from $25 to 150 to $200 which is normal for boosters. think of the profitability and the pipeline of 34. >> if i told all of you after monday we would be positive on the week you would probably say you're going to be crazy but that's where we sit. we are positive for the week on the s&p 500. that does it for us. i know the exchange will pick up the ball and tell you where they think stocks are going have a great weekend, everybody. >> you too, scott. i'm kelly evans. here's what's ahead, china's crackdown examine for crypto currency as the country comes for crypto how much of a headwind iss they. is there risk it could happen here we'll dive into that soon. as volatility picks up in the markets our guest is looking for what she calls golly lock stocks three names to own

on the outside calm and ready but internally a pan pic internal documents show panic at robinhood. today's market after a topsy turvy week. >> and you know what name was not in your headlines, evergrande not one mention because it seems like the markets have shrugged that off here's the reason why. it's a fairly flat market. the dow industrials about flat on the session, 34,759 the s&p flat down 0.2% for the nasdaq composite. what's important the dow and s&p at these levels have gotten back everything they lost during the market me lay on monday tied to the evergrande development fiasco in china. the nasdaq hovering just below getting back its losses. the markets have shrugged this off. see if that continues. as for the action so far on this

kind of risk adjusted basis here for the week, it has been energy and financials that have been the two top performing sectors this week tess might the fact that we have the market turmoil on monday, communication services the worst performing sector one stock fb facebook has a lot to do with that communication services under performance there. take a look at the juxtaposition as things are developing with regard to leadership in this market with the volatility, it has been travel related we'll call them the reopening trade. those stocks have done well. exxeeds ya up 12%, norwegian up, oil and gas up 9% as well. the reopening trade in full force. where is it not playing out? mega cap technology and communication services as i mentioned here look at apple, up about one third of 1%. microsoft down half a percent. alphabet up two-thirds of 1% they're okay for this market but look at the reopening trade, an

outperformer so far. back over to you. >> it is one to watch. thank you very much. now after the up and down week investors are searching for solid ground in the markets. my next guest is bullish on stocks saying the multiple on the s&p 500 has dropped to 20 from 22 at the start of the year and she has specific ways to play the big global trends we're seeing like china's crackdown and the u.s. supply chain woes plaguing businesses. joining me the ethics investment management co-ceo. great to have you. top level, you know, are there any headlines out there that would panic you out of stocks? >> well, i would hope nothing would actually panic us out of stock because as we know over the long term markets go up as the economy grows and the valuations are not as high as they were at the beginning of the year having said that, though, there certainly are things we are paying attention to and watching first and foremost, of course, is the showdown that we're seeing in washington over both

the infrastructure bill, the reconciliation bill and very importantly the budge bill we do not want to see a government shutdown, we do not like the brinkmanship over the debt ceiling our best guess these will get resolved favorably for the economy, the country as well as for the markets. we're also watching china, but we think that evergrande in itself is going to be somewhat isolated we're somewhat more concerned about the move of china back to a more planned economy, but what that creates for us is the opportunity to benefit from the reshoring in the i need. >> -- united states. >> i think it's an interesting thesis you have. if we can dwell on this. if everybody wants to be structurally long stocks but their price keeps going up it becomes more expensive to get in we can argue about the multiple and earnings and this is how things are supposed to work. on some level should people be embrace ing a correction, you

know, the down days we might have, the -- we're like -- chasing stocks in an upward line >> we think we need to be prudent here, we call it a goldilocks economy and market. you want to find companies that have excellent growth prospects, particularly in industries that are disrupting the way that we've done business and industries that are capitalizing on all of the phenomenal research and development that is going nonthis country, but you don't want to pay too much for that growth. so we want to find companies beating on the top and bottom line, companies where that growth rate can continue for a number of years, where the competitive situation is important. for investors the other thing i think is important to keep in mind is a long-term time horizon. the market reacting to all of the news of the day and what might be bad news today could be good news tomorrow as investors pick your spots carefully and stay patient that is how you compound your returns

