there are newer players like lithium america, and piedmont lithium. np materials operates a rare earth facility in california >> pippa, thank you. with the major indices dipping into the red, that will do if for "the exchange. "power lunch" starts right now welcome to "power lunch. i'm contessa brewer along with tyler mathisen bond yields are rising markets worrying about potential fallout from speaker pelosi's meeting with taiwanese officials. community has some tough warns for pelosi we'll examine what another u.s./china spat could meet for the markets. chip stocks having their worst year since 2008. will the chips act by enough to boost manufacturing in the u.s.?

and we have a lot to talk about here, tyler. >> we do, contessa welcome to "power lunch. stocks are lower today, but they are off the worst levels of the session. the dow had been down 376 points not so much right now. big moving driven by earnings, uber the big winner. it is un15%, pinterest up 10% as numbers were not as bad as feared we'll talk about those names in a while. aflac also a gainer as well, before there are some losers, too, molson coors among them sales fell short of expectations, you can't call them flat. zebra technology and sealed air also falling, following their earnings records moving on, speaker pelosi landing in taiwan today, the highest-level u.s. officials to visit that country in a quarter

cen century. the move a bold one, and could damage the already tense relations between the u.s. and china. china has strongly objected to the visit and has issued numerous warnings, many of them sonding military say it violates the one china principles, seriously damages the peace and stability in the taiwan straight. and also that it could lead to a very serious situation and grave consequences this could be the first sign of potential reaction c.a.t.l., a chinese battery maker, reportedly pausing an announcement on its plan to build a factory in the united states, so economy as a weapon here, potentially. the plant, intended to supply tesla and ford, both of those stocks turned lower intraday with us now is cnbc contributor

dewardrick mcneill welcome. good to have you with us. >> good to be here, tyler. >> we can see some of the down sides of the pelosi visit. what is the potential upside what is the best case that comes out of this for speaker pelosi and the united states? >> tyler, that's a very good question i think it's pork to look at the context of what's been going on since xi jinping has taken power, increasing pressure on taiwan so many people believe the speaker's trip is an attempt to reassure taiwan, to push back on this behavior and show support for the taiwan relations act, or taiwan's democracy, and to ensure that taiwan understands that the u.s. will not allow for its future to be unilaterally

determined by beijing. while i think the speaker, she has seen over her time in congress, how walking on eggshells, trying to do things that allow china to dib indicate where, how and when we engage taiwan is no longer something she's willing to do, to allow china to set the terms of engagement so, again, i do not believe that much will change, but certainly there will be a stronger signal of support for taiwan. >> dewardric, why now? is there any connection to what's going on in ukraine why now, that's number one number two is, why do it if the administration and the military are at the very most lukewarm on this at this moment? >> yeah, that's a fair question. tile her, there's a lot of people who say why now why this and why her?

but from experience, i will tell you, there will be never be a good time, never by a good way, or for that matter, be a good person to show support for taiwan and i think the speaker has made a calculation that the long-term cost of going far outweighs the short-term risk of not going. you raise ukraine, it's an interesting case, tyler. i think most people will say it is time for strategic clarity around taiwan, not what we have seen in the past with strategic ambiguity, and that this clarity perhaps will help to establish what the u.s. is prepared and not prepared to accept in terms of setting conditions towards taiwan. >> though what we have seen, when president trump decided to use tariffs in the spat back and forth with china, is that u.s. companies often pay the price. we saw this with raytheon and

lockheed earlier this year, because there are non-military tools that china then uses to punish the united states, in my universe covering casinos, you have three u.s. casinos that are in the licensing process right now. they need their licenses renewed. they have until the year to do that my sense is any sort of tension with china complicates those negotiations how do the u.s. companies that do business and depend on china think about navigating whatever comes next >> contessa, you hit the nail on the head in terms what we -- particularly our viewing should focus on as you well point out, there are a number of non-military responses that china has in its tool kit you will recall that china passed an anti-foreign sanctions law. so we should be prepared to see china use its economy, its market as a way to push back on this trip. the speaker is not in taiwan

