be $19 a share vw at nine times earnings next year will be up 50%. >> dr. j., a name, please, since weiss took all the time. >> merck, new high of the year. >> josh brown? >> amazon. >> there you go. thanks, weiss. "the exchange" starts now. thank you, scott hi, everybody, i'm kelly evans here's what's ahead on "the exchange." the white house announcing details of its now $1.75 trillion social spending and climate bill it's a mouthful but we'll tell you what's in it, what's not, how it's going to be paid for and whether it has enough support to pass. we're talking to ceos to get their thoughts on the economy. we'll hear from the head of huntington bank and wyndham hotels. and it's a huge day for our earnings exchange. we're looking ahead to apple and

amazon both reporting after the bell, exxon and chevron tomorrow morning. stocks are moving higher, the dow is up 139 points, about 0.4 of a percent the broad s&p 500 up two-thirds of 1%. look at the outperformance in the nasdaq today, record intraday highs today for the nasdaq i'll do the dom star, for the nasdaq and the s&p 500 what's interesting is this is happening for the nasdaq even with bond yields on the rise the 10-year yield right around 1.56%, 1.57% now not exactly a tailwind, usually a headwind for the nasdaq. semi etfs are seeing a jump higher teradyne is up 11% apple is only about 4% from its all-time highs apple and microsoft, by the way, neck in neck around the $2.4

trillion market cap mark microsoft getting a lift after its earnings earlier this week ford is on pace for its highest close in seven years the company raised its guidance despite the ongoing chip shortage on the flip side northrop grumman among the worst performers in the s&p. they noted labor related and supply chain challenges. it's been a tough slog for some of these major defense names we'll ending with nice moves in the crypto space bitcoin and ethereum are on the move today. president biden unveiling the framework for his highly anticipated social and climate spending bill. after months of negotiations between factions in the democratic party, ylan mui joins us now with everything we need to know. >> reporter: kelly, that framework does include what he's calling historic investments in things like child care subsidies and extension of the child tax credit as well as over $500 billion for climate provisions

it also includes ways to pay for that saying it's fully offset and that includes a new corporate minimum tax, a new surtax on millionaires as well as potentially a way to reform the international tax code but it's unclear if this is going to be enough for progressives they just got out of a meeting in which they said that they do have the votes to sink a vote on an infrastructure bill because they want an iron-clad assurance that this broader package can actually pass. as of now, the president's framework does not seem to be enough one lawmaker said she felt bamboozled by this another said hell, no, she's not voting for infrastructure legislation. and the head of the progressive caucus said that the president's agreement is loose >> he said he's confident he can get the votes. it wasn't, i think, it wasn't clear whether the two senators have committed to vote for it.

so, you know, look, i think it's a bit of a leap of faith in the president. >> reporter: now, of course the two senators she's talking about are joe manchin and kyrsten sinema he has punted responsibility back to the house and said that he's been negotiating in good faith but did not say he'd vote for that broader package senator sinema issued a statement saying we have made significant progress on the proposed budget reconciliation package. i look forward to getting this done it's not a yes but it's not a no so will the house vote today on an infrastructure bill house speaker nancy pelosi told her caucus that is the plan but she will speak to reporters in just about an hour so we'll keep you posted with what we learn. >> ylan, i'm looking for the headline now where do rips stand when it comes to any support they might offer for passing the infrastructure bill? >> yeah, so right now the republican support is not something that democrats are

counting on. they want to be able to pass this with the majority of their own caucus it is possible you could see maybe a dozen or so republicans get onboard but that's only after democrats prove that they can do this on their own they don't want to be the one who say come to save the day. >> one final question on this topic. you mentioned that october 31 is the fund ing deadline for the highway program. if the infrastructure bill is not passed by then, do they come up with that money elsewhere does it complicate efforts by removing a deadline to get infrastructure passed? >> so the october 31st deadline for highway funding is real. it is artificial for passing the infrastructure bill. certainly the house could do another short-term extension of highway funding. not the way state departments of transportation really want to work but certainly it is possible to keep those funds flowing. really democrats are trying to create urgency around this vote and get their caucus to make some tough decisions. >> ylan, thank you

