what did they miss >> overspending, that's been one of the big things and over ambitious targets. they had set the goalpost too high as some might describe it and just lack of focus it seems like things like stock trading where the investor community said we really want to focus core checkout and that's the bread and butter and the revenue driver here and it may have taken that pressure to drive that, but it seems to be the investor community here. >> kate, thanks very much. that does it for "the exchange." i'll join courtney reagan for "power lunch" which starts right now. ♪ ♪ and welcome, everybody, to "power lunch." i'm tyler matheson did you miss me there? did you miss me for that 12 seconds? here's what's ahead this hour. stocks are higher today right near session highs at this moment even as fed officials

continue to tell the market bulls we're not done yet how much higher can rates go and can the economy avoid recession if the fed keeps hiking, plus a bold call on beyond meat and the company will cut costs or it will go bankrupt and we are hearing from the person making the dire warning and courtney reagan is here for the hour. >> i have the extra 12 seconds for you. good to see you, tyler i am courtney reagan the stocks high are across the board. dow gaining 140 points and the nasdaq with the biggest gain up 2.5% and communications services the best performing sector led higher by big names that you know, meta, disney and google energy, the worst performing group today. it doesn't matter if it's oil, gas or solar, you can see etfs tracking ail of those groups getting hit pretty hard and big moves in biotech moderna higher after results and i'm going to get this one wrong, but alniylam and we'll make sure

to pronounce it correctly as we move forward they'll keep raising rates and steve liesman has been talking to fed officials and he joins us now. >> hi, steve what are you hearing >> good afternoon. pushing back director against market pricing that sees the fed cutting rates next year. not only did jim bullard think that it's higher than the market priced in, but he said it should be higher for longer. >> i think we'll probably have to be higher for longer in order to get the evidence that we need to see that inflation's actually turning around on all dimensions and in a convincing way coming lower and not just a tick lower here or there. >> san francisco fed president mary daly out saying i don't think we should ratchet up rates really hard and we'll bring them

down quickly to lower rates just a few months from now and richmond's thomas barkin saying he's committed to doing what it takes to bring inflation down and he expects better growth in the second half than 2022 and the economy's currently in recession. he and other fed officials insisting it's hard to call a recession right now with strong job growth >> that is the thing and everyone comes back on that call >> the jobs report out friday and the labor market has remained strong to your point and even as signs show the economy is slowing what do you expect on friday >> courtney, it'sa big anomaly the consensus is high frequency data and we should continue with above-trend job growth and that's more than 100,000 and we're looking for 250,000 and we did research on this, courtney and what we found is during times when the economy is as negative quarters, job growth almost always falls. it falls by half a percentage point normally

this time around with the economy negative job growth has been up by a full percentage point and this is a strange time and not everybody has come back to work and there's a lot of hiring needed to get the economy back to where it was >> steve, thank you very much. steve liesman reporting from the city today so what happens when the fed pivots our next guest says he calls, quote, housing orders, profits and employment h-o-p-e, it's fading fast. it's time to watch unemployment claims and he's naming names he likes in this market and let's bring in michael cantorwitz with piper sandler. when the fed changes interest rates or changes its cycle from lowering or benign monetary approximately see to tightening, what typically happens >> hi, tyler thanks for having me so there are two outcomes when

you look at historically when you look at what happens when the fed stops tightening and you either go into recession thereafter or you're not and the bullish narrative today is almost that we're not going to go into this deep recession or we make it not go into recession at all and that we found the bottom in the market and we're just going to keep going up, up, up and up from here. >> do you believe that you buy that >> no. it has happened four times so if we look at those four times it happened and it happened most recently in 1985 and 1966 and so in those examples, the fed did tighten. we did not go into recession thereafter. >> and what happened at the bottom of the market when the fed stopped in each one of those four times was a v-bottom recovery in housing data and each one of those four times and that's one of the many reasons we don't think that that's a good parallel for today's market

