raising debt beyond royal caribbean which raised 1.5 billion. today goldman sachs went to the market as did ford motor there are a lot of companies that are starting to raise more debt and taking advantage of this favorable market condition because who knows how long it will last. >> right, and that's how the bull market keeps going for now thank you very much. and from red flags to green light, warren buffett's berkshire hathaway loading up on more shares of amazon. we'll tell you more on three stock lunch. welcome to plu"power lunch." i'm tyler mathisen market power players, apple and microsoft, guess what, they make up more than 13% of the total market value of the s&p 500. that's those two stocks alone. that's a record amount of

influence. is there a danger in that much concentration? and peak jobs, employers are starting to pull back on employment postings so says zip recruiter's ceo, he's here to tell us if the labor market is cooling and whether workers are starting to lose, kema little bt of their leverage. >> speaking of pullbacks, the dow not having one right now session highs, it's up for a fifth straight day, by the way, and its outperformance today is helped by those strong results from walmart and home depot. the s&p 500 is now up half a percent to 43.17, even the nasdaq has gone green by 16 points, and we have some more momentum names like zoom and moderna under pressure today the retail sector is the standout abercrombie, kohl's, american eagle all gaining, look at this, almost 10 to 15% the retail etf, the xrt having its best month since january of last year. and of course we have to mention bed, bath, and beyond up 71% now

today. this is an $11 move to $27 a share, brings its month to date move to almost 450%, so a more than quintupling tie as media holds strong in at least this name right now. >> thank you let's talk about market domination even if you don't own apple or microsoft, they're two stocks you can't afford to ignore never before have two companies had so much influence in the direction of the market, of the s&p 500. let's start with the fact that they are both part of the dow, the nasdaq, and the s&p. apple now makes up 7.3% of the market value of the s&p. microsoft about 6%, so if you're a passive investor, an indexer, 13 of every $100 you put in to that s&p 500 fund goes into these two stocks for more on what all this means for the markets future is todd

sewn, technical strategist at a baird company, and we're also joined by bob pisani before we talk to big market concepts here, talk to the index investor who owns say a schwab or vanguard or a state street. index 500 mutual fund that is market cap weighted. should they be concerned about that level is there another kind of fund that indexes but is not based on market value >> tyler, great to join you today. it's a fantastic question. if you think back to the mid-2020, '21. there was a lot of coconsternat, names like amazon and meta have declined what has remained consistent are the strength from apple and microsoft. they're 13% of the s&p, the highest in 40 years of dayta if you're passive, you're

thankful these stocks are acting well i want to take in mind, your portfolio will be in danger and so i want to look at the equal weight s&p 500 to help balance out, right, that concentration towards apple and microsoft. that's the average stock, a great way to measure how much participation there is and is more reflective of financials, industrials, and energy. if you're worried about the concentration from those two mega cap tech names, keep an eye on what the -- feel more comfortable with how your portfolio is positioned right now. >> equal weight versus cap weight bob pisani, are their funds, are there etfs that are equal weight as opposed to the traditional market cap weight? >> there sure is rsp, equal weight, you can buy it as a stock just like you can buy the s&p 500 market cap weight these have been around for a long time. i'll tell you a very simple problem for very large parts of the 2010, they notably underperform the equal weight

index because tech was a dominant sector for the last decade or so and because of that, the s&p 500 market cap weighted outperformed the rsp. i look at this slightly different, tyler 20% of the market cap of the s&p is about five companies, but top ten, which is what i think we ought to look at is 28%. now, here's a good question. 28% of the market cap is top ten. is this historically unusual and it is slightly this is a little more concentrated than it used to be. go back to 1980, 25%, the top ten were 25%, 1990, 20%. look at this number, this is the top ten concentration, 23% in 2000, 18% in -- today is 28% so todd's on to something. this is a little bit top heavy right now, and i do think it goes to the concentration risk you do have to understand what you've got if apple has serious problems, then the s&p is going to have serious problems, but nobody complained about this when technology was a dominant force

