weeks ago. they've been the subject of a huge discussion on reddit for a gamma squeeze. >> what is a gamma squeeze >> well, i guess the reddit army was right so far on this one >> we'll keep an eye for that. thanks for watching "power lunch. "closing bell" starts right now. >> it does tyler, kelly, thank you very much welcome to "closing bell." the dow and s&p kicking off this shortened week in the red. >> welcome back to new york. >> thank you very much good to be back. >> i'm in for sara eisen let's look at what is driving the action the industrial sectors the biggest loser on the s&p, also

deere, crypto getting crushed as well, as el salvador begins accepting cryptocurrency as legal tender . pluses the ceo of skillz or e.p. is very excited about it we have a news alert, first of all. it's on ford phil lebeau has more for us. >> ford announcing a big hire. doug field, who is at apple and is centered around all of their plans when it comes to what they may or may not do in the future with regard to an automobile, he's going to be leaving apple and joining ford in fact, he has joined ford. he will be in charge of advanced vehicle technology at ford

this is a key hire and big win for jim farley, as he builds out the team that the not only by further developing electric vehicles, all autonomous vehicles in the future again, doug field, a longtime executive at appearing,'s they were developing automobile plans for the future, never fully div divulged, as well as working in the past at tesla. no d no doubt he will be key to mapping out the future for electric vehicles, and more importantly, autonomy vehicles. >> is this a bigger reflection of ford's strategy into autonomous and into electric vehicles in or equally a reflection of apple losing its

key engineer, and there, i guess, aspirations where a car is concerned >> i think it's a bit of both, morgan the bottom line is this. he is among a handful of people you can look to in the auto industry and say, who is a key player, somebody that you definitely want on your team if you are developing not only electric vehicles, but autonomous vehicles. i would say if you looked at the auto industry, and give me five or six people more definitely key players, doug field is one of them. this is important for ford, again not just because of the development of electric vehicles, and they're well on their way in that regard, but also more importantly, when it comes to autonomous vehicles, because doug field has vast experience in that area as well. let's be clear, guys, that is the future autonomous vehicles, it will not be soon, it's way down the road. it's a complex subject that will take a long time to be figured out, but doug field is somebody

you want on your team if you're trying to move in that direction. all automakers are trying to do that. >> phil, thanks. mike santoli is tracking the market action, and bernie sagonaski has a look at apple. >> a bit of slippery footing stepping into the new week we have that familiar rotation going on, a lot of the global cyclicals like industrial are leading the down side, but gains in amazon, tesla, apple, are managing to hold the index together, the nasdaq the outperformer once again. if we do get some kind of mosh probably an pullback that would be one of those three-ish percent declines that would go back to the area where the market last broke to new highs. so until then, or if we ever get back to something like that, it seems like it's noise around the

edges, but definitely more weakness below the surface take a look at the equal-weighted russell 1000. it had this comeback, so it's basically all large, even mid-cap stocks it's kind of back below that june high we had so a lot of these areas that are more reflation plays, more, you know, kind of a play on an accelerating economy, they have waffled a few months this dipped back below, and the s&p itself has now begun outperforming the russell equal weight we have also absorbed a lot of mini boom and bust cycles. this is when a lot of the real sort of speculative or risk appetite plays peaked. this is cannabis etf, a massive decline. this white line, very steady in an up trend is basically the different and buyback etfs

if you want to consider this story to substance ratio, the story being long shots, big group changing, and to a lesser degree betz, that's an etf, the market has overall found a way higher we're running on the two tracks of a very sober, kind of methodical rotation higher, for the most part, for the main core indexes, and then a lot of froggy stuff coming and going on the fringes. so far it's been okay to kind of push that aside to the margins, guys. >> mike, thanks so much. city sell for a record close on the nasdaq shares of apple hitting an all-time high. earlier they sent out invites for the september event.

joining us now is tony, with a market perform rating and $132 price tart on the to be. great to see you -- i want to get to the context within those in just a moment, but the first question, what do you expect to be unveiled at those events coming up. >> well, thanks for having me. we do think that apple will, for sure, introduce new iphones. we think they'll introduce higher-performing versions essentially of the four phones they are offering today, likely at the same price points typically apple has what we call s-cycles, which are more evolutionary every second year last year the biggest innovation was 5g, slightly bigger screen, camera functionality so we expect the announcement to be largely focused on i phones

and the devices themselves to be a big more evolutionary this year >> that's the hardware side of t then. >> it's a bit of both. we believe gobelieve, by defaulh on your iphone will be google. we believe google probably generates about $50 billion on ios, and it's effectively paying an access that $15 billion it's almost pure profit. it's a very stamplgal number

and the opportunities. and the willingness for someone to pay it. on the other hand and google from an antitrust and monopolistic perspective from their share of the smart phone market and operating systems and so there's regulatory risk, and quite frankly there's also risk that google one day might say, you know what our brand is strong enough, most people go to google anyway to do their search, so do we continue to need to pay apple this amount on one hand, it's a testament to the strength of apple's base, but on the other, it's a big risk it's definitely part of google's profit stream. >> this news that's just crossed that ford has hired apple

executive doug field i realize it's a longer-term story for apple, but for as much of a coup as it is potentially for ford, is it a setback for apple? >> sure. anytime when you lose an experienced executive, it's a blow to any company. you know, there has been a lot of organizational change at apple the last six, seven years. it feels two, three years ago tim cook was largely talking about autonomy, that being a key focus area for apple in the last six, nine months there's been revelations that apple has been talking with

oems, so the focus seems to be back towards developing a car, not just autonomous driving. so we have seen ebbs and flowing in apple's both focus and organizationally there's been layoffs sever times in this group. this is one more unfortunate organization at setback for apple. i'm not sure if it ultimately will change the trajectory of what apple wants to do, but anytime you lose a top-notch executive, it's a setback. >> with the stock at an all-time high again, what is it that will drive this share price through the rest of this year. is it back through the tried-and-trusted hard way with these releases around the i phones and airpods >> i think all eyes are on hardware, because i phones are 50% of the business. i think expectations are relatively low for this cycle.

this past year has been very strong for iphone. i think for apple stock to continue to keep working, the services business continues to need to grow, you know, at a very healthy clip. this year it's grown at 25 if apple continues to show it can introduce new services, it's starting to do its own tiesing it's brought to market many new services, a video gaming service, a credit card service, et cetera. if apple is able to continue to demonstrate strong services growth and monetization of this powerful install base, there may be opportunity for further multiple expansion i would caution that apple is at the high end of its range, almost 30 times earnings so we're probably going to have to have at least an okay iphone cycle and continue very strong growth and transparency of growth on the services side. >> toni, great to see you as always thanks very much for joining us.

