per share trade is leaving the station. i own some, wish i owned more. if i didn't own it, i would be a buyer today. >> gap stores. i like the restructuring story just beginning >> thank you all right. thank you everybody for watching "halftime report." i will see you tonight at 5:30 on "fast money" and 6:00 for a special as well. "the exchange" begins right now. thank you very much. i'm kelly evans and here's what's ahead this our on "the exchange." another big data mess. the u.s. was e supposed to be getting back to normal by now but the spread of delta has put a dent in that story we'll recap the data and tell you how to position out of friday's crucial jobs report the supply chain was already broken and then hurricane ida hit. how do we get stuff moving again, especially with the shortage of truck drivers? we'll speak to one company on the front line

and a very met up rapid fire, video games, app stores and zoom calls, we've got it all. we begin with the numbers. >> i can't wait to see how meta that rapid fire can be but the meta part of the markets right now are that we are -- just about five seconds ago we were agreeing across the board it's been a margeinally negativ day. remember records for the nasdaq composite and the s&p 500, a pullback today but not so much given the context of record highs. you can see the nasdaq outperforming today just about flat again one theme that's developed over the course of the past few weeks is the reemergence of large cap technology, megacap technology and communication services, those growth oriented companies. these two etfs track the growth part of the market that's the white line. and the value part of the market large capwise. that's the orange line

the value has been outperforming markedly ever since the late winter of this year. massive gaps here. and all of a sudden in the last couple of months those gaps have narrowed and growth stocks are outperforming value on the large cap basis. so, maybe that's the new trend for the time being we'll see if that sticks and then from my growth perspective, semiconductors. we know they've been the talk of the town, especially with the supply chain issues kelly mentioned. nxp semiconductors hit record highs in the last couple days. as a result it's the worst performing stock in the entire s&p 500 today, kelly, because three notable sellers are in the market or have been in the last couple of days the company's ceo, cfo both sold shares over the last few days. and art funds also lightened up on some position so, stock year, record highs, profit taking happy right now especially with insiders

that's what's got the stock at least partly to blame for the down day today >> we're going to pick up on the growth value trade in a moment in the meantime a slew of disappointing economic data. let's recap, the first big miss. the university of michigan consumer index out a couple fridays ago, big disappointment. the weakest numbers since february retail sales disappointed two weeks ago. manufacturing rates in chicago, philly and new york all missed chicago weakened today and also today consumer confidence tanked as well, coming below estimates thanks to concerns about the delta variant and about inflation. employment and income expectations hold back a bit and get this, spending intentions from june are at the lowest level since the early 1980s. joining me to discuss what that means, gregory dahlco. greg, welcome to you i think there's some confusion as to whether the numbers represent slowing from a hot

trend or the start of a more precipitous downturn >> i think what we're seeing is reflection of the delta variant. so, there are concerns about the rapid spread of the delta variant. and we are seeing that across a number of states the health situation is worsening we've always said that a strong and healthy situation on the health front is key to supporting a robust economic recovery what we're seeing is a temporary cooling of the economy that is reflective of those trends and we saw it in the latest consumer confidence data where consumers are a little bit more on edge because of the worsening situation. i would note there's still a hint of optimism in that consumers are still looking towards vacations in the next six months that reflects the fact they're not necessarily completely going into reverse and pulling back on all spending, but there's still some optimism out there in terms of the outlook >> yeah, i guess there's so many differences now versus when the numbers started declining last year, the stock market was tanking back then.

we had no idea what was going to solve this the markets holding up, it's turned into a growth trade in the meantime where are we in terms of gdp this has to make friday's jobs reports a pretty high stakes number >> i think the job report is very important because it will show how resilient the labor market is or isn't we know the fed believes the inflation objective has been largely met, is expecting that the inflation outlook to cool over the next few months but it's still expecting to see further gains on the employment front to reach that threshold of maximum employment, which will take time. but the september jobs report will be a good indication of how strong and how resilient the labor market is to this new delta wave i would also note that there's also a mix of emotions and reason in the current environment. there are some worries about the health situation, but there's also virus fatigue and that's more reasonable at this stage of the recovery, where people are looking to resume a sense of normalcy but

