advertisers across the board they spend a lot of money on advertising. we've seen from so many that they've paused their spend on twitter. >> twitter shares 179.04 thank you for rounding that out. that's it for "the exchange. "power lunch" starts right now welcome, everybody, to "power lunch," along with contessa brewer, i'm tyler mathisen the red wave didn't materialize, but control of the senate still up for grabs what happened and what does it mean for markets and politics and that looming 2024 election tesla, we've been talking about it, continuing to tumble hitting session lows right now losing nearly half its value this year. now elon musk does seem distracted by his shiny new toy

called twitter we have a debate on tesla with two analysts with drastically different views on what that stock is headed. >> thank you hello, everybody i'm contessa brewer. here's where the markets stand lower across the board nearly every index at session lows the dow off 1.5% so is the s&p 500 and the nasdaq off more than 2% disney is having a more direct impact on the markets today, taking about 75 points off of the dow, down 13.3%. disney plus lost $1.5 billion, even though it added more subscribers than expected. boy, the crypto carnage continues today. bitcoin falling below 17,000 for the first time in two years. down 9% on the day ftt, that's the token behind ftx, falling even more that means sam bankman-freed

lost 9% of its net worth in less than a week. uncertainty about control of government is weighing on the markets today. enough house and senate seats remain uncalled at this time to keep the election drama going for a few more days, maybe weeks and longer what we do know is we're not seeing a red wave that some predicted. key race for senate in pennsylvania, dr. oz conceding that race to john fetterman. this was one of the most contentious and expensive races of all it represents an added senate seat for democrats, picked up, flipped from the gop the michigan governor's race, tudor dixon, closely aligned with former president trump, losing to the incumbent, gretchen wit whitmer so we bring in jerry syde.

did the pollsters get it wrong in talk about a potential red wave or was it sort of right >> you know, it depends on how you slice that question. at the 10,000 foot level, the polls were basically right they said the race for control of the house would be close. republicans would have a slight advantage. what didn't happen is what some people read into the polls which was that there would be a developing red wave. the movement backwards would keep moving and would crest. what people missed with as snap back towards democrats why did that happen? one of the things that happened, abortion rights did not fade as an issue as much as some people thought. i think donald trump proved to be a drag on republicans net-net. interesting number out ofthe exit polls said three-fifths of the voters who cast ballots yesterday had an unfavorable

view of donald trump, three quarters of those people voted democratic that was a problem i think republicans suffered a little bit by not having a clear economic message they thought for a long time that simply running against a relatively unpopular joe biden and inflation worries would be sufficient they never developed their own answer as to here's the inflation problem solution that we stand for finally, candidate quality matters. some of the candidates that republicans put forward, you just have to look at pennsylvania with doug mastriano probably were not the best and most reliable candidates >> it's very interesting the republicans certainly made the economy and inflation the issue. but maybe they didn't have the solution the democrats seem to have no answer on inflation to me.

you say it was a great night for ron desantis but not such a great night for trump. i hear you saying trump is a motivator for republicans and democrats. >> that's what he is he's a motivator for both parties. the question since going back to 2016 is who is he a better motivator for, democrats or republicans? he may have been a better motivator for some republicans last night so republicans will look back at that and say do we want to continue to be a party led by donald trump or do we want to go in a different direction >> why do you say it was such a good night for desantis whom trump this morning is already tearing off after? >> ron desantis won on two fronts he won a giant re-election win in florida far more than most people expected he was projected to win, but not by the margin on the screen

there. not by that margin he blew away the democratic opponent, who was a credible opponent in one of the most important states in the country. that's item number one item number two, he benefits now by being the leading alternative to donald trump. he is donald trumpian in many ways in terms of the policies he supports and the style he projects, but he doesn't carry any of that trumpian baggage if you're a republican looking at this landscape today, you think maybe that's not a bad ticket for us. there's a long way to go we don't even know if ron desantis will run for president. but there will be a lot of pressure on him. >> we don't know if donald trump is going to run for president either, though he seems to be hinting very, very, very probably soon he's going to make an announcement. though i'm loathed to do it, i feel like much of the nation ha

