recovery, equities market and blackrock is the name i would buy. >> lori fink owill be on mad money tonight with jim cramer. don't miss it later. that does it for us. and i'll see you in overtime with the tesla numbers hoi, everybody a familiar refrain lately, the nasdaq leading today's rally in fact the dow is negative while the nasdaq is up 1.5%. so is tech the place to be one of our guests says yes as long as it is resilient tech what he is buying and what he is not. plus europe's energy crisis, countries are now being asked to ration nat gas we're live on the ground in germany for the latest and whether it could happen here next and tesla, united airlines and

d.r. horton all on deck are results. we have the trade on all three in today's earnings exchange but first over to that man dom chu with our market number >> i wish that i could tell you that there was better news but we're still positive but we've lost some steechl and markedly so the dow industrials are actually negative down about 30 points we had strong gains for most of the morning. the s&p 5003955, so we're kind of creeping back up toward that 4,000 level. up about 19 points that is half of one percent, that is pretty solid but to put context around where the trading range has been, at the lows of the session, we were down roughly 14 handles. and highs of the session, up about 38 so tilting a little bit more toward the highs but generally in the middle of that range so we've lost a bit of steam. com post it index, 1.5% gains. so we'll see whether that momentum can find some direction.post it index, 1.5% g.

so we'll see whether that momentum can find some direction.it index, 1.5% gains so we'll see whether that momentum can find some direction. we're watching between small caps and large caps. over the course of this kind of month to date period in july, you can see that they have been trading pretty closely to each other for the most part of this month year, but it is in the last couple weeks that we've seen some real outperformance in those small cap stocks so whether or not that is a better indicator for possibly better times ahead for the economy remains to be seen but remember in times distress, that is something to watch and cryptocurrencies, if you take a look at what is happening right now, where he still above the 23,000 mark, up about $230, 1% gains there off session highs. ether is drifting into slightly negative territory and then coinbase is up 11% today on this big rebound that we're seeing in crypto prices. and to put it in context for you, if you look at a long term

chart of bitcoin, we know it has lost about two-thirds of its value since the record highs again, a big move down lower but this bounce that you are seeing here is now up roughly 26% off the lows in just the last couple of week. and ethereum prices are up double that amount so whether or not there is a bullish move here, keep an eye on 25,000, that level in bitcoin prices represents the 50 day average price. above there, some traders say there might be a change in sentiment. >> dom, thank you very much. and energy shortages are quickly becoming the top global worry point and europe is ground zero the continent on edge ahead of the planned resort of the nord stream 1 gas pipeline and/or how much gas putin might let flow. and european countries are being asked to ration their nat gas consumption by 15% and right now, nat gas prices are spiking, jumping nearly 6%

just in the past couple minutes. for the latest and the fallout, let bring in our own brian sullivan who is in frankfurt, germany, a country that is the foe cull pocal point of the cri. >> reporter: yeah, that is why we're in the uk talking about the same thing i know 15% does not sound like a lot, but put that in perspective. take 15% of a year, effectively that is, what, six months or a week and a half of total energy consumption, 15%, i mean, that is a massive number. and there is also a provision in the proposal where they would basically say that you have to do it, that they can actually force it if this proposal passes so it may not be as voluntary as some think and even a 15% -- you could maybe shave, what, a percent and a half off gdp, the european

economy is as bill big as america. take 1.5% off the american economy, you will see corporate earnings fall and you could see the stock market fall. could get day it as early as 6:00 a.m. berlin time. and one of the key events of the year >> and the numbers are so shocking when we look at some of the inflation data it is pretty terrifying when you read about what could happen going into the winter. what is it like in terms of the movement when you speak with people there are all these headlines overblowing the real ranger on the ground or are people really ne ni never us >> people here are trying to say they are not nervous but they are nervous.us >> people here are trying to say they are not nervous but they are nervous. we were at the steel mill earlier today and of course they are worried. this is their career what if the government says that you need to shut down this steel

