. they expect to build 10,000

homes this here with an average price of $830,000. wow. toll often seen as the luxury play over to rahel salman for a cnbc news update. >> here's the cnbc update at this hour, a house committee is demanding record from the trump white house and several intelligence and law enforcement agencies the requests carry a two week deadline the governor raising the state's official covid death toll by more than 12,000 to more than 15,000 she's trying to give a more honest picture of the pandemic casualties, although the higher number isn't totally new because johns hopkins and others have been using the higher tally for months because of known gaps provided and the world health organization says it is still unclear where covid-19 came from, the group warning that the origins of the disease may never been found and that the window of opportunity to determine the beginning of the pandemic is closing rapidly.

and on "the news," what's getting in the way of investigators and why china is accusing the u.s. of politicizing the search for answers. that airs tonight at 7:00 p.m. eastern. rahel, thank you coming up, it's a sector showdown in rapid fire today which booster shot will see the biggest boost, a consumer focused ipo buyoff and bank buybacks reign surprise. we'll explain next yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪

welcome back, everybody. let's catch you up on a few stories that should be on your radar right now. it's time for rapid fire and we're doing sector battles today. here to battle it out, mike santoli, the ceo of gracile global, very nice, and nancy tangler. so, next we need santoli capital to round things out. >> try to avoid that >> a tale of two retailers dick's is soaring, as the ath leisure trend continues. sales were 45% higher than in the same quarter of 2019 just unbelievable. a different story for in nordst.

sales remain below 2019 levels so, nordstrom or dick's, do you stick with the winner or pick up nordstrom as the value play here >> as the shopper i say nordstrom. but as an investor, i think nordstrom is a difficult stock to own there's leadership issues. if you look at their sales, they have not returned pre-pandemic levels and the margins are not expanding as fast as even macy's if you go into the stores, you'll see there's very little selection and they cut back staff pretty dramatically. and you kind of go to nordstrom to get the experience. i think dick's has demonstrated much better leadership, much better management, and they're moving towards the shopping experience and i think that's not the case at nordstrom and so i think you want to stay with the winner here and wait for nordstrom to get it figured out. because last thing i'll say is they don't even get credit for

the wrack, which is also still below pre-pandemic levels, but it's never really shown up in the valuation. and i think maybe they need to rethink the strategy >> steve, would you echo that? is there anywhere else in retail it is surprising to see that macy's can execute better than in nordstrom in an environment like this >> i agree with everything that was just said, but i'm going to go a little bit underneath the head and talk technicals nordstrom ran 20% into the print, kelly what does that tell a trader is that maybe it was already baked in maybe that's the reason for' little bit of the weakness coming out of the print. i do believe that dick's on the other hand pulled a lot of sales forward. sporting goods, bikes, fitness equipment, equipment, glamping as probably all of us would do versus camping, right? so, when i look at it, i say at first blush, i like dick's

better but i don't think it's been this far extended above the 50 day moving average i would wait there i would actually buy nordstrom >> wow >> but i don't like any of the fundamentals involved in nordstrom. the only reason i would buy it is technically it's finding support around that december 2020 level and maybe you're due for a bounce >> full disclosure, i just bought my parents a glamping trip, and happy birthday, dad, today. i'm not asking you to make a call, but what would you say when you look at the technicals versus the fundamentals and the fact we have two big moves in these stocks this week >> the divergent responses showed the level of uncertainty investors have about exactly what was mostly a pandemic phenomenon and what's the norm afterward because dick's is getting credit for maybe this is a more enduring lifestyle shift, younger people that's going to be more of a spending pool that gets more

money over time. whether it is or not, that's the market's conclusion right now whereas nordstrom after macy's and dillards have much better beats. i guess we're back to where we were before which is department stores are sluggish and challenged and maybe they look cheap, probably for a reason >> fair enough by the way, be sure to catch eric nordstrom on "closing bell" at 3:00 p.m. eastern time. next the battle for vaccine supremacy. pfizer shares are lower today despite getting fda approval for the covid shot this week they started rolling submissions for the booster dose and gentlemen of the jury is losing steam after saying the booster does rapid response. both stocks higher on the year, but pfizer versus j&j, someone else in the space or would you avoid the vaccine names altogether >> so, i am long pfizer. it's been a perennial holding of mine forever

