now that the yield is at 2% or so on the long bond, you know, above 2%, it is possible to make 30% on long-term bonds as a hedge for your risky assets in a balanced portfolio because we've seen 30-year treasuries drop inside of 1% in the covid nightmare. of course, 30-year treasury bonds in many, many developed countries are kissing the zero line as we speak >> let me ask you before we go, lastly, bitcoin has defied many people's expectations, yours included we were last on you said it looked scary here we are up 25% since then. how do you view it today >> the chart is scarier today than it was in july because we have a double top at 60-plus thousand that we basically did a blow-off this week it looks like to me. now it has reversed back below where the top was. so i really think that a lot of

things crescendos ed this week i think the bond yield rise crescendoed this week. even oil has done that i think we are in a countertrend move in the weeks ahead. everything that worked in the last few weeks i think it is time to fade >> see how it all shakes out jeffrey gundlach, thank you for being a part of our special week talk to you soon >> thanks, judge talk to you later. >> that does it for us have a great weekend, everybody. "the exchange" begins right now. >> thank you very much, scott. once again, a happy anniversary to "the halftime report." i'm kelly evans. here is what is ahead. slapped by apple's new rules and facebook is down intel comes up short and beyond meat gets grilled. we will have the latest on all of the rocky results the fed has a new set of rules for trading. is it an acknowledgement of guilt or does it help jay powell's case for reappointment? plus, the donald trump spac, the company set to take trump's

planned social media company has fell 1,000% in two days and it is not the only name surging as politics and meme stocks collide. that story and more coming up. first, record highs for the dow and s&p 500 chl welcome back, dom, as well david tepper, you heard him last hour, sees a potential turn offer for equity >> there's a lot of folks out there. i don't believe he is the only one that feels as though this market might be a little bit toppish, a little bit moreover valued, a little less attractive on a risk/reward basis but it tells you a little bit about what is happening overall thematically because we seem to be hitting the record high levels kelly said it first, so i will put the gold stars next to the dow and s&p 500. they did at one point today hit record intraday levels we are not at closes yet however, you can see the s&p backed off right now, down about ten points i will give you context. on the day's highs we were up roughly ten points and down 25 at the lows.

a little bit in the middle of the range there, though tilted towards the downside the nasdaq has been an underperformer all day today we will see if a big technology trade continues the way it has been it is friday, so let's take stock, a little bit about the sector movements we have seen so far. the two sectors that have done the best in the s&p 500 over the last week-to-date period have been real estate and health care those two sectors have done very well, the two best performers. meanwhile, communication services because of the underperformance of many social media stocks, especially today, the worst performing sector there. you can see the big drop-off in green over here for the communications services trade, and there have been roughly -- and i lost count at this point -- 69 record highs in the s&p 500 stocks, 69 companies have made record highs or thereabouts so far today one of them and a dow component as well, american express up 45% right now. that's also a record high. kelly, it is because they report earnings better than expected,

revenues better than expected, spending on goods and services among card members there, kelly, has more than doubled or roughly doubled from the same time last year maybe no surprise given the pandemic, but restaurant spending by card holders is now back to pre-pandemic levels. a lot to be gleaned about the consumer, the driver of the american economy from that am ex report back to you. >> did your little vacation have anything to do with that, dom? >> my little vacation did. i did spend some time down in south florida and i probably used my am ex card more than one down there so i am traveling and eating out more often, so maybe it is a good thing >> shareholders thank you. dom, thank you very much the moves in bond yields today are catching everybody's attention. the u.s. ten year near 1.7%. the german bund nearly positive, can you believe it the inflation break even rate that the market closely follows is at a 15-year high, up at 2.7% it is all setting the nasdaq

lower. how much risk is there in the stocks joining me is the chief investment management officer with greenwich wealth management >> thank for having me back. i think the market is pricey i have learned through experience when you get out of the market you are taking more risks than when you stay in. despite the fact i'm concerned about the inflated prices, especially in the tech sector, i think it makes sense to stay in the market but i really think people should tilt more toward value if youlook at results over the very long term, you will see that value stocks do outperform growth and small cap stocks outperform large cap stocks. the last ten years has been an exception to this rule either the rule has changed or we will eventually go back to what is considered normal. >> you put your finger on it because the growth investors are going no way does value outperform i want to play -- you brought up