they aren't there yet. so, that is key to watch as to how people react emotionally to this virus fatigue over the next few months >> or dread. to me it's like the virus existential dread. i want to ask you about inflation and what the latest readings are we're seeing these numbers all over the confidence and sentiment data there's a high expectation of inflation. we know in real terms spending looks worse, incomes look worse than the nominal numbers are showing. and yet the fed is sort of looking at the data and saying still a lot of this should pass as we get into next year is that going to be the case now that delta is prolonging the supply chain effects >> i think we will continue to see inflation, core inflation in particular, core inflation, which is a key for the fed, trend around 2022. that is sticky but we are going to see other gauges start to decline rapidly. we think we're past peak

inflation as well as peak dropout. so, the two go hand-in-hand in a sense. over the coming months there is going to be cooling of inflation. as you noted correctly, supply chain disruptions are likely to linger for some time, and they would put upward pressure on prices going out into 2022 we are going to be in this comfortable environment where inflation is cooling and demand is cooling and that bodes a lot of question as to the strength of the outlook we see the economy growing about 6% this year and 4.5% next year. so, it's still a fairly positive outlook but is one that has a lot of question marks around it given the recent surge of the delta variant. >> absolutely. and there's the 10-year back at 130. thanks for joining us. we appreciate it it's the last day of august and a sign that summer is winding down in contrast to the start of the year when financials and energy outperformed, as you heard dom talking about a momentago, the tech sector is up 15% over the

past three months followed by communication services and real estate my next guest has other stocks that he says deserve a tech multiple maybe that's where we can find new leadership let's bring inpresident of potomac wealth advisers. is the growth outperformance tied to this loss of momentum, this decline in interest rates >> well, one thing the growth trade has going for it is it's going to work if the delta variant continues or we get another variant of this horrible virus. and the growth trade's going to work if the economy expands. it's almost become a bullet proof utility. and the innovations that these large tech companies are bringing us, they're different, they're diversified, their lines of business are different and they're all in the right places of the growing economy i think that has a lot to do with how it's done well as the value and cyclical trades have

declined >> it's not as if you're saying get out of technology. here are a few names that should see similar kinds of games or similar valuations what are they? >> well, you're right. there's no way we would get out of technology right now. it's impossible to be invested and not be in technology it's too prevalent throughout. i think what we want to do as investors is broadly diversify and look for sectors that are beaten down just a little bit but have strong underpinning, strong franchises. good companies that are getting hit by the delta variant marriott in bethesda is a great company. they've really taken advantage of new innovation, bringing down their cost structure, extremely well managed the starwood merger has gone very well. if you go in certain markets, they have pricing power. it's the sort of merger that today i'm not sure would go through under the biden administration because it's really reaped benefits for shareholders other names in the tech space, we like amazon because it hasn't

participated this year we think its cloud emphasis is very undervalued and i think even if the regulatory pressures come down hard on companies like amazon, we're not afraid of what a break up would mean for them in terms of enterprise value and stock. >> i see you also like netflix, another name that's gone nowhere. you're excited about the new content as possibly a catalyst for the stock. i want to ask you about gm it's had problems with the volt recall, but why do you think it will rerate and trade for in line with maybe more of a tech company? >> well, that's a fair question, and it's a tough call no doubt but i think we have to look past these horrible blips that we have with recalls and damaging and volkswagen had one a few days ago they brought back well-managed companies, well-positioned companies will come through this if you take a longer-term perspective. if the biden administration is

committed to evs, we're going to see a lot of money and infrastructure to support such efforts. gm is almost in bear market territory from its peak. we think for longer term investors looking to capitalize on bad moves, they can get into a longer term up trend for a company that's also been improving its internal operations over the fast few years. and it doesn't really resemble the legacy gm of old that we saw a decade ago >> i want to ask you a final question for those who are scratching their heads about inflation and interest rates, you're certainly in the camp that sees demographics, possibly even deflation as continuing to be the bigger risks here. explain what that looks like 12 months from now, if we're still seeing 3% reads on the cpi or higher >> well, i'm not sure we're going to see that only because inflation is measured year-over-year i hear a lot about these wage gains aren't going away. that's right they're not going away but they're going to be in the 2021 baseline data that's one

