because the journal had the piece in the biggest issues on the eyes of wall street and the down side and the worst-case scenario end up being unregistered security and they're the only real publicly listed exchange and the sec in some ways some would say making an example out of coinbase saying, hey, guy, these cryptocurrencies are unregistered. >> if you want to be the amazon of crypto then you now have a problem if you list literally all of it. thank you very much. our kate rooney. >> shares of palantir getting crushed on weak earnings is it down enough to buy we'll have answers on three stock lunch on "power lunch" which begins right now ♪ ♪ good afternoon, everybody, and welcome to "power lunch. i'm tyler matheson

kelly will join us in just a sec. here's what's ahead on a busy monday a major economic bill passing the senate and we will look at what it could mean for the economy, corporate america and taxpayers like you we'll dig into the industries that could be most impacted like evs, solar and health care a major revenue warning from nvidia the company expects a decline in orders for its gaming customers. what does it mean for the chip industry which is still struggling with the effects of a shortage and we'll get into that and a lot more kelly? >> tyler, thank you. hi, everybody. let's take a quick look at nvidia as we kick things off and this market tells a lot of the market story down 8% after that warning dragging down a lot of the other chip names, as well and the smh down about 2% rid now and the other fighting back the components more toward positive territory and the nasdaq as a whole, pretty much shaking it off and the dow and the s&p with gains that disappeared earlier and the dow

was up 300 points and we turned lower an hour ago and it is aided in part by good news from bowing on the dreamliner and the s&p up a couple of points. there's boeing, a 3% gain as they've made necessary changes to the 787 dreamliner and boeing expects those deliveries to resume in the coming days. ty >> thanks, kell. let's get to the big story of the day after much, much, much negotiation the senate passed a climate and tax package dub happened the inflation reduction act, ironically, it will head to the house for final. this includes the extefrnsion of the ev tax credit for the solar industry and a tax credit for the industry will return to 30% and it will stay there over the next decade. the bill also targets the health care business giving medicare

the power to negotiate price wes drug companies on a very limited number of drugs, but this is significant because it could be, as they say, the camel's nose under the tent cutting prescription prices for seniors. so which stocks could benefit or lose from this new legislation let's dive into the ev solar and healthcare names we begin with evs and george janacarius, george, i know i mangled your name, but forgive me >> it was a great attempt. jannaricas >> that was perfect. >> just give me three tries and i'll get it every time let's talk about the ev makers and the return of the tax credit which applies to only certain people it phases out at income levels and why don't we start there and tell us how tdoes it affect

tesla, rivian and the others >> first, i want to say thank you for having me on today >> you're welcome. >> on a day when we're on the verge of passing the most important piece of climate in legislation in u.s. history and with regard to evs, i want to say this is a huge positive for a sector, but it's the adoption is accelerating regardless of these measures and they're adding fuel, hopefully renewable fuel to the fire the new measures are a little more complicated than they've been in the past as they are, like you said, income and price caps in the midst of domestic reduction requirements and the problem with evs right now is it's a supply problem and not a demand problem let me give you a few data points order tesla model y. it will take you over six months rivian is worse and gm has committed to building a million evs by 2025 and ford 2 million evs by 2026.

in less than ten years it will be hard to get an i. cc.e. we're having a demand issue and not a supply issue. >> is it that the manufacturing can't keep up? is it shortages of parts there are many fewer parts, for example, in an ev than there are in an internal combustion energy vehicle. is it parts shortages or just the manufacturing capacity isn't there to meet the demand >> i would say it's all of the above, but the part that we're focused on and we think the most important is the materials issue, and this bill does a lot to address that and incentivizes the requirements and 50% in 2024 and up to 100% in 2029 it puts tesla in a really good position because they're already doing a lot of that in the

