>> ross stores >> rob >> auto zone >> joey t? >> northrop grumd. i own it >> dow down by more than 275 points appreciate you watching the program. that does it for us. the exchange begins right now. thank you very much, scott hi, everybody. i'm kelly evans. here's what's coming up. inflation numbers continuing to come in red hot. today was import prices. the fed minutes are an hour away we'll talk to the man who called for seven rate hikes this year, back in january. is he sticked to that forecast >> stocks are falling after a one-day reprieve of russia concerns now nato says russia isn't the moving troops away they're putting more near the border and huge reports in earnings

exchange nvidia, walmart, door dash first let's start with the markets. dom with the numbers >> down across the board but that realtime handicapping of not just the rates picture but the russia/ukraine situation is the reason you're not seeing massively wild swings. still, though, we are down about three quarters of one percent for the dow. 34,711 the last trade. 275 points to the downside the s&p down about three quarters of one percent. and then the nasdaq composite down one and a quarter percent 13,960 the last trade. to give you an indication on the nad zach range at the highs of the session, we were down half a percent and at the lows 1.5%. you can see we're tilting toward the lower end of the trading range. that picture for technology and the nasdaq in particular has led to underperformance yet again for the so-called growth part of the market these two etfs track growth versus value the white line the value trade and the orange line the growth

trade. iwe and iwf. values outperforming over the last year. but it's been like a jockeying for position it was the white line. value outperformed in the beginning. they got close and growth outperformed now at least outperformance is happening for the value trade again, but it's been a lot less volatile for the white line than for the orange one, and then one stock that has gotten a lot of attention. it's a $12 billion financial technology company but it's not payments oriented. toast, the maker of end to end solutions for bars and restaurants that lets customers and people place their orders, take their orders, put them into the kitchen and give checks. that company came out with a mixed report, better revenues and they're growing their customer base. but certain outlooks disappointed investors are people going out more to bars and restaurants we'll see if that picks things

up remember, costs are going to be a big issue, not just for restaurants but for even for toast as it ships out all of its point of sales and registered type hardware. >> dom, have you used it i love toast >> i got my first experience my wife and i were on a date night. i was enamored with it they took the order. i got the check. i didn't have to do anything but scan the qr code i could do the tip and sign and everything just on my smart phone. it was a streamlined solution. >> it sounds like that was your valentine. >> it was an early valentine's day gift >> it is a very easy solution. surprising stock reaction, especially with people returning to restaurants dom, we'll see you in a bit. >> nato pushes back on russia's claims it's sending troops back to their home bases. nato secretary just said he's not seeing any signs of a pullback >> we have heard the signs from

moscow about readiness to continue diplomatic efforts. so far we have not seen any deescalation on the ground on the contrary, it appears that russia continues the military buildup. >> joining me now with more on the russia/ukraine crisis is the former supreme allied kied comm and chief international and security diplomacy analyst it's great to have you back, admiral. welcome. what do you make of these sort of statements at odds with each other about what's really going on here? >> as usual, vladimir putin is kind of pulling the strings, and staying ahead tactically by sewing more confusion in the west i'll add to what the secretary general said, kelly. there was a pretty significant cyber attack yesterday, attack against a wide variety of ukrainian command and control, and their overall systems of

control. so clearly what we're seeing is putin saying one thing, doing another, and i'll conclude on this point by simply saying the first thing that is going to be the leading edge of an attack is going to be cyber. so think of what happened yesterday as a bit of a warmup there. i continue to think it's a three and four chance that putin will end up going forward with an invasion >> wow i was going to ask maybe if cyber would be the attack if there's some kind of bait and switch idea here, but it would be hard to explain what the purpose would otherwise be of mobilizing that many troops for this period of time. >> i think the way to think about it, there's a couple of possibilities. one is a full on blitz attack where he goes to kyiv and takes out the zelensky government. i think that's unlikely. that buys him a very difficult set of options going forward to include facing a ukrainian insurgency, which i think would

