benefit as well as continued spectrum >> dr. j. >> vodafone volatility expansion bought calls, scott. >> steve weiss >> ipo in porsche increase net worth by $50 billion seems like an easy decision. >> all right, guys thank you. "the exchange" starts now. thank you very much, scott hi, everybody. i'm kelly evans. here's what's ahead this hour. stocks taking a breather after back-to-back strong gains that helped close the gap from the recent selloff small caps are still lagging the rest of the market this year four names that are good buys right now. shares of charge point lower after a wider than expected loss the ev stock is down 30% from going public back in march the ceo joins us to talk earnings, expansion plans and infrustructure bill.

games, fashion and canned pork g gamestop, rent the runway and hormel it's back. first let's begin with the markets. dom chu is here with those numbers. >> maybe you guys out there know how much i love spam let's talk about the mixed markets right now. kelly mentioned pause. two strong days worth of gains mixed market with the dow underperforming down roughly 0.01%. the level on the s&p 500 hovering just around 46.90 right now and flat on the day and nasdaq composite 15,734. yes, outperformance but not a huge amount with regard to the nasdaq trade right now one place that has seen some very strong momentum in the short and medium term has been in the home builder segment, believe it or not. check out this particular etf. home shares etf ticker itv

it's up another 0.75%. look at the last couple months, even with a threat of a possibly slowing economy due to the omicron covid variant and high interest rates from the fed hasn't taken a lot of the shine or sheen off this particular trade with home builders and home construction stocks watch those. by the way, lennar, dr horton and making record highs in today's trade. and then moving in the opposite direction. i don't know if it was because of the covid pandemic and different retail trends developing and shopping trends stitch fix online retail for clothes subscription based they send it to you in a box a curated set of clothing. stitch fix down 23%. results came out after the closing bell last night. believe it or not the profit/loss numbers were better. revenue numbers better than analyst expectations some of the slowing growth momentum in this particular stock among users. they cut their revenue forecast for the full year. so, take a look at stitch fix,

kelly, down 23% right now. and i will point out 67% on a year-to-date basis and been pretty much almost a straight line lower over the course of this past year >> dom, thank you very much. the market shrugging off more broadly speaking that pfizer news we got today that the booster shot provides increased protection against omicron. let's bring in bob pisani down at the nyse. this was priced in already or too strong a rally leading into it >> i mean, fauci was right on friday look, this is great news overall. this is what we get. this crummy market, but, again, it's anticipated that. efficient market hypothesis. look at the futures. 645 roughly this morning eastern time we got the news we moved 20 points immediately there is that little pop up and immediately we moved down again because people sold right into it why? because we already had the rally the last two days since dr. fauci spoke friday night, of course, talking about that he was optimistic about the

potential for treatments on omicron. the market moved up 170 points in the last couple of days before that's like 3% huge move up in the overall market the important thing is trying to figure out, is omicron manageable or not? that's what the market has come to believe what does that word mean manageable look at the s&p 500. what does the word manageable mean the important thing is it implies that we could be seeing peak supply chain and inflation concerns essentially peak over the next few months. it means all the concerns about margin erosion and higher costs throughout the whole of 2022 may fade in the next several months. may fade and most importantly there may be less concerns about the fed being more aggressive to combat the higher inflation the key to understanding the market right now is the strong economy. what we've got look what we have here so, remember, traditionally, when the fed raises rates it's

bad for the markets but usually declining economy and a recession. we're not having it. there's no recession it's the opposite of a recession. that's why things are holding up so well. the bulls are insisting that the stock market is going to hold up because we have a great economy, a great consumer and we can handle rate hikes and, kelly, the question here is how many rate hikes can we handle 25 basis points for the fed, if fed rate right now if they go up 25 more, 25 more, all right. that's only 75 basis points. that's still a pretty small number overall when you have a great economy. kelly, if we were going into a recession right now and the fed was talking about raising rates, forget about it. we would be 20% lower probably in the stock market. but we're not in that situation and now, kelly, the big debate for 2022 if they're right about this pfizer data and we get more confirmation how strong is the consumer going to remain in 2022? we'll pivot to that question very quickly >> even more sort of coming up next week, bob, we're talking