over the long term. >> we've been teasing people with names you like on the screen i will rattle off some in the health care space, like view ray, avoid bioscience, then we have the disruptive tech names like an upwork, haden brown on the show, you like revolve, and then i want to get to the theme you mentioned with regards to china and the supply chain, the reshoring of manufacturing is a big one for you and a company we haven't talked about, 3d systems, is one of the beneficiaries you think, so is ad adventix. >> we think there's potential in those names. 3d systems is a way to benefit from what we used to call 3 -- printing and now additive manufacturing. this is a trend that was probably not quite ready for prime time when the companies first came public and there are a couple pure plays in the industry, but we think now it's ready for prime time

what we like in particular about the 3d system is that they are moving out of some of the more competitive parts of the market and making a big play in products for health care they signed a deal with an israeli company for 3d printing of breast implants when you think about the need for precision and precise specifications for something that's going to go into a human body, 3d printing is an excellent way to get there they've beaten nicely over the last two quarters and raised gabs going forward and again we think this is an industry that today is ready for prime time and the stock was at 60 earlier in the year, 30 today. as we take advantage of rotation in the market this is a stock that has been out of favor to come back into favor. >> maybe an example of what to do when things don't go you way.

that was all the rage in the day. great to have you here thanks for your time. >> thank you very much >> joining me from es sense investment management. bitcoin and other crypto currencies taking a tumble after the people's bank of china said all crypto transactions are illegal. beijing has cracked down and banned banks from providing service and tamped down on mining operations. is this a buying opportunity what if it happens here. joining me are emily, coin desk managing director of content and the chief strategy but unless you have the blue background you're throwing me for a loop here. >> i'm trying to mix it up a little bit >> listen, many people are pointing out every time china has cracked down on crypto back to 2013 it's been a buying opportunity. is this different? >> i think what's interesting in the crackdown if you had headlines like this coming from

china you would wake up to a total collapse in the bitcoin market yes, bitcoin fell, but on the scale of bitcoin price crashes this isn't that dramatic in fact, according to the coin baste price index, bitcoin dipped below $40,000 this week, lower than what we woke up to this morning i think what we're starting to see the bitcoin market is getting a little bit more resistant to shocks from china which used to create shock waves all over the global market. >> the interesting thing to me is the geopolitics where people are talking about how being anti-china is pro crypto or pro crypto is -- but what i'm saying there's almost this idea, in fact i think senator toomey tweeted something like this just a short while ago where he basically says this is a strategic advantage for the u.s. is the best thing that could happen for crypto bulls, china's crackdown because it makes those in the u.s. who might otherwise want to police this industry heavily think it could be a

long-term strategic advantage to have the intellectual capital here. >> i would love to believe that but washington, d.c., has been increasingly aggressive in its stands to currency not only from the ftc but certain members of congress as well what this comes down to is, china banning crypto many, many time, doing this every year s since 2013 it's probably because banning is it impossible. again, this to me highlights the strength of bitcoin as a monetary system. bitcoin is the world's first and largest peer to peer electronic digital money system and the fact that it can't be shut down or curtailed by the ccp is strong evidence that it will continue to proliferate. the cny has been declining in prominence china's crackdown on bitcoin

mining has been a huge loss for china, $13 billion in annual revenue being lost in china that includes losing out on the taxes and the revenues to power producers and local municipalities this would be a huge strategic opportunity fort united states we have not seen a uni fide stance in washington, d.c. i continue to wait to see what type of policies we'll see i think it's been ambiguous and looks like the sec will use case law to that precedence >> even i think the recent appointment at the occ among others, people are trying to read between the lines of every regulatory move to figure out what more regulation we could see, you know, is it the good kind of regulation, kind of like explains, you know, where to draw the lines, is it something much more severe with regard to what's defined as security or not, referenced case law approach what do you think is evolving?