for more on the fate of the spending and infrastructure bills which have caused some big news in sectors like solar, i'm joined by libby and dan. libby, i'll start with you big picture. what do you expect to happen for the next couple of days here >> yeah. well, look, we have -- we're now in the seventh month of the negotiation of the build back better agenda. i don't think we are quite at the final word here. i think we're more in the seventh or eighth inning but we do have a good sense for what the final legislation probably looks like. i think there will be likely some tweaks. the s.a.l.t. deduction, that's a big priority for a lot of democrats in the house, for instance that will likely be revised. so i think that we are very close to the finish line, but

not quite there yet. so the next couple of days i think we should expect some more twists and turns we may get a vote on this bipartisan infrastructure deal clearly that's speaker pelosi's intention. if we don't, if it's not today, if it's not this week, i don't think we should lose the forest for the trees here the bottom line is that both of these bills will very likely pass by the end of the year. we've been saying this for a while to our clients failure is just not an option. so bottom line expect more twists and turns over the next couple of days, but by the end of the year both of these pieces of legislation are likely to be signed into law. >> dan, we joked about this off the top but it's a hard bill to even discuss because of the fluidity in terms of what's in it so i think based on listening to the president earlier, we can say it's a preschool funding bill, it's a child care funding bill, it's an elder care in some ways funding bill.

it's a lot of things you know, there's climate in there. we've seen the solar stocks are on the move big-time i guess i'll ask you the question from investors' point of view. what are the investing implications here? >> yeah, that's the right way to do it. deli, we put it into broad groups of categories so we have more money for shoring up the social safety net. we have a massive investment in clean energy this would be the biggest stand-alone energy bill i've ever worked on and we have a very significant health care portion to this bill as well and so what you see is more aca subsidies for the affordable care act, medicaid expansion we see no drug pricing changes in this bill. >> right. >> that may change overall but you see massive investments on the spending side then you have to think about the tax side no corporate tax increase. some higher taxes on multi nationals which came in a little less than expected

so domestic companies will probably benefit more than u.s. multi nationals based on that. when you look at capital gains, you'll get a capital gains tax for anybody over $10 million but below that you're starting to see the tax expectations come down somewhat. and the key here is that it was like whiplash last week. are we doing a wealth tax, capital gains tax, it just kept going back and forth those range of outcomes are now sli shrinking. everybody is at the table. this may even fail one time before it succeeds but i think this morning investors now have a good range of what those potential outcomes are and it makes it easier to identify who the winners and losers are going to be in this bill. >> dan, you mentioned it could be the biggest stand-alone energy bill you've ever seen i believe $555 billion is the number, which is extraordinary, and we've seen solar stocks up 20% in the past month. would you argue a lot of this is already priced in? >> yeah, i would say some sectors are priced in. you have to understand that solar is going up because energy

prices are going up, so there's also fundamental factors impacting this this is a historic investment in solar, wind, electric vehicles, energy storage, biofuels the democrats are making it clear this is a top priority they want to give the president the ability to go to the climate summit at glasgow and saying he's getting emissions under control so they had to bump this up on the subsidy side they didn't do much on the fossil fuel side but that's why they're making historic investment that's one issue there's no disagreements on, unlike other parts of the bill as libby mentioned. >> libby, you mentioned s.a.l.t. could this be a tax cut for wealthier americans? >> it looked like it could be this week. we'll see what the final details are. there has been some push to delay the s.a.l.t.s for two years that would likely give a lot of folks at the upper income levels a tax cut at least

temporarily. but again, i don't think we've seen the final form here s.a.l.t. wasn't even included in the president's framework as of this morning we do think that there will be something. it sounds like maybe a cap might be lifted, you know, the $10,000 cap might be lifted to something like $30,000 or $40,000. but as dan said, all of this is being negotiated in realtime and again, i would just sort of caveat that we really are just in the seventh or eighth inning. so we're close to the end of the game but not quite there yet. >> great stuff, guys thanks for joining us today. such a complex topic but you're used to it down there in d.c we greatly appreciate it. investors do seem to be cheering the spending bill bond rates have been dropping lately does that tell us a different story? which is the real reason that the nasdaq is atall-time highs these days joining me is the chief investment officer at centerstone.