united states. so the supply that we're looking at is more of a materials, and we call it the great resource, and as we move away from extractive industries in oil and gas and drilling, we're moving towards extractive industries with lithium, cobalt, nickel, and we are recommending that get motors. >> mp materials. m "p" as in paul i'm guessing this is a rising tide that will lift all manufacturers, but it probably won't lift them all equally. my guess is that it will lift tesla the most because it's the biggest. >> i think that's a really fair assumption first, anything that helps the ev market is good for tesla, particularly in the u.s. where they have over 70% share second, like i said, the

domestic battery requirements that they're very well positioned to meet because they're already doing a lot of this in the united states, and lastly, remember, tesla buyers haven't had the $75, $1,000 tax credit because they've already coming become to tesla >> it it seemses that we're subsidizing income, people wo can afford these cars. why? that was from what woo understand, a debate back and forth in the senate and there are income requirements and price caps you can't get a car that's over $80,000 and it's a little bit less than that if it's not an suv. so there are certain restrictions and caps on this. we're just trying to, i think, as a kuculture and as a country

accelerate renewables. >> tesla has proebbably raised e price of the model 3 over the last 12 month, wouldn't you say? >> pricing impacts may have had a small impact on their order book given the price increases that they put in place so this does re-accelerate order momentum. >> you can't buy a model y to qualify for these -- >> exactly can't get one anyway >> no, you have to wait a year >> it's upper 60s. >> that's right. you can't get them anyway because of supply constraints that we referred to, but after the application of some of these credits it could really reaccelerate adoption and push the order dates over a year if things go well. >> george, thank you very much appreciate your time >> thanks for having me. have a great day, everyone.

>> you, too. let's move on to the solar stocks and bring in mark strauss with j.p. morgan mark, good to have you back and this is being hailed the most significant climate situation, and are people referring to the solar piece which is retaining the existing incentives? >> yeah. definitely, i think a lot of the companies in my space are calling this kind of a wish list that they could pretty much hope for. the tax credit itself for solar that has been at play increases from 26% to 30%. more importantly, though, it was scheduled to step down the next couple of years and it now, assuming it passes in the house will be other on decade. there are tax credits for wind, geothermal that have previously,

piered and most importantly there are tax credits for domestic manufacturing you think about some of the issues that the industry has been dealing with certainly over the last year, geopolitics between the u.s. and china >> sure. most of the solar supply chain is located in china, in asia in general, having a more domestic supply obviously increases energy security and from a stock perspective it makes it for a more investable space. >> sure. i kaents, but think we moved too quickly in this direction and the fragility becomes apparent there are fog fossil plants that aren't getting the mants nance because we see such high adoption for renewables. are we further able to incentivize this a topgsz while full-on recognizing the fragility of the grid that it's leaving in its wake? >> yeah, well, i efrng it is a

long term evolution. i don't think that we'll flip a switch overnight i think we still need natural gas. i think we still need other thermal sources of power this is part of a transition that will take several decades and this is just a big step, somewhat early still in that process. >> so what -- what are the companies that are going to be thewinners here? >> i really think you can throw a dart any find one that will benefit. i think to the extebts ont of tt benefit and the timing of that benefit and from neutral to overweight with the fslr and film solar panel maker and tpi composites which is a wind blade manufacturer first solar has a very large presence in the u.s. already in ohio, tpi has a facility in

iowa that was shuttered last year they had a contract that was canceled we think that within the next two to three quarters that plant could be up and running. anything they're producing thai will receive a tax for pa very quick leigh, how much is consolidation going to play in the rise in these stocks over the next half decade >> yeah, it's -- it will be interesting to see there have been companies in the past that have tried to consolidate this space and largely have failed and since fragmented i do think it is right you don't see a big conglomerate that's dominating all of thor is the verticals and it's the downstream from what people have owned and run the plant.