i almost wonder, there is a plan or are we just going to -- everyone kind of trying to figure out as we go depending on the real world events taking place here >> i think that's actually what's going on. people are trying to figure it out in the united states it's important to note we cannot compares the u.s. and china in terms of how they see crypto currency china sees crypto currency as a threat and as a negative and made that unabashedly clear. the united states trying to figure it out. i think the biggest obstacle isn't that regulators are unfriendly to crypto, it's there's a lack of charity around crypto a lot of things are done on a state by state basis, regulating exchanges, state by state, so many agencies in the united states, a lot of dissent in the community about how things thud be done. i don't think the u.s. is -- they're still trying to figure it out

lack of clarity is generally not a good thing for financial markets so this is something we're going to have to get our act together. >> want to give you the final word if you want to expand on what approach you think would be better from the crypto bulls point of view and what are the risks of the authorities going about it in this way >> at the end of the day, i think regulatory uncertainty has been one of the biggest perceived challenges and crypts and we've seen vupts of the crypto market built outside of the financial system $2 trillion market cap, trillions of economic value exchanged on an annualized basis and all happening without touching the existing financial system. now we're trying to integrate the two and it's difficult to take an proecapproach to regulan i think this is really a

fundamental ideological challenge and also frankly the tension between the battle for control in centralization, something the u.s. government is in pursuit of with the crackdown on encryption and financial freedom and privacy and freedom of speech and this battle between centralization and control and this world of decentralization that we're pursuing in the crypto space and web 3 space they will be at odds and that tension needs to get resolved somehow that will be dramatic when it happens. >> yeah. guys, in stakes higher than ever given the participation in not just bitcoin but nfts we appreciate your time on the ramification of china's moves. coming up the iphone 13 and the variations shut the shelves today. shares of apple on pace for their third straight week ofs losses why are investors selling into the launch plus two banks are becoming one in the latest financial tie up the ceo of valley bank about the merger and how they're looking

to expand their tech and vp banking business the stock has had a stellar run. we're back in a moment ♪ ♪ this is "the exchange" on cnbc ♪ ♪ ♪ ♪ ♪ ♪

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there are the lines innew york city, pretty long, but the stck has been an under performer. apple's 10% climb trailing other tech names like google, facebook and microsoft, not to mention the broader market for more we're joined by a fundamental research analyst who will give us an idea of sales based on smartphone data out of china and joanna, a columnist at the "wall street journal" joining us with her review of the iphone 13. you say it's all about the battery andcameras which resonates with users and apple delivered in one area but not the other. >> yeah. i think the strategy is very clear now with apple when they are doing these upgrades what matters to consumers, battery life and taking better photos makes sense. on battery life delivered. i was very impressed with all these phones lasting about an hour or two hours longer than the previous 12 model, prot max lasting two days, like basically

two days, a little bit less on a battery test, close to 24 hours. that's nuts. the phone is the size of alaska. you have to decide battery life or this phone you have to drag around with you. the cinematic mode apples has to work out but the camera is impressive i think a lot of people will go up to the pro model given the leaps in camera probably people coming from a three or four year phone and on top of that the carrier deals are bananas, lots of money off of phones going through verizon, at&t or t-mobile in the u.s. >> maybe you can expand on that. why are we seeing the huge offers, what are we to deduce about the importance of the iphone 13 here >> absolutely. listen >> amid, sorry, go ahead. >> i was going to say, at the end of the days the only thing people like better than a new iphone is a cheaper new iphone

the carrier promotion in the u.s., if you look at china by the way, the average iphone 13 about 8% cheaper than the 12 fx is a part of it what this means, this so far has been the most successful launch for apple in the last five years. iphone x was better but the wait times for prot max model 28 days has been better than any in the last five years, sent the iphone x. >> put differently the best phone in two or three years, right. so how much better is it than previous launches? what's priced into the stock why do you think the shares have been under performing lately >> listen, the under performance would be on one fear, iphone 12 did really well and the next cycle after iphone 12 could be disappointing and i need to pair

back this could be a down cycle revenue and the units could be down the iphone 12 to give you an idea of this point the wait time 12 to 13 days, right now 28 days it's not a supply issue. it's a demand statement over there. to the extent they get more faith that iphone 13 would grow revenue and units, apple can grow after a super cycle that could help the stock higher. there's a bit for regulatory worry but that's across tech, be not just apple. >> 180 price target on apple you're saying 13 is a fierce cycle. of it supposed to be the hangover does that resonate we could see decent demand for this fen and why? you look amazing are you on an iphone or a web cam? i'm curious. >> i am on an iphone but not cinematic. iphone 11 lunning software that plugs into my computer

