wealth tax talking about stocks which go up and down a lot every year, you would pay a tax on a high basis when they inherit it there are all kinds of issues similar to a wel tax here. people say, look, fine to get rid of stepup in basis but let's not tax an unrealized gain until it's actually sold and there is a gain >> robert, thank you robert frank that does it for "the exchange." "power lunch" starts right now not a muscle do not even blink, ladies and gentlemen. welcome. i'm tyler mathison new highs for big tack tech, nasdaq, google one guest says buy small caps and another says it's time to

get in on clean energy plus, meme mania is back three popular names and ask if the stocks have settled down enough for to you nibble at them plus, problem at the ports in the gulf after hurricane ida when will they get back up and running and what does this all mean for farmers trying to ship through those ports. "power lunch" starts right now welcome to "power lunch. i'm kelly evans. stocks are mixed on this 1st day of september the dow adding nine points, the s&p 13 look at the nasdaq imagining to hit an all-time high with a rally. real estate is leading the way with all but one name in the sector moving to the upsight 33%. it's the best performing sector for the year with those gains. on the flip side energy is the worst performer today.

gentle supply increases. wti crude down about a quarter percent. want to draw your attention to nat gas. this could potentially be the story of the months ahead to some extent in the u.s. to a much larger extent in europe with spiking gas surprises and concerns about supply are creating concerns heading into the winter, tyler. >> let's stay on energy now, a different kind of energy wolf research expanding its green playbook initiating coverage of the clean energy sector with a market overweight. the firm says the transition to clean energy is a growth theme that will last well past the economic cycle what names should you buy? joining us is steve fleischman steve, welcome good to have you with us let's be clear what we're talking about. we'll get to names in a minute are we talking about a long-term play that in the various

subsectors of clean energy will play out not over the next six months necessarily but the next 6 to 10 to 20 years? >> yeah, no, this time clean energy is for real there have been a lot of false starts and we like to call it clean energy not alternative energy because we think it's not an alternative anymore it's for real. we think this is a real change that will last a long time and that investors need to be positioned >> so what makes it for real this time, number one? are we talking about short-term plays here or play that is are going to make you richer over years? >> yeah, we care more about being richer over years but we do see a short term trade around the potential biden tax credits that could turbocharge the growth and space further

this could be a real big further boost. >> are these tax credits is that largely what we're talking about here >> that's right. the ptc, the itc for wind and solar, potentially a tax credit for batteries. >> you look at five subsectors, inverters and batteries, hydrogen, panels, solar panels, i assume, and offshore wind and you have picks in several of them why don't we start with residential solar and you see batteries and ev adoption as a key to this sector >> that's right. as we see more and more evs and we see people putting batteries on their home, we think the home will be distributed power, very big growth

people will care more about basically using energy in their home than going to the gas station for it we think there will be tremendous growth in the space and there are two leaders right now that we both like. it's a pretty fragmented space, which we think is good because there's a lot of opportunity not just for the whole thing to grow but for each to take more share. >> this always raises questions about storage. there will be more disruptions and it would be a solution if we had great battery and cheap battery technology to store it so should investors be looking to play this theme now or wait a few years? >> batteries are definitely a huge theme the one them now there's not a lot of opportunities in the market to play them. it's a bit of a tough way to get

exposure right now people like the inverter companies which historically were very focused on just making solar. the brains of solar that will now be selling batteries as part of the product and a lot of growth for the product not just new customers but actually upgrading existing solar so that youcan store it as well. >> since you've given us a number of picks, you have first solar as a play maybe to wait until things clear a little bit in 2023, 2024 for offshore winds, hydrogen as well. another big picture question here as we deal with these disruptions whether in california, in europe. i mentioned the spiking price they will run into in the near term, what are the solutions for

the intermittent outages for high prices that we might face for gas and oil in the near term while this transition to clean energy plays out what do you say to those who understand that's where this is going but in the meantime there's still a lot of work to do to make sure the lights stay on, frankly? >> that's right. i cover the utility space as well and there has been more disruption, more outage issues due to climate change events, fires in california, freeze in texas, hurricanes, major storms. and in the old days people could kind of deal with it better but today many are working at home, many cannot really afford to lose power when we have evs people will not