about whether the pfizer news priced in is the quicker taper already priced in? what is the expectation there? >> well, again, this goes back to how much is a rate increase historically, fed starts moving up aggressively raising rates and you have a poor economy killer of bull markets here we're talking about very slow raising rates and probably stopping nobody is talking about going to 4% on a fed funds rate they're talking about maybe going to 1%. 75 basis points. when you have a super strong economy like this, it's likely the market can handle it and any higher potential inflation at that level you could pass it on to the consumer. it's when things get out of control when you're talking about are we permanently 6% inflation per year that's a big problem nobody, they're starting to believe that that is not really going to happen. so, again, how much are you going to increase if you go to 50 basis points, that's not a lot in a strong market and you're still 1% or below on the

funds rate >> thank you, bob pisani. let's flip over to the bond market we just had a ten-year auction rick santelli, how did it go >> you know, it went pretty much average. i gave it a c, a hook. very average charlie c. why? we had $36billion of reopened ten-year notes the yield 1.518. the one issued market was trading about 5.51%. that is never good and that's what basically kept it from moving to a higher grade because all the internals were pretty good. then the cover looked a little light against the auction at 10.43 and that's only because of the trending of the bid to cover has been higher of late as have all the metrics and a very solid foreign bidding there. the direct bids were solid

everything about it was good you can see we're at 1.51, up three basis points let's look at a two-year note at 67 basis points. just switched to 68 up 1 the point is is that we actually have curves steepening today short maturities aren't as aggressive on the yield increases as they have been. the long end taking that place and it comes at a time when equities aren't firing on all eightci cylinders the timing doesn't seem to be in the same frequency bob's right. many in the fixed income market is looking what is pricing in yields and look at what is pricing in fed fund futures and stocks and scratching their heads. kelly, back to you >> more on that next hour. rick, thank you very much. rick santelli. the russell 2000 small caps lagging the major averages this year but next guest says big opportunities. nancy, welcome back. are you worried about --

underperformance and maybe it's a couple percentage points, it's there, but it's not that bad what would you make of it broadly speaking >> exactly we think this is very normal behavior in a small cap market where there are pauses there are times when small caps have to catch their breath what we do know about the small cap sector is earnings growth has been better than in the large cap sector and valuations are lower. in addition, we are seeing a tremendous amount of innovation that should benefit not only small cap growth, but actually some of the small cap value areas where we're seeing innovation in areas that are not necessarily traditional areas like evs driving industrials to multi-year outperformance. so, we're very bullish on small caps and we think that next year, particularly with somewhat higher interest rates and inflation, will be a very good backdrop >> let's look at the last month the 7% decline and broader markets just about flat. what primarily accounts for that

is there something specific going on there >> no. this was really just a rotation. as you know, the beta on small cap stocks is higher so, as the market has paused, digested the multiple worries of would we have a budget crisis or would they be able to pass the continuing resolution, which they've done would we be able to deal with the debt ceiling which it appears they have done what is going to happen with covid and omicron. very good news from pfizer that makes it look like omicron not big an issue as expected that has been translated into some extra volatility in small cap. in addition this time of year is when we traditionally see tax loss selling we don't think this year has been any different that's depressed the averages. however, coming in to both our traditional santa claus rally at the end of december, as well as the first quarter, that tends to be a seasonable pattern that very much favors small cap stocks we don't see this any

differently. >> we mentioned you have four stocks in particular that you think would be good buys right now. meritor in the trucking space, probably the biggest of the group and spoken with our ceo on this program a few times view ray and castle bio sciences so, the last couple in particular maybe more in that biotech space which has been a real struggle this year, hasn't it >> it has been that's why we're bullish on healthcare going forward healthcare a real hard place to be particularly recently as investors have worried about covid. they've worried about the rate of hospitalization and what that is crowning out of other treatments and other areas however, what we're seeing particularly in names like viewray and castle bio sciences is an incredible revolution in treatments for cancers, in particular they have machines called meridian which are used to give

radiation treatment for cancers and excellent results of significant improvements in longevity for pancreatic cancer patients and seeing very good placement. castle biosciences is identifying skin cancers early so they can be treated >> i take your point when people are looking for innovation, rustles are one place to find that nancy, thanks for your time today. >> thank you >> nancy prial still ahead, shares of charge point lower 3% to 4% after reporting a wider than expected loss but they raise their full-year outlook. we'll speak to the ceo exclusively. a look at gamestop, rent the runway and hormelahead of their quarterly reports. we have the action, the story and the trade ahead of those results. don't go anywhere.

