>> vibrant energy, it's an oil mineral rights company that had a subdivision yield in the sixes this year. i think as their oil hedges roll off in 2022, that distribution yield could be around 8, 8.5%. high quality >> undermarket multiple, a lot of growth coming forward >> great stuff, enjoyed it, guys "the exchange" begins now. ♪ thank you very much, scott hi, everybody, i'm kelly evans here is what's ahead a pretty nice week shaping up for the major averages the dow just turned positive on the session trying to extend its win streak to four straight days my next guest says it's all just tina and fomo, he's got three stocks still poised to benefit plus, a different way to play this hot housing market we're talking manufactured homes and why that area is poised to take off even more from here and an earnings exchange, the action, the story, and the trade on lulu, costco, and

broadcom but, first dom chu with our numbers today. >> i'm going to get that in a second because hormel is the best-performing stock in the s&p. let's start with the major indexes. we've now taken a peek at green for the dow. it's up a very modest 40 points. but it could be a four-day winning streak not as much for the s&p 500. still down about 0.2%. 15,671 for the nasdaq composite. it's down about three-quarters of 1%. so the underperformance really coming in at technology and media-type trade i mentioned hormel from the earnings exchange yesterday. we talked about spam, dinty moore, all the chilies they've goth hormel is up 6% in trading, the best-performing stock in the s&p. this is an earnings-driven story. they came out with better-than-expected results, and it was driven in large part by a surge in their food service

channel operations selling to professional restaurants and those outlets. that's up some 33% from prepandemic levels back in 2019. so something to keep an eye on hormel foods up big on that. and then the stock everybody needs to pay attention to, of course is apple. the heaviest weighting in indices like the nasdaq composite, the 100 and the s&p 500. it's up a modest one-third of 1% $182.86 or thereabouts the reason why that's important is with current shares outstanding, that will be the number at which apple gets to that $3 trillion valuation i will point out, though, that apple is getting a bit of af boost today because analysts at morgan stanley, we talked about them on tuesday, street high priceof 200 bucks a share. they now call it, kelly, their top large-cap i.t. hardware pick for 2022 so a little bit of a bid there

for apple. >> we are so close to 3 trillion dom, thank you very much now, stocks are trying to put together a four-day win streak my next guest says tfomo and tin will remain alive and well he has three stocks that will benefit from this. joining me is the ceo and chief investment officer at rnc capital management it's good to see you first of all, i don't think you're describing this rally in flattering terms so when you say poised to benefit with these stocks, explain what you mean by that. >> i think what you're saying is that this is just a market that people want to be in again, they're afraid of missing out. they don't have a lot of alternatives and they want to be in this market and they're getting pickier, though, with what they want to have they are a little concerned. we saw that recently with the 3.5% pullback when we had a little speed bump in the road. but they want to get back in so i think what they're looking for is becoming more discerning, things are starting to tilt a little more towards value. i think when you look at companies like enbridge, it

gives you -- it's the largest mid-stream energy company in the country, primarily focused on pipelines. but they're way ahead of the game with renewable energy sitting at about a 15 pe, you get 6.9%, basically 7% while you wait and that's just a good place to ride this out as we probably go into this market advancing a little bit slower into 2022. >> yeah, energy investors are absolutely salivating over the cash flows we might see, especially if they are hesitant on investment. i was going to say usually when i see you i think dividends immediately. so, case of enbridge, gilead, disney, are all of these primarily dividend plays and why do you think they might be especially poised to benefit in this market environment >> enbridge with almost 7% is going to be a dividend play. gilead you've got 4.1% there again i think it's more of a fundamental play there than a dividend play. it's nice to have the dividend but you're dealing with a

