tv Power Lunch CNBC September 3, 2021 2:00pm-3:00pm EDT
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and things of that nature. and then it's expected these conversations with centered around the carbon strategy of chevron as well. so you would expect at the next campaign that engine number 1 officially launches would be in that same category >> i'm curious what that looks like in practice leslie, thank you so much. be sure to catch her hosting cnbc's special "the fall reset" with a look inside the five speculative corners of the market it's at 6:00 p.m. eastern time at 2:00 p.m. eastern it's time for "power lunch." and hello, everyone. i'm eamon jofavers. a huge miss for the jobs report. is the fed taper off the table for now entirely and how do we get the millions of remaining unemployed people out there back to work and a spectacular meltdown $75 billion wiped off the market value of companies that went
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public via spac. the upcoming ipo pipeline is full of big names. is the spac craze over and auto sales plummeting. ford sales down 33% in august. that is a huge number. automakers can't get the chips so they can't make the cars. are those sales lost forever, or can they make it up eventually >> thank you, eamon. welcome to "power lunch. not a huge reaction in markets to the jobs report the dow down 35, well off session lows the s&p higher by two. nasdaq up 32 it is chips helping to boost the tech stocks. nvidia is up 75% this year you have a firm out there saying it can rise another 16%. it's up 2% today broadcom and amd rising as well. cryptocurrencies along with the metals is rising bitcoin was above 51,000, just below that level now ether up nearly 5% got a boost from reese
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witherspoon, tweeting her involvement yesterday. let's begin with the jobs report this hour. only 235,000 jobs added in the u.s. last month. the number we want to focus in on is 5.6 million, the number of people who say they can't work for pandemic-related reasons it's also about the same number of jobs. the economy is down from precovid levels. how do we get those jobs back? let's bring in steve liesman steve? >> reporter: good afternoon. the economic effects of covid are all over this report and go a long way to explaining what's ailing the job market in august. but also points the way to a return to healthier numbers. 400,000 is the number who can't find work due to pandemic above what it was in july. take that 5.6 million number, the gain in the -- the 400,000 was the gain in august 2 2 26,500 are the losses.
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41,500 are job losses at bars and restaurants. the return of workers has been a main engine behind the strong jobs growth of the past several months averaging more than a quarter million every month since february well, it stopped dead in its tracks they may have balk at eating and drinking out and some employees are not comfortable with those jobs right now 1.6 million below where it was in february 2020 that is the about 40% of all the private sector jobs that haven't come back despite hefty pay raises, nearly double the gains in august. the pay raises don't appear to be enough to bring back the workers needed still some reason for optimism if the delta numbers are indeed peaking, the reopening of schools around the nation should give parents the ability to return to work that will be essential because, as you know, kelly, some 10 million americans are estimated to lose their unemployment benefits on september 6th, the labor day holiday.
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>> that's why we've been following the state level data to see if it makes a difference. so far it's been pretty mixed. what else would you add -- what do we know at this point how things have gone in terms of hiring, maybe sentiment in the u.s. in the last couple of weeks? >> reporter: sentiment is taking a big hit, consumer confidence kelly, if i might just take a second on one issue which is that, as you know, cnbc has been reporting on the high frequency data and pointed the way towards the weak number. we started to see it in the jobs data a very good job so the reporting we're doing early in the week pointed the way to this miss it was more than perhaps was suggested by those numbers, but i think you need to be paying attention to this high-frequency data
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i don't mean you because i know you are, i mean viewers. >> kelly pays attention to everything >> steve liesman, we appreciate it we talked about eamon's trip >> so does this change your strategy let's bring in the port foal yor ma portfolio manager of clear bridge and ron insana of schroeder's north america. ron, let me start with you on this one it looks like the jobs number was a huge miss. taper is off the table, it means buy everything everywhere, right? >> yes, right. i don't know that taper is off the table but pushes it back until the federal reserves sees the next round of employment figures, whether or not schools fully reopen, whether or not the delta variant has peaked and people are returning to work, as steve suggested they might everything that we're seeing is
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affected by delta, the jobs data, consumer confidence data, the composition of stock market performance. it's all affected by these twists and turns particularly among the unvaccinated and how that's affecting regional economies around the country i think until we get clarity around that, there's no reason to panic with respect to equity markets because if the fed is not going to do anything for an extra couple of months it's more likely than not unless the economy were to meaningfully slow down from here the equity mark will continue to do what they've been doing the last several months >> ron says until we get clarity on that. but the lesson of covid, to me anyway, we're just not going to get clarity. there's not going to be a point we fully understand what's happening to us. delta variant came out of nowhere and surprised everybody. now we're in september we still have no idea when the reopening is going to happen companies are postponing the return to office dates clarity is just not out there. so what do you do now? >> i think today's jobs report