we think productivity continues. we think these aging demographics is europe, japan and to some extent here are major structural head winds. also europe and japan have been limping along since 2008 and they're doing nothing to change the troubled infrastructure or the way they regulate their economies. so, it is a global economy we don't see the global economy heating up as central banks try to either taper or even slightly tighten on the monetary side >> all right mark, thank you for your perspectives today good to hear from you. we appreciate it mark avalon from potomac i want to take a quick look at shares of wells fargo, which just moved to session lows there are reports out that the bank risks regulatory action over the pace of restitution and reforms. we've seen wells fargo try to discontinue consumer loans and that kind of thing shares are down 2.5% we'll bring more details as we get them as esg has become the hot new thing, everyone is trying to

be environmentally friendly. how much impact do net zero pledges really have? college students are back in school but many are opting out of dorms and that's creating a boom in student housing. we have the details and the stock to watch in that sector. stay with us >> announcer: this is "the exchange" on cnbc.

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welcome back, everybody. as the esg invest k movement has grown, with companies and countries are pledging to become net zero in the future those pledges don't mean the same thing to everyone kristina partsinevelos is digging into the ambiguity >> reporter: now more than ever companies and countries are talking up green potentials, pledging to become net zero or carbon neutral when we dig into the details, the pledges don't always live up to their promises. simply put net zero is the balance between the amount of greenhouse gas produced and the amount removed from the atmosphere to reach that balance, we need to make up for the amount of co2 we emit by investing in carbon off sets like planting trees, building wind farms or using carbon capture >> there is a fear by making a long-term commitment to net zero but not filling in all of the detail about exactly how that's going to happen in the short term that companies and countries are sort of pushing

off to tomorrow. >> reporter: but how achievable are these commitments? carbon offsets avoid the release of additional carbon dioxide into the atmosphere. but research shows less than 5% of offsets actually remove carbon dioxide from the atmosphere a report calculated the total land required for planned carbon removal and found it could be five times the size of india or the equivalent of all the farmland on the planet, which means achieving net zero emissions isn't so black or white. >> i think there are some forced commitments, forced by shareholder pressure, forced by media, which are not supported by action plans. and that's going to change unless we have clearly actionable, measurable targets with people spelling it out in every last detail, we've still got to get there >> a pledge that doesn't include meaningful reductions could increase the risk that

catastrophic climate change will become unavoidable and critics argue it's not as hard to make a pledge towards net zero if companies can set parameters for it. kelly? >> one thing we know from the corporate world is they just want to know -- everyone wants to do the same thing at the same time it's like return to work they're all watching each other to see who's doing what. in the case of net zero, who is setting the standard should corporate america be leading? should the countries be leading? is this a un global organization type initiative? >> great question because it was one of the answers that one of my guests had. and they talked about it must be government first the government needs to instill standards, which is why you have here in the united states the s.e.c. is looking to even esg in europe, they're very advanced with that. but of course everyone is rushing. i have one statistic, 124 nations out of 202 nations have made pledges to carbon neutral

or net zero, ahead of the climate summit in glasgow in november there seem to be a lot of details lacking in how they're going to achieve this pledge in the short term >> in the meantime the price of carbon hitting new highs in europe very interesting to watchits performance as those standards continue to evolve sticking with esg, let's look at some of the top etfs and their performance this year. starting with esgv, it's up 20%, top holders include apple, microsoft, alphabet and amazon the ishares down 17% top holdings wind systems, next air energy and solar edge. and the ticker vftx is also up 21% this year. very similar story to esgv and the nasdaq and s&p 500 top holdings are apple, microsoft, alphabet, amazon and facebook to round things out

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welcome back to "the exchange" everybody. the nasdaq has joined the other major averages the negative territory. it's just kicked off at the top of the hour. as dom told you, the nasdaq is down 6 points, s&p down 4, dow down 17. shares of virgin galactic getting a nice bump today after being initiated with a buy in the $33 price target at jeffries, virgin around 27 on 10% gain today jeffries think we will see 660 space flights a day.