be very difficult. on the other hand, to your point, it is very possible he will launch a cyber attack he will put in unmarked troops he'll kind of use the play book he used in 2014 to carve another chunk out of south eastern ukraine, and then park in attempt to negotiate going forward. that seems to me a more probable scenario than the full on blitz at this point. and let's face it. there's still an opportunity that we can stand down from this, that there can be further dialogue but it's going to require putin to make that decision. >> and this morning stoltenberg also said he believes russian coercion is the quote, unquote, new normal what does that mean? >> you know, we see russia doing this kind of around its circuit. so 2008, they invade a very small neighbor, georgia. they hold a couple provinces of that they invade ukraine in 2014. they annexed crimea, effectively

they control provinces in southeast ukraine. they own effectively a chunk of territory of another small european country, moldova. these are sometimes called frozen conflicts, but it is a putin exerted control in the region around russia >> and what should nato do about that should they themselves look to the nato borders and say, you know, this is our line of influence and we're not looking to extend that beyond, or -- in what ways should they then demarcate where they believe nato presence and the threat, quote unquote, of their activities is appropriate? >> i'll tell you three things nato should be doing, and i think they are doing one is to shore up nato country defenses the 30 nations of nato this is why president biden correctly deployed several thousand troops from the 18th

airborne core to europe to bolster nato troops. shore up nato borders. number two, for nations like ukraine, not a nato member, but a close partner, a democracy, somebody who has worked closely with us. we are to provide them the lethal aid, the intelligence, the cyber overwatch, the capability to resist to make themselves, if you will, into a porcupines bears don't eat boporcupines because they're difficult to digest and they should be trying to come up with a compromise where we look at conventional forces in europe. we look at intermediate cruise missiles we look at open sky streaming. there are plenty of diplomatic efforts open work with the ukrainians, and some soft power approaches to russia

we can do all three. >> michael mcfall was talking about a similar type of idea on those treaties admiral, it's been great to have you. thank you for your thoughts today. >> thank you see you next time. >> the former supreme allied commander at nato. 20-year bonds are up for auction top of the hour. rick santelli has the results. >> this was the 22nd auction of 20-year bonds. it was 19 billion of them and the yield was 2 .396 the grade was a b minus. and everything about it was just slightly above average that yield 2.396, exactly where the one issued market was. it didn't gain or lose on the grading scale for pricing. that's always a big component. we did see the bid to cover indirect bids and dealers take down all better than ten auction average. but there was one thing that made it a b for the b minus. that was direct bidders. unlike indirect bidders with the foreign interest that you and i are always so interested in,

direct bidders are like mutual funds. primary dealers that go right in, and that was at 21%. the highest ever out of any of the 22, 20-year auctions this is the last and only auction of a coupon this week, and i will say this. it's all green with respect to buying, because every yield on the curve right now is lower and priced higher than we closed yesterday. back to you. >> all right rick, thank you very much. rick santelli. a news flash on the housing market where mortgage rates have been on the move diana is here with the latest numbers. >> kelly, after a sharp jump last week, mortgage rates are climbing higher this week. the average rate on the 30-year fixed up about five basis points from last friday and up around 125 basis points from a year ago. that according to mortgage news daily. that's hitting demand. applications to refinance a home loan are down well over 50% from a year ago refinance demand fell 9% last week for home buyers, it's getting

harder to afford anything in this already pricey housing market mortgage purchase applications was down 7%. for those in the market, that means they have to get a bigger and bigger loan. the average size of a home buyer mortgage application set a new record last week at $453,000 not only are home prices up, but the bulk of the sales are on the higher end of the market because that's where there's more supply higher mortgage rates are also some of the factors plaguing home builders. a new report out today said builder sentiment fell this month as affordability for buyers weakens >> diana, this is what makes my head hurt about the housing market right now affordability is worsening the buyers i talk to are on the sidelines, and yet, activity still looks pretty strong. so maybe we have to wait until the winter ends to get a better feel for what momentum really looks like >> well, when you say activity

is strong, i think demand is strong activity has gotten lower. there's so little on the market for sale so you're not seeing as strong sales. and the home builders are actually slowing sales because they're concerned they can't build the homes fast enough to get them to the buyers when they say they will. so, again, i think when we get to that spring market, we have to see if for supply comes on. >> it will be interesting, especially with rates doing what they are thank you as always. we appreciate it still ahead, he called for seven rate hikes nearly two weeks ago and the rest of the street started catching up after the hot cpi report nvidia is the best performing in the smh indek dex. 25% off the highs. walmart having the worst quarter in four years and door dash tracking for the fifth straight years of losses. we have the details coming up in earnings exchange. the dow, p&g and dow are leading today. salesforce and home depot are the biggest laggards