mill, you use too much power maybe they get furloughed a couple weeks with pay. that is one thing. but what if industries are shut off for a couple months or longer this proposal is for eight months, not eight days not for eight moweeks. but eight months and it affects u.s. markets as well people are saying why are you over there, but it has to do with the u.s. because you have huge percentages of sales from s&p 500 companies that go to europe if the european economy takes a huge hit, if germany takes a hit because of energy, what do you think will happen with corporate earnings in the united states? they will take a hit small anecdote heatwave, maybe you want to take your kids to the pool. a lot of community pools in germany are closing because they can't afford the energy to rub t

run the water pumps and they are talking in some towns turning basketball arenas into centers for older people because they can't afford their bills right now people aren't getting hit, but at the end of the year, it is very likely that people's energy bills will triple, millions can into the afford to heat their homes like in the uk. i know it didn't get a lot of attention, but far more people die of cold than of heat >> and i wonder as well, because a lot of this goes back to putin's war on ukraine, is his long game as i've read, it is suggested to basically foment populist political reactions by when people realize these bills or aren't take it in a few months time and turn and maybe throw their governments out, that is why we're watching e events in italy.

so do you hear people upset at their leadership over there? >> absolutely. so boris johnson, out. he had other issues, get it. but draghi is hanging on a thread in italy. you could see other things happen .on drive down here to frankfurt, by the way the ecb decision is from here from frankfurt tomorrow, steve liesman will be hitting that, we spoke with a representative from another -- not germany, but another major eu block and their energy minister's office and i'll tell you this, what they said is they think putin's goal is to fracture the eu using energy as the wedge. basically get every nation to say, yo, we're sorry germany, but we're france or we're the netherlands or we're spain and sort of becomes this every country for itself type scenario driving that wedge in. using energy and by the way, i'll say this, if you ask me to get on what the outcome will be based on every conversation i've had, there is other reports too, i think that

the flow does restart tomorrow probably not more than 20% putin kind of said as much in iran overnight by the way and he may -- he started to talk about nord stream 2. like in other words, nord stream 1 has problems, so maybe you need nord stream 2 he is playing a lot of games here >> and i'm very glad that you are there. really appreciate it i know that you will be there for a few more days. and it does help give us a sense of what is happening brian sullivan in frankfurt for us let's turn to the investor angle where higher prices are clearly bullish for energy stocks dan pickering is with pickering energy partners. what is your response to all of this you heard brian describe this very different kind of bull market that we are in especially that we're given basically in a bear market in oil in the last

few weeks anyway >> sure, energy as a weapon not something that is fun to talk about. when we look at the u.s., we're a bit better situation, right? we have a lot of gas, we're exporting gas and so not the same situation as europe we arebenefiting from higher prices we the industry. that will flow through to our consumers and our population as we move through our winter but right now, it is bullish for u.s. natural gas prices and it is bullish for u.s. energy stocks >> and nat gas prices have still just about doubled probably year to date or over the past year. and so we've seen stocks of big producers move accordingly but if we see further moves to restrict our exports for instance, would that be a problem? >> what we've seen is restricting imports and bottlenecking commodity whether products or gas would be a negative for price we've seen that.

freeport lng had a problem restricting exports and we saw the price come down temporarily. so yes, if we reduce sis bad th. but generally we'll be part of the energy solution for europe and that will play out the next three, four years. so generally bullish for price >> any reason why people shouldn't feel comfortable bets on stocks like cheesapeake and for the natural gas price to rides further? >> when you look at that, these stocks are very inexpensive, two to three times cash flows and generating cash yields in 23 of 20% plus so inexpensive and they have this tail went from a macro perspective. so it feels like they are a good place to be. energy is not particularly popular with the market right