it's good to have you. just a quick top level thought we just got a disappointing gdp number i think it grew 9% but 7% of that was prices. so what do you think is happening with the economy over the next six months or so? >> well, to me it seems clear things are slowing down. prices have gone up, so inflation is signaling to people to pull back and so you've got this rush of orders there's all this talk about t the -- you're starting to see numbers start to peak. it could take some time to even out. but forward-looking numbers seem rather weak for most economies around the world and that's led by investors pulling back because prices have gone up. >> tell me why you're betting on undervalued and more interestingly as well sort of what we might call old economy companies. >> well, i mean, if you're like

me you're tired of listening to all the macro stuff. at centerstone we look at stocks -- what i like about the things we're finding these days, there's no bearing to what goes on in washington or inflation or anything but i like businesses that we're finding where there's a lot of self-help. there's catalyst, there's changes, and most importantly the market because it's not a high growth tech stock or something popular, the market just ignores it. companies like cdk which we own, both undergoing a great deal of transformation and focusing on the core business with great management teams and in segments in which they either dominate or have a very large market share i can see owning something like that for a long duration for quite some time. >> you also like o'reilly automotive and target. but i think you make an

interesting point here i was talking a moment ago about how both apple and microsoft are around $2.4 trillion stocks. you're saying these growth rates are unsustainable. maybe you can illustrate that based on how quickly they have grown. if we were to extend that into the future, what are we talking about? >> i like to use these models to see, okay, if the past holds true for the next ten years what happens. it's interesting, the top five names in the united states, already the market cap is equal to half of the u.s. gdp. if current trends continue as far as market appreciation, these five stocks will be equal to the world's gdp i mean something has to give i just don't believe that the entire world's value will be comprised of advertising and data warehouse, so something's got to give. i'm guessing it's growth rates

the other side of the coin is growth rates once growth assumptions take a hit, the present value shrinks dramatically and i'm not making a prediction it's going to be tomorrow, but i am saying that on balance, would i rather take a gamble on those growth rates persisting or a gamble on businesses where the values are not apparent and the stocks don't reflect those values, i'd clearly take the latter and that's what we do at centerstone. >> we'll leave it here today but the next time we have you on i want you to do hertz that is an incredible story and more news today on their growing tesla fleet. thank you for yourthoughts, th cio at centerstone investors. mark zuckerberg's keynote address at facebook's conference is under way we'll bring you all the headlines and announce maintenance. shares of wyndham hotels are hitting an all-time high and

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conference let's get to julia boorstin with the headlines. julia, do we have a name change yet? >> we do not have a name change yet, but mark zuckerberg, who's been presenting his vision for the meta verse in this virtual world, he's talked a lot about horizon. that's what they're calling facebook's meta verse platform if i had to bet, if they were to rename the company today, i bet horizon would be the name. so right now zuckerberg is trying to give people a look at the meta verse, that this new virtual world will replace mobile devices zuckerberg is announcing the expansion of facebook's meta version, it's horizon platform, into three new areas build out social interactions on vr so introducing horizon home where people can interact with their friends as embodied by their avatars. watch videos, play games together they also announced that

messenger calling is going to be coming to this vr world later this year. now, there are two other key areas. one is fitness they're going to have new fitness offerings on oculus and new accessories for that quest headset when you're doing exercise also moving into work, introducing work accounts for quest vr devices and bringing slack and dropbox into vr as 2-d panels they'll also be talking today about how they're working towards what they call fully featured ar glasses. really augmented reality glasses. the next generation of those raybans they launched a month ago to collect photos and videos so as you see this right now, this is video that zuckerberg is showing to try to give people a sense of what being in this vr world, this interactive meta

verse will be like. >> i enjoy watching this video it's fascinating to try and understand what they are building with this $10 billion investment quick question, do you have to wear some sort of spectacles in order to participate and be involved in it >> well, so there are different versions of this, kelly. theoretically you can make an avatar of yourself and you can join a virtual space with your friends and be doing that through like a mobile platform, but i think ultimately they want or expect people to be wearing headsets and immersed in this experience i think in the interim before they actually get there, they're probably going to be introducing these avatars and getting people to engage in this way without the ar and vr headsets but there's the big question of when are these ar/vr headsets coming to the mainstream i've demoed many of these headsets over the years.

