this year is going to be the inventory. did we see meaningful rebound? or is this deficit here for the foreseeable future >> count the for sale signs in the neighborhood that's your indicator. andy walden, of black knight, thank you. that does it for "the exchange," everybody stay right there tyler mathisen picks things up right now. ♪ >> kelly, we will see new just a couple of minutes. welcome, everybody, meantime to "power lunch." i'm tyler mathisen here's what's ahead on a very busy thursday, and snowy thursday afternoon in the new york area. peloton shares tellable. they have turned that red knob hard to the right. resistance high, tough shleddin for that company it is falling on a cnbc report that the company is stopping production on its bikes and tread mills. >> and half off sale, a sandful

of stocks, s&p 500 names, have fallen more than 50% from their 52-we can highs. we will tell you which ones are worth buying on the steep drop. and here comes netflix earngs are due after the bell. the stock down more than 20% in two months the analyst with the street's highest price target will tell us what he's watching. and it is not cobra kai. >> hi, everybody a rebound for the markets but we are well off session highs the dow is up 245. the s&p up 37, the nasdaq up 157, just more than a 1% gain. and take a look at shares of pell on the. like tyler just said, the stock selling off on the cnbc.com report that it is halting production in an evidence to control costs and get inventory levels in line: travelers, goldman and microsoft are the biggest gainers in the dow today. travelers up 5% after its results this morning and the energy sector continuing

its big run. turning our attention to the clearance rack, the unloved stocks, the names in the s&p 500 that are off their 52-week highs by more than 50% we will talk about pell on the later. it's one of them any bargain shopper knows some clearance items are on clearance for a reason that is why we have the master himself, jeff killberg, sanctuary wealth cio here to help us sort the trash from the treasure here are the stocks on our shopping list, penn gaming, viacom cnbc, moderna, and gap. let's begin with story on penn for that, we bring in contessa brewer >> hello, tyler. last march was penn was sitting pretty, $142 a share today it is nearly $100 cheaper. shares took a nose dive in november follows bad press over bar stool's dave port now.

today he is bracing for more bad news he was on twitter talking about. interest rates increased concerns and pressure on sports betting stocks then you have the investors who worry the margin expansion that the casinos discovered during covid really peaked. analysts also think that penn missed an opportunity when it didn't land a license in new york for on line sports betting, though the ceo has publicly shrugged that off pointing to the state's high tax rate the average price target from 16 analyst is just under $74 with only one sell rating but no clear catalyst for a turnaround in the near term some analysts point to the free cash flow from bricks and mortar casino and, to say nothing of

the bar stool business. >> i love the bricks and mortar over your right shoulder let's go to jeff killberg and get your thoughts on penn gaming, what do you? >> i never want to catch a falling knife, but i want to be a buyer here it is $100 lower certainly it has been challenging for them no doubt about it. when you look at the way this stock trades -- it is trading at a premium. it trades at a forward p/e ratio of 21. it is all about how to produce more revenue certainly they are having more operating costs. as a casino operator, i think when you talk about the gaming and the racing properties they own, this is a pent up demand. this allows the reopening trade, which we have been waiting for for some time. i think penn has the opportunity. look at the 50 listen day moving average. i want to be a buyer but above the $50 mark, which happens to be the 50-day moving average

contingent upon bar stool sports. >> let's turn to viacom cnbc and julia boorstin it is well lower, but up 20% over the past month. >> but shares are off nearly 66% from 52-week highs viacom cbs's decline started last month it lost half of its value in five days. a couple of factors precipitated that the ceo issued new shares to raise $3 billion there were a couple of analysts downgrading the stock citing the streaming wars and nfl put its games on paramount plus which said would increase cord cutting and similar things it is up this year on news it is looking to sell its 50% stake in the cw network and on bullish