>> thanks for having me. toni sacconaghi there from bernstein. up next, we will look at the state of play with the ceo of mobile gaming platform skillz. we're back in a couple minutes you're watching "closing bell" on cnbc. with directv stream, i can get live tv and on demand... together. watch: serena williams... wonder woman. serena... wonder woman... serena... wonder woman... ♪ ♪ ace.

advantage! you cannot be serious! ♪ ♪ get your tv together with the best of live and on demand. introducing directv stream with no annual contract. for skin that never holds you back don't settle for silver #1 for diabetic dry skin* #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin hey, dad! gold bond hey, son! no dad, it's a video call. you got to move the phone in front of you like..like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror?

[ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most and $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. 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. welcome back summer is over football season is officially here a new survey shows nfl sports

betting expected to soar this year contessa brewer has the story for us hi, contessa >> hi there, wilfred these very good news for all these companies. they need more sports bettors, because it's a crowded field it shows 45.2 million people say they plan to wager on a game that's a 36% increase from last year in part, the growth fueled by more states permits sports betting. nine more states have legalized sports betting, though it hasn't gone online yell yet. the nfl that is made a huge turnaround over the last couple

years, going against a fierce fight against legalized betting, to partnerships with caesars, draftkings, and data providers it's like the wild west out here. >> we know you're covering it closely. contessa brewer. joining us in an exclusive interview a andrew paradise, to talk more about what his company as afoot as we await the nfl kickoff game on thursday andrew, earlier this year, you launched a multiphase partnership with the nfl you kicked off this competition to search for the next great nfl mobile game. where are you in that process? >> we had hundreds of submissions for the competition. several weeks ago, we announced 14 semifinalists ranging from small developers up to pretty large ones it's really exciting, because many of those studios are new to our platform, which has been

great for the growth of our developer community. it takes 18 to 24 months to develop the game that will hit hard launch. my finalists are all heads down working on their games the skillz and nfl teams are always checking in with each other. the quality and breadth of ideas is really, really exciting i can't tell mow are about the games, but they're across multiple genres, and moving forward to announcing the five finalists in quarter 1 >> can you talk about the financial boon of having a partnership like with the nfl could potentially mean >> the nfl has incredible retrade. if you think about skills currently, we're more like a 2.5

million emu ecosystem. that gives us add idea of size generally there's an opportunity to have multiple games become finalists, and beyond that, i really can't say too much of the game play. so we have to wait and see. >> well, we will let you off then, and won't push too much further. what about the partnership with x games? what is behind that? and what stage are we at >> this is the strategic investment from skillz, our first since going public it's around accelerating or expansion to hugely popular genres, like synchronous fightings, first-person shooters, and i would say overall that is going very well. when you think about content that's launched on the platform

like big buck hunter marksman. we're very much on target, really no pun intended, but we're moving the game successfully through the hard launch well ehad a tournament for our board of directors a few weeks ago. i can't tell you who won, but i would say it's not very fair to put up jerry bruckheimer against me in a video game over 20 years it's been a cultural icon, the world's biggest hunting game, and first-person shooter gives us the opportunity for games like fortnite, and many others, and if you guys want to check it out, i would be sure to get you promote codes. >> i don't think you can spend time in a dive bar and not come in contact with big buck hunter,

at least in the original iteration. >> i can't imagine you spending time in dive bars. i just mean it's a popular game. i don't even know how to come back whether it's big buck hunter, nfl, trivia cracks, some of the other partnerships or offering also you have already launched or developing, what represents the biggest potential growth opportunity overall to the company? >> at skillz, it's all about growth it's projected to be $161 billion in 2025. so the market is going to roughly double and the way we think about the business, we're doubling down, so continue to innovate, continue to grout this new category, and i think things overall are going well today we're 95% payer in north

america versus a market which is about 80% outside the u.s. we'll be expanding into india. we announced that several times throughout the year, but we're planning on enter in q4, and we're heads down growing away. >> thank you so much for joining us >> thank you. stock is up about 4% still to come, the covid battle may be moving away from vaccines and more toward antiviral treatments what it could mean to companies like merck, that's coming up the sdnaaq is the only major average in the green right now (vo) while you may not be running an architectural firm,

tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. all the things, all around you... where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe. today, more than 100,000 of us are innovating to ensure spaces are more efficient, healthier and safer. abm. making spaces healthier for you.

still to come, boeing's biggest customer says it's walking away from talks of a potential new plane. and netflix jumping off the two wall street firms.

we'll talk to one of those analysts, mark mahaney. 'we head to break, the ten-year hovering around 137 today. yields ticking up a bit, but nothing too pronounced we'll be back here on "closing bell" in a couple minutes.