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percentage gain but remains 25% down this year a significant agreement with google to carry youtube. markets more broadly speaking right now have the dow up 121 at the highs but now down about 62 points. s&p up by 3. across sectors communication services and energy are leading, financials, utilities and staples are lagging. and here are some of the movers this hour. cruise lines are, once again, leading the s&p along with united airlines and las vegas sands. you can see the impact of pfizer's news on its booster shot helping with omicron earlier today. jpmorgan out with stock picks and likes amazon, apple, disney, honeywell and paypal and gm, lennar and qualcomm among others. finally setinelone and tomorrow is the company lock up expiration which means more shares on the market and

questions about its valuation. nearly 40% off its recent high and down 7% today. for more of jim's insights, sign up for the cnbc investing club newsletter point your phone's camera at the qr code on the screen. the head of instagram speaking before congress next hour on protecting children online behind the scenes the parent company meta is in the midst of an exodus. the shares on pace for their best week since july and there's a live look at the house hearing on digital assets where crypto execs are testifying on the challenges and benefits of crypto currencies and stable coins the ceo of circle is among those testifying and we will speak to him on this show ahead stay with us - [announcer] this holiday season, give the gift of grubhub.

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welcome back shares of ev shares chargepoint are dropping after a wider than expected loss today. shares down 3% they did increase revenue but total loss $69 million or more than double from the same period last year. shares were down since the spac merger in march and a $7.5 billion ev charging and infrastructure bill. let's welcome in pasquale romano he is now on our cnbc next gen 50 congrats, pasquale, welcome. >> thank you for having me >> the stock performance ran into the end of last year and i wonder if this was one of the show-me years where you priced in a lot of the excitement and then you get a lot of good headlines this year and investors are looking for maybe better bottom line results, for instance >> we've been guiding, you know,

pretty accurately on our top line in fact, we're beating guidance on revenue we've raised guidancefor q4 an set expectations we're in investment mode. this is a massive market and we're in an investment mode and we expect to glide slip to profitability in time but we don't want to squander the lead we have in this market so, we're investing heavily to take share >> could you tell investors when to reflect that inflection point so they can get in at the right moment when will the shares hear from you and they want you to be in investment mode to be in the lead in the long run when do you think the narrative will start to change >> i think when people start understanding how the industry actually works i think there's quite a bit of noise out there right now and it's just going to take a while for investors to understand how companies like how to judge

companies like ours. >> and what would you say, you know, when we talk about you guys as an ev charging network and as the space gets more crowded. what diffrenshates you from others >> we've been in this industry for 14 years the amount of capital raised as a prepublic company, $640 million in paid in capital as a prepublic company and the proceeds from the ipo. significant operations in two continents operating in every vertical of ev charging that we can think of anyway. sales reach, breath of channel and breath of everything ability to handle scale. all those things are things that we think significantly differentiate us >> let's talk about profit margins which were better than analysts expected and that was a head wind from supply chain issues, is that right? what's profitability likely to look like for the next couple

quarters >> well, we're continuing to improve margins. obviously, that's more of a challenge in a supply chain constraint because assurance of supply limits the velocity to which you can make changes in your supply chain. you can't have it both ways and as you've seen, we're meeting or exceeding the high side of our revenue range, which means we're really stressing our supply chain rising to the occasion, of course, is our ops team and engineering team making that all happen but, you know, our margin performance as a result is a little behind where we expected in a nonsupply chain constraint environment. but we're continuing to make margin improvement on top of having what the world would consider one of the worst supply chain environments that it's ever seeni in recent history >> let's talk about the subscriptions you're experiencing

decent year on year growth there. is that going to be a really important part of the company's strategy and, obviously, to investors maybe the valuation and the multiple over time >> it is in the company's strategy period full stop. we do not sell hardware without subscription to a cloud service associated with the services the customer wants to deploy in their parking lot. so, we are a cloud service we are a company through and through. we happen to have the delivery vehicle, which is a physical charger in the parking lot. >> understood. pasquale, thank you for your time we appreciate it >> appreciate it, kelly. let's get to rahel solomon for a cnbc news update hi, rahel. >> hi, kelly here's what's happening at this hour we begin in california where some lawmakers want to make it an abortion sanctsanctuary. the decision that prohibits

