and what the action is you bring us up-to-date on the back side of that. bren >> ed tas. they are one of the leading companies in the space of gene editing. they're doing really cool things with blood disorders, so it's a great company. >> weiss, you got a name for me? >> dick's. it's down 10% from the highs despite being cheaper than it was. >> that's it for us. thanks for watching. "the exchange" starts now. thank you very much scott. hi everybody happy monday welcome to "the exchange." i'm kelly evans. here's what's ahead this hour. the morning's market rally has faded but stocks are higher right now. the nasdaq is a couple points in the green, down about a percent and a half in the past week. my guest says amazon, google and facebook are undervalued plus there are only about 1 100 shopping days until christmas and maybe half of them are usable with more companies

warning about shortages. and china's crackdown continues. old tech is hot again like "halftime" was just discussing we want to start with the market action green overall but we have faded from the highs of the session so far just to give you a point of reference, at the highs of the day the s&p 500 was up roughly 34 handles, 34 points, down 5 at the low. so, tilting towards the lower end of that range overall. still though 44.66 the last trade for the s&p 500. the nasdaq 15,127. the dow 34852, up three quarters of a percent one potential deal here, troe knox this is a company that makes titanium dioxide for people who aren't familiar with the chemical side of things, it is the pigment, the dye, that's used to make paint

white. that company could be taking over reuters is reporting a possible deal by apollo global to take this company private at 27 bucks a share. that's a source report, nothing confirmed from the companies yet. it did spike at one point coming off those highs only up roughly 13%, 14% right now and al ber marle known for being the top lithium producer in the world. over the year, the period is up 58%. it's been a green energy play. a lot of folks bidding this stock up over the last several months because of that play on car batteries, electric vehicles, that sort of thing it hit a record high on riday' session. now profit taking coming in on friday and today as well worse performer in the s&p 500 so, a couple chemical/industrial names to keep an eye on. >> that's a closely watched one. dom, thank you very much we've heard a number of

guests cautioning about two high-tech valuations and warning against those names and the s&p sector has dropped over the past week my next guest says not so fast, big tech is undervalued and pullback may have created opportunities. joining me is chris davis, chairman and portfolio manager at davis advisers. how do you like that for an intro, chris >> well, i think we've got to add add a lot of nuance to that kelly. >> not allowed >> you know, the issue is this there's likely to be a lot of bad headlines on tech the next six months, the next year. we're in the front end of this regulation cycle so, i actually think both sides could be right i think you could really have short-term head winds that could produce real buying opportunities in these names but i think that it's early to be very optimistic about the next six months, the next year on the other hand, we're long-term investors, right so, if i was to think about, you know, over this generation, look, these are companies that

are still relatively early in to what might be four decades, five decades of sort of real leadership these are the tips earlier your guests were talking about procter & gamble think of those companies in the 60s. they already have long histories. they had 40, 50 years to go. i think if you were going away to a desert island for the next decade or more, absolutely, buy them, put them away. if you want to be clever with valuation, i think we should expect headlines and a bumpy ride over the next few months or next year. >> so, the berkshire of buy a great company at a good company not a good company at a grea price. i bring up that analogy because i think of you as that style of investor when you're looking at big cap tech and talking about the opportunity you see over the next couple of decades -- and yes, berkshire owns apple, but i ask myself why don't they or didn't they or what opportunity point could they have gotten in and owned some of these names.