they have the biggest scale. they are very much acquisition driven to a certain extent, so i do think that there will be consolidation within the upstream product space especially as more and more domestic supply chain comes online. >> interesting guidance. mark strouse, thank you very much we appreciate your time. >> the final sector to take a look at is health care the health care portfolio manager at esquared capital management >> hello, and buona sera from tuscany. >> and will open the window and give us a glimpse. it must be about 8:00 there. yes. >> we'll get you out in time for a lovely dinner. >> thank you >> people talk about the, quote,

price controls the only one they see as being controlled is a cap on insulin prices for people on medicare. i suppose you can say that allowing medicare to negotiate is a form of price control, but it isn't really, is it >> it isn't. first of all, we would assume that the insulin cap would have passed and apparently it's not passing. so, no, but we -- wall street's using it as a synonymous price cap negotiation, but you are true it is not. it presumably will put pressure prices for some drugs in the out years. that's 2026 and beyond, but we're not even sure how the mechanics are going to work which is why the big pharma stocks will more likely be impacted and haven't reacted that badly

>> and why would they, les as i read it, i haven't read all 700 pages of it. i promise you, i haven't done that, but if facts are relatively few drugs and it's two dozen and it's not many, number one and the effects don't even phase in for some years am i right on that >> correct i believe it's ten in 2026 and they accumulate over time to 2030 so, yeah, and we don't even know if there's an offset maybe they'll raise prices before the negotiations. >> why would they raise prices now and then say let's negotiate. >> so the mechanics are to be determine, you'd say this is the time medicare is allowed to negotiate and maybe it's a slippery slope and if you

thought it was a bad slippery slope and mid future and not clear that will. fb fair, congress has been signaling where it is priced in and maybe it makes drug companies a little more attractive since they seem to be exempt from these rules. >> so what does it mean to negotiate, les, and what are the impacts for investors? >> you know, i'm not sure we know how to negotiate or who will be negotiated, but in terms of our investment approach, we've been, as i said, maybe a few weeks ago we've been accumulating in the mid-cap area, like tools and sytack and

united health. these are not impacted at all by these regulations at least in the near-term, and the medical devices, as well, boston scientific, for example. so there will be more noise as we head into the election season because there always is, but i'd say, other than major pharma, health care still has a little bit to go up i think the path of least resistance is still adding up. >> take two drugs and a nice barolo, les. >> pill toast both you and kelly tonight. >> thank you >> what's a barolo >> it's a wine >> coming up, some big earnings that are still coming out this week we'll get you set for the disney report and all of the other important events to watch. plus, we'll dig deeper into this nvidia revenue warning the stock getting crushed down 8% or so earlier a little more than that rid now. is it the start of a shift in the whole chip business and here are a few of the names hitting all-time highs today

keonmcss, it's trying to stay higher and h & r block all at

record highs we're back in a moment

welcome back to "power lunch," everybody from consumer sentiment to giants like disney, there is a lot for investors to watch this week and joining us with her speedy look is stephanie link, chief portfolio strategist at hightower adviser

and also a cnbc contributor. stephanie, always good to see you. let's walk through the macro economic numbers and what they are, and decimal point, by decimal point and if not by trend. >> sure. good to see you, tyler big week for inflation we have cpi and the ppi and the unit labor cost for the second quarter and all of the numbers will be hot. maybe not as hot as the last couple of prints, but they're still going to be high core ppi, 7.7% these are year over year independents and the unit labor cost for the second quarter 7.1% so they're going to be high and you probably have seen a peak, but it's way too much higher than what the fed wants, right and so i look back at last week and we actually had pretty good data it wasn't just jobs. it was jolts and it was factory orders and new orders within the ism, and it was prices paid that

came down. so it doesn't look look recession right now. i just worry about 2023 because there is a lag effect between when the fed raises rates and when we start to see it in the data >> it's not just obviously data that we'll look at this week it's earnings numbers and let's go through three stocks that you have on your watch list and not necessarily, and the first one is international flavors and fragrances, iff and is this an iffy stock >> i like this stock the only problem is it trades at 22 times estimates and it would be on my radar to be buying it we'll learn about demand, pricing inflation trends because they have 45,000 global customers, right and and they tell into the household products companies as well as the personal care of beverage and food i think organic growth will be double digits and nice margin expansion and they have a