in the 2010s. >> off the top of your head without being exhaustive here, bob, in those top ten, what are some of the other names that we would see? i assume you're going to see a facebook, an alphabet, you're going to see some of the familiar techies but maybe also some health care, some retail. >> alphabet's about 3.5% that's number three. number two is amazon at 3% tesla's 2%, and believe it or not, berkshire hathaway is the number five at 1.5%. then you start getting down to johnson & johnson and procter & gamble they're a lot farther down the top five are about 20, 21% of the s&p >> if you were to then, todd, buy those ten names, you would capture roughly 30% of what you would capture in an s&p 500 fund, and maybe, depending, you would be getting the best 30%. >> yeah, i'd argue that's for sure i mean, the s&p 500, the index,

the better your stock performs, now, i think an interesting perspective here, though, is the active management, right it's a blessing and a curse. apple and mocicrosoft, these ote top ten names can keep your portfolio afloat, but if you're an active manager, you need to go down to cap scale and find those opportunities where you can actually outperform. that's the curse, that's a curse the last ten years that has been difficult to actually beat these names because of how strong they've been. >> those big names are like the christmas tree the other names are like the ornaments is a metaphor that i often use. kelly. >> i was just going to ask, todd, as well, whether you glean any kind of broader market signals from this. >> when you get concentration risk like this, you need to do your homework and understand what's going on within the indices, right they can mask internal strength, internal weakness. we've seen some of these technical indicators, 50 day start to signal momentum surges, and so that's where it comes in

handy to look beyond the top ten names to really understand if the indices are lying to us about strength or if there's really something going on here. >> i think it's a good point, todd even if you're investing in an index fund even if you're investing in an actively managed fund, you need to know what the fund owns and oh, by the way, it was not so long ago, was it, bob, that energy shares made up a very high percentage of the s&p 500, like 15% or something like that. it's not that now, but it used to be a lot more so you were in an energy heavy market if you bought the s&p index. >> that's why you want to hone an index remember back in 2000, tyler, you're exactly right what was the biggest company in the world? general electric and exxon mobil. they're still there, but they're way down there just one final point about it's true, you have to understand what you own, but what's happened here is globalization

these companies are massively global globalization has become much more important than it was 30 or 40 years ago so when you have the importance of software, technology in general combined with globalization, you tend to get concentration. this is not an incomprehensible thing that has happened here software ate the world and globalization became much more important. that's why you're getting more concentration. >> thanks very much. and thanks to patti domm who found this story for us on cnbc.com we appreciate it, guys thank you. >> thank you now while microsoft and apple may have fundamentals to back up their gains and their dominance, our next guest says most stocks actually still aren't trading on fundamentals peter anderson is joining us, he's chief investment officer at anderson capital management. surely bed bath is trading on fundamentals, peters. >> there's a lot of them out there right now, kelly, i think because they have such high by a da let's not confuse underdogs,

stocks that you think have a great chance with losers, stocks that just no matter what interest rates are doing or no matter what the economy is doing, they're just not going to catch a tailwind on that, and i think there's been a lot of confusion. i think a lot of investors have just looked at the bottom pile and said when there's risk on, let's just fill our basket with those stocks and i really disagree with that strategy because not all of them are underdogs. a lot of them are just simply companies with bad business plans that probably will file for bankruptcy eventually. >> so what are the companies, you know, that you want to stick with that you look at here and say especially at a taime when an s&p's multiples have climbed back up to 18, pretty fairly valued. >> very fairly valued. it is getting more difficult i stick with some of the names i only own 14 stocks, and i will tell you that i haven't done one

trade out of that portfolio since the beginning of this year i'm very, very patient, and an excellent example that's quite timely in the news was the trade desk if you remember last week, reported earnings, revenue was up 35% the trade desk does targeted digital advertising on connected tvs, and it has been the underdog of that business, and yet, revenues were up 35%, and just because of that news kelly, the stock rallied and one day almost 40% there is some hope out there that there are companies that people are starting to look at they will say these fundamentals look excellent in spite of the fact that they are fighting against a lot of headwinds given the competition. >> so you have 14 stocks you haven't made one trade all year what do you do all day, peter? >> there's a lot of deep thinking with this, i will tell you. >> deep thinking, i see. deep thinking, yes