they're cool, they're interesting, but not the kind of thing that's fully mainstream yet. >> that people will be excited about putting on, that's for sure thanks for now let's turn to k.c. newman now. k.c., it's great to have you here thoughts so far? >> so i think this is a really pivotal moment for the company think about everything that has been going on outside of facebook connect we have the whistleblower revelations, all these publications publishing their findings from these leaked facebook papers and now here comes mark zuckerberg saying i want to turn the page. so right now my eyes are what are the changes to the name going to be, but in the meantime i have to say this has been a pretty impressive demo reel for the future of virtual reality. >> explain to everybody what you're looking for when you watch meta verse demos and what are important for investors to have in mind when they're watching this as well? >> yeah, so when i'm looking at these demos, i'm trying to

figure out what is the thing that a normal person is going to see and say, oh, i need to get myself a vr headset right away i think for that reason facebook has been focusing on gaming, right. many of us grew up buying video game consoles and an oculus looks like a next generation of that but facebook is saying this is a work tool as well. they're introducing third-party integrations with services we all use at the office like slack and dropbox to give that i.t. manager a reason to go ahead and put in an order for oculus headsets as well so facebook is trying to expand the surfaces or where somebody would say it's time to get the headset. >> for those working at home who have eye burnout and fatigue, is this a break or servitude to it? >> it feels like servitude to me this is not a presentation about getting outside and enjoying the

great outdoors, this is about a world in which even more of our lives will be mediated by screens and we might have something like this slapped on our foreheads for many hours a day. i do think it remains to be seen how much appetite people have for remaining in the meta verse for much of their day. >> a $10 billion investment. in this represent a worthy way for the company to launch into the meta verse that is going to be necessary so they're not left behind by this next iteration of technology or does it represent a pr effort to get us to talk about something else >> maybe it's a little bit of both what we have read in the facebook paper does suggest facebook does have an existential risk they're having trouble holding on to their current generation of users and think of all the problems that facebook has been having with apple in particular as it tries to build out what it wants to build out without owning the platform

so mark zuckerberg is going all in on owning his own platform and on owning the next generation of technology i'm sure by the time all is said and done, that $10 billion will look like chump change. >> for a company like facebook, you're probably right no nmatter what casey, really good to have you on today we'll keep you posted if they officially change the name. in the meantime huntington bank is outperforming its banking etf since closing a multi billion acquisition in june we talk to the ceo about their strategy and where he sees the economy and inflation going from here. we're back with another edition of earnings exchange, looking ahead at some of the biggest names reporting today. it's a pair of trillion dollar tech stocks and two oil and gas giants we're back in a moment

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welcome back shares of columbus-based huntington bank are up 25% this year, giving up their earlier gains today despite the company reporting better than expected earnings and revenue their 32% jump due to the acquisition of another regional bank which closed in june. we've the $50 billion worth of deals this year and investors are applauding them. but how much will heft help regional banks compete joining us is steve stinour. it's great to have you here, welcome. >> nice to meet you. great to be with you. >> you have been in charge for over a decade and it sounds like this isn't the last are your deal-making ambitions. is that about right? >> well, our focus now is on

driving the core performance we've just completed the systems conversions. we're in new markets, we have new capabilities so it's driving the core. >> and you're, i think, nine or so states all across the midwest so you can maybe give us a real good perspective of what's happening in terms of inflation, labor shortages. how would you describe the economy as we look to turn from what was a pretty lousy quarter last quarter. >> we're in a restrained recovery because of labor and supply chain constraints we're seeing inflation in the labor fropnt, low-end wage scales almost all of our customers comment about labor shortages and inability to hire. our job openings in the state of ohio, and this is generally true of the midwest, exceed the unemployment levels so we're in a catch-22 we've got momentum for recovery,

great underlying fundamentals and yet we're constrained on supply chain and especially labor. >> would you say you have more cash than you can loan out >> i think the system does we'd love to lending another $8, $10 billion of loans so far the money supply growth has outstripped demand and part of that is, i believe, a function of the supply chain constraints. you just can't get vehicles produced in adequate numbers by the ems. that backs up in terms of supply chain. it's not just an auto industry issue. this is being felt in significant ways across many businesses. >> absolutely. i mentioned this a little bit earlier, but more and more you are going to have to compete with online startups that offer niche services and are tailored for different sectors of the economy. how are you seeing huntington evolve to meet the changing demands? >> well, we have a very large

customer base. we just added a million and a half customers from tcf. we have a great brand. we've been around nearly 160 years. we've got deep multi-generational relationships as a consequence of that we're geographically dense in our markets. so with the existing customers and then with the investments we're making to compete directly with fintechs, we're poised to grow and to effectively compete, although i think they're going to make us better and the industry better. >> yeah. no, that's well said if any of our viewers need a loan, they know where to go now. steve, thanks for joining us. >> thank you nice to be with you. >> the president of huntington bank shares. the nasdaq hittingan intraday high. we'll dig into the movers, including this retailer soaring 20% on blowout earnings today. we'll tell you the name, next.