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highlights this. what the data points are telling us in terms of job creation and their number one priority as we decide how quickly we taper and raise interest rates it's more a function of execution risk is paramount right now and it's always difficult to read the macro tea l leaves you have so many covid-complicated that make things look strange. i think execution risk plus an expensive market by almost any measure means volatility volatility in the months ahead equities >> netflix and etn, which you say is a play on electrification. >> one of the things we've been thinking about with this volatility the next couple
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quarters is go higher market cap. i think you get better balance sheets, more diversification an netflix fits into that bucket. it's actually treaded water over the last year. certainly it's underperformed going and facebook for reasons we think are overblown, covid related, production delays, have certainly affected subscriber growth we think that's set to change. new content coming out over the next 6 to 12 months. secondly there's this fear that if disney wins netflix has to lose this is not a zero sum gain. streaming video still has a big runway the growth will come from outside the u.s. but only 25% penetrated so we think there's good runway and, lastly, the part that i'm most excited about, the fundamentals are following for a long time netflix was losing money
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margins are increasing over the next five years they can go from 10% roic to low 20s and the stocks should follow that's one we think is really interesting. >> we're talking about netflix you see the chart on the screen hit an all-time high ron, netflix is giving me flashbacks to the early days of the pandemic as you talk about some of those stay at home stocks are we going to be starting to buy clorox again or can we go back to the stay-at-home stocks and pick and choose what makes sense? >> i think what you're saying is extraordinarily accurate with respect to this because, no, i don't think you go back and necessarily buy a clorox i have no position there, just to be clear. we're not -- no one is expecting us to go back to a full lockdown and once the booster shots become available to the entire
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population on september 20th, many of us will go out and get those and feel more comfortable about resuming some of the activities we might have curtailed. we still have a large problem on our hand that nearly half of the country is not at all or fully vaccinated which could take us backwards and, yes, then you gravitate towards those stay-at-home or shelter in place type stocks as a hedge against slower than anticipated growth the new york federal reserve, speaking of growth, has now put off estimating gdp going forward until it can come up with a better basket because the delta variant is affecting the economy. there's some of that hedging going on we'll be far more selective than last year, not cleaning every table top in the house >> i certainly hope not. thank you so much. great conversation i don't like the tenor of that conversation, though, kelly.
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it feels like we're treading water or going backward with the delta variant. it does not feel like we're making enough progress or what we thought we would be making. >> next week was supposed to be the back to normal how out the window is that >> it's gone >> check out the cnbc post spac, the biggest spacs acquired their target companies it's down 20% over the past six months by one estimate spacs wiped out $75 billion of value has this once popular vehicle crashed for good that's coming up real estate is the best performing sector this week and this year. utilities in second. are these defensive trades are warning that markets are peakg?in i work for waste management, been there 5 years. we take pride in doing our job. we're so fortunate to have somebody eamon won't like that story eamon won't like that story either
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with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. and welcome back soon reddit traders may be able to trade shares of reddit itself taking early steps toward an ipo. it's joining a crowded pipeline, roughly 100 companies are set to go public before year's end. let's go over to bob pisani for more bob? >> reporter: while we're waiting for delta to work its way through the system, you're right. we have a very busy fall season on top of that first two-thirds that's been very busy. let me show you what's going on
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here eamon is right we're dealing with a record year potentially another 90 to 110 ipos, about 375 ipos raising $125 billion now this would be a record year, that $125 billion in terms of the amount of money raised, and the second biggest year in terms of the deal size, that 375 second only to 2000. remember that one, of course, was all the internet stocks involved and some big consumer names, names you would know about here not obscure software companies warby parker they license brands like eddie bauer. allbirds, a lot of consumer names are likely to go they haven't formally filed yet but instacart, the big grocery delivery company, chobani, those
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yogurt, greek yogurts, sweetgreen, flipkart, the walmart spinout and impossible foods, plant-based meat products and toast will likely go, republic airways, stripe, rivian is a big electric truck and suv company. and reddit, the online message board, is looking for bankers at least right now. the one disappointment we're a little concerned about there was a very disappointing returns on the ipo market in the first two-thirds of the year because the prices were high when interest rates went up, some of the names moved to the down side. there's the ipo etf which is an after market indicator this etf buys these ipos after the first day of trading, and
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you see that against the s&p, which is the orange line in the last few days, few weeks, it's outperformed. and i think, guys, this is because july and august, the prices for the ipos were coming down there was a lot of pressure. people were unhappy. they were losing money after the initial first day of trading we'll see if there's enough pressure to keep the lid on ipo mania. >> and then there's spacs. spacs overshadowed traditional ipos $80 billion raised by more than 235 spac offerings continuing into early this year when proceeds topped 2020 numbers in just three months. that has cooled off big time and investors are paying for it. "the wall street journal" finding that $75 billion worth of startup value has been wiped out as valuations declined why has the spac market gone cold we have axios business editor here along with analyst cameron