now. but the underlying fundamentals are strong and the stocks are cheap. so it feels like a good place to continue to have exposure. >> what would you do on the oil side of this especially -- look, we know the president wants to push things in a clean energy way. and will probably pursue means like further wind fall tax or something to that effect if they have to, if they feel like prices go back up and the consumer isn't responding well to that. >> yeah, oil names i think are still part of the energy portfolio for sure because they are also inexpensive and we got a tight oil market i think that there is more political risk around oil and you've got an overhang of energy transition natural gas will be a longer term part of the answer. eu just said natural gas is part of the green solution. but gas probably more favorable 15 year trends but in the near term, both oil and gas stocks i think make a lot of sense to be involved in >> dan, we'll leave it there thank you.

president biden is set to announce a new set of executive actions this afternoon aimed at curbing climate change and promoting clean energy renewable stocks are still down since january. could they get new life? pippa stevens has more >> and first up, you know the climate crisis was a huge part of biden's presidential campaign but many of those goals have been sidelined and we can see that reflected in renewalable energy stocks. take a look at this chart. it tracks the broad range of clean energy names and you see the momentum lieu when biden was elected in november 2020 and all the way to january 2021 it has been downhill since then. and the administration has been unable to move things forward, leading to as one person told me deep pessimism on the policy

front. but on the flip side, fossil fuel prices and a grid that can't keep up and more weather events mary powell telling me that demand for solar systems is off the charts but still stocks have been hammered more than 70% below its 52 week high >> and the bigger news seems to be centsenator manchin saying ls not move forward with this significant piece. >> and that was there, the biden administration's hallmark slenl legislation, more than $300 billion in the bbb for climate crisis goals and so biden could declare a nags at emergency, but we've heard that that is not going to

happen today there is also the hope that some of the tax credits could be extended because that has received bipartisan support and was last extended in 2020. so, you know, all hope is not lost but senator manchin owe poeding the bbb at least for now is a big hurdle >> and so much smaller and 9 stocks obviously showing that as well and while stocks haven't found their footing, the economy may be slowing, but time to look on the bright side you can pick up companies with lasting resilience for cheap and plus the earnings parade rolls on with tesla and united airlines reporting after the bell the numbers to watch ahead lily! welcome to our third bark-ery.

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welcome back let's keep an eye on the markets. the dow down 110, the nasdaq remains up rick santelli is tracking the results. >> and it went spectacular i gave it an a and it had a couple negatives but so many more positives

look at the 20 year bounds, the yield 3.42 and several basis points below freezing the issue market. second highest yield ever for 20 year, last month being the highest at 3.488 this is 3.42 and we had a bit of a weak bid to cover, a bit of a weak directed bidding at only 14.1% but the only two categories, enco indirect bidders indirect strongest and if you were going to buy into a treasury auction, wouldn't you buy the maturity that had the largest yield by 1 26 basis points? >> so fascinating. why is the ten year yield relatively so much lower than

the rest of the curve? >> this is called liquidity. the 20 years a bit of a three legged stool others have bigger auskss and easier to buy and sell >> people are a little worried about that rick, thank you.>> people are ad about that rick, thank you.and sell >> people are a little worried about that rick, thank you.easier to buy al >> people are a little worried about that rick, thank you. stock market has a long way to go before returning to a steady state but my next guest says this is a great opportunity to buy steady names at lower prices al ban boomer is joining me now. good to see you. give me an example of what you think is an opportunity that people should pounce on. >> you have to think about some of the good things that are going on there is so many bad news. who wants to hear more bad news? the market is really overlooking so much of the good news biggest thing of the consumers

consumes in the u.s. are in a strong position. we have low household debts to pay, we have high cash balances. look at even the jpmorgan results which has shown that consumers the balances are high, wages have grown consumers are in a strong spot >> so what stocks do you like as a result >> i really like big tech. if you look at what is going on right now, everyone had been talking about value stocks they had been talking about energy, food and i think that tech has been overlooked and there is so many of the bad news that is already priced in one of my favorite names is meta meta really just got hammered in the last 12 months and it is a great business like they have got some challenges i think that their results will be a bit volatile in terms of their ad revenue but i look at the valuation, meta is trading at 13 times earnings, trailing earnings. it is almost ten times