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.

let's check in on individual mark movers. shares of match group jumping on news that effective september 20th, it will be added to the s&p 500. it will replace perrigo. shares of match are trading up 7% on this news. callaway golf meantime raising its third quarter guidance it set the topgolf business, you can say a new generation being turned on to golf, with the driving range entertainment-focused venues, if you will wilf time for a cnbc news update with rahel solomon. >> hello, everyone here's what's happening at this hour the judge haus struck down the wording of a ballot proposal which seeks to replace the minneapolis police department,

the city council is preparing a emergency meeting to travel new lang usage mexico says penalizing abortion is unconstitutional the decision is a major win for abortion proponents where the majority of people are roman catholic, and across the border from texas sports should not suffer problems from -- and the i.r.s. says today it had a backlog of nearly 8 million paper filed business tax returns at the end of last year, though it shrink to less than 300,000 by july the tax agency says it continues to face staffing shortages that are slowing refunds and claims for pandemic business credits. didn't realize that the labor shortage was impacting the i.r.s. when we come back, a top

analyst at evercore isi looks at the battle of covid-19 and how they may be moving their focus to antiviral treatment more when we come back [squeaky shopping cart] [sniffing] is the salmon wild-caught?

she only eats wild caught. [cash register beeps] uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance. with directv stream, i can get live tv and on demand... get e*trade and get more than just trading. together. watch: serena williams... wonder woman. serena... wonder woman... serena... wonder woman... ♪ ♪ ace. advantage! you cannot be serious! ♪ ♪ get your tv together with the best of live and on demand. introducing directv stream with no annual contract.

what happens when we welcome change? we can transform our workforce overnight out of convenience, or necessity. we can explore uncharted waters, and not only make new discoveries, but get there faster, with better outcomes. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change-- meeting them where they are, and getting them where they want to be. faster. vmware. welcome change.

merck and pfizer recently

announcing the start of medications to help with covid-19 very good to see you, thank you so much for joining us do you think the antivirals could still be a big seller for these companies? or is the focus very much more on vaccines? >> thanks for having me. look, tamiflu is a multibillion dollar drug in the flu setting, depending on the flu season. there's no reason why it couldn't by an antiviral it's an add-on to the vaccine option. >> the ones being trials at the moment, whether it's merck or pfizer, are they likely to be better than what's out there already. is there a need for better antivirals >> there's three -- merck, atea, and pfizer

as it relates to what's out there right now, we have vaccine and antibodies antibodies have an antiviral effect, but however, there's a limit to that. you have to be older, above a certain age group, so there's a lot of most importantly it's not just an oral antiviral's ability, it's also the possibility is may even help you in a post-exposure prophylaxis setting. so just to dig into that more, the antiviral piece of the puzzle has certainly been more challenged you talked about some of the const constraints. if you see broad-based antiviral options, what does that do to, i guess, vaccine demand, especially as you have all this

talk and boosters -- >> in practice, here's what a pill does. it shrinks your duration from 12 days down to 10. when you describe it like that, it sounds very different, but maybe tucked lower the odds of household members when someone is exposed will it lower the demand it's a good add-on is the way i see it >> what about three to five year out? could it be a more meaningful alternative, then, to vaccines if we're not quite in the full throes of the pandemic anymore >> yeah, and maybe -- if i were to ask you a question differently, maybe what you're saying is let's say the vaccine covers of 6 to 9 months, maybe before the three months before the next booster, could you rely

on a pill? maybe, maybe but we need the data there will be a lot of data in the 8 to 12 weeks. and like the merck mechanism, it's beyond just covid or a third strange. >> giving this entire conversation we're having, then, from an investor standpoint, what is your top pick? >> i mean, i think in large pharma, investor by and far has been on lily, which is a growth stock, but merck has one of those left over, but no real clarity in what is the next big growth driver. i think this upcoming oral data could turn it. i like merck i realize it's not a growth stock, but i think it starts to turn a page. >> umer, thank you for joining us. >> thanks for having me. when we come back, boeing under pressure as the biggest

customer outside the u.s. says it's walking away from talks of potential 737-max order. we have the details next in "the market zone. and at 6:00 p.m., "back to business." where are the opportunities for investors? and how has covid impacted the return to the workplace? that is tonight at 6:00 p.m. eastern on a special edition of "fast money. your biggest project yet. worth is giving the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. wealth is watching your business grow. worth is watching your employees grow with it. principal. for all it's worth. all the things, all around you...

where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe. today, more than 100,000 of us are innovating to ensure spaces are more efficient, healthier and safer. abm. making spaces healthier for you.

sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today.

we're now in the "closing bell" market zone. cnbc's market commentator mike santoli is here to break down the crucial moments. and we have del anoni-- delano sapporo with us. morgan stanley lowered u.s. equities saying it sees a bumpy september and october. goldman sachs with a bearish forecast >> i guess there's nothing particularly new, particularly on the market side, wondering

the markets have been trending in that direction already, and it does make six we hadal thus comebacks. so it makes sense. if they don't have expectations for returns, they think they're more worried about turbulence the fact that we are at record highs, and that it hack some of these megacatch tech names that havepowered these moves, does that continue? >> you're exactly right.

there is a bit of ants pace of the market saying, up 20% already. how much further can we go there are risks out further. but what we did see the august jobs report, which came in lower than expected as far as new payrolls, that's something that investors can hang their hats on a bit. and we may not see a pullback in the policy, but, you know, investors have been looking for something that will take the air out of the market. you have to look defensively