company that's about at 10 pe. it's undervalued, has a 75% market share and i think the untold story is where they're growing in oncology and i think, so, the stock really has an ability to leverage up again. disney is not a dividend pay they cut their dividend and eliminated it. i think there is a potential dividend play in the future because i think it's going to come back online just because they were down about 30% in revenues because of the pandemic but they really took that as an opportunity to take lemons and make lemonade and dramatically increase their direct-to-consumer business, which is now a $26 billion business and will be about a third of their revenue so when parks and cruises and other things come back online, they really have a chance to expand dramatically. it's not cheap at 26 times but probably coming down more to 22 as we go over the next two to three years. >> but i am surprised to see that in your paortfolio

is it because they're anticipation that dividend is coming back or just you can't resist it when you think you see a bargain? >> well, i think it's both clearly as i mentioned i think it's a two to three-year play on disney and we just like the fact that now they've literally increased their revenue by about another third through the pandemic by taking advantage of this opportunity in direct-to-consumer and i think the dividend will come back online they've been a long-term dividend player. as cash flow increases they're expecting revenues to be up 40% next year, i think they'll come back with a dividend, and the stock will clearly get a significant bump when they bring that and return that >> all right, dan, thank you very much for your thoughts today. it's good to have you. all right. let's get over to the bond market 30-year just went up for auction. it did not go well rick santelli here with the results and the walkthrough. rick >> it would've had to improve dramatically to get up to horrible that's how bad it was. we're talking about 22 billion,

30-year bonds. the grade i gave it for demand, d minus. the yield 1.895, which is really the bulk of the problem how it priced because the one issue was trading four basis points lower at 185.5, four basis points of tail that is humongous. it's a re-opening on a mini refunding. tina isn't being long treasurech, it's being long stock, especially where you have a cpi number where the headline last month was up 0.1% the indirects, the directs were all less than a 10 auction average. the only thing that was above 10 auction average was the dealer takedown, which is not a good thing. you want dealers to take less because that means investors are taking more. so, the last leg of 112 billion in a mini refunding is a d-minus, and you can see yields

popping as we speak. kelly, back to you >> on monday when we talked about the prospect of the 10-year going above 1.5%, that would already kind of trigger a lot more activity, plus we had all of this inventory coming to market well, here we are with the inventory, the rubber hitting the road and not a lot of appetite for it is this just a temporary phenomenon >> i don't think it's a temporary phenomenon as a matter of fact, i will go on record. i think you're going to start to see more traction on long-dated treasuries, yields moving higher and that doesn't necessarily mean a steepening yield curve because i think we're going to see a bare flattening continue i think rates are going to go up across the whole curve but i still think short rates probably outpace long rates. and i'm still sticking with right around 1.6% for the close on 10-years. call me crazy, i'm sticking with my number. >> all right, 1.5 is where we got to after that 30-year auction. rick, thank you so much. meantime, starbucks workers in upstate new york are awaiting the results of their vote on

whether to form the first union at a starbucks' owned store in the u.s. kate rogers has been following this story and joins us now with the latest >> reporter: it all comes down to fewer than 100 workers in buffalo, new york, today in this big union fight for starbucks. so far the nlrb has twice sided with co-workers who are looking to unionize at three starbucks stores in the region, which has a total of 20 locations. voting ended last night via mail-in ballot and votes are being counted as we speak on "mad money" this week, the company's ceo kevin johnson said there's a national dialogue on unionization but broadly he feels workers are not seeking to unionize at all of his stores, but he does expect a few more stores to organize here. i also got off the phone with rossman williams, she's been on the ground there for months to support and hear workers out now, if starbucks workers united is successful, this would mark the first unionized company-operated starbucks location in the u.s. since it went public. but the stock is up nearly 6%

this month, so far down about 2.5% in the last three the pro-union workers tell me they are nervous but confident today, said that it really feels like christmas eve, kelly, back over to you. >> how much is the rest of the restaurant industry watching what happens with this starbucks vote >> reporter: starbucks is really known for its progressive benefit. i think broadly in the restaurant industry there are three more stores looking to unionize in buffalo and also in mesa, arizona. >> but there are other possibilities even if this one doesn't get approved kate, thank you. we appreciate it coming up, are solar stocks going to the moon? jp morgan naming its top alt energy picks for 2022. but some of these names have been crashing down from their recent highs plus, we're talking semis, apparel, and charlie munger in earnings exchange with broadcom, lululemon, and costco all set to report after the bell. we'll bring you the action, the

