there's the dow industrial as we head into the weekend, up .25% the s&p up .3%, but nasdaq moving the other way by a bit. kind of a quiet end of the week. >> the major markets holding up really well in the face of this hawkishness. >> as you began the show, the 5% mortgage is back >> crazy we're going to talk about that all next week. have a great weekend, everyone thanks for watching "power lunch. >> "closing bell" right now. >> the dow is higher nasdaq down, and the s&p 500 pacing for its second winning week in a row. the most important hour of trading starts now happy friday and welcome to "closing bell. i'm sara eisen here's where we stand in the market the dow higher by about 100 points high of the day was about 234. lost a little momentum as we continue to see treasury yields spike. the ten-year going past 2.50 it's come off the highs right now. s&p up .3% the underperforming sectors, information technology and consumer discretionary, those are big wins on the week energy at the top of the market

today. the nasdaq underperforms still up 2% for the week, down about .25% right now russell also up .1%. the only one of the big four lower on the week. here are my big takeaways. >> another setbab for the frozen ipo market shares of the honest company plunging on a weak quarter and bigger loss, and it's not just honest a basket of newly public companies down more than 25% so far this year. doesn't inspire confidence for other private companies waiting in the wings to go public. it's happening in the private market, too. instacart cut its valuation by 40% in a new fund-raising round. surprising with all the hype around pandemic grocery online delivery sure, it cites the market turbulence, but it also perhaps highlights how difficult the online grocery business is to do profitably normal grocery is notoriously low margin, delivering temperature controlled foods in

a timely manner at a significant cost it only works by delivery fees walmart, amazon, kroger, no one has proven online groceries are a profitable business. >> and mixed signals from the bond market. which curve do we look at and what does it tell you? fed economists prefer the ten-month to three-year one. but the market has been watching the two-year, ten-year curve which is nearing an inversion, so what to make of it? well, three-month yields reflect the interest rate. they're all important. watch them all it's not a perfect science, but when we do see these unusual inversions across the curve, the odds of a recession do go up, according to history the united states and europe striking a deal to supply europe with more natural gas, as europe seeks to end its reliance on russian energy that gas trading higher following announcement of a deal oil also moving up today joining us now, helima croft and

ian brehmer, president of the eurasia group. helima, what are the market implications of this deal between the u.s. and europe? >> i think it's important in terms of making a dent on trying to reduce europe's dependence on russian gas. it's 15 bcm. we still have a ways to go, though, if we're really going to cut europe's dependence by two thirds where are the additional supplies going to come from? it looks like we're going to be rerouting additional supplies. we have 60% to 70% of u.s. lng currently going to volume. where are the additional volumes going to come from >> the other question is geopolitically, how it changes the equation for europe. it's sftill going to take a lon time to wean europe off russian gas. >> it is, and obviously one of the great and tragic ironies of this war is the fact that the europeans right now are funding it and they would like to get away from that as quickly as humanly possible by the way, there's still real

possibilities that the existing gas and oil gets severed irrespective of the fact that the europeans really need it, both because the russians might decide to take those steps themselves, and also, at major cost, but also because if the russians decided they were going to, for example, use chemical weapons, something that the americans are increasingly and realistically concerned about, i can't see the europeans maintaining their energy consumption from russia in that circumstance, irrespective of the cost it would have on their economies. >> is that already in the price, helima the financial added sanctions and an embargo from europe on russian oil? >> i could not agree more with ian. if we had a chemical weapons attack, it would put a lot of pressure on germany to say we're going to seriously restrict russian imports. it could also mean the u.s. congress passes secondary sanctions on energy.