i don't know if you saw bill smooed's piece the other day saying where were they in the market of 2020 berkshire did nothing. so, it doesn't even have to be big cap tech it's just where are they and again, is this kind of the obvious then play, the holding play for the next few decades? again, i don't know where that leaves berkshire investors >> berkshire as a way as been one of the great compounding machines of the generation and it also still has a long way to go. the most powerful characteristic of berkshire and of berkshire's leadership has been their ability to adapt and learn and so the apple investment was a staggering example i mean, imagine at that stage with an octogenarian ceo getting that investment. so, right, you could say it was late, but it was a huge amount of investment, a huge value creation i think they are also first to admit that missing google or missing amazon were mistakes but the idea that you would need

to worry if you had berkshire hathaway in a trust for your children about it compounding wealth over the next generation, you don't need to worry. you have other stuff to worry about. and of course in a galloping bull market it's always the old saw song that, oh, berkshire hathaway is a dinosaur we heard this in the late '90s when they didn't own any dot com stocks what was amazing is how that company learns it is built to last. it is built with the idea that they are in a sense trustees of their shareholders as well >> sure. >> you know, thoughtful and careful. so, i think those stairs of their obsolescence always feel premature. >> i had to ask you because you're not only a long time follower of the company but also somebody who sees the value in big cap tech at these levels the big debate with warren back in the late 90s was him saying dot com was overvalued and he was correct about that they stuck with the trade and were approved. i think you would be describing this as a very, very different

environment. you see opportunities in the banks, but i think because those are more expected, i'm somewhat less intrigued by them do you have any other comments that you would make for investors, chris, who are trying to figure out whether to move into the crypto space and if so, how, what to do with the clean energy revolution. we just mentioned lithium, these new things is that where the work ends -- even tesla you know i would be very curious what you think when you look at that name >> well, you know, in a way, kelly, you just raised three totally different things each of which are -- i mean, tesla is the opportunity -- you know, tesla looks grossly overvalued as an auto company now, elon musk is one of the great geniuses on planet earth and the likelihood that tesla evolves into some sort of operating system for cars or some sort of -- you know, i would never short a man of that unbelievable genius. if it's simply an auto company, it's significantly overvalued. and you mentioned commodities

and clean tech of course when you think of yourself -- if you imagine you were a salesman, what you want to do is talk about stuff that is hot, that's on people's minds. the fact is over time usually you don't make a lot of money in commodities, whether it's lithium or copper. you know, you might make money in part of a cycle, but there's a lot of hype in those areas that's why i think you're right to talk about things like the financials, quiet, difficult to obsolete compounding machines. look where the headlines are bad. don't jump onto these sort of hot topics of the day, all the buzz words so, i think it's a time to really look at financials as sort of the core undervalued part of the market today and maybe some of these really blue chips of tomorrow, the googles that are really in a way what johnson & johnson or procter & gamble, a lot of these other companies have been over the last 40 or 50 years. >> i love that it's sort of bet on elon musk and bet against commodities of any kind, new or old or

whatever >> well, at least don't bet against elon musk. i wouldn't bet with him because it just looks so unfathomable based on the data that is there today. >> yes >> but i just think people love to declare themselves on one side or the other of that. and the truth is we can't know and both sides, i think, are taking an enormous amount on faith and are playing with fire. >> chris, it's always great to speak with you thank you for your time today. >> oh, thanks, kelly, good to see you. >> chris davis with davis advisers speaking of big tech, amazon ceo andy jassy will join tomorrow at is 11:00 a.m. easten time natural gas futures hitting highest levels since 2014. damage from hurricane ida continues to impact gas and oil production a lot of energy names are getting a lift today we spoke with the ceo of shah near last week

for more on how how prices can go, and i'm going to call it what is happening here, dan vergin is with me. dan, it is really good to have you here i have one fundamental question to ask you are those who blame the clean energy transition for rising fossil fuel prices correct in doing so in other words, are these policy choices to make this energy transition resulting in higher vices of natural gas and oil >> let me say, kelly, great to be on. it's a new edition of "the new map" is coming out tomorrow, brought up to date to the biden administration and the glasgow summit that's coming up. you ask a profound question. i think at this point, you know, clean energy, clean tech, is a very small part of the overall energy mix what we're seeing really is the economic rebound