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sentiment. today a jump in retail sales january sales surged 13% year over year. industrial production is coming in strong. none of that points toward a looming slowdown the first to call for seven rate hikes this year and joining me is ethan harris. ethan, welcome back. it's great to have you >> thank you >> can i just start with when you see people worried about recession because consumer sentiment is tanking and the yield curve is -- all the things that normally point in that direction, do you think the odds of a slowdown are higher, or is this -- or are they not? tell me what you think is going on in the landscape here >> so i think the sentiment indicators are suggesting that people are just in a bad mood. people are tired of covid, and being locked up and wearing masks. people are concerned about very high inflation and they're just in a bad mood, and they're expressing it in the surveys. i don't think this means they're going to stop shopping

as you can see with the retail sales report today, you could even argue that shopping becomes kind of retail therapy if you're kind of depressed about covid. so it's -- i don't take much of a signal from the numbers. i think the economy has solid momentum >> what about the yield curve? it isn't atraditional economic indicator, but it's one that people follow. >> the yield curve is going to be flattening over time as the fed hikes rates. i don't think we should be alarmed by that. i think that's a normal part of the process of getting back to normal in terms of monetary policy at some point the curve may invert which historically did signal recessions. but we need to be cautious about that because these days the long end of the u.s. market, the ten-year yield, is very distorted to the downside by foreign demand and so it's not hard to invert the curve. you just have a regular rate

hike from the fed, the long end being held down by foreign investors. so it's not a reliable signal anymore. it's a signal that foreigners love to buy u.s. bonds because their interest rates are so low. i don't worry too much about the flattening of the curve. eventually it may be a problem, but not now. >> okay. so now that we've ruled out two of the most worry somerecession data points, let's turn to the strength coming in and what it tells you about the persistence of inflation we have retail sales up 13% year on year. capacity utilization much stronger than expected import prices up 10 % on the year how is this all going to pan out for the fed? >> well, i think the pressure on the fed is building by the minute the data we've had since the fed met in january has been remarkably strong. it's not just strong numbers they're beating consensus by a big margin you have a lot of momentum in

the job market the consumer that kind of did a front loaded christmas shopping season and then faded in december have come roaring back in january and then you look across the board. all the inflation data we're in 1980s type numbers. and you can't dismiss it as all transitory it's so broad. it's affecting almost every sector of the economy. so the pressure on the fed is mounting here. >> let's talk about what was said earlier today which i think does speak for a big contingent of investors and economists. he said that more or less he thinks the inflation picture is going to resolve itself. that we will be well on our way back toward 2 % inflation by the end of the year, and, therefore, he thinks the risk is that the fed tightens too much. what about those who think this inflation will resolve itself? >> i completely disagree i don't understand how you could argue that by the time we get to the end of this year, we're probably going

to have an unemployment rate of close to 3%. that will be the lowest since 1953 the -- when you look at the inflation indicators and measures that look at the breadth of inflation as opposed to the splashy headlines, you're running a 3% or 4% right now for just everyday items. and you've now gone through a period that's going to last probably in total more than a year of extremely high inflation. that's going to have an impact on psychology and the way people think about wages and prices going forward. there's going to be an expectation effect from having such high inflation. this isn't just a little bout of inflation. this is a dramatic bout of inflation. so i completely disagree inflation is not going to come back to 2 % on its own the fed has work to do they're going to go slow so i think the odds of them making a policy mistake and hiking too much are very low in fact, your interview, the fed