notes, two analysts have a buy rating on the stock, one of them raising subscriber estimates, she says it depends on what the strategy the company lays out in its february 15th investor event. >> jeff, the stock is up 20% over the past month. does that make you want to be a buyer? >> no, kelly to julia's point, she hit the nail on head this stock hasn't done anything in five years. it is down 40% in five years it has $5 billion in cash. it has a portfolio from showtime, to nickelodeon, to bet to comedy central. but they need to do something. we are looking for forward guidance i i am a seller here on top of the fact it has had a bounce, if you own it, this is

where you sell, sell the rip, buy the dip. >> value investors think this company is waiting and waiting to be opportunistic, waiting for the right opportunity, waiting to see how the media landscape settles. maybe they are a buyer in some cases, maybe they are a target do you not give management more sort of benefit of the doubt here that there is some patience and strategy being employed? >> i appreciate that they are coiled and pooiz poised. but nonetheless it has been five years. this time of laggard i agree there is a value component but i would rather buy it at $30 and pay up to $40 with no news i need something tangible to get excited about this stock. >> julia, what about paramount plus >> they report earnings and give their outlook on february 15th the question is does paramount plus have enough content by itself to compete with all the streamers out there. we have been talking about churn. the fact that netflix is

expected to invest $19 billion in content then you have disney+. the question is how many of these services people want subscribe to, kelly. >> let's move to moderna that stock, the big vaccine company, down 65% from its high, but still up 40% over a year that spells volatility let's bring in the always calm meg tirrell for more meg? >> moderna is not alone when it comes to this sort of dynamic. it is sort of with the rest of the covid vaccine stocks in terms the performance that we have seen and the volatility as well particularly stocks like biontech and novavax we are seeing those down quite a bit from their highs as well so you can see there, biontech down about 64%, just like moderna. and novavax down only 56%. pfizer we stuck in there of course because it is a big vaccine maker. it is not doing the same thing

and of course has a covid anti-viral as well as the rest of the giant pharmaceuticals business but lot of this is about the uncertainty of what the covid vaccine business looks like over time you can see that while it is up to 20 billion this year for 2022 that really starts to go down significantly after that the thing that's different about moderna, though, an analyst pointed out, it has other things going none the whole mrna platform it is still in the covid vaccine space. in march we are expecting data for kids ages 2 to 5 for the covid vaccine. late they are year we will hear more about plans for updating the vaccines for new variants. comb kron, potentially incorporating other variants as well into the covid vaccine. beyond that, vaccines for flu, rsv, epstein barr and other viruses moderna is working on as

well there are other things going on here, but hard to escape the covid trade. >> meg laid out the case here. the critical i think so this, what's next for the covid? what's its next act? and basically s moderna's future behind it? >> i want to be a buyer and meg is calm, cool, and collected like you pointed out look at the biotech space, we have seen massive profit taking, very tough six months. i know that's a myopic view but widen the lens out moderna is up 944% i am a believer in moderna i may be a sucker for a sale as we have seen such a draw down. but if you look at the technicals in december we saw the two-day moving average break. here we are trading 174. it makes it fell like we are catching a falling knife here, ty, but i think buyers coming in here is indicating the fact that it is oversold i am believing that biotech is going to be an essential part of

our life moving forward. moderna is a much bigger company than four or five years ago, at $75 billion market cap. >> we found one stock here of this bunch you like so far one so far you picked off the clearance rack lets see if you like gap down only 56% from its recent highs but the stock has been struggling for a while courtney reagan has the story. >> gap nk shares have well underperformed the retail etf, the xrt for some time, six months, compared to a year, two years, even five years why? the company's heritage brand, gap, and banana republic brands really faltered with apparel that frankly failed to excite consumers for some time which has then led to discounting trends itsate letta brand has grown, too. but the plan as spin out of old navy ultimately got canned

there has been executive change from brand presidents all the way to the chief executive officer. a as shoppers' prchss changed gap found itself well overstored it has been undergoing a store closure and repositioning program. shipping speed is slow for many shoppers and covid related closures led to product delays in the third quarter and caused expenses to swell when they had to use other means to get its product gap slashed its full year forecast because of all that they have a collection with rapper ye, previously known as kanye west positive buzz is helpful. >> it is helpful it's something jeff, what are your thoughts on the gap? >> once again we are seeing gap having a hard time