there is some pressure against new production and investment, but basically i think what we're seeing is that overall dynamic of the market. one place it does matter, one reason natural gas prices are up so high in europe, is because it's one of those times where the wind isn't blowing and you're not getting wind generated electricity, and it's being replaced with natural gas. that's adding to the pressure along with china increasing exports and economic recovery in the united states. >> i guess to put it the following way -- and goldman has a note on this we're going to speak with them later this week, where they say demand is outstripping supply. my question is, is the supply situation different? is it literal constrained? is it capped because of net zero policies, because of the esg movement normally if you have price increase, you would increase supply to find new equilibrium what if that doesn't happen this

time >> you see in some parts of the world, let's say the united states, where the shale producers are being very disciplined because they have to return money to investors. it's the second shale revolution that the return of money you do have the middle east very happy to step into any vacuums, lack of supplies it's partly also this opec+ is maintaining discipline but i think we are moving into a peter of tight supplies when you don't have the same type of investment that you had in the past and you start to have strong economic recovery we've been through these kind of cycles before, and i think that's what the markets are telling us and this winter, we could see natural gas prices a good deal higher than they are now if we have a cold winter we still depend upon these commodities, fossil fuels for 80% of energy. >> natural gas is 40% and gas for homes for heating is about 50%. i guess the reason i put it this way is if the supply is capped, then we should expect prices to

stay high. and whether you're a trader or consumer or anybody planning for it, you should expect prices to stay high. if the supply is not capped, if there's other weirdly bizarre reasons this is all happening at the same time and the supply is not capped, then those prices are going to drop. >> well, i think you do have to look at those other factors, whether and so forth and what happens to the economy i think opec+, led by saudi arabia and russia are saying oil would be in the $65 to $75 range. you have the chinese releasing oil from their reserve to keep prices down. i was in a conversation this morning. i think they're the countervailing provss there. we are in a tighter period which i think what you're getting at, than we have in the last couple of years where we have so much extra supply >> right for one reason or another, you know, things are tight maybe it's one of those lollapaloozas where it's takes

nine or ten things to keep supplies right that's where we are. final comment? >> i was going to say exactly because you can start to make a lest of all the things that are there and you add the storm in the gulf of mexico adding to everything else. so, it's the accumulation of events but the basic direction is toward tighter markets and look at the economic growth numbers even with delta. >> it could be very uncomfortable dealing with those crises dan yergen is the vice chair of markets. mastercard is forecasting an earlier shopping season and bigger price tags. but as nike shares get downgraded today on supply chain issues, we'll look at how much retailers could benefit from all this we'll speak to mastercard senior adviser next shares are clear, up 40% since going public in june we'll speak with the ceo about how they're helping businesses handle digital vaccine

verifications. we're back in a moment >> announcer: this is "the exchange" on cnbc. today, global markets are challenging traditional assumptions like never before. there is a new, accelerated sense of responsibility, sustainability, and social equity. at nasdaq, we call it the "era of impact." and we're at the forefront of it. innovating technology, data, and insights to help you deploy an esg strategy to be seen as the company you aspire to be. in 2016, i was working at the amazon warehouse when my brother passed away. and a couple of years later, my mother passed away. after taking care of them, i knew that i really wanted to become a nurse. amazon helped me with training and tuition. today, i'm a medical assistant

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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 shares of nike are dropping about 2.5% today btig downgraded the stock and warned they'll likely face a serious supply shortage, one

that starts the holiday shopping season and could run next spring because covid has forced key factories in vietnam to shut down does the company risk missing out on big holiday sells mastercard shows consumers are ready to spend thanks to pent up savings and stimulus checks. courtney reagan joins me with a special guest. >> we've got 102 days left until christmas, so why not, let the shopping begin mastercard does forecast santa will be ringing up those registers this week, predicting a holiday sales increase of 7.4% compared to december 2020. that was before covid vaccines were widely available of course, with ecommerce predicted to grow almost 8% and in-store sales to grow over 6.5% apparel is topping wish lists with sales expected to surge, get this, 46% during the core holiday selling season, lifting department sales and luxury