i'm not sure they're pricing in that type of scenario yet. i think they're basically saying russian flows are being affected because of self-sanctioning by companies, but we don't have the major embargoes by companies that take significant quantities of russian crude if we got secondary sanctions that would be material in terms of how much additional oil would come off the market. >> it's sort of confusing to figure out the picture right now because we know there are still buyers of russian crude, right india, china how much evidence do we have of that, and how does it sort of reshape the world order? around energy? >> it absolutely reshapes the world order because the point is that you can even imagine in a negotiated settlement and the russians were to pull all of their troops out, and we're very, very far from that, you're still going to have a permanent decoupling of europe from russia over the medium term i mean, when you consider putin to be a war criminal as not just the american president but many global leaders from nato

presently believe, you're going to do everything you can to cut your economic ties and the fact that can't be done immediately doesn't mean it won't be done over two, three years time what that means for the future of europe, it's the end of the peace dividend much more spend on defense, much more focus on national security, and it's an ongoing level of confrontation. direct confrontation between nato and russia. whether or not there's a frozen conflict in ukraine, that confrontation with permanent nato bases and deployments in the baltic states, for example, with finland and sweden wanting to join nato, where the russians said there would be military consequences for that, with the germans spending 2% of gdp plus on defense, and all of these countries sending massive amounts of weapons to the ukrainians to defend themselves, while ukraine has a government that is as opposed to russia as could humanly being and sitting

right there on their board >> and really quickly, helima, we have to ask about saudi arabia you were just there and talked to sources there all day long. reports of another fire, missile strike on an aramco facility what do we know and how big of a threat is this to production now? >> we have seen a stepped up series of hoouthi attacks in aramco facilities, and officials are deeply concerned about the fact that these iranian nuclear negotiations we're not seemingly pressing iran on their support for these proxy groups the saudis are essentially saying you keep asking us for more oil, and yet our oil output is at risk because of these ongoing attacks. the united states, you need to do more to help us secure our facilities >> helima croft, ian brehmer, good to have both of you here with me. thank you. >> coming up, pot stocks have been on fire, just over the past two sessions on new developments in washington around possible legalization we'll discuss the possible

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on the rally an analyst at btig warning he expects the legislation to pass the house, but quote, we view it primarily as a messaging bill as it has no viable path to passage through the senate joining us, irwin simon, chairman and ceo of tilray good to have you here. clearly, there's a lot of excitement and shorts being squeezed in your stock right now, but that is a question. why would thas time be different? we have seen this before the house has gone after it, and there's no real path to getting passed in the senate do you think this is going to be different? >> so good afternoon, sara good to be here. listen, i think the interesting thing is over the last day or so, over a billion shares have traded between all the cannabis stocks out there the sentiment is, investors want this to legalize and i think the big thing is if you step back for a second, whether it's the moore act, the safe bake act, or full legalization, lawmakers got to get the message. this is what constituents want

this is what consumers want. and why it's good for the economy, why it's good and the canadian market, which is now legalized for three years, has contributed over $18 billion of taxes, over 150,000 jobs, $6 billion in infrastructure with that, consumers, constituents want that lawmakers have to listen to their constituents i think whether one of these acts passes, that's what's important. i think it says congress, senate, you have to get your act together here. >> you mentioned the safe act. some people say that's maybe more likely, this idea that banks will be allowed to do business with you and other marijuana companies, which is currently not legal. how far does that go, to you think, to opening things up? >> i think that gets passed. hopefully that gets passed what it does, it brings institutional shareholders it allowed interstate commerce among banks and allows us to start trading among all of the different states in regards to the moore act,

decriminalization, and i think a big thing here is the whole social justice part of this. listen, the best thing, sara, would be full legalization here. that would be the best thing if you come back and look at it, 91% of consumers want medical cannabis to be legal 62% want it from a standpoint of adult use. so it's something everybody wants. and if you come back and look at the size of the business out there, by 2030, expects to be $100 billion business. if it didn't legalize, it would be half that i'm not sure why this shouldn't happen it's basically being held up by congress, the senate >> are you lobbying? do you have any friends in the senate who should we be watching? >> i think everybody is lobbying everybody is out there trying to get their messaging across here. i think it's important but i think the thing is here, there's real good reasons why

