are able to sell adult use cannabis 70% of cannabis shares held by retail investors and trade on good news. new jersey has millions of potential customers and then with new york and pennsylvania there are millions more. it is illegal to cross state lines with cannabis. stocks that support the industry, selling hydroponics. back over to you. >> myriad ways to invest if that's what you are looking for. thank you. does it for "the exchange. "power lunch" begins right now ♪ good afternoon, everybody. welcome to "power lunch. here is what is ahead on a busy monday natural gas prices surging to a

13-year high eqt, largest producer in the united states, whether he can step up to production to meet demand now from energy to food. you got high prices in food? look what happens to food. corn and rice, wheat moving up margins across the restaurant sector under pressure. looking at the names best positioned to withstand those rising prices. kelly? >> we are. thank you. stocks reversing course midday the dow up 90. still not session highs. s&p up 13. the nasdaq has turned positive, up 25 points despite the 10-year treasury yield reaching the new highs. 2.884. that's a level to keep an eye on energy is the best performing

sector today not just the food stocks natural gas prices soaring names rallying today rake and antero up 5%. check on the nat gas price over $8 of a million btus. highest levels since 2008. pippa stevens as a look at the move pippa? >> off the highs now but still up nearly 8% today prices surged above $10. highest since september 2008 this builds on five straight weeks of gains there are several drivers. first is global energy krcrunch sparked by the war in the ukraine. we are sending record amounts of lng to europe. forecast for cooler spring

temperatures are driving prices. and coal prices are surging which is leading to more demand for natural gas and production is constrained and inventory is falling. storm levels are now 17% below the 5-year average he said this creates a set-up with constant demand for natural gas looking forward. so the question is whether nat gas can stay this high and looking at the forward curve prices above 8 bucks if the year matt mayly noting from a technical stand point it's most overbought back to 2003 and utility bills are likely going up kelly? >> i'll pick it up thank you. eqt is largest u.s. producer of natural gas and benefitted from the strong demand in rising

prices sharings more than doubling since the start of the year. the ceo is telling us that the sky high natural gas prices are unnecessary. toby rice is ceo of eqt. welcome. >> thank you. >> let's get to the phrase unnecessary in a moment but i guess the question to begin with is do you have any supposition as to why prices jumped so much today? what happened? >> i think people started to do the math and looking at the situation. there's really just bullish indicators on natural gas. you mentioned storage lower by 15% than the 5-year average. look at the supply response. taking time to catch up. people are starting to see the realities of what this traditional underinvestment in traditional energy led to. and the bright spot is that this

is a -- i believe that the prices are unnecessarily high and we can do more if we are able to to lower the prices and provide cheap source of energy to americans. >> let's explore the comment you just made that the prices are unnecessarily high and we can do a lot more if we're able to. that sounds like if you are allowed by government presumably to do more explain why you say prices are unnecessarily high and what is the more that you would like to be able to do? >> sure. prices set by supply and demand. look at the supply people should be very excited about the fact that america has the largest natural gas field in the world. but having that resource in appalachia is a useless in combatting prices if we don't

have the infrastructure needed to connect to the wells that we drill, to the demand areas in the rest of the country. now, to show you how this is challenged here in appalachia. there's pipelines that have been canceled or opposed in last five years. almost 10 paterson of u.s. gas supply and taking one of the biggest resources that we have and it's been challenged to get that to market right now as we speak there are still pipelines challenged mountain valley pipeline taking gas down out of the basin to the southeast challenged as we speak and build to the north, east, south or west and challenged unfortunately that means that we are selling the gas for discount here in appalachia and americans pay unnecessarily high prices across the country. >> to be clear, the challenge to

those pipelines is coming from >> it's coming from a number of sources. particularly the -- there's a lot of environmental pressure on these pipelines. and quite simply because these environmentalists are concerned about the carbon footprint that comes with natural gas but unfortunately these people need to understand that natural gas is actually the biggest green initiative on the planet replacing coal and the more natural gas in the world the lower coal we burn and the reason why the united states is the environmental leader in lowering emissions unleashing american lng is the way that the united states can be a leader in lowering emissions on the world stage. >> it is kelly good to see you again. showing the price of nat gas over six months.