alone. there are other members from congress on this delegation. so we could see china looking at businesses in those district, targeting those businesses for some sort of retaliation i think it's an important point that our viewers should be aware of and they should be on the look out for, some sort of economic response for this as well i know this isn't your area particularly, but set aside whether you want to invest in china and chinese stocks right now, what about owns stocks based in taiwan, including taiwan semiconductor is that something you feel comfortable with, more comfortable today than yesterday? what >> it's a good question. investments are not my area. national security is i will tell you, though, that the semiconductor space is such a strategic hot button issue for

taiwan, the u.s. and china, that relationship i suspect these activities will make those investments a bit more risky, but the u.s. is certainly determined to continue with its investments in this space. i think taiwan will as well. this is complicating all sorts of things with respect to china at the moment. >> mr. mcneal, great to get your perspectives i floe stocks is not your native space, but thank you for your response nonetheless dewardric mcneal. >> thank you, tyler. >> i believer the last high-ranking u.s. dignitary was newt gingrich. i can't think of two people more opposite than nancy pelosi and newt gingrich. >> but really using their power as speaker. >> doing the same thing. >> yes you have to wonder, whatever the conversations going on between the white house and the speaker's office that would --

as you know, foreign policy truly belongs to the executive branch miss terms consider are coming up what is the calculation here and the white house? >> the white house seems to be saying a lot this is a separation of powers issue, we cannot big-foot nancy pelosi -- well, i'm not so sure. that seems like some excessive -- >> this seems like going back to my olden days of politics, but you heard dewardric bring up semico semiconductors, and it's warned that it could have a cat trophic impact on chip production. the chairman of -- saying it would render the tsmc fact hoyer nonoperable. one outlier is amd, which is

trading higher ahead of the second quarter report after the bell smh is down more than 20%, on pace for its worst year since 2008 so how important are semiconductors to the broader market b.j., good to talk with you today. is there an immediate impact we have already seen such incredible pressure on this industry with supply chain and lo justics, what happens as an immediate results of nancy pelosi's visit >> thanks for having me on, contessa i think it ratchets upped tension quite a bit. they have almost 50% to 60% of capacity in the world. so they obviously are the

leading supplier like qualcomm, amd, nvidia, so they are the leaders in the space this put a big overhang for that supply chain it also underscores the need of the chips act, right? having on-shore, you know, supply for all these data centers for the computing side it underscores the time-sensitive nature of having on-shore manufacturing for supplies. >> there you have the president and congress, you know, now it looks like nancy pelosi putting the mouth of where the congress was, supporting some anticompetitive efforts in the united states. this all comes at a side when

we're hoping to see china reopens in the wake of these covid lockdowns. that would be, what, another tailwind for the chips sector if we end up seeing china reopening in spite of the tension with the u.s. >> i think it's funny. economics is obviously a two-way street it's a big market for semico semiconductors, but the flip side also mean they're getting -- you can see, you know, export restrictions being put on the semi cap. but the flip side you have the opening in china helping other chip suppliers so all of these cause disruptions in the space not something that they -- but overall, i would say china is a huge market, definitely a

greenfield for many of the chip suppliers, but definitely underscores the need that we need our own supply here, because there's major manufacturing -- on pcs and also capacity in taiwan that are susceptible to these disruptions. >> i learned years ago from the great late jack bogle, one is earnings growth, two is dividends, three is the p/e ratio onsh the speculative premium that people are willing to pay if you look at the great companies, the great companies in semiconductors. i would include amd, micron, i would include nvidia in there, their earnings are still growing very nicely, aren't they, vijay? >> yes. >> to the extent they have dividends, they're still paying them, aren't they?

what has changed is the peck latif premium. over time, do you not expect investors are willing -- are going to want to pay more for that dependable stream of earnings for those quality companies? >> yeah, most definitely thanks for that question i think the paradigm and landscape has changed quite a bit, but they definitely look for -- the names you mentioned -- amd, nvidia, qualcomm, broadcom -- these are all leaders in the space, and names that investors flock to. so, i think once that disruptive technology, the strength is there, the road map is there, then investors go down and look at valuations, and so i think -- i do agree that once we get thus some of these disruptions, some

of the outlook -- weaker outlooks, investors definitely look to add these names as well. >> count me among the flockers, okay vijay rakesh of mizuho, thank you. coming up, china tensions are giving markets something to worry about. what about the old worries up next we hear from a market veteran that inflation is peaking, but the economy could be weak for a while, but he has names to buy now we'll hear from an analyst who says the company has cash, it's got gas, it has potential, it's an energy stock with the most generous return on capital. he'll join us when "power lunch" returns.