this should pass there's real good reasons from an economic, real good reasons from a social standpoint there's real good reasons just for different states if you come back and look, what cannabis legalization has done for california, what it's done for colorado, what it's done to create jobs. that's what's important here and again, don't step back for a second i think the whole social justice part of this, and come back in the education part of this is so important. and listen, there is a big medical opportunity here from a research development here in regards to opioids and c canna cannabinoids there's so many aspects that are good to get the bills passed >> we have heard the case and you made the case many times there's still a lot of skepticism we don't want it to end up in the hands of our kids and our teenagers and we need to do this right and have research and data you know, you have heard that. there's nothing new there. my question, irwin, actually relates to the stocks. i know you can't talk about the

fundamentals because you're in a quiet period, but up until this week when we started to see consolidation and movement in congress, the stocks had been performing very poorly along the lines of spacs and high growth unprofitable tech companies. why do you think the sentiment has gotten so bad? what do you think investors are messing? >> because i think investors step back for a second and say the unknown, and investors don't like the unknown at least with a bill potentially in place, there is light at the end of the tunnel. but from a tilray standpoint, listen, the canadian market has gone through its challenges with covid and the market being closed, and i think that's going to change quite a bit. but tilray is in a good position here we diversified into spirits and beer we diversified and got a good sized business here in europe. we're number one in cannabis in the opportunities in canada, so i think investors here have not been high on these stocks, literally, because not knowing what's going to happen here, and

if there ever is going to be legalization listen, i have been on your show and i thought legalization was around the corner, and i was wrong. so hopefully something gets passed next week, but there is lots of work to do to get it through the senate and get the president ultimately to sign it. but there is so many good reasons here that make sense why they should pass >> well, we'll see what happens next week. we'll keep in touch. irwin simon, thank you for taking the time. >> thank you so much, sara >> tilray soaring today, up 20%. >> after the break, apple has also had a pretty good week, up more than 6% since monday's open mike santoli will look at how wall street may be changeing the way it values the tech giant in today's dashboard. >> dow remained positive but has lost a little steam in the final hour it's up 25 points. nasdaq still the underperformer. we'll be right back. you aren't about to let any cyberattacks slow you down. so you partner with ibm to build a security architecture to keep your data, network, and

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mike santoli here it take a closer look at apple's evaluation in the dashboard. it's a consumer staple >> it's trading that way it's actually gotten valued that way. here's apple against coca-cola this is price to cash flow, and here you see, apple used to be traded much cheaper because it was hardware, it was hit driven. people weren't really sure if they were going to get in every cycle. if you remember when warren buffett bought a big stake in apple, his thesis is they have pricing power, and they're using an evaluation model that is similar. you buy back a lot of stock, you do some m&a, and it gets you to a good total return number that explains somewhat where we are with apple >> thinking around apple is it was increasingly deserving of a services valuation because that's a bigger chunk of its business now there's word it might even do subscription hardware wouldn't that be better for apple than a statements

valuation? >> if it was a pure software services valuation, probably a bit better microsoft has a higher valuation, for example but it's almost two approaches to the same spot what investors love about subscription services and consumer products is steadiness. it just does not really wax and wane >> recession proof inflation proof. it's been a little defensive market, so this explains the strength thank you, mike. >> up next, the ceo of frontier airlines on how inflation is impacting travel deband and whether he sees more consolidation on the horizon

the price of jet fuel this month hitting highs not seen since 2008 it's the second largest expense for arables outside of labor today's closer is frontier airlines ceo barry biffle. frontier announced a deal to merge with spiret, creating the cou country's fifth largest airline carrier. welcome back nice to have you >> thanks for having us. >> i don't think you hedged on jet fuel, so how costly is this going to be? >> so no, we do not hedge, but we have a structural hedge in that we're america's greenest airline. most of the industry used about 15 gallons, so we save a