fragrance business and the big story is the synergies thatty woowe are going to see from the dupont acquisition from $26 billion i think there's upside there and if the stock were to pull back you'd have a cushion on the top and bottom lines >> soy t that's international flavors and how important are earnings this week in general? what's at stake here >> disney, because so many people are wondering about streaming and we haven't gotten any good data from any of the streaming companies, unfortunately and that's a very popular name here's the thing, kelly, it is down 30% over the year and it's just rallied up 15% and it's really expensive it's at 28 times earnings and the reason it's expensive is because of streaming and wer all worried about those numbers. i think the stock number will be just fine, 11 million for the fiscal third quarter and we want to hear about their guidance for 230 to 260 million names by

2024 i think that's going to be a struggle and if they do make it they'll see a lot higher expenses and we know that it's just a very competitive environment. >> this one i think people will certainly be watching. what about ilumina >> ilumina i think is interesting with a total addressable market of their 12 billion. maybe off the radar skrcreen fo most people and i do think it is a revenue stock and that includes a 35% growths from the china business they're seeing margin expansion and they can expand to buy 500 basis points over the next couple of years. the one problem is the antitrust issues and that's a $6 billion acquisition that would provide very nice growth for them and we're not going to about the antitrust until september. they're also looking for a cfo so a lot of catalysts here in the near-term. >> year to date down 41% with

all of that holding them back. >> stephanie, as always, we appreciate it. thank you. still ahead, reducing the furniture. rnurcompany trying to turn fuite industry green goldman out with a list of stocks they say has stocks they say has unsustainable margins. for maximum comfort, flexibility, and performance that stands the test of time. now, strength meets style. there' find your retailer at turboflexeyewear.com

we'll lay out the names next

welcome back to "power lunch. a new warning from goldman sachs today with the firm saying investors should prepare for difficult stocks ahead and some stocks are facing unsustainable profit margin expectations and let's go through a few names on the list match group is one of them they're down 48% this year get this, 5.6 points quarter over quarter there you go, match still trying to fight into positive territory today. whirlpool, its profit margins fell more than four points between the first and second quarter. that's a huge decline and analysts still see expansion, but goldman says that will be tough to achieve and yum brands also among the names on goldman's list the stock is sort of an outperformer and its margin fell

82 basis points in the second quarter and goldman warns there could be more to come. find a complete list on cnbc.com/pro let's get to seema modi for our cnbc news update here's what's happening at this hour greg mcmichael has been s sentenced to life in prison plus serve years for hate crimes. his son got a life sentence plus ten years. both men are serving life sentences for killing ahmaud arbery their neighbor will hear his federal sentence later today >> gabby petito's family intends to file negligence claims against the moab police department they could have prevented their daughter's death by intervening further when officers responded to a fight between petito and her fiance weeks before she died the family is seeking $50 million in damages from the

police department as well as city and state officials and efforts to feed a dangerously thin beluga whale that strayed into the seine river in france and got stuck have failed so far vets nairians have given the whale vitamins and appetite stimulants as well as medical treatment. they're hoping it makes it ahead on "power lunch," a worsening situation. nv nvidia issuing a warning and know sending a panic signal. >> we wi bak dllreown the name >> we wi bak dllreown the name along with key movers in bubbles bubbles bubbles there are bubbles everywhere! as an expedia member you earn points

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welcome back, everybody. 90 minutes left in the trading day. we want to get you caught up across the markets on stocks which have lost earlier gains, but are trying to make a comeback bonds, commodities and nvidia's big revenue warning which is a big part of the story. let's start with bob pisani. what's the very latest in the. >> we tried earlier in the day to break out on a new trading range. the s&p is on the verge of

breaking out since early may and it's had trouble sustaining that and as welly mentioned it's due to semiconductors. that was right around the highest levels since early may, believe it or not and what happened was semiconductors basically gave it up nvidia was weak right after the revenue warnings there, but a lot of the other semiconductors were positive earlier in the day and just started heading south about three hours ago and that's when the overall market drooped on that. so amd moved down, intel, micron and all of the semiconductor names moved to the down side big-cap tech has been down since the late morning and not down dramatically and microsoft and down, and microsoft is the worst one down 9%. at the same time the more speculative group have held most of their gains and they're off of their highs and they've held most of their games, twilio,