an interesting point we heard david tepper speaking to scott wapner about i don't know if you caught the interview, but he basically is reluctantly in stocks if i could describe it. basically saying he thinks there's a lot of risk, he thinks they could go down, but he also has to stay in let's play a snippet how he is thinking about it. let's listen >> if you really have inflation become set in the economy and the fed is behind the curve and they're not going to raise rates in the middle of the year, the bond market starts to go up a lot. people think it is not going above 2%, but all of a sudden it is at 2.5% i guarantee you won't just love stocks that day but not just bonds. cash, you will be killed by inflation. >> he is saying there's no alternative. notice how he said you won't like holding stocks that day is it a reset that could happen if rates move higher or a much, much bigger risk to stocks over call it the next decade? >> yeah, i mean i have to agree with what he said. i mean certainly rising interest

rates is bad for both stocks and bonds, but, you know, over the long term i think the stock market can handle higher rates so i'm not too concerned about that as far as inflation goes, yes, we are having higher levels of inflation, but i'm still in the fed camp i do believe that inflation will prove to be transitory of course, transitory is a tricky word because it complies a time frame i mean if we had a spike in inflation for a month or two everybody would agree that that was transitory but if it lasts longer, and i think it will last longer, i think we will see higher levels of inflation for up to a year, you know, is that transitory well, over a long term, yes, but it could be very painful in the short term so i think we could see higher levels of inflation. if interest rates go up at the long end of the curve, that should actually be pretty good news because we see an increase in spread and a higher yield curve. so that could be good because that's usually a sign that we're not going to have a recession.

but, you know, as far as there being no alternative to stocks, that's true, but i think you can use stocks as an alternative to bonds. there are lots of stocks that have very nice dividend yields, and one i have been adding recently is verizon. it is a relatively stable stock in terms of price, yet it provides a great deal. it is a good alternative to bonds. >> it is so stable it has basically gone nowhere in two years. let me point out actually that there are some interesting self-hedging going on with the three names you are highlighting day. verizon you like because of the dividend ford, you like because it doesn't have one and is investing in tvs >> right >> then you like fossil fuels even though you like ford for investing in evs >> right that's a good point. my point is we are having this transition to clean energy and that transition is real and it will continue. however, we will rely on fossil fuels for quite sometime i think investors were wrong to avoid the energy sector for the last several years, and energy

stocks got incredibly cheap because everybody assumed all of a sudden a flip would be flipped and everybody would have an electric vehicle that's not the case. now we are seeing we're in a situation where we have very strong demand for energy and not enough supply and oil prices have gone up now, a couple of the things that have happened is, you know, i've been adding xle and i've been adding murphy oil. these stocks and this etf have not really kept up with the rise in oil prizes until fairly recently now all of a sudden they've really surged. >> yes >> i think they're still a good place to be, even though i've been trimming a little bits because they've become outsized positions in my portfolios >> again, i think it can give people a sense of what it looks like to be in the market position you are fill some ofally and still have to figure out which stocks to own for all of that said interesting stuff. thank you for joining me we appreciate it >> thank you >> chief investment officer with greenwich wealth management. to the first of our rough

result stocks today. intel is down more than 11% and shaving more than 40 points off the dow. results disappointing as the chip shortage hurt pc sales. josh lipton joins me with more and including with ceo pat gelsinger thinks we could see it turn around. >> reporter: kelly, intel swinging and missing as you point out. check out this stock it is plummeting in today's trade on a weaker than expected sales report, the company saying it is impacted by the ongoing component shortage ceo pat gelsinger gave more color about what his big plans for the company are going to cost remember, he is ramping up spending on the company's manufacturing technology to bring its latest and greatest chips to the market and creating a new foundry business, meaning making chips for others. but all of this, of course, costs money. capital expenses will be as much as $28 billion nextyear, and profitability will come under pressure management offer gross margin guidance between 51% and 53% for 2022, well below the street's estimate and intel expects to be