backdrop is we don't expect any kind of recovery in housing any time soon, and we do also expect to go into recession >> i guess, to steve liesman's point, yes, we can look at history as a guide, but things are very different now we're coming out of a global pandemic and the likes of which none of us have ever seen before and we have this unemployment picture that looks relatively strong as steve said to try to get us back up to where we were and why are our claims so important for you going forward rather than inflation when it seems like that's the big worry that everyone is trying to tackle >> yeah. right now inflation has -- this year inflation has been the number one issue and it still is today and that's why we've seen the market rally in the last five or six weeks since the middle of june as inflation data, oil prices and high-frequency inflation data like the index we just saw came down to 60 which is the big reading in the ism, this

recovery and the market has priced in that inflation is coming down and that's yet market is up today or in the last four weeks, five weeks and i don't think the stock market is up because we're pricing up the downturn in the economy and if you look at leadership, it's been all growth all day and that's lower rates and lower inflation fears. why focus on claims? because if we are going into recession and if we believe that if you want to remain cautious on equities, it's going to be claims and also earnings that pushed the market back down. tyler mentioned the hope cycle and while there are a lot of things that are different today, this is part of the story that's never different, never with a capital "n." housing is always the first part of the economy to respond to higher interest rates. employment's always the last so everything the fed has done this year and the big rise in long rates we have seen over the last two years, it's showing up

in housing >> you bet it is >> it's showing up in some stocks and it's not showing up in employment yet and it will. >> but it does appear that there are some signs that the employment picture is slowing, the jolts number yesterday was one sign, a pickup in jobless claims last week was another, but i couldn't agree with you more the way the housing stocks and some were very blue chip stocks has been crushing this year is nothing short of amazing and let's get to a couple of choices in the time we have remaining and why you like chipotle, a dollar general, autozone and general mills. why those? >> they have buy ratings on them so that's a cherry on top. the reason we like them initially is all four of those names have a counter cyclical relative performance behavior which means as the economy slows they typically outperform. we think the economy will continue slowing for at least

another year and they also have the fundamental attributes like high levels of profitability, relatively strong earnings revisions and solid realized or trailing earnings growth and that's where those are the factors and the types of attributes that have been outperforming for the last two months as investors are pricing out inflation fears. >> all righty. michael, thank you very much counter cyclical is the word of the day. michael kantrowitz, thank you. it is rebounding 4% today, and could this biotech bounce? another crypto hack, and this time solana targeted and we'll survey the damage and discuss the future for one of crypto's biggest bulls. "power lunch" will be right back

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welcome back to "power lunch. up on the strong earnings beat and the biotech etf ibb is still down double digits so is today's bounce the sign of of a bigger turnaround michael ye, is joining us. just to start off, can you talk us through moderna's earnings? i understand you can get us through that because that's the reason we're talking about this as those shares are higher today. what did you like there?

>> moderna put up a great quarter in the face of uncertainty, as you can imagine with the waning of vaccines and boosting and they put up a great quarter. they announced a big u.s. contract which is important as we roll out a new booster and they maintain the guidance and the outlook. a great quarter for moderna. >> as we're looking for the entire sector before we get to specific companies in general, biotech is not going to be as much a risk when we're thinking about things like inflation and a pullback, if you need a prescription drug that one of these companies make you will pay for it this is not something you will cut. are these more recessionproof stocks >> you take a look at since the middle of june and pull up the xpi, they have done phenomenal on the last four weeks on the heels of the fact that this

group has been overlooked for the past year and a half out of the recovery plays around the market and certainly as the fed was raising interest rates and we are certainly worried about a global recession, a lot of the big cap pharma and biotech stocks have done well both because of their defensive nature and a lot of dividend yield and gilead and amgen up 6% today and a lot of the biotechs which are particularly interesting in the face of m and a, and acquisitions which can happen at a large pharma which is another interesting angle so we do think this has been a good sector for the second half and i do think we can see a continued move up for the sector in the end of the year >> what about the near-term headline risk with the reconciliation bill and the potential discussion there of drug pricing >> it's really interesting we have a note out this morning as well and there's quite a lot of consternation around whether the market really is concerned