story and how to trade them, arrest head of results here's a quick look at the dow heat map as the major average just turned positive more green than red just by a hair you can see that walgreens is the best performer today boeing the laggard we're back in a moment >> this is "the exchange" on cnbc as i observe investors balance risk and reward,

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welcome back it's been a volatile year for alternative energy stocks. the renew energy shares down 13%. jp morgan expecting better in 2022, naming its top picks in the area that they think are due for a comeback joining me is the analyst behind this outlook mark, thanks for joining me. >> hi, kelly thanks for having me >> just a quick question about 2021 why do you think the stocks have performed so poorly in a year in which we've actually seen more attention on the energy transition than ever >> it's been interesting the sentiment seems to change quicker than the fundamentals do so, there's been a lot of disruption this year just like in 2020 with the disruption from covid. this year faced similar hurdles. we had supply chain disruption, we had global shipping issues.

we had company-specific semiconductor poly-silicon issues, as well as geopolitical tensions between the u.s. and china. i think the important thing to remember, though, is although those things can impact sentiment, you look at the growth in the industry solar shipments this year alone are up about 27% year over year. >> wow >> so, growing through the last couple of years a very significant hurdle we think is a very good long-term indicator that the energy transition is happening. >> one final question in this regard, because a lot of the solar names, the domestic solar names, often people don't like them because of the financing model and sort of just the fundamental business model they say it's not about the energy transition. it's the fact that these aren't great businesses with a lot of exposure and that sort of thing. what is your response to that? how tested and proven are these business models? >> we've been in the space for about ten years now. it's been very interesting to see the maturation of the

industry we've gone through a lot of ups and downs over the years through that, though, you've got real companies with real growth, real margins, real barriers to entry and real cash flow and balance sheets there are certainly some complicated business models still in the industry. and i think they've been around long enough that investors are going to be comfortable with how to think about valuation but, generally speaking, this is not just an industry that's on the whim of government incentives like it was ten years ago. there are real companies out there. >> so, array technologies your price target is 38 bucks sun run you have 86. and sonova you have 66 why are these three your top picks? >> for different reasons sun run and sonova, to your point about kind of the

financing model, these are residential solar installation companies. so if you look at the reported gap financials that are out there, it's pretty messy as long as these companies are growing, they are recognizing the expense, the cap x associated with finding a homeowner and selling them the system and installing that system they recognize cash over a long-term contracted cash flow period so, it's a fairly complicated business model but, like i said, the valuation framework is getting easier to understand these companies are generating cash now and the reason we're calling them out is that these two stocks have been relatively week compared to our overall coverage over the last few weeks. i think part of that is because of interest rates, which we think that there's some dichotomy there that isn't

necessarily understood by kind of generalists looking at these stocks but the big picture is that 2022 we think there will be an increase in their margins. so these companies are transitioning from just solar installation companies to adding more and more services over time you're seeing the attach rates of homeowners that are choosing to add energy stores increasing. they're also getting into electric vehicle charging, home generators, home energy management systems there's more and more value that is being added to a homeowner over time. and we think that that really starts to kick in, in 2022 >> it's certainly more common to see it in my neck of the woods mark, we appreciateyour time today. thank you so much. >> thank you some breaking news out of washington the senate holding a key procedural vote on the debt ceiling. ylan mui on capitol hill with the latest >> reporter: the senate has voted to move forward on a new