welcome back to "power lunch. stocks off the session lows, but the dow is still lower by 250 points investors keeping a close eye on inflation. our next guest says while there are signs of recession rolling over, it's not necessarily a good thing for all companies let's bring in jim tierney, the c.i.o. of u.s. concentrated growth hey, good to see you here, jim talk to me about why inflation rolling overt doesn't benefit

everything >> i think when you look at companies they told almost everything they could get at full price not so good. >> there were a lot of companies that talked about trying to whittle down on stuff they left in their warehouses. what does the discounting do for them we've heard it from walmart. >> i think when you look at the consumer, the consumer is going in two different directions. they are paying for gas, they're paying for groceries, which are costing a lot more they're also going on vacation, because they want to make up for the experiences they have missed out on so the big middle where most of the spending was, it could be a long period of time before the consumer goes back to that

we've heard that from weber and best buy i think this is going to be more prolonged. what about the auto industry more in particular, and one of the mu special coverage areas is insurance. we have seen the inflationary pressures of autos then translating to inflationary pressures on it is auto insurers as well. >> there's a couple things going on with the auto market. you just can't get enough cars because of down has all but evaporated in many cases you're paying a premium. as supply come back into the market, mea guess is prices are going to norm attize that will probably bring down insurance prices as well >> we've been waiting a long time for those auto inventories to come back i mean, they were saying this a year ago >> without a doubt, it's three years of global auto production in the 75 to 80 million cars

range. we were producing more than 90 million cars a year back in '17 and '18. it's been year after year, excuse after excuse, but when you look at chip shortages, covid issues, the war in ukraine, all of those have conspired to reduce production it will come back on, because the need is there. i guarantee it will be 85 or 90 mill no, but we're headed in that direction. both here and in europe, what do you see? and how do you think consumers will be affected by -- whatever happens with gasoline is one thing, about you what happens with the heating price that you pay for your house is quite another, and it could be a real jolt this winter it's devastating that's why i think you have to look for companies that have real tailwinds, products and

services that are necessities, as opposed to nice to haves. >> so what do you have >> i think amazon is in a good place. aws is the driver of that company. they're shrinking into resumed profitability. that's a good thing. quite frankly, what we are hearing about prime day is they moved a lot of units, so it feels like that's back on the right track. mastercard, we talked about people wanting to have experiences, want to go go on vacation, when you cross the border and use your mastercard, that's a very profitable transaction for them. >> jim, good to see you. thank you for the advice. >> thank you. all right. a pin win, pinterest getting attention from analysts, and one very big-name investor we will trade that and more. plus sunny skies for solar stocks osmos e xtthe vearne

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welcome back to "power lunch. it's sun,skies for the solar stocks today the company beat on earnings and added a record number of

customers, including an all-time high for new home installs the positive news lifting the rest of the sector with sun run, enphase and. contessa. bertha coombs has our cnbc news update. it's the first legal action, the justice department is suing idaho, arguing the state's near-total ban on abortion forces doctors to violate the emergency medical treatment and labor act by denies treatment for an endangered pregnant woman. >> it does not matter what state a hospital -- operates in. if a patient comes into the emergency room with a medical emergency, jeopardizing the patient's life or health, the hospital must provide the treatment necessary to stabilize

that patient this includes abortion when that is the necessary treatment. nfl is suspending steven ross for the first six weeks much the 2022 season and fining him $1.5 million for having what it calls impermissible communication with sean payton and tom brady about joining it is team. 97-year-old art mcnally will be the first on-field official inducted to the pro football hall of fame he had a nine-year career on the field and remained involved as director of officiating until retiring in 2015 contessa >> that's nice to see. ahead on "power lunch," peak energy, bp and devon, plus a bullish call on chesapeake can these last much longer

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90 minutes left in the trading day. symptoms, bonds. commodity.