states from outlawing some abortions. it would possibly provide aid to people coming to california for an abortion. on the news tonight what texas is and is not doing to prepare for another deadly cold blast this winter. that's tonight at 7:00 eastern in virginia a navy cs.e.a.l. commander has died he fell while fast roping down a helicopter the cause of the fall is being investigated canada, the latest country to announce a diplomatic boycott of the beijing olympics. justin trudeau says that canada is very concerned about the human rights situation in china. and tiger woods making his return to tournament play. he says that he'll be playing next week in the pnc championship with his 12-year-old son, charley the first tournament for woods since a car crash ten months ago that badly damaged his left leg. >> rahel, thank you so much.

coming up games, fashion and spam we'll bring you the action and the trade on gamestop, rent the runway and hormel. earnings exchange is next.

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♪ oh, i've been shaking ♪ ♪ i love it when you go crazy ♪ what are you doing? ♪ baby, there's nothing holdin' me back ♪ i knew you were a weirdo. welcome back time for earnings exchange where we give you the action, the story and the trade on three names set to report results. today almost one year after the meme craze we're starting with gamestop it's been relatively stable in the second half of the year. shares are still up 850% year to date and of the few analysts that cover the stock, none of it gives it a buy gamestop reported a profit in one of the past six quarters what do we expect and look for in tonight's report? frank holland and founder of new stream capital and cnbc contributor. welcome to both of you frank, gamestop. what are we watching

>> kelly, analysts have the consensus that it will lose 50 cents a share. he says a loss of 40 cents a share but it doesn't matter. only thing that matters is ceo ryan cohans transformation strategy and he feels very unlikely and another thing to watch. a lot of people on reddit talking about diamond hands with the stock. video game sales are spiking this holiday season. up big in early shopping six times over holiday shopping. those people will have cash in hand and really buy an xbox and buy a ps5 from a gamestop and help this company out or more on being on reddit and fight the short sellers? that's the real question when it comes to this stock. one thing that people haven't covered is that gamestop took out an asset-based loan of $5 million. what is their plan to pay back that money if they can't pay it back,

they'll lose the physical assets whether it's stores or video game controllers >> interesting so, delano, how long will people keep the diamond hands on this stock and hold the shares up that price level they're still trading at >> yeah. i think diamond hands might be, the shine might be taken off a little bit over thepast six months but, obviously, as you mentioned, the past 10 months for people who were in early on the stock probably love. the big part of this is the bad news that has come out recently. came out and said might be issues with some meme stocks and also seeing, as frank mentioned, the supply issue also a big demand for specifically ps5 which is hard to get personally and gamestop has issues with supply that might be an issue when talk about the top line but valuation wise, you get the price action 3x times sales and not horrible.

it will be interesting to watch in the earnings, kelly >> still at 175. frank, a final word here >> i mean, i really think ryan cohen what he says on the call is really the key. the company actually stopped reporting same-store sales which would give you insight to see if that information strategy is really working and if people are coming back to the store but his commentary on whether or not there is really is a strategy and what that strategy is and how he plans to move it forward is the key there >> thank you very much next up it's rent the runway's first report as a public company today analysts are bullish with all nine rating the company a buy. shares are down 40% since the october ipo while rival stitch fix is sinking, obviously, today. 52-week low on its own earning disappointance courtney reagan is here. tough, i don't know, you could say maybe at least they lowered the bar a little >> yeah, you know, obviously, rent the runway sort of owns the

rental space in many regards, but i think that big question mark is the total addressable market now especially as the world has really changed post pandemic i think what we are going to want to hear from the executives is what they think it looks like right now with women interested in renting more high-end clothing to go back out of the house, go to meetings, go to special events and go into the workplace. and then what that means for growth going forward so, this company, of course, has been one of the hypergrowth names. it has a lot of potential, but now it's a show-me story very capital intensive with all the inventory and logistics to ship out the items and clean the items and store the items. and so the path to profitability could be several years the potential is there but can they do it kelly, to your point about stitch fix when you have other names in this space that are, if not similar, at least sort of the ecommerce players that had the innovative ideas in apparel but still aren't really gaining the