president shows my point that they're going to go super slow, because they're worried about overdoing it i think they should be speeding up, personally >> yeah. and so, again, to those who say well, isn't that going to damage the economy? and it is worth pointing out this is a midterm election year. they're going to be under political pressure if they tighten and things slow. if they don't and the inflation problem gets worse, let's say they did nothing, ethan. where do you think inflation would be a year or a year and a half from now? >> well, there's a lot of what's going to happen will be the reopening of supply chains and easing of the pressures. so i think that inflation will come down in the next two years to something about 3% or maybe a little bit less. the fed can on the margin help nudge it closer to two they can't -- it's too late for them, i think, to prevent a significant sustained overshoot of the target. there's too much pressure in the

system they're too late and it's just becoming embedded what they need to do, owever, is try to manage this, cool down the demand a little bit. you were talking about the housing market earlier the housing market even with higher mor dpaj rates, there's a huge shortage of homes for sale. you can raise mortgage rates and have fewer buyers out there, but there are twice as many buyers as homes so having fewer buyers won't stop the housing market, won't stop the transactions from taking place so it's going to -- this economy is going to be quite resilient there's the fed is behind the curve, and they can't completely fix the inflation problem. >> we're out of time, but i wanted to play what brian moynihan said about the balance sheet earlier on it's a final question here because you think seven rate hikes. what about the idea of leaning on massive balance sheet reduction instead? >> well, i think the fed has to

be part of the tool kit. that will be an add-on to the rate hikes the fed kind of trimming its balance sheet steadily over a several-year period, taking system of that liquidity out of the system, and getting us not back to a tight period for the fed, but just a normal -- i mean, having a massive balance sheet in zero interest rate in this environment, it's not normal it's at the extreme end of being dovish they need to move into a more normal stance, and that includes both their policy tools. >> all right we will leave it there ethan, thank you for your time today. hope to check back in soon >> thank you ethan harris, head of global economics at bank of america still ahead, this is not a stock for the faint of heart that's how one analyst is describing macy's after its rise in recent stumble. up next, we'll ask why he says the stock could either explode 600% from here or crumble back to $16 a share we look at one method

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♪ ♪ imagine a community where millions share ideas and trade stocks, crypto and beyond. to the moon? in other words... etoro.the power of social investing. welcome back, everybody. we are right across the board. about 70 points off the session low. nasdaq down .1%. let's get a news update. >> here's what's happening the interior secretary under president trump misused his position to help a real estate project in his montana hometown. that's according to an interior department investigation the report also found he lied about the project to an ethics official with that agency. up in canada police are telling protesting truckers in the nation's capitol they need

to leave officers are ticketing trucks and warning drivers they risk arrest and the loss of their licenses under canada's emergencies act. a few drivers ripped up the written warnings some streets are clogged after three weeks of protest in kyiv people are defying pressures from moscow. a flag was carried to celebrate, quote, a day of national unity more huge flags were in other parts of the country in show of support. and buy bob sag et's family wants to block the release of details from a probe into his death and why some are questioning what actually killed him. that's tonight at 7:00 eastern that's the latest. thank you very much. still ahead, nvidia, and door dash getting ready to report earnings we have more on that next.

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welcome back it's time for earnings exchange. big reports coming up. we'll give you the action, story and trade on three of them starting with nvidia the tech story of the last almost the market of the past decade it's been incredible the stock is under pressure as they get set to report results 20% off the highs. julia is here with the story on nvidia gina has the trades today. she is the founder and cnbc contributor -- sorry, i called you founder. ceo. let's start with you what are you watching on nvidia? >> well, here's the thing. nvidia is off the highs. the stock is up 68% over the past 12 months and analysts are bullish going into earnings. they do expect growth to be driven by the chip maker's gaming business as well as the data center business they're looking for a 48%

increase in revenue and 57% increase in earnings a number of analysts are looking for not just a beat but a raise in terms of guidance investors are looking for insight into the data center and gaming trends. and there is this expectation that the data center business could accelerate the big question for this company is what's next after the company's purchase of arm from soft bank has been called off. piper issuing a note saying they believe the termination of the armed deal will bring management's focus to emerging areas such as the somniverse. the company has been a lot of interesting deals. they did one with jaguar land rover to bring the ai-powered driving systems into the future of autonomous vehicles i think we could hear a lot about other deals and all the different places whether it's in terms of auto makers or the omniverse that chips can be