>> just over 300 points of the decline the not a full perseid mike, what about volumes this post-holiday weekend trading day? have we picked up again yet? >> it's still on the lighter side we always have a pickup in volume when the market is down it doesn't seem ago if we're fully woken up i think it's thinned out a bit there's a downdied reversal. it still cement rocky, but within a narrow band it wouldn't be a surprise if we backslid a bit a company is saying it's walking

away from talks about a potential order with boeing. phil has the details. >> sharing of boeing under pressure basically because of a couple questions regardless ryanair, this is not a surprise to people who cover the industry michael o'leary has been making noise for a couple weeks, saying he's not happy over the negotiation with a potential buy of the stretched version of the max 10 even warm-up is $135 million nobody pays list price airlines will pay about 50% of that essentially the talks broke down because they couldn't agreed on a price. ryanhair has order 210737 max-10s. also the other question is what's happening with the 787

dreamliner there was a report over the weekend that boeing has halted deliveries after they work out inspection issues, and may not get resolved until october at the earliest guys, back to you. phil, my question on this is really how solid the future earns forecast or plane delivery numbers that have factored into models are when we see those numbers come out, did it factor all of those ryanair orderslocked, loaded and certain or not included yet? >> reporter: on the max-10s -- the 210, that's locked in. they placed a total commitment

of 210 michael o'leary is not talking about walking away from that he's saying i'm not going to negotiate a price on the max-10 that we might want to order in the future he wants a lower price boeing's position is six months, a year ago you might have gotten a lower price. we're in a better position now dave calhoun has been very straightforward about this since he became ceo. uk give away the planes. there is a point where you have to say, this is the price, this is how much of a deal we can make people believe ultimately they will work out a deal, maybe somewhere down the road. >> all right phil lebeau, thank you delano, i want to get your thoughts on this given the fact that boeing -- the 737-max piece, but also the 787, with that report am midst

all of this. we're down about flag year to date there's been a lot of bad necessary from boeing, and this is price negotiation on tens of million, crossing every tism, dot every i. they need to see some good news for this stock it's not a stock i'm not going to increase the exposure until i see something in the fundamentals and news flow that shows me otherwise we're showing sirius there spotify is up 2.6%, off its

session highs. mike, how has this one done, in the bracket of those more richly priced -- >> it struggled. that's why this call is a bit opportunistic. it's had a hard time trying to live up to what people hope for would be the status of the netflix of audio it just doesn't have the same economics. 9 margin structure is not quite there. this call is interesting, though, because it is compares it to sirius/xm, saying the value implied per subscriber at a very steep discount, maybe should be higher so i find it interesting i still think it's a show-me situation, because the path to real bottom-line profitability is not very clear at this point. >> it's interesting, too, because spotify has lured some of those content creators away from sirius/xm, which speaks to

the lines that you are blurring in this industry, as it continues to evolve, delano. >> as mike was saying, the comparison to netflix is interesting, but i think the pricing power and competition is different from that of netflix, that although, you know, spotify may buy a particular streamer/creator that pricing power does not necessarily translate over the way it does with netflix we have a little exposure to it, but we're not increasing the exposure the growth ratefor the monthly average users has been a bit slow i think the biggest thing they can do to create more high growth is premium content that's inclusive to the platform. that's something that'svery, very hard to do. sticking with content creation, disney's "shun-chi and the ten ring" had the highest opening weekend ever for this

specific holiday weekend bringing in $94.4 million. and the domestic office between friday and sunday, amc among the names benefiting from "s "shang-chi's" strong performance. also node that imax is trading higher with the own news around the labor day weekend and this specific release as well, mike. >> those are great headlines, to show that certain type of franchise releases will get people back in larger numbers. the comparison to 2019, almost no significant movie was released in labor day weekend of 2019

it's a bit of a softer result than is said here. if you're down 70 year to date. >> more for me, mike, is internally compares it to "black widow" and whether it changes the debate when it comes to setpeet movie, ifnetflix continues to focus on the smaller budget movies. >> it cemenseems like that is w the box office will be for, the big movies with a preset following, a tremendous budget, in the disney marketing machine, and you can, you know, have this kind of debut, and certainly more than pays for itself. yeah, we'll change the equation on that, but i don't think it necessarily means everyone has been dying to get back into theaters. >> how about from an investor standpoint, delano

does amc or imax or these companies look attractive? do you steer clear what about disney? >> i'm staying clear i will say, you know, i did go to the theaters. the experience was kind of nostalgic. any big release, and you're sitting in the theaters, having food delivered to you, you can't get that experience at home. that gives me hope in the long term for this, not that we're going to shift everything more focused on streaming from home i think it's still alive to cover these big box theaters, but i won't say amc is attractive at this level >> the enterprise value is five times the day before covid hit it's a totally different animal right now. you want to look at cinemark,

and the realities for the theatrical release industry. we have just over two minutes for the session. mike, internals? >> they've been softer on the other side they're being a little flatter, you look at the new york stock exchange, it has been skewed to the down side. i mentioned also the small cap is underperforming an late morning, and that's also weighed on things here so certainly we have some weakness underneath the surface that is not too dramatic you see there it's more like a 40/60 split on the indexes right there, and as i said, the equal-weighted s&p 500 is down about two thirds of 1% if we're going to flip over to the next equal weight -- there you go equal weight consumer discretionary versus

industrials, the cyclical is very much restricted to the industrials. you had the global industrials taking a heat, but equal weighted are holding up. the volatility index did get a bit of a lift. you're going to get a reinflation of the volatility premiums before you come back from a three-day weekend that's part of it. summer is over, we're in september, what that means, at least maybe priced in slightly more volatile. >> the dollar higher today that's weighed on oil, weighed on gold, down 2%, bitcoin, of course, is down sharply, about 11.3%. as for the stock market, s&p lowered by about a third of 1%, dow is down about 0.75, but off its session low, which is down 308 points the nasdaq is holding on to a

very, very slight gain with a record close, but only just in the green. within the s&p, commun communications -- [ bell ringing ] >> as the bell goes, we do have a record closing high once again for the nasdaq, but only june, higher by seven basis points dow down 1%, s&p down 0.3% welcome to "closing bell." i'm morgan brennan and mike santoli as stocks selling here with the "closing bell," just a moment ago, we have a mixed picture the dow finishes lower by 267 points, or about 0.75% the s&p 500 also finishing the day in the red, 45.20 is the

level there. the nasdaq composite, the outperformer of the day, eking out, just barely, just above the flat line. the russell 2000 small caps and dow transports also finishing day in the red net flex, though, hitting an all-time high. this coming up this hour, i should say, we'll talk with mark mama haney, and delano sapporo is with us still, and liz young is joining the conversation as well mike, we've been talking about it all day, and we've been talking about it a in the meantime better of today. >> yeah, it's been persistent. i would have thought if there