be able to use their car as well >> exactly >> we think this is driving a massive focus on changing -- moving toward clean energy, moving toward new technologies we also think utilities themselves are working in that direction, too, and will be part of it. we will not be disconnected from the grid but it will be a different model that probably will need to match up both utilities doing it but also a lot of these new companies >> yeah. no, and obviously whether it's on the utility side of it or more the home piece of it, it's going that way but, like i said, there's a lot of concern in the near term. we do appreciate your time and a lot of the picks you've mentioned as well. auto sales were also dropping in august, not because no one wants to buy a car but because there aren't enough cars to sell. let's get to phil lebeau with the latest on the supply

shortages slowing car sales, phil >> reporter: when you look at the numbers we're seeing today it's clear the automakers are struggling to meet the demand that's out there and that's why you'll see negative numbers in just a little bit. it's also reflected in this chart here look at the red line this is the percentage of vehicles selling at dealerships in less than ten days come off the car carrier, heading out the door now almost 50%, and what a huge increase here we've seen in quick selling vehicles the new auto day supplies at dealerships are down to a record low 26 days. that means the dealers have extremely slim pickings. if you haven't already preordered a vehicle, it's going to be tough to find what you want at a dealership and will be paying record high amounts $41,738 is the average transaction price in august, a record high. the sales rate about 13.1

million vehicles look at the annual sales rate that we've seen over the last several years. 17 million a couple years ago. down to 14.5 million last year people say higher in 2021. i'm not sure about that. a little higher but not way higher and that's because of a tight supply toyota and honda and both of them saw negative sales for the month. toyota down 2% it's not because people don't want to buy. they don't have enough supply. as for gm and ford, gm reports on a quarterly basis ford we'll hear from tomorrow. for both companies the pickup truck is huge and both have been impacted because of the chips shortage >> when is this likely to turn around

>> reporter: not until well into next year. what we've seen from the chip suppliers in asia, particularly in malaysia, covid-19 has impacted the number of people who can go in to work. there's fewer chips coming out of malaysia and other parts of asia this is the covid-19 impact, a delayed impact, if you will, that is still hampering the ability to build as many vehicles as they want. >> thank you, phil phil lebeau reporting. >> the lack of supply has been weighing on stocks in the sector lately auto nation down 10% in the past month. it's still been a good year for the group, though, up about 55%. how about carvana which sells online, up 37% autozone up nearly 30% this year >> the nasdaq hitting a record high led by stocks you may have heard of -- apple, facebook, google the poor little small caps are

getting left behind. the russell 2,000 down but is that about to change stay with us will the little guys come back

welcome back to "power

lunch. shares of abbvie are dropping. they will now require a new boxed warning flagging an increased risk of possible death. abbvie on pace for its worst day since 2020 it is the worst performing stock in the s&p 500 so, kelly, tyler, big moves lower in a very big drug name. >> joe terranova not happy about that one the markets have rallied the past three months. large caps and large cap tech have really taken the lead the s&p 500 up 8%. get this, the nasdaq 100 is up 15% over the past three months if you look at the chart showing the past two weeks the story starts to change the investors are taking notice. bank of america says last week was the first net inflows into small caps after nine weeks of outflows is this a real inflex shun

point. it's good to have you and this is a proxy, i would argue, for kind of value versus growth. is value trying to take the leadership here again? >> well, we like what we see in small cops they are heavily weighted in small caps and financials and things that do well in theearl stages of an economic cycle. this is the time to own small caps the fact we had seen outflows through much of july and august and small caps still traded sideways is actually kind of a positive contrarian indicator that small caps could be timely, that the underlying valuations are attractive and m&a is good >> i get the real question for

investors of all stripes who choose to pick versus going with the s&p 500, will we go back to a q1 type of trade, financials up, energy up, russell 20,000 up, or are we going to continue what we started to see and growth started to pick up in tech and the nasdaq 100? that really led the way. are we going back to the future here, the russell is outperforming, banks, energy, who knows, or could we see a new leadership pattern emerge or do you think the russ ls themselves can do well? >> i think you want to be focused on fundamentals and those rotations are actually pretty healthy and typically what you see in the early stages of a healthy bull market where capital is rotating from sector to sector based on underlying fundamentals we are very company specific here at the hodges funds >> let's get company specific