spending so, luxury, separate from jewelry, is forecast to increase a whopping 93% joining me now is steve say doff, former ceo of sacks. it's great to have you with us we've seen a big surge in consumer spending throughout the year as we reemerge from lockdowns and left our houses finally. but when you're looking at the holiday season, is there something in particular that's going to drive spending to these levels that mastercard is predicting >> well, i think what you're seeing, courtney, is a continuation of a trend we've seen over the last several months, which is a very strong, healthy consumer there is a pent up demand. savings rate is high the stock market is performing well and the consumer wants to get out and shop and apparel sales forecast -- you see in the july-august apparel numbers, which are stunningly high -- they were as high as 75% growth

the consumer wants newness they want excitement and they want to get into stores people talked about the stores being dead, but even with the growth of ecommerce which is now at 18% of commerce, that means 82% of sales are in stores and stores are growing even versus 2019 >> absolutely. i mean, there is just going to be a lot of factors at play this holiday season, not the least of which is all this congestion still in the supply chain. kelly talked about it a little bit based on what nike was saying from your knowledge and your discussion with various retailers, is the holiday inventory here i know that janie and jack at children's retailer send out emails saying they're waiting for their ships to still come in with the inventory >> yeah, shipments are coming in late they're coming in very slow. and a number of retailers had ordered early. this is going to be a seller

season you're going to run out of the hot items early. you're going to see markdowns and promotions, less than you might on a normal year doesn't mean you're not going to see promotions but this is going to be a very healthy margin season for the retailers. but it's also going to be a supply issue you're going to find if you don't get it early -- that's why mastercard is talking about an early season because of consumers starting to be aware they better go out and get the products early because they may not be around and you're not going to find it if it's in apparel, the sizes you want, or the toy item, you really do have to get out there early it is a real issue relative to supply chains and cost >> i think -- it's kelly here. i think it's going to be a boom for the gift card industry because people like me will end up two days beforehand going oh, my gosh, there's nothing to get, i have to get everybody a gift card i want to pick up on this issue and play for you what the ceo of sports and outdoors told us last week about this. >> stock is available. it's just not in the quantities that it has been in the past

and we're trying toget as much of it in as we can we're in reasonable stock position now but if what we think's going to happen this holiday happens, it probably will be some shortages and outages on some of the most desired items. so, it's best to get them early. >> so, it will be really interesting, steve, to see how this feeds through because there's this normal pattern of a holiday season where everyone waits for a little bit better deal, waits for a better deal. this year they don't know if they should wait or not. one of the items he thought would be in shortage because of high demand and everything else going on was jerseys for your favorite team. >> i think ken has done a terrific job with academy. he's absolutely right. you're going to see shortages on items and waiting out to get the bigger discount isn't the way to go this year it's going to be an early season you saw it last year play out as

well when amazon had the prime day in october and everybody followed and we found out that, hey, it's better to get the sales early. the margins come in well and, again, you're going to see only discounting, but it's not going to be the kind of clearance deep discounting that you've seen over the years >> you know, steve, what really struck me in some of these mastercard forecasts is the strength that department stores are expected to get. i know obviously the bulk of what department stores sell is apparel, and the apparel numbers are strong but department stores have not been a category that's really been off to the races. is this going to be kind of a blip in the radar, or could this actually be sustainable again? >> i think that's a great question, courtney, and it's the real issue department stores are benefitting right now. the consumer wants to get back into the mall. they want experiences. they want to see newness apparel is hot, and they're getting the traffic. and it's not just a 15% growth versus 20 kt approximate

it's 5% growth versus 19% in a category that had not been growing. the question for the department stores is whether or not the consumer is going to have the experience that they want relative to either the customer service, finding the types of items that they want, the variety, and whether they're going to return to the department stores. and delivering on that experience is going to be the key for them and in an environment where labor is difficult, supply shortages, whether or not they have the key items in stock, that's a balancing act that the department manages against but it's really encourages for them to see the kind of growth that they're seeing because they haven't seen it in years >> yeah, macy's especially steve, thanks so much. thank you for bringing this to us, again going over the details of what mastercard thinks will be a strong holiday season, just an early one shares of this chinese property developer are plunging after the world's biggest corporate landlo bkeouof