fast-tracked process to raise the nation's debt limit ahead of treasury's december 15th deadline now, this deal was prenegotiated between republican and democratic leadership to avoid some of the political brinksmanship that has spooked investors and risked default in the past, ultimately 14 republicans sided with democrats in a vote that was 64-36 to advance this bill. now, i need to say that this bill does not raise the debt limit itself, but it gives democrats the authority to do just that just this once with just 51 votes. the final passage of this process is expected to happen either later tonight or early tomorrow morning once that vote is over, democratic leadership is hoping that congress will be on a glide path toward raising the debt ceiling. but, again, the senate moving forward on that fast-tracked process for raising the debt limit. kelly? >> ylan, thank you very much are you ready for 24-hour trading? we kind of already have it but this is a big deal

a new company is negotiating with the s.e.c. to bring this to related. we'll have the full details, next plus, this stock is popping in its public debut after merging with the spac. think you know the name? tweet me, and we'll unpack the move next.

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♪ ♪ ♪ ♪ welcome back, everybody. quick check on markets dow is in positive territory for what would be the fourth straight day here. but the s&p is down ten. and the nasdaq is down 138 so very different picture depending on where you're looking. here are some of the movers that we're looking at this hour american airlines is slightly lower after announcing plans to trim international flights next year american shares down two-thirds

of 1%. boeing the worst performer in the dow right now. and southwest catching a pair of downgrades with ubs lowering it to neutral, love has higher exposure to inflationary pressures versus peers head over to cnbc.com/pro. southwest is down nearly 4% today. we're also keeping our eye on a bunch of ipos two market debuts from brazilian fintech nubank both in the green right now hashcorp up 4% nu just opened a few moments ago. hashcorp, only slightly higher today. but the mystery chart was boxed. remember boxed we showed you that before the break in a spac today making its debut since merging with an acquisition. now valued at just under a billion dollars. now to rahel solomon for our cnbc news update hi, rahel. >> hi, kelly

a former reality tv star has been convicted of downloading and possessing child pornography. josh duggar became famous on the show "19 kids and counting." now faces prison sentences on each of the counts there are allegations that he had molested several people. the museum family say it was a joint decision to remove the sackler name over the family's ties to purdue pharma and the opioid epidemic. treasury secretary janet yellen announcing a kleptocracy fund on "the news" tonight, going to space to learn more about black holes and the origins of

the universe that's tonight at 7:00 eastern coming up, broad com lululemon, costco, all set to report after the bell. we'll tackle each stock and the key things you need to know in "earnings exchange." the drugmaker seeing sales accelerating in the year ahead the ceo joins us exclusively on "power lunch" next hour. you don't want to miss it. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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on "closing bell," keeping kids safe on social media. senators black burn and blumenthal following testimony from the head of instagram, first on cnbc today. watch or listen live on the cnbc app. ♪ welcome back, everybody. it's time for another "earnings exchange." we're talking chips and retail today. we'll start with broadcom. it's the fourth biggest component of the smh, but it's lagged the index this year it's up almost 34% it's near all-time highs as well analysts are watching on the outlook for the chip shortage. all right, josh, broadcom, what are you watching >> so, kelly, as you mentioned, that stock is up about 30%

it is right around the all-time high there i did check in with chris roland over at susquehanna. he is expecting a beat and raise this quarter we know strong demand for networking, he saw that for customers like cisco and arista. and you see those improving as well also wireless of course is in focus here we know some investors do think broadcom is a smart play and bet on that continuing 5g ramp and, remember, this is also an apple customer enterprise storage is a bit more mixed. chris roland says he saw intel worst than expected. but seagate is better. we are watching those ongoing supply constraints and whether that could cap topline upselling. >> does that make you like it more or less >> it's funny because usually

you worry about it's rallying so strongly going into its earnings announcement and it is getting a little overshot on a short-term basis so i suppose anything can happen but the stock's actually been lagging. and it's not an expensive stock at all a lot of these names have really become very expensive. this stock's trading at 20 times forward earnings if it does pull back at all, i think it would be a great opportunity for buy the stock. again, the key is going to be what their guidance is we always look for guidance. what the revenue guidance is the networking, they're ll pushing this networking, the revenue in the networking area their overall revenue looking about 14% for this year. but what's it going to look like for next year? and of course the biggest thing is going to be this whole supply shortage and such. so, but the thing is we've had a lot of stocks in this group. and broadcom not so much until very recently. so there is still plenty of