>> also, tyler, i have initiated a shorting campaign, so i have been spending a good deal of time finding companies not to hedge against the portfolio but companies that i do think are actually poorly run and in spite of, say, if the fed eases on interest rates or if the economy brig brightens, i don't think that these stocks should catch that benefit, and i do think that they should continue. >> so as you look at those 14 stocks, what is your biggest single holding, if you can release it i know these are sometimes -- your biggest single holding, what percentage of the portfolio is it, and what is your annual turnover rate? >> yes, okay well, first in reverse order, my annual turnover rate is about 25 to 28% so that shows you the patience. >> you only average stock four years then >> that's correct, yes and you might think i have a lot of spare time with that low turnover, but seriously, it is a lot of hard work to continue

holding your conviction with these in the face of many, many criticisms about some of these companies that are not what people would think are underdogs but are failures in the top holding currently is paulo apalo alto network in terms of its inelastic, so no matter what is going on out there, when you look out your window or you look across the world, there will still always be a tremendous need to protect against cyber attacks. >> mm-hmm. pea peter, thank you very much. good to talk to you. >> i know you're a good man thinking deep thoughts. crude is down 25% over the past month, brent off more than 20%. is the pullback sustainable? unsustainable? goldman sachs jeff currie will tell us if cracks are starting to form in that pullback, and

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welcome back, everybody. a long deep sigh there, i'm thinking deep thuoughts like peter andersen, wti crude down 8% today hitting the lowest level since january. brent crude down 6 and r bob gasoline down 8% our guest calls for $120 oil in the next few months. jeff currie is global head of commodities research at goldman sachs. we had a guest yesterday from citi, jeff, who goes the other way. you say there are irrational expectations out there that are keeping the price down and moving lower what are they, and what do you think will jar those irrational expectations or sideline them so that prices begin to move back in the direction you expect? >> well, it's primarily been driven by investor liquidation over fears of a recession. the other thing that's likely going on is destocking

if you really believe we are going into a disinflation environment and that we're going to see a substantial slowdown, you destock your inventories waiting to buy at a lower price. we see that metals, agriculture to a lesser extent and energy. investors are also liquidating their positions, and why i call it irrational is you have prices going down and inventories going down bullish fundamentals with downward price action is not sustainable. and i like to point this out the last time we had the rate markets price in a recession with the inverted rate curve like we see right now was in 2007, january of 2007. the recession didn't happen until '08. and what did oil do for that time period, went from 47 to 147. went up $100 a barrel. the other time we saw the i invin inverted rate curve was in 1995, january. it went up 80% this in dynamic, we have seen it before you destock in anticipation of a

recession. market gets really tight and then you explode to the upside. >> so if there is a recession coming as, excuse me, the yield curve would suggest, it might not come soon, and in the interim, the history says that oil prices go up do i understand you? >> that's exactly -- and we talk about the contradictions you've got the equity market is rallying, interest rates are coming down. commodity prices are coming down it stimulates demand creates more demand, not a recession near-term because let's remember rates markets and commodity markets impact activity so the investors try to price in expectations of a recession, but all they do is they delay it because they create a stimulus type of environment. >> jeff, my simple question is why have oil prices collapsed the way that they have i truly don't understand it. >> the amount of liquidation that we've seen in the investor space is unprecedented you basically have gone