advertisements you opened the door, what about 2024, what does this tell us about what's coming down the pike for the presidential election >> before i answer that, let me point out there's one state, the state of georgia, where there's going to be a runoff for the senate there and they will not be done with campaign ads. i don't know certainly donald trump acts like somebody and is talking within the last two weeks like somebody who wants to run again, who firmly believes he should be president now and should have had a second term and will get that second term if he runs again. i think he probably sees it to his advantage to open the gate and get out early. so you probably will see that. one of the things that happened last night is the idea that you can challenge donald trump is a more resident idea in the republican party than a year ago. maybe you have a wide-open republican primary it's worth remembering on the democratic side, there will be

some similar questions on the one hand, joe biden and his democratic party avoided disaster last night. they did by historical standards quite well when you compare this midterm to other first midterms after a new president takes office that will lessen the anxiety level in the democratic party about whether they can be led again in 2024 by joe biden but he won't go away he'll have a birthday in a few weeks, the age question will be there. >> final question, we all like to play political analyst, but as i look at the red state/blue state map, if i look at florida, pennsylvania and ohio, where there were senate races in each of those states, if you look at the states by county or precinct and you put red gop and blue democrat, these are really red states we just showed florida on the map while you were talking about desantis there i think it was maybe fort

lauderdale, broward county was blue >> and orlando is very blue. >> but look at -- look at pennsylvania most of pennsylvania is red. almost all of ohio is red. it's not close in these states in terms of the dominance of the gop by geography >> that's a good point one thing we probably need to quit saying after last night is florida and ohio are up for grabs. they're red states we kind of knew that about ohio. we now know that for sure about florida. on the other side, you have to say colorado looks like a more blue state than we would have thought. arizona, you know, may turn out to be a little more blue than some people thought. one of the interesting things that happened here is the map sorted itself out. no matter what the -- >> there's the florida map it's broward county, orlando as you pointed out and --

>> tampa can be somewhat blue. >> maybe up near tallahassee i'm not sure what that is in the panhandle. jerry, thank you so much >> but changing. >> that's true jerry, always great to see. with the midterm elections behind us, the majority of earnings season behind us, what could be the next catalyst for the markets? joining us is the chief investment officer at centerstone investors. good to talk to you. first of all, i do want to talk about how the markets proceed going forward. what's your take on how we start wednesday after election day looking forward at politics and the way it moves the markets >> there's probably some hope that people would choose on the hot button issues one way or the other. it looks like that didn't happen maybe there's some disappointment there from an investment standpoint, i'm an optimist but also a realist. the things that were in place

prior to the election are still in place the trend line is pointing towards some recession or economic weakness, this sequence of events that typically precede a recession are in place on the positive side, there's some things that could happen that could mark a bottom there could be a recession >> why do you think that the data that confirms it would move the markets higher >> because usually the market is acting as a discounting mechanism. it is looking forward. generally speaking the stocks -- the stock market bottoms three to six months before the economy does as we see realtime data that sees there is recession, primarily ending with really the most lagging of indicators which is unemployment, if that was suddenly to tick higher, you're already seeing signs that that's starting to roll, that would kind of give some hope that the

end is near. that's good enough for stocks. >> we showed some of your thoughts about what the upside catalysts are. what about the downside catalysts? how closely are you watching what's happening with consumer credit, the corporate credit markets moving forward and whether that could be actually a downside catalyst. >> what i tend to do in these situations with a flagging economy is looking where the excesses were. you obviously had crypto, you're on top of that the meme stocks, but maybe under the surface that people are not focusing on are the auto loans these are relatively small parts of the entire system but they tend to be quite volatile and leading you're starting to see already some issues with the auto loans, especially in subprime space,

and in the fourth area is real estate one thing that is similar -- i don't want to draw too many comparisons, one thing similar to preglobal financial crisis is we didn't know where the leverage was in the system at that point it surfaced everywhere here, the hope is that because most -- or 30% to 50% of the housing demand has been investment by buy to rent investors, so in cash, people sort of assumed that's safe. i don't personally know any real estate investors who don't leverage real estate that's the point of real estate. so maybe it's not in mortgages, but they did leverage somehow. that shadow banking system, it's very hard to gauge how healthy or not it is but i suspect, since that's where a lot of excesses were, that's something to keep an eye on >> thank you very much for joining us

coming up, one year ago today, bitcoin traded at an all-time high around 68,000. today, it's about a quarter of that up next, we'll dig into the crypto chaos that is sending everything in that area sharply lower. there you see some numbers bad news/good news for meta stock. the company getting set to cut thousands of jobs but market like the cost cutting. the stock is up 13% in a week as you see there. and now a look at stocks hitting all-time highs today merck, eli lilly, bristol-myers, eli lilly a bit off its highs of the day. "power lunch" will be right back