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welcome back, everybody. here's a check on markets. we're about 60 points off session highs on the dow it's up 165, s&p up

three-quarters of a percent, nasdaq up almost 1.2%. overstock.com is spiking and on pace for its best day since january. it's almost 25%, it's now doubled this year. it boat earnings estimates and doubled revenue from the same period two years ago, not last year the ceo was upbeat on the earnings call as you might imagine saying the company gained about 50 basis points in mark share from 2020 and its vast partner network reduces supply chain risks now 770% two-year performance for overstock. chip maker global foundries is making its public debut after pricing at $47 a share, values the company around $25 billion currently down around 3%, down around 45. earlier this summer intel was in talks to buy this chip maker for $30 billion as part of pat gelsinger's push to become a chip manufacturer for others

that didn't come together and gfs hits the public markets. now to rahel solomon here's what's happening at this hour. oklahoma is asking the supreme court to vacate a stay of execution for death row inmate john granti an appeals court approved th stay hours before he was to be executed they had an agreement with oklahoma's attorney general that executions would be delayed until atrial took place over the legality over the state's new method of execution. just one in three americans approve of how president biden and democrats are handling their key spending bill. but republicans are doing even worse. fewer than one in five americans approve of how the gop is handling negotiations. and on the news tonight, what will it take to convince democratic lawmakers to support the social spending investments? that's tonight at 7:00 eastern. isn't southern mexico, a migrant caravan is growing as it slowly moves toward the u.s.

border leaders of the grew estimate there are now 4,000 people walking north and more than a quarter of them are children this is the largest group headed towards the u.s. since the pandemic began kelly, i'll send it back to you. thank you very much. coming up some key tech names are reporting after the bell and will soaring oil prices power exxon and chevron's quarters it's all coming up in earnings exchange right after this.

welcome back everybody, it's time for another edition of "earnings exchange" where we give you the action, the story and the trade. today's lineup apple, amazon and exxon and chevron. let's kick things off with apple reporting after the bell the street expecting revenues around $84 billion, earnings of $1.24 a share.

investors will be listening for iphone production cuts due to chip shortages as holiday sales expectations after unveiling new products have been high. shares are up about 15% this year joining me is josh lipton along with charlie great to have you both here. josh, what are you watching? >> so i think investors as always will make a bee line for the iphone revenue number. the street is looking for $41.5 billion. i think investors will want more insight for the iphone 13 models, also supply given the ongoing chip shortage. if we're not going to get formal guidance, i think the street wants detailed color and commentary about that all-important december quarter. >> charlie, i can't imagine you're filling your boots with apple here. >> no. today is the day i've got to take my quarterly whipping for not owning apple you've been nice enough to give us credit for what we've gotten right but we obviously got this

one wrong. obviously a great company. it will be amazing if they can dodge the chip shortage, like so many others can't. chip shortages are around the world. is apple going to be the one company that can dodge it? i don't think so, but i've been wrong before. >> josh, what are the suppliers, the chip makers, hinting at up to now >> apple's supply chain frankly is so big in both size and scale and scope, it's really hard, i think, to read the tea leaves there. apple itself has cautioned that the chip shortage is a challenge. we're waiting to see how it impacts. also whether apple given that size and scale and given the fact this company sells so many products, high-margin products, is it able to navigate that challenge better than some peers. >> we'll all be watching the mark market caps. let's turn to amazon where the street is expecting more than $111 billion in sales and earnings of about $9 a share the juggernaut actually missed

