you have to have someone put up that big screen television to play netflix on. [ laughter ] >> all right, best buy down about 3% today all right, trb, josh brown, what do you got >> simon property under 130. i think it's a buy here, 4.5% distribution yield, own it in a nontaxable account for a maximum upside >> good stuff, everybody "the exchange" is now. and thank you very much, scott. hi, everybody, i'm kelly evans and ahead on "the exchange," it's crunch time down in washington hours before the deadline there's movement to reach a deal to avoid a government shutdown, but it ain't over yet. we'll have the latest on the countdown for raising the debt ceiling. the headlines have been coming in fast and furious all morning long plus, the everything shortage there's a shortage of workers, of shipping capacity and even of paper. the ceo of shutterfly and how they're grappling with all of that as we enter the most

crucial time of year remember, holiday cards, better order them now and at any cost, china orders state suppliers to secure energy at any cost at winter approaches we'll look at those shortages, the surge in prices and the investing risks in energy and our very special energy edition of "rapid fire." but we do begin with the stock market >> this time around it's a bit of a flip from the narrative of last week because we had talked about the extreme underperformance of the s&p 500 and nasdaq composites specifically versus the dow. today it's a little bit different. the real underperformance is coming via the dow and some of the more industrial material-type oriented names that's the reason why the dow industrials are down about 440 points or 1 1/4% downside. the s&p 500 still above 4,300. off a little off of three-quarters of 1% and the nasdaq composite is the winner today, only down about 1/4 of 1%.

and just to give you some context about the trading range we've seen so far at the highs of the session we were up 23 handles points on the s&p 500, down about 44 at the low so you can see tilting a little bit here more towards the lows this session at least for the time being it is the end of the month a september to remember or to forget for some of the bulls out there. you can see the energy sector, the only one in positive territory so far for the month of september here. financials are in second place they're down 2%. and communication services, materials some other ones, jockeying for that last-place role right now so communication services among the worst performers and then if you want to watch the stock of the day it's got to be not an s&p 500 one, but it's bed beth & beyond. the commentary about why supply chain issues, materials cost, the inflationary picture all rolling together shares only down 22% they were off much more in the session, but still one of those

meme stocks back in the day pushing around 50 bucks a share, now back down to $17.31. >> wow, down 22% now that's a huge disappointment for those investors. my next guest says this market pullback has created an attractive entry point let's welcome in david katz. i doubt bed bath is one of your names, david >> i don't believe it is not >> what do you look at in this environment and think this is the breakout time? and maybe kind of pick up on yesterday where we spoke with people who think rates are going up and the economy's going to hang in there but had very different ways to play it. there is sort of one group who's looking more at the energy and commodity space and another group looking more at financials and industrials. i'm curious where you would be >> we think the key to success is to take a longer time the critical point is on 31

which were the lighter corrections, you fully got back to your highs within two or three months so we think that's going to be the case this time you want to be buying and todays like today we think it's a very good opportunity we think there are a lot of places in the market that represent very good opportunity over the next six to 12 months industrials have been beaten up on the supply issues we think there are lots of opportunities there. fedex has just been maimed over the last month many companies are having the same problems that fedex is having they were just penalized the worst because they were the first ones to have it. it's at 11 times earnings. they will get their act together and there's tremendous demand. >> i'm glad you mentioned fedex because it's really emblematic of what's going on right now you think a company that would be benefitting more than any and yet is suffering so do you think the suffering is unwarranted, or is it just that they're going to sort things out

2022 maybe we turn a corner here and how much of a readthrough? it's not dissimilar with a company like bed bath. the whole subtheme of the show today is about supply chain problems >> right so they're facing the exact same issues they were just the first ones to face it. we think they have some of the best logistics in the world. they have labor shortages. we think that that is going to be corrected but you're getting it # 11 times earnings we like to look beyond the current disappointment, look at them on the long term. we think you're going to hear more about inflation and logistics. so be prepared but if you can buy a company at the right price, you're going to do very well regardless. >> i wonder if you could elaborate if i turn to