i have my cnbc setup down and we can talk about it after the show you have real pro cameras in front of you i think actually what amid was saying, there's a fear that people wouldn't upgrade and that is exactly why we're seeing these deals. we saw them on the 12th, but if you trade in your 12 you get $1,000 off, free phone going for the pro phone. incentives to upgrade every year i dwelled on in my review why this is an incre blental upgrade. do we need these new phone every year the early adapters get a new phone every year i am guilty. this is my job does everyone need a new phone. >> i have to sneak in one final question, why are the carriers subsidizing everybody to make this upgrade is 5g so important to them >> it's a great question

the phone is important to the 900 million iphone users not on 12 it's a bigger update carriers want this if you think about carriers they invested multimillion dollars buying auctions they've laid out a lot of cap x. pay up for 5g and the best way is a new iphone. >> sounds great if you're apple. they're going to pay for it, everyone gets an upgrade and apple and the users benefit and maybe at some point -- >> the carriers will hate me for saying this, if you turn off 5g you get better battery life. >> they may not care they figure we have people on it makes our numbers -- 5g has a ways to go but a fascinating dynamic. thank you both for joining us today. coming up the head of the cdc overruling an advisory panel

on covid booster shots on a rare move she thinks will do the greatest good. robinhood shows panic, direct dethe dictions and confusion unr hood and look at the company's reaction to what one exec called a massive liquidity crisis stay with us.

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welcome back to the exchange where markets are perfectly balanced between the highs and lows of the session. dow has been up 92, down 116, up two points and the s&p and the nasdaq down 15 as the markets round out a volatile week. weekly games half a percent.

the nasdaq is lower for its third week of losses now let's go over to rahel solomon for a cnbc news update at this hour >> hi, kelly here's what's happening at this hour democrats in the house of representatives have passed an abortion rights bill it's meant to protect abortion services against growing republican state restrictions. the house bill is unlikely to passes in the senate california, thousands of people evacuated from their homes because of a fire that's believed to have been started by arson. the fawn fire has burned 6,000 acres. a woman has been arrested. texas is conducting what it calls a full forensic audit of the 2020 presidential election in four counties announced just hours after former president trump sent a letter to texas governor abbott demanding a recount. on the news what arizona republicans found in their election audit and how the texas gop may do its recount differently. that's tonight at 7:00 eastern

>> thank you very much now if you're befuddled about boosters, curious about covid treatment and how widely used is biogen's alzheimer's drug we'll clear that up next. what's in store next week with your friday fast forward >> it's a big week for business on capitol hill. the house voting on the bipartisan infrastructure bill on monday. fed chair jay powell and treasury secretary janet yellen will testify in front of the senate banking committee tuesday and house financial services on thursday the deadline to avoid a government shutdown is thursda and there are still major road blocks moving from the beltway, warby parker debuts on the new york stock exchange via a direct listing on wednesday the direct to consumer glasses company has a valuation of $3 billion. we'll get reads on the consumer with september's confidence and consumer sentiment number,

pending home sales out on wednesday and it will tell us whether the housing market is hot. bed, bath & beyond reports down 18% over the last three months can the partnership with doordash help turn things around plus, investors around the wldor will be closely watching china's evergrande group debt payment deadline on wednesday. that's your friday fast forward.

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welcome back let's catch you up on stories that should be on your radar it's time for our biotech theamed edition of rapid fire. here matthew, senior writer, alicia young head at cantor fitzgerald and meg tirrell health and sign reporter, wonderful to have you on board let's begin with the confusion around covid boosters as they have endorsed pfizer's boosters for certain people the cdc recommending everyone over 65 and people with underlying medical conditions between 50 and 64 they get a shot six months after the second vags nation. under 50 the cdc suggesting boosters with underlying medical

conditions or high risk environment. then we have the cdc director overruling the staff today what is going on >> what people need to know this is for people who only got the pfizer vaccine the fir time around six months out from your second dose of pfizer people who got moderna and j&j and there are millions that fit in that category six months out they have to wait a few more weeks, but we saw this very sort of seemingly confusing process go by with the advisors voting one thing and the cdc director with a different recommendation. she told us in a white house briefing she doesn't feel she overruled them it was her purview to make that decision and brought the guidance in line the thing about this, as going to be tough to police and they acknowledge that you got to make your own decision when you get your booster shot. it kind of leaves the door open for people. >> matthew, the agency confusion feeds into the confusion over as meg is saying whether just