bob pisani with as markets have turned around. hello, bob >> the bottom line here, contessa, is that the markets are getting smacked around by two things a lot of fed-speak and nervousness over taiwan, but the sense of nervousness is out there. you see we were up during the day. in the middle of the day we have comments from loretta messner about the market here. the fed officials are furiously trying to talk down this idea that they're done with the rate hike cycle during the end of the year and somehow they'll start cutting rates in 2023. they don't like this idea, and they're trying to talk it down, so loretta was saying they had more work to do. mary daly said the fed is not winding down rate hikes.

or in any way, mr. evans over at the chicago fed said he might be okay, you get the idea we're not done we're going to keep going, trying to talk this down that moved the markets down eight bit. the bond yields have moved up. for example, so some of the big downside moves are p limit te, lennar, all notely w notably weaker even good earnings stories are hard to push forward simon property group had amazing comments about the occupancy levels up in their malls, tenant termination levels were at record lows. not moving up, but at record lows they raised their different, buying back more stock, yet the

stocks had a nice rally the last couple weeks this was generally a fantastic earnings report. finally, the good news is that the big megacap tech stocks holding up pretty well micron nvidia and alphabet all positive today. the yields are moving higher rick santelli, what is playing here more on the market or the trip by pelosi? >> it's that and technicals. he a three-fer day the second of the day's trade took that level out, the entire curb sold off pushing yields up. as you look at an intraday of tens, what you need to notice is right around 11:30 eastern, can you definitely see the pelosi effect, as rates moved up. let's put a face on it yet ten-year note yields closed,

so we have all the fed speaker trying to talk rates up. it was ripe for that they're good at pushing things down mountains reversing some of the flight to safety trade, and a lot of really rotten data, this morning it's hard to say jolts was rotten, but it's four months running that job openings are moving lower trust me, everyone's putting so much faith that no way can you say we're in a recession with job creation it just makes friday's numbers that much more monumentally important. if you look at three month to ten, the real recession spread, a wild day oh, my god, from 30-plus down to '08, bag up to 29. listen, if that thing inserts, you'll watch markets crazy so you can see right there some of the flight to safety on the

pelosi trade coming out as the dollar moves a bit higher. contessa, back to you. >> rick santelli, thank you. pippa steven has the numbers. >> we saw a bid of a midday reversal, as the market looks ahead to the key opec meeting. which took nearly ten mill yore baird a day. so at tomorrow's meeting, the question of what to do in september and beyond will be raised this, of course, follows president biden's trip to saudi arabia last month. brent crude up a quarter of 1% at 131 u.s. nat gas down almost 7%, while over in europe it's holding around 200 euros per megawatt-hour. that's roughly $60

we hear from marathon this morning, up from 67 cents in the same quarter last year still the company says the chances of increases the refining footprint are not high. >> attention getting eps there pippa, thank you. while crude prices appear to have peaked, benchmark says there's plenty of room to run, the firm just initiated shares at a buy ahead of the earnings after the bell today, and seeing more that 50% upside as it offers the most generous return on capital in the energy sector. joining us now, senior equity analyst, good to see you, it's attention getting. what's behind it why is there so much up side >> well, you know, it begins, and chesapeake is a 90% gas,

once they digested very significant transactions, they're largely on hedge next year, but we really like the rebirth of chesapeake. i think they recognized early on what the energy investor now wants, which is a return to capital. they executed accordingly, made some, you know, $5 bill onof transactions to gain the longevity and the running room to deliver those capital returns over a long period of time as it turns out, when prices were relatively low, so that, you know, sort of benefits them today. and so the management here will give us outsized capital returns, cash in the pocket, share buybacks, and, you know i think they typify that, right? in fact, they probably are top -- as we see, the top return

of capital company, give or take, and then finally, you know, at a big discount in the multiple discount to the energy sector, discount to other gas stocks i think that's where the opportunity is, is to close that discount and to get that 50% upside >> this company has quite a history, to put it mild li, subash, how and who has turned it around? >> right that is pulling the multiple back somewhat, but it was a different time, chesapeake growth, investors and companies to an excess that bankruptcy allowed them to shed billions of dollars of debt, and also reduce billions of very expensive midstream or pipeline contracts