healthcare, which is more and more becoming common in terms of places people on this show want to be. why is healthcare, you think, now at some kind of breakout point? >> well, healthcare has done pretty miserably over the last year and the stocks as a result are selling a pretty modest valuation because the earnings and the dividend have been going up but the stock prices have been languishing we think you could buy some very good healthcare companies like merck or amgen and we think when the environment is a little bit tougher, people are going to pay more attention to that they're not going to have the logistics problems they're able to handle inflation. so we think that their earnings are going to be more dependable in an environment where there are going to be a lot of disappointments. they've been overlooked and shouldn't be >> so now that you've sketched out where you see opportunity, maybe explain why you wouldn't be in a name like bed bath and who else would be in that category for you of parts of the market that you think might not have attractive entry points >> so we think there's

tremendous liquidity and as a result a lot of stocks have gotten very, very adversely priced that's where we're most concerned. we think that ultimately gravity affects stocks if the valuations are too excessive, we think there are going to be a lot of companies that will disappoint because of some of these inflation issues and the way to not get hurt is to avoid the really high-priced companies. we tend to avoid companies over 40 or 50 times earnings. we would avoid the more speculative names, the concept stocks because when the market gets a little bit more focused on fundamentals they've got a lot of downside. you're seeing that in a bed bath today. >> yeah. so you don't want fedex to be the next meme stock. >> no. i think we're safe on that [ laughter ] david, thanks for your time today. david katz now to the latest in washington with congress in the middle of the high-stakes standoff and the manchin headlines coming in fast and

furious. let's get to ylan mui for all the latest today ylan >> reporter: kelly, so many twists and turns here on capitol hill today, including new details of senator joe manchin's parameters for supporting that $3.5 trillion social spending package. now i've been able to confirm that manchin and senate majority leader chuck schumer signed a document outlining manchin's desire to bring that price tag down to $1.5 trillion. he also had a laundry list of other demands including a 25% corporate rate, a 15% corporate minimum tax, a 28% all-in rate for capital gains. and a 39.6% top individual rate. he also wanted the federal reserve to end quantitative easing which of course congress has no control over. however, it does show you some of the complicated political dynamics that are at play here on capitol hill as democratic leadership tries to appease both flanks of their party. now some of those similar calculations are underway in the house as well, which is still planning to vote on that

bipartisan infrastructure bill today even though it is unclear that it will pass. house speaker nancy pelosi has been holed up in her office for just about the past hour meeting with moderates and progressives. she says the only option in her mind is winning this vote. and, kelly, she told reporters that these last-minute negotiations, that's the fun part back over to you >> oh, my goodness somehow i find anything that is fun in washington sort of scares me but, ylan, great insight into what's happening, minute by minute and we really appreciate it maybe we'll check back in with you very, very soon. our next guest says the democratic party infighting could sink the plan. chris, although pelosi -- she's the kind of lawmaker i think she has often said she doesn't bring anything to a vote that's not going to pass. >> that's exactly right. it's still our base case that this will probably be delayed later tonight. but she still has, you know, eight hours on the clock

so why would you wave the white flag now but following manchin's comments and following the comments from, you know, house progressives plus sort of the blockade from house republicans, it seems increasingly unlikely that it'll be held tonight. but that's not, you know, the end of the world at all. the process will continue. the bipartisan infrastructure framework and the reconciliation bill will be recoupled and we'll be probably talking about this up till thanksgiving >> the broader sort of context here is that this is the chance for president biden to really, you know, kind of set the tone for what his agenda, what are his first year in office is going to accomplish, right it seems to me that there is this war is it going to be infrastructure or is it going to be a marquee budget bill with a lot of, you know, wish list items for progressives obviously they don't want it to be none of the above so what's your latest thinking here >> this is sort of the silly

season in washington september the sky is yellow, the s sun's blue but at the end of the day we think it'll be pretty much everything call it 550 billion and new spend on, quote/unquote, hard infrastructure then that reconciliation bill somewhere in the $2.5 trillion range, that sort of green infrastructure, human infrastructure it's infrastructure year and it's on the heels of 1.9 trillion in march, the stimulus checks and others so provided it gets done, that's a big first year but when you look back president obama, president trump, their landmark bills didn't get done until late q4 and with obama really it was late q5 of, you know, the spring of the following year so pretty much par for the course >> all right, that's really helpful. and i notice here that as you're talking about some of the time frames or deadlines they might be thinking about that the u.n. climate change conference is one