used >> a little of everything they can do gina, founder is appropriate here i'm glad that wasn't a slipup. tell me about the stock and if i recall correctly, this is a favorite of yours. >> this is a favorite. and lito advisers owns it in their current strategies while it's getting beaten up because many high multiple stocks are getting beaten, we thinks the the baby getting thrown out with the bath water there's a tremendous outlook the potential to start to incorporate and embed their software into the chips. it will expand their margins from an already nice 27% operating margin it could go upwards of 30 % to the mid 30s and 40s. in the middle of that, you also have the notion that i think the market is really concerned about

supply chain, because they are a contract manufacturer. they contract out to companies like taiwan semi conductor to build. that supply chain kind of pressure is still one they are going to have to address during the earnings call. and that looks to be sort of sorting itself out, and by the end of the year, we're expecting some of the pressures from that set of worries should start to dissipate. >> is there anything that would make you more cautious on the stock in the near-term that you might hear tonight >> you know, i think the big question really comes with how they're going to deliver their chips to the final end user. and that question about the supply chain is really what we're paying attention to. this isn't something that is limited by demand. it's limited by supply right now. >> exactly exactly. so it's -- it's a little bit like the housing market. we look forward to nvidia stay with us. we'll turn our attention to walmart after that strong retail

sales this morning now we get to hear from walmart. insight into the consumer. they report before the bell tomorrow courtney has the story it's been a tough go for the stock. it's down about 8 % over the past year. >> it's interesting. because really walmart has been what should be considered a pandemic winner. certainly earlier on when everyone was going through that hoarding and the stockup phase, walmart was a winner whether it was online or in store and the same store sales for the united states, the biggest region, have been really impressive they are expected to grow around 6% or so when the results are out tomorrow that is very impressive for a retailer that's putting up about $151 billion in revenue for just a quarter. and so i think it's very interesting to see the stock price sort of nonreaction to even very strong numbers so we'll see what we get tomorrow but, of course, we want to hear everything the retailer and executives have to say about the health of the consumer

how the consumer's feeling if they're attracting a new consumer as inflationary pressures rise if anyone can deal with the cost of inflation from a business standpoint, it's walmart because of their economies of scale. they can keep prices as low as possible in these scenarios, even if they, too, eventually have to raise some prices toward the consumer >> and why do you think it is that the stock is putting out the huge numbers, and the stock is kind of unimpressed, unmoved? >> well, i think part of that is just technical walmart went through a big buyback program. and the walton family began selling some of their shares i think that was part of what depressed the stock price. i think there's a lot that's unpacked in the stock price and it's ready to go i completely agree with courtney they are hitting -- they are hitting the ball out of the park here because the numbers are strong but also, there are a number of other factors. you look at e-commerce

they dove into e-commerce during the pandemic it was just the right time, and they're showing enormous growth there. and quite frankly, the pressure in inflation is actually driving consumers into the stores. because they are low price offerings. and so if you look at what is happening, in fact, their revenue growth is way outstripping any pressure they're feeling on the inflation front just within their own kind of wage growth so the company itself is probably going to also address the question of labor tightness as well as other things that might impact costs but they are getting it back in spades in terms of revenue >> all right you're sticking with walmart and nvidia the next one i think is going to be a different story courtney, we will let you go for what could be an epic brawl over door dash. the stock has struggled. down more than 34% ahead of the fifth report as a public company, they've never missed revenue estimates or

traded lower after reports >> they're even more profitable than some of its peers that is reflected in the valuation. it enjoys a premium over the likes of uber and lyft and grub hub. this is, of course, a classic pandemic play. it's a huge revenue growth the company has flagged that it's expected to come down post pandemic, but the pane is trying to make a transition of sorts. we know door dash for food delivery it's 40,000 vendors that are nonrestaurant on the platform. there's a battle in the delivery space which is last mile or quick commerce it's kind of changing the business model we talked about this in the past dash mart where it owns the whole process that analysts like because it goes from a 3-p platform to 1-p. you can experiment with inventory and delivery speeds. this quarter is important to