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stanfield to discuss welcome to both of you dan, i asked a guest last hour about the spac he said they only take 20% if they perform well so their interests align with shareholders what is your response to that? >> i don't think they're necessarily a bad deal it's about the actual underlying company they bought. if it's a good, strong company, then it's a good deal. and i think the reality with these spacs, part of it is so many companies have gone public via spac, are pre-revenue tech companies. so they come out quarter after quarter with no revenues but it's a science project update. >> the s.e.c. has cracked down on this, cameron, correct? the things can you do now are different than 6 or 12 months ago? >> i think they're rethinking some of of these long-term expectations to be used in spac
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acquisitions that could cut done on bringing some of these companies that are maybe not ready that a lot of spacs earlier this year were doing. >> dan it let me go back to this question about what the sponsors take i'm going to repeat it is it a bad deal that is a huge amount of capital to walk away with from people like bill ackman or well-known names. it feels like they get paid either way and then the performance just doesn't pay off for the investors who get involved after the fact. is this an unfair way to paint what's going on here >> in a vacuum, sure it would be the venture capitalists who would get that or go public via an ipo, a traditional ipo, the high net worth clients of the bank. everyone else gets in a few
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bucks higher so not a great deal for you either you can argue there's not necessarily a wonderful deal generally speaking for retail investors getting into newly public companies or high growth tech startups. this is another way. the flip of that is you can usually get these at $10 a share. if it's a good company, it should go up higher. >> let me ask you about the ipo pip pipeline all these ipos coming up, all of them consumer facing brands, you talk about yogurt company -- i had a yogurt this morning. i can relate to that company as an ipo investor do you want to put those consumer facing brands out there for the public and the reddit crowd that might latch on to those familiar brand names as opposed to the spac route? >> there are benefits whether it's spac or traditional ipo it's all about the company's perspective on what will get them the best price, what will dilute existing shareholders the
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least. incentives are in line i think that's obviously still an option for some of these companies. for a company with an established brand, a direct listing or ipo will be the stronger option and other companies have a more difficult time reaching the public markets might choose the spac route. >> i'm curious, dan, about the way in which sort of the clock works. it's tricky to look at what the performance of a spac is you have to go back to when it was announced and not necessarily when the target company opened for trader became that company for public investing. i don't know about you but i'm sure as a reporter this must be frustrating. i don't know if there are broader implications as opposed to the way the ipo works >> that is frustrating, kelly. you have to go back and the timing is screwy the other part of this and the reality is we don't have good historical data on spacs because there weren't many of them
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spacs go back to the late 1980s but there was a handful of them, five, maybe ten. often they were for penny stocks and you would see like a hostess or burger king we don't have anything to judge the past 18 months by historically unlike, say, ipos or the nasdaq or the s&p 500 >> it's a good point it's certainly maturing. dan and cameron, thank you both for your time today. we appreciate it >> coming up ahead, automakers hitting major roadblocks between the ev push. does the industry need a tune-up? the next tech frontier, covid forced people to spend more of their time outside, so subscription services stepped in for everything from surfing to camping to hiking. yes, there is an app for hiking. yes, there is an app for hiking. that responsibility, sustainability, and social equity.
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new covid cases and 1,500 deaths each day, domestic flight bookings are down around 16% for the labor day weekend, compared to 2019. still enough for long lines at airports like this one in charlotte, north carolina. and as president biden prepares to tour the area, electricity should be restored to new orleans by next week. they say 25,000 workers from 40 states are working to fix 14,000 damaged poles and 2,000 broken transformers eamon, back to you >> thank you for that. a quick check on the markets following today's weaker than expected jobs report any close in the green for the s&p, another record high right now we're looking at the dow down a little bit but not too much the s&p up a little bit. everything just basically in a flat range lots of action in the commodities markets. gold, silver, platinum,
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palladium. oil posting gains for the week and closing slightly below the $70 mark adobe, costco, abbott and service now. let's get to some of our power movers coin base seeing nice gains as the crypto market rebounds bitcoin hitting the highest level since may and ether crossing 4,000 etsy leading the s&p 500 atlanta equities raising the price target to $255 saying they are more confident in the company's ability to monetize its users. and virgin galactic falling for a second day as its spaceship is grounded by the faa while it completes an investigation into its test flight. kelly, over to you >> a tough one for spce. ahead, is the recovery at risk the jobs report coming in lower than expectations. we'll speak to former new we'll speak to former new orleans mayor marc morial.