about drug pricing and direct medicare price negotiation which is in the reconciliation bill and we fully expect that to get done over the next week and next months gilead as well yesterday suggesting that this is likely and this is a question of near-term versus long term we do think while there could be headline risk for some of the stocks which have done well over the last four to eight weeks that there could be some pullback, but i do think that the longer term concern is far outweighed by the fact that near-term there's a lot of recessionary risk and earnings risk and we do feel good about the earnings numbers out of the bioteches and pharmas and again, gilead and moderna and that's important in the face of other sectors. >> one of the great medical miracles of my lifetime was to watch companies like moderna, pfizer and others come up with a vaccine so quickly with

government low pressure out of the trump administration i amincreasingly concerned about monkeypox and i don't know whether any of the companies you follow are on the forefront of finding vaccines for that or if we already have one. what can you tell me there >> tyler, this actually came up in the moderna call. moderna has said they have a pre-clinical program that they're working on that, and i think there's a lot of discussion as to what they want to do. obviously, they're watching the situation which is dynamic and appreciate that the w.h.o. has deemed it an emergency, and there are certainly questions around how much investment to push forward and there's obviously a vaccine available in limited supply, so i think this is a fluid situation so more to come there. moderna talked about that and i do think, rest assured that they're ready to go. >> that's good to hear because we certainly don't want to get caught flat-footed going into the winter season and we don't

really know or maybe we do about transmissibility about monkeypox and it's good to hear that there are people thinking about it >> michael, i understand you don't cover that one and you can walk us through what's happening here and a huge move up here today and that's why you play the biotech space and it can easily go the other way, right? >> so thanks for pointing that out and one of the more interesting things is it's been quite challenging things and you pull up the xpi and there's been a lot of disappointments and a lot of negative stock reactions and there were concerns about this study going into it and they have a short position, as well we have great data out and it's got the tape on fire today you have moderna putting up good prints you know, we're really seeing a change in momentum here, and i think to keep us going into the end of the year. now alzheimer's is perhaps the

next major event out of biogen and roche and lilly and i don't want to make too strong of a call there, but, look, the real change here is a tone where biotech investors are more optimistic particularly in the face of a recession and we're on a recovery here going into the end of the year. >> michael, zeewe have to go, bi want to give you a chance to tell us your ideas. >> i like vortec and we like that one and it's been a good call and a good move and we continue to like gilead moving higher and amgen put up a good print this week, as well >> thank you very much, we covered a lot of ground. michael yee, jefferies managing director a quick programming note, david ricks will be on "squawk box" exclusively tomorrow morning to break down the second quarterly results. you don't want to miss that one. >> still to come, two massive

crypto hacks in two days, more than a billion dollars stolen alone this year in crypto and we'll lay it out for you next. plus beyond meat headed to zero? one firm sees the alternative meat maker going bankrupt if it doesn't make serious changes we'll be right back. at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect.

welcome back to "power lunch. let's look at the prices of cryptocurrencies bitcoin and ether are higher and solana is lower as they were the target of a hack kate rooney has more on crypto. >> tyler, this is the second crypto hack in just a couple of days and it adds to a long list of exploits and data firm elyptical estimates $5.2 million in funds was drained from wallets from solana and related tokens and this hack is smaller than others and it is significant. the founder of eliptic, and think of a crypto exchange and this one was across thousands of individual wallets which are usually seen as the safer way to store crypto, not in this case, though it initially hit the price of

solana and the token is yassocid with the block chain and still down more than 2%. the network had been billed as a big competitor to ethereum and both are used to build things like nfts and solana has had a share of growing pains and its team tweeting that this week's hack does not appear to be an issue with the network itself. regardless, many investors i'm talking to have moved their crypt onto what they call cold storage or offline in general to be safe. this is the latest major hack, guys in 2022 nomad was breached a couple of days ago, and ronan was by far the biggest this year and the list is definitely growing so far in august. kate, you used the word safe i don't think i could ever use the word safe to discuss anything having to do with cryptocurrencies these days and we can ask you so many things while we ask you