revenue estimates last quarter supply chain and labor woes probably will weigh on results shares had a hard time gaining steam, they're just up 6%. deirdre bosa is here with more i know people say, i know, but they had a monster 2020. the year is dragging on and they're still moving sideways. >> yeah, that's true, they are the underperforming faang or mega cap name this year. key will be the forecast, that revenue forecast for the quarter ahead which is that all-important holiday quarter. can they regain some of the momentum they saw last year. amazon touches on so many different themes e-commerce is its core but cloud computing after getting a beat from microsoft and a bit of a miss from alphabet there's also advertising this is one of the fastest growing parts of amazon's business and did it benefit or was it hurt by the privacy changes. we saw google benefit. amazon, bit of a wild card given

some of the supply chain issues that even it is facing that could affect advertising and its core of e-commerce you also mentioned the costs we've seen much more fiscal discipline over the last years but we know costs have been ramping up and makinga big bet on grocery as well there's also marketing costs so it will be interesting to see how they balance that. >> charlie, if you can give us the context, we look at these pes and they're still high talking to abhay about it at the top of the show. what kind of pe compression could we witness here for some of these major and majorly successful companies over the next decade? >> i do point to the microsoft story. in 1999, microsoft was trading for about this same multiple of about 60 times earnings. over the next 15 years, they tripled eps from 85 cents to

$2.70. in 2014 microsoft stock was below where it was in 1999 and that's because it started off at an unsustainable pe of 60. so i think amazon is a wonderful, wonderful company, but as you say it can't grow at this rate forever. i don't think it's a good stock. it's a wonderful company, it's just not a good stock at these levels >> before we turn to energy, where would you be recommending people look? >> yeah, the numbers today were a little bit tough in terms of consumer spending obviously. so i think the consumer is in great shape with a lot of cash in their pockets services names, entertainment names, travel names i think are going to be fine i think there's some restaurant names that are going to be fine. but the consumer right now can't get the things that he or she wants. the shelves are not bare, but the shelves are not stocked the way they would like. so this is going to be a tougher quarter for consumer than maybe we've had in the last year and a

half. >> and maybe for consumer goods especially deirdre bosa watching amazon today. let's turn to exxon and chevron which report before tomorrow's opening bell. both companies are getting a boost with crude on the rise outperforming the major averages and exxon is raising its dividend by a penny. that's the first dividend hike in more than two years pippa stevens is here with key numbers to watch everybody seems to be anticipating cash gushers, even though shell just disappointed. >> yeah, it's really all about shareholder returns and capital spending plans looking forward the two companies and the industry broadly obviously in a much better place than they were last year. oil is now at a seven-year high. nat gas and chemical prices are also up and analysts are expecting exxon and chevron to report a more than 60% jump in revenue compared to the same quarter last year. we've already got some indications that last quarter was a good one exxon said in september that

higher gas and oil prices could boost earnings by as much as $1.5 billion they announced that dividend hike, the first time since april of 2019. but of course dividends, buybacks not the only uses for this newfound cash pile. another key thing is whether or not they're planning on-ramping up production. shareholders have demanded discipline, but with energy prices high and this power crunch that we're seeing unfold, commentary on whether or not they plan to open the taps will definitely be top of mind. >> yeah. charlie, people might expect you to be a fan. they say he hates the new economy and likes the old one. why don't you like them here >> i think they're just too diversified. the upstream model is right. they're going to make a lot of money in oil and gas exploration, but the row efinin, the chemicals, that diversification just has not worked and we think it's a

busted model we prefer the pure play exploration companies. i like apache trading for eight times earnings these companies have big dividend yields. that's always scary when people in a low interest rate environment are buying the stocks because of a dividend yield. they're paying out more than half of their earnings in dividends and that is not a good sign about the future. >> you just said something so important, charlie can i just ask you to dwell on it for a second. we've seen the e & p companies -- the whole point was to make them a better bet in times like this and for what's coming why do you call it a busted business model >> because there aren't the synergies that this model was supposed to produce. if you were in the refining business and you were exxon or chevron, it was supposed to give you a huge advantage because there's plenty of supply well, there just aren't the synergies that the business model brought. we don't need the diversification. the other part of this model is