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that had the right position but didn't get paid. and then when the notion of higher wages started to sink in within 30 seconds after the number release the new selling came in. both those target pushed yields up service sector ism, this series started in 1997. you look at that chart, and even though we reversed from all-time highs last month, you could clearly see 61.7 the current read is very powerful. so some positives to this number this morning in addition to the ism services we are basically bucking up against lots of resistance whether it's around 1.32 1.37 to 1.39 it will be a slog here if we break through it could catapult higher as you see on the chart of 10s maybe the most important chart is the dollar index. this notion of tapering should be bullish for the dollar index pushing it higher. but here it sits on a one-month
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low. this chart starts in early june. we're sitting on early support right around 92. the dollar is acting week. the euro currency is strong and they have a policy meeting next week, the european central bank. we need to pay close attention >> rick, on the dollar weakness that you talked about, would you say that's why gold and silver gold and silver rising and copper and some of the other commodities. what's going on? >> reporter: absolutely. i say keep it simple i think the weak dollar is a very good reason it gives us even more clues that maybe the weakness in the dollar index will be deeper than we expect >> rick, thanks so much for that communities in the southeast continue to grapple with the impact of hurricane ida after the storm downed power systems and cause d widespread damage. after today's lackluster jobs report, how do you rebuild almost an entire labor force during a labor shortage? you're building a whole city
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now. joining us is marc morial, the former mayor of new tional urba president. you know the damage to new orleans. you know what they're facing in terms of the labor shortage. if you were in charge today what would you do right now >> well, i think -- first of all, thank you for having me first of all, they have to get the power back on. none of the recovery can really begin with any vigor and enthusiasm until the power is back on in the entire region and on in a sustainable way. but the second thing is that fema has to expedite what we would call emergency payments to families, expedite emergency support for small businesses thirdly, insurance companies have to process their applications with speed. that's going to trigger the work
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in the construction industry that will put people to work in order to be able to rebuild those areas that have been damaged. what's typical in these sorts of recoveries after these natural disasters, you see people come in, contractors and others from outside the state from throughout the region to fill the labor shortage gaps. i believe people in the region should have the first, if you will, spot in line to participate in the rebuilding of their own communities. but historically there's not been enough contractors, not enough carpenters and brick layers and other people to be able to do the work that will be needed to rebuild the region in the short run, you can have a business impact. you'll have unemployment because without power many businesses have been completely shut down but you are also going to have a pick up in employment and a pick up in activity in southeastern louisiana and parts of
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mississippi as a result of rebuild that go will take place. congress has to be responsive, do what it's done in sandy do what it's done in katrina not follow some of the mistakes of katrina but in terms of appropriating the dollars that are needed to rebuild public roads, public buildings, school buildings, private homes and other facilities that are going to need to be rebuilt. laplace, st. john the baptist parish were bat ntered in a ver big way. the president will shed a spotlight on the areas devastated the most. >> you do see those fleets of construction workers coming in on highways, an enormous number of workers coming into the affected area. those recoveries didn't happen in the middle of a labor shortage like now. almost every sector we talk about on cnbc every day is
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struggling to hire enough for day-to-day work never mind what you need to do in the wake of a hurricane. how does noew orleans rebuild when you have this lack of workers and all these key industries do they need to do something that's a market-based solution or do you think government will ultimately have to come in and figure a way around? >> it will be a public/private partnership. at the heart of one of the drivers of the labor shortage is the pandemic the delta variant, the low vaccination rates. the reluctance in fear and the inability of many to get back to work because they're afraid of being infected and we have to confront that and we can't drive around that elephant or drive around that rhinoceros that's in the room. i believe it's impacting the willingness and the ability of many to be able to get back to