pfizer or which did you get and people saying if no one is going to check, should i try to get one anyway it's a very confusing right now. >> it is very confusing. this is a confusing process where you have two different actors fda and cdc that makes decisions and that question of whether at some point you'll be able to get a booster for a different vaccine is actually probably the biggest commercial question for these vaccines if you're an investor something you should be watching because if you can only get pfizer with pfizer, pfizer locks up a big chunk of the market. it is confusing. the administration has definitely had some own goals in communication coming out with that announcement it was going to be ready by september 20th before fda and cdc acted things could be a lot clearer here >> so where does that leave you? you don't cover the vaccine makers per se, but on the

question of what the general health and covid trends will look like going into the winter what is your scenario analysis at this point? >> it's sort of the same i'm confused as well. >> there's no hope my view i always thought covid-19 was going to be something that's seasonal, like the flu. the model will be like the flu, vaccines, treatment, more of both coming forward. >> i will give you the final word, what's the timeline, if this ruling -- it's not clear who reports to whom, the fda now the cdc. the pfizer if that's locked in you can sign up for the booster? the white house talked about today and wait to hear on moderna and the rest of them >> yes that's right this is for pfizer wait to hear for the other ones. the data going through fda fda authorized

and cdc makes the final recommendation which is sometimes a narrowing of the fda authorization. that's how vaccines basically work fort people in those groups and got pfizer, they will be able to get boosters soon. moderna and j&j you have to wait. >> the fda basically goes and then the cdc could narrow it all right. i think 18 months in -- >> widen things, yeah, they're different. >> the cdc is the final say? >> yes >> okay. i think i get it let's move along and talk from covid prevention to treatment. the use of therapeutics has sky rocketed in areas with low rates of vaccination and surging hospitalization, new data shows that remdesivir reduced risk of hospitalization and high risk patients with covid-19 more treatments could be coming with pfizer, merck, roche in the late stage clinical trials for oral anti-virals how significant is this and what's it mean for gilead?

>> i think they're a well established player but an oral will be an issue some of the orls require boosters and makes it more complicated because they don't play well with other drugs that people take. i think gilead, still a place certainly. they're well established and have an incredible record here i like regeneron they have an antibody approach that has been good and worked in preventative settings. we'll have to see what happens with the orals. >> that's interesting what you mentioned about sort of the mixing there, but on shares of gilead and regeneron, positive on both and at what point -- we had a glimpse this year and felt we were looking at the pipe lines in a post-covid world, when does that become more of a pressing issue again >> fundamentally positive on both companies separate to their covid situation, but i do think what happens is, they aren't getting enough credit for the long-term revenue stream that will exist for covid-19

it will be something like tamiflu and we'll be dealing with this for the next ten years and there will be thousands and hundreds of thousands every year it's a sustainable market. but both separately are companies based on the fundamental story they have going on with their pipe lines. >> and meg, it seems there's a lot of questions still about recurrence with covid. is it going to be likes the flu where if you've had it you can get the next year because it keeps changing or its nature >> yeah. we know there are cases of reinfection that people get and the big question going forward is how much does this virus change every year or over time the virus changes so frequently and even the flu shots aren't matched up well enough for the flu vaccines so with these antiviral drugs there's hope we'll see data from merck in october, pfizer by the end of the year, oral pills you could take at home at the first sign

of infection or exposure downs the road there's a lot of hope these will be helpful and at least sort of the near term in the stage of the pandemic. >> why is -- why don't we have orals for the flu? >> we have tamiflu and i'm trying to remember matt and alicia can tell me, is that oral >> oral. >> it's inhaled. >> interesting this application is something that's been around tamiflu. more common with covid you wonder if this could change the way we experience the flu shots. let's talk about alzheimer's it's been a big week for biogen, a big summer still many questions swirling about their treatment. needham initiated with a buy rating and $400 price target the long term is under appreciated, but as they report it's only administered to 100 patients

september 11th after the drug got a stamp of approval from the fda this summer. biogen shares spiked 38%, second best day ever. since topping out at $468 it's down 40%, trading around 290 what would you add in terms of sort of the data on this, the fact that only 100 people have received this? what does it tell you? >> the 100 shows there are big barriers to the use of this drug right now. some of those are medicare we don't know how much of it is kind of the feelings of the prescribing doctors. i would be careful from an investor perspective, value calls are great, but it's no fun to catch falling knifes. when we look at the situation the more time biogen loses the more time it will allow for other entrants if it does become a big market i'd think there's reasons to be careful about other predictions.