what a disastrous 2020 you feel badly for the company but at the end of the day, trading at $16 i could see selling this if you happen to own it i would hang onto it it looks like on the chart it wants to go back to $24. i would be an absolute seller there. i understand they have a dividend offer in lee 3% but just like the viacom conversation, it has done nothing in five years. there are better place force your money than gap. i am not a buyer but if i am an owner i will wait for a move higher in the event in the wake of the kanye kpimt it has the ability to move up to $24. >> jeff, hold on one second as i throw a question back at courtney thank you for educating me that kanye is now ye. news of the day for me i am sure nobody is surprised i didn't know that ate letta, in my little town, the gap store magically became annate letta store

how well does it compete with hulu lemon is it competing on price because the lines look relatively similar >> yeah. exactly. ate letta is smaller than lululemon and we didn't know, really, the financial details of a athleta. we don't have a full history to really compare to it lululemon but it is gaining traction when it comes to the price point, i would still call it pretty elevated. it's relatively premium priced sort of yoga and athletic wear. >> right. >> but perhaps a bit lower than lululemon. it was a company that gap actually bought, initially preexisting and then gap has grown it with both stores and its online presence. >> kourtney, thank you investment jeff, thank you. great to see you, jeff >> fantastic, we appreciate it. alrighty, a news alert from the faa on the 5g rollout.

fill lebeau has night the faa announcing minutes ago that it continues to work plane by plane, fleet by fleet with all the airlines and cargo operators in terms of figuring out what planes can land relative to different airports with 5g signals being in the air what they have come up with is that 78% of the approximately 7,000 commercial airplanes in the united states are going to be able to land. the altimeters will likely not have interference from 5g antennas near irpts a. yesterday they said 62% of the planes were compliant. now they are saying it is 78%. tell continue doing this over the next couple of days. one thing to point out is they are unlickly to get every plane compliant every day. some of the planes ultimately are going to have new equipment put in because the altimeters are not to the level where they

can handle 5g. that's the status the situation right now as the faa, the airlines, and the wireless carriers all continue working on figuring out this 5g issue back to you. >> let me make sure i understand our state of play here number one, the carriers, the wireless carriers, have decided not to turn on or turn them on at a lower power, those near airports >> correct. >> that's number one. >> not all airports. but a list of airports. >> a list of specified airports. >> right. >> the 78% number means that 22% of aircraft are not compliant, can't go into those specified airports, i guess, where there is 5g. >> only -- tyler, only if it is a low visibility landing that they would likely have to make and remember, the airlines, working with the faa, they know in advance where the conditions are likely to be tricky or difficult. and if they see that there is going to be a problem, those aircraft, if they are not

compliant and they would not be able to make a landing. >> you are going to get diverted, right. >> because of the -- yeah, they would get diverted to another airport. keep in mind, the airports right now, the 5g is not turned on and there is a puffer zone around them. >> yeah. >> we are not seeing diverted flights at this point. the whole idea is this is a period where they have to figure out what is compliant and what is not. >>cally. more breaking news this time from the fed about the central bank digital currency. steve liesman. >>he paper on the central bank digital currency being issued by the federal reserve saying a cbdc could offer a range of benefits and risks don't come to any conclusion about it but they say it could offer the general public a risk free general money, free from liquidity risk, that would not

replace traditional money. the fed will not proceed without support of congress and the executive branch ideally with an authorizing law. it would provide a form of central bank digital money, faster and cheaper payments and expanded access to the financial system many of course are underbanked in the country the risk, it could affect the market treasure. cost and ability of credit because it could disrupt the banks if they get it the wrong way. things they are calling for. privacy protected, intermediatiated, and identity verified to protect against criminal activity. paper is meant to begin a debate and they will get public comment and continue to explore a wide range of design options for it it is moving slowly but it is the biggest change to money