backwards all the way back to if you look at index money and other measures, you know, you've got back to the early 2000s, you know, we estimate something like $60 billion in this market from a peak of 330 billion. you look at open interest wiped off, you know, six, seven years of buildup of an open interest i can keep going down the list look at the free cash flow. >> why is that the case when going at the highs this year, it felt like everybody had piled into the oil trade so did it just happen week by week i mean, you know what i'm saying i would have thought we still had net long positions and if anything, we're contributing to a structurally higher oil price. i'm just surprised that we've cleaned out that much investment demand >> we cleaned it out, the peak actually was back in march of 2021 when everybody had that reflation trade up that's well over a year ago. it wasn't the peak in prices back in february and part of the reason is people do not believe in the

sustainability of the story. i'd like to point out there's three reasons why investors don't want the space one, a history of really bad returns. they were nothing short of epic losses two years ago with negative oil prices. two, the volatility is unbe unbearable think of how many times we've round tripped between 95 and $130 a barrel this year. and then three, i would put esg factors that discourage investors. there's a lot of reasons why they're not in this space. one of the big factors just the volatility >> take me through a lightning fast preview of what you expect to happen in natural gas here and in europe this winter. >> well, you're already well above, you know, our forecast. we touched 250 euros a mega watt hour that's well over $50 -- you know, $50 an mmbtu for those of you that don't follow the u.s. market it trading around 9, $10 mmbtu, and europe is soaring above 50 even cal 23 and cal 24 have

moved up in near $200. that's putting a bid in the back end of the u.s. curve that has relatively low liquidity the u.s. may be immune to this more broadly from the ability to export the gas into europe, but there's other channels export the coal out of the u.s., put pressure on the u.s. that way. export the chemicals more industrial manufacturing. by the way, when you look at the u.s., they're relatively well-positioned relative to the rest of the world. i could call the u.s. a barbell economy. it's got tech on one end, commodities on the other and it's pretty much long everything but oil to export to the rest of the world. >> jeff currie, always fascinating to talk to you we thank you very much >> thanks for having me. >> feel a little more secure now. >> ahead on the show, crypto crime is falling as digital asset p asset prices remain low. an all you can eat buffet in

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some news to tell you about here at cnbc. after 17 years, first as president and then chairman of cnbc and nearly 30 years with nbc and nbc universal, mark hoffman will step down on september 12th a tv producer and news man at heart, as a business exec he's led led cnbc, the number one business and money brand across the globe. he will be succeeded by kc sullivan, a 13-year veteran of nbc universal. he has worked in a variety of top executive roles including president of cnbc international, chief financial officer of the nbc news group and cfo of cnbc this new position. we wish mark and his family

nothing but blue skies and a heartfelt thanks it is always a bittersweet melancholy time when you have a changing of the guard. mark has been a friend of mine from the day i arrived here, and that's a long time ago he was here in 1997, and he and kiki and the boys are dear friends of ours. >> that was before streaming, that was before social media, and here we are now, and yeah, i mean, on a personal level as well i'm about to be on fourth little leaf here in as many years >> the other thing i'm going to embarrass mark by saying this and kc i'm sure will indulge me this, when you run a large -- we are kind of a family here. >> yeah. >> and when you're the ceo or the chairman, you are not only running a business, but you are a caretaker of a lot of people. >> absolutely. >> through births, through deaths, through family changes, through crises both personal and professional, and it's part of the job that they don't describe to you when they bring you on,

but he's done it and done it masterfully. kc will do the same. >> yeah, mark, you will be sorely missed and kc we hear you've become a little bit of a formula one fan and a british soccer fan over there, but we'll bring you back to your roots. anyhow, in other news let's get to kayla tausche for a cnbc update. >> i will also begin by thanking mark hoffman for hiring me 12 years ago and say welcome back to kc sullivan top congressional democrats are demanding the department of homeland security trump appointed inspector general hand over information on deleted secret service text messages related to the january 6th capitol attack they're accusing him of using delay tactics to stone wall their investigation. the leaders of the house oversight committee signaled they're willing to subpoena joseph cuffari if he does not comply with their requests the biden administration announcing those who used federal loans to attend itt technical institute as far back