and so i would have to go with that one full disclosure, i am long on it, as i said. it's up 30% year-to-date against johnson & johnson which is up 10% year-to-date you get price action that's maybe already in the stock that's probably what we're seeing just a little bit here. but i would say nobody has any clue as to how many boosters you're going to need, how ongoing this is going to be and how much corporate america is going to demand that you get these shots. ultimately they're both buys, but i would say with pfizer. >> nancy >> i'm going to disagree again i think from here you want to own j&j and that is because of the robust biotech pipeline they have from their acquisition and the fact they have a lot of levers to pull and they've unperformed. i think eventually the vaccine boost to the stock prices will

fade and we'll be judging the companies on judgmentals again >> we have the whole market on this panel you for j&j. i appreciate it. let's talk about the consumer clash of names looking to go public warby parker is planning to go public it says sales grew the last two years but losses did too online only to 145 brick and mortar stores. also on the docket is dutch brothers coffee planning to go public they've grown from a single push cart in oregon to the largest privately owned chain in the u.s. with more than 400 stores mike, start us off i don't know which of the two is more interesting to you. >> well, warby parker certainly i think is the one that's more eye catching i honestly didn't plan to use that pun, but i just thought of it right now simply because the brand has been so buzzy for so long.

they operate near break even it's not necessarily the kind of thing where it's so early in its development phase that you can have these pie in the sky expectations for how fast it can grow i don't think because it's a defined market it's not like people are going to buy five times as many eye glasses next yore as this year it's consumer habits it's an interesting brand but not necessarily killing it on the bottom line. last week encountered dutch brothers for the first time last week my daughters knew about it from social media stuff, i guess, and they wanted to try it. so, i think that that's a more familiar story of a well-loved regional chain that actually has lots of expansion possibilities in other parts of the country. it's not necessarily going to be a big profit bonanza either but it's a more clear path >> we're honing in on where you were on vacation last week i've learned over time with

rapid fire, investors want to follow what the santoli girls are doing. >> it was a moderate thumbs up on the coffee. look, let's be honest, they serve mostly desserts in a 20 ounce cup. >> exactly i don't like starbucks coffee. it hasn't hurt their growth prospects. would you buy either ipo, nancy? >> i would take a look at warby parker i do think they have opportunity to grow in a service model if you get the return contact purchasers, that could be a great revenue source so, i think if i had to pick -- and i don't like dutch brothers coffee either. >> steve >> so, i agree on the 2% area of growth in the contact lens but even management is not sure they can have consistent earnings going forward we're going to keep the show consistent i'm going to go dutch bros on

this one they have drive throughs and that's what the segment is reaching for >> finally the battle of the banks. financials have overtaken tech as the sector with the most share buybacks after a record setting week of them, four banks announced billions of dollars in new buybacks last quarter. thetwo largest, 30 billion for j.p. morgan and 25 billion more b of a are buybacks part of what would make the stock attractive. b of a or jpm? which one is more attractive to you? >> on our work it's jpm, kelly and i think we've been making an argument that buybacks across all sectors have been putting a floor under the market and that seems to be the case. we're above pre-pandemic levels. but we also like the dividend increases. so, our commitments are j.p. morgan, goldman, morgan stanley.

i go jpm >> steve >> steve >> here we go. and i agree 100% and when you look at the year-to-date performance, b of a is up 39% against i think middle 20s in j.p. morgan so, they've definitely outperformed and that would get to the point where they're a little bit more expensive. jpmorgan is definitely best in breed. you could ask 10 people and i bet knee-jerk reaction is 80%, 90% say j.p. morgan will be their bank of choice to that last comment on buybacks you can't reach across the market there's a lot of rules you can't shock the order. you can't run the stock up on a buyback, but it's extremely supportive when people know that the buyback is there, to the other point that was made. when people know the buyback is there, they're more apt to buy the stock. j.p. morgan, we can finish off holding hands. >> finally

michael, give us a closing word. >> i think marketwide buybacks are a big thing. they don't always benefit directly the company doing the buying back. they buy it from people, the cash goes into a brokerage account. they often buy something else. i think it fits into emerging things, the stability and kinds of companies that would work at this time. >> comfortable place to leave it stability, everybody agrees. this has been enjoyable. thanks everybody now take a look at shares of palin tier dropping. unauthorized employees to access private data on a particular case for more than a year. prosecutors say they're looking into whether the problem might have impacted other cases, but obviously a black eye for the company. six water focused funds have launched in the past year. but some of the holdings seemingly have little to do with water. why morningstar suggests these funds are too watered down that's next.