in this range for the next two to three years gelsinger though sounding confident on cnbc this morning >> the momentum is building. we've clearly laid out a plan that we believe is executeable aggressive of course, but it is a great company with great capacity. i'm committed to make this plan come true and we're going to have a string of great successes in our future. we've laid out a clear picture to the street of what to expect over time, and today, never like to see the stock go down, but i feel great because now everybody knows what the plan is >> but i did speak with bernstein's stacey rascon. he is skeptical. he believes the long-term growth targets are outlandish after all they're losing share in market rivals like amd. even if they execute perfectly, stacey says it will be a long slog for gelsinger and his team. back to you. >> josh, thank you very much our josh lipton. intel not the only company predicting prolonged chip

shortages. amd saying it could extend through 2022 that said amd and marvel shares up 30% and 40% respectively. intel is negative on the year, down half a point. i'm joined by global semiconductor industry lead at accenture. it is great to have you here normally if it were a chip shortage holding intel back it would be a bullish thing but it doesn't seem that's the whole story here >> yes thank you, kelly, for having me. the intel result highlights the importance of the chip shortage around the whole chip set solution it is not just the main processor. you need the rest of the chip in your solution to be able to deliver the products to the end consumer the shortage could be impacted based on multiple factors including the consumers have already bought a lot of pcs earlier during the pandemic so there may be a slowness in demand also that could be impacting the overall situation in addition to the chip

shortage >> you know, intel made this really interesting announcement a month or two back when it said it would try to make chips for the automotive industry. the legacy automotive industry, of course, being way behind in semiconductor design and technology you could say on the one hand it is the right position for intel. okay, they're struggling a little bit to keep up, so why not make chips for an end user also struggling to keep up but i can't imagine that's how shareholders will see great value creation what can intel do at this point? i mean should they just outsource all of their manufacturing to taiwan and say, fer forget it, we can't go that route, it will be too difficult? >> yes, as the idea of the strategy intel also said for some of the leading manufacturing they are going to fund raise in addition to that, they are offering the foundry services for some of the trailing capacity and also have their mission to be foundry services

for leading node capacity, you saw that earlier there's a need for automotive chip suppliers to be adding to the manufacturing capacity that helps with the automotive industry it could also help the automotive industry, the chips follow the automotive industry slightly to grow by 12% over the next five years also that's a good business to be in also >> it is okay. i mean i guess my point is that if you look at how much intel has lagged its rivals on a one year, five year, ten-year basis, to move into an industry with 12% annual growth and is behind technology and not at the forefront of it seems like an acknowledgement they don't really know where else to go so they've looked into a couple of deals obviously what other options do they have at this point? >> yeah, i mean they -- i think this is the strategy, they have

multi-prong strategy one, as i said earlier, going to foundry for some of the leading node, providing foundry services for some of the applications that they see the growth in addition to the automotive, obviously there are demands coming from iod, xr, ia, other applications also, plus their own core business compute is still a major segment for the semiconductor industry >> thank you so much for your insight today. we appreciate it >> thank you >> with accenture on the chip industry coming up, fed chair jay powell in the hot seat will the trade controversy mean the end of his tenure? plus, shares of 23 and me are lower after they buy a telemed company. we will speak with the ceo susan wojcicki she joins me coming up on "the exchange." this is "the exchange" on cnbc