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crypto's lehman moment, that's how one expert described the deal and has people asking how did we get here. at the end of 2019, binance takes a sizable take in ftx and makes a big bet on the ftt token. two years later, ftx is a main competitor to binance. binance takes nearly 2 billion in collateral of that ftt token. this was the same token that was

created. binance's founder announced after what he called revelations, the firm decided to dump its $2 billion stake in ftt, this sent the price plummeting, down 32% ftx desperate for cash pauses withdrawals and turns to binance for help this has left investors from sequoia to blackrock and the ontario teachers pensions fund holding the bag. to decipher all of this, let's bring in director of the news at the block, frank chapero i want to know if anybody involved in this is pulling a steve urkel wondering, "did i do that?" >> yeah. it's not just the list of investors that you mentioned, it's the customers of ftx who are holding the bag. it's an upsetting day for the industry, for the market

and it's very uncertain right now what's going to happen next. there's a lot of unanswered questions. the fate of ftx u.s. as a for instance alameda's website has gone offline as has ftx ventures. it's unclear if that deal that the big headline deal between binance and ftx, it's unclear if that will ultimately happen. bloomberg reported earlier today after binance looked deeper into that balance sheet, they found possibly a $6 billion hole, which might result in the deal falling through, which would be -- let's be blunt -- cataclysmic for the entire space and industry possibly sending us back five years. >> so, when you look at an executive describing it as crypto's lehman moment, are you saying that the contagion is not

only apparent but probably deserved >> the contagion traces back to the summer where we have that major credit crisis that gripped crypto starting with luna, which then hit three arrows, which then hit many of the biggest lenders in the market. and many people in the industry were hopeful that's where it ended. but it didn't end there. there was more to the story as it were, and it may end with ftx. >> how do you think this story ends is there a white knight that would come in and act as a savior to ftx. i'm thinking back to 2008 and the lehman moment. there were a lot of big powerful companies, wash mutual, merrill lynch, bear stearns, got rescued by bigger players.

is that possible here? is that necessary here how do you see the movie ending? >> it is necessary ftx was the biggest player they were supposed to be the lender of last resort. if binance is out, binance is the largest company in the space, if they're out, i don't think there is someone to bail out the international business for ftx u.s. they hold that dcl license, which is fairly valuable and hard to get so there may be someone after a bankruptcy proceeding, maybe they swoop in and get the scraps, as it were for ftx international, i don't think there is a buyer aside from binance it doesn't make sense, especially with a $6 billion hole i just don't see -- i don't see that story ending well

>> so, we can look at this wall over here and show some of the investors in ftx, softbank, blackrock, paradigm, among others how will it hit them if this company implodes >> it's not good it's going to hit them hard. it's going to also, like i said, set the space back i don't see, you know, a lot of those funds investing in a firm like an ftx in the future. it's a big hit for centralized players, but i don't think crypto is going away i think it's obviously a dark moment in time but -- it will take a couple months of silence, maybe a couple years of silence and building, but at the end of that, there will be maybe an opportunity for defi and nfts, but this is going to hit the reputation -- the reputational

hit that crypto will take as a result of this cannot be understated. >> it goes to the real heart of the legitimacy, not maybe of crypto but some cryptos behind it silence of the shams traffi frank, thank you >> thanks. we will hear from one crypto startup whose customers include ftx and binance. first the draft king slayer, california voting against a bill to legalize online sports betting. those details when "power lunch" continues. you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine.