so they're infusing the effect of it to deliver the highest cash returns to shareholders, right? they're not doing it to reload, to grow again to build an empire that's the difference. who did it at that point in time, the board has a very strong board, but there's continuity and who knows that company better than anyone? and i think that continuity and very strong board is why it's been able to reinvent themselves so successfully. >> is it your number one pick in this area? >> so, in terms of just up side, has the greatest up side however, southwestern does not have as much as free cash flow, and they don't have a return to capital program. chesapeake hasthe same -- very

yield here in the buyback program. that's the mystery that's what where i think the opportunity is, so i think southwestern next year is an excellent performer. chesapeake should close the gap in performance this year. >> fantastic subash, thank you. coming up, jon fortt sits down for -- with an a.i. firm, helping companies break down data he will join us next there's so many cameras mongvi here, contessa i can't follow it. [ laughter ]

let's talk about -- mostly above their lows, but far from the heights of late 2021 this week jon fortt brings us up close with a serial entrepreneur that's used to battling back. >> tom seibel sold to oracle, and these days he's cofounder of a public company that helps customers use artificial intelligence to solve business

problems c3.ai stocks has plummeted, but it's on safari in 2009, he was literally pummelled by an elephant and nearly died >> five tons of elephant, and to this minute, i can see it, i can smell it, i can see the tusk, the hair follicle, the eyeball, the hoof so i'm standing my ground and it was like, you know, we had a mental exchange. >> how long was that pause, do you think? >> maybe three seconds three seconds. it's very surreal, because you don't really have a place in your brain to put an elephant, okay there's no context for that, so you're order if a very surreal space. things move very slowly, then the el vanity seems to knock any

to the grown, roll me, i took a tusk think one leg my food came out i'm just holding my head while being rolled, pushed, being attacked by this raging elephant, which was, you know, not my best day. >> puts stock volatility into perspective. he was told he wouldn't walk again, but took an unusual rehab path now he faces the challenge of a growth company just as investor sentiment has turned against younger companies. while he's expecting an ugly macro economy. when you're running at an 80% gross margin,ist not difficult to run a catch-positive business we can expect to see that. our business look pretty good. that being said, we're seeing a substantial and i suspect way

overdue correction in tech markets, and in equity markets i think it is overdue. i think it's going to be breathtaking, and i think we'll see a lot of information technologies really struggle, and those who do not have a lot of cash will likely go out of business when it's all -- this is a standard plain vanilla tech correction like we saw in 1989, like we saw in 1990, like in 2000, 2002, 2008. >> he has about a will onin cash c3.ai, is an interesting company. market cap under $2 billion, going quickly, tech forward, a lot of people betting against tom seibel at the moment. >> i have such administration for entrepreneurs like tom, who i railroad interviewing way back

when he was with seibel systems. he sold out, and now he's doing it again it's that serial entrepreneur spirit that i find fascinating in individuals like he >> you know, it's funny. he has a picture of an el vanity behind his desk, and a big, like, life-sized almost mural down a floor below of the actual scene where it happened, as a reminder that he sticks it out. >> you know, jon, i'm just interested, first of all, it was a very compelling interview, but when you've had that near-death experience, has it changed the way he sees risk once you fate down death, it seems like you would have to -- all recalibrations are different. >> i think the interesting thing to me, most interesting thing, aside from the attack on his story is how the conventional

wisdom was, he wasn't going to walk again doctor after doctor told him we'll have to take that leg out, and he said, okay, you're fine, but i'm going to find of person who developed the equipment that goes to rehab this that person said, okay, here's the path where you with possibly get the best result, and he is walking again, sailing again, against those odds it has more to do, i think going away from conventional wisdom and pursuing a methodal path. >> did he lose his treat, or was it reattached. >> it was hanging by a bit it didn't completely detach, but it nearly did. >> amazing jon fortt, thank you that's great. >> a tusk through your leg -- >> a good story to tell. three big moves, next. we're back in two.