of them november 1st, and it's probably important that the white house is able to go and say, hey, look, here's what we're doing in the u.s. and these biginitiatives sort of my current obsession with markets and i want to ask what you think is going to happen politically in washington is with this energy price spike. it's getting kind of scary and in, in the u.s. we're a little bit more insulated than the rest of the world. but if there are shortages for heating and other things heading into the winter, how could that complicate all of these efforts that you're describing >> yeah, you know. well, typically when there are crises or problems in washington sort of the typical response is to throw money at the problem, not all the time but i think what you'll see with democrats the closer we get to, you know, end of year, whether that's thanksgiving, the climate change conference, et cetera, and you're also going to have a

new deadline with december 3rd that's when the government funding will expire. really kind of i think a clarity that manchin's statement today didn't resolve too many questions. i think a lot of the numbers that manchin had in that draft are pretty much base case for most investors so, these things always look like they are a disaster and then sort of right at the last second you come together that's just sort of how unfortunately the process works. >> no, you're quite right when you say throw money at it. a final comment, are we to assume the same will happen with the debt ceiling >> so secretary yellen has put the x date at october 18th that's not a date the u.s. would default. that's just the date that the treasury can't give 100% certainty of matching the inflows and the outflows so in reality you're probably

talking halloween. at the end of the day, though, we're reasonably confident that this will be a second reconciliation bill, a debt component the democrats can raise this by themselves it does seem like senator schumer wants to sort of attempt to beat senator mcconnell over the head with sort of accusations of hypocrisy that generally doesn't work with senator mcconnell. i think at the end of the day you'll see a reconciliation raise and the debt ceiling will be raised like it always is. >> all right well, great clarification on a number of these points, chris. thanks for your time >> thanks so much. >> chris krueger still ahead, it's been a volatile week for nat gas. testing new highs today in parts of the globe as china doubles down on its demand what it all means for the winter and bank of america's warning for the northeastern u.s. but first shares of hair care company olaplex are surging

after pricing above an already raised range here's the team ringing the opening bell at the nasdaq just a short while ago. up next we'll speak with the ceo about the debut and their consumer stay with us we see access to fresh food being the global norm, not the exception. at emerson, our cold chain software and technology keep perishable food at proper temperatures, to assure its safety and quality. emerson. consider it solved.

welcome back shares of hair care company olaplex are trading about 19% higher in their trading debut on the nasdaq today the shares priced at 21. it's currently around 25 and the $21 mark was above the expected range joining me now for a first on cnbc interview olaplex's ceo jue wong >> thank you so much for having me >> you guys have over a hundred patents. you're the number one carehair brand at sephora >> truly if you think about it we are a patented and proven haircare technology system what really differentiates us is that by having those kind of equity, we are really to get your hair to as healthy as state as possible. and that is i think what 91% of women who are searching for something that they have damaged their hair with for a solution, and we are their solution. >> you created this category the

bond building category back in 2014 what's bond building >> well, if you think about it your hair has a lot of disulfite bonds. and when you go through any kind of damage such as chemical, blea bleaching or pollution from the environment. environmental pollution as well as mechanical when you comb your hair and just normal aging, hormonal, those cause your bonds to be damaged. and what we do is we relink those broken bonds >> how do you do that? what was the research and development involved and why couldn't other companies catch up >> well, we have a technology that basically what happens is any time when your bonds are broken, your cuticles are exposed and it is important that cuticle get repaired and with that we have had patents with the 103 patents that we have really helps to address that and because of those patents it

is difficult for a competitor to come in and try to make that part of their system >> how big could you grow? and do you face any bottlenecks right now? because i think kohl's this morning was actually just downgraded and they have a lot of sephora locations at its stores. because of these supply chain issues, is today's environment more difficult to grow and scale in >> well, for us what we have a competitive advantage of is that we are -- our sku count is very tight, and we are disciplined. we are ahead of the curve because we control the relationships that we have with our manufacturers, with our suppliers and with all of our raw material vendors >> can you also, as sort of a final comment, tell me about profit margins with the kind of product you have, i have to imagine you have a decent amount of room to raise prices your end consumer might be in pretty good spot