upside >> josh, any other color on why they have suddenly seen this big rally in the last several weeks? >> they still like the valuation. they think it's attractive they continue to think this bottom line they have strong franchises here. and they believe in this company's integration strategy, meaning this company we know has been very inquisitive, they've been buying software companies you have to believe they're going to continue folding those companies into that larger semi group company. move along to lululemon now. the retailer up 21% this year. analysts looking for lulu's forecast to see how durable the transition to athleisure is. courtney reagan is here with the story. did they just get another big help with omicron and the idea that work-from-home is still going to be with us for quite some time? >> very possibly, kelly. we know that athleisure has so many players but lulu really has a very

secure spot in that ecosystem. it's sort of a very desirable brand for many people. and we know that the google search trends actually are seeing about a 34% increase compared to sort of the same time in 2019 so we think the momentum is sustained here if we're going to stay at home maybe one, two days a week, maybe more than that what's better than sitting in those lululemon pants? i think there might be some concern about what's going to happen with that mirror acquisition if the company is really going to be able to turn that into a profitable enterprise so i think we're looking for some clarity about that on the call but comp sales are expected to be very strong the average on the street i think is looking for 26% but many analysts are actually individually taking that higher here right into the front. >> it looks like the store comps even could be up 32 to 34% those are huge numbers matt, what would you be watching for to be a buyer of the stock

tonight? >> the key is going to be i think the margins. how do they look the stock is expensive, 56 times earnings, almost ten times sales. so, that's a little bit of a concern. but i agree that if anything this winter's told us is that whether they're going back to work in the office, they're not going five days a week and the vast majority of industries anyway so this is here to stay. but my key is going to be talking about these margins. i had to talk to my wife on this to be sure diori? there is some competition there, and it's a little bit lower priced from what i understand. and if people start to think, well, gees, i can get the same thing for a lower price, what are does that do to lululemon's margins? if the margins remain strong, the stock remains strong the stock has come down recently the last time the same thing happened just before they

reported, and they reported, and the stock just shot up so, i don't want to put too much of a damper on it. but if those margins are good, this should be a real good option >> talk for a second about this phenomenon a friend of mine recommended them and i thought it was, like, the name of a lululemon pant, not its own company. and now every time you turn around, people are talking about it you see the ads there. the joggers are absolutely everywhere >> absolutely. i too had a recommendation from my sister-in-law she says these are great, you have to buy them she sort of eer-pressured me into buying them i did, they're great they're sold at nordstrom, but this is sort of a direct-to-consumer brand that has gotten traction from some of those social channels, the instagram ads that are probably targeting you and me but they're not inexpensive, but, yes, they are certainly a little bit lower price point than lululemon they don't have the breadth of assortment really that lululemon

has at this point. but those joggers really are sort of that key pant. i'm not sure that it hits at much of the performance aspect more of that athleisure aspect but some people buy lululemon, me, maybe just to kind of sit around into. >> i was going to say it's mom performance, it's not athletic play at all. lulu has been impressive with all the competition. we'll see what they say about tonight. we're going to talk some costco to round things out here. the value retailer is up 40% this year, and weathering the volatility of the past month pretty well. labor shortages, supply chain issues, inflation all could be key factors here what are we watching for in these results, court >> so, costco is one of those that really has very few surprises when they report, kelly, because they still give us monthly information about sales. so we know where the comp sales already were for the month of september they were higher by a little more than 14% for october higher by 17%. and then the month of november ticked back down to higher by