as 2005 will automatically get that debt canceled after authorities found widespread and pervasive misrepresentations at the defunct for profit college chain. the action will cancel $3.9 billion in federal student debt for 208,000 borrowers according to the department of education. and craft heinz is recalling thousands of cases of capri sun announcing the kid friendly drink pouches might be contaminated with cleaning solution the company's recalling about 6,000 cases of the drink saying the only flavor affected was wild cherry. if you're a fruit punch fan, kelly and tyler, you're all good >> that would make that wild cherry pretty wild, wouldn't it with cleaning solutions. okay >> i thought that's just how it tasted >> capri sun kayla, frgreat to have you here ahead on plu"power lunch," apple laying off recruiters as it moves to further slow down hiring even amid the recent tech layoffs, are we still firmly in

a tight labor market we'll asthceof zk e o ip recruiter about that next. ♪ ♪ ♪ ♪

90 minutes left in the trading day, and we're pretty much near session highs, so

let's check up across the markets on stocks, bonds, commodities, and an inside look at the state of the jobs market with the ceo of zip recruiter. so starting with the markets, the dow is having the strongest session of the bunch, up 330 points or 1%, being helped by those retail results home depot and walmart are both in the blue chips. that's helping it double the performance of the s&p today the nasdaq is managing a 24-point gain. the dow began the day down 60 points here's a look at the retail trade that's winning it's big names and meme names. walmart up 6%, similar for target and best buy. bath and body works up 7% for its part bed, bath and beyond is up 7%. seeing a lift across the auto names, auto retailers, auto dealers. here the theme is kind of consumer discretionary, auto nation up 9%, penske group 1, 7% gainers as well. bed, bath and beyond is seeing its biggest raiding day ever in

terms of volume, gamestop up 4 bucks, even carvana up about $6. absolutely some life left in that meme trade. let's get over to the bond market is it all because yields have been drifting lower? i don't know we'll ask rick santelli about the action today rick >> it all depends which part of the yield curve you're looking at if you look at a 24-hour of two year note yields, you'll see it's been a steady rise, almost a 45 degree line higher and what that has done is as you look at two-day of ten-year, which is reversed after it hit the same high yield around 286. curves are either inverting more or flattening because the short maturities have some strength, but not the long maturities. as a matter of fact, let's look at a chart going back to the 20th of july for ten-year note yields why? because that was the last day we had a 3% handle on a ten-year note close, which means this is

the 19th session, we've gone 18 sessions without closing at 3% or higher. the high yield is right around 3.5%, and many believe we've already hit peak interest rates on long maturities and if that's true, that means we're most likely going to see more slowing because that's the way the market is trading. finally, on the foreign exchange sigh, we all know the dollar's had a resurgence it's been strong mostly all year, but let's look at the onshore you want because it is very close to a two-year low against the greenback and their stock market is down over 15% on the year kelly, back to you all right, rick, thank you very much. let's turn now to energy we were talking about it a moment ago with jeff currie. these oil prices keep dropping. >> that's right, kelly, more declines for oil today with wti hitting the lowest level since january. weak economic data is prompting demand concerns while potential

progress on the iran nuclear deal is fueling supply side concerns but the big mover continues to be natural gas prices jumping more than 6%, and crossing back above the $9 level. over in europe, prices earlier hit 245 euros per megawatt hour, the highest since march 8th before retreating slightly that contract is still up more than 100% in the last three months, and beyond high prices for consumers. this is hitting businesses as well one of europe's largest zinc smelters is going offline next month. it's due to various external factors. in china factories have been told to cut output as industrial activity is rationed due to a heat wave. it could pressure an already tight market back to you. >> i'm so glad you highlight these every day because it's -- you know, they're still kind of