have they generally been expanding or do you face the same headwinds as some handcuff the companies we've been discussing >> you saw that our gross margin is very healthy. and the reason why that is is that we are able to be very efficient, again, like, with our supply chain, with our r&d and our product development, i believe that as long as we can continue to deliver on those performances, there is no need for us to work on anything in terms of pricing because our quality is already speaking for itself and we feel like ultimately the consumer is going to vote with their wallet if they are willing to pay up they will show us but at this point in time we are very happy serving them with what they want and what they need >> 71% adjusted ebitda margin. >> that's correct. and the gross margin is even higher a pretty good position to be in. thank you for joining us >> thank you for having me >> jue wong is the president and ceo of olaplex still ahead, it's not just

gifts you might want to order early this year. given all the supply problems, you might want to send your cards out early too. the ceo of shutterfly joins us to discuss that and more next. maine is becoming the first state to require consumer package companies to pay for their recycling. the details cong uonthmip "e exchange." what the world needs now... is people. people who see flight a little bit differently. so it takes less fuel to bring people together... ...and make faraway places

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let's take a look at oil losing a majority of its earlier gains here is wti crude still around the $75 mark but about to go red on the day this after reuters is reporting that opec plus including russia is considering options for releasing more oil to the market at next week's meeting we will have to talk about that in "energy rapid fire" in just a moment netflix is continuing its run this week after announcing the purchase of a video game company. the stock hitting an all-time intraday high today. it's trading at nearly $613 a share, up about 2% amd saying it's expanded its partnership with google cloud for the use of some of its processors there is a 3% gain they're closing out the month down 7% but still up 10% for the quarter also outpacing its competitors. and shares of coal are getting hit today after a double downgrade to underperform from buy at bank of america that's a pretty big move and the bank is saying reduce

receipts from supply chain issues could hinder coal's sales recovery this is a 12% drop for kss today. let's get to our cnbc news update with rahel solomon. >> here's what's happening at this hour. on capitol hill three democratic congresswomen offering their own deeply personal testimony about their abortions. they did it during a hearing on how to respond to conservative states passing strict new laws limiting abortion access some republicans slamming the hearing by the oversight committee saying that it had no jurisdiction in this area. continuing the search for gabby petito has led to the discovery of another body, 46-year-old robert lowry the body was found in the same area of a wyoming park as petito's body. and federal officials have been quietly preparing for what could be the biggest search of migrants at the u.s. southern border in decades.

homeland security officials laying plans for a worst-case scenario of 350 to 400,000 migrants crossing the border next month if a court stops the administration from using covid rules to block entry what could cause a new surge and how officials are getting ready. that's tonight at 7:00 eastern surging prices, short supply, and a tax break for renewables all that and more is coming up in today's very special energy edition of "rapid fire." it's right after this. llion dir. [aflac!] that's a lotta money. ♪ did somebody say money? he said aflac. well if they're paying out billions of dollars to help cover unexpected medical expenses, what's the difference? coach prime. what... no smoke machine? [aflac!] looks like aflac is ready for prime time. [eh eh eh! eh eh eh!] hey, coach to coach... what do i need to do to get one of those jackets? ♪ get help with expenses health insurance doesn't cover at aflac.com

on "squawk box," a fourth-quarter preview, supply chain woes will companies feel the pinch? which sectors could have a rough go "squawk box" 6:00 a.m. eastern watch "squawk box" any time on demand welcome back, everybody. let's catch you up on a few stories that should definitely be on your radar right now it's time for a very special energy-themed edition of "rapid fire." here to break down the headlines today, helema croft is a cnbc contributor. dan pickering. and a cnbc contributor i'm really, really glad to have you guys all on board. let's begin with prices. all of them, broadly speaking, energy complex are on the rise as demand outstrips supply a volatile session today for wti crude.