roku, tesla, teladoc how much further can you push the growth stock story when you've already had very big gains and 20% gains in terms of some of the stocks in the last few weeks on top of a warning or poor guidance from nvidia. it's been a tough day for that >> we'll have more on that in a moment thank you very much. our bob pisani elsewhere in the bond market, yields are lower and the ten-year down 2.77% falling just a couple of bases points there the two-year falling, but not quite as much making the inverted spread people follow even wider that said, the three-month spread which i like to think is a more reliable predictor of recession, maybe that buys us a year or so before the big "r" event. pippa stephens at the commodity desk with her numbers. >> hey, kelly. oil reversing oil losses and

closing here in the green. wti regaining the $90 level although just barely and think, both wti and brent are coming off a brutal weak with brent registering the largest five-day drop since 2020 as royal recession fears weigh. now sees brent averaging 110 to 125 during the second half that's down from the prior target of 140 to 130 the firm, though, did maintain its 125 target for 2023. nat gas is the big mover today down 6% and that's after weather forecasts call for some cooler temperatures no doubt a lot of people in the east coast are happy about that, kelly? >> oh, my gosh, please maybe it will thunderstorm, and then it doesn't. pippa, thank you very much now let's talk more about nvidia which is getting crushed after the new warning and kristina partsinevelos with what's behind this weakness. >> the negative preannouncement

shouldn't it be a major surprise given the data points? we've seen gpu prices and those are the graphics chips used in gaming and they've been following for quite some time and shortages have disappeared and the supply chain gluts and problems and gaming and crypto mining that has also weakened. so demand has weakened and these are all negatives for gpos and those are the chips specifically used for graphics and ai and gaming plunging 44% quarter over quarter and it's not just about gpus and data center also is expected to increase 1% quarter over quarter so that was lighter than what a lot of people were expecting and that was because of supply chain issues and luckily that's not because of demand and amd suggested something similar. fortunately, data centers are still expected to be up 60% year over year. wall street sees this news not necessarily as unexpected and as a sign that nvidia is telling investors to shift your focus

away towards auto and data sectors and segments that are expected to grow because demand for pcs and smartphones and it is continuing to batter down these stocks so where will nvidia go from here today's stock drop could be a reset to fundamentals which could mean a good time to get in or there's another leg down. one positive, though, nvidia management still plans to continue stock buybacks and that shows confidence in nvidia's ability to raise cash. shares are down over 8% and the chip sector causing semiconductors to be the weakest players in the nasdaq today, kelly. >> while we can delve further into what's going on with the chips and there are other tech firms preparing investors as well for weak results and it's not just the semis >> yeah. you have this announcement from nvidia and there are several

other names and we've seen several tech names that have detailed troubles on the earnings season and you're seeing intel, seagate and microsoft that missed on earnings and qualcomm, amd and micron, western digital that put forward wac forward weaker outlooks and when you draw prices and that eats into margin so nvidia's adjusted gross margin is a 21% drop compared to the prior estimate that the management put out. >> so the shift is happening the thirt toward data and auto and maybe possibly focus on companies that have that focus and are exposed to auto like nxp semiconductors and nvidia is out on the 24th of this month. >> kristina partsinevelos. today's clean start, one company trying to reduce the environmental impact of fast

furniture. we'll explore that in just a moment

>> you have probably heard of fast fashion, excuse me, cheap clothing made quickly to take advantage of new trends and often associated with pollution and waste because the garments are often thrown away so quickly from season to season, not good for the planet and the same is true for what's known as fast furniture. diana olick looking at one company trying to build a better model for that as part of her continuing series on clean start-ups. hi, di >> we don't often think about fast furniture because people hold onto it younger than clothing, but younger generations are more mobile and more conscious of environmental waste and more are demanding new options. enter the los angeles-based start-up named furnish spelled like the plant >> after walking buy many, many, i would say nuclear bombs worth