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welcome back draftkings is getting a losing hand today, down 7% so far following bad news for the xer initial sportsbooks. commercial sports books. california rejected the most expensive effort to legalize sports betting in the most populous state pop 27 failed 83% to 16% on top of that, we got earnings, draftkings biggest competitor, fanduel reported u.s. revenue

that soared by 82% over the previous year and lifted u.s. guidance for 2022. flutter shares in the uk declined on the day, down 5% as it announced losses for next year the real story here is fanduel is defending its 42% market share in the online sports betting word >> look at that year-to-date decline for draftkings 57%. let's get to seema mody for the cnbc news update house minority leader kevin mccarthy announced his bid to become the next house speaker, this even though control of the house remains undecided. mccarthy says he remains confident that republicans will take back the house. nbc news says republicans are on track for a small majority in the house. mitch mcconnell is holding back from commenting on the elections. when asked how he felt about the midterms, mcconnell said i don't deal in feelings, that he is

awaiting for the votes to be counted. for the first time since the 1970s, grand rapids, michigan will send a democrat to the house. hillary shelton defeated tom gibbs who defeated peter myer in the primaries. contessa and tyler >> thank you very much ahead on "power lunch. tesla's breakdown, the stock sinking today, down 44% this year, dropping way below the trillion dollar market cap it hit a year ago. disney and roblox miss on earnings

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. we have about 90 minutes left in the trading day. we want to get you caught up on the markets. stocks down about 535 down on the dow. we have your bonds, commodities and a bull bear tussle on tesla. stocks getting worse as the day goes on. the dow down about 532 points right now as you'll see in just a moment there it is. the s&p 500 off 62 or 1.23%.

look at the nasdaq down 200 points or a little more than 2%. big cpi report coming out tomorrow everybody will be watching that. consumer discretionary stocks are getting hit hard tesla among the worst performers almost off 5%. more than 5% the s&p 500 -- more on that in a moment cruise lines, toys, target, all sharply lower as you see right there. home builder stocks are higher today, despite rough results from dr horton missing on earnings and revenue. orders are dropping, cancellations are rising the company saying it's too early to know what housing conditions will be like in three or six months. the company not giving forward guidance right now let's move on to the bond market investors are awaiting the big cpi report rick santelli is tracking the action for us. >> right here in place and it

might be the midterms, and the fact we don't know all the final results. something is affecting traders today. look at an intraday of ten-year notes, that line on the right side where yields popped up from 411, 412, up to 416, 417, that was an auction i gave it a d minus. could be one of the worst ten-year auctions i've seen. we know what's at stake, whether it's politics or cpi the fly in the ointment is tomorrow's cpi is supposed to be a bit cooler yields towards the high end of the range, however if you put a two-day chart, you can see that's not the case. as a matter of fact, it underscores the fact that even though yields have popped, we still have not gotten to the middle of yesterday's range. here's an intraday of the dollar index. similar to interest rates, it looks like it's flying until you realize that yesterday, open the chart up,

yesterday we closed at a two month low. from an intraday perspective yesterday, we traded at the lowest level since the 19th of september. the dollar index may be up today, but it is under pressure. that gives some investors a bit of hope, they're using that as a way to shadowbox that rates may be moving a bit lower. contessa, back to you. >> i'll pick it up thank you very much. hooil is closing for the day dipping back below $90 a barrel. pippa stevens has the numbers for us >> oil is in the red the latest inventory report showed a larger crude build of 3.9 barrels. diesel and heating oil fell by 500,000 barrels. the second key wind is china demand wti is down 3.6% at $85.69 with brent crude down 3% at $92.54.

the s&p energy sector is coming off its highest close since 2014 but in the red today with occidental posting the biggest loss down $2.5 billion, down from the last two quarters but up 300% year over year within clean energy, array technologies, which makes tracking and racking systems for utilities, the stock is up 12% >> thank you very much let's move to tesla. elon musk has now sold close to $4 billion worth of shares in his electric car company since that twitter deal. the stock lost nearly two years of gains in the twitter saga alone. should you own tesla we have a bull/bear debate joining us is colin rush, he rates tesla a buy. he carries a $436 price target