we had this big spike around 11:00 a.m. on these headlines out of china that they were reportedly directing top energy firms to secure supplies for the winter, quote, at all costs. now almost negative on the session after reuters reported that opec plus is considering plans to release more supply at its next meeting both of these are up more than 50% this year. oil around 75 a barrel nat gas has more than doubled, hitting levels not seen since 2014 my question here is how much higher can questions go. and i wonder if opec is starting to give us some answer if they're already thinking about blinking here. >> well, the meeting's taking place on monday. it does not surprise me at all that they are. i think he will be very concerned about the potential inflationary effects if saudi arabia does not put more barrels on this market they will be watching very closely whether demand for oil

will increase because of the gas crisis that we're seeing in europe and in asia for the demand for oil for substitution is likely to rise, putting higher pressure on prices. >> for everybody who's now piling in on the energy trade because they realize that there is a squeeze right now, oil -- and this is i think what was so confusing about the gasoline and diesel situation in britain there was no fuel shortage, there was a truck driver shortage. in the case of oil -- we're already talking about them expanding supply i just wonder if you really want to be -- how long this trade you really want to be. >> they had a very serious crisis when it comes to natural gas in europe and asia we had unseasonably cold weather in the winter. we have historically low inventories in europe. norwegian gas, russian gas flows have been lower. we have had this situation where there has been a shortage of natural gas in europe. and there are real concerns what happens if there is an

unseasonably cold winter this time around because the options of getting more gas into europe and into asia looks particularly limited right now. >> we have nat where there definitely is a shortage gasoline and diesel where it seems to be more supply distribution problem, they have more choices to expand supply right now. dan, let's get you to weigh in here very, very curious, which parts of the energy complex in particular you'd be long right now. or is it all of them >> you've got inflationary pressures in general, kelly, that i think we've got to be careful about. you're hearing it now, country-on-country competition for the molecules. realistically with prices where they are, i'd have to say i like oil more than i like gas, both u.s. and global. >> really? >> i think we've got a better supply response likely in natural gas. winter there will be a risk premium. i'd be long everything, i'd just be a little skeptical of the

duration of the price move in natural gas relative to the strength in oil. >> so why do you think, dan, that we can meet the nat gas need quicker or maybe easier than we can with gasoline and oil? >> yeah. i wouldn't say quick i'd say quicker. i think you've got opec as a governor of the oil market so i think that they can manage those prices a little bit better on the gas side i just think we'll wind up seeing some supply response, and the real issue here is inventories in winter. and so as we move into winter if it's cold, all bets are off. if it's not we're going to come back more to a normalized price. i think we've got a better floor. we're not going to two bucks we're going to three bucks in the u.s. we're not going to, you know, five bucks in europe we'll go to seven. but a better floor but a little more volatility. >> but a huge downside traders who are on the long side of nat gas, what you're

describing would be losing 70% if we reset back down lower. i think it's a huge risk for those thinking about being long for some of these names. we got to go to washington for this vote. we've got some breaking news ylan mui, what's the latest over on capitol hill? >> the senate now has the votes to pass a bill that would fund the government through december the 3rd. it needed 60 votes to pass so far it has at least 63 in favor, 24 against, bipartisan support here the next step would be for the bill to head to the house and then over to the president's desk for his signature before the midnight deadline. just before this vote began, senate majority leader chuck schumer said that on the debt limit, democrats might be willing to move forward by themselves in the face of republican opposition, perhaps signaling that they'd be willing to take that reconciliation path that they had been resisting for

so long. that's a dynamic that will likely play out next week. but for now the senate is set to pass that short-term funding bill that will keep the lights on in the government through december the 3rd >> ylan, thank you very much dan, let me quickly end it off with you rattle off some of the names that you do like in the energy space here >> i think we're bullish generally on the sector. you've got 10% free cash yields in a number of the upstream producers particularly out in the permeon like these names to me the producers of the commodity are the real winners here chevron would be my favorite big gap. >> let's do a final comment on oil before we tell some of the nat gas story. in the oil space, where are you kind of when you think about the price of the commodity, when you think about some of the big cap names, the picks that dan just mentioned? >> so, the price tends to spike up very quickly and then take its time coming down

and i think that's where we are right now. and sort of trying to jump down the back of oil prices they are really forecasting lower prices going into 2022 but we can still -- on the upstream side. and even playing in at axon. axon has announced -- they continue to bring new capacity online >> all right let's quickly mention, we are talking about some of the dynamics driving oil here. but there are big problems with natural gas. it's not just overseas according to bank of america today, the eastern u.s. could experience, quote, a notable energy shortage this winter thanks to supply issues. they added vistra energy reiterating their leverage to natural gas and power prices dan, would you be more cautious for those who are picking up nat gas on these kinds of calls?