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♪ welcome back did fed announcing sweeping new investing rules for officials and senior staff, barring trading in individual stocks and bonds. these ethics concerns, some of which date back to march 2020, come at a turbulent time for the fed as grappling with how to best tackle rising inflation one of my next guests say it

gives congress reason to remove jay powell joining me is bill milken. bill, it is good to have you tell me justification in what sense? >> well, the rules have codified the behavior that fed staff have understood for the longest time, the fact we had bad actors doing things that had the optics of doing terrible trading and taking opportunities of their position is a stain on the fed staff that chair powell will have to live down. one of the things we have to realize though is if we truly believe in diversity we are going to have to find a way to recruit people from all over, including people who had successful careers in financial markets. that's the hard part how do you allow these guys to have enough portfolio -- room to adjust their portfolios and rebalance the way we're told to do in personal finance, at the same time stay within the boundaries of doing the proper thing while sitting at the fed >> we spoke with randy crosser, bill, about this yesterday who thinks that no policies were violated with the trading, although i believe the policy did say to avoid the appearance

of conflicts of interest do you think that that policy was violated with these trades, if it looks bad is that the whole point? >> the point is if it looked bad, it is bad if you are in a position, a public position like the federal reserve, you are well aware of that i think we were taught this from day one that when we entered the fed as young economists. what surprises me is that when we parachute guys from the outside like kaplan and even -- what surprises me is rosenberg who has been an insider his entire career. rich essentially said i had the rebalancing of my portfolio and these sort of things that were well-known, they did not take advantage of any decisions i think we have to make some room for individual allowances for -- to let people who have these special needs be able to conduct their business, but with strict guidelines. that's with the new rules codified >> steve, we certainly know it covers a lot more than it would have before their response to the pandemic

i think people could even understand if the pandemic response came first and then maybe divestments or a change was made swiftly thereafter. it is just it took 18 months until it was reported, you know, by the press for the fed to then quickly scramble to come up with, you know, a change in policy >> boy, kelly, all due rye expect to bill, i think he misreads the situation i think it is far worse than just a couple of bad actors. what was going on with these trades was known to other people inside the federal reserve where were they to say something? kaplan was engaging in trades like this before 2020, and now we know that a memo went out, which is now on your screen, in march of 2020, in light of the rapidly developing nature of recent and likely upcoming system actions, please observing a trading blackout and avoid making the necessary security transactions for at least the last several months and many people did trades like that, bill so i would like to believe "s"

you want to think the federal reserve is one of the good guys out there, which i think has proven to be true in terms of -- what do you want to say? up-and-up agencies out there, but it was going on inside the organization, and there's no sense at all that there was any check and balance inside the organization to these types of trades that were happening now that we know especially that march 2020 note went out >> i also, steve, i don't know if you have any more reporting on this but i found it curious the boston fed won't be releasing more information about rosengren's trades i don't know if there's a rationale, but in the reuters' story i couldn't find one. why not be fully transparent if there's nothing to hide? >> i think -- i'm hoping this all comes out, kelly, in the ig's investigation i feel like we know what we need to know about eric rosengren's trades he was buying mortgage-backed securities alongside the federal reserve, making multiple trades. now that we know this march 2020

thing came out and it was sent to all of the fed officials, it looks even worse kaplan as well i mean that this note went out, maybe it wasn't followed even where were the ethics officers inside the individual district banks who would have received this memo ostensibly from the board of governors, saying, no, the guidance now we're getting from washington is not to do this so it looks to me, with all due respect to bill, like the system failed in multiple places. >> i'm not sure, bill, i think you would almost agree with that i think that is your point here. do you want to kind of add a final word where does this then leave the fed and chair powell >> the corporate culture at the fed, at the staff level has always been pristine what has been lost has been that enforcement mechanism for people who have come in from the outside, especially at the top i think one of the things that we have to do is to strengthen those rules, but i think there's no doubt that everyone who works on the staff is well aware of the sensitivity of their work and well aware that what they do

has to look right, especially when congress is a place where political decisions are dominating decisions on monetary policy and you get -- instead of talent, you get political biases being put at the board what i'm most afraid of is that if this gives the biden administration, the progressives the opportunity to stuff the board, and that to me will be the biggest damage that goes about. >> i take your point >> kelly >> go ahead, steve >> if bill is making a decision tidecision -- distinction at the staff, i would agree. i don't have information at the staff level. bill may be making that distinction and i may have missed that. i would say i agree with that. >> sure, sure. i think everybody's points here suggest maybe it was outside the scope of what was seen as the norm or expected to be the norm as, you know, at least what we know at this point guys, we will leave it there really appreciate it bill lee and steve liesman

joining me with the very latest on the changes at the fed. coming up, snap plummeting today after a huge impact from apple's privacy rules. we will look at the ripple effect across other big ad-driven stocks like facebook the spac everyone is talking about is called digital world acquisition, but it is the political world it is really deilafr isafr. tas teth as your broker, i've solved it. that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to wealth management. what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪

