recently so while we can look back to try and again how customers might respond with prices continuing to surge, a lot remains to be seen. >> we had wing stop on yesterday, 60% of the business is digital, bet it's almost the same for chipotle these days i don't know that. pippa, thanks very much. we appreciate it that does it for "the exchange." i'm going to join contessa brewer on "power lunch" which starts right now welcome to "power lunch. i'm contessa brewer. here's what's ahead pap friday rally. wall street investors cheering data that points to slowing inflation and a solid consumer does that raise the stakes for the fed's upcoming meeting apple the lone star of the tech, punctuating $3.6 trillion in market cap lost in a single year

is this the biggest sale ever for tech stocks or the start of the decade of dead money we're going to ask that question >> thanks very much. a big finish to a big week, and we mean big. stocks on pace for a huge month. we are right near session highs up 750 points or thereabouts the dow up more than 700, higher for a sixth straight day if it is a 14% gain for the month holds folks, it will be the best monthly performance for the dow since 1976, the year i graduated from college the s&p 500, nasdaq on track to end the week higher. even as some of the biggest names in the sector slide. intel, apple, verizon, are among the best performing dow members today. you see them a look at apple up 8%, intel up 9% on a major cost-cutting program. apple going along for the day as well a bulwark of consumer capitalism consumer discretionary, the only

s&p sector down today. dragging that sector lower, amazon, etsy and newell brands outpacing. the shares of the value etf up 5% for the week, i shares growth up 2%. >> we want to turn to the big story of the day, is this the week the tech markets broke? we started tuesday with disappointing results from microsoft and alphabet those stocks fell. up stronger today. meta wednesday plummeting on the news that the company is doubling down on its metaverse bet. then amazon, tanked 16% at its lows apple has managed to salvage the tech sell-off, beating earnings and up 6% this week, 8% today alone. all told these five companies have lost $3 trillion in market cap over the past year, gains wiped out.

what does that mean for tech does the sell-off mean valuations are where they should be let's bring in alan, the chair person and partner of prime time partners you were an investor in apple. do you think there's something apple is doing to navigate uncertainty, macro economic volatility and the like, that amazon and meta of the world are not? >> apple has always had magic. as far as i'm concerned, since the day i invested, which is a long time ago, they've seem to come out with newer products, newer variations to products, their service business keeps going up and go to any one of their retail stores and see the lines outside and get an idea of just how vibrant it is i think that it just has demonstrated that it's a company that one wants to be involved in

forever, an they've proven it year after year. it's had interim fluctuations. on a long-term basis it only seems to go up. >> what do you make of these tech valuations now? one, does it mean that growth at any cost is just over? there's no more patience for that >> i think that is a very appropriate comment. there's so much growth you can have where by pouring in money to stand, for example, in meta, that what they're spending on this meta platforms and the whole ar/vr area is astounding when you see the decline that's happened in that company, which, frankly, is a direct reflection of the decision that mark zuckerberg made to plow into this i invested in the first virtual reality company, backed believe

it or not in 1984 when it was just a concept, just originated. here we are, what, 30, 40 years later, and it's now a commercial product. hopefully -- and i don't think that the metaverse has really proven itself yet. i think we have to see what happens. in the meantime -- >> i mean like when you're talking about the metaverse, it's a concept that mark zuckerberg clearly thinks is worth investing in and building and letting some people play around with it isn't that how big concepts that change the world happen? >> yeah. but just think of the cost he plowed into this, and it's all based on a concept -- that's what i was pointing out, that's been around a long, long time, and he is now betting the farm, frankly, on the success of this concept which involves a whole new way of looking at services

and products and, you know, for medicine to education to content. i think that it's a bet if he wins, it's going to take a while to recover the kind of costs that have gone in to develop this and the decline and the value of the stock it's rather scary, 75% of the value of the company is going down, in, what, just the last year >> welcome, we're glad to have you with us. you've had a lifetime of markets in the markets, you're 87. you say you're going to live to 117 >> 114. >> i beg your pardon >> i had a birthday this week, and i am 88. >> happy birthday. i wouldn't bet against you as you observe the markets recently, what has your lifetime of experience taught you that you are seeing today thankt you think would help our audience be a better investor?