>> i like the stocks better than i like the commodity we've got $6 natural gas, up from two so that to me says it's a seasonal trade as opposed to a structural trade we've got a lot of reserves, a lot of ability to drill here so i think you just need to be cognisant that we've got a moment in time that things are quite tight. they're going to stay tight for a while. we'll dig out of it over the next five quarters i think you just have to know going in that $6 is not the number you're going to have for the next three or four years it's the next-year kind of thing. >> you never like to read these kinds of warnings about what's going -- prices are one thing, shortages are another. and russia playing such a key role in oil and nat gas supplies >> and russia has been underperforming in terms of oil

output and certainly in terms of gas output and one of the big questions is has russia been deliberately restricting gas supplies into europe in order to push a german regulator to approve the nord stream 2 pipeline? there are real concerns that even if nord stream 2 is approved tomorrow, there is not enough additional rushing gas if there is an unseasonably cold winter this is becoming a question about what is weather going to be and if we get a cold winter there are going to be hard choices between power for consumers and power for energy this could be a really serious economic and public health challenge in places in europe if we don't have enough gas going into these markets >> and even if the price starts to roll over now the die is kind of cast. the white house is reportedly backing plans to let renewable energy firms form llps

so, dan, i know that you have actually kind of had a foot in both worlds lately we've talked about this over the past several months' time. would you be interested in renewables mlps? how big a catalyst could this be for further growth and maybe to further depress the economics and attractiveness of some parts of the fossil fuel space >> yeah. i think the mlp structure would accomplish from a washington perspective exactly what they want, which is it would encourage capital into the renewables sector. it would give them a tax break you'd have more money flowing into the sector, which would increase the supply of wind, solar, batteries, et cetera. i think it's a plan that fits with what washington wants to accomplish, valuation's always the issue. renewable valuations are a little bit high right now. so you'd have to look at the individual securities. but as a concept i think it

makes a lot of sense, and you will find investor appetite for it >> i see here that you're also keeping an eye on the ri riveon ipo you like some of the copper lithium space and that kind of thing, gina. i know people are seeing commodity supercycles. but will it define this next era of investment? >> well, i think that the energy really is going to require an intense amount of capital. and i'm not sure that mlps are going to be necessarily the best way to get that done because if you look at where the capital is, some of the biggest balance sheets that are available are actually going to be effectively, would be competitors to mlps than to actual corporations themselves shell has pretty ambitious plans. just a year ago we were talking about the depth of the mlp

structure. so i think it's interesting we are talking about resurrecting it and giving it a greater role. i'm not sure mlps are necessarily a good plan. >> this d.c. stuff stealed some of our time. maybe next week, the week after we can redo energy "rapid fire." i really appreciate everybody digging into these topics. thank you all. the pine tree state that would be maine passing a new law to keep things green >> kelly, it's all about the rising costs of recycling and how that's crushing maine taxpayers. the state is about to change all that and possibly reduce some of this garbage, which, trust me, would be a good thing. that's all coming up next on "the exchange.