because i see that the russell 2000 is up 17% this year your fund up 35% according to my notes, though flattish over the last quarter what are the stocks that have taken you there to that 35% gain doubling the russell 2000? >> well, it's been a broad array of both industrial stocks, consumer stocks. a lot of the things beaten down and forgotten last year have done well. we still see opportunities out there right now. >> 71% gain over the past year let me get you a little more specific here. sometimes portfolio managers are hesitant to say what's powering their portfolios but what are your three largest holdings right now? >> commercial medals would be one which is one of the largest rebar manufacturers in the u.s

it only trades ten times earnings we see they as a major beneficiary of infrastructure spending out there also we like companies like some of the semiconductor stocks. we have a good position in silicon motion which is a manufacturer of memory control chips. we still like it it's growing double digits and only trades 11 times forward earnings and then one more would be academy sports and outdoors. this is a sporting goods retailer that saw a big windfall in the pandemic but used it to pay down the balance sheet, which we like and have opportunities to grow their store base >> up 115% so far this year. >> and we've talked about that trend.

thank you very much for joining us and still ahead, problems at the ports. new orleans one of the top ten ports in the country still without power. with a does it mean for the supply chain we'll speak to the head of that port when "power lunch" returns. today, things can be pretty unexpected. but your customers, they still expect things to be simple. and they want it all personalized. with ibm, you can do both. businesses like insurers can automate it processes across clouds. so agents can spend more time on customer needs. and whatever comes your way, you've got it covered. saving time and improving customer service, that's why so many businesses work, with ibm.

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welcome back to "power lunch. i'm rahel solomon and here is your cnbc news update this hour. three police officers and two paramedics indicted on charges including manslaughter for the 2019 death of elijah maclean. a 911 caller said he looked suspicious they put him in a chokehold and injected him with a sedative as he pleaded i'm just different, that's all one student has been injured after a shooting at a high school students are reunited with their parents but no arrests yet in an effort to ease the housing crunch the white house says the biden administration will create and sell 100,000 affordable homes the next three years. it will use existing funds

and they just grow up so fast, don't they giant panda twins born in june spending time away from their mother in a spacious crib. they weigh over 8 pounds each. their eyes are open. doctors say they don't know and zoo keepers don't know if the pandas can see well enough to identify objects which sort of feels like me in the morning before i put my contacts in. >> technically my eyes are open but i'm not sure what i'm looking at >> they seem pretty good at identifying the bottle when they are born they're the size of a rabbit there they go. go, pandas to the bond market we go an action >> reporter: good afternoon, tyler. we had a weak adp jobs report this morning we had the big jobs report coming up friday the bond market, looking at an

intraday of 10s. we gave up some ground with buying pushing yields down it did basically recover, only down a basis point but one of the reasons are bund sales overseas on the same chart you can see the past is much more aggressive closing at minus 3.75 mers it is getting closer and closer together the united states used to lead the charge when economies did better, the u.s. did even better and their yields pushed up higher now what we're seeing is exactly the opposite european yields are stretching out more the difference has shrunk 16 basis points in the last couple of weeks and is at a one month in terms of the closest they've been finally our dollar, well, look at it for the month of august sitting at one-month lows depending on where it closes and the strength transferred to the euro which is sitting at a

one-month high >> i hear you there, rick, german bunds the highest in a month and a half but they're still negative >> reporter: yes minus 37 1/2 basis points is their current yield. i know that just stretches the imagination but do keep in mind the rest of the world still has boat loads of negative yield insecurities >> all right, rick, thank you very much. let's move from bonds to stocks take a look at where the markets stand. ever so slightly higher with the dow industrials. 1.25 points or .005 of a percent. the nasdaq once again i believe all-time high up two-thirds of a percent. oil, there it is, up.23% and natural gas up almost 6%, the highest level since november 2018 natural gas stocks are higher as well

to some power movers pvh soaring. the parent company of tommy hilfiger and calvin klein with revenue up 46% there you see it look at that gain there, 15% chinese internet names leading the nasdaq as they continue to rebound from a recent sell-off baidu, pinduoduo and jd.com seeing solid games and ahead on "power lunch" -- >> a special meme edition of the power rundown. we are getting the technical take on three stocks including a bad review, and the stock in need of some support "power lunch" will be back