considerable amount of fuel. just structurally, while we're not immune, it's a lot easier for us to cover the cost in this environment. >> how are you dealing with it as far as passing it along to the consumer because demand right now is very strong i would imagine, so are you able to pass it on in terms of higher prices >> absolutely. we have actually said recently we have seen the highest sales that we have seen through the pandemic, both in total dollars as well as what customers are paying per fare plus their nonticket. so it's actually exceeding 2019 levels so we believe at this current rate, even with the high fuel prices we believe we can be profitable this summer i think what everybody forgets is that yes, inflation is going up, but incomes are coming up significantly as well. so we see an arbitrage potential where you have this really strong, robust demand that's roaring back people have more money than they ever had, so while we have to gently raise our fares, the

relative cost advantage versus our peers has never been this good since i have been in the business, so we think customers are still going to get a good value, but shareholders will as well because we cover the incremental costs. >> are you saying demand is so good and you have seen wages rise so much, err not seeing resistance or pushback from the consumer on higher fare priceprs is that in all parts, all routes >> we're seeing uniformly across the board, we're seeing significant demand that we have never seen before. and in fact, it's like i said, we're starting to exceed sales levels we saw in 2019. international is still held back, but i'm optimistic just like the masks, i expect those to go away shortly if the international testing goes away, i think you'll see the international rover recovery as well. >> you were in favor of the mask mandate going away do you think that will mean further demand, fewer instances of bad behavior? >> the majority of the bad

behavior is completely related to the masks and kind of enforcing that i was just talking to a bunch of flight attendants yesterday. they want this gone so bad and so i think thescience has changed. the virus has changed, the severity is not there. so there's still some vulnerable people, and they can wear -- you can even get an n-95 today if you want to wear a mask like if you want to get vaccinated, it's there, but the enforcing this and getting in fights onboard, that needs to go away i don't think the political science supports it anymore. it's time to rule out the mask mandate. >> how close are you to full utilization of airlines, which has also been an important theme? >> we're probably 90% of our full potential, if you will. and we're going to probably keep it there until we can get the equilibrium of supply and demand over the next few months we said we would like to return to full ute llation by the end of the year so by 2023 we're at

full utilization >> finally, we talked to spirit airlines ceo last week, and he doesn't expect any headwinds when it comes to regulatory challenges to the deal, the merger between spirit and frontier, even the american airlines ceo told us he doesn't see it as a problem. what will happen to fares if you are allowed to merge will they go lower or in this kind of inflationary environment, is that impossible? >> well, on a relative basis, yes. we're going to have to cover fuel that's a reality but on the things we can manage, you should see fares lower to more places, for more customersering because of the savings that we're able to do, and the combined entity, everyone wins. the consumer wins with lower fares and even more reliable service. it's good for shareholders, great for our employees. everybody wins with this we're really excited to work through the process with the government on it >> and as all the airlines are hiring again, have you seen any problems when it comes to attrition of pilots or anything like that?

because ramping up this capacity at a high speed with such strong demand is a big deal >> yeah, there's shortages in just about every part of the economy. yes, there's been pilot shortages, mechanic shortages. there's been ticket agent, ramp handlers, but we're slowly working through those, and i think the industry will get past this but yes, you probably got another six months to 18 months of challenges across the industry, but the answer is, in many cases, you just need people to come back to work, and we're starting to see that >> hademand ever been this strong, barry, do you think? >> i have never seen -- total demand would have been stronger once you get international, but in terms of domestic and in terms of a recovery, we have never seen anything like this. in the last 60 days, we went from the depths of a rough january and february to sales that have never been stronger. >> barry biffle, thanks for joining us on all the key issues

facing airlines. >> here's where we stand in the markets. less than a half hour left to go in trading the dow has gone negative, so we lost some early gains. at the highs of the day, we were up 234 still tracking for a positive week we're keeping an eye on rates with yields continuing to move higher the ten-year yield just below the 2.50 level nazdic getting hurt today. down about .8% resilience has been the theme all of this week for stocks. nike reunited with kobe bryant's estate, and wall street is buzzing about the impact that could have on the brand. that story straight ahead. >> and a reminder, you can listen to "closing bell" on the go by following the "closing bell" podcast on your favorite podcast app. we'lbeig bk.l rhtac q3. yeah...uhhh... doug? [children laughing] sorry about that. umm...what...it's uhh... you alright? [loud exhale] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers,