since i don't know, currency consolidation after the civil war. >> a huge step for mankind but maybe a little bit shy of where they could have gone with this >> yeah, they are not going anywhere without congress and executive branch they are laying out the possibilities, the issues that have to be put together. this is maybe at the end of the day kelly as much a financial issue as it is a political issue. >> absolutely. it is everything steve thank you so much. >> thanks. coming up, netflix results are on deck tonight. the stock is down 20% since its last report. the analyst with the company's highest price target tells us what to look for after the bell. celebrity chef wolfgang puck is here to discuss inflation, labor shortages and immigration. as we head to break, sofi is on pace for its best postback merger dade ever up 15%. some of it going back to its

granding of a bank license the other fintech names higher as well. back in a moment okay, imagine t. 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.

it is showtime for netflix, to makes metaphor a little bit, earnings are due after the bell today. the report comes as competition ramps up recently announced price hikes, did netflix. and the stock is faltering shares gained 11% in 2021. that lagged the s&p 500's 27% gain, as you see there on that graph. so far this year, the stock is

down about 12% but our next guest says the stock is going to bounce back, he has a street high price target of $800 a year let's bring in wells fargo senior analyst steven cahill good to see you. how did you get to $800? what are the numbers that take us there >> the way we get there is traditionally netflix traded on a multiple of its future subs subscribers. that multiple is the life time progress of a subscriber that profit number keeps getting better netflix is getting more efficient. they are raising their prices, their noirges are expanding. we see more subs in the future driven buy a bigger content budget and we see the profitability of those subs as scaly nicely you multiply those numbers together and you get to the $800 price target.

>> how many adds would you say they are going to have in the fourth quarter, which they are reporting on today and did woe know how much the cost of acquisition per subscriber is for netflix? >> our estimate is 10 million. we raised it yesterday we are above the street. i think that some of our peers are in the 6 million to 7 million range. certainly, we have a differentiated view here we have a difference of opinion. some of our peers think this is going to be a soft quarter for netflix, below their liedance of 8.5 million. we looked at the data in a different way and we are bullish. and the things i would pick up on is that this was the biggest quarter that netflix has ever had for content value, content amortization it is almost $3.5 billion in the fourth quarter that just means there is a lot of value of things for folks to watch, squid game, and we think that's going to drive their higher subscriber number. >> could you give more collar on

that, steven, and where you think the stock could go from here if you are right? >> sure. i think that what we have seen with netflix year to date and over the last months has it caught up in a lot of technology stocks getting beaten down, coming down from high valuations i can't speak to every single one of those stocks and what's in them and not in them. butning the case of netflix it is still a fantastic business. they are pretty much focused on one thing, high production value video, and now video games they do it really really well. they stayed right in their power lane and i think investors are happy to continue to pay for that business to scale and grow and proliferate if the q4 numbers and the 2022 numbers don't look like it is slowing down. >> how do you compare netflix's content pipeline and content spend with kpet trs, hbo max, apple, amazon, whether it is the other streamers? i mean they spend a lot of

money. i watched a movie called don't look up. it had decaprio, meryl streep, and jennifer lawrence. those folks don't work cheap. >> no, i would have loved to have gotten an acting contract for that one as well look like a high budget affair. >> yeah. >> the conclusion is there are total dollars of content spend disney's number is the big thes the industry, a huge number. then there is the content that's on streaming and available to the consumer that's why netflix has a first mover advantage. they have been pumping money into their content pipeline longer than anyone it has been growing faster than anyone in terms of what is available to the consumer today there is no more value on a platform than netflix. and you know, it is by multiples versus all of their peers. disney has great content hbo has a great hit rate but they are all trying to catch netflix. netflix is still in the lead again, that first mover advantage is one of the reasons.