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work i think if we solve that, we accelerate vaccination rates if we distill the politics from the conversation, it would go a long way in helping to address some of the labor shortages we receive. >> how do you do that, marc? we're in an era if the federal government tried to mandate vaccines there would be an uproar like you've never seen before we see companies say you have to have a vaccine in order to participate in our work place, if it's a restaurant or a place of entertainment you see companies trying to mandate it and there's an uproar about that in this environment, how do you solve those vaccination rates particularly in the areas you're talking about where they're at shocking lows? >> as an employer i've decided to mandate the vaccination because it is the right thing to do sometimes leaders have to withstand the criticism and the uproar because there's a portion of the uproar, which i think has
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good reason, but there's a portion of the uproar that is absolutely ridiculous. we saw smallpox, we, for the most part stopped rebubella if we are going to get beyond this, the tool we have is the vaccine. and i think leaders should not be intimidated by loud criticism in doing the right thing i may get some criticism i could lose an employee or two because of the stand we're taking but we think we're taking a stand that's best for the health and the vitality of all of our workers and their families and the health and vitality. we see a weaker jobs report, not what we expected, and the pandemic is one of the drivers we have got to confront the fact that either we're going to get
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to herd immunity through millions of people being sick and hundreds of thousands dying, or get it by way of the vaccine. and not just put people's health at risk to get to what is called herd immunity. we'll get there in one way or another at some point in time. either way or another way. i say do it the responsible way. i think it would play a role, not solve the worker shortage, but play a role. what i'm hearing is fear of, if you will, community. fear of traveling. fear of going to work. fear of being unintentionally infected fear of bringing infection home. how can you confront it other than with a vaccine regime that covers as many people as possible >> marc morial, thank you for being here i'm glad you were here particularly with your expertise. it is a lot to ask from
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employers to solve a pandemic, to clean up from a hurricane, to solve a labor shortage, all of that at the same time. you've been in a leadership position >> let me just say this, eamon this is a time that challenges public and private leaders i think everyone has to step up and do what's best for the collective will. and sometimes that means you've got to endorse some criticism, even some loud criticism and be guided by doing what you believe is right to get the economy back on track, to get our society back on track and try to unify this nation. >> marc, thank you for that. is it time to get defensive? safety trades are all top performers this week "trading nation" will tell you which names to buy ahead of the long weekend take a look at what's on deck next week goldman requiring all those entering its building to be vaccinated earnings from gast, meop lululemon and kroeger to name a#
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marks are playing defense. reits, utilities and staples are weaker today but heading into the long weekend with some of the best gains around. will this defensive bias stick as the month carries on maybe until the end of the year? our "trading nation team." craig and chad, welcome. craig, do you stick with the defensive bias what is it telling you is there a sector that jumps out to you >> with the speech interest powell, we started kicking the can down the road in terms of tapering rates are likely to stay lower and hence why we see the pickup in the xlu and the reit space. for my perspective i think you'll have to stick with the trade through year end and investors looking for income they pay over a 3% dividend
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yield. that's attractive and both charts look like they should be bought >> craig, does that make you cautious overall in the markets? >> not really. we're still looking for 46.25. another 2% to 3% higher from now to year end. we don't see technical evidence suggesting that now is the time to run from the market o anything like that the trend is still up and we continue to see in the faang stocks >> chad, what about you? >> so we are overweight, kelly, consumer staple companies. we would look at companies like procter & gamble as well as pepsi. both of those companies have solid balance sheets, consistent durable growth and we think over the next, say, 12 to 18 months they could outperform the s&p 500 with less volatility
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overall the overall markets are, we believe, stretched when it comes to valuation you want to look to the higher quality names that have that durability from an operational perspective. >> all right so some sectors and stocks from our "trading nation" team. head to our website for more trading nation or follow on twitter @tradingnation the big automakers blaming the chip makers for slowing sales. consumers are bailing in favor of electric. we'll discuss that up next >> announcer: and now the latest from tradingnation.cnbc.com and a word from our sonsor during bull markets many traders find themselves attracted to small cap stocks because they have a tendency to have a higher beta, they generally move up faster than the broader market don't overdue it on the small caps because they're more vulnerable to pullbacks.