>> i am prepared to give you a very direct response to that. >> do it. >> i have been through so many cycles and the markets just don't go in one direction. they have a habit of just going up and at some point correcting. we're in the period of a correction what concerns me is that a very large percentage of the people that are investing in the area i'm in, venture capital, didn't live through the last big setback i would say around the time of the bubble in 2000 and 2001, 2002, and took a long time to recover you have people dealing with a period of time in the last 20 years, except for the blip in 2008, i admit that, it's going straight up and they can only see things in a positive way that, you know, the markets are going to go up, the valuations are going to go higher, and i think that this is a good time to have discipline and to

understand that there are corrections and we're going through one now. the question is, how long that correction and how deep that correction is going to go. >> we largely pay attention to publicly traded companies because we like to see what the stock is doing from day to day and minute to minute i'm curious in private equity, do you think that the valuations that private companies are seeing right now are about right? >> let me differentiate between venture capital and private equity private equity refers to companies in a later stage that are dealing with large sums for the most part. in a venture business, you're talking about early stage, young companies that are at growth stage where, frankly, to be honest, inflation, interest rates, politics, what's happening in ukraine, really don't affect the day-to-day operations of companies that are in the early stages of their growth because they're operating on a set of dynamics that are

independent of almost all these issues even if they wanted to, they couldn't borrow money. interest rates don't have a factor they're all equity supported in the later stage in the private equity, in companies that were supposedly prepublic, buying -- people bought companies where they expected them to go out in the market in a short period of time, i think there's been some excess, some considerable excess in pricing, and a lot of those investments are going to be much longer term holdings than were anticipated when they first made the investment they have to carry these companies longer and need more capital to support them and when the ipo market does return, who knows what valuation levels will be at. we've had a reset during the last six or nine months of what these values are. >> are you going to do the marathon again >> i'm doing it --

unfortunately, i'm walking it next sunday. last time i did it i ran it, i ran it five times, but this time i think i have to be more realistic, 26 miles in seven or eight hours is a long -- >> that's a long walk. >> a long walk on the pavement in new york city. >> i might do a bit of it. >> we'll be cheering for you. >> thanks for inviting me. >> if you are looking to put some cash to work, do you buy the pullback in tech or look elsewhere? you talk to allen. david is ceo of new construct, an investment research firm. good to have you with us >> thank you. >> what do you think where should i focus my investing interest rates -- interests these days >> the focus has to be on stocks that generate cash flows and excessive valuations that chase these momentum growth stocks are coming back to earth you need to get out of those and

move into companies able to generate real cash flow and the markets -- i think the market has been signalling that for a while and getting more and more severe. >> go where the money is being made, basically, right >> yeah. it sounds trivial, but it's true a lot of money that chased unprofitable companies and those are the zombie stocks we talked about in the past. those are all really getting crushed these days and, you know, just even in the vignette you had earlier today where apple was the only one, only stock of all those tech stocks that saw a good gain this week, because they're really making real cash flow and they have a sustainable return on invested capital a sustainable mode around the business, that means cash flow growth for longer and the market cares about that these days more than it has in a long time. >> you're actually encouraging investors to stay away from these expensive, as you call them, mega cap tech stocks do you think they're still

expensive even after this week >> it depends on which ones we're talking about. microsoft is starting to look pretty cheap apple is, you know, after its losses starting to look cheaper. stay away from amazon, netflix, tesla. we think there's still a lot of risk. >> you like qualcomm, tyson and dow. tell me why? >> i mean, a lot of it is because they're so cheap these stocks all have valuations that imply their current cash flows will permanently decline by 10 to 50%, right. we like stocks these days where the risk is lower and the risk is lower because the valuations imply that cash flows will go down, not grow excessively, dramatically, which is what we see in a lot of valuations of the high flying zombie stocks. these stocks generate a ton of cash flow already, right we're seeing the disconnect. expectations for cash flow to go

away or down, even while cash flows are going up that's the opposite of a zombie stock where cash flows are negative looking terrible. >> we've seen that too, but just now it's in total reversal david, good to talk to you thanks for sharing your ideas. >> thanks for having me. >> coming up, inflation may be peaking, but a fed pivot is premature. that's the call from a veteran market watcher what's at stake if the central bank gets it wrong amd and marriott scheduled to report earnings, which are buys and sells ahead of results before the break the consumer related stocks hitting new 52-week highs in today's session including campbell soup, general mills and hershey. "power lunch" is back in two