attention of investors, it just makes the name harder for a name like rent the runway. >> would you be a buyer here >> not a buyer here. so, look at rent the runway still five times sale and a lot of the headwinds at stake right now. you're talking about returns, damages, fulfillment and all those costs play a part for a company that is trying to get to profitability. they were hit hard during the pandemic and a lot of it is because the possible market could shrink just because we're seeing change in what consumers want we're talking about items that are possibly reused or rented for a short period of time we thought it would change a lot of our habits. those are the negative sides we see a lot of customer engagement and 83 times of the year their customers use and rent their clothes that's a positive. you want to look at that valuation better, cheaper on my end before i would get into the stock. >> courtney, still all experimenting with their business model

stitch fix has free style and trying to get more people involved with that direct buying experience. >> absolutely. and rent the runway, kelly, to your point, just changed subscription to the unlimited to a set number of items which, of course, did help it with that unit cost per item, which is good although angering some customers that were pretty heavy users of it just anecdotally from what i heard. but the models really are constantly in flux you have morgan stanley saying they're comparing sort of rent the runway to a peloton or match group or spotify because it has to do with this subscriber growth they're saying, look, rent the runway will have higher revenue opportunities for growth but potentially lower profitability. sometimes it's also plopped into a comparative bucket with nonretail players that are subscription based >> regardless at five times sale it's an eye watering valuation we appreciate it be sure to catch jennifer hyman

on "squawk box" at 7:15 a.m. eastern time finally today food giant hormel reporting before the bell tomorrow with investors looking for clues on inflation and labor. shares of hormel down 9% zeery analysts have a buy rating on this stock. dom, did you beg to give us the story here >> i want to give you the story because earlier this summer the team at the news with shepperd smith asked me to help tell a story about spam and i felt a connection to hormel and the story overall. no analysts have a buy rating. probably a reason why. if you take a look at the price action over the course of the last couple of years, this is a stock, a company that is maybe struggling to find an identity with investors or vice versa the reason why i point that out is because is it a pandemic play or is it not with a consumer staple company that makes packaged goods they should have done really well or

the stock should have had a good story to tell during the pandemic and yes it did for maybe the first couple of months but been kind of drifting slower and lower since then is it a pandemic play? is it not? the other thing i would point out inflation and labor costs huge with how they impact the results there. the overall numbers that you're going to be looking for, kelly, 50 cents a share in earnings on roughly $3.2 billion worth of total revenues i will also point out that the way the options market is trading right now, it's implying what could be a move of 4% up or down in this stock and i would also point out that one other company that you want to watch that recently reported its results is campbell soup they're not exactly the same, but the price action on the charts has been similar. so, it's certainly something to watch, kel. >> to that point, the real question with a company like hormel, if they're strong enough in terms of their brands to have as much pricing power as some of their bigger staple rivals would you be a buyer of the

stock here >> so, i would agree maybe not a buyer but a hold as dom mentioned a lot of the same headwinds are in play supply chain disruptions and input costs and at play for a lot of these manufacturers and also if you're looking at hormel that brand is the biggest thing. they did what was a great move acquisition diversified and their snack portfolio on that side m you're not seeing much price appreciation as a consumer staple but for investments that are holding and might be a small pocket to play for a dividend and look for more growth on the upside there, kelly. >> i guess we could say, dom, even since the pandemic lows they have been stable. >> as stable as their shelf stable protein, spam i will note there. i also, by the way, kelly, you know what state consums the most state per capita >> no. >> hawaii. i just tweeted out the segment i tweeted it out

watch the segment from the news. it was a fwun un story on spam. >> i don't have anything against it. >> they can put them in tacos now, too >> you're going to give them growth all by yourself, dom. thank you very much. coming up, the head of instagram speaking before congress today on protecting children online. this as the parent company meta is facing a mass leader exodus we'll look at the challenges the mpy finonulplcoanisacg mtie fronts right after this. one day, you're gonna take a hit you didn't see coming. do you stay down? or do you get up? [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪