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from a year earlier on a lack of supply and is sending car prices to record highs according to the kelly blue book. what does it mean for the automakers bryan johnson, we have a lot of questions for you. i guess i'll start with the first one we teased in the intro. what's the impact on the evs so far from the chip shortage >> evs, if you look at tesla, we don't get u.s. sales results for tesla, but there are reports of sporadic down time at the fremont factory, so it seems like they're nightly getting affected as well the. you know, it stands to reason they would be affected along with the rest of the vehicles. so there's cases out there from cathie wood this week, that part of the drop in traditional car
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sales this year is coming because evs are gaining rapid shares -- is she directionally correct? >> i don't think really. to the extent we had ev sales were built into that so the 13.1 million is not a measure of -- it's overall sales. are consumers waiting for the evs that are going to be coming, the hyundais, the kias and the nissans? that's not our sense when we channel check. many consumers are comfortable ordering online, but frankly the legacy oems are not as equipped to sell online as startups and between high prices and lack of inventory, we think consumers are going to the side.
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>> do consumer actually read headlines like there's a chip shortage and say i better not get an ev this quarter or do they just not factor that in at all? >> i think to the extend the consumer is aware of the chip shortage, they know when they go to the lots nothing is there whether they pay attention to the kellie blue book or not, they know prices are high with very few incentives. so that will say wait a few months >> there was a demand, that you get a lot of fan boys who buy them up and then see the demand crest and fall away, as you used up that group. are we doing that right now, or do you think there's another wave of buyers that are more regular car drivers who say, you know what? this looks interesting. >> yeah, in the u.s. it's too
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early to tell on that base we have tesla, the bolt isn't even being sold because of the recall the mustang is getting whatever they can get, but we don't get the volume until '22 and '23. >> but europe, we've been surprised all year about the penetration that's running ahead of what's needed to keep the co2 and the consumer update has been strong that boats well for when there are more models available. brian, thanks for your time. i'll ask my other guest, eamon javers, about ownership of evs i'm starting to think i should sell the minivan now while the used market is hot, dump it before the price of gasoline powered cars collapses, if cathyie was even close -- >> i bought a tesla on new
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year's eve >> solar powered panels on the roof, and then -- >> it's not as easy as that you can put solar panels on the roof, you can charge the car, you have to buy the battery pack that goes on the wall of your car. >> i have a nat gas generator. >> look at that big carbon footprint over there. >> the evs are almost there. i took a road trip to go down to the eastern share of maryland to go on a wedding of my cousin it was wonderful i had to think about the logistics, where do i stop how do i charge? how do i get home? >> what is more expensive? >> i think the tesla will be cheaper in the long run, especially if you're charging on the tesla super-charger network which is free right now. whether it stays free in the long run is a fascinating one, but for now i think electric
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will be cheaper and a lot less moving parts and no oil changes. >> i'm thinking about it i'm thinking about it. >> we'll talk off-line meanwhile, we are continues our series at the next frontier. this week we're going outside the box. subscription services for outdoor activities outdoor activities "power lunch" isme the best! [wrestling bell rings] [music: “you're the best” by joe esposito] ♪ try to be best 'cause you're only a man ♪ ♪ and a man's gotta learn to take it ♪ ♪ try to believe though the going gets rough ♪ ♪ that you gotta hang tough to make it ♪ ♪ you're the best! around! ♪ ♪ nothing's gonna ever keep you down ♪ [triumphantly yells] ♪ you're the best! around! ♪ [ding] there's an app for that. of your finances today . ♪♪
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during the pandemic, many people turned to surfing, hiking or camping a new wave of subscription apps are capitalizing on it all julia boorstin joins us with "the next frontier." >> people are spending money to optimize their experience, and investors are chasing them vcs investing in apps so far this year, up from $10 million in all of last year, and $30 million in 2019. downlocals of the top five are up 35% from last year. a top camping app called the dyrt has many paying $36 per year for road trip planning tools, additional maps beyond camping, surfline, it's
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seen paid subscribers, with 55%. they invested $30 million in surfline last december, also investments in a hunting brand and road bike platform partner jessie jacobs says investic around outdoor activities is a huge priority. i think number two, you just have an age of everybody's obsessed with fitness, right and then number three, i think this ties into the subscription information is data. people want information about, you know, how many miles did i run? how fast did i go? what was my heart rate >> jacobs tells us these subscription services have high retention rates, so devoted
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surfers, hikers, once they start thinks services, they are hooked. >> julia, thanks so much my question is, where do you charge your phone when you're out camping lives in the dirt. >> my question is, where is the weekend tweet? >> coming up after "the news with shepard smith," with his the news with eamon javers just today. have a great rest of the day, everybody "closing bell" starts right now. >> i get to tweet weekend before eamon this week. that's great news. welcome to "closing bell." i'm will friday frost, a huge jobs miss. the majors averageses mixed, with the nasdaq outprisming. >> the august payrolls report missing by nearly half a million. tech stocks are outperforming today, docusign and mondo db jumping
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