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a key inflation gauge that fed follows closely shows inflation was elevated what does that mean for the fed, and its statement when it meets next let's talk about this and more with cnbc's senior analyst and commentator ron insana welcome. >> thank you. >> you are welcome. >> appreciate that. >> always glad to have you here. you're not expecting the fed to pause on tuesday. >> no. >> are you expecting rhetorical

change or what >> i wrote this piece to rebut one notion going around yesterday that the fed would include pivoting in its language next week. i would imagine the fed could hold out the possibility of a pause, stop look and listen, maybe guide to another half and quarter point hike down the road as expected, with a nod to the notion that we're starting to see inflation roll over. i mean, when you look at most of the inflation data, they peaked in june. some of the core data a little stickier because housing prices and rents haven't been fully reflected in that nor have the leveling out and wage increases, but i think they might hint at a pause. not remotely yet at a pivot. >> yeah. go ahead. >> you know it's interesting because i was listening to chubs' earnings call this week which were pretty impressive evan, the ceo, said he thinks the fed is going to stay higher

and lorng than what markets are pricing in and i thought, okay that's notable from a guy in the business of assessing risk in a global economy here. if jerome powell comes out and he's -- is he going to be a dove, a hawk, or more like he's a canadian goose and everybody on capitol hill is aiming to bring him down >> well, first of all, i wish that senator hickenlooper and senator sherrod brown would stop talking about this asking the fed to stop. if they pause in the near future it will look like they're succumbing to political pressure rather than economic reality listen, i mean mr. greenberg's point of view is one person's opinion. when you start looking through all the data we've seen a decided rollover in headline inflation, particularl you look at the pce numbers that

came out yesterday, today. you've seen cpi peak already there will be some lag effect because of housing and wages that won't show up for several months the markets are telling us something important and you don't get a rally like this in equities, 14% movement in the dow and a drop in interest rates without some smart people making bets that we're coming closer to the end of the tightening process than we are in the middle of it. >> we started to hear that one of our guests last hour said the same thing, that maybe we're getting into the later innings of this inflation surge. we had a guest on yesterday from, of all place, wing stop who said chicken wing prices have come way, way down. that's good for chicken wings. it's not good for the chickens under no circumstances good for the chickens you get the idea. >> yeah. >> so when do you think the fed will take its too the off the brakes we're going to get a 75 next tuesday. >> yeah. >> then they meet in december.

then they meet again, what, end of january >> yeah. i still think we may get to 50 and 25 it's not my cup of tea i think the fed may be too far out in front of inflation. i do think it's rolling over as you know we've talked about this quite a bit. but i would take the fed at its word that it's probably going to move forward with 75, 50, 25, and then hopefully pause and look around. you've gotten inverted yield curve and inventories building and companies making statements that the economy is slowing and i think all those things taken together, along again, with the rolling over of inflation numbers, that the fed may want to take a look around and see what's going on. >> maybe a pause come march? >> that would be my best guess. >> ron - >> you can put a bet on that now. >> ron - >> here at home. let me ask you, when you're talking about the pressure that's fed is under to get this

right to avoid a 1970 style inflation crisis, versus a very deep recession that also hurts americans, it's no wonder that you've got lawmakers, you know, in washington, d.c., especially ahead of a midterm election that's pivotal, trying to pin the blame on anybody but their party of choice. do you think that there is -- do you think that pressure is effective? do you think that fed actually - >> no. >> go ahead. >> no. i mean i don't look, if the fed succumbed to that kind of pressure from a couple senators who, again, may not be running but are concerned about the midterms - >> but it's not just lawmakers, right? there's a lot of smart money men who are criticizing the fed moves >> i've been reasonably critical, i don't know that i'm a smart money man, but i'm critical of their process in that i don't agree with a lot of folks, larry summers or others,