out of the headlines but so important. i mean, shutting down zinc smelters and aluminum's got to be up there as well, right >> yeah, absolutely, and there are ripple effects across everything and so we saw zinc prices jump today because now there are shortage concerns and so some of this is thanks to russia's invasion of ukraine, but then a lot of it is also thanks to the climate crisis and the drought, and that's making river levels drop, and you see the ripple effects all around the globe. >> it's bringing france nuclear power offline at the worst possible time. i saw germany extending. we could go on, we'll leave it there for now. thank you very much. if you're looking for a new job, you might want to do it right u no according to our next guest, we're basically at peak employment ian seagle is the ceo and cofounder of zip recruiter which just reported a second quarter earnings beat but lowered guidance what can you tell us about the job market >> well, what i can eltell you after an extended record run in the labor market which led to, of course, zip recruiter's outperformance both on top line and bottom line in q2, in the

back half of june for the first time in more than a year, we saw a slowdown in the labor market, particularly amongst small and m mid-sized businesses, in a quarter in which you add 500,000 new jobs, you bring unemployment to 3.5%, it's not surprising to see the labor market take a breath, take a pause, but that pattern has continued. it looks like it is the beginning of a slowdown in the overall labor market >> so let's talk a little bit about kind of past labor market slowdowns and how they've evolved and what this does and does not maybe remind you of. >> well, i mean, these are extraordinary times. you still in spite of the fact that the number of open jobs came down by 5% in june have over 10 million open jobs, and to put that in perspective, the last time we were at 3.5% unemployment, there were only 6 million open jobs, so employers still have a healthy appetite for talent

however, that appetite is being pulled back as they have less success in hiring and they're reassessing the way that they're operating their businesses right now. keep in mind the fact that we are still in an incredibly frothy labor market, and so whether you are a job seeker who is looking for talent or who is looking for a job or you're an employer who is looking for talent, there is still a high level of itactivity >> so if i'm hearing you right, you're telling me that if i am on the fence about looking for a new job or jumping, now is the time to do it because it's not likely to get better in terms of my negotiating power, the ability to get a bonus the availability of a job, if i want to pull my rip cord, do it now. >> this is definitely the period that i would call peak leverage for job seekers. so if you were considering changing jobs, this is the moment however, if you look at the trends over the last year, the

employers who are having success are recruiting talent as opposed to posting jobs and waiting for talent to apply. in a recent survey that was done, 37% of the people that were hired found that job because they were recruited to that job and you contrast that with 2019 right before covid hit, it was 18%. so it's just been a material change in the way that employers are successfully actually adding talent to their organization it's actually been a key part of the success we had at zip recruiter because our highly differentuating feature is the fact that on zip recruiter employers have the ability to reach out to job seekers before they have applied to a job, and that's why our customers are having so much success and why we've been able to outperform. >> that's what i was going to ask you, how do the employers, the potential employers know that someone might be poachable? >> this has to do with the big change that's hit the job market over the last few years, and

that's the introduction of algorithmic approaches in order to match candidates to employers potential open jobs. it allows you to identify labor participants in the market who would be rich targets for an employer's new job posting so that they can proactively go out and recruit those people to put this in perspective in the scale it has reached in the last quarter, employers reached out to candidates who had not yet applied to their jobs on zip recruiter more than 1 million times. those are the employers that are having success actually recruiting talent. it is not simply those that are posting jobs and weight for talent to find them. >> and you think that's a lasting change >> i mean, this is going to be a change that we live with for at a minimum the rest of the year and very likely through the majority of next year and fundamentally, job seekers are looking for something very different from employers than they were two years ago. over 60% of job seekers now want fully remote or partially remote work employers who are reaching out

and offering that type of environment have a distinct advantage in this economy. >> makes sense ian thanks so much, we appreciate all your time and insights today ian seagle from zip recruiter. up next, crypto crime doesn't pay, more literally than you think. are hackers leaving crypto alone because lower prices are here? that story is next, and as we head to the break, remember, you can now listen to "power lunch" on the go. look for us on your favorite podcast app, follow and listen that is an order today (driver) conventional thinking would say verizon has the largest and fastest 5g network. but, they don't. they only cover select cities with 5g. and with coverage of over 96% of interstate highway miles, they've got us covered.