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ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪ welcome back the head of instagram is set to testify on capitol hill in about an hour, the day after the social media company announced new security measures aimed at teens. it comes asat executives in mas are leaving parent company meta. julian joins us with a look at this >> well, adam mosseri will be

grilled by the same senate committee and that is starting in less than an hour now mosseri can expect bipartisan criticism about instagram's negative impact on teens just yesterday, instagram announced product updates to better protect teens and some new parental controls that are set to launch early next year. but those updates seem to further infuriate senator marsha blackburn. her prepared re, mas say the product updates are, quote, too little too late and time to pass a national consumer privacy bill and kids-specific legislation. mosseri in the hot seat as a number of other senior meta executives leave their seats just yesterday, head of messenger vp of workplace announced their departures this comes after meta's digital currency lead david marcus announced his departure last week chief technology analyst mark is

stepping down and ad chief carolyn everson left earlier this year for instacart. saying turn is normal and we're proud to have added more than 10,000 employees in 2021 alone and have a strong bench of leaders across the company that will drive our business forward. of course, an executive exodus in regulatory overhang does not have hurt stock but the tech giant is facing a number of challenges all at once. >> quite a contrast because the crypto hearing you saw lawmakers inquisitive and curious and learning from the executives maybe giving them the benefit of the doubt on some of this. i don't think that is going to be the tone of the instagram hearing at all i can't imagine it is going to be anything but more or less pure attack mode >> well, i think it will be attack mode, but i hope it will be focused on solutions. that's the thing that both

blackburn and bloomenthol have said they want it to be solution oriented and figure out what type of legislation could help protect teens, in particular i think it's really meaningful that this is the same committee that grilled frances haugen, she revealed so much what is going on this is a committee educated on that topic and i think there is a sense that they really want to figure out what they can do next to try to protect teens going forward. and hopefully protect teens not just on instagram, but on all sorts of different apps. >> great point julia, thank you very much that starts in just about an hours time speaking of brain drain like we were talking about at facebook u.s. jobs openings surged in october to 11 million. 11 million job openings. the second highest number on record the number of openings exceeds those looking for jobs by 3.6 million people the number of workers leaving their jobs also slowed down with quitters dropping by nearly 5%

to 4.1 million up next, executives from crypto exchanges and issuers testifying on capitol hill today. and cnbc has been investigating a dispute at one of those companies with millions of dollars on the line. we'll tell you about it next remember, you can catch the show any time, anywhere by listening to and following the exchange podcast and you can check out our new podcast "conversations with kelly." five minutes sometimes just isn't enough to take a deep dive into energy transmission and metaverse and rates and much more. so you can go ahead to the podcast at cnbc the exchange for more ererouet your podcasts we're back in a moment

welcome back crypto currencies climbing today as execs testify on capitol hill our kate rooney has been monitoring it for us and she joins us with the headlines and take aways kate >> a big milestone for the crypto currency industry with its first dedicated hearing on capitol hill six of the biggest executives in digital assets have been testifying for the last few hours now and the questioning from lawmaker has gone a lot deeper than bitcoin.

talk of block chain being the next wave of the internet, known as web 3 and warnings from republican lawmakers not to clamp down too hard and stifle innovation some democrats, including congressman brad sherman, though, calling out the consumer risks, as well as one notable crypto executive who was not in the room today >> brian armstrong sent his number two and tether doesn't bother to show up at all zuckerberg did not have a day in the park he did not enjoy it, but he had to come. armstrong didn't and tether here at all >> referring to the stablecoin tether and then ceo brian armstrong. alesia haas is there and that was not the only nod to zuckerberg and facebook. despite big tech not being in the room either, multiple

mentions of meta and facebook digital wallet and not as hostile of some of the big tech hearings before. debate over stable coins and threat to u.s. dollar dominance and talk of global competition and potential for talent to flee overseas if congress does clamp down too hard as some describe it also debates down too hard also debates over regulatory clarity. house members are still focused on recent hacks and cyber security. >> the stipulateettes that i saw, i used this word earlier, it seems genuinely inquisitive diddet get more hard edge at other moments? what was the tone? >> the tone to me was genuine curiosity from a lot of the lawmakers and they do seem to have educated themselves on things like web 3.0 and seemed to be genuinely asking these questions. it depended on the lawmakers some came out strong and called