this is a replay of the 1970s. this looks like a postwar environment in which supplies were disrupted, demand came back faster 15 months into it relative to the 15-year experience from 1965 to 1980 this is a different beast all the way around i think the desire to avoid being an arthur burns or a g. william miller and more like paul volker is misplaced because i don't think it's the same environment pap lot of people are talking about it and i think the fed may have gotten out over its skis and the inflation has rolled over, the yield curve has inverted i think we've got enough data to suggest they may have reached their objective already. >> ron, smart money man insana, appreciate it. >> up next, the big casinos are struggling, at least where their stocks are concerned their landlords are holding strong a lot of casino reits.

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welcome back let's take a look at gaming and leisure properties and how their shares are doingtoday. both reported earnings that beat expectations on the top and bottom lines and as you can see, vici is up 2.5%, glpi up 3.5%, supported by dependable rents. glpi was the first gaming reit, and its year to date performance up a percent compared to penn entertainment, down 38% over the same time frame. look at the stock performance year to date of vici up 5%, versus caesars its biggest tenant down 55% year to date vici's growth was remarkable

considering it was born out of the mess of caesars bankruptcy its market cap outranks not only caesars, but even las vegas sands and mgm resorts and the other casino companies glpi comes in ahead of its tenants as well. get this, vici will actually see a big boost to its bottom line because of inflation caesars master lease is tied to the cpi. when it goes up, so does the amount of rent caesars pays to vici. >> that's a nice piece. >> and here's another piece, they are not talking about just staying in gaming. vici has made deals with cab bot golf, canyon ranch, kelsey pearce in manhattan. they're looking at athletic training facilities. this is a company on a growth trajectory, and like its counterpart, they have started financing deals for their tenants, lending them money and

making money that way too. it's a very -- >> $30 billion in market value, a company that is little flown really. >> born in 2016. it has a tiny corporate staff, manages costs in a very effective way. >> interesting story thanks shall we go to seema moody we shall a cnbc news update >> here's what's happening at this hour. in oklahoma, the deaths of eight people found in a burning home are being investigated as a murder-suicide the victims include six children aged 1 to 13 authorities say the two adult who died are considered suspects the local fire chiefs say none appear to have died because of the fire and guns were recovered from the home. the pandemic shut down, set back students by more than a year according to an analysis. ap found the average american student lost half a school

year's worth of learning in math and a quarter of a year in reading. rock and roll pioneer jerry lee lewis died he defined songs "great balls of fire" and "a whole lot of shaking going on." he was the last of a generation of performers that included elvis presley, chuck berry and little richard jerry lee lewis was 87 years old >> i showed my kid a youtube video of him playing piano not long ago he did it like nobody else did. >> standing up and a lot of passion. >> you can see - >> controversy. >> controversy his musical roots go right down through elton john and a whole lot of others. here where you go. ahead on "power lunch," pending home sales, pending, falling, 10% in september. much wo much worse than expected. as paint chips on the housing same for the semis

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stocks, bonds, commodities and the latest housing data. let's begin with bob pisani, dow on pace for its best month since january 1987 bearer of good news today, bob >> if it gets above 13.8% it will be the best month since 1976, january '76. we're up 14% right now that is pretty remarkable. if you wonder what did it, it wasn't tech, it's a lot of what we call value stocks, caterpillar, chevron, the energy stocks, financial names like jpmorgan and pharmaceutical things like honeywell and merck. those are all up 20, 30% or so for the month of october elsewhere on the earnings front it's nice to see tech earnings leading the way for the day. there's the month. put up the earnings for today, apple, intel, even t-mobile is among the top five, six, seven