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welcome back to "the exchange." i'm ha rel solomon secretary of state antony blinken is expected to address congress in about 30 minutes he's expected to say ataliban would have u.s. troops blinken will say that commitment left him with just two options, ending the war or escalating it.

president biden left this morning for a trip to idaho and california tonight he'll appear at a rally for california governor gavin newsom who's fighting against a recall recall voting ends tomorrow. larry elder, one of the leading republicans in the recall, will discuss why he does not think climate change is primarily responsible for the state's wild fires. and britain's prince andrew is challenging a u.s. federal court's jurisdiction to hear a sexual assault suit against him. his lawyers argue he was not properly served with a lawsuit >> thank you very much up next the china crackdown continues and it's definitely not just on tech we'll talk about old being new again. it's all coming up in rapid fire right after this don't go anywhere. e,

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welcome back, everybody. let's catch you up on a few stories that should be on your radar. it's time for rapid fire and today's slate is china and old tech, although apple is newer

tech michael yoshikami, founder and ceo. molly wood of marketplace. and matt may lee who is the managing director. let's start right in with china's crackdown continuing shares of alibaba dropping after reports beijing wants to break up the pay and create separate loans app. also hand over all user data they use to impact loan decisions for a venture. there you can see bah bah shares down 4% today. this was a capital they downgraded the stock. they admit they're late. they cited more regulatory uncertainty and 10 cent is down about 2% right now michael,broadly speaking i'm going to ask you the same question i ask you every couple of week. have we reached and bottom of the crackdown and what is this about? >> we have not reached the end it's about china basically exercising its control

and the regime is very, very interesting in making sure that they're the ones with the control and it's not people like john law, for example, at alibaba. so, it's really, i think, indicative of the state, the chinese state, really basically saying, it's us, it's not you, and you're going to play by our rules and it doesn't really matter what the market says. we're going to break things up the way they think they need to be broke up. >> molly, it's remarkable to me they don't see bigger growth concerns as a result of this >> it is really interesting. i think that most likely the chinese government is seeing growth for itself and saying we can't let these companies become a threat to our dominance. i would not overlook the user data part of this. china has ostensibly put in protections for colonsumers, but this government has a long history of surveilling its own

citizens if it's going to these semiprivate companies and saying we like the data you have, that's something to think about too. >> sure. matt, let's brickng it down to what people should do with shares like alibaba or 10 cent what would you do with it? >> it's funny because we've seen a couple of well-known investors go in and try to pick the bottom a couple weeks ago and bought them almost immediately and said that was too early i agree with michael and molly they're telling us on a consistent basis almost every week that they're in control and this is not just a situation where people are like, geez, can you and i buy the stocks at these 10 cent or alibaba, krets? but what are these private firms going to do in the early investing. if the government could come in and take over the educational companies and go into some of the private data and stuff like that, nobody's going to be investing there. so, i think at some point down

the road, there will be an unbelievable opportunity and i don't think it's any time soon though. >> everybody is sounding caution. let's dig a little bit further into this. it's not just tech that's in beijing's cross hairs. the chinese ev stocks, the electric vehicle memes are seeking after the nation's industry minister called for consolidation of the sector. this was when he said there were too many ev makers this time it's proliferation and shares of soho china which is one of the largest property developers are plunging in hong kong after a deal fell through with the blackstone group. michael, which of these is the more significant event for you >> the blackstone deal is not -- it's not a huge deal blackstone basically just thought wisely right now i think really basically the government going in saying that they're going to impact the free market, they're essentially