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welcome back to "the exchange," everybody dow is up 85 points despite the drag from intel today. it is a quarter percent higher and outperforming of the s&p, down six look at the nasdaq, down 125 points let's check the sectors. financial and consumer staples leading the way. financials up 1%

communication services, by far the worst performing, down 2.6%. that's because of snap, sinking on a disappointing earnings report last night. shares down 25%. now, they're blaming apple's new privacy rules that require users to opt in if they agree. i should say 16% of all apple users opted in twitter, match, facebook is down 5.5% today look at trade desk, they're an ad services company, down 8% in sympathy turning the page on the flip side, cleveland cliffs is higher on strong results and hopes for stronger steel prices going forward. the company paid out $45 million in bonuses to employees for getting the covid-19 vaccine, the ceo saying it was the best way to use their catch we end with newman, the stock higher as the price of gold has been on the rice up 2% and 8% in october for

gold over to kristina partsinevlos for an update. >> the justices will hear arguments in the case on november 1st the high court saying they will hear arguments on a suit brought by former president trump. he wants to stop release of some documents to the house panel investigating the january 6th insurrection attorney general merrick garland unveiling a new program to combat discriminatory lending. i says red lining or refusal of loans based on location remains persistence. he says other investigations are on the way actor alec baldwin expressing shock and sending condolences to the family of a cinematographer officials say he shot with a prop gun on a movie set. baldwin called it an accident and says he is cooperating with police on the investigation. on the news, outrage over

the death of halyna hutchins on the shooting that's tonight at 7:00 p.m. eastern time kelly, back to you >> thank you bad weather taking a toll on beyond meat. twisted tea wasn't enough to save boston beer third quarter we are back right after this (rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf.

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welcome back, everybody. let's catch you up on a few other stories that should be on your radar on this busy friday joining me, cnbc's bob pez sawnie and chief market strategist janet sanchez and todd gordon. they are both cnbc contributors. starting with beyond meat, shares down 14% after lowering revenue guidance for the third quarter, expecting or $106 million in sales compared to the original guidance between $120 million and $140 million the company blaming covid and the severe storms for slowing growth again, shares are down 13% today, and down 25% on the year. bob, do we call this excuses

>> yes well, look, it is not -- what they cited is not imaginary. however, let's look at the other side maybe they're having execution problems, you know, maybe there's other things maybe they're not great at forecasting what is going on you know what i think? i think maybe, maybe the demand is not quite as strong as everybody thought. okay, it is not a debacle like hard seltzer, but plant-based meat products is not a fad, we certainly know that, but is it really going to take over meat-based products and the cow goes home kind of story? i don't know i would like to know a little more about the demand side of this before we start blaming macro factors like they were citing >> well, and we talked about it. i think dunkin' took one of the items off its menu lately, i don't know if it was beyond or one of the others, but it is a crowded space. its success sometimes can be its own demise you get people with all sorts of competitors, the price points

come down and they have the other headwinds. would you own this stock, gina >> no, they were priced for success and the fact is you are absolutely right what happened in dunkin' is happening across many menus across the space re"nfl total access" the reopening is happening slower than expected so the macro factor is real if you look at the not-traditional options on the menus, those are coming down the beyond meat option may not stay there and that's where a lot of the sales were occurring. i think that they got priced for success, got hit with the pandemic and may have had some execution issues >> todd, are you moving beyond beyond >> i am not, especially me kelly at the nasdaq for the ipo for cnbc they were a $10 billion company, losing 20 million a quarter and they've taken a lot of debt. they have a 4.4 debt to equity ratio focusing on long-term