stocks on the s&p 500. that hasn't happened in a long time we haven't seen that in a while here don't kid yourself i want to emphasize value is ruling if you look at the new high list, it's essentially energy stocks like exxon which is at historic highs, chevron, a lot of health care names like humana and industrial names like lockheed martin. these are traditionally associated with the value camp and we're seeing some rotation here and that is evident on some of the earnings pictures which we'll talk about a little bit on monday so people are saying, exxon is the new f.a.a.n.g. like a big thing to say on some of the trading devgz you can see that because the out performance has been noticeable. energy stocks up 23% this month, industrials up 12%, health care 9% put the board up there, tech and communication services which is what we call growth sectors have been noticeably lagging. the bottom line here is, we're starting to see shift in the earnings picture and maybe this

will result in a more balanced s&p 500. maybe we don't necessarily need to have technology 25 or 30% of the s&p. wouldn't that be nice. that hasn't happened in a while to see a shift in the value versus growth story. right. >> exxon, the new f.a.a.n.g. got it thanks have a good weekended. to the bond market and rick santelli tracking the action as the yields are on the rise once again. hi, rick. >> hi. indeed, yields are on the rise two-year note yields up 14 on the day, 10s up about 10 on the day. what's interesting they're down 20 on the week everybody is talking about the three month to 10 year e inversion but they voonts have been shocked and i'll show you why. an october chart of a three month t bill they auction them every week the fed is going to do most likely 75 and even if they didn't they're going to do 50. t bills keep going up. 10-year for the same period. any questions. that's why it's going to keep happening

10-year have buyers coming in. t bills will keep running up every auction every week the three months to 10s closed the week inverted was march of 2020 now, the euro currency, everybody talking about the dollar the dollar having a little bit of an up day, but down big time on the week. one of the reasons there was improvement in the euro, doesn't last long. wednesday closed above parity for the first time since september 19th ecb meeting, back down again back to you. >> remarkable. thank you for that. oil closing down slightly but up 10% this month. pippa stevens at the commodity desk now hi. >> contessa, china tightening its anti-covid measures is weighing on oil with oil down more than 1% for the week wti and brent are in the green natural gas higher on the week on track to snap nine straight weeks of losses. ebw saying this continues to be

a weather driven market for natural gas and temperatures remain mild and could be stuck in a trading range now energy stocks are mixed today, but exxon and chevron as bob was noting are notable movers both stocks hitting all-time highs following strong third quarter results from the oil giants exxon's net income nearly tripling year over year hitting $19.7 billion. chevron posting $11.2 billion in profits. second only to the second quarter's $11.6 billion. both stocks up sharply this year with exxon, contessa, up more than 81% back to you. >> thank you for that. let's get to the latest read on housing where higher interest rates really are taking a toll diana has that data for us hi, diana. >> we saw this brief reprieve in rising mortgage rates in august and not terrible home sales but that ended in september pending home sales dropped a much wider than expected 10.2% month to

month according to the national association of realtors. sales were down 31% year over year and excludeing a brief drop at the start of the pandemic that is the slowest pace since 2010 pending sales measure signed contracts during the month and the future indicator of closed sales. reflects buyers out shopping during the month and when the average 30-year fixed crossed 7% we started at 3% this year rates still over 7% at 7.08. that's according to mortgage news daily for potential buyers looking at the median price home their payment closing in on a thousand more than from the same house. i got a text from a real estate agent who said he was out with an appraiser usually impossible to book, that um apraiser's schedule wide open. >> thank you very much we appreciate it. after the break, chip stocks struggling this year how are companies navigating

america's china chip ban we'll speak to the ceo of the globalfoundries next as we head to the break check out these shares, pinterest bucking the trend of slumping social media stocks. the platform's shopping feature boosting results we'll be right back. stock up 11% today