isn't it unusual to see prices rise so much this time of year what does this mean for electricity bills, air conditioning this summer why are prices up so much right now? i can't understand it. >> yeah. you are right. these are what we call shoulder seasons and where temperature is milder and send more gas to fill up the storage unfortunately that hasn't been happening as much as the storage is on the five-year average. prices are expected to be higher look out six months and this winter concerning to see that new england, massachusetts, gas prices expected to be north of $20 and to compare that to ap la sha in the january/december time frame natural gas will be around

$6 how can we have a big disparity? the reason is lack of pipeline infrastructure and the poster child for cutting off access to low coast supply like the shale by cutting off infrastructure. >> massachusetts looking at state data, 76% of the electricity is from natural gas. in other words, if they need air conditioning this summer they will pay the prevailing natural gas prices is this because of the war in ukraine? pippa mentioned coal prices spiking but why are we suddenly seeing nat gas double over the past six to eight weeks? do you expect it to stay up here >> i think people are doing the work and understanding bullish indicators on the price of natural gas. we whatted a traditional underinvestment in traditional

energy sources and this is sort of coming a head certainly the conflict you see in europe right now is certainly adding to that but this is a question of should we be helps the allies yes. 100% we need to do more when you realize what the potential could be here in america is if we can unleash the american energy we provide abundance and the surplus that we can use to supply if world with energy is going to give a tremendous amount of energy security to americans and this is going to ensure that we continue to pay the lowest price for energy around the world. >> kelly mentioned massachusetts. the senator from the commonwealth of massachusetts this morning in "the new york times" called for a win fall profits tax on companies in the energy complex that are making what she describes as win fall

profits. how would you like to answer senator warren >> yeah. here's the soich situation without the ability to carry gas out of the basin through pipeline infrastructure we have a low ability to reinvest the dollars in more drilling to create more supply so what you are seeing is that eqt will have a profitable forecast for this year now the best thing that eqt can do and american energy producers can do is reinvest to create more supply and done in the past and would like to do in the future but we need more pipeline infrastructure this is a sad state where we got the biggest natural gas field in the world. gas prices around the country are high and the pipeline infrastructures we cannot provide the gas the americans

need. >> appreciate you, toby rice. rising yields 10-year closer to 3% leslie picker has what it means for the banks. seems to be a lot of green. >> on the screen today for bread and butter banking rising rates are a positive for the industry according to an analysis every 100 basis points rise adds 30 percent taj points to share because it boosts net interest income which is the profit generated bay bank from interest on the loan making minus the yield paid as rates go higher so too do the interest rates that banks charge we heard several executives this

quarter tout the tail winds over the first quarter. bank of america said on this morning's earnings call if rates move higher they expect to see an increase of $650 million over nii from q 1. but here's where it gets tricky. if the fed hikes too aggressively pushing the economy into a recession that can crimp did banking business the yield curve inverted that's a signal that the macro picture could be in for pain down the road guys >> thank you coming up, checking the charts why a top technician says the rally off the march low is ugly.

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switch to xfinity mobile for half the price of verizon. that's a savings of over $500 a year. switch today. welcome back to "power lunch. i'm dominic chu. check out charles schwab down under pressure after the retail brokerage giant reported a

decline in profit and revenues the trading revenues fell 21%. with executives noting that trading activity returned to more moderate levels we saw a lot of retail trading excitement including that so-called meme stock frenzy and rally. i'll send it back to you. >> everyone is back to work now. thank you. the s&p is up about 5% from the march lows despite coming off two straight down weeks next guest says the relief rally mayfair run out of steam he explained the outlook in a new note to clients this morning. let's bring in ari wald with oppenheimer. you have been cautious i have heard you being cautious over the weeks about the market so is it rates does it matter what it is? what do you see in the charts?