going to say we're going to have a certain number of competitors -- and maybe 3 hub is too much. you're absolutely right. it's like when they say alibaba is too strong. they say all of these evs are too weak and they need to be consolidated so, the government has a master plan here, a master plan that only they know, and that is what is going to be implemented back to alibaba briefly if i could, you know, it didn't get much press, but alibaba essentially quote/unquote volunteered to give 100 billion un -- which is -- how much is that that's like 13 billion u.s. dollars, a third of their cash to basically chinese social initiatives. i say volunteer -- >> in quotes >> not really volunteer, but it was highly suggested when you have that sort of government intervention in the free market enterprise, it makes it very, very difficult for companies to operate in a free market way and it certainly is going to make it difficult for investors

on an outside basis to decide what these things were worth >> molly, it will just be fascinating to see, okay, is this forced consolidation in the ev space china's ev innovation has been quite good this is a huge opportunity if they get it right, it's a huge missed opportunity for the u.s. this is a huge gamble they're making >> it really is. and i mean, i think we have to say this has never been a free market, right? we have gotten the impression that it might be it certainly has never been. and now china is putting its thumb on the scales in all kinds of ways, maybe saying, look, we would like to pick a few ev winners for various reasons, political and otherwise. we would like to put all of our capital behind them and make sure they're a success and it's easier to control ten than it is 300 it could be successful in terms of propelling 10 or more ev companies to, you know, great heights and really succeeding at this energy transition that china has started. it could also fall on its face

though because we don't know what this style of, sort of, government capitalism is going to look like going forward >> matt, i could ask you about the impact on a number of different stocks we haven't mentioned the multi-gnash nals like apple and starbucks, which if the government is interested in jobs they seem to not mess too much with what would you do with a name like tesla as this is going on if people can't figure out what the market there is supposed to look like, then what do you as a trader want to do with the names that might be most exposed to that >> well, again, there's so much uncertainty because you really don't know what's going to happen, what's their next move going to be. so, it makes it very, very difficult. obviously china is very important to tesla, but tesla isn't totally dependent on china. so, it's not pure china play but you also have this issue as well with what is china doing in terms of are they really trying to derisk or delever their

economy? how much do they want to do that you talked about blackstone backing out of the real estate deal you see what is going on with ever grande. >> yes >> these guys are smart guys they were a private company for 25 years and in the summer of 2007 they sold themselves to the public and three months later, the market topped. let's see what's going on in china in the real estate area. and i think it's more of a deleveraging issue it does raise some concerns. >> and a lot of us who have seen ugly deleveragings are wondering if that's what this is, just howell ganttly they can pull it off. >> we will turn our attention back to the u.s. goldman just reiterated dell is a buy, saying strong cash load and clear reasons to pay down debt aren ares to be bullish goldman sees about 40% more upside cisco is up 30% this year after finishing 2020 in the red. its shares are getting a boost from rebound and i.t. spaces in offices is reopening cisco hold its investor day on

wednesday. oracle is about 37% this year. and reports today after the bell, investors are hoping it can build on last quarter's revenue growth i'm going to reverse the order start with you matt. would you be a buyer of quote/unquote old tech here? >> i really like this play we saw last week with the stock market field getting a little bit more volatility. and yet people went into one of the safety trades was the big cap tech names but they're very expensive and very overbought on a technical basis. if you look at cisco and you look at a dell computer, here are stocks that are -- dell is actually down from its highs in april. these other names, the big cap tech names are up almost 20% for google so, better play. but not only that, cisco pays a 2.5% dividend. none of these megacap games are offered at all and dell, which has great cash flow and talking about entering a dividend there -- i'm sorry,