walgreens is leading the dow today. raising the minimum wage to $15 an hour and this is the best stock this year. it's up 4% today and two retail names are dropping designer brands former dsw down almost 10% despite all around earnings beat. chicos also down, despite also having a huge earnings beat. both stocks have soared this year let's get to rahel solomon for a cnbc news update >> hi kelly. hello everyone here's what's happening at this hour as flights from kabul continue to bring refugees from europe, the french government there are still a few dozen french nationals left in afghanistan, including some who do want to be evacuated. french officials will do the maximum to help them get out how will the taliban governor the former press secretary on the u.s. withdrawal

that's tonight at 7:00 p.m. eastern. and virginia, a teacher who refuses to refer to transgender students by their preferred pronouns is going back to the classroom. mike richard no longer the executive producer of ""jeopardy!"." richards is also out as executive producer as "wheel of fortune. and a football shocker, multiple reports saying that the new england patriots have released starting quarterback cam newton that report is going to 22-year-old rookie mac jones cam newton posting on his twitter saying don't feel sorry for me just thanking his fans for his support but don't feel bad the brady-belichick saga, brady goes to tampa bay. you think no way i just love t. >> it was a tough position for him to come into for sure. >> very high expectations.

we'll see what the next chapter brings meantime's disappointing data and increase in crackdowns. and does zoom reallyave hno competition. that's all coming up in rapid fire in just a moment.

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it's time for rapid fire and joining me today to break down the headlines, kate rooney and michael yoshikami and a third might join us momentarily, which plays into our discussion about zoom anyhow, first up data in from china showing signs of a contracting economy as the crackdown in publicly traded company shows no signs of letting up non-manufacturing called services below 50 for the first toim in a year a growth out of china could be notable. and china itself is going a step further with major crackdowns on the latest companies michael i have been waiting days to follow-up with you on this topic. you warned last week this still has a ways to go what do you make of the data

points, the video game crackdown and where this is going? >> i think there are challenges in china what's happening right now, kelly, is china's essentially saying that profit is secondary to policy and to philosophy. what they're essentially doing is they're really calling out large, rich ipo tech companies as well as ipo tech holders and basically saying you can't have all this money anymore you can't make your employees work 12 hours a day six days a week you just can't do it anymore we're going to keep your kids away from video games. they're really go all out. it's going to continue i think for the foreseeable future, kelly. >> it's interesting to look even anecdotally to tiktok. everyone is trying to figure out exactly what's going on and the message simply -- i think most people are interpreting it to some extent as simply a power play, as the government not

wanting these chinese companies to get too big and the government having an eye towards social cohesion, whatever you want to call it, to bring down the cost of living, lower the barriers to having more kids, and cracking down on videos games sort of fits into that >> crackdowns on video games, cryptocurrencies and mining companies. you talk to vcs and they say uncertainty is a part of this. a lot of them don't invest in china for that reason. and if they do, they have a dedicated arm there. their base there, it's hard to do u.s. investments in china from the u.s we knew about this uncertainty, but it seems to be getting more and more uncertain and that's the reason some are saying we're going to avoid it entirely you think of companies like financial and fintech, alibaba, those are global superpowers it's interesting that they would crack down, and we'll see what it means for global investors.

>> casey newton joining us now what do you make of what's going on >> i think it's important to remember these changes are ideologically driven china is a socialist country and it is concerned about the growth of some of the tech giants at the same time you're going to see them continue to invest in technology it's just going to be technology related to strategic national interest expect a lot more in building out supply chain, surveillance technology, things like that >> michael, final word because all along for the last several weeks and months you have been saying it's not time yet, it's not time yet as we've seen the value of a lot of stocks decline, how much longer are you thinking a few more weeks, few more months, into 2022 >> i think it could very well go into 2022. look at what they are doing with huawei, which is one of the most famous actresses in china, where they're essentially not just cancelling her from future projects they're going back and erasing

her for the credits for previous shows. you can't find anything online in china about this actress. she's not the only one i think china is really putting their foot down and saying, as we just mentioned, this is about politics this is not about money. the government's in control and we're going to show we're going to control regardless of what happens to these private education companies and the millions of people that will be out of work. doesn't matter what matters is state first. >> what did she do to create such blow back from authorities? >> well, there's a couple things but most of these celebrities are getting criticized for what are called yin yang contracts, which are essentially contracts where you're paid a certain amount, which is allowed by the chinese government, and then you have side payments and these side payments are sort of endorsement deals they're sort of like bonuses that are kind of unofficial payments china has decided to take notice of this and they're cancelling people for these type of contracts. that's why you have one

actress -- whose name escapes me right now -- essentially disappear for a year and had to pay $100 million on back income taxes on money that was never declared so, china really is looking through all of the ways that people that have wealth are making money and impacting what they believe is the population and they're going after them, as was just mentioned, as a socialist country. and i think it's going to continue in the next year. >> and we see alibaba bouncing back today but your warning says let's wait and see what the rest of the year has to bring. all right. let's move along china isn't the only asian country cracking down on tech. south korea pribts apple and other companies from banning third payment companies from outside stores google and apple are pushing back google saying in a statement, google play provides far more than payment processing, and our service processing keeps android free >> apple writing, we believe