>> steven, we appreciate your time today. >> thank you. >> you bet >> looking forward to those results in just a couple of horse. ahead on the show, wall street is watching washington, and its effort to guterela big tech we will discuss all the details when "power lunch" returns

welcome back i'll rahel solomon here's your cnbc news update at this hour. a georgia prosecutor is asking for a special grand jury as she investigates attempts by president trump and his allies to reverse his election loss in the state. she says several key witnesses have refused to answer questions voluntarily so a grand jury is needed to issue subpoenas. ivanka trump meantime is publicly responding to a request to a voluntary interview with the husband's january 6th panel. but she is not saying whether she will cooperate or not. instead a folks salesman says the committee already knows she did not speak at the rally that day and that she did call for an immediate stop to the violence at the capitol. and australia has passed a law for all adults to be vaccinated by february

there are exceptions it is the first mandate of its kind in europe tyler, back to you. >> thank you rahel solomon. ahead on punch, a pello-ton of trouble peloton halting production of its bikes and tread mills as demand wanes according to a cnbc exclusive report next we will sakpe with an analyst who is bearish on the stock. he was with us last week we will probe his thinking even more today our clients come to us with complicated situations that occur in their lives.

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and present, can continue to get the tools they need to build a future of unlimited possibilities. we have a little less than 90 minutes left in the trading day, we want to get you caught up on the markets, stocks, bonds, commodities the big story of the day, peloton plummeting let's begin with bob pisani's opinion on the rebound the question for you from me is why? >> it is an oversold condition i am concerned with what i am seeing in the middle of the day. we are trying to hammer out a bottom, which was yesterday at the close. but we are going in the wrong direction right now. apple was close to 170 a few hours ago. now it is down to 166. we have come well off of the highs. netflix has been terrible going into the earnings.

all month. it is down about 15% thematic tech, the kathy woods stuff, the twilios are holding most of their gains, a little bit off of their highs but remember most of these stocks are down 50% they get days where they bounce a little bit because they are oversold good news and bad news about energy the good news, they are holding up near the highs. it has been the big mover for the year the bad news, oil price is a very good leading indicator of inflation. oil looks like it want to move towards $90. that's not good on the consumer side that's good orch the stock investor side, not good on the consumer side. it is hard to say we are going to get a big bounce if oil and bond yields keep going up. 4532 was the low yesterday, the closing low. we were at 4600 just a couple of

hours ago. you see we are debting a midday sort of drift lower here led partly by the deflaigs in technology stocks. this is not a good sign. we need to close before yesterday's lows or the tech guys are going to go a little bit crazy. >> 4532 you said was the close yesterday. we will be watching that number. now to the bond market, the yield is holding steady. rick santelli is following it for us as always. rick >> yes, tyler, many suspected that when the arrows turned bright green today on the dow, the s&p and the nasdaq that you would see selling pushing yields higher considering the inverse when there is anxiety in equities everyone runs to buy treasuries not the case lets look at midnight at the ten-year this was their high yield, 1.86%. if you make it a two-day chart we are basically holding yesterday's low yield, 1.82.

cross the curve, they are all holding against yesterday's low yield trade. and that is forming a congestion here which is very important if you want the see stabilization and potentially higher rates now if you look at bunds, once again the far left of the chart. they traded in positive territory again. two-day chart, they traded positive territory two days in a row for the first time in 32 plus months but they haven't closed in positive tear terry since may of 2019. all sovereigns globally have been moving higher guilt yields, the uk tens closed at a nearly three year high today at 1.22% back to you. oil closing for the day. pippa stevens is at the commodity desk >> tyler, oil is in the red but still hovering around its highs in more than seven years energy stocks are once again the top performing s&p group now up about 18% for 2022

over to wti. it is down about .7%, at $86.29 that is the february contract, which rolls today. we are seeing more activity in the march delivery contract, which is at $85.30 present crude is at $88.15 for a loss of one third of 1%. now the market is largely shrugging off the latest up venner to report which showed a larger than inspected build in crude and gasoline stocks. while crude is widely expected to move higher, catalysts will be needed to break past psychological levels like 90 tyler? >> pippa, thank you very much. lets' get back to peloton the shares are plunging. down around $25. you see there, that's a 20% decline today. the stock hit an all-time hi of $167 a share just one year ago