was going to be a bit of difficulty in the market, it might come back those huge growth stocks were a little tired, and maybe 24e6 set just to pull back in the natural course of things well, amazon, apple, tesla, netflix have not listened to that so we still have the makings of that i do think there's a bit of caution building around the macro story. >> i could have cautioned in september. i think what you're seeing is just what mike said. you look at things like the

economic -- and we're missing estimates more than we were in the first half of the year but there's also this rotation that could happen. you think about what happened early in the year, there was in rotation, and what could happen here is just like what happened in make a bit of a pause in september. as the economy finds its footing. i think that's very possible we do have a yield on the ten-year that's at 1.37 typically what we have seen in the past some of those cyclical and value-oriented stocks have followed suit, yes that was not the case today

there has been a move to more of the defensive side you see real estate, seeing the financials move forward a bit, and last week seeing that there's still room -- there's still -- a couple names like netflix -- a better part -- to move forward -- i wouldn't say that it's totally chips off the table when it comes to they growth names, but they should look at some of those companies that they think they can buy for in sort of correction. but also, you could be disappointed by the performance of banks rising as well. >> again, they started off

stronger with yields lifting a little bit perhaps it's because the yield move, being distributed to more of a supply/demand issue and it seems as if in a new week eastern, you know, i think there's a risk that people are all of a sudden deciding to have a slowdown mindset today, airlines were up to me is wasn'ts on clear when people were saying we were head fog a lasting slowdown, it's we're pricing in kind of a slowdown for months to come. >> ives seeing an increasing

number of notes i see you bringing it up here in your notes as well today. >> yeah, i think that would be the next thing we talk about, the big risk i know there's a lot of people saying the same thing, but then the next concern is, okay, inflation maybe doesn't cool off as much as we thought. there's still not as much growth in the economy as we hoped for you can't stimulate growth and inflation with the same tools. so they have to make a choice. i think that's something we'll talk about on networks like this as far as a recovery goes, but its something that will have to affect the market as we move

through. td aamerica trade were -- but net sellers of equities. j.j. shanahan is here with us. great to have you join the conversation here. hi, morgan. >> let's start a bit with where you did see some of the biggest activity, whether it was buying or selling on the investors last month? >> i thought it was interesting. mike just talked about the fact there is quuk. i think what we have seen is not a hankering to take a lot more exposure to the market it is for the first time in a while net sellers warned and when i look at the stocks it comes down to two things they tend to be stocks that are -- it was interesting of

sellers then, sellers of tesla, while at the same time buyers of ford and gm. obviously in the ev space, it seems to me we're seeing that beat up, so it's just kind of interesting to see that the last thing was we see that our buyers were sellers of nvidia while sellers of amd you just got done talking about rotation it's interesting to see some of the names within the individual sectors that are also being rotated in and out of -- without actually taking, shall we say, more outside volatility risk >> so gauge for us, judge, the extend of that net sellers and equities have you seen quite a meaningful change in direction of a less

overweight or less invested in equities than they have been for many years, or is it just at the margins? i think it's more -- >> it's a pretty fairly even mix, so when they do switch to the sell side, they don't, you know, go crazy in normal times where it's a huge, huge shift, but any shift that i think is interesting, and it really points out a big theme of the panel you have today that is, there is more caution in the air as we head into september because of some of the historical things we're seeing, but we're unclear what the fed is going to do we have this risk of the fed not doing much else from now until the end of the year. that means other stories can cause volatility we don't have earnings for

really a meaningful way for a couple weeks that always leaves us open to a story we don't always think, and i think investors wisely have decided, you know what i'm in a good position, i have the positions i kind of want on. as ed, it's interesting to me they stayed very much in the same sectors without going towards some of the stocks that have been high flyers or more volatility to them recently. >> j.j., it's been a very robust year in terms of companies going pu public. ven seen activity, also just changes in activity?

i think, morgan, when we look at that, it's the more well-known the company, obviously the more our investors will participate we see a broader bay of people participating in ipos than in the past i think that spacs are sometimes a -- people don't fully understand that, and that has people back up a bit and so, with that said, i do think with some of the meme stocks and et cetera, it looks at our occasions to see this. it's made people more curious about products that probably they weren't as curious about before look at how much more you're talking about options on the network on a day in/day out basis, even compared to ten years ago. obviously products like than

have become many more mainstream as you start to see some of these other products, you start to see people doing their homework respect so they at least can have the option of going forward. >> j.j. mentioned there how apple and microsoft have been -- for td ease clients the last month or so. what's your take on those megacap tech names for the rest of the year. are they a little stretched to the up side? there's been this battle of who's going to victim, so when rates rise, they expect financials to do okay, but the techs to struggle. the large-cap tech names -- i think today is another good example -- they continue to be blue chip, safety to investors as we head into a season of

volatility, i'm not surprised to see the big names get a bid. i wouldn't necessarily be adding to big-cap tech right now, because i do think rates continue to rise, and there's probably opportunity for more up side somewhere else. >> liz, delano, j.j., we have to leave the market zone there for today. thank you all. >> thank you. >> thank you for having me. when we come back, eric jackson outlines where he sees opportunity in the market and the two names he likes right now. we're back in a couple minutes

it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute.