if you look at what we expect future earnings to be, i see a tremendous amount of value in a business that has strong growth begins >> interesting that google will halt hiring for a guy weeks or slow it, we've heard the same from apple and microsoft what do you read into that >> they want to keep their revenue base the same. and i think that is smart. a lot of signs are pointing to a recession, a lot of signs when you look at the yeat the yield o look at the stock market and all sorts of metrics so a smart ceo or cfo will made conservative decisions around expenses but is it doesn't negate all the

good news that again as you drive aroundnd youand you see people spending money, that is still a good environment for stocks >> and you see that maybe not so much of a sign of worse to come. we'll leave it there thank you, sir >> thanks for having me. chipotle shares down 30% from the recent highs. and we'll explain. and beijing has a big tech problem that could ripple through the whole country's economy. we'll take you inside the so-called silicon valley of china and explain the stocks at arriving

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>> welcome back. dow down 105 but 9 weaker tone could be accounted for by the headlines out of the italy there are implications for how that might constrain the european natural bankcentral bak which is supposed to raise tomorrow can they do that, we'll see. nasdaq still strong. and the gaming stocks are also in the green after authorities said that casinos will be allowed to reopen on saturday after the covid outbreak modest gains, we're talking 1%, 2% and netflix still leading the s&p after losing fewer subscribers than wall street expected shares now up 30%.

who pe worst performer is baker hughes. they are blaming the big miss on shortages, supply chain inflation and suspension of the russian business and shares are on pace for their who day since june 2020. reminder that you can't just invest in the whole sector if you think that oil prices are going up and let's goat bettget to be sha co better sha cools for an update >> and a new york judge ordering rudy giuliani to testify as a witness in a grand jury into whether or not trump attempted to undermine the 2020 election results. the army is projecting it will fail to recruit as many troops as it hoped over the next

two years. falling short by as much as 40,000 new recruits. in addition to existing financial incentives, the army has explored the idea of no longer requiring recruits to have a high school diploma and fires continue to burn across southern europe sparked by extreme heat. nearly 500 firefighters are struggling to contain a large wildfire that threatened a suburb outside athens after hundreds had to be evacuated. and tonight the first lady of ukraine addressing congress we'll have the latest at 7:00 p.m. thank you very much. and still ahead, profit margins managing schedules, managing supply chains, three key issues for fr three bill big names. we'll get you ready for tesla, united air and d.r. horton next.

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welcome back earnings seen is now in full swing. let's get the action and trade on three important names about to report in today earnings exchange

tesla is after the bell. shares higher for a sixth straight session but still down 30% this year and that is on pace for its first yearly loss since 2016 they do have headwinds, competition. elon musk twitter issue. the stock has also fallen on two of his last four reports phil lebeau has the story today. kick it off for us is it doeit still about deliver? >> no, because we had those numbers. this is about x zero emission credits. that is the key. last year it was greater than 30%, this quarter the treat is expected them at #28.2%. i don't think that the stock will move a lot. but if they are lower, that is the concern because elon musk has said look, these furnaces --

or these gig back tors are furnaces burning money and so we're seeing margin compression.tors are furnaces burning money and so we're seeing margin compression. so is it greater than expected, i think that is what people will be focused on. obviously any change this guidance for the second half of the year that will have an impact as well but it will really be what they are noticing on the cost side in terms of the gigafactories also in terms of production and how much it has come back. >> and they have raised price quite a bit. operating margins are fantastic really but boris, you are a bear, why >> i'm a bear long term on the stock because i think that tesla ultimately is the cisco of our time it is a good company whose stock is way out of whack.