about 14%. we pretty much know where revenues are going to come in. little room for surprise we haven't seen the stock move a whole lot on this, it's considered more of a staple. i imagine that costco will be one of the beneficiaries if inflation still is an issue. they did raise wages, but this is not the first quarter that we've seen that, and it's something that has been well telegraphed. they were also a seller of gasoline so we have to look at those numbers, but they do also provide us numbers but certainly there's been inflation in the price of energy as well. sort of a lot of little details to look for. but i really expect a pretty solid report this is a very steady eddie company when it's come reporting and they always give us a little glimpse so there's not a whole lot of room for surprises. but we'll see if they sold another $100,000 engagement ring >> i hope they do. 45 is the multiple here, 45

times earnings that's a high number, but we just heard from charlie munger talking about how he thinks they're in the early innings of online and will end up doing quite well in that space >> it's the only little concern i have is this valuation but as courtney said, i think they're an unbelievably great place to take advantage of inflation. it's wholesale shopping. you get a little bit better price. we have not just food inflation, obviously costco is much more than just a food store it's going to attract a lot of people not just over the last couple of months but it could be even for years if you listen to some people. the thing that i do like about this thing, too, is that -- well, i'm sorry, the one thing i do like is that it's not just costco we have some other names the stock gets too expensive, if it continues to rally, which i think it likely will for these reasons. but you still want to look at something like walmart which has

very similar background in terms of when it comes to the attractiveness as aninflation hedge, people are looking for lower-priced items the stock's only trading at 20 times earnings costco is best in class when it comes to the way their management team and the way they run their business it's unbelievable. but walmart is also one you should look at as well simply because it is a cheaper stock. >> we'll leave it there. thank you both very much today that does it for this edition of "earnings exchange." still ahead, job openings are far outnumbering jobseekers. could fractional work be the key to closing that gap? we'll explain next and before we head to break, it's time for some show-and-tell. we show the chart and tell the story. today's stock is tesla down another 4% cathie wood sharing her thoughts on the automaker, which happens to still be the largest holding on her flagship fund earlier on "squawk box." >> we assume in our $3,000

forecast that there's a 50% chance that its autonomous strategy is going to play out. and our confidence is beginning to increase now that the pilot test is taking place, and you've got devoted tesla owners really identifying the corner cases that are causing problems for self-driving we're pretty excitedbo tt. autha , but all my employees need something different. oh, we can help with that. okay, imagine this. your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee. yeah i should've just led with that. with at&t business. you can pick the best plan for each employee and get the best deals on every smart phone.

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welcome back last week's jobless claims fell to a 52-year low, while continuing claims are back to precovid levels. as yesterday's jolts data shows job openings far outnumber jobseekers to the tune of nearly 4 million these days one of the options for filling those positions is fractional employment where an employee works part time for several different employers during the week and one company facilitating this sort of hiring

at the executive level, joining me now is continuum's ceo. nolan, welcome it springs to mind that a cfo position might be perfect for something like this. >> you got it. kelly, it's great to be here currently right now we are focused on the people operation space. so think of hr, recruiting that is our hyperfocus today but a lot of our customers are asking for fractional cfos that is also one of the hardest jobs to hire for in this market. >> yeah. from the company's point of view, a lot of them can't afford their own full-time officer like that, certainly somebody well trained for the role but, at the same time, i don't know how you can really juggle the intimate financial details of multiple different companies at one time. >> well, this actually happens today. our company currently uses a fractional cfo to help us out closing our books every month. so i do believe it is possible you mentioned the cost piece

cost is definitely a driver that we're seeing but i actually think the bigger driver is speed. time to hire right now for executive-level roles for what we are seeing is in the 9 to 12-month range and some of these companies are growing so fast that they just do not have the time to wait for somebody tobe in that seat full-time. >> how detailed is your role do you guys offer basically an online database of people who might be available or do you go so far as conducting all the interviews, doing all the prep work? how far do you go? >> we go quite deep. and the reason we go deep is because we want to optimize for the best experience for companies and executives so, when an executive gets referred to us, that's the first thing that we optimize for is a referral from the current network. we then go and interview that person and understand their skillset, where they are strong, where they are weak, and where they can add value once that happens, then we start matching them with companies that come inbound to us for these specific needs we look at the company's current