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welcome back a news alert on twitter and potential change to its business model. julia boorstin >> reporter: twitter announcing super follows, this is a new way for people to earn money on the platform by charging subscribers for exclusive content.

twitter is saying people can create an extra level of conversation, share bonus tweets and behind-the-scenes content to interact with their most engaged followers. now they expect this to be used by a range of types of different people -- musicians, writers, comedians and more and they say you'll be able to set a monthly subscription of $3, $5 or $9 a month to be able to monetize that additional content. it's worth noting this follows the launch of ticketed spaces. this is now the third way twitter is trying to offer opportunities to make money on the platform, so, kelly and tyler, all part of the growing creator of economy >> do you have to have a large number of followers in order to start offering these subscription services? >> reporter: well, it's unclear what the criteria will be for being able to offer this but it seems like the question is less how many followers you have and

whether those followers are willing to pay money someone may have a smaller number of followers but have the followers be dedicated and willing to pay $5 a month to hear what they have to say i think it's more about the dedication of those followers than the scale of the followers. >> i would pay $5, maybe $10 for the boorstin files that's what i would go for you set up a fee, julia. >> reporter: i'll hold you to it, tyler. >> thanks, julia up next, stocks in the nasdaq at record highs next "trading nation."

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that may have participated or under participated in those gains, and you have a couple names that you like. let's start with paypal which seems to be expanding in lots of different directions >> exactly, tyler. they're expanding in a lot of different directions and participated in rallies year to date if you look up 23% in line with the broader markets if you look at their key performance, a lot of things they're doing is strong. it's all pointing upwards. look at the total payment volume on their platforms, $311 billion. all signs are strong you look at what they're doing for the firm, at cryptocurrency, a lot of upside on the venmo side and those reports at broker trading. i think as an investor you want to look for firms continuing that growth story and paypal is

one of them. >> an ambitious company kicking on all cylinders one that hasn't performed or matched the broader index surprisingly is amazon >> exactly, tyler. it's been in a bearish or neutral trend since q2 and investors are used to that pull forward growth that happened in 2020 i think investors have to recalibrate and look at the value amazon is trading at that's the biggest thing if you scream for stocks, amazon has a pretty stark discount. that's an opportunity to look longer term and at the growth as we look into the holiday season and things amazon is one of the strongest e-commerce retailers >> that was the fastest two minutes in television.

appreciate it, man >> appreciate it, tyler. >> for more "trading nation" head to our website or follow us on twitter now the meme stocks are making some headlines today and that means it's time for a special power rundown. here is todd gordon, founder and ceo of inside edge capital management and a cnbc contributor. it's good to have you here we have three stocks to run through. amc is down 7% it's gotten downgraded to underperform the higher leverage are major issues amid a bleak landscape. shares are up 2,000% >> i know you don't like to hear it but it's still summer and the markets are still thin we're grasping for a theme to trade. that being said, amc is a $23 billion market cap company but

lost $560 million and $340 million. they have $1 billion in assets but 12.7 billion in liability. they've raised a bunch of money. $1.25 billion. they've diluted the stock. one year ago in september they had $100 million shares. now there's $500 million they've diluted each shareholder's value. the percent of the flow short. it was 75% in the early 2020 now it's only 16%. the short covering rally is gone the new longs will need to come in on the studio side in terms of names coming out, netflix and disney, are releasing titles to theaters but are releasing on their own streams services

technically it looks good. trade with options be careful i won't invest in it this is a scary name i don't think investors should be playing with >> let's move on to gamestop it might be making a comeback, so they say. that's what "the wall street journal" reports, it could be added back three times as valuable as the smallest stock in the index. what do you think, todd? >> this is a little bit better, tyler. there is some value in this company. i don't know how they're planning to re-invent themselves i haven't seen any concrete plans. the reported earnings next week, no real news a thin august move-up in a very liquid environment just like amc, the percent of outstanding flow that was short, 300%. there was more short outstanding