and i have a sneaking suspicious own r spi suspicious that i don't think that you will ever seen that again. it is really about cash flow market is now look to 500 million. and if that number is lower, and it is nye, the shanghai effect, the very productive factory that needs to come back and that is the big question and always covid is always the question in china. so my view is stock rallies, my impulse would be to fade the rally. >> and he won't be on the call, is he, elon musk >> you never know. he said in the past that in the future he may not be a calls if he doesn't feel there is anything relevant to discuss and he has been much more muted when he has been on the calls the last four to six quarters. gone are the days when he will pop up on the call and who knew

what he was going to say i think if he is on this call i wouldn't expect big fireworks statements he has been much more reserved >> boris, if the twitter or when the twitter drama comes to an end, does that make you more bullish on tesla has that been a big overhang for the stock? >> definitely an overhang and continues to be a much more negative overhang just from both a brand equity point of view and also it is a very real possibility that he could pay a lot of money >> all right both of you stay there let's turn from tesla to united which also reports after the bell today and shares are trying for a fourth straight day of gains. united believe it or not is actually down only 5% this year.

demand through the roof but not immune to staffing and cost challenges phil, what are you looking for >> what will ultimately come in when earnings are reported remember last week from delta and to missed by a pretty wide margin because of the issues with the scheduling and jet fuel and is this a continuation from the rest of the airlines and what is the booking picture beyond labor day yes, we know that there is massive demand all the way through labor day. beyond labor day, what are they expecting and what is happening with the trans-atlantic growth they added so many flights, expanded their schedule and there is great demand going over to europe. but i was just in the uk it is a mess in there. flying out of the uk is a mefs a mess stop does that make people think twice about booking a trip

in the fall. mess stop does that make people think twice about booking a trip in the fall. mess stop does thae think twice about booking a trip in the fall. mess stop does that make people think twice about booking a trip in the fall >> and we know that you will be speaking with the' and we'll look forward to that, the interview with scott kirby on "fast money. boris, you are bullish on the stock? >> yeah, long term bullish but i spoke to some road warriors who tell me that they are now planning two days for any trip they make because they expect flights to be canceled. which is incredible. it is like the best of times and worst of times for the airlines because of the staffing shortages. that having been said, you can you forecast the very deep recession and demand falls off the cliff, i have to believe that all of this ability to essentially operate in mass capacity with a much leaner staff in the long run it will pay off quite well and i think as long as well have a relatively soft slowdown,

demand remains buoyant, they will be able to work out their problems and ultimately a $50, $60 stock going forward. >> and 41ed righ$41 right now a of headwinds to navigate and today d.r. horton report, shares down more than 30% with rising rates and inflationary pressures. and it has been a mixed bag post results. risen twice and dropped twice. anda olick with the story here what are you looking for >> well, look, this is the first of the big home builders to report in what has really been the heart of the downturn in the housing market and it has the broadest market share. largest home fwhbuilder in amera and the express home market is the most affordable brand.

but we'll also be looking at supply chain issues as well. we'll sea thate that in the dely numbers and we'll be looking for that cancellation rate we have gotten some numbers but we haven't seen the builders really report big cancellations yet. so that is what we'll be watching but the expectation is for strong sales because again they do have the lower price point, they are still seeing demand and never the very broad geographic footprint. >> 4.33, that is the forward pe, boris, would you be a buyer? >> i'm wincing definitely long term they are amazingly well positioned, but i still think that they are vulnerable to a down shock because i think the fed is not finished with the rate hike cycle. mortgage rates could spike up above 7% and that will make affordability

so problematic for such a long swathe of the u.s. population. i forgot the numbers but well above 50%. and that will make demand much more problematic i think that there is still anee hikes so i'd stand back. >> and i say isn't it priced in? it is trading at four times forward earnings >> you know, when stocks are priced had low, they can stay that low for quite a long time, even compress even lower if the data gets worse. that is my point the fed could really spoil the party for them. i just think that the risk here is too great for the entry >> all right well, again, i eagerly a wait not -- not just about today and what happens, but really in the months to come which what happens to these builder names diana and boris, thank you