initiating a dividend -- could be a good play here. if you're looking for a safety in the tech area with what's going on with inflation and such, these could be the better play that some of these megacap names are expensive and overbought >> molly, i'm going to save you for apple. michael, i'll give you a quick final comment if you want to respond to that. old tech versus kind of growth for your tech and all of that and the cyber disruption that has happened with a lot of these cloud names. >> yeah, i think more conservative tech, whether you call it old tech or call it cash flow tech i think is the way to go if you're going to be a technology investor. so, you have many names such as the ones that were mentioned today as well as names that went back to the china theme that can take advantage of still what's going to happen in china, which is going to grow, which is technology multinational so, i think having technology and portfolio strategies makes sense right now, and i think that the so-called old tech, our

traditional tech, makes a lot of sense in strategy. >> very interesting. we look forward to hearing those results. it is a big week for apple we had epic games in the california court battle. they asked the court to reexamine that case. that is ahead of the annual product event. a new product is expected, ipods, a watch there were 1 billion iphones and 1.6 billion other devices used around the globe what do you think this means for the launch for investors >> i'm going to say something controversial here i think apple constitutes old conservative tech at this point. it really doesn't matter what they put in their new phone. it doesn't matter what the new watch looks like none of this is going to be a re-invention and for a lot of consumers, apple is a skrupgs service at this point a new phone comes out one or two

years, they get it a new watch comes out one or two years, they get it as far as investors are concerned, i've got to feel like it's a safe bet. it's like the honda civic of stocks at this point >> you know, i don't think that's quite what they're going for. all right. so, matt, if apple's launch event isn't going to be the most dazzling exciting thing, what would be is it tesla talking about dojo and having ai day and all this stuff? where is the market's enthusiasm, matt, if it's really not around apple anymore and i'm not talking about the performance. the shares obviously have done fine >> well, it's funny because remember 2019 people were saying, oh, my gosh, forget about apple because no innovation anymore but as molly says th, they're jt bringing the cash hand over fist still a great play one thing for apple down the road -- it's not going to be immediate though you had one of your guests earlier today on cnbc talk about smart glasses.

there's a company called microvision, who everybody talks about their liedar technology but they have the new technology for the screens that will allow us to have glasses that don't look like they're from a 1950s sci-fi movie they look like regular glasses this is something tim cook i think down the road is going to be something, their next new big thing. that's not going to be coming in the next year or so. look for that in the years to come and you'll still be paid nicely with the amount of cash they bring you >> well said we'll get into the metaverse later on and see if that's where the buzz is. thank you all very much for rapid fire today coming up, if you're a follower of dow theory, there are red flags. we will pln emexafexaith nt ter this quick break stay with us . undeniably versatile. unlimited 2% cash back. this is the card built for... ...real life.

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a full percent cp shares are down about two-thirds of 1% and they're telling canadian national they plan to terminate that existing agreement. canadian national does have five business days to respond before the deal is officially off the table. meanwhile the transports in general, the dow transport sector is trying to snap its first five-day losing streak since january after posting its second negative week in a row and its worse one since june avis led the group lower with a 6% decline january of 134% while the broader sector is up 15% but often transports new york city's indoor vaccine mandate is enforced today. we'll speak to the ceo of health pass about their business partners and what's next for these moves. "the exchange" back in a moment. o build it a solid foundation.

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their vaccination status is the clear health pass. joining us is chair and ceo caryn seidman-becker and our own bertha coombs. hello to you both. bertha >> thanks very much, kelly and thank you, caryn, for joining us today so one of the things that you have launched this fall is the comeback better initiative you've partnered with some 130 organizations, including the new york stock exchange, to help businesses, to verify that people have their vaccinations is that something you anticipate growing as there's talk of a potential federal mandate? >> so, look, happy to be here today. thrilled to be here and thrilled to be at the new york stock exchange with people my kids are back in school and so this really is about moving forward better and faster, and we intend to continue to expand our