cnbc.com's lauren thomas reporting the company is temporarily halting production of bikes and tread mills because of falling demand. siemian siegel managing director and retail analyst at reamo capital markets has been bearish on peloton for a while and rates the stock a sell we was here last week. it was an incisive bull/bear debate last week what is going on at peloton? and why do you think it is sort the blackberry of connected fitness. >> i think that what's important, peloton, the product, the community, hasn't changed, right? the value they offer is still very much there. we beth know i am user and like that i think the problem is that what also hasn't changed is the fact that this was a full for the of demand that was interpreted internallies a an expansion of an audience. i think what we are seeing, buying peloton -- buying

precore, tonic, buying -- there was a lot of investment that was spend this solving the capacity issue when there was a supply -- demand mismatch back in the pandemic the problem is right now there is a supply/demand mismatch in the other direction. we know as of the last quarter we know there was a massive build of inventory, a bill three in inventory as demand was halting. but this idea there was excess demand they had to promote in order to move units, they responded and now we have got this. >> if you are got that kinds of inventory build and slowing demand why would they be addin fees for delivery, setup, and basically raising the price? itsomes like they would have to go in the other direction to clear inventory and bring in more revenue. >> lauren has been busy this week i have seen a lot of articles

out of cnbc talking about hiring mackenzie, raising prices, now talking about halting production what it increasingly feels like is this is a company that has pivoted from growth to trying to fix a cost restructure we have seen this multiple times. normally it doesn't happen this this quickly all of these answers -- listen, if you the internally believe you are now going to sell fewer units, it is the right decision to salem try to get as march margin as i can because what we also saw -- we didn't talk about this last week but the margin on equipment has dropped precipitously as they tried to get the new sale lauren had an interesting point in the article today the internal message from what i read was that price sensitivity and increased competition. connected fitness as sector is in its infancy there is a lot of room this is a great category but there are a lot of players when peloton started they believed that the audience they saw was equivalent to the opportunity they had

no company in the history of time facing a consumer gets 100% of their audience and it tells like they built their inventory as if they would. >> siemian, it is kelly. i know we are talking about this live, as it is playing out, do you do a massive reset on the stock now? is there still a price target? is it still a sell >> i am going to answer as of right now, as you said, this is real time. i think what we need to account for is the conversations up until now has been peloton has x number of subscribers, so it doesn't matter with the equipment does we have to ask ourselves if there is a massive faltering of demand if we are seeing new customers slowing down, the one conversation that hasn't come up that probably will soon is what about the existing customers the word churns that effectively disappeared from the last two year's vocabulary. but it is a fitness player we talked about planet fitness

very often on the program sfoochlt right. >> great business, but the reality is fitness has a lower engage men than other things. >> in other words, that. >> so i think that -- sorry. >> go head it sounds like what you were saying is if we start the hear about exitsing kmurps churning because of the reopening basically then that could be another leg lower. >> to be clear, i am not saying there are but it is hard to imagine that won't happen. you are asking is this a stock reset based on the fact we are going to stop, recalibrate what we think peloton will become for the future in terms of new people but no one is talking about the existing base. we are taking for granted that that's a stable number i think that needs to be questioned. >> we will leave it there. thank you for joining us siemian siegel, peloton down substantially. after the break, omicron is weighing on the restaurants ahead of earnings season with sales and traffic at their lowest levels of 2021. we will tell you which stocks are hit the hardest after this

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faang names turning lower. there is still green behind me but it is fading the dow is up 137 points we were up more than 400 earlier on the nasdaq is up only .5% right now, it was up 2% earlier this morning. a 75-point gain. >> an interesting day, interesting week after the break we will dive into omicron's impact on the restaurant business with famed restauranteur, wolfgang puck "power lunch" will be right back i'll shoot you an estimate as soon as i get back to the office. hey, i can help you do that right now. high thryv! thryv?