purchases will decrease as a result of this legislation shares are mixed today apple down half a percent. casey, is this a sign of what's to come around the world do you think? >> i really do there have been signs that this dam was about to break and korea is the first place where it happened right now both of these giants are going to have to build in the functionality to add these third party payment processors and once they're built for korea, they can be implemented anywhere else around the world as long as a country passes a law requiring it you can imagine a lot of developers like spotify, like epic games, lobbying for exactly that to happen and keep in mind there are also antitrust actions going on around the world intended to accomplish just this i do believe this is the start of a sea change for these check joints >> if it spreads, we'll see if that changes as well a new cyber meme stock as entered the chat

support.com up nearly 200% this week and 1,500% this year. the stock has sold short support.com's market cap was just $40 million last year we wouldn't even mention it's over a billion dollars at the start of this week >> it's so interesting some of these meme stock characterizations are so subjective one of these memes get bit up on reddit i think you're completely spot on with the short selling, something like 60% of the flow sold short that tends to be one of the big recipes, retail traders feel they are going up against hedge funds in this case, whoever tends to be betting against one of these stocks. you wonder what this means for the future of short sellers. is it worth it at this point to hang yourself out there to dry with any stock it just seems like that information for the most part is public retail traders can now share that more easily there's youtube videos it's not just reddit

there's people saying here's how to short the stock, cause pain to the hedge funds and it is more of a power dynamic and power struggle than anything this does seem to be the recent -- the most recent example at least of a trend we've seen going back to gamestop it's the flavor of the week. >> that is a fascinating point michael, you want to respond >> yeah, you know, i think that the short sellers really are unnoticed. in a way, this is almost really a market dynamic that really is reining in short sellers if you think about the main complaint, short sellers have been driving the metrics it hasn't been base on fundamentals now we have another party on the other side that i suppose their perspective is they're keeping these hedge funds accountable. so, i think it's going to continue, and i think it's absolutely correct that if you're short in a stock, you better have strong conviction and a lot of money because it could come after you very easily

like they are on support.com today. >> casey, it's just strange to me, this goes back to the china story. it seems more like a power struggle than price discovery. >> yeah, i think that's right. it is a power struggle but i think the biggest power struggle we've seen this year is just these sort of retail investors who are looking for a trampoline that's going to vault them into the next income bracket who are going to exploit anything they can find on reddit or on discord that's going to get them there it feels like support.com is just the latest instance of a durable phenomenon >> as they do that, the companies get mentioned on cnbc. investors get interested, what are they up to it is an oddly -- it's like the original elon musk, how helloered costs. he just tweets a lot important to everything we've been discussing, zoom video is in search of earnings the company reported its first billion dollar quarter but it's down now 16% here's what zoom cfo had to say

on "squawk box" when asked about growing competition from the likes of cisco and microsoft teams. >> we haven't seen significant changes in the competitive environment. we have customers that love zoom due to our ease of use, our reliability. and also as we're continuing to evolve from being a meetings company to a platform that includes things not only like zoom meetings that we're using here, but also zoom phone, zoom rooms. >> and all this is happening with a slew of companies announcing they will push back their return to office plans, obviously maybe having to lean more on zoom maybe not google google did just announce it will delay voluntary return to office until january. michael, since we have to leave it here, i'll let you make the stock pick would you buy, hold or sell zoom here >> i'd be pretty cautious on this name. there's lots of expectations built into all of these stocks the stock is down for the year,

and i think that you're in a position right now as an investor where you have to decide really where are we at with this reopening trade. when things do reopen -- abeliev it or not one day they will reopen -- it's going to impact some of these names. you've got to be careful investing. >> down 16% this year and it has been a tough year for zoom which was the pandemic stock of 2020 thank you all very, very much. still ahead, share ofcasua dining and fast food restaurants are up this year as the economy reopens. a new report says there are still a lot of risks looming over the industry. we'll dig into that next on "the exchange." trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim trading™ is right there with you.