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the china internet up more than 15%, but if you are considering hopping back into these names, you may want to think twice. eunice yoon has a look at why. >> reporter: investors may want to look at these offices in beijing stilicon valley. many are empty regulatory crackdowns and slowing economy have undercut the tech sector. this tech hub for china is now

shedding workers most companies won't confirm specifics, but there are law enforcements and executive and former and current employees told cnbc other companies are downsizing too. until a couple weeks ago, a video sharing giant had multiple offices in this building including this one and you can see the outline of it logo still etched on the wall today, zero. she say the move is up relate to the job cuts and the tech sector is a big reason why youth unemployment is at an all time high above 90%. this i.t. worker says he survived two rounds of job cuts at his start up. no one is thinking about jumping to other places, he says everyone is putting up with their current job as long as they can because it is too hard to find a job.

a recent survey by a local recruitment firm found that half of those looking for a job reported layoffs at their current employer and 70% felt unsafe in their jobs but companies themselves have been reluctant to discuss layoffs, the topic is very plally sensitive as the government looks to manage the economy and stabilize the job market despite covid lockdowns >> and yet wouldn't you think tech in general would benefit from pandemic closures and people having to rely on the internet or increase their exposure to it >> yeah, that's right. and this did happen early on in the pandemic but the new regulations have hit so many areas of technology, online education, live streaming. video gaming food delivery. and so it is really limited. those rules have limited the ability of these companies to

expand their business and have limited their business in terms of abexpansion. there have been several big companies that have had to shrink their investment arms and the overall consumption picture doesn't help people are concerned about their incomes as well as their jobs. and in that environment, chinese tend to save rather than spend >> great point thanks for your time especially at this hour for us and still ahead, are we heading if on a major slowdown in buy back activity in one of the key pillars of the market. brian reynolds shares his worry spots next how's he still playin'? aspercreme arthritis. full prescription-strength. reduces inflammation. don't touch my piano. kick pain in the aspercreme. ♪ in any business,

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welcome back to the exchange stock buybacks have been a major pillar of the bull market going all the way back to 2008 but now could buyback activity bein be drying up a trend could worsen in the back half of the year and joining me now a brian reynolds great to see youyou again. >> thanks.

>> and what is flashing some concern for you because normally i'd go to you to be reminded of the importance and strength and presence of buybacks but not right now. >> this is a really complex investment environment, probably the most complex environment of most people's lifetimes. and the buybacks have been the biggest people's life time and it's the pillar of stock prices in the last year or so retail investors slowing and institutional investors becoming very, very bearish i think we may be nearing a point where it can start to go up because of the buybacks and if that happens there will be a lot of disbelief on wall street and that's the type of environment where institutions sell the names buying back the most stocks. s&p is the index and it's losing momentum now, and i think in the fall it can start to underperform and it can sell into strength now with the idea of buying on weakness this winter. >> has there been a change in the pace of corporate buybacks >> they've been setting records.

the fourth quarter and the first quarter numbers each get a record they may have pulled back in the second quarter and the reason the stocks are down is because the selling of institutions have overwhelmed those buybacks i don't think the selling can go on forever i think it's in the lottery process. if stocks are in the area, that's an area of significant resistance and that starts a large bounce up in the fall, and i think people will fight that and probably sell the buyback names. >> why do you think this could get worse before it gets better, and i am talking about the big buyback names. >> they outperformed in the downturn if they do get a rise in the general stock prices i would expect them to lag because i don't think the buybacks are going to persist bank of america's monthly survey showed that sentiment is at the worst levels in at least 20