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chip stocks rallying along with everything else intel up nearly 10% despite reporting a rocky quarter planning cost cuts as a battle over chips taking place between the u.s. and china u.s. enacting new export controls, but the chip makers doing business in both countries are caught in the middle kristina partsinevelos joins us now with the ceos -- ceo of one of the company's global foundries. >> thank you joined by tom callfield. congrats a year since you went public and if you look at the three-month chart for the stock which is down 17%, intel we talked about

it, up today but down over the same time frame 27%. you guys are up 20%. what gives >> first, thank you for having me i think our performance just doesn't happen we have 15,000 amazing colleagues around the world. we work 365 days a year, seven days a week, because that's what our business takes it's really a testimony to the team we have around the world. we're quite proud of how the stock performs. >> we can't talk about financials because you're in a quiet period, but i want to talk about expansion. that's been a theme. expanding in the united states, bringing back manufacturing here, decoupling from china. you region announced expansion for advanced notes and getting funding. if we were to talk about that for a second and the financing for it, it's tough to put a price tag on how much pain it

would cost but goldman sachs says for those companies building more in the united states it will cost 44% more so are we under estimating the future price of chips? are we going to see a sky rocket if we're bringing it all back to the u.s. >> lots to unpack. >> a loaded question are we under estimating the price of the chips in the near term. >> we're in an inflationary world. >> not inflation. >> we don't do leading edge or single digit it animator chips that represents 30% of the market we play in 70% we have features we have embedded memory for security applications, high voltage for display, you know, we add rf and low power for connectivity that's where we play there's a fair amount of investment that needs to be made there as well. the second part how are we going to fund this capacity? it starts with the chips bill. the chips bill, think about it, $52 billion, 37 of which will be

for manufacturing. but remember that's not the whole package. that $37 billion will unleash $120 billion of funding for semiconductor manufacturing capacity >> it's spread out over several years and split amongst many companies. >> yes, but it's going to add capacity you couldn't spend it all in one day if you want to think about the lead time for equipment, build facilities and house the equipment, it takes time to put capacity on. >> i brought up china. there are initiatives, the export controls. do you feel like maybe given your experience in the field and you seem to know everyone within the chip space, do you feel like the timing is difficult given the market conditions for chip companies? do you think it's the right move >> first, why are they doing the move you finally i think society the industry realize how critical semiconductors are to the world economy. probably the most critical

ingredient you have a situation where supply around the world is way out of balance 70% of the foundry business, you know, five foundry businesses, 70% is in taiwan think about economic security, supply chain security, national security, this imbalance needs to be fixed. so you're seeing in funding and what you're seeing in some of these trade or restrictions, it's all about creating that better balance of -- >> but are we underestimating the corporate costs? should there be retaliation? i say this because sk in their earnings said they are making contingency plans for an extreme situation. it's not often you hear a company say that are we underestimating the cost of this? >> i don't think so. we need to get better balance. what's the other cost? we have concentration for a key ingredient for economic

security, so this is what happens when things are inconvenient what is worse for you? nothing comes without pain, inconvenience and you have to arbitrage between the risk/reward >> intel announces they're going to be changing their moun dri model like a contract chipmaker servicing clients, media tech, both of your customers, competition for you in the long term, no >> i think by and large, you know, strategy is to service that high speed digital compute market we participate in and target technologies that are 12 nanometer and higher we'll very seldom intersect one another. there may be overlap here and there and the world needs good competition >> i will leave thinat note. unless tyler or contessa have questions, i want to thank you then. >> i guess they don't.

thank you both very much we thank you, grateful for your time. still to ce,om trading the week ahead we'll preview big earnings on deck in today's -- there we are, three stock lunch. i remember the day you looked at me and asked, “what now, dad?” so i said, find a job, any job. work hard. that's just how it is. but of course, you didn't listen. you showed me there's another way. i'm proud of you. ♪ ♪

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dow up more than 800 points heading into the close