i can ask you about michael saylor and he's stepping down from microstrategy after its bitcoin holdings >> that was a big surprise michael saylor was ceo and he founded the company in 1989. the past few years he's shifted the corporate strategy to use all of the software proceeds and take out loans and buy more bitcoins and it's become a proxy for bitcoin investors and saylor says while splitting the chairman and ceo role the company can pursue both of those strategies and acquiring and holding bitcoin and acquiring the enterprise software business and bitcoin is out of the business and suffering big time as bitcoin falls and taking an impairment of almost a billion dollars, $918 million and that happens any time bitcoin goes below the price where the company bought it and according to yesterday's report, the average purchase price is $30,700. bitcoin is well below that today

and that's the cause of that impairment charge and the company has spent about $4 billion buying up bitcoin and about half of that, guys has been through debt. >> wow, very, very interesting stuff and michael saylor has an awful lot of followers and whenever he's on cnbc he gets a lot of attention for what he says. >> thank you very much >> let's get over to bertha coombs for the cnbc news update. >> good afternoon. here's your update at this hour. pat cipollone who served as former president donald trump's white house counsel has been subpoenaed by a federal grand jury for its investigation into the january 6th capitol attack the justice department is investigating then-president donald trump's actions leading up to the riot as part of its criminal probe into fo overturn the 2020 election results. the husband of u.s. house speaker nancy pelosi pleading not guilty to driving under the influence charges related to a

may crash in northern california wine country paul pelosi did not appear in napa county superior court and his attorney entered not guilty pleas. he had a .082% blood alcohol level. the legal limit is under 0.08% phil mickelson is one of 11 golfers on the saudi-backed liv golf circuit who filed an antitrust lawsuit against the pga tour over their suspensions. they're asking the judge to force the pga to let them participate in the tour event next week. boy, this is really getting nasty, this rivalry between these two new golf leagues >> it is, indeed i don't know antitrust law well enough to comment, but it would seem that mr. mickelson is playing plenty of money and it's a rival tour and he's chosen the one he wants to go with. >> it depends on their contracts with the league. >> all righty. thank you, bertha.

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>> we've got 90 minutes left in the trading day and we've got to get you caught up on the stocks, bonds, commodities and the whole kit and caboodle and the prediction of where oil can go next let's begin as bob pisani is picking up steam >> jim bullard wants rates higher for longer and the stock market doesn't seem to be bothered by that we are breaking out, folks opinion take a look at the s&p 500 and 4160 and that's the highest level since early june for the s&p and techs, the rally leadership traders want growth. tech spdr, and the xlk the highest level since early may and krcathie woods' ark funds a doing well and lam research is

up 25% and big moves there nvidia is coming up there. cathie woods is having a mini renaissance and look at these stocks and unity software, twilio, all rather aggressively on the upside again today. what they want, they don't want energy stocks even though we had good earnings reports today from occidental we had some names and pion ear raised the dividend 1% and they sold into it and other big names in the markets down on oil and $91 rate now peopl and people don't think profits will be as high as they think. they're shooting against jim bullard. the earnings are lower for q3 and q4 and not that much lower and there's certainly no earnings recession forecasted right now. oil is definitely on the down side and the ism services numbers, tyler, new orders

higher and prices are still up and increasing in a slower rate and that's an increase for a better fourth quarter. >> thank you now to the bond market tracking the action in chicago. rick >> hi, tyler many are looking at durable goods and the orders and yes, they were better tharn expected and better than the reits on durables and they weren't spectacular and when i look at the ism services sector, it's basically coming off 25-month low levels as are s&p global services and composite coming off basically the lowest levels and those two are at the lowest levels since may of 2020 so we really need to be cautious and even though all of that occurred look at a two-year note yield and they're really up solid and more solid than the ten-year which has caused the curve to flatten and invert more pay particularly close attention to what happened at 9:00 eastern. that's when the big numbers are