problem set, what stage and size they are, match them with executives and then typically what we do is we set up an intro conversation one, maximum of two. and at that point in time the company feels like they have information to move forward with that person. >> it's interesting to look at your own bio you were the 56th employee at doordash, the first head of talent then you did a bunch of different things in this vein. how big can the continuum get? and are you worried about the sort of -- what am i trying to say, the small moat where anyone can say great idea, nolan, i'm going to do it too >> for sure. this idea was borne out of my own experience you mentioned my experience at doordash i then went to lead the people team at carta. i started seeing ceos in tech crunch investing in all of these other companies. and i was wondering how they got deal flow. it turns out there's a ceo network and the investors

typically tap these folks and they become prolific angel investors. i started asking some of my peers at the c-level, hey, how many investments do you have, are you consulting at all, are you currently advising and i kept hearing that the answer was no. and when i asked why, they said, well, i just don't have that network, i don't have any deal flow so that is a core problem to solve for this elite talent for executives and experts deal flow is the hardest thing to get when you decide to go out on your own, become a fractional executive. that's the problem that we solve, and that's also why we're not worried about a small moat we actually think the world is moving in this direction executives and experts have more agency than ever, and once we help them build these businesses and solve their back-office problems, we think that they're going to stay with us for a very long time. >> i have to say i see it that way as well. nolan, thanks so much for joining us to talk about it. >> great to be here and thank you. still ahead, a new stock

exchange may render the term after-hours trading moot we have the details next remember, you can catch this show any time, anywhere, 24/7. follow our "exchange" podcast. and check out my new "conversations with kelly. because five minutes on tv sometimes isn't enough to take a deep dive on issues. i talk about energy and the metaverse. you can find it wherever you get your podcasts. 'rba in a moment on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add a fourth: be curious. be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew. viking. exploring the world in comfort.

welcome back we've got the first results of the starbucks' unionization vote in buffalo, new york kate rogers here >> starbucks workers in buffalo, new york, have located 19-8 in favor of forming a union this is set to be the first union at a starbucks company-operated store in the united states since the company went public. this is three stores underway, two more to go right now via zoom the results still need to be certified. in about a week both sides can challenge the store. and there are three more stores looking to unionize in buffalo and a couple more in mesa, arizona.

>> kate, did you say is this vote settled now or is it still open? >> this vote is the first tally this is settled. there are two more stores we're awaiting results and both sides can challenge but as of right now a win for the union. >> so for at as of right now, a win for the union. >> a win for this store. fascinating. meantime, at least one big wall street name is whacking a new stock exchange that wants to enable 24-hour a day trading bob pisani has the details and whether there is demand for it. >> we need this. are you ready for 24-hour trading? i'm' not, a new company, 24 exchange has been launched and is now in negotiations with the s.e.c. to launch a stock exchange that would be around the clock in 2022. steve cohen is an investor there has been talk about a 24-hour exchange for decades but nothing ever happened.

what changed in the found evers of this new exchange say investors have gotten used to trading crypto around the clock and that the reddit crowd and the asian crowd are also interested in doing it 24/7, including on the weekend others say the demand is not there. the market, remember, already has expand hours, before and after the usual trading day, from 4:00 a.m. to 9:0030 a.m. you can trade, and then from 4:00 to 8:00 p.m. you can also trade in extended hours. remember, their futures that can extend that even further there seems to be afterhours trading and around things such as earnings but nothing more than that. the s.e.c. has repeatedly warned about the risks of trading in extended hours the s.e.c. on its website has a whole list of problems associated with this, including limited liquidity, large spreads, increased volatility,