get started today. bertha coombs has some numbers for us. >> hey, wilf it's a record quarter for coupa. over $79 million in revenues, and about 10% above where they have guided. on the bottom line, they

reported non-gaap 26 cents a share. the street had been looking for a loss on the bottom line. they're boosting outlook above expectations, also looking to post another quarter of gains in the third quarter of one to three cents, well above, when it comes to revenues at $$177 million. year to date, shares have been beaten, it's one of the worst performers in the software space. >> bertha coombs, thank you. shares of coinbase falling today, up slightly in afterhours the company had been experiencing technical issue with his orders. this as crypto took a big tumble eamon javers is here with move it looked like that had something to do with the problems that coinbase

experienced today. they said earlier they were having difficulty, about you about 1:40 p.m., they put on the this tweet, that all is well, at least as of then transactions are going through normally service issues have been resolved we have taken steps to keep our services up. thank you for your patience and understanding while we work to address this what happened there? here's the tweet in which they explain it publicly. not a whole lot of detail, but they say a sudden increase in network traffic led to a degradation. we've seen improvement with our app services however, transaction service are still degraded funds settlement will be delayed while we recover no word on when this all will be cleared up no further information for them. clearly they had a problem, they're well on their way to resolving it, though back over to you

>> is there any way to talk about what tripped it. el salvador maybe bitcoin legal tender there, and that might have been part of it or is it something totally separate. >> it could just be a volume issue. their critics will say you're dealing with a highly volatile cryptocurrenciy there you know, what the company was saying, it cause the surgeon in activity, and they're on their way to solving it , mike, ultimately bitcoin down, what, 11% or so.

coinbase is going to slide, give or take that coinbase shares took a hit once the news hit the news i don't know if it really is necessarily all about the el salvador unveiling, but we did see this before when there's a bit of the sell the new, it's a signature event that a lot of people were waiting for in crypto, which in the last case was the listing at coinbase. maybe there was that same kind of impulse, and make some fever breaking on the nft business most of the major averages finished in -- the index posted on the record close. let's bring in eric jackson. eric, good to see you. thanks so much for joining us.

hey, wilf. one of the factors despite that record close, as mike was pointing to earlier, was the rolling over of the russell intraday that's something you've been keeping an eye on as well? >> yeah. russell didn't have a good day today. i think as the russell goes for the balance of this year, i expect so will the rest of the market despite the fact we're all-time hi highs there were a lot of stocks that is haven't, one of the growthier tech names, there are many that are still down hopefully we'll see some broadening out of participation among some of the smaller-cap names. i know some of your previous guests talk about the volatility that takes place on the down side i tend to be more optimistic

i am cautiously optimistic the market will continue to do well through the end of the year but i think the key is watching the russell. >> does that mean you want to be positioned in some of those na names. >> that's where i go fishes, wilf i'm trying to find names that i think can double or triple over the next two, three years. while the faang stocks are fantastic companies, they'll continue to do well. i tend to look for names, maybe recent ipos, names that have $5 to $10 billion market caps, with a strong underlying growth story, and i think over the balance of time, they will get appreciated, and have a large up side to them >> so, eric, if we're going

fishing here, some names that you're catching, if you will my favorite long is a company called upstart the ipo last december, i was on the show in january, and i said then that i felt like upstart could end up being the ipo 2020, not airbnb, not doordash, not snowflake or one of these names. i'm sticking with that the stock has 13-x'd since the ipo. it's hard to believe i'm going to argue that it's still under valued, but i think that's case. this is an a.i. lending platform that puts banks in touch with consumers who want a personal long, and they're the match maker. they use the a.i. platform to do a better job with the spiko score, and they get a referral feel for putting folks together.

last quarter they reported that 71% of the time they are approving these transactions in a fully ought mated fashion. last quarter they grew 1,000% over 2020 coming out of the pandemic even though the stock has obviously exploded this year, a lot of the firms on wall street that cover upstart are caught off-guard. they're going to do 750 million, and i think wall street. >> i don't thinkist going to, they do things like 1.7 billion,

and when that happens, i mean, the only name at fintech that's growing -- there are no names at fintech, public companies growing this fast. the nearest one is afterpay, which just got bought by square. so for a name like upstart, i think it should trade 30 times, so, i still think there's a lot of room to the upside, especially, which is 6x. give us your other pick, a bit quicker, because i have another follow-up. >> sure. it's gernerac. they're the leader for

generators for businesses and homes. when the power goes out s. basically with natural gas, they keep your house powered. they're 75% of the market. they're going to have an investor day this month where they're basically turning themselves into more of an industrial company followed by industrial investors, too. solar is a storage company that basically would allow you to be totally off the grid i think you said to buy it ahead of investor day. that's one i really like. you recommended lightspeed and bombardier well done on those picks selling those now after the nice runs >> uh, no, they're still major positions for me i think the stories are just getting started.

i think, you know. bombardier, i see it a $20 stock. delta coming back has shown, people want to fly private jets, or will have to fly private jets maybe longer than anticipated. i'm sticking with them yeah, business jet demand, the unexpected demand, i guess you could say. in terms of the delta and coronavirus impact eric jackson, thanks for joining us today. >> thanks. after the break, biden's tax plan includes more than 80 tax hikes and changes, but most of the revenue comes from three major tax changes. we'll break down what will impact the most. "closing bell" will be right back

(vo) unconventional thinking means we see things differently, so you can focus on what matters most. that's how we've become the leader in 5g. #1 in customer satisfaction. and a partner who includes 5g in every plan, so you get it all. if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision.

with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity. [swords clashing] - had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme.

the underwriters will have have the option to perform an additional 2.5 million shares. bumble says it extend selling shares itself and won't side of any proceeds from the sale

shares slipping 3.8% on the news of that. 17 million or so shares being available for purchase, morgan >> there's a pun here. biden's tax plan, most of the revenue for $3.5 trillion plan comes from three key tax changes. hi, rob. robert. >> biden is proposing to raise the rates from 21% to 28%. that would raise over $1 trillion in revenue over the next decade. lightly to be scaled back to maybe 25% rate that would raise $400 billion less, though in revenue. doubling the tax for overseas

revenues, and for investors and the wealthy, the biggest tax threat is the capital gains tax. biden proposing to race it to 43.4%, and he wants to eliminate the step up to appreciated assets at death. now, combined, those two changes would change an estimated $322 billion. we see moderate democrats and those in farm states pushing back against that change in the step-up, but pressure to raise taxes after the covid. boris johnson just announcing plans to raise the payroll andl and different taxes in the uk by 1.25%. that will generate around $16 billion for the national health system there it's driven more bon concern over the deficit which, guys, of course, is less of a concern, for better or worse, here in the u.s.