>> yeah. interest rates have been a big driver of the weakness that we have seen and really what worries us of that and seeing it in the equity markets is very weak internal bradth and the lackluster participation even through the march rally failure for stocks to get above the 200-day moving average we like that indicator a lot if the market's rallying see at least 60% of stocks above the 200. we couldn't get that in the january high we couldn't get that -- we topped 50% recently in march we see distribution. i think you have to see the reading below 20% to mark what could be the secular bull market's next big opportunity. here you talk about the broad

market and what needs to happen for it to establish a base and a turn and why you see choppy times ahead. within the broader market are there pockets of prosperity that you can point to >> there are i think it's very likely markets don't go in a straight line. i think the coming weeks could be characterized by very choppy action in the market with areas working and not working. we screened the s&p industries for areas of relative strength and seeing the relative strength are in low volatility groups and selectively in large cap growth areas and machinery to the upside discount retailers you have to dig and kind of be

more selective and got do go down to these pockets, the smaller pockets but they are out there. >> dollar general not nordstrom. in the machinery agriculture area >> all for different reasons discount retailers it's broader it's not just dollar general but dollar tree and target dollar general we like outperform by the retailing annual west the dual tail winds behind it. just broke above the august peak a sign of relative strength. buy that breakout and stick with it looks like a great summer represental. >> you say watch the small caps. right? >> yeah. small caps, russell 2000 is

indicative of the weak internal breadth we have seen a lot talking about the move from growth to value i would say from small to large caps with equally important. russell 2000 broke a yearlong neckline the top in january been consolidating so again until the russell 2000 can reclaim those resistance points, i think that's a pause ahead of another move to did down sy and an area to stay away from this summer cyclicals could be due for a tough summer ahead. >> thank you for your time. >> of course, thank you. upsetting the apple cart an apple store making a push to unionize details on that. plus thinking outside the ox a company disrupting

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all right. welcome back workers at the grand central apple store have partnered with workers united to form what would be the first apple retail location to unionize but as we see with amazon these union pushes don't come without a tough fight. steve kovac is here with more. what do they want? >> they actually just updated their demands. they're asking for $30 an hour men mum pay up from $20 an hour.

better 401(k) matching, more vacation time and tuition reimbursement. i don't know if you have been to the grand central location apple store but they asking for things like dust and noise pollution studies. >> what if any response has the company made >> yeah. so right now the company is really highlighting the benefits they already give why for example, that $20 per hour minimum base starting pay. they do matching to some degree and give stock grants to retail employees up to a $2,000 it's really above average for a lot of retail jobs pay better going to a mall you want a job at an apple store than a best buy or something else. >> other than the location on the second floor at grand

central and they have particular needs there. why is this store such a flash point for the minimum wage demands and unionization broadly? >> this is not going to surprise you. screaming inflation. pointing to inflation rate that we have heard other efforts make light of like starbucks and talking about the huge cost of living in new york city why it is not cheap to live in new york and so they're pointing to that and apple is most valuable company in the world and they could afford to pay them more than other locations. >> is this likely to be a bitter fight? >> who knows i can't enforce this enough. it is very early in the process. only just now catching

signatures they have to get 30% from the 270 workers to sign a card to hold an election just one location and you can b bet apple is going to fight this. >> thank you very much. >> thank you. now to kristina partsinevelos for a news update. >> thank you no humanitarian cease-fires are expected soon in ukraine but maybe in a couple weeks ago the united nations head of humanitarian aid mayor of mariupol said 40% of the residents have been moved to russia russia denies it's targeting ukrainian civilians. >> they say there's a new russian offensive sayinging attacks are increasing. in florida a judge voided

the cdc mask mandate a trump apoen tee said officials exceeded the authority the ruling does not immediately end mask requirements on airplanes or buses it is set to expire may 3rd. >> thank you. bitcoin struggling back below 40,000 a pop despite recent weakness miami working to become the crypto capital. restaurant edition of three-stock lump from fast casual to fast food in the rising minimum wage environment.