"three stock lunch" and the busiest week of earnings season. more than 30% of the s&p 500 set to report and among the biggest names amd after the bell tuesday, marriott before the bell thursday, and draftkings before the bell on friday. here to help us trade them all is scott nations, president and ci oeshgs iio of nation shares. kick things off with amd would you buy it >> this is really interesting, so a good one to kick off with they preannounced results on october 6th and it was an unmitigated disaster, everything lower. the stock took almost a 14% hit because of that, but since then it's been sideways, which is good because it's still down 57% year to date but the most interesting thing will be the earnings announcement on tuesday. why? because we'll call it consensus eps is for a profit of 68 cents

a share, but they're all over the road the low estimate is 53 cents, the high estimate is more than that at $1.07. what's going to matter is the commentary investors are going to want to hear from leadership about what they're going to do as far as scaling back production or cancelling capex, it is cancellable. and if there's any upside here, it's that meta is going to continue to spend a ton of money, and that's the only thing that's going to help amd right now. >> let's move on to marriott, scott. check in, check out? >> i'd buy it. i like marriott. big rebound in travel, not just a big rebound in volume, it's the fact they have tremendous pricing power that's reflected in the fact the stock is down less than 5% year to date. the issue for mare yotd, though, is going to be debt. they have $1.5 billion due in the next 14 months that's actually about what they raised during the pandemic, but the company is focused on debt,

they say they want to reduce it. if they can do that, it would be very, very impressive for the forward p/e and beta of $1.57, it's the broad market on steroid. if they can cut debt, good for them >> how would they cut it would they pay it off or would they roll it >> no. they wanted to pay it off in the next 14 months then they want to buy back some longer-term debt that's due after that >> all right our final name, and just as the world series is kicking off, draft kings. would you bet on it? >> no. in fact, i would bet against it. i think draftkings is like being in a car crash on your way to a train wreck. the company is expected to lose $2.50 a share this year. the competition in the space is just incredible. it's insane. unless there are some failures or some consolidation, i think this entire space is just going to be lost money why? well, big part of that is the

customer acquisition costs, which is outrageous. estimates of anywhere between $700 and $1,000 per customer for acquisition costs for all these online sports books. this is just a place to stay away from until there's a little consolidation. >> scott nations, thanks for bringing us your picks have a great weekend we are seeing some confusion over what's happening inside dewitter let's go back to deirdre bosa in san francisco. what do you have >> earlier today reported a team of data engineers were laid off at twitter i spoke to two people inside of headquarters, but we have not been able to verify they are, in fact, twitter employees. back to you. >> thank you up next, a look at the biggest movers on the session. there you are. as stocks get to close

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may driving across the texas boarder to louisiana, where it's legal, logged on to caesar's sportsbook app he made consecutive bets at 12-1 odds if the astros win, jim will get $75 million, though he will also shell out big money for the promotion he's running in texas, spend more than 3,000 bucks, get your mattress for three if the astros win i asked him how his wife feels about him becoming the most famous sports better in america. >> i have a great wife she understands that i don't have a gambling problem, i have a promotion problem, so we're running lots of promotions and in the world series right now to win the $75 million and get paid back for our great customers that informs in this promotion then on to the world cup and we'll see what happens there >> you don't often hear people talking about soccer, but he says he never gambles on

offshore illegal types he said all americans live close enough to bet legally, just drive there like he does but the legal sports books should not discriminate against gamblers who know their sports, know their wager, do well at it, the sharks he says when sportsbooks don't let them place their wagers, it sends them to offshore sites. >> so they'll clamp down he sat there and kept placing bets until he got off? >> he flew to iowa, flies all over the place so he can make his bets legally caesar's, by the way, told us they have lots of players who play six-figure bets whoa >> seriously >> the dow is up 085 points. we'll finish up one of the best weeks for the dow in years and one of the best months since when was it?

>> decades. >> '86? >> i thought '76 >> yeah. we keep getting farther and farther. thanks for watching "power lunch. we appreciate your time. >> "closing bell" starts right now. stocks are surging here on wall street, adding to strong gains on the week and the month even in the face of amazon's pullback this is a make or break hour for your money i'm sara eisen there's the dow, up 800 points, the highs to have day. every dow stock is higher at the moment biggest gains, apple adding 72 points unh, microsoft, mcdonald's s&p 500 in a broad rally mode, up 2.4% right now. you have almost every sector higher, except for consumer discretionary, and you can thank amazon for that, which is a big component of that group. etsy falling i