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♪ payday, payday♪ ♪ ♪ monday, payday♪ ♪ tuesday, payday♪ ♪ wednesday, payday♪ ♪ thursday, payday♪ ♪ friday, payday♪ ♪ saturday, payday♪ ♪ sunday, payday♪ ♪ ♪ payday, payday♪ ♪ ♪payday♪ welcome back everybody a merger in the transport space

has just been rejected >> a dramatic and highly publicized bidding war for a railway company. kansas city southern the u.s. transportation board has rejected a proposal put forth by kansas city southern and its proposed acquirer, canadian national, to put a voting rights in place so the merger would pass muster because of that rejection, shares of canadian national are surging, as you can see, by 8-some-percent they are the ones who won the bidding war. now it looks like they will not be able to pay the billions of dollars to buy the company meanwhile, kansas city southern shares bouncing a bit here and canadian pacific railway which was a canadian company in a bidding war, also dropping there as well. so, a lot of ripple effects here around this one particular deal, kelly. but we'll continue to monitor

this for right now that's the reason canadian national is higher. they don't get to do this deal and the other companies have to work things out. >> dom, thank you very much. dom chu with the latest there. state of restaurants showing recovery for the first part of the year kate rogers is here with the details. >> kelly, restaurant sales have made a nice recovery so far in 2021 and projected to reach $789 billion this year, up nearly 20% since 2020 thanks to pent up consumer demand and the availability of vaccines this is well below pre-pandemic levels but the delta variant is threatening the recovery six in ten adults said they've changed dining habit due to delta. 19% said they've stopped going to restaurants altogether. and you can see the impact of rising covid cases in the casual sector in particular, the year-to-date winners are those that operate well and are open in restricted settings like chipotle, domino

dave and bus teres was downgraded yesterday and mcdonds questioned what areas should reclose in areas where the delta variant is spreading. labor of course remains a major hurdle for operators 75% of restaurant operators said recruiting employees was their top challenge. as of june that's the highest level ever recorded in 20 years. for context, in january that number was just 8% >> and also we have minimum wage as another factor we often talk about hitting a lot of the stores, some of the fast food restaurants as well. those that don't pay it have to compete with those who do and so forth. come on over since we have that luxury everything else just in the past week or so about what these -- what their plans are for delta as people are hoping that maybe it's starting to peak?

can they shelve these plans or do you think there's still plenty time to see this roll out? >> i think while it's so uncertain, you're going to see a heavy reliance on technology and digital sales. drive through for mcdonald's is about three-quarters of their sales in the u.s they know how to do it they did it all of last year of course many of these companies want indoor dining to be an option if it's not safe right now, they have fallback plans to execute much more than they did prior to the pandemic when we didn't even know it was possible to have to operate. >> it's amazing, papa john's up 50% again year-to-date kate, thank you. still ahead, ida has left more than a million people in louisiana without power and drinking water we'll look at the teiapontl economic impact as the storm lingers, next.

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before it hit land, watching offshore riggs closing down and assessing as best they could with high frequency data, sources the economic fallout from natural disasters on jobs, consumer spending and natural production, they can be watched in hours and focus to the zip code, even overlay on top of flood maps the fed watch shows more than a million customers at this moment in louisiana without power that's about half of all customers. some may not get that power back for weeks, this would deepen the potential impact how long these numbers persist, that will go a long way to measuring the broader effects both locally and on the national economy. right now rsm, one of the few guys to venture a number here. he estimates the combination to the numbers, power outages and property damage are going to reduce national gdp in this court. that would be far less than the

long lasting impacts of katrina. hits to jobs from ida will show up in the jobs report but can be monitored daily. many experienced economic hardships for years. the levees this time, they look to have withstood the battery. at a time when covid is being closely watched, especially by the way places lik >> that's a great point and for us to keep in minding as well all of the data that's vital for the next few months. thanks, steve liesman. ida has snarled distribution and supplies chains across the south and trucking companies will play a critical role getting supplies in the region they have teamed up with fema in the past to do so. joining me is mike kucharski what's the latest that you're hearing on the ground?