shorts than stock available. went from 3% and is at 17% the short squeeze juice people have been drinking has been drunk. new longs only the company has not diluted their shares, raised $1.5 billion. they have positive shareholder equity i think about $2.5 billion assets the real estate holdings and the values have gone up which has gone up with the real estate boom the price value is massive 2.6 times forward revenues compared to like the other industry names that are about one. i'm not bullish. >> quick question before we move on and that is how much would reenning the s&p 500 help? >> it's like a prestock split run, like a couple of other

names. i think it would give it some validation at some point they will matter video game studios, why do they have to go through a middleman like gamestop to release titles when you can log on and stream it's not unlike door dash, losing restaurant customers. restaurants are just letting you order the food from their own website. i think there's too much of a possibility for dilution, for competition. i wouldn't hold the stock. >> what do you think about support.com, a stock down 50% or so >> yeah, this is an interesting one. it provides customer and technical support solutions through remote workforce, tech platforms. they got a big boost on the reverse merger with green ridge, generation holdings.

they call themselves the first bitcoin miner. it's just turned into a bitcoin play the short interest is massive. the latest i could find from august 13 show two-thirds of the floater is short maybe there's more short squeeze juice to go there but, again, these are not investable it's august. it's thin. we've seen this in various names. this is not a new phenomenon they are exerting their influence on the economy i respect it there are so many investable names driving this forward please don't get caught up in it >> todd gordon with a warning on three major meme stocks. todd, thank you. for more on amc's down grade go to cnbc.com/pro. or the impact of ida sending ripple effects up next how the new orleans port shutdown is impacting farmers in

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welcome back hurricane ida is shutting down ports in louisiana, which is making it hard to get things in. it's also hard to get things out. and those delays can cause major problems for farmers let's bring in jane wells on more from illinois for us today. jane >> reporter: hi, kelly part of the reason corn and soybean futures are way off is because of hurricane ida which have shut down the ports responsible for most of the corn and soybeans we export out take a look at these photos

showing the damage there up here in illinois at this end of the mississippi it's not a big deal yet because they haven't started harvesting but reports of farmers further down south who got out in front of the storm and brought in as much as they could. >> it kind of depends farmer to farmer on whether they have enough storage on their farm to be able to manage the crop because if it's worth less at the elevator or the river terminal and you have to deliver it, you kind of have to take that price but if you have storage on the farm and maybe you've presold some of your things, you can buffer against that with your market strategy. >> reporter: it all kind of depends on what you're storing, how long you can store it before it starts to go bad. kelly? >> and, also, this is causing problems in the other direction where tractor parts are affected, is that right? >> reporter: yeah. here this is the largest outdoor equipment show in the country and they haven't had it for two

years. some farmers are in a buying mood these are increasingly smart machines with a lot of computer chips and farm equipment is competing against carmakers for things like chips and things like arts. you order something today, you're not going to get it right away it's kind of good for the resale market, for used vehicles. >> wow jane, thank you very much. jane wells from illinois today we really appreciate it. let's go down the river, the port of new orleans still shut down after suffering a direct hit. luckily the flood system implemented after katrina held up enough that the port didn't experience major damage from water. the port operates through four segments, rail, cargo, cruises and industrial real estate generating $100 million or more. the port expands through so many that they say their operations supports one of five jobs in the state of louisiana brandie christian, president and

ceo of the port of new orleans welcome. where are you, brandie >> good afternoon. as you can see i'm actually in a vehicle, relocating some family to florida today as you know the new orleans metropolitan area without power for the most part so just relocate something family today as we get operations back up and we are starting to see a little bit of a glimmer of hope. we're get something power turned on into some neighborhoods today in new orleans >> we wish you and your family the best as you do this, and we thank you under these circumstances for joining us it's the miracle of current communications that we can do it, obviously. tell us about the port i gather it is still closed, but i have just been told that you plan to have a limited reopening as early as midnight tonight how are you doing that >> working very closely with our partners, both our maritime partners, as well as local

officials, as you mentioned in the opening, we were fortunate that the port of new orleans, most of our assets were behind the federal flood protection so we did not have any major damage at our facilities. the biggest challenge has been power and electricity. we actually have a small labor force there today working on the terminal just kind of cleaning up debris, getting operations ready on the terminal. they just announced the opening of the river so from a navigation standpoint, the river is open and we're just waiting for major power sources. we may be able to work in small container vessels this weekend and some vessels with ships here so we should be ready to do that really for major operations they'll be giving major energy source for our large grains. >> power is one thing, brandy.