we got about 90 minutes left in the trading day we want to get you caught up on the markets. let's begin with bob pisani at new york stock exchange where stocks are a little bit higher welcome back, bob. >> good to see you again yes. it is a choppy day we have gone in and out of positive territory three times today. that's a lot and means sort of

up and down. let's show you what's moving jpmorgan is finally getting a bid there. caterpillar great lately chevron is a great performer still doing well here. laggards, home depot is continuing to lag. terrible quarter as the home play stocks don't do so well johnson & johnson is great proctor is great earnings this week for them. coca-cola doing well defensive names. new highs? always the same. apa doing well hess, valero, halliburton. consistently on the new high lust every day same time interesting stocks on did new low list today we had a big trust name, bank of new york, earnings report is a new low. trust names also at new lows why the banks.

we had big tech names. lam research, skyworks solution, apple supplier hitting 52-week low. back to you. >> thank you the 10-year yield to the highest level since late 2018. rick santelli is tracking the action >> exactly correct chart starts in late 2018. december to be exact see the 10-year yields on the march since all-time closing yields in august of 2020 at 50 basis points 30-year bonds are close to 3%. march 19th of 2019 is the last time at that level most likely crossinging that threshold quickly. you see a one-month chart there.

and the right curves are flattening look at the 3-month versus 2-year the fed is dragging their feet on everything from the verbal side now t-bills had a chance to play catch up and they are. flattening which is very normal at this point in the cycle where the markets are way ahead of the fed. dollar index marches along looking to close best leflts since march of 2020 with other currencies behind. back to you. >> all right thank you very much. oil is closing for the day more than 15% in the past week up let's take a look at the action. 1% one week 14.23%.

nat gas trading above $8 in the session. up only 7% off the best levels but it is up more than 100% year to date. that is what you call a double but bitcoin has been falling back below 40,000 today. kate rooney joins us from miami and the emerge americas conference where crypto is a big topic of conversation. >> hey, tyler. looks like a choppy risk off week for tech stocks and therefore bitcoin. dropping to a one-month low s.t.a.r.t.ing in asia market this morning recovered to $40,000 and now 40,800 trading like a high growth tech name stuck in this range as investors assess that rising rate environment and some of the

broader macro picture. fundstrat looking at bitcoin and the qqq. others are pointing to a decrease in open interest on the cme which in the past is loosely core lated with the price of bitcoin. outperforming the rest of the crypto market. all look to be down between 4 and 6% and recovered a bit today. none is dampening the enthusiasm here in miami. i sat down with mayor suarez he takes part of the salary in bitcoin and said he is not checking the price every day. >> i look at it as a long-term play the gains in bitcoin every year it is i think fair to say been the asset class that grown the most in the history of all asset classes. that's a hard thing to maintain

but a good thing to think about. >> reporter: so miami still isn't at the level of new york ore san francisco with investment dollars but mayor suarez thinks they can take market share from them. >> we transfer to miami in 16 months at this pace, if our gain is their city's losses we could overtake them in as little as two years. >> reporter: keeping an eye on it back to you. >> you certainly -- he is right. there's asset managers moving to south florida. i don't know about overtaking new york in two years but let them have the ambition they have relocated. >> reporter: lofty goal. you are right. it is wall street. not just the tech names. wall street is a goal.

asset managers, hedge funds and the remote work helps and then the tax environment here has to be a factor. >> maybe we need a miami outpost. >> miami bureau. >> kate! all right. >> fight you for it. >> tyler, the three of us i feel like every week there's a tech conference talking to investors that have moved here and everybody is coming to them. >> thank you coming up, a clean start highlighting iron ox a startup with robotics and ai to disrupt agriculture we have more when "power lunch" continues. (vo) some bonds last a lifetime. some bonds inspire confidence, and some you grow to rely on. these are the bonds worth investing in.