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what's wall street buzzing about? kobe bryant's estate is back with nike. it's been about a year since bryant's initial endorsement deal with nike expired now the bryant family is back, reaching a new long term contract to produce foot wear and apparel. in addition to rereleases of the 11 bryant models worn by bryant in his career, they'll launch new gigi bryant series for nike, this is a sales mover. last season, two kobe models were the most popular sneakers for nba players on the court 71 players wore them, according to baller shoes db, which tracks this stuff it was hard for fans to buy them kobe is also an international brand and especially huge in china. he visited there regularly for two decades. even after retirement, and helped put nba on the map for chinese consumers and fans arguably one of nike's most important growth markets oday. resale is always a good measure of demand. ebay told us 24,000 kobe

sneakers were sold last year 34,000 sold for lebron the first release of the new deal would be may 1st, which would have been gigi bryant's 16th birthday. >> the eu versus big tech. we'll talk to mark mahaney about the stocks to watch and the new regulations that could reshape the industry that and more when we take you inside the market zone check out the chinese internet names having another rough session. didi down more than 10%. we'll be right back.

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20 minutes left of trading welcome to the "closing bell" market zone. senior markets commentator mike santoli here to break down the crucial moments of the trading day, plus mark mahaney on how eu regulations will affect tech names. and marc siegel on retail. stocks are losing steam into the close. the dow and s&p 500 briefly turning negative just in the last few minutes dow was up 235 at the session highs, mike. still a really strong week for stocks is the market having a little trouble digesting higher yields today? the ten-year going past 2.50 >> that's one of the reasons for the hesitation, yes. i would also agree it's really not that much of a panicked respaubs to really eye catching moves in the bond market to me, the bullsjob this week coming into it was to preserve most of last week's rally. and really what's happened is they built upon it, so it's certainly a net positive it takes the indexes up into a

little more of a tough zone in terms of immediately making further headway. i think you would argue especially with yields doing what they're doing but net-net, it's a positive way to digest what was a very strong six-day rally coming into the middle part of this week >> the two-week chart really illustrates the bounceback we have seen in stocks. it has been fierce, it's been surprising and if you frame it in the context that everyone was so negative, there were so many reasons to hate the market and be scared and the fed hiking rates and becoming even more hawkish and even the doves coming out as hawks and inflation story and the war, and here we go, this big rebound what has that done to sentiment overall? >> it has improved it, but you know, to me, those things are not, you know, confusing it's not so much wow, i can't believe we got a rally when people were so negative. we got a rally because people were so negative, and we had priced in a lot of the negatives. we point out the nasdaq

composite. this week, it's been the story it's been mega caps, and because all of a sudden after the rest of the market rallied so much, those things looked like they had more catchup to do, they were further from their highs. that to me is the way you kind of walk upstairs, in some of these rallies, things start to look better on a relative basis. in terms of where ces sentiment sits, it's more comfortable, but not overly bullish we were in a deep hole in terms of how people were positioned and thinking, and we burned up some of it but maybe not all of it >> today, it's energy. it's either energy or tech at the top of the markets tech is underperforming today. energy, utilities, real estate, financials were higher it looks like most sectors are higher across the board for the week except for health care and real estate. how defensive has this rally been, and what sort of cyclical indications are you getting as the market continues to grapple with this idea that the economy is slowing and the yield curve might be signaling a recession

>> it's interesting, you almost have to go to the subsector level to some degree, because consumer cyclicals have been softer obviously, home builders, really tough. you have never seen this magnitude move in mortgage rates in 40 years to the upside. you have to be careful in that respect. autos look good, but that's because tesla was ripping. it's not necessarily the market is saying the economy is just going to power through here, but we have enough momentum on the job side, things should be okay. utilities very strong in the face of rising yields too. a little bit confusing but there is sometimes a little bit of an energy price kicker in those stocks >> lowe's, lennar, all down 10%. the bottom of the s&p, to your point. the u.s. will work to supply 15 billion cubic meters of lng to the european union this year in an effort to help europe wean off russian energy supplies. the eu hoping to cut its dependence on the russian gas by