especially ism services and the knee-jerk reaction was higher and the re-think started to come down a bit and two and three-quarters will be a very important level and we're against it right now and virtually unchanged and yields were lower on 20s and 30s while the rest of the curve is higher and as you look at the twos and the tens and minus 36 and it's the most inverted again in 22 years and all of that interest rate popped the last couple of days and on pace for a one-week high, but as bob said whether it's the equity markets or the long end of treasurys and they don't pay attention to the fed no matter how long they shout. tyler, back to you >> oil falling by more than 3% let's hear the news from brian sullivan hi, brian. >> hey, ty good to see you again. there are a lot of oil headlines and i have breaking news right at the very end and first, oil

prices as bob mentioned they are down once again and breaking below near $90 per garl and it's a level we have not seen since mid-february, as well and keep an eye on that primarily on worries about a recession here and europe and maybe china, as well china they crushed demand because they keep closing and reopening due to covid lockdowns and the economy is struggling to bounce back and the headline number one and they have the opec meeting and they're adding 100,000 barrels per day and that's more than they hoped for and spare capacity and a tribute there and as you can see, they're standing as a tribute to mohammad bardu who passed away unexpectedly this is new in the last hour or so and numerous reports that the caspian pipeline, the cpc has seen reduced flows from its $1.5 million barrel a day capacity it goes through kazakhstan, tyler and it is russian oil and again, these are some reports and we don't know what the cause

is, how much, how long this will last and this could evolve over time and these are headlines and i wouldn't be surprised to see oil firm up, as well and newheadlines, as well and just off the phone literally before i sat down with a senior opec official, we were chatting about the spare capacity, tyler and this senior official is very senior and focused on spare capacity, lack of investment and basic low opec is not joking that many member countries simply do not have the available oil to add more to the market right now. and there's a lot going on with oil, they just can't produce it, right? >> better said, nigeria and angola and a few of the other opec members are struggling with oil and things got shut down and the money dried up and so the oil dried up in part >> all right thank you very much, brian sullivan let's continue our conversation on oil

our next guest sees prices going back up and 115 a barrel he expects naenergy stocks to continue to outperform and portfolio managing director at tortoise welcome. good to have you with us make the case for oil back up in the one teens before year end. >> brian just made it for me what did you hear out of opec today? chronic underinvestment to limited capacity those are opec's words, the supplier to the world and they can't produce much more oil and we'll continue to see demand potentially rise especially as china comes back on and the economy continues to open back up and people continue to fly, you will continue to get additional is up supply and when inventories are low and the market is undersupplied, so prices go higher and that's how

we get to a much higher oil price when we go through the end of the year. >> how much mischief is russia goinging to play both in oil and natural gas? >> probably more natural gas and as you know, europe really reli relies on russian natural gas and it is used during the winter heating season if russia shuts off the volumes of natural gas to europe there's a potential that europe will run out of natural gas this winter and hence why everywhere in the world needs more reliable u.s.-supplied oil and natural gas. >> if i can go back, rob, to your first point and you were talking about all of the reasons that you think oil prices will go to $115 a barrel and people continue to fly and yes, that's true, but if we go into recession, whether or not you

think we are in one now, does that not factor into your thesis doesn't it mean that it will fall even if supply is tight >> you're right, courtney. if we have a recession it could have an impact on demand it just depends on how the recession is oil demand is fairly inelastic to the economy so if we have a mild recession and energy demand has gone up 28 and there is a possibility that the man will continue to rise and that impacts every single sector and would negatively impact oil demand. >> let's get to a couple of stocks that you like and i'll start randomly with chevron and i was speaking to an investment director and its dividend and its management >> so what investors like about the energy capacity in general is what chevron provide which is

is high free cash flow yield so double-digit cash flow yield of the s&p 500 and high dividend, and in chevron's case it's probably 3% 4% and double the s&p 500 dividend yield and more importantly, chevron has positioned itself not only to benefit from today's economy, but from tomorrow's economy, too. and what i mean by that is providing more energy and less carbon so chevron has made significant investments in renewable fuels and other areas like potentially like carbon capture and renewable natural gas and they will benefit as the economy continues to grow from increased use of energy, but the changing supply source of that energy could be a benefit to chevron going forward. >> and rob, to that point, i was just wondering, what are the risks, if i'm an investorin some of these oil companies that i need to consider when it comes to political risks because of the administration sort of pointing fingers at some of these oil companies saying you're making too much money as everyone else here is suffering.