debt if you look in the term ratio, they're at 17. their competitors are 1 to 4 they took on a lot of debt and they're vague on what they're doing with the debt to keep it afloat unfortunately, you have the same amount of calories and fat as a regular beef and five times the amount of sodium so bob is right, demand is not there they broke below 100 and it is not good and there's no support for foreseeable future so i'm beyond beyond >> i understand. let's move along to shells of mattel higher after a big earnings beat. business is so good the ceo told jim cramer is considering other avenues to drive growth beyond toys and games >> we are seeing opportunities to capture value from our intellectual properties. we recently launched a barbie radio in partnership with i heart media and warner music, see opportunities in digital experiences. if the digital experiences and a

lot of other opportunities to capture value, in addition to the great work that we do inside the toy aisles >> and the shares up about 2% today, bob, and 19% this year. so while it paints it as a success story, they barely matched the s&p 500 here >> yeah, but, listen, considering what could have gone wrong here, this was just a great quarter. these guys did a fabulous job. first, they extended the agreements, had a nice agreement with wwe for action figures. they had a deal with pixar on action figures so they're extending the brand lines nicely the comments they had to say about the supply chains were great, pulling forward production to make sure stuff gets in the stores for christmas. it is not going to matter if they don't have things to sell they did that. more ocean freight capacity. they really tackled this in a creative way and anticipated this they had to start dealing with this months ago. i don't know about the intellectual property comments, nfts for 10 year olds.

>> reporter: maybe i don't know it seems like a bit of a stretch, but what they reported was terrific >> todd, nfts are for 10 year olds that's exactly the demo that understands it it is certainly not me >> i'm 42 and i'm just catching up with it, kelly. look, i think, first, we have to let the technicals kind of pull into the fundamentals. it has been an underperforming market as you said if you look at a nice little consolidation this year, until we get above 20, 22 and a half, i wouldn't check it. you have to let the technicals take you in. bob said they were proactive securing their supply chains, they made room in ocean freights to get product here, they've embraced an online ecommerce strategy to go direct to consumers and barbie hot wheels still very popular hasbro was a strong competitor, trades at higher pe, better free cash flow. i would watch the competition. it is kind of a no-touch for me.

street's predicting about $1.32 next year, which puts it at about a 15.64 multiple, so not really expensive again, kind of a boring chart. no opportunity for me here >> gina, a quick word. would you own it here? >> i actually would. i think it is quite interesting. this is a space, the consumer space got absolutely pummelled so obviously they understood the reopening was key to re-establishing their pricing, and i think their comment on intellectual property, i don't agree with nfts but agree with the intellectual property components they own are very real and valuable and they're finding other ways to monetize those. >> all right let's get to the seltzer bob was referencing a moment ago boston beer, the parent company of sam adams and truly hard seltzer continuing to struggle as the seltzer trend fizzes out. they reported a $100 million loss last quarter. shares down 50% from the 52-week high they're up 4% today. gina, do you want to be a buyer now? >> well, you know, i think this

space was -- the hard seltzer is following the same trend as general alcohol, which is we're going back to work now so that whole day drinking thing is over so i'm not sure that i would be a buyer right now. >> todd? >> i agree i agree. expensive valuation, 25 times forward earnings there is up trend support again. go back to the technicals real quick, not until 380, that puts it at 18 times forward earnings, a little bit more in line. i think we're more health conscious society post-covid alcohol consumption i think is losing some fan favorites and kind of going towards the other substance that's becoming legal, so i think we're getting a little bit of change in leadership there again, no further comment, kelly. >> none asked. 380, by the way, the shares are at 537 bob, a last word twisted tea is a bright spot for them i think i recently bought -- i didn't know it was, whatever it is up 22% in the past 13 weeks for that category. >> thank you for bringing that up let's give these guys a break.