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and for the lowest price compared to other apps, or you'll get back at least $5 in perks. . welcome back water funds are at the cross roads of two hot investment trends, esg and thematic investing. there are about 65 water mutual funds with around $35 billion in assets, six of them launched over the past year and $4 billion worth of inflows. some of the most popular holdings are seeing big names this year. pentair higher by nearly 50% limiting water use or creating solutions for cleaner drinking water. there's a catch. since they directly invest in water rights or have direct exposure to the price of water, names like nike and hyatt hotels

can also be included, which my next guest says waters these down bobby blue joins me now. bobby, it's great to have you. why would a fund justify holding nike >> well, look, the fund company that owns nike and their fund that's calvert, their strategy, they purport to reduce water use liters so, they look at sectors that might have heavy use of water. these are things like apparel, the hotel industry they look to identify companies that have really efficient use of water nike they deem as one of those leaders in the apparel sector. certainly that's a noble goal. and the reason behind that checks out but ultimately what we found was a lot of investors when they buy a water fund they're looking for something differentiated and what ultimately happens is you have this amalgamation of

securities spread across numerous different sectors and you send up with standard equity beta rather than anything difference yatd. >> you say it's doubtful you need a water fund. they are niche funds i guess there are two reasons to want exposure to water funds they're not correlated you're saying maybe that's not the case if they hold other companies. the other reason is more of the esg idea, the idea of i want to invest in water with an eye towards those water companies improving their environmental goals. do they achieve -- do these funds achieve that goal do you think? >> certainly some of them do or at least purport to. the challenge is manyof these holdings are conglomerates so, you look at something like roper technology which is one of the top holdings in many of these different strategies yes, it does have a fairly

sizable father filtration business, but they're also supplying equipment to the oil and gas industry they have business lines that are spread across the globe. so, to single out that that water filtration business, which is a marginal part of their business, it's hard for an esg investor to ensure that each incremental dollar that they allocate to a water fund, which then goes on to roper technologies, it's hard for them to specifically say we want this to go to the water filtration business it's getting spread across many different business lines that often have little to do with the esg theme. >> as more money pours into esg investor reporting is more important than ever. bobby, thanks for joining us bobby blue with morningstar. still ahead, new york is dead, long lived new york. who is giving the hamptons a run for its money? that's next. you can catch this show any time owg here by listening to and follinthe exchange podcast we're back in a moment

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welcome back luxury real estate in manhattan and south florida has been unstoppable according to the spoke real estate which focuses

on the $10 million plus markets. both locations have seen growths from 2020 to this year the year-to-date transactions have already surpassed a billion dollars, it's total from last year joining me now is the cofounder of bespoke realty. cody, it's great to have you from this point of view people who would say are folks leaving manhattan for south florida, you know, your answer is yes but also manhattan is still doing great. >> yeah, exactly i think at our level people have optionality. so, they see florida as a smart investment, a great place. they i think understand its lifestyle a bit better than ever it's not like their need to offload new york to take a dip into florida's real estate market >> tell me what is driving this trend. in the past years we would have been talking about latin america and russia and all these different cohorts. is this u.s. demand, global demand where is it coming from?