show how door dash is positioned coming out of the pandemic what's next. the stock has been under pressure down about 55% over the last year but still valued higher than the peers. >> gina, what's not to love? >> so door dash has a minus 15 percent operating margin that is a negative number in front of that. that tells you they are continuing to lose money every time they make a delivery. and the whole business model that they're up against and the competitors that they're up against, they're trying to see who can utilize investor capital enough to outlive everyone else so that when all the competitors are dead, they can finally start to raise their prices and make money. i don't buy that and quite frankly, the model that door dash has is just not a scaleable model. it still requires a human being to deliver the thing and ultimately, they have yet to get customers to adequately pay for that service price >> but gina, people will say

never bet against a lazy consumer don't door dash ultimately win that bet >> the consumer may be lazy, but they're also cheap there's a price. that's what determines what the price is >> all right deirdre, quick last word >> just -- i want to thank gina. well-said. this is kind of like ride sharing all over again is it a race to the bottom, especially as they're going into places like quick commerce they're competing with investor dollars, but gina, you're right. they're competing with silicon valley dollars pockets are flush. you have lots of companies in the private space throwing money here but if you believe in tony shoe, maybe you think he's going to win it all >> he has a lot on his shoulders. we'll leave it there thank you both very much for this edition of earnings exchange >> the volali of titybitcoin is

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. a quick check on crypto. risk is under pressure the bitcoin space is as well ether, not huge declines but declines nonetheless a lot of investors are turning to take risk off the table kate is here with more >> kelly, despite bitcoin's move higher, investors have been taking risk off the table. they're not necessarily selling bitcoin. more investors are buying downside protection in futures markets. analysts at glass note have been moving away from more speculative call options into more protective put options. last known calls it a new regime and shift in investor senment.

the key driver, rate hikes expected in march and fears of conflict in ukraine adding to some of that uncertainty in the past week or so, there's been a drop in overall leverage. the primary driver appears to be traders closing out their futures positions rather than forced selling hence why you're not seeing a bunch of volatility in bitcoin the spot markets have been stable and investors look to be riding out whatever macro uncertainty lies ahead analysts say they haven't seen a mass exit driven by fear or panic as we've seen in private cycles this speaks to a maturing crypto market but the rise of futures and derivatives adds to the potential for volatility last year a lot of traders got caught on the wrong side of risky positions. that was one of the big drivers of 20% and 30% swings we saw last summer. traders did need to liquidate at that point we saw forced liquidations last year offshore exchanges have put a cap on risks

buy-ins that used to allow 100 to 1 leverage. that's come down significantly >> and now that the dust has settled from the crypto bowl, any takeaways from that, from all the attention and i don't know about any flows, but certainly there was a lot of interest sunday evening at some of the give aways. >> yeah. it was interesting fascinating to see as much advertising as we did. i got some data from censor tower on monday. they looked at coin baste in particular it was like 186 in app store on february 12th, the day before the game february 13th in a matter of an hour, it jumped to number two and down loads were up 130% or so we did see a bump in down loads and app down loads one of the things that actually tom lee mentioned the other day in an interview, i was talking to him about these super bowl ads. if that would help potentially bring more traders into the market that's been something they're looking for in terms of -- there hasn't been as much retail interest lately. he said it could work the

opposite if traders get in and they're sort of drawn in by the advertising or any sort of perks, if there's a ton of volatility and they lose money, they could be spooked and leave the money permanently. you want the growth to be organic and some of that advertising can just be a temporary boost. you want to make sure at least on the side of the exchanges, it's an investor that is there for the long-term, versus looking for the $15 perk or their friend saying hey, down load this app. we'll see if it sticks around. >> it's a great point. unlike sports betting which can draw you in and make money off you for a long period of time, this not the same. kate, we appreciate it still ahead, shares of macy's are up 35% over the past six months my next guest says they could rally another 600% from here they have a lot to go. he makes his case next let's get show and tell. we show you a chart and tell the story. roblox on pace for the worst day

ever down 26% january bookings with a value of virtual currency shows acceleration here's what the ceo told jim cramer when asked why they can't make more money. >> we have so many opportunities to increase monetizing on our platform we're not really touching advertising. we're not touching 3d immersive shopping on our platform we're being gentle on monetizing we're being gentle on monetizing relative to quality user growth. 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. ♪♪