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welcome back to "power lunch," everybody. restaurants facing a triple threat now o restaurants facing labor shortage and the omicron surge the next guest is a power player in the industry. has a pulse of what is going on. with more than 20 restaurants around the world here's wolfgang puck thank you. let's start with the labor problems that you face how acute is it and how much does a falloff in immigration compound whatever labor problems you're having? >> yeah. no you hit it right on the nail for us the virus is still -- omicron started. being pretty much in the picture now. a lot of people are out. we miss people left and right in

the kitchen, in the front of the house. there's no immigration there's no good immigration policy but we could get let's say some chefs from europe or asia obviously tested and not sick but we don't have a good policy so the labor shortage is really there. i think also when there's a shortage the prices rise so now we have to increase the hourly wakes for sure like i looked at spago and increase the minimum wage by $3.50 from $15 to $18. that's like a 20% increase but what is really difficult now is the cost of goods everything from shipping to the raw materials. i tell you, for example, lobster a pound went up 25% from $16 to

$22. we have prime filets we serve high class meat $38 to $48 for a prime filet some more so a 75% black andgus 32 to 47. hit $5 2 a pound. which is crazy the price we need to stay in business we have to really put it on the customer to pay part of it we can't be crazy. >> how much have your menu prices had to increase you said you asked the customer to pick up some of the cost and seems very fair. i wonder how much the average ticket has gone up and how far are we from the $100 steak. >> not far why it is scary to look at it i'm price conscious. we are in business

spago celebrated the 40th anniversary a milestone for a restaurant i think now the prices of steak which is $65 now $85 and so by the time you order some fries or mac n cheese with it, it is $100 main course. we are not that far off it everybody increases the packages delivery increase. now if i forget to order something and i want it it costs an arm and leg to deliver it on a saturday to the restaurant and business was really good at the end of the year even without big parties. this year started slow spago on tuesday, wednesday it's still only like 75% of what it

was. but the tickets are strong and it's interesting it changed the clientele we have more many younger people coming in and older customers, we have so regulars after 40 years. >> i have to tell you that right before we came on the air i was emailing with a friend wilfred frost who will visit your l.a. restaurant and said you're making it fresh 40 years and kept it fresh and happening and a destination a long time. i want to come back to the question of immigration. what would you like to see what i heard you say there was that it is not merely a problem in staffing the behind the scene lower levels jobs but bringing over chefs and higher level

people with restaurant and cook experience what would you like to see in terms of immigration >> i would like to get really qualified people who would like to come to america it's still a dream for a lot of people in japan, in asia, in indonesia. you name it or singapore same thing with european people. they hear that i came from austria and they want to be part of it. it's difficult to get work permits for more than a year so i would like to get a comprehensive immigration bill to bring in people who actually going to add value to our enterprises because we can do more business. if i can get some great chefs from japan and open, for

example, a restaurant that we have japanese influences and build like a sushi bar but i need the chef. >> be on the lookout for wilfred frost. tall, handsome, british. think james bond thank you. we'll be right back. so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪ ♪ ♪ 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,

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a bill to regulate big tech takes a step forward in the senate today

ylan >> kelly, the senate anti-trust bill made it out of committee. the next steps aren't clear. the committee vote 16-6 with bipartisan support the bill prohibits dominant platforms from preferencing their products and services and discriminating rivals and made sure that companies also fall under the new rules and big tech lobbied hard against the legislation. ted cruz said he was on the phone yesterday for 40 minutes with tim cook and did support the bill and he other senators from both sides of the aisle that voted yes today believe the legislation needs more work before heading to the senate floor. guys >> thank you very much following that progress for us on capitol hill. what do you think? >> i think we are in the

middle -- characterized itlast night as a mudslide in the markets. not one to get out of the way easily you will have the blips and then a day like today begin high and moving high and then sort of comes back and hard to find cover outside of energy right now. >> that's a great point. a mudslide good characterization. >> good drink. >> thanks for watching "power lunch. "closing bell" starts right now. thank you. welcome to "closing bell." i i'm wilfred frost at new york stock exchange as we were just discussing there sliding off the session highs. >> welcome, everyone i'm sara eisen let's look at what's driving the action tech stocks see a rebound after a brutal start to the year tesla, microsoft, airbnb among the winner