partnerships i was inspired this weekend being downtown for 9/11 events and seeing how new york city came back better through public/private partnerships, and that's what we're working on, to have businesses come back better, stay open, get people back to work, get them back to what they love from sporting events like the raiders to restaurants, our announcement today with open table. we will continue to expand our public/private partnerships to get everyone back and keep it safe >> how complicated is it to keep this information current, especially now as new york city will begin verifying that restaurants and other inside venues are actually checking for these credentials? >> so that is the core of what we do, making experiences trusted and making them frictionless, whether it be testing or vaccine or boosters, which will be launching by the end of september

it is creating this platform that makes it easy for consumers and businesses to trust the information as well as you are you -- you are your i.d. or vac s vaccine or test. >> i have a fair disclosure on my phone, my vaccine card. i wonder, will it update and tell me automatically when boosters are available, or is that something i still have to download manually myself >> so we are working on the product road map and continue to make it easier for consumers i expect those features will be coming the booster will be here -- your ability to add your booster by the end of the month >> you know, when i used to travel, i remembered having a little yellow card that had all my vaccines for international travel how are we going to be able to keep this up to date if this

does, indeed, become something that is endemic and is there a way to make this automatically could you opt in to have this automatically, and how hard is it for that back end technology to do that >> so you said exactly the right thing, which is everything we do is -- i, too, traveled to kenya and they said don't lose the yellow card. i have five people in my family, so that was a little bit of a daunting task. building these secure integrations and being able to keep this information up to date is core to what we do. and so that is exactly to the point this is not new. this has been around for a long time, having to have your information -- and this is important -- people having access and control of their data to be able to use it as they need and make it as easy and building these integrations is what we've been doing well over the past year. >> caryn seidman, thank you for joining us we'll continue this

conversation i would imagine this issue is going to continue for some time. >> you're right. thanks, bertha >> i wish it weren't, bertha, but you are right. bertha coombs and caryn, thank you both we'll get a look at how apollo's new ceo is shaking things up this may look like a regular movie night. but if you're a kid with diabetes, it's more. it's the simple act of enjoying time with friends, knowing you understand your glucose levels. ♪♪ folks the world's first fully autonomous vehicle is almost at the finish line today we're going to fine tune the dynamic braking system whoo, what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be a deep learning engineer to help make the world a smarter place does this come in blue? become an agent of innovation with invesco qqq

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♪♪ welcome back marc rowan back ceo of apollo in march and has already made some big changes. leslie picker sat down with him to discuss all of those changes and his plans for now. she joins me now with more leslie >> reporter: under his short tenure so far marc rowan inked a merger, made several investments, the best quarterly earnings in eight years and yet apollo stock price continues to trail its peers. after the fallout of the relationship with jeffrey he

steen. i asked rowan how he plans to move beyond the overhang >> i wouldn't be a ceo if i didn't think my stock price was undervalued. for us i think the noise is largely behind us. this has now been up to us to execute. while our stock has gone from the 40s to the 60s we have a long way to go >> reporter: his key growth area is credit representing 70% of the firm's credit in aum the firm still does private equity and providing opportunities for buyouts he believes the market is currently, quote, priced to perfection rowan said among his portfolio companies he's seeing inflation pop up, quote, everywhere. >> everything we once did now costs more lead times, be pressure on inventory, pressure on supplies, pressure on employment, our experience and our portfolio is really no different than the broader economy.

we have a portfolio that is representative of the broader economy, and we're seeing it everywhere >> reporter: he does, however, believe inflation is transitory. you can watch the full half hour interview at deliveringalpha.com. this is the delivering alpha season >> we have weeks of this it's like football season. thank you for bringing that to us we appreciate it leslie picker. >> and on september 29th the biggest names from institutional to sovereign funds, private equity, venture capital and so much more economic and political thought leaders. register today at deliveringalpha.com. tyler? thank you very much. and let us roll the animation. wouldn't be a show unless we had the animation for "power lunch." welcome on a beautiful monday in september. i'm tyler mathison here is what'sahead. plugging in, democratic lawmakers want to dramatically expand electric vehicle tax