tw two-thirds this year and end all fossil fuel imports from russia by 2027. let's bring in pippa stevens thee stocks are jumping. clearly, the market likes what it heard, especially the gas stocks what are you hearing from the companies? >> yeah, these stocks are moving sharply higher today we don't actually have that much information on what this deal means in actual practice on the ground the u.s. is already sending record amounts of lng to europe, partially because of pricing dynamics if you're going to get a higher price in europe than in asia, you're going to redirect those cargoes. and these take a long time to come online. new terminals cost billions of dollars, require extensive permits and a lot of money in capital, so it can't just be increased on a dime. as one industry source told me, this is less of a promise and more of an aspirational statement. but as you said, these stocks are all up a lot today upstream players like eqt, cotara, range resources are the gas plays. those are rallying the pipeline companies also up,

and the lng names themselves are really seeing strength across the board. >> how do we get, pippa, more energy production in the u.s.? we're already huge, but for oil and gas, which is clearly in high demand right now, is it a matter of more government or less government regulation from the biden administration, or is it has to come from shareholders who have been so tough on these companies, especially institutional investors like black rock, who have been pressuring companies to get away from fossil fuels and to do more on esg and to cut their budgets? >> that is certainly the question of the moment, and there are a lot of different opinions on this energy policy is of course incredibly complex. but to your point, these companies emerged from the pandemic lows when they were just beaten down wti went negative, and they are totally different companies now, focusing in on reining in capital spending and not growing their production around 0 to 5%, and part of that is once you

start paying out dividends and buying back stock, you can't turn around to the same investors who were burned over many years of underperformance and say just kidding, we want that money back, we're going to start drilling, and also on the policy front, there's a lot of conflicting signals from president biden. today he's saying we need to increase our production, send more lng to europe, but that's in conflict with the longer term goals to move to clean energy. the industry would say there's a lack of clarity on the policy front and that cuts back on spending because investors don't want to put up the money now >> kind of both of them. pippa, thank you and speaking of energy, devon energy is up nearly 20% since jim jcramer picked it on march 15th you can sign up for the cnbc investing club by going to cnbc.com/jointheclub or pointing your phone at the qr code on the screen are they differentiating between

gas, oil, or should you distinguish? it's across the board. >> it is pretty much across the board. i think that's because the commodity moves themselves are strong enough to float most of it the market is very cognizant, i do think, of who has leveraged most direct leverage to the price increases, where you might actually be able to see increased production and things like that. but really right now, it is a stampede into this sector. big question i do think, maybe from this point on, is just how much higher energy will go, needs to go, can go as a percentage of the overall s&p. you have almost doubled off the lows the rock bottom was 2%, 2.5% or something like that in the overall s&p. we're above 4% now we'll see where it goes from here right now, it's much more than that in terms of mine share. >> there's a new law out of the eu and it takes aim at big tech. the digital markets act designed to increase competition by partly curbing the practices of tech companies keeping customers

in their ecosystem, but that's not hurting the stocks now amazon, apple, facebook, alphabet outpacing the broader nasdaq today mark mahaney with us what do we need to know about these two new tech rules from europe once they're implemented, is it a revenue headwind for these companies? >> i hope not, and i don't think it will be but there's a series of things these companies are going to have to watch out for, and particularly, facebook, google, and apple. these regulations seem squarely focused on them in terms of forcing the app stores to allow alternate payments and allow what's called side loading or allowing other apps to be sold in their app stores in terms of no longer allowing the companies to do self preferencing, making sure that all of the users are required to give their consent for different activities on their platform so it looks like a lot of things, it depends on how it's interpreted by the courts or by