>> exactly right, robert i was going to just pick up on that it's quite interesting in how different the debate is going. in the uk you're seeing a right of center government announcing the tax plans, using the back of the pandemic as cover to do so, to break some manifesto promises, and say it's, of course, because this pandemic was completely out of the blue, and it meant a lot of costs, and we have to put the money back into the national health service. all very reasonable reasons, i guess. and of course, here, you have a left of center government that's struggling to get the backing for those tax increases, despite being on that side of the aisle. it's probably the big differentiating factor, whether or not you're going to fear growing deficits in the uk there is a greater fear, particularly with a less strong currency, and not being the reserve currency of choice

around the world if we do let the deficits get out of hand, that would be a big concern, and that's not really a concern here in the u.s. >> it's not. when you look it he two political scenarios, you have accomplice both leading parties in the uk there's a split with boris johnson and conservative party members saying, you promised not to raise taxes. he has gone and done that. and here in the u.s., moderates saying we shouldn't be spending $3.5 trillion when we have threats of inflation this is a difficult time for both countries to raise taxes. in each of these cases, we have infighting within the party, so we'll see where it shakes out. >> robert, thanks so much. up next, mike santoli heads to the telestrator plus netflix shares popping today after two price targets hikes.

mark me haney will describe while he makes the moves. and the company's latest launch is that a photo of the fake chicken nugget we'll discuss. >> we need a taste test. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪ flexshares are carefully constructed. to go beyond ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information.

read it carefully. as i observe investors balance risk and reward, for a prospectus ci see one element securing. portfolios, time after time. gold. your strategic advantage.

welcome back time for a cnbc news update with shepard smith. hi, shep. >> president biden getting firsthand accounts of last week's deadly flooding in mandville, north carolina, he heard from residents a short time ago, who also had to deal with explosions, caused by gas leaks that destroyed several homes at a local banquet hall. let's take a live look, the president is with senator schumer of new york in queens, where they're talking about the incredible flooding and loss of life that happened there of course, last sunday, after ida made landfall in louisiana,

at least 67 hurricanes-related deaths have been reported across eight states. well, firefighters say they're increasingly opt mythsic now about saving lake tahoe's resort region from the caldor fire many firefighters are working to pull miles of fire hose out of the forest and take down weakened trees thousands in south lake tahoe's region have returned home after authorities lifted evacuation orders there, but nearly 1,000 structures have been destroyed, including nearly 800 single-family homes. the governor of texas signing sweeping new voting restrictions into law. the new regulation tightens voting restrictions there. democrats faced months fighting of new rules governor abbott is makes the false claim that the new law makes it easier for people to

vote now a mysterious shooting on a deserted county road the bizarre tragedy and horrors for a prominent south carolina family shepard smith, thank you mike santoli is taking a closer look at growth versus cyclicals. really the reset lower on valuations that has hit cyclicals recent ly it's been obscured by the fact that the bick growth stocks have retained their valuation. this from morgan stanley wealth management group you see this orange line here, that is the morgan stanley basket of high beta cyclicals, the most leveraged it's crashed down to about 14 times forward earnings you see it up here, basically,

but you see that the faang-type stocks have played with that pre premium. one is the market say we have to -- that would be the big megacap nam, but if you're telling me we're looking at a slowdown or economic growt won't be -- the market seems to be gone in that direction pretty far all right, guys. >> it's interesting, mike, that no multiples are expanding, as we speak. >> that's right. it's either stable or declining. >> mike, thank you up next we'll sill down with an analyst behind a key call on netflix, upgrading to outperform. later, your celebrity ntri cryptocountriy buzz. all of that to come.

all the things, all around you... where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe.

today, more than 100,000 of us are innovating to ensure spaces are more efficient, healthier and safer. abm. making spaces healthier for you. with directv stream, i can get live tv and on demand... together. watch: healthier and safer. serena williams... wonder woman. serena... wonder woman... serena... wonder woman... ♪ ♪ ace. advantage! you cannot be serious! ♪ ♪ get your tv together with the best of live and on demand. introducing directv stream with no annual contract.

netflix surging to a new high evercore isi is out with a new note on netflix, raising the price target to $695 from $635 joining us is mark mehaney

>> we say increment all privacies raekt back at covid peak levels. we see satisfaction rates seeming to stabilize there's still an issue for churn, and it probably talks about how mature the market is -- not saturated, but mature. but another reason is we called this last quarter a clearing event. we know the slate is getting stronger just this last weekend we have "money heist" and this, believe it or not is the most popular show that it has, except for "stranger things."

we looked at renewals, and we think the stock will improve, and i think that's what the stock is anticipating now. you're running think a list that i know i myself am interested in seeing some shows, so i can imagine, to your point, u.s. versus international, i guess where is the bigger opportunity there from a potential profit standpoint from this company moving forward >> i think it has to be international. i keep using these, less than 10% of the subgrowth is now in the u.s. it's, you know, 90% driven the sub-ads will come from international markets, as surveying get less and less useful nonetheless it's still interesting to track them. particularly in western europe and latin america,y netflix now needs to prove the next legs are

in asia pacific market, particularly in india, and a mobile-only plan across large parts of southeast asia, middle east and africa. >> do you think the stock will react to that, mark? do you expect that u.s. subs will continue to plateau over the next few quarters. if it does, is that what the stock focuses on >> you're right. it certainly focuses on subscriber growth more than anything else. i'll tell you, one number we'll fixate on, which is the fourth quarter subgrowth guide. if this company guides, and you only get one number, 6 to 7 to 8 million net adds, it will break through. that's the cadence and people will say it's got its growth