>> to be honest, it's intramarket. so, most of people who are -- florida excluded but there's a lot of people laterally trading and trading up in florida in manhattan you see seven out of the ten buyers on the superhigh end own real estate in manhattan. thing for the hampto real estate. a lot of people who are deeply invested in those communities understand it. they're closest to the deals they appreciate the lifestyle elements and view the market as opportunistic and take advantage of it. >> so broadly speaking, cody, i come to you and say we have the ham hamptons, manhattan and florida. you tell me what's going on with real estate trends there super hot or which one of them is the hottest for cooling down? are you seeing any signs of cooling down broadly speaking? >> i think there's a lot of demand in the marketplace. i think that feverish pace we saw in 2020 -- like i have to

get home, get out of the city, the covid push, to me, is somewhat over. i do think it's going to take time to fulfill the demand that's in all those markets you mentioned. i think it will be elongated money is still cheap the biggest concern i have across all markets, and a lot of people have echoed the sentiment. it's factual the supply is meager and i think the biggest threat to the boom that we're seeing is sellers expectations so are we embracing new levels of highs or are we on the precipice of a different market? >> we've heard the same thing from other realtors we've spoken to across the country, that our sellers are not willing to cut prices yet they've seen what the properties are going for, they see the increases and they're holding out for that price i'm curious if you're seeing demand coming to some extent as

an investment demand, real estate as an inflation hedge, that kind of thing >> good questions. not all markets are created equal. we've seen a trend across all those markets. new lek whiquidity and the best buyers are going for the best property we are closing in on $100 million plus deal in the hamptons, $50 million deal in the city i think trophy properties are more in vogue than ever before a decade ago you heard $100 million deal, your head would explode. now they're happening all over the country at a crazy curve i think buyers want the best now. and they're seeking the best we're hoping that more apex properties come to market because there's definitely an increased demand for that. i genuinely think we are on the

edge of sort of unknown territory as it relates to super luxury and how consumers will be acting with these types of assets in the future >> quick question, cody. since you have a front lines window into all of this, we've seen these huge residential towers going up in manhattan there's plenty of people buying like you're describing even as return to work is not happening. it's being delayed people's offices are moving elsewhere. is manhattan going to turn into like a bedroom community >> i don't think so. i think you have people who are die hard manhattan that's where their lives are, where their kids are during the pandemic we looked for arbitrage. we had a lot of people who were very smart, sophisticated investors and users who said now is the time, a good time to pounce on the market and go after condos and town homes, and literally we couldn't find it. a lot of people who have roots

in manhattan, who are deep believers in just beyond sort of the economics of that market, there's no place like it on the planet we're super bullish on manhattan. i think there's still opportunity there. there's no place like home for a lot of people. >> cody, thank you for your time today. a little synopsis of the different markets, we really appreciate it. >> you've got it up next, shares of gamestop soaring over the past two days but they're still down about 55% from their february highs. e igalemg in to the revenge of thorin me stock in just a moment made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm.

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welcome back the original meme stock is back. mentions of game stock on reddit soared yesterday to about 12,000 kristina partsinevelos is here to dig deep eer into the trade. i did see one headline that read an otherwise booring tradig

day but that's rarely the case in meme trading. we saw a surge gamestop shares are down, but they rallied 28% on tuesday. so what summer vacation? three times higher than the prior 30-day average the stock has traded as low as $4.56 to as high as $483 and it's not just gamestop amc surged higher. there's a lot of unusual call option activity for both amc and amg, buying the stock at a specific price there is bullish sentiment volume came in at almost three times its daily average. the single most active stock yesterday and following a trend a number of other stocks across the board, meme stocks like clover health as well as blackberry all trending higher

yesterday. since so many of us suffer from the fear of missing out, fomos, the head of gothic management said they missed out on a potential $400 million in gains after sold its entire holdings in gme and amc go of the retail training media took off earlier this year. and why should we all care amc is the largest in the russell. if meme stocks keep rising that could be good news for small stock etfs >> interesting point because we talk about it as a value index, too, what are the main theorys why they started to lift again >> bitcoin crypto traders. bitcoin specifically and ethereum that shows just in terms of the option trading i talked about for the two stocks that it's keeping a lot of analysts on

their toes because there's been a calm and there goes the volatility >> keeping all of us on our toes kristina, thank you very much. kristina partsinevelos that does it for "the exchange." don't leave your seats "power lunch" begins right now kelly, thank you very much it certainly does start right now and welcometo "power lunch. here is what's ahead happening right now president biden hosting his first very high-profile meeting with private sector executives. a who's who of ceos. the issue is cyber security, and we'll speak to an expert who says there's one area of this growing threat that is not being sufficiently discussed and that is supply chain security and an advertising powerhouse apple's ad business could grow a lot faster than people think we'll talk to an analyst who has the