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welcome back today's data showing department stores sales jumped 9% in january suggest maybe consumers didn't give up on the traditional retailers. the next guest is making a bold call on macy's saying it could rally 90% from here. with us is omar saad what do you think the big story is >> thank you for having me yeah i think you kind of nailed it.

number one, stores aren't dead if anything in the soft lines universe omnichannel is continuing to prove to be the winning business model combining digital and stores and companies like macy's are finding an increased relevance in the marketplace. through covid with strong demand recovery seen strong margins from department stores and yet still trading at extremely low valuations six times implying that the market expects earnings to fall and not go up and we think there's been changes in the department store sector and earnings have a chance to rise and perhaps significantly. >> the multiple is sitting around 6 and the stock around 25 do you think this could be a 6 or 7x performer?

>> yeah. look it is a little bit of an illustrative exercise with the potential and these really big opportunities. real estate, monetization. macy's owns a lot of real estate and rolling out really interesting other digital related services like advertising and 3p marketplace business models. a lot of the same way that amazon and other internet companies do and the multiple for the stock will expand as they become like amazon in a way and we think it's a recovery from covid and pent up demand for fashion and apparel. the core macy's older customer not fully returned >> but basically to get the

stock to go up over $100 a share you have to see them sell everything they own? >> yeah. we show that macy's could monetize the real estate in a trance transaction and paying the rent expense longer term but to put the cash raise in perspective the entire market cap of the company is $8 billion. you could -- one would buy back the share base with that capital raise. some sort of massive lease back transaction is never done but with firms activists looking at the really low valuations and the arbitration between valuations it's an opportunity that becomes more attractive i

think to investors and management. >> we appreciate the ideas, omar, about what could happen if they get creative. thank you for the time today. >> thank you. still ahead the national price for gasoline is at $3.51 washington is taking in the but who is leading the charge and what they want to do now may surprise you that's next.

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welcome back rising prices at the pump are leading to a curious dynamic in washington with democrats proposing a tax cut and republicans putting up a roadblock. kayla tausche has the latest kayla? >> geopolitical uncertainty drives energy prices up for

american excuconsumers. they're trying to show they're looking to alleviate the pressures with a temporary suspension of the federal gas tax. in 2019, it raised about $45 billion for highway repairs. some senate democrats proposing pausing that until 2023 dares republicans to quash that tax cut. senate majority leader mitch mcconnell is not on board with concerns of larry summers has it right saying it's a goofy gimmick. democratic source tells me a big aspect is just messaging. >> so if this isn't going anywhere what other options might they explore since we did a release of barrels from the strategic petroleum reserve?

>> the administration could always release more from the emergency reserves and try to discuss another coordinated reserve with allies similar to november there are discussions nearly every day trying to coordinate with a possible ukrainian invasion by russia the white house pointed that out again moments ago. that is still on the table but the impact is short term the price of gas at the pump is still back higher than before the white house did that in november but with the proposal of the federal gas tax to show voters they talk and aware that hurts peoples' pocketbooks and behind the scenes what i hear from aides is there aren't that many pros to it and hard to put it back in place once you roll it back.

>> if they were to let it go for a while would they borrow and put $45 billion toward highway repairs or the money not be available? >> they can pass new legislation to find revenues but an issue that they need the money and one point that the chamber of commerce raised. so certainly there are a lot of critics of doing this but the white house is trying to show it cares. >> thank you that does it for us. "power lunch" picks things up right now. >> thank you very much breaking the fed minutes, details from the last meeting are being released at this hour. investors will be looking for clues on the size of a potential rate hike in march also about the shrinking balance sheet and other ways to fight the hottest inflation in 40