of furniture on the streets in urban metros where other employees live we came with the idea of reuse, refurnish and recycle. they can rent to own while rental furniture is nothing new, it's often used by consumers who can't afford to buy. fernish targets a different demographic. wealthy, environmentally conscious consumers who choose not to buy >> 90% of our customers had not even heard of furniture rental as an option before finding us we are able to say now, hey, if you've rented this product this is how much in terms of pounds saved from landfill you are contributing the furniture is higher quality than typical rental companies and therefore easier to refurbish and reuse, exactly what veronica was looking for when she and her roommates moved out of a small apartment and into a large townhouse >> i value the sustainability

that fernish has and i wanted something that felt like a forever piece, but as a 25-year-old i don't know where i'm going to be next, and i don't know where i'll move to. >> julia, a social media influencer, if she did pay the bill would be about $900 a month. fernish's backers, former amazon consumer ceo jeff wilke and co-founder scott cooke as well as khosla ventures and total funding so far $75 million the furniture industry generates 10 million tons of waste per year that ends up in u.s. landfills, that according to the epa and part of that is because furniture is very hard to recycle. if renting it were to become more attractive and mainstream that could be a game changer. >> where do they source their items, diana how do they come up with the furniture thatthey refurnish

and resell >> higher-end retailers like crate & barrel, pottery barn not the typical things you would see from the companies marketing to a different demographic. >> they would take their unsold inventory and put it out for rental in other words, i couldn't take the couch i don't want anymore and put it on fernish? >> no. no, no, no they own the furniture and they will rent it to you. they will buy it from the company and it's not stuff that's unsold. it's things that they buy and then rent out. >> interesting i want to be an influencer, as everyone knows 18 pieces, $900 a month. that's about 20 a piece? >> it depends on the piece and she rented a couch and a couple of chairs and it will be less for a chair or arm or, in total it is $900 >> diana, thanks very much coming up, bed, bath & yo sribendoang for people who still buy their furniture, the

meme stock being punked on new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get social media we'll see that in three-stock

lunch next

welcome back, everybody. time for today's three-stock lunch. it's hot out there we have some cold beverages and maybe some hot stocks, maybe

some cold stocks we'll try some of the big movers of the day as we discussed, nvidia sliding after warning on the second quarter. palantir sliding on a surprise quarterly loss and warning that timing for some important government contracts remain, quote, uncertain and bed, bath g traction once again on internet message boards, despite no apparent catalyst for such a move here to help us trade all three, craig johnson, piper sandler craig, welcome let's start with nvidia, much in the news today we talked fundamentals what do the charts say what's the trade >> hey, tyler, thanks for having me back. despite today's 80% drop there's not been much technical damage done on nvidia the rsi is still bullish good downside support on the 170 level. i can see upside back to the 196

level. 30% upside, 10% downside talking about the fundamentals, the top semiconductor analyst who happens to be here at piper, he's still got an overweight on it, 235, and he thinks the fundamental store is not broken. it should be bought. >> all right stars and the moon in alignment. >> i'm guessing palantir might be a different story, craig, what do you think? >> after having an 80% drop in here, the shares have started to find a bottom in here. today's pullback is not really disrupting a lot from a technical perspective, but from our perspective, we'd be a buyer on the pullback but got a little more downside to go. around 940 if you get back to the 50-day moving average. any sort of weakness in the dollar would be a big positive for palantir about 40% of their business comes from outside the united states. let's look at the final name here, which is one of those meme