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the bad guys is the winner of the truly moving picture award. oh, stop! you making me blush. it's an action packed animated adventure. show the world that you're more than just a scary stereotype. everyone will love. is this wagging? - good right? welcome back a major challenge of fighting climate change is how to do a central activities and a greener and cleaner way. an example is agriculture. necessary for feeding people and contributor to climate now new farming, technology and companies tackle the problem

diana olick has a look at a company in the continuing series on clean startups. diana? >> agriculture production uses about a 70% of the global water. farming is now moving inside and farmers aren't what they used to be >> reporter: meet grover and phil they're autonomous robots or farmers of the future working at a 6-year-old california farm based startup. >> we grow in natural light farmhouses we want to grow closer to people in a more sustainable way. >> reporter: it is combining robotics, ai and indoor farming to transform industrial agriculture. >> we have different robots tending to the plants. checking on it scanning for issues and

adjusting the nutrients. >> reporter: it is in contrast to what he calls the spray and pray approach where more chemicals create less quantity and less quality the advantage of growing indoors is anything at any time regardless of climate and climate change iron ox can vary what it grows from vegetables to fruits and berries and using hydroponics so water goes to the roots. >> a lot of the water in fuel farming is washed out and nevada reaches the plant. >> reporter: they're expand to texas. alexander said the company will produce 100 times more produce over 18 months it is backed by bill gates total funding to date?

$98 million. now there is plenty of competition in this space. but the space is incredibly large. he points out that food done right has the ability to reach more people than the top five tech companies combined. kelly? >> how do i dyou get the scale o grow enough? because these are all indoor facilities with hundreds and hundreds of acres. >> you make it indoor and why part is not a vertical farm and seeing them which is of course farming high up so you don't take up the space width wise but if you take farming from the inside and put it inside they can make it much more clean than outside with the earth and protect themselves from disasters of climate which affect crops as much as anything

else. >> okay. thank you. with the food theme dinner and drink. up next, the best positioned restaurant stocks. the glasses are full looking at three when we return. hey businesses! you all deserve something epic! so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing business customers our best deals on every iphone. ♪ ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

our three-stock slunch focusing on the meal today corn prices at a 10-year high. rice and wheat prices surging. soaring labor costs are weighing on the restaurant stocks we have a name in each part of the restaurant industry and barclays said darden is best positioned chipotle raising prices. fast food wendy's hit with a downgrade at bmo saying they're not well positioned. to trade them let's bring in chad morganlander manager at washington crossing advisers welcome. let's start with darden. do you agree >> i do. i think it is well positioned in the long run little debt on the balance sheet. it is a consistenting growing company. they have the flexibility to

increase prices. i don't think when they do increase prices that volumes or traffic to the stores will decrease we are very optimistic about the consumer coming the restaurant industry overall in 2022 and into 2023. >> you're2023. >> you're optimistic >> yes, we believe the consumption patterns over the next two years will bode well for the restaurant industry. there has been a convergeants like you just mentioned of pricing pressure from input costs as well as labor issues. we think the labor issues will subside and you can see positive margin accretion in darden over the next several years >> let's talk about chipotle what do you see there, chad? >> so this is a great momentum stock overall. the problem with us is we believe that the valuation is perfectly priced here. we're selling at a 50 times pe multiple for 2022.

and perhaps that 38 times for 2023 it's just really quite rich at this point growth rates, though, are quite high with revenue growth rates plus 15, 20% as well as earnings. but overall, it's just i think a bit ahead of itself as a trade, and even when you look at 24 to 36 months out. >> all right, so that's chipotle we talked about darden what about wendy's that's the one getting the downgrade today. the analyst doesn't think that they're going to come out ahead when the consumer really starts pinching pennies >> and it's also, kelly, regarding pricing. can they increase their pricing, prices to keep up with the margin pressure? we think that this one has some trouble. also, due in part because it has a lot of debt on its balance sheet. it's below investment grade by s&p. we would avoid this one.

we do think it's a lower quality name there are better names within the fast food side that one should look at but overall, we think that wendy's for this time period, you're not getting paid well for taking on that risk. >> is the mcdonald's we know we can't invest in chick-fil-a. who do you like in the food space? >> i would pivot a bit and go with starbucks we own it in our rising dividend portfolio. it has come down substantially we believe margins will hold up and that the management team there is doing quite well in regard to transitioning their business it has been hit hard based off covid related lockdowns within china. that's where most of their organic growth has been coming from and will come from over the next several years we do own that company and have a buy on it. >> so you like the fact that schultz is back. >> i certainly do. in fact, we do endorse the fact that he's reinvesting back into

the business that's how you gree your business over the long run buying back the stock price for us is not meaningful you want to see top line growth, and they're going to be taking care of that in the long run >> chad, thank you so much we appreciate it are the drinks even empty yet? >> they're all empty now >> still ahead, wages are up, but wait until you see how much more ceos are getting paid maybe you would be surprised or not more "power lunch" is next it listens, learns, adapts and anticipates your every need. with intelligence... that feels anything but artificial. the eqs from mercedes-benz. it's the car electric has been waiting for.