it reduces the swings. i as an investor can produce my own diversification. i want somebody to be an expert at something, not to be all things to all people frankly, they have a target on their back the big people are getting called in in front of the senate and little people like apache don't have those same pressures. >> that hearing on capitol hill even today probably a glimpse of more to come before we leave this, pippa, we talked about the outperformance of solar stocks. there's another -- is it an energy storage ipo today that's doing pretty well? >> it's a good day if you're a clean energy company to go public with biden outlining the new framework. it's a joint venture from aes and siemens. they chose to go for the traditional ipo route rather than the spac model which has been popular and so we'll keep

an eye on that. >> fluence energy. pippa, thank you very much pippa stevens covering all of this for us. charlie, really great to have your perspective today thank you very much. up next, a stock jim cramer says could benefit from inflation. you can listen to and follow the exchange podcast we're back in a moment wealth is breaking ground on your biggest project yet. worth is giving the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. wealth is watching your business grow. worth is watching your employees grow with it. principal. for all it's worth.

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welcome back look at mastercard r beating on the top andñ■r lines with revenue up nearly 30■ from last year shares are still down 1%, better than theú! yesterday. according to jim cramer's latest investing club newsletter the inflationary environment could be a boone to mastercard get access to ño/kjim'sñi■analyd content by pointing to your phone camera at the qrt■ code on the screen, you can go to o■w■ñ■ cnbc.com/investing club. up next, shares of wyndham

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welcome back, everybody. shares of wyndham hotels and resorts are up nearly 4% today after they posted an earnings f■(% rest@ the year the stock is since january. recording their highest free cash flow ratet■ ever saying the rebound dueqto demand has led to the highest thursday-sunday night occupancy rates they have ever seen. joining us, the ceo of wyndham hotels and resorts great to have you. you are telling me thuc" are stronger now than prepandemic? >> much stronger thanks for having us i am here in boston at the massachusetts general hospital in the wyndham this the hotels is sold out tonight

x■ it'sñ■ great to see business and group travel back. to your question, absolutely stronger than before the pandemic you mentionedok thursday nightso sunday nights, the two fastest ñi■019, which was a record year. we saw economyf■ rev higher in e third quarter, 14% up, not to last year, but to 2019 that demand has continued incredible. >> let me scratch myç■ head for little bit just a second thinking about the airlines, which are still obviously trying to get back to peak levels, the especially lately, and yet your hotels are as fu"■■■or fuller than they have ever been how is it that you guys are sort of uniquely benefitting from the landscape right now? >> well, ini think it is leisure travel here in the united states this work from home could(b■ work for hotel, work from anywhere, is really creating

that weekend demand. but the demand remains throughout the week.ozdt) r■meat the intent to get in your car and drive someplace and geti] o■ of your attic, out of your basement, with your family and your friends is spectacular. chas it's ■6■unprecedented.u■ and i think we are going to continue to see that into the fall i mean we were really excited about the launch of our 22nd brand, dedicating to the all-inclusive space, all-inclusive travel is growing. we are seeing aó[■ national air lift toñr■destinations increase, two mo properties. people are looking to get away and have a safe and flexible an■ easy vacation. that's whatter with e■seeing. staq the laggers whether in the u.s. or globally. giq'aum■ a sense of first to rebound, tofá those whofá are s

looking tot■ catch up. >> first to rebound was domestic, drive-to domestic. what is still lagging is the gro30e meeting des tipping as. again, great to see, so many of us have beeni■ advocating, u.s. travel has beenxd■doing a great job with the administration getting that to open up. we will see that from november 8th with those inbound flights restarting but it's really been cities like san francisco that are just now beginning to pick up it is the group urban destinations that have beene1 lagging. we are the leadingi■ economy dre to brands like days w■o■inn, sur 8, la quinta, those came back faster than any. and the laggers are the ones like the one i am in they are beginning to pick up. >> there is going to be massive■

a couplee■ of weeks? >>w■ we think there will be certainlyxd■increasing demand io the united states of america u.s. travelxd■has been doingc■ a phenomenal job promoting e1that. i think one of the things we are us have been on the phoneñi■with congressmen. last week weh■çrecon with senator rosen, and senator gore we need visa applications to be picked up.i■ we need emergency funding for visas. influx, increasó■in bothok le york, cities like san francisco in the weeks and months ahead, which is great news for thew3■ travel çó■ndustry. >> jeff bill ottie thank you for the granularp■■■look into your operations there as we again note the rebound your shares have had and the travel demand experienced moreo■ broadly everybody. "power lunch" is b