years in the institutional side of the business and even worse than it was in 2008, but the credit market is providing money for buybacks investors bought $40 billion of new corporate understand bos and much of the money will go to buybacks it won't be reflected in the stocks' names because people will take that money and distribute it elsewhere. >> that is so interesting. it reminds me that buybacks are still happening. they're still strong and it's just that big money investors are so pessimistic they're overwhelming that effect and pushing these names lower. you highlighted the retail presence in the market has been a real thing almost as important as buybacks. retail sounds a little more bullish than the institutional side these days. is that providing any offset >> i would characterize retailers from going from very hot in '20 and '21 to more of a neutral this year. some of the more aggressive retail investors have had to

pull in their horns. if you look at the options market it's not like it was a year ago traditional retail investors have picked up the pace by putting money into etfs. so net-net, that's a neutral where it was a significant positive a year ago. you have the split between buybacks, retail and institutions and that's why it's been so difficult to trade the final question i have for you is the biggest difference in this market environment versus 2008 and if you don't see the same risks that cause the market to crash last time around some. >> this is very different from 2008 it's nowhere near as bad in 2008 i was pointing out how pension funds, the big buyer of credit was being forced to sell margin calls they couldn't meet and it was 40 billion in new corporate bonds and today will be another large day of issuance

where investors are scooping up corporate bonds in a wide variety of instances that's going down, four six months and having a financial disaster this is not a disaster >> and institutional investors, if they are listening to you maybe will get less pessimistic and stop pushing the stock prices lower brian, we appreciate it. >> brian reynolds. coming up, the chipotle employees behind union efforts and they were inspired by the organized labor push at starbucks, but was the c suite also inspired? the fight atheing up at one east coast restaurant next. ♪ ♪ didn't even get to finish my burrito. technology lets you vacation in space, but to get work done on earth... you need more than technology. you need cdw. so with the cisco hybrid work environment, we can deliver the same network experience to all your offices. space spaghetti. no. securely connecting your team from anywhere. houston we... have a solution.

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your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. welcome back before we go check out shares of chipotle higher today after the company closed a restaurant in maine kate rogers is here with more on why this closure could be controversial. kate >> kelly, chipotle closing down

a location in august, maine, and the move is getting some attention as that store had file a petition to unionize the company says the store's being closed as it has been plagued with excessive call-outs, staffing shortages, and it had been closed to the public since june 17th and chipotle said it was open for training in order to keep paying employees. closing the chipotle restaurant in augusta, maine, has nothing to do with union activity. our operational management reviewed this situation as it would any other. chipotle respects our employees' rights to organize under the national labor act the union says this is retaliatory claiming they took this action against them for seeking to organize. the workers there held a rally last night and i spoke to brandy mcniece who told me the top three concerns were crew safety, and short staffing

by shutting down the store all they're doing is fueling us. they say they're filing an unfair practice law with the unlb, only two stores with chipotle have eorganized and starbucks is well over 200 kate >> i guess we'll find out whether management has, you know, just responded to the unionization effort or not if other locations unionize and whether or not they can respond. they can't close every chipotle. >> they're associated with the teamsters union. this one is not associated with the larger union at this point although it's drawing support from the aflcio and others starbuck has closed down some stores and cut hours and similarly it had said it was the same issue with staffing and not having enough staff to be able to continue operations their union called it union busting, as well and the unlrb

in buffalo is now in a trial phase claiming it retaliated seeking to organize by closing down the stores. so what happens from here is if chipotle workers yunited does file with the unlrb and we'll see if they're on the chipotle side or the union side >> we'll see as the effort moves along. thank you, kate. kate rogers. that does it for "the exchange." w "power lunch" begins right now good afternoon, everyone welcome to "power lunch. i'm tyler math son kelly will be right along. markets are adding to gains on optimism over earnings and now tesla takes the wheel. elon musk's company reports results after the bell closely watched, of course will this be the catalyst to keep the stock's momentum going. plus rising mortgage rates and