>> kelly, thanks for having you on the show. so far a couple of things have to happen. they have to get excess ability and the first thing that happens is it comes through and they clear the roads so the rest of the people come through. utility workers are sent in secondly to restore power and three is where we come in, fema and the trucking companies, delivery of goods. we take the ability to receive -- we take the product received and distributed to the goods -- to where people need it the most. >> i understand you specialize in refrigerated trucking explain how important that is. >> correct it's very important. so as soon as louisiana loses power, everything in the walmart will lose refrigeration and be automatically thrown out so they'll have to replenish that very quickly so they can order more product to come in if those stores get up and running we have that replenish that before the refrigeration

stuff comes through. right now they're sending tarps, water and et cetera and food will follow shortly behind that. >> tell me what it's like. these stories are going around and the typical truck driver salary is $85,000, maybe higher. are those extreme cases of what's going on in your industry or is that fairly common and what's the impact in terms of you guys able to find enough people to drive the trucks and keep these supply chains going >> yeah. so the biggest issue is there's no capacity to haul this product. currently the u.s. is short 20%, 25% of all truck drivers we are constantly recruiting to get truck drivers going. what has happened, the prices have skyrocketed labor costs skyrocketed. jkc used to pay above average per mile and had to increase it five cents because the competition increased it so we don't lose drivers and keep the trucks rolling

we have less trucks rolling but we're trying to keep the supply chain going right now. and until the economy -- well, until america opens up and all the workers come back, that's going to be a struggle because we need all hands on deck. our biggest issue that we're having now is when we go to the distribution centers, there's not enough labor to unload the product. it's being held up and that slows down the supply chain. >> where did all your drivers go and how much is your typical pay at this point? >> well, let's say you and i jumped in two different trucks and ran from chicago to los angeles andback. we get paid 60 cents per file for 4,000 miles. that's a good pay for six days of work. >> got it. and where did all the drivers go >> well, the drivers are scattered through -- some of the drivers are still sheltering at home a lot of my drivers said i'm going to stay at home because i

have children and the wife that has issues and i want to stay and protect them and be with them to help them until this covid thing passes, so they're sitting at home. >> yeah. that is just so interesting, all the different effects this has had and the storm on top of it as well. great point too about refrigerated trucking, mike, thanks so much up next, take a look at this mystery chart. the name is up 50% over the past year and is the only reit of its kind we'll reveal it and check on why it's doing so well, next assumptions like never before. there is a new, accelerated sense of responsibility, sustainability, and social equity. at nasdaq, we call it the "era of impact." and we're at the forefront of it. innovating technology, data, and insights to help you deploy an esg strategy to be seen as the company you aspire to be.

welcome back, everybody. we're going into the third school year impacted by covid. as some colleges welcome some students back to campus, we're taking a look at the student housing sector and the one reit that has seen massive gains. diana olick is here with the

details. >> reporter: no question students want to be near campus. even if classes end up going online again as many universities require vaccinations, the apartment buildings are filling up in july, 175 universities covered by real page, 86.7% is higher than last year. from june to july this year preleasing jumped 10%, the largest monthly jump. >> reporter:ed this late in the season in several years so it's very likely august leasing will cross 90%. as for renting growth, up 2.1% annually this is for properties more than one mile from campus that growth is higher than last year and 2019 rates. now, there is just one publicly stu traded student reit. it has surpassed its pre-pandemic high. another survey from township, a

los angeles-based real estate private equity firm, found 70% of students remained in off campus housing even after they transferred to online learning this past spring. >> even though these can be pretty expensive >> yeah, they're very pricey look, a lot of parents actually saved money last year because their students were kept at home online and so they didn't pay room and board so they might have a little extra. they also want that security of knowing that even if classes go online their students can stay on campus and have some sort of college experience. >> absolutely. and this is the only major play in the space >> well, acc is the only publicly traded reit there's a lot of private equity going into student housing, especially as the demand goes up. >> diana, finally we saw 18.5% gains in the kay schiller this morning.

it seems like people are sitting on pretty nice gains. >> if you bought last year, great, because they keep on going up that was the third straight record jump in the home price index. a lot of people are saying those prices will have to cool because we're seeing sales drop off. yesterday we saw the pending home index fall and that's a measure of signed contracts. so prices usually lag sales, and sales are slowing. >> that does it for "the exchange" everybody, but "power lunch" begins right now. kelly, thank you very much and welcome, everybody, to "power lunch." here's what's ahead on a busy tuesday. we have bargain hunting with major averages near new highs. it's not easy to find inexpensive stocks but our guest has a list of value names that could power your portfolio. plus crypto derivatives expands into futures and options trading. the presiden