i mean to innovate in the beverage industry you have to innovate to survive. okay so it didn't work out. it is so easy to say, see, i told you they should have just stuck with sam adams and dog fish head, stuff they knew, but you have to innovate to survive. these guys were very innovative in the past with the tea company you mentioned, kelly i know they're talking to cannabis companies i know they're talking to soft drink companies about other kinds of ideas okay so it didn't work with the hard seltzer thing. a year from now we will forget about it and be on to something else innovation is the only way to survive in beverages >> i want this to talk about beyond meat now, bob, give that poor company a break >> well, wait a minute though. they're sort of a one-trick pony though they will have a lot harder time innovating than the beverage industry overall, that's the important thing. so hard -- it is like hard seltzer is not plant-based meat product of one company

you have all sorts of different products when you have beverages, they have a tougher time >> fair enough by the way, boston beer's founder jim koch will be on "closing bell" to talk about the trends and more on a cnbc exclusive at 3:00 p.m. eastern time in the last minute we have here, i want do squeeze in a mention of the second day now that we are seeing speculative moves dwac is up another 130% today, has been halted multiple times it quadrupled yesterday, one of the top trending tickers on reddit's advertising bets. phunware is going parabolic as well, soaring 1,000% before pulling back trump is expected to roll out a beta version of a new social media. it was said if you want to support trump there's better ways to dot. you have to be really careful with some of the stocks the way they're trading. >> you know, it was -- when i was first in this business,

kelly, i was a very active day trader i did my first day trade a couple of years making money in this thing it has been wild i have never seen price action like this. i contracted a friend who is an active gambler and said what are the odds that trump wins the election after this and he said they went down half a percent. maybe they're starting to vote he is going to take on big cap tech trump twitter followers, 90 million. twitter is a 50 billion market cap, 200 users one-tenth is 20 million years with a 5 billion market cap. i think it is trading at about 3 billion right now. so certainly possibly justified. really interesting again, i have never seen trading like this before if you are a normal at-home gamer, please be careful with this name. >> like we said, it is the meme stocks now meeting the political world with fiery results guys, thank you all very much. appreciate it. bob pisani, gina sanchez and todd gordon. still ahead, 23 and me is taking a big step in the push to

tran transform individualized hlteah care ceo anne wojcicki joins me next. back in a moment partsi ♪♪ we believe everyone deserves to live better. and just being sustainable isn't enough.

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♪ welcome back, everybody. shares of 23 and me lower today after announcing they will acquire telehealth company lemonade health for $24 million. they will advance their vision of primary care. joining me is 23 and me ceo anne wojcicki along with our own meg terrell. meg. >> reporter: thanks so much. a really interesting deal today, anne tell us about your vision here, acquiring a telehealth company, a prescription drug delivery company and integrating it with a genetics company >> yeah. since the beginning of the company one thing we always -- like the vision was always to follow up on what frances collins outlined in 2001 which is that genetic information has the ability to really transform

how we predict, prevent and treat all human disease. so fundamentally the reason why we're offering genetics to our customers is because it really is transformational, not just on the ancestry side but on your health side. the number one thing i have learned over the 15 years that we have been giving genetic information to our customers is that it is challenging to pull it all the way through into clinical care. so people learn really valuable insights about their health, but the rest of the health care system is not necessarily trained on how to manage genetic information and it is not geared towards prevention so much of what 23 and me can do is really by helping you understand risks and really opening up a whole new world of personalized prevention and genetic-based primary care >> i think what a lot of people are trying to understand is just what people use telehealth for right now. it is often not things like prevention it is things like your kid has

got the sniffles, you need to know if they need antibiotics or what you're supposed to do do you initialize this approach of using telemedicine and primary care and being able to integrate i have a clotting risk in my genes, so stand up when you go for a long car ride how do you envision it working >> i absolutely see there's an opportunity. our customers have been pretty clear with us. they want to have a service that's actually trained on genetics so that they can understand, like is there potentially a different path of treatment or are there different proactive steps they can actually take on prevention. so the factor five, the blood clotting, is a great example that's actually one of the reasons i really love lemonade, is the pharmacy component. for example some people find out they're at higher risk for a blood clot and it might change the type of oral contraceptive people want to take. having a system where it is completely integrated where you can say i'm learning all of this genetic information and now i