of the stats on ceo pay may surprise you dominic chu has been putting the numbers under the microscope >> we know who they are. the company that every year tells us who the highest paid ceos are, what they do, how much they make, and that sort of thing. they talk about things like the gender pay gap and what not. well, 2021's numbers are in. as tyler pointed ow, we have the top five ceos in terms of total compensation that includes both the cash payouts and the stock grants options, restricted stock units, that sort of thing take a look at the top five. in the top spot, intel's pat gelsinger who took over $178 million worth of total compensation a mix of cash and stock. tim cook at apple, roughly $98 million. hawk 10 at broad com, $61 million. microsoft's sat yeah nutella

around $51 million, and tom rutledge at charter communications, very big cable powerhouse taking home the number five spots at $42 million. if you take a look at the overarching macro stats. this is where things get more interesting and of course, with the overall narrative these days about what's going on, you do have ceo pay coming in much higher than anticipated from before we're talking about a 31% increase to about $20 million for median ceo pay that's on a survey of companies that are making at least about $100 million overall in revenue. so if you take a look at that, they also talk about this idea that the pay gap between ceos and normal wage employees was widened. take a look at this overall stat you can see here, $254 in ceo compensation for every $1 of the median average wage worker at that particular company. that's been a very political lightning rod for a lot of folks for a long time. but what's significant about

this, guys, is it's a 7% increase that $254 to $1 ratio, a 7% increase over 2020 that's when you start getting to this discussion about whether or not that kind of pay is starting to show badly among main street america and that's when it becomes an issue, because we know there is rr all these unionization efforts at companies where they haven't had unionization efforts before. >> exactly a couple other minimum wage announcements from verizon, from fifth third bank they'll show the full screen >> what's interesting about this is how are these companies able to pass those costs on if you're going to pay higher wages which we know a lot of companies are, does the company end up absorbing those in terms of margins or are we as a consumer base in america more likely to stomach or tolerate paying higher prices because we know it's for the greater benefit of everybody else out there who is able to then take a little step up in terms of their overall pay. >> a famous question asked to babe ruth when he was making

$100,000 was something like, how canio justify getting paid more than the president of the united states and ruth said, i had a better year than the president of the united states. gelsinger on intel, why was his so much higher than the number two? >> that's a lot of incentives, because -- >> he's new, right >> a big plan in place if he succeeds that's when the payouts really happen >> is it even fair to put that number out there, to put it up there that way it makes like it sounds like they took that much money home and put it in the bank >> the big thing here we have to understand, for all viewers, not just the rich or lower income or middle spectrum. for a lot of folks, this is about wage compensation versus stock compensation i don't want to make light of this when i say a ceo only makes -- for a ceo that makes $100 million, that might be a $5 million cash payout package with $95 million in stock those incentives only vest if

they meet. >> exactly >> we get paid about $250 million for this we want you to know about the "power lunch" podcast. you can listen to us on the go look for us on your favorite podcast app. follow the "power lunch" podcast. >> leave us a review that's what people always say. leave a review, follow thanks for watching "power lunch. >> "closing bell" right now. >> stocks mostly higher heading into the close after an up and down session the most important hour of trading starts now welcome, everyone, to "closing bell." i'm sara eisen here's where we stand in the market higher as i mentioned, though off the highs of the day dow got as high as up 1 skaesk we lost a lot of gains, up 34 points or so best performer is energy, financial, technology, and materials. some of the hardest groups like semis and software are bouncing back, but you have weakness in the defensive groups like health care and consumer staples weighing on the overall market nasdaq is flat, and small caps are lower. want to zoom in on the