does it make more sense to focus a name like chevron because of your points about the renewable sources and the other areas that they're going into i guess i want to understand how you figure out that political risk potentially with some of the these names. >> courtney, that's always something you have to consider when talking to the energy sector the beg picture is really, the glow needs to carbonize and it needs more injure and why does from from and that is the u.s. the world needs more sources of energy and companies like chevron, exxon, and they're providing that energy and they can't produce domestically and play the third power and decarbonize the rest of the world, like providing natural

gas to china and india and those types of points wherever shadow the political risk of making too much money. >> robert, thank you for joi joi joinings and you like shymear. adding beyond meat to its list of zombie stocks. the ceo will explain why it could drop to zero dollars that's coming up next. 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

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go bankrupt within ten months. joining me now is david trainer. the cash burn is a problem and i assume this is happening as it has not gained the traction despite the big marketing buzz when all of these new partnership his been announced previously it's just not attracting the customer it thought was there in the total addressable market >> you know, i think it's that and there's a lot of competition that's taking away a lot of its total addressable market let's face it. we're talking about ground vegetables there's not necessarily a big competitive advantage there and it's clear that they don't have one. not to mention and maybe most importantly some of the biggest competitor like a kroger and albertson's control the amount of shelf space that beyond meat will get in the store and will have the opportunity to get in front of the customers so long term this company is competitively boxed in and we'll never generate the cash flow it

needs to sustain a viable business >> i don't mean to put you on the spot here necessarily, but i don't see impossible as one of the other stocks that you're calling out. what's the difference between beyond meat and the foods when it comes to cash burns and shelf space on the stores? are they just doing a better job? is the company being better run as far as being a direct competitor >> no. no it's in a similar position, it just has more cash so it will be able to stay around longer and it is not in a better competitive position than beyond meat by any means and these upstarts were a flash in the pan on the fed that will get crushed by the incumbent competitors there's no competitive differentiation or advantage by the impossible burger or the beyond meat burger compared to tyson and kroger so is their only option really then on the one hand, bankruptcy and on the other hand finding a buyer who might be more

effective at muscling shelf space from grocers >> tyler, that's exactly right i've been having that conversation with investors around that topic and there are not that many potential buyers out there when you consider how expensive the stock is we figure it has to drop to at least five bucks a share for future cash flow around 35 bucks, you'd have to be crazy to want to touch this with a ten-foot pole because it was priced for so much success than it would achieve and there are a lot of major food companies that don't have an alternative meat business already and maybe like a campbell's and you know, why do they want to get into something that's going to be eventually a commoditized product when they will be going up against other meat processors that have more experience in this kind of business like a tyson? >> yeah. >> so it's a tough call, it really is. i don't -- i mean, you would hope that there is a white

knight buyer, but i wouldn't hold my breath. >> we have to go, but i am intrigued with danger zone stocks peloton, and we're talking about beyond meat and very, very quickly because we have to go. what's the biggest risk here for peloton. why just three months? >> they have cash and they're burning cash like crazy. the big deal these days is when these companies went public it was easy to raise money per their ipo valuation which of course, has been proven totally overblown, but how are they going to stay alive in a world that is no longer tolerating profitless growth. the cost of borrowing money may have gone up and you may have noticed, right we're not sure that we'll get that capital because who in their right mind may want to invest in these companies and you will want to pay to buy them and you'll have to pay company to keep them alive and you're paying them twice and at the end

of the day the underlying product is not that differentiating. >> fascinating stuff thank you for joining us david trainer for new construct and we reached out to beyond meat and we did not receive a response from the company. >> up next, the top movers in the market in today's three-stock lunch. speaking of movers, the stock up, and the s&p up almost 2% and 1 2/3. the nasdaq up 2.5%