mojo back. if they can show they'll bet back to that cadence, a pretty strong 20 to 25 million sub-adds a year, i think the story is over, in a good way and i think the stock would go higher. >> what is the significant of the box office success over this past labor day weekend, and whether it really changes the debate, not so much for the movie theater operators, but for did i any, you know, comparing it to "black widow" whether they're holding back the blockbuster hits for theaters then >> i'm not sure about that, but one thing i found fascinating about disney, the chart about netflix, the point at which it expletely got unlocked, where it started to move is the day disney announced its earnings. what i find so interesting about it is disney had big sub numbers

but if you peel out the india subscriber numbers, the hot spot, disney is growing at the same clip as netflix, i.e., the market is moving toward a streaming bundle a lot of consumers are building to buy one, who unthree streaming services, so there's room for both to grow. there's no evidence in the disney numbers that it's taking away share from netflix. that's what helped netflix shares to take off mark mahaney, great to see you, as always. >> thank you, wilf. they're upping the ante with the newest products and retailers are ready to cash in. tonight at 6:00 p.m. ear, "back to business. labor day has come and gone, where are the opportunities for

investors in light of that a special edition of "fast money. you don't want to miss it. it's beepruc butuln odedeaifly if you're 55 and up, t-mobile has plans built just for you whether you need a single line or lines for family members, you'll get great value on america's most reliable 5g network. like 2 lines of unlimited for just $27.50 a line. that's our everyday price. plus, our plans always come with unlimited talk, text and data included. so, switch to t-mobile and get 2 lines of unlimited for only $27.50 a line. that's half the price of verizon or at&t. only at t-mobile. the leader in 5g.

[squeaky shopping cart] [sniffing] is the salmon wild-caught? she only eats wild caught. [cash register beeps] uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance.

welcome back impossible foods launching its latest products in restaurants plant based chicken. >> impossible today announcing the launch of its meatless chicken nuggets in a handful of restaurants. the product is also coming to grocery stores by the end of the month. walmart, kroger, albertson's and shoprite will carry the nuggets and they plan to have them this 10,000 stores by the end of the year the suggested retail price is $7.99 for about 20 nuggets this comes ahead of the possible ipo which could come sometime over the next 12 months. beyond meat has also been leaning into expanding its new chicken products launching its new tenders in restaurants this is an improved product.

the company though has not revealed plans to offer in grocery stores as always, the name difference in the two are ingredients beyond's are a mix of pea and fava bean protein. >> which of course illicits the question, kate, health and environmental benefits are there those to be, are there those claims to be made where a chicken substitute product is concerned in the same way you could make for say beef? >> yeah. morgan, so impossible's touting benefits on both ends saying it uses less water and land than traditional chicken nuggets and has lower amounts of sodium and saturated fat. as kelly evans said earlier, if your kids will eat them, try it out and see what they think. those, the retail grocery store footprint of the chicken nuggets is going to be important and

people making them at home and seeing what themselves and their families think >> good to see peas getting another mention on "closing bell." my question that links to a different kind of angle to morgan, seeing how much demand there is for this relative to an alternative to red meat. on the desire to get yourself off the fattier meat chicken's pretty healthy already. >> it certainly is, but i think if you're going to number one move to eating that as your entire diet, you need more options than just the plant-based burger, which both of these companies are known for then there are people we talked about earlier when we did this pea protein story that did in and out. flexatarians they like to incorporate some of this plant-based into their diets. >> i still think we need a taste test thank you. coming up, a crypto currency triple play.

el salvador's big experiment kim kardashian's controversial instagram and stef curry getting in on the currency game. all that when "closing bell" comes back ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl.

look forward to planning with schwab. schwab! ♪♪ ♪ ♪ sc♪ ♪b! ♪ ♪ ♪ ♪

at cdw, we get whether you're at home, in the office or on the go, staying connected and secure is what keeps you productive. and no matter where you're working, our experts can help you implement a secure by design hp chrome enterprise solution. you'll benefit from built-in virus protection and advanced security management to help secure your device and your data while keeping you in close contact with all of your coworkers. ♪♪

welcome back a lot of crypto currency stories. el salvador making history as the first country in the world to declare it a legal tender also the first to legally buy it purchasing 400, worth $200 million. meanwhile, kim kardashian pushing it on instagram. this is not to be confused with ethereum and ether the post gaining criticism from the uk warning of the risks of quote, speculative crypto tokens and stef curry announcing a partnership with crypto exchange, ftx, where he will be a global ambassador and shareholder. he tweeted yesterday about crypto, writing just getting started in the crypto game y'all got any advance? tom brady responding in a tweet writing, whatever you do, don't. laser eyes >> which was very self-dry

self-depricating >> obviously, shows you how much crypto trading is a social phenomenon you have celebrities that feel there's a certain amount of flow that can't be ignored. you can take that as you like as the sentiment tells as to whether it's gone too far, become too popular, become just too much of really status and branding as opposed to utility i remember back in 2013 when mila kunis tweeted she was getting into stocks and every bearish ambassador was like, that's it. so there's no way to play it purely >> there's a lot of celebrity fomo to be had around this reece witherspoon last week as well saying she was getting into ether. >> yeah, a few days ago. just shows you there's a previous short-term saturation

point of the awareness >> it's had a couple of shakeouts now. slightly different position. exactly. >> maybe stef curry will mark and maybe that was the trigger for today's 11% decline in bitcoin. stocks were a little bit low today. about a third of 1% for the s&p, but a record closing high for the nasdaq "fast money" starts now. >> live from the nasdaq market side overlooking times square, this is "fast money. tonight's lineup will join us in moments. tonight, a bitcoin blood bath. a crypto currency collapsing after hitting its highest levels since may. plus, boeing hitting head winds. one of its customers walking away from an order and later, a finger licking freak out. we start off with another record run fo