welcome back to "power lunch," bitcoin down today, trading more than 60% below its year high, and as prices have declined, so apparently has crypto crime kate rooney has the details of the new report kate. >> hi, tyler, yeah, this might be one silver lining of crypto's bear market. criminals are having a tougher time stealing money. according to a new report from chainal sis, the total volume is

down 15% from a year ago rch, it's holding up better than overall crypto volume. data firm found a significant drop in scams. it was 65% below what we saw the same time last year. these are those typically get rich quick schemes or opportunities you may have seen out there that promise enormous returns. they might seem a little less believable with prices down and fewer people right now are falling for it you've got dark web revenue. that was down 43% below last year's levels. it was actually tracking heighe for this year, that's when a prominent hub for drug sales, stolen data and money laundering services was shut down one area that crime is still booming, hacks and stolen funds. it topped $1.9 billion so far this year, up about 58% from a year ago it's mostly in defi or decentralized finance. it can be used on one hand by

developers but it is increasingly being exploited by hackers as well. half of that total has come are from north korean groups which have taken about a billion dollars in stolen funds so far this year, elicit activity still less than 1% of crypto's total volume, but these hacks have weighed on investor confidence, and it's seen as a drag on the industry that's looking to become more legitimate in the eyes of wall street. back to you. >> all right, so let's change topics just a little bit, if we might, kate. you've been following these crypto bankruptcy proceedings closely. there's a hearing underway right now to the lender celsius, which filed for chapter 11, what's the latest >> yeah, tyler, i just got off that bankruptcy court hearing. it's on zoom there's almost 500 people, more than 500 people on this virtual hearing. likely a lot of customers on there being treated as unsecured lenders and celsius said it had 1.7 million accounts a lot of interest in this case the lawyers putting out some documents stheeg this company

owes depositors a lot more than we thought it owes around $2.8 billion, more than it has in the bank that's about three times the original estimate. it's also set to run out of cash by october, according to celsius's lawyers. they said that would be detri detrimental. they're considering additional capital. we don't know exactly what that will look like they say this company is going to be in the red by about $40 million by october all of this has huge implications for that individual investor we talked about they're all waiting to get their money back we don't have a strict time line, but we'll see if we get anything else out of this hearing. >> 2.8 billion, in celsius, how much is that in fahrenheit just kidding kate rooney. >> plus 32, 9/5. yeah minus. up next, bet on buffett. berkshire has been making some big muoves should you follow them we'll discuss next in three-stock lunch. you get longer-lasting vitamin c...

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prop 26? nothing for disadvantaged tribes vote yes on 27. ♪good vibes by moa l.m. munoz & ryan t. short♪ ♪♪ ♪bout to get down, living it up♪ ♪never touch ground, never enough♪ ♪bout to get down, living it up♪ ♪never touch ground, never enough♪ ♪got me feeling good♪ ♪vibes♪ ♪♪ ♪got me feeling good♪ ♪vibes♪ ♪♪ ♪everything's everything's alright alright♪ get a free storage upgrade and case when you pre-order. welcome back it's warren buffet's special edition of three stocks, really a berkshire edition, features two bias and bail from berkshire's second quarter filings. the firm making a bet on allied financial more than tripling its position to 30 million shares. they also added just over 10 million shares of amazon and