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we are going to trade match group. we will look at airbnb and md all of which reported yesterday. shares offer more than 20%. is reported in ms. on revenue. and share expected guidance as well despite reporting. record-breaking bookings, airbnb shares nearly 10% based on than expected number of nights. and amd beats on earnings on revenue but fell 5%.

there you got the set up. but spring and joanne feeney, portfolio manager advisors capital management. let's tackle match group 1st. what's going on? >> i knew you were going to start with one. so, match group is having some execution problems to which they admitted and making management changes after other changes are already made. what happened was in the first half of the year, they didn't pull off product development that they really needed to push the second half that they normally get. in the polls the revenue guidance down by have of what the street was expecting. is the consequence, because the third quarter will be tough and we won't get it together for the fourth quarter either, have six months of delays like that you will see the analysts downgrading the stock having sat on by ratings and been so disappointed. ultimately we do see this as a

strong growth company, let's get past the six months because they have new tiers of subscriptions coming out and they also saw good numbers in terms of payments of their existing subscribers. they saw enthusiasm for the products they developed. >> already. thank you on that. >> let's go to airbnb up next. what do you think about this company? as we return to our lives and love to travel and see the world again. >> you know, airbnb should seem like this obvious recovery from the pandemic play. people are going back out there and they are traveling. they are going to hotels and renting places on a b&b. is a concern about have a

difficult as we all heard about causing people to rethink whether they want to get on a plane into with those delays and cancellations every is a more risky vote. with covid going up and down with a recession potentially looming i think folks are wondering how far of the ink distribution spectrum will the spending slowdown extent? we are seeing it on the low end. are starting to see it the more middle income to high income, the folks that generally use airbnb. it is a riskier play. it is not a cheap stock. it is tremendous cash flow. is is one where we are choosing to wait on the sidelines. we think there are better opportunities in the consumer concussion airspace. for example, amazon, eight crown data center play at this point. >> we don't have time to pick report the entire report. what you think over all stock down?

>> we really like amd. we only bought it a month ago. we were waiting for it to become cheap enough and has now. the key thing is they are gaining shares against intel. we can't talk about amd without talking about intel. sales were up 83% year-over- year while intel's were down 16%. on the cp side for consumers, amd of 25% intel down 25%. even if the economy does flow, and he has the opportunity to grow because it is gaining share. without being in the manufacturing world, their risks are lower because they don't have that expense to worry about. >> we have to leave it there. thank you very much. joanne feeney of advisors. more power launches coming up, next. (cool guy) $30...that's awesome. (mom) it's their best unlimited price ever. (woman) for $30 a line, i'm switching now. (vo) the network you want. the price you love. only from verizon.

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welcome back to power lines. and shiny stock that is making game stocks me mania look like child's play. a mtd digital is a hong kong based vantec. it is a complete that went public seven weeks ago. it is now at 1200 after falling 30% today. the market reached $130 billion a puts it on par with the likes of coke and bank of america the stock was the most popular mention all wall street bats it

makes me nervous when you see stocks >> reporter: this and scares me about the distrust. >> at 7200% return. i mean you have got to have some serious fundamentals if you are going up that amount. who knows whether there were actually fundamentals here or not. >> it makes me nervous. courtney is not a real fan of that. >> thank you for joining us. good to be with you mccourt. cement thank you for having me. closing bell starts right now. stocks are surging as the wall street rally resumes. that is a 2.6% right now. the most important hour of trading starts now. welcome to closing bell. take a look at where we stand in the market. the dow surging 1.4%, about 454 points higher. s&p of 1.7%. the nasdaq is at 2.6%. communication services is a standout performer in the market