can translate that into the care and potentially a prescription is what our customers have been asking for >> and the existing doctor force at lemonaid, do they have knowledge of how to employ the genetics information you get with 23 and me already or does this require education from the company? i mean this seems to be a problem with our medical system in general genetics really isn't well understood, really aren't well understood by a lot of doctors and sometimes this information gets used wrong. >> the thing i love about lemonaid again is the quality of the team i can't emphasize enough it is a phenomenal team of individuals, even how they have set up the physician leadership and thinking through the protocols. so they have a physician leading who is leading up the protocols who comes from kaiser permanente, and focused really on chronic disease management. so it is that mindset that they have here really of like how do you really help people manage what they have or how do you really help people prevent what they might be able to.

so you're absolutely right most people are not trained on genetics, but the one thing 23 and me has in spades is genetics expertise. what lemonaid now is going to bring to us is the entire infrastructure to really deliver personalized genetics-based dele personalized jeangenetics-based care. >> ann, this is really building is we would love to talk to you more about it as it gets folded in towards closing at the ends of the year. >> meg, thank you for bringing us a glimpse into what is happening with medicine. the change in many ways can't come fast enough >> coming up, from michael jordan's sneakers and bruce springsteen's handwritten lyri ri, the sotheby's auction is under way. prices seem to be soaring. et yo. ♪

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welcome back to "the exchange" i'm seema mody supply chain becoming a popular topic this earnings season honeywell says the availability of material is creating challenges when you are seeing this type of growth and demand from the end customers specifically around semiconductors

honeywell has more electronics and computing power than the average industrial it does see the chip shortage easing in the first half of next year shares are down nearly 3.5%. whirlpool seeing its biggest revenue miss since 2009. the key issues, inflation in steel and resin prices which it is offsetting with higher prices when asked whether it can continue to raise prices on the consumer without risking lower sales. the ceo says because appliances are not purchased on a regular basis customers are more likely to pay up. still down 15% from the high it hit back in may. >> mad money's jim cramer rote up a full analysis on honeywell in his latest investing club newsletter sotheby's is hoping to win big in las vegas why las vegas? robert frank has that story

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welcome back sotheby's has passed up its -- pack up its auction paddels and is heading for the las vegas strip. why? >> this is the first time that sotheby's has had an evening sale in north america outside of new york it is all part of the post pandemic landscape for auction houses most of the bids now are digital. and many of the wealthy have left the big cities and are more spread out around the country. so the auctions can now literally follow the money sotheby's opening displays in monaco, the hamptons, even palm beach n. vegas, the company will build a replica of its new york auction stage. it will host a lot of dinners and special events for its clients there. >> las vegas, we found s a convenient hub for people from, say, texas, as well as

california, to travel to and so that's lot of the clientele who are going to be attending the sale are people from the broader region. >> now, the first auction is al the bellagio saturday with a collection of 11 picassos that used to hang at the picasso restaurant they could fetch over $100 million. the paintings are being sold by mgm resorts. they include a portrait of marie terrez that's expected to top $22 million. on sunday, sotheby's brings out a luxury sale featuring jewelry, handbags, cars, and watches. the big star, a signed pair of michael jordan sneakers. he wore this pair in 1984. they are make air ships. in one of his first games in the nba. mids already hitting $1.1 million. they could -- bids already hitting $1.1 million they could become the most

expensiive sneakers ever sold. >>do you think this is a bad sign for new york in the long run? >> it is not great when any industry that used to be only in new york spreads out it is not greatfor new york. >> now they have this option instead. it really is a fascinating glimpse into it robert thank you for bringing it to us. our robert frank that does it for "the exchange," every. "power lunch" begins right now good afternoon, everybody. and welcome to "power lunch. we've got a busy hour ahead. here's what's on the menu. chipotle, for one. higher prices for food and delivery they are not turning away customers. digital sales are up, profit more than doubling the ceo will join us to discuss his strategy for the months ahead. plus, new threat a shortage of magnesium could threaten t