exited their position in royalty pharma completely. let's trade them ava joins us to do that. the chief investment strategist at er shares let's start with ally. what do you think about the stock here >> so generally agree with mr. buffet because he's -- he looks like he's selling his value, his value stocks, but there's one major inconsistency between his buys and sells, and that's ally because he's selling gm and buying alley alley used to be called cmac the car financing arm of gm. so if you correlate those two stocks they're almost perfectly perfectly correlated which shows they move in the same way. the same reasons why he sold gm, we would sell ally even though it's the best company, this is not a sector that's going to perform well

with high interest rates in fact, big ticket sales such as homes and cars, are not going to do well in a high inflation environment. >> let's move on to stock number two, and that is amazon. what do you say there? >> so, amazon, we would hold maybe it's a weak buy for us in fact, we added our position that's going to benefit the odds of a soft landing are increasing that's benefitting indices and most of all large cap tech stocks it's going to benefit. however, between its benchmarks and compared to other banks, we do not like its fundamentals as much that's because it has four times its peers and half the growth of its peers. >> all right let's see. that's leaves us with royalty pharma. >> we agree with warren buffet here too

we would hold or even lighten up the position a little bit. because this company is at a 52 week high. it is 1.5% dividend yield. it's going to perform well we don't see a very strong catalyst that will push the market, the company much higher coming -- going forward. so we would either hold or lighten our position with this one. >> all right. green for the most part, we would say. >> yeah. >> minor moves. >> you never want to be too much in disagreement with -- >> buffet lunch. >> apple working from home we've been talking about work from home today. wells fargo, leaving homes and mortgages and adam neumann, finding a new home we'll take a look at some other big stories and put them under our crco. miospe

before we go a few stories that caught our attention leading with apple it's going to start to require corporate employees, i believe right after labor day, to return to work, at least three days a week according to reports last summer the company suggested workers head back to the office a few days a week. covid cases delayed those plans. apple now in person work on tuesdays, thursdays and one other day to be determined it feels like this is going to be -- you can take up to four weeks a year at home. >> that will help. that will probably be a new long-standing part

people are really upset about this in general and ziprecruiter made an interesting comment, he said the leverage will go to those people hiring that can offer the remote work. >> 60% want it wholly or part of the time this will be encouraged but not enforced. >> that would be an important wrink wrinkle if you're right. >> i'm seldom right, but never in doubt >> meanwhile, should we talk wework. >> let's talk wework. >> the founder adam neumann, we know the stroshgs the billionaire, back with another company called flow. not a lot of details but they've raised a ton of money from andresen horowitz. the venture capitalist firm is reportedly investing, get this, $350 million into this company giving it a billion dollar valuation. all of this after newman was ousted as wework's ceo in 2019

yeah, now you can watch it. >> he's the star of movies mr. newman but he took a company -- there was a company, the valuation at one point of wework was in the $40 billion under softbank then it -- now in a spac, it went to $8 billion, now in a spac form it's like $4 billion. >> right and his model, there's something he proved it's that he can be an effective marketer, if nothing else what's astonishing to see this happen now it comes at the same week that [ inaudible ] is having himself another kind of celebrity money razor, but his spac he's having a more difficult time being able to attract investment and might have to return investor dollars. >> quickly, big shift in the banking, wells fargo positioning for a pullback in the mortsds ga mortgage business. according to bloomberg this was a company that was at one time number one in mortgage, but it is a volatile business and non-bank mortgage companies

have taken a huge share of the business. >> they own the business now some ways that's what regulators want, but this housing cycle is going to prove how well that ends for them and the industry. >> i suspect wells wants to go into a much more steady business fee-based income asset management >> thanks for watching power lunch. >> "closing bell" starts now. a mostly positive session faded in the last few minutes. retail results are supporting the dow. the most important hour of trading starts now welcome to "closing bell." i'm sara eisen take a look at where we stand in the markets. crazy intraday swings. we were lower this morning, recovered, had a nice rally in the afternoon, got as high as 329 on the dow and just lost it in the last few moments ago. the s&p 500 turning negative the nasdaq down about half a percent right now and the russell 2000 index of small caps lower. if you look at what is