uncertain prices, competition from institutional traders all sorts of problems. but the momentum here -- they submitted a preliminary application to the s.e.c., the s.e.c. hasresponded to them. i am being told by them that they are about to submit the full application it tells me if this was a else to non-starter with the s.e.c. they would have told them to go away. >> i think it is the future, bob, get ready 3:00 a.m., bob pisani. >> i am just tydying already, i' 3:00 p.m. and i am already dying. thank you e. coming up the ongoing migration out of cities has pushed home prices to record levels we will talk to the ceo of a reit that has tripled since the 2020 low about how they are working to keep housing af affo affordable after this

record low inventory is pushing home prices through the roof they are up nearly 20% just if

last year. demand for affordable homes is growing by the day an under the radar housing rate is setting to cash in. they specialize in manufactured homes, prebuilt. with more than 100 communities up and down the east coast they typically koss a fraction of the u.s. market price. they are up 60% this year. more for, let's welcome in the ceo. great you have to. welcome. >> thank you for having me this is -- i mean, maybe we can show some footage as well, but these manufactured homes are impressive these days, aren't they >> yes, they are the factories do an incredible job. they provide us with three-bedroom, two-bath energy efficient homes. the average cost per square foot of a manufactured home is $57 per square foot versus conventional housing of $119 per square foot. >> wow and times i wonder about the quality of the new builds.

just some of the things i have seep in our town i guess the issue is not so much whether it is a manufactured home or not, it's your location. is part of the affordability being a little bit further out or are you able to find land and opportunities to build these homes in accessible neighborhoods? >> so, the difficulty is building new communities we own 127 existing communities. in those communities, we can provide 1,000 square foot, three-bedroom, two-bath home on a 5,000 square foot lot with your own driveway and shed for as little as $00 a month to rent you know, we are in jackson, new jersey, eatontown, new jersey, near allentown, pennsylvania so, generally, these are high-priced housing locations. yet we can still provide this quality affordable product we very much want to be able to build new communities throughout the country. and that's the difficult issue of local zoning.

and hud second fudge and various people in the federal government are trying to make it simpler to mr. more manufactured home communities. >> so speaking of things that are happening in washington, there are a couple of possibilities in a couple of bills that would offer assistance to first-time home birs one $25,000 in direct payments, the other a $15,000 tax credit would you like to see that continue or do you think it would continue to raise housing prices and be a wash when all is said and done? >> it would be fantastic for a substantial part of the united states' population but the history of manufactured housing dating back to the 1960s is the most difficult issue, is buying the home is the down payment. the down payment amounts you are talking about, that's predominantly manufactured housing. 38% of the country earns less than $50,000 per year. and affordable housing is

defined as housing worth 30% of your income -- that the housing costs no more than 30% of your income that's manufactured housing. we can bring somebody with a house for under $1,250 per monday so that subsidy of the down payment would greatly increase accessibility to manufactured homes to a number of people who need night finally, the cost of materials, is that impacting your pricing >> it does costs from the factory are up 40% as they are on all types of housing. but, again, you know, five years ago we were buying the homes that we used for rent from the factories for $40,000. and today they are costing us $70,000. but be that as it may, it's still the most affordable product there is out there and more the population needs it >> yeah. and you are also a good reminder that renting is as important as

being able to buy outright for a lot of those folks as well sam landy of umh properties. again, they are new jersey based. up more than 60 pores this year as demands for anything housing had been going through the roof. that does it for "the exchange," everybody thank for your time. stay right there "power lunch" picks things up right now. >> welcome, everybody, to "power lunch. kelly, we will see you in just a couple of seconds. on a busy hour, mid day, mid week as we round the bend to the of the end of the week a health care power player will join us. the ceo of cvs is here, hiking its dividend and buyback for the first time since 2017. i eyeing a push po primary care now as part of its growth strategy it is not just a drugstore company. it's health care company now. the race to $3 trillion. apple on the verge of shattering records. it's a growth