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time for today's three-stock lunch. we're looking at the biggest movers of the day, caterpillar, uber and pinterest caterpillar shares falling 5%. its earnings beat forecasts but revenues slightly short. uber reported a quarterly loss

but revenue was better than expected, turning cash flow positive for the first time in history. pinterest shares soaring nearly 20% following its earnings and activist investor elliott management saying it's now the largest shareholder of that stock. let's bring in to trade todd gordon, cnbc contributor and co-founders of new age wealth advisers good to see you today, todd. first, caterpillar >> yes thanks for having me caterpillar is in sort of a challenged environment right here industrials are not so much in favor as we're seeing the rotation back in the number specifically in cat, we're solid. we're in a strengthening dollar environment, which is impacting so many multi nationals. it's a very interest rate sensitive stock. the revenues were short by about 100 million m margins under pressure i don't own cat.

i prefer john deere. their margins are running about 29%, the gross margin, but john deere runs a little bit better operating margin at 3%, showing better five-year average revenue growth compared to the slower mover cat. so if you want to play in the industrial space, i would say go there, i'm a no touch on cat. >> no touch on cat how about uber >> uber i like it, tyler a lot of things going on here. it's been things i just mentioned, this rotation back into growth. it was setting up here in july if we can break a little bit h higher, the real test is 31.5. if you can buy it closer to the break at about 25, that would be great. i'd entertain it for a trade look, they were expected to lose 27 cents they lost like $1.30 not a great quarter. their margins, ebitda margins and percent of gross bookings were increasing.

they also showed in the presentation that their u.s. rides was increasing so we're seeing people re-emerge from the pandemic going out and using ubers, but i'm worried longer term you know, they have $29 billion in gross bookings. it's up year over year they're only making $8 billion in revenue a lot of that goes to drivers. drivers are a huge cost. it's hard to attract drivers unless uber can move into the autonomous and self-driving, i have a hard time looking at this longer term for a trade. i like the action, good rotation up if you want to play it for a 5 or 10% move longer term, i don't know how they can compete. >> and what about pinterest? we've got pinterest here with an activist investor joining up >> yeah. it's a hard activist position with elliott new ceo in place you know, the revenues were solid.

the revenue growth is 9% quarter over quarter, pretty good. they're expected to make about 88 cents, so 26 times next year. the problem here is they have only made about 10 cents so far this year. they're looking to make about 80 cents. so in order to justify these forward valuations, they're really going to have to fire on all cylinders. their ebitda margin went down from 29% to 15%. given the guidance that they put forward here, it's going to be hard to keep that so i would expect further compression in margins. it's going to be hard to deliver on this. if you want to play the rotation up and play a quick trade, fine. but i think there's too much competition from instagram they have a billion and a half users. pinterest is 450 million they have a long way to go. >> there you have it, folks. todd gordon not a big fan of caterpillar, uber or pinterest. >> a lukewarm three-stock lunch.

>> they have been sitting out for a while. >> the drinks have been on the bar for a while. but he drained them nonetheless. if you look right there as we're seeing, they're all empty, those glasses. okay, we're going to put some key stories under the miospenecrco, xt wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

welcome back to "power lunch. it's itime to put a few other stories we saw under the microscope starting with a new read on the labor market 10.7 million job openings in

june that's according to the so-called jolts lowest level since september, i guess, of last year. but it's still 1.8 openings for every available worker i think what we're seeing here, contessa, may be the first sign that companies are starting to slow hiring. they're pulling in just a little bit, just as we've heard not big layoffs coming but a slowing of hiring. >> when they announce that they're going to slow the pace of hiring, that gets a lot of headlines because we haven't seen that in the past. we've seen companies throwing money and benefits and perks trying to win over workers to see a reversal of that makes people set up and take notice. the fact that there are more jobs open than available workers is noteworthy and still says something about where we are in this economic cycle. >> overall you have to say the labor market is extremely, extremely solid and it's one of the reasons that those who study

such things don't believe the economy is in a recession now. may not get there. but this would be one of those signs that might suggest that, well, labor is falling back just a little, we'll see. and also rising unemployment claims as we've seen the past couple of weeks. >> thank you for watching "power lunch. >> "closing bell" starts right now. earnings, fed speak and geopolitics sending stocks on another roller coaster ride today. drifting lower as we head toward the close. the most important hour of trading starts now welcome, everyone, to "closing bell." i'm sara eisen take a look at where we stand. we're off 1% on the dow which is underperforming everybody else, down 291 the low of the day was down 375. s&p 500 has held up a little better thanks to strength right now in utilities, energy stocks and communication services some of the media names had a strong showing, names like paramount and warner discovery carrying that grou