remember, that eli lilly has another drug that had probably better data coming behind this. >> from that point of view what would you say about shares of biogen and lily as well and the potential for these treatments to go mainstream >> i have a neutral on biogen and the reason why because i think the drug was inherently overpriced amongst the fda decision probably shouldn't have happened in the first place i would add i feel like there have been position groups that have significant concerns like cleveland clinic saying publicly they won't use it. i don't think that helps the situation. along with the high price and population mostly medicare until i think i'm nervous about this being a continued falling knife. we're waiting for a better entry point. >> better entry point or something change in terms of what biogen does with the drug here or something change in terms of the insurance carriers? >> well, i mean, biogen could cut the price. the insurance carrier, the

challenges your main payer c ms, they're going through the process, and i also like matt said worry about lily. they can cut the price and i think the way you launch a drug is the way you end the launch and they're not launching well it's kind of a little scary when you look across biotech launch, when it launches slow never picks up steam. >> meg i'll give you the final word. >> i would just say on the biogen situation the one maybe wild card is biogen has an activist investor. he joined with carl years ago on the board for a while. whether he's still in that activist role is a key question, but it's been difficult to bet against alex denner from a wall street perspective before biotech. i would be curious and interested to see what he does here >> wonder if he would come on and talk about what his plans

are there. this is why i love having the specialists to break it down for us thank you. have a great weekend meg, matt and alicia still ahead mortgage rates imnging and they could keep wh at's behind the moves and what it means for the housing market after this break this isn't just a walk up the stairs. when you have an irregular heartbeat, it's more. it's dignity. the freedom to go where you want, knowing your doctor can watch over your heart. ♪♪

welcome back a sharp jump in mortgage rates as bond rates have been on the rise to diana olick with the numbers and implications >> the average rate on the popular 30-year fixed mortgage back over 3% jumping 9 basis points yesterday take a look, we started the cycle down around 2.93% a week ago. now we are at 3.13%. the move is both a reaction to the latest commentary from the federal reserve on when it will raise rates and taper its purchases of mortgage backed

bonds. fed chairman pond indicated both would happen sooner. mortgage rates follow the yield on the 10-year treasury. rates are reacting to general news on covid-19 and cases improved slightly this week. one note, low rates have been helping home buyers. a report out this morning showed the price of a new home sold in august up 20% from a year ago. kelly? >> wow diana, we appreciate it. diana olick with the latest on the housing front. up next shares of valley national bank climb up 10% this week announced are going to acquire bank usa ira robbins will join me to discuss that angd the bank's future after this. it's understated, yet over-delivers.

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welcome back to the exchange growing competition from fin technology is leading to a blockbuster year for bank consolidation. more than $63 million worth of bank mergers the highest since the '08 financial crisis and includes valley bank will announced a merger to create the

29th largest u.s. bank it will help grow technology and venture capital business and expected to close next year. valley shares up 2% this year more than 30% this year. let's welcome in the president and ceo ira robbins. welcome back if this is an israeli bank or explain the story and why this acquisition. >> it is a separate organization than the bank in israel. for us we think about our opportunities. the banking landscape has dramatically changed over the last few years historically, one would look at m&a and think about dots on a map and how they would integrate with those organizations today, it is more about business lines, more about how individual customers bank with us the branch really becomes the brand as opposed to the center of geography for each individual customer as we think about m&a and it