workers is another are you able to get workers in or have many of them done what you're doing and that is flood the area >> that will be the second challenge. as i mentioned, the utility provider entergy is doing an amazing job. we're seeing a few neighborhoods come online. obviously the priority is getting power to hospitals and major industrial businesses like the port so labor will be the challenge as well as fuel. we have small labor forces we have some small longshoremen forces able to stay there. we are arranging for potential housing, both through potential cruise ships as well as ready ships that can house local labor, including truckers, longshoremen and health care workers. so all of those arrangements are being made so that as we reopen the port that we have labor that has housing to be able to

restart. so we're going through all those processes now. >> how quickly do you think you'll be back to normal at this point and how does that compare to what you might have thought on monday? >> you know, we actually feel pretty good. after katrina, we have much more of a water damage. electricity wasn't as much widespread as it is with this storm. luckily entergy seems to be able to get power on much quicker than we initially thought two days ago so we're feeling pretty good about that the waterways, the roadways are not as damaged as we initially thought they would be, and because the port held up so well, again, you think about katrina, the amount of investment that went into federal flood protection really helped us rebound quite a bit from this compared to what it could have been, not to say, believe me, it's very challenging and the power

situation really is the biggest challenge. and to your point, both getting the resources to get the labor there as well as our facilities up and running but we're optimistic obviously, the utility company can't give a specific deadline of when they think power is going to be back on. we're hearing everything from five days for major sites to anywhere to three weeks for the broader city to be back online the metro new orleans area, they are saying about almost a million households without power. >> very quickly, as you are rebasing some of your family members to florida, did your home suffer damage and how long are you planning for these family members to have to stay out of the new orleans area because they might not get power back or their homes were so badly damaged

>> yeah, you know, we're fortunate. we did not have any major damage most of my workers we were fortunate did not see major damage very small things. the real issue has been power supply and so many of our workers have been able to set up remotely going into mississippi, going to florida. and honestly, so many of our businesses have had to be remote through the pandemic that we were kind of set up to do that so it's not been too difficult to get our teams up and running. >> well, that's good news. all right. >> we've been fortunate there. v. >> have to leave it there. brandy, get back on the road get driving. >> appreciate her taking the time a new survey reveals a large number of executiveson d't trust all their remote workers we'll take a look under the microscope

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welcome back throughout this year and a half of work from home we've heard a lot of people say they're just as productive at home as in the office maybe even more. ceos may not be buying that. dom chu has the details. >> when it comes to how effectively you can work from home, it can very much be about perspective. both yours and that of your boss and your boss may not think you're as good as the remote work thing as you might think you are. this is the study just mentioned commissioned by biopta it found that, on average, corporate executives do not

trust about one-third of their workforce to be able to fully utilize remote work technology needed to make that kind of work successful the flip side here is that they trust about two-thirds of their workers to be more adept at remote workers some detail gets more at the heart ofwhy it's such a big deal to use that remote work technology effectively so if the ability to professionally handle and conduct video and audio conference calls that's become paramount. 83% of respondents have witnessed some kind of disciplinary action taken against employees who mess up during virtual meetings. a quarter have actually seen someone get fired for messing up during a virtual meeting and that's because the stakes are high 41% of those executives say they have missed project deadlines because of messed up meetings and 32% or about one-third of them have potentially lost a client or business opportunity because of some mishap that's

happened during the course of a virtual meeting. so the stakes are high when everybody has to work remote -- >> does this necessarily imply older workers or can any of us be tech illiterate >> it doesn't imply anything doesn't go back granular into the age of what's going on what i do know is that things have gotten more complicated in work from home >> an employee terminated over messing up on a platform dom, thank you and thank you, everyone. "closing bell" starts right now. see you tomorrow thank you, kelly and tyler i'm sara eisen the nasdaq picking up where it left off last month, this first day of september and mike, hitting a record high. >> i'm mike santoli in for wilfred frost. let's look at what's driving the action the nasdaq is on top, among big cap indexes led by a pop in chinese internet names apple is higher as well. that stock hitting