the actual executive branches, i guess the european union in this case i could see how it's going to make names like facebook, google, apple, and maybe even amazon very careful about their business practices i don't think it leads to a dramatic change. my guess is it's not going to materially affect their pnls >> is there anything you think could be a template for u.s. regulators which are way behind when it comes to any sort of regulations from privacy, which europe already did, to this kind of gate keeper, what they call gate keeper protections for people >> yeah, so sara, the one thing that jumped out to me was the self preferencing element of it. so i think senators klobuchar and grassley have legislation that would also stop self preferencing in other words, the example would be amazon creating its private label products and preferencing those in the amazon marketplace versus third party sellers. i'm not actually sure that happens, but that would be the kind of activity that the

klobuchar/grassley bill is attempting to stop and then that also is pretty broadly written, at least as i have currently seen it, how that's implemented by the ftc, by regulatory agency in europe you could trip up a lot of activities in the hands of others, you wouldn't >> i want to hit your new note on amazon. you continue to love this stock. you continue to thing the market underappreciates it. at $3200 you're at $4300 price target i think we just lost mark. he still likes amazon and he says the market is not appreciating it. says $4300, and part of the opportunity there is grocery >> let's move on activist investor starboard losing its effort to get on the board of chemical company huntsman starboard has an almost 9% stake in the company and was seeking four board seats however, based on preliminary voting results, shareholders have chosen to elect huntsman's ten member slate of nominees instead. shares are plunging on the news,

down double digits let's bring in leslie picker now that starboard has lost two proxy fights in a row, where box was first, what does it mean for their ability to do activism in the future because you might look at the stock and say, investors were with them and they were in the stock in part because they were agitating? >> yeah, it's unclear who exactly is selling today it could be starboard that's one of the sellers in the market today on these results, but you bring up a great point, sara this is certainly not something that's going to be great for starboard's brand. it's their second proxy fight defeat in six months before box, before september 2021 when they lost their proxy fight at box, starboard hadn't lost a proxy fight in nearly a decade the last time that happened for them was aol so it's pretty remarkable that it's taking place twice in six months' time the problem with losing a proxy fight, and especially losing two in a row, is that it begs the question whether management will kind of have that fear in them the next time starboard disclosing a stake that fear is what oftentimes

leads to cushier settlements they tend to be more cost effective than going the proxy fight route to get what you want but to your earlier point, starboard's lps, what they care about is not necessarily board seats, although it looks good from a reputational standpoint they care about what the stock price has done and huntsman up until today was up 50% since they disclosed their 13-d, so that's done really well. >> so has box, by the way, since even though they lost that one, too. sort of won the war on that, too, because it totally changed the company, and now the stock has been an outperformer, leslie my question is, huntsman is a chemicals company, for those who don't follow it carefully, and this has been sort of a long fight. i wonder how the fact that it is in this business right now that's kind of been in the eye of the storm on inflation and other macro factors has influenced what happened here. >> yeah, and activist world, sometimes it's better to be lucky than good. they're going to pick companies like huntsman that not only do

they believe they can drive shareholder value by shaking up the board room, but they also believe the company has an intrinsic value that is worth more than the companies are trading when they buy in it provides some sort of downside protection. huntsman certainly a beneficiary of the market and macro events taking place around it, and then of course, that's gone into the pockets of starboard and its lps as well. >> leslie, thank you leslie picker. do not miss an exclusive interview with starboard's ceo right here monday, 3:00 p.m. on "closing bell. cannot-miss interview. duant talk that much >> consumer sentiment remains at a decade low according to new data from the university of michigan this morning. overall, a pretty rough week for brick and mortar retailers joining us now, simien siegel, senior retail analyst, which is notable, because the overall market did well this week. the s&p, we're good fort a least gains of 1%, and retail did not

follow suit. are you concern about the consumerer >> i think the interesting thing here is all about the nuance i walk into meetings and certain compare it to last yearerse two years, ago, three years ago. trying to figure out when we have a post covid environment. we just named a group of stocks that didn't do well. there are others that are doing really well. i think 2020 and 2021 were these periods of rising tides lifts all boats. receding tides takes them all back 2022 is going to be a year of divergence nuance matters we have talked about it. there will be companies that structurally improve their business they're going to win others are going to watch all of that covid benefit fade back >> like under armour, is that still one of your top picks? >> it is which is a lot of fun. we're rewinding back to all of the conversations we have had. this is a company that took a ubiquitous plan and a bloated op-ex and used covid to refashion that they're doing a nice job