appears peers are going down this path as well the business line focus and the ability to provide scale through those individual business lines is what is driving a lot of the m&a activity today. >> everything you described of course we all know resonates as true, this is the way it works today. how do you -- what are the advantages of that what are the drawbacks you think about the cable industry, for instance, and wherever they had their build out, that's kind the monopoly, that's what the customer has to pick from. and all of a sudden comes streaming. in the banking world, all of a sudden i can go on line and choose from a did wallets with scripto and all of these things going on what do you do, do focus on competing with the fintech players? do you look for b 2 b opportunities? what makes sense to you in this environment? >> that's a valid question, many boards battle with it today as we think about all the different approaches that companies take

towards m&a. valley was bound to the individual customer and what does that relationship look like from a value proposition perspective? we were able to attract amazing talent, and now we can attract even greater talent that can use the technology that we have been scaling to provide an unbelievable customer experience you talked about it being similar to a multitude of different industries it depose back to talent the challenge is not just in the banking space but the technology talent and the ability to attract and retain that technology talent becomes greater and greater not just in the banking space but all in all the areas that you alluded to earlier. it is a dramatic shift happening in the. >> abouting space. fintech i am not looking at it as a competition but as an ability to partner and how do we create the infrastructure where we can be the partner of choice

with fintechs. >> what would you say that the technology that bank that you are act wi sigszing with >> the initial attraction is that they have relationships with a lot of the individual companies that we think are going to have absolute growth potential that would be significant to us. it's an area from an economic perspective that we think is going to continue to grow. for our shareholders, for our employ yes, sir, for our communities, for our customers, it is important for to us make sure we have an unbelievable footstep into that business. and we think with this bank we will provide that entree. >> it has been fascinating to watch boiling spring d even valley, the reference to the valley what does that mean? maybe it works for silicon valley for you as well ira, congrats, and thank you for joining us. >> thank you. >> up next, during the massive

run-up in gamestop robinson execs reassured the public its platform could handle the volume but a trail of emails reveals panic behind the scenes. what it means, next.

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welcome back, everybody. here's a quick market flash on pacific gas and electric the shares are down a little less than 1% after a district attorney has charged the company with manslaughter and other crimes for the california wildfire that killed four people last year. it pled guilty to 82 counts of involuntary manslaughter last year over a 2018 wildfire. we have to some extent seen this story before with pg&e shares of robinhood are lower today, still up this week after evidence in a class action lawsuit shows internal communication between executives was different than their public messaging around the run-up in gamestop kate rooney is here with the

story. >> some of these internal messages between roibd executives back if january contradict what the ceo told cnbc in these conversations result in signs of panic over capital rirms over the gamestop short squeeze and debates over how bad it could actually get. on january 28th. the company's coo gretchen howard messaged internally that robinhood had quote major liquidity issues while they denied that in an interview at the same time on the same day, robinhood did move some of the heavily shorted stocks like gamestop and amc to position close only meaning people could sell but couldn't buy. in response, another executive said quote we are going to get crucified for the restrictions and it was a horrible look for the wider brokerage industry the coo of robinhood financial

saying that the company was quote too big for them to actually shut us down. that was referring there to the company's clearing house the plaintiff's lawyer in this case and the class action lawsuit argued that robinhood kempt its doors open while unbeannounced to the public the platform was teetering on the verge of collapse. robinhood says we dispute the alleg allegations, the communications are consistent with robinhood's effort to take appropriate measures to mitigate risk. >> how much is at stake? sometimes we get class action where everyone gets $8 back for something they purchased they have much bigger questions about regulation sort of hanging over them. i wonder how this fits into that >> they are suing for damages. the class action suit is one thing. they faced a ton of other class action lawsuits and these were consolidated into one case i think the bigger picture is some of the conversations back and forth -- i am sold the sec and finra have seen these

conversations. it will be interesting to see if gary gensler or any other regulators take action. we will see if there is ripple effects going forward. >> it is as much about what's decided here as how those other authorities interpret it absolutely kate, thanks for your reporting. we appreciate it kate rooney and the latest on the robinhood front. that does it for "the exchange." don't about anywhere "power lunch" begins right now ♪ >> what a busy we can it has been welcome to the ends of the week, and pu"power lunch," here'sways ahead on this turbulent day. bulls versus bears volatility back on wall street, but the market is sending mixed messages which signal matters host? how can you trade sit in how can you make money or increase your safety plus the crypto crackdown. we have been talking about it all