out you hacks and sooilt cited some of the risks. the theme from the crypto companies were you called us the wild west, we are not. there was a lot of fact-finding. the question, will this result in any changes, any bills, in any legislation. >> they wouldn't have any bearing on what the s.e.c. does, or would they? seems like that's the agency who has the most significant response piecemeal has been their approach they have been pushed to do something for broad but that's the space to watch >> yeah, there has been criticism of gary gensler. the idea, the way that people list securities is unclear they said that could use an update he has been called out by name brian books, the former head of the s.e.c. is getting the most air time here. a former reg will iter

he has a good rapport with so of the lawmakers. he has been answering the most questions here his point, stable coins are a good thing for the u.s. dollar but he has gotten a lot of the questioning today. >> hopefully we will talk to circle next hour thank you kate. there is a dispute between coinbase and a group of its customers. there are millions of dollars at stake. eamon javers has the details. >> the coinbase customers here are circulating a petition, organizing on facebook, demanding that the crypto exchange make them whole in the wake of an incident that happened in november the investors put money into a gyen which began trading on coinbase's exchange on november 10th it is supposed to stay at a price fixed to the japanese yen. somehow it was untethered causing a sharp spike and a

sharp decline. customers told us they were seeing account statements that didn't make any sense and then coinbase froze their accounts. the freeze locked in large losses for many of those who were affected. in an email to customers obtained by cnbc coinbase wrote, quote, we apologize for this, we know this is a signature karcht inconvenience and are working as quickly as possible to correct this to ensure customers impacted can access funds as soon as possible coinbase told us it is going to have a blog post out soon that will explain exactly what happened but the customers are angry their accounts are frozen, they have not received compensation we talked to ricky peacock arc coinbase customer in florida he told us once coinbase coinbase made a mistake they locked everyone else to protect themselves it is not clear how many people were affected but an analysis firm sayings hundreds of millions in volume traded in the

affected days, some of them at an enormous profit it is unclear what's going to become of those gains. coinbase says it is working around the clock. >> was it on on their platform that the price changed that much. >> yeah, just for coinbase users. 40% of the volume in that staple was on coinbase. it was a huge spike in activity. the coinbase users said they saw results coming up in their accounts holdups of times off from what they had purchased some people we talked to were talking about tens of thousands of dollars ins loss. people are angry and want answers. >> whether it is robinhood or any these platforms being locked out is the number one rage issue. >> who is being quiet, the people who were locked out who had the huge gains you don't hear from them at that they would like the take them

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welcome back concerns about vaccination protection against the omicron variant throwing cold water on this week's monster rally, and the widening rift between the at-home fitness stocks versus the gyms is not playing out how you would expect diana oleic is here. >> return to the gym may be about to set new reports shares of peloton down year to date pell on the saw huge growth during the first year of the pandemic and invested heavily, acoringpry core. another name not doing well is beach body downgrade pied analysts after disappointing earnings and

reduced guidance nands for home fitness equipment slowed but is still growing. consumers are heading back to the gym. that's why we are seeing names like planet fitness, lifetime holdings, and exponential in the green over the past months gym visits in october were only down 8% from october 2019, prepandemic, according to jefferies. analyst randy koenig there told me he expects the see planet fitness see record membership in the first quarter with average unit volumes exceeding 2019 peaks. he points to unusual membership growth in the second and third quarter of this year usually the first quarter is the big one with all the new year's resolutions. >> bring us up to speed on your current workout. are you 100% at home you always kind of were. >> i am not return to gym. i never was at the gym

i tricked out my home gym. i love it. i go across all companies of fitness equipment. no i will not go to the gym. >> you have got the turf do a refresh for all the viewers who want to replicate it that does it for "the exchange," everybody "power lunch" picks things up right in and out -- right now ♪ >> and welcome to punch, i'm eamon jafrsz in tour tyler mathisen today here's what's coming up. full steam ahead, the markets are factoring in faster fed following positive vaccine news from pfizer and investors are taking it in stride staying power. the stay-at-home trade is still a thing, believe it or not bank of america says demand will remain elevated for the home-related items the analyst behind the report has the names to watch. and power failure. texas sustained $195 billion in damage during last year's de