you have done a lot of work with them, you have spoken to them. we can see this conversation where they want to be healthier, not louder i think they're one of the ones that emerge on the other side that are up. >> they are down 18% this year, though 23% over the last year >> you know what, macro factors will do that i think -- and by the way, we're talking about where you start from so we upgraded the stock a little bit ago i think that right now anyone who asks me to call a bottom, any investor i talk to who asks me to call a bottom, i'm not that smart i think the question is, we're making conversation saying 1-h-21 was the perfect time to retail you had stimulus, pent-up demand, forget about omicron, about ukraine. we knew these six months were going to be difficult. we also know as we segue to the back half of this year, we're done with that, supply chain, container costs, different things become built in the question is going to be which of the companies that you want to own on the other side. i can't tell you in the next week we don't have global

pressures that hit even the winners, and if anything, what we're seeing is not babies being thrown out with the bath water we're seeing them thrown out before the bath water because the crowd of winners were the ones who have gotten hit the most i think absolutely right now this is looking out for their own and say figure we can look beyond the next three months and look further out, which companies are healthier? those i think -- the loss that they may have in the short term will vastly offset the gains we get going forward. >> any hint of a turnaround at peloton, or do you still hate the stock? you had a very good call you were one of the first to be negative then it collapsed. new ceo, new strategy. what's your take >> hate is a harsh word, but i think that the reality is we have yet to see what's changed right? you and i need to see what's changed. it sounds like we're getting different versions of price elasticity it sounds like we're getting different versions of promotions, and i think the question is, peloton is a great

product with a phenomenal community that probably is a lot smaller than it should be. we watched the last management team overextend themselves and the new management team acknowledging that, but what we're seeing is still a chase of growth under armour went through this this is a time needed between a restructuring and recovery it doesn't happen right away it still feels like we need to go through the restructuring before we can start getting excited about the recovery >> simien siegel with a new hairstyle, very nice haircut thank you for joining us bmo, with a new look >> two minutes to go in the trading day. mike, what are you seeing in the market internals we have gone back to positive territory into the close >> yeah, it leans positive, sara very much mixed under the surface, but you look at the volume split, the advancing volume has taken a little bit more of a lead over declining volume not dramatic in either direction. a little bit of a give or take digestion day. we mentioned earlier this week

it was the big mega cap stocks, the growth stocks, the nasdaq leaders that did do a lot of the work take a look at the extra large xlg russell 50 biggest stocks in the market relative to the small cap russell 2000 over the course of the week. you see that's a pretty good spread almost 2.5 percentage points of outperformance by the largest stocks the volatility index, again, continuing to play along now under 21 we have a big old spike on the chart. that means we're on firmer footing. 20 sometimes is that barrier between more normal stable trading and something else we haven't spent much time below that really since covid. we'll see if that's in the future next week >> going into the close, it looks like as far as the dow is concerns, we're going to get a positive close s&p 500 about 21 points higher, .5%. up almost 2% for the week. if you look at what's working today, energy is at the top of the list some of the gas names are really soaring. gas, steel, anything commodity

related had a very strong week technology did well this week as well nasdaq 100 about to go positive here on the week, up 2.3%. so a second week in a row of resilience for the overall market despite some weakness in the small caps nasdaq going out with a gain of about 1.8% again, second in a row that's going to defor me on "closing bell. have a great weekend now into "overtime" with scott >> pretty impressive move. thanks so much welcome to "overtime." i'm scott wapner you just heard the bells "mad money's" jim cramer will be here in a moment to tell you whether this rally can keep going. we begin with our talk of the tape whether it is in fact time to get a lot more positive on stocks given the burst back from the lows we begin our conversation today with bmo's brian belski. welcome back, brian, to "overtime. good to see you today. >> thanks so much for having us, scott. >> what a way we have come back. you look at th