stocks, bed, bath and beyond i always liked the beyond department there at that store >> it seems like up, up and away at this point in time. from a chart perspective, today's gap higher, it's running into major overhead resistance, at about 14.27 on the chart. it's an extreme overbought condition on rsi when i look at charts and see that exhaustion setup on the chart, this is where i want to start taking some profits and fading the stock i'd be fading the stock here where would i change my mind any sort of move above that 200-day moving average is where i'd change my view point. >> craig, quick question what do you think accounts for the fact that meme stocks or that bed, bath is popping at all today? we all understood when the economy was shut down, it was the pandemic and there was liquidity everywhere, but why now? >> i think there's a sort of a lot of interest back in the market i think people are starting to

see the market starting to work again. you've seen this market get pretty beat up and and i think people are looking at this market, whether it's professional investors, meme stocks, et cetera, and realize now is the time to actually make some money in the market that's why i think you're starting to see some of these stocks coming back with these trading opportunities. >> always good to have you on, appreciate it. craig johnson. >> thank you. still to come, we'll put some other big headlines under some other big headlines under our microscope todayty advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan don' for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.

a moment

welcome back, everybody. time to put three other stories we're watching under our microscope we're going to start with top gun maverick it's moved into seventh place all time in terms of the u.s. box office $662 million surpassing "titanic. >> i haven't seen the movie yet. i hear it's very good. what amazes me is when you look at the list of the top ten, how many of them are franchise films. >> yes. >> whether it's -- there are a lot of avengers in there, there's a spider-man in there, there's a star wars which is number one in there. top gun i don't think you can call a franchise film because the first one was 40 years ago >> yeah, but to your point it does still help it has an existing legacy to build on.

because '97 titanic, i had to defend titanic's honor a little bit by doing the inflation adjustment so this was 1997 that it made about -- >> these numbers aren't inflation adjusted >> no. >> unfair. >> so titanic $1.2 billion in today's dollars. it just edges out the number one film which in today's dollars, a star wars film from seven years ago, a little shy at 1.2 billion. >> i'd feel like the king of the world. the world's largest money management firm, blackrock, opening a satellite office in south florida to accommodate the growing number of execs and employees moving out of the new york area. we're seeing a growing number of firms moving or opening additional offices in florida. starwood capital, citadel, as

well as individual pro pryteres like carl icahn. >> two important things here, the continued migration of peoplefrom new york to florida but more importantly than that is companies still trying to figure out what the post-covid potential work-from-home environment looks like and do they stick with some kind of hybrid or not. every day is a different example of companies grappling with this one company moved their offices to the cloud and have offices everywhere they're basically saying we exist digitally as a company where you choose to work still important, still relevant. there's a bunch of satellite offices to pick from i'm curious with this satellite office for blackrock in florida, if that becomes more prevalent. >> i think they have taken 5500 square feet in a place in west palm or palm beach or something like that. they're right now only going to move 35 people there i don't know what that works out to

is that 150 square feet per person we don't have that in our little cubicles. >> we'll take it, though. softbank posting a loss of $21 billion on its vision fund it's the second biggest quarterly loss ever. a downturn in tech stocks is the reason he was very humble in his remarks. he said he's embarrassed and remorseful the company would start to be more conservative with their investments, stop going for home runs and instead hitting singles and doubles. i thought this was a nice contrast with the berkshire results over the weekend this has been a year that has vindicated a company like berkshire, unfortunately not softbank. >> and softbank now known for -- more known for huge losses, but you have to have huge gains to get to the point where you can lose that kind of money. >> and it goes back to the wework thing now some wonder if wework the new version, 2.0, will have some

staying power in this economy. >> we shall see. of course they lost mario as one of their key executives over there. i'm sure they'll miss him. thanks for watching "power lunch," folks. >> "closing bell" starts right now. we'll see you tomorrow an upbeat start to the week has faded throughout the session. major averages wavering between gains and losses as we head toward the close the most important hour of trading starts now welcome, everyone, to "closing bell." i'm sara eisen the dow now is barely positive s&p 500 down a quarter of 1% technology is underperforming. information technology the worst performing sector. that's what's dragging the nasdaq down about a quarter of 1% the semis, nvidia's warning, we'll hit on that in just a moment but that is taking its toll small caps doing well, up three-quarters of 1% today