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requires companies to pay for their own recycling. it could also cost consumers diana olick is up in portland today with more on this story. hi, diana. >> hi, kelly maine's new law will shift the rising cost of recycling from taxpayers to companies large and small. from amazon to walmart to small local maine businesses it will require companies to produce -- that produce packaging to pay into a fund to recycle it the fund reimburses local municipalities >> what that does is creates economic incentives for the producers of packaging to create less packaging, to offer more reu reusable packaging options and make what packaging we do have left recyclable. >> but some of the largest sellers of packaged goods, that is maine grocers, warn it could actually increase prices for consumers. >> the retailers are concerned in general about overall inflation rates and price hikes and what that means for the overall cost of goods and what

folks are bringing home in their shopping carts >> but some big multinational companies are already on board more than 150 including coca-cola, unilever and walmart recently signed a pledge saying to solve the packaging, waste, and pollution crisis, there must be mandatory programs in which all industry players introducing packaging to the market provide funding dedicated to collecting and processing their packaging after its use. now the state of oregon already has a similar law going through its legislature, and we're expecting to see other states follow suit. kelly? >> i thought there was a whole issue, i don't remember if it was chinese demand, but sometimes the issue is not just the cost of the recycling but literally the buyers of the product, although perhaps industry recycling into other products has been a key part of that supply chain. >> yeah, you're absolutely right. it started in 2018 when china decided that it wouldn't buy certain types of american recycled products. and that actually reduced the amount of revenue coming into local municipalities by

$400 million and that was what was really hitting taxpayers. so it is again about the cost of recycling which is actually a commodity, kelly >> a good example of when china isn't there, the u.s. bears more of the cost. diana, we really appreciate it, thank you. incredible pictures there as well diana olick up in portland today. sticking with cardboard and delivery demands, we will hear from the ceo of shutterfly next about the ongoing paper shortage, how that's impacted business along with everything else plaingug these manufactures today. we're back in a minute isn't it a paradox? that the love for this world that gets us out in it sometimes leaves behind the things that can harm it? but now, flight by flight, we can make a difference. because delta has committed to becoming the world's

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for san franciscans. we're proud to have built the city's recycling system from the ground up, helping to make san francisco the greenest big city in america. let's keep making a differene together. welcome back, everybody. a pandemic surge in demand for boxes and packing materials is now impacting paper production nearly 20% of north american printing and writer paper has come in off line since the start of last year, according to an industry report.

-- stick with it us, it will translate to higher consumer prices >> again, i think it is eye opening that this is going to be a very different kind of holiday season and the more that both consumers and business can do to prepare, the better hillary -- go ahead. >> i would say, to your point on buy early, i would recommend it in general for everyone across all categories because it is the best way to avoid the holiday surcharges and it's the best way to assure that you have the products you want for the holiday. >> yeah. and it's the worst thing for someone like me to hear. challenge accepted hillary, thanks for your time today. >> thanks. >> hillary schneider, the ceo of shutter fly. let's look at how some of the paper stocks have done this year international paper is falling today, up 14% since january. weyerhaueser also down today, up

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welcome back bitcoin and ether rebounding today, up 5 to 6%, but bitcoin is still down more than 11% for month. kate rooney spoke with the cofounder of the world's largest cryptoff fund about what she sees as the biggest risk for investors in this space with all the regulatory head winds swirl around and joipsz me now >> i as a sat down with katie haughn and corun's her company's three crypto fundamentals, about $3 billion she says the biggest revving right now is regulatory head

winds. she's on the board of coinbase and she says they are trying to fit the rules. >> regulation plays a really important rule there is a myth out there that those in the crypto industry don't want regulation. that is i can say, a myth. it is not that the very does not want regulation. i always say it wants clarity. but it also doesn't want to be treated like a monolith. if you think of an nft or a token, essentially a digital collectible right now, what in the olden days would have been the equivalent of a baseball card, why should that be regulated as a financial product and service? we don't think it should be. >> another risk, kelly, competition if china there is nuance. while beijing has outlawed most crypto activity it has also built its own central bank

cryptocurrency, she tells me the u.s. should do the opposite and allow innovation and work with the private sector here. she says the u.s. needs to move a little bit faster to keep up with the pace of innovation, at least on stable coin >> i thought it was interesting how she drew the contrast with china and saying we should do the opposite it was a great interview thank you for the highlights. that does it for "the exchange." stick around, "power lunch" begins right now as we wrap up september, welcome to "power lunch," everybody. here's what's ahead on this last show of a bumpy month. the dow takes a dive is it time now to go bargain hunting? a veteran trader has identified two stocks that he says come at a very good price. ransomware on the rise a new report says an attack is now expected to occur every two seconds by the year