our bear is craig irwin with roth capital he says tesla is egregiously overrated. he has a price target of $85 a share. craig, you see this thing going down, down, down why? >> tesla is facing an interesting environment. if you look at companies executing well, you have lucent, polestar doing what they said they would do. you have names like porsche, where it's the tycon that's driving the growth for that company. coming out at a much more attractive valuation and ford with their spinoff coming this spring there are much more attractive places to put your money for tesla to be valued at an outsized premium versus the largest car producer in the

market, when they really don't have anything that nobody else doesn't. to me, that doesn't make sense it means you should probably look elsewhere and avoid tesla >> colin, why don't you respond there. the point he makes, there's a lot of competition here. some are executing very well you have a ceo who may, to mildly put it, may be distracted what do you say? >> aside from the elon distraction issue, craig is mistaken on the technology issue. when we look at materials and advanced materials being operated by software tesla is substantially ahead of other folks. we're seeing that again and again with the partnerships developing for established oems as well as newer oems to drive that technology curve. technology is doing that on an

integrated business. we're seeing them drive cost out of the vehicle and the process at the end of the day, when folks to implement newer ideas, it's three to five years even though tesla falls short on some of the timeframes, they're ahead of their competition when you looking at the cost structure, the performance as they come out, it's just apples and oranges from our perspective and the earnings power, gettin up to 25% plus operating margins puts us into a potential for $12, $15, $18 earnings at this point and a reasonable multiples perspective. >> does it have a plan in place to maximize the opportunities to make profits on its battery technology >> without question. we're watching them execute.

as they roll the new 4680 technology in and leverage their technology of silicon carbide, we're seeing them -- we see them being proactive on where there's opportunities. defending their position by inventing things and bringing them to market before other folks look for opportunity >> there's a lot there, craig. do you want to respond >> i think that's absurd tesla buys a large portion of their batteries externally if they had such a large advantage for what was captive, they wouldn't be buying anything externally colin likes to talk about the 4680, i'm not sure if he remembers where that comes from. the coders there are commercially available what was developed for tesla was not exclusive. the company that is selling the

coders ha ers has tens of millif blacklog so tesla doesn't have anything that nobody else has there's many highly competent teams across the street. i think apple will be taken most seriously when they choose to unveil their car probably in 2024 >> but craig -- let me interrupt if i might the one thing they do have is a lot of cars on the road. not that there aren't others, but they have a lot. i see more teslas on the road than lucid or porsche or kia electric vehicles or hyundai electric vehicles or chevy electric vehicles. people say the model y may be the biggest selling car in the market in a couple years >> i agree with that they've done the missionary work, they've done an impeccable job. elon musk created the market he recreated the auto

international industry in a tremendous way missionary work is expensive earnings have been disappointing over the last several years, now they're coming through they're doing a fantastic job. i just see that there's better relative value, i think you're overpaying for it if you buy it here i respect what they've done. they changed the world as far as transportation i just think there's better value and better opportunities for people to invest now >> i just can't help myself. tesla is in the missionary position craig, thank you very much colin, thank you very much this is going to be a youtube moment thanks >> you read the next one >> let me take it from here. coming up, helping government solve some of the most high-profile criminal crypto cases we'll hear from the ceo of chain analysis whose clients include binance and ftx. you won't want to miss it.

this is anything but magical at the magic kingdom. shares of disney just plummet. down almost 13% following weak earnings now this is on pace for the lowest close since march of 2020, the beginning of the pandemic perfect time to buy the media giant at a discount, or not. we'll discuss. hi, my name is tony cooper, and i'm going to tell you about exciting medicare advantage plans that can provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you are covered for hospital stays and doctor office visits but you have to meet a deductible for

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the crypto market taking a dive today bitcoin trading below 17,000 for the first time in two years. this week, jon fortt brings us up close with a company who counts ftx and binance as customers and whose technology supports trust and compliance in the ecosystem. jon? >> michael is co-founder and ceo of chainalysis, it raised more than a half billion dollars in funding. they don't buy or sell crypto, it's a data focused company that tracks transactions across the blockchain to law enforcement agencies and clients he has a ph.d. in quantum

mechanics and was leading european efforts when a typhoon stranded him in bangkok and he had a conversation with a colleague. >> we started talking about what is the meaning of life i slowly get back to this, like, i am not doing the right thing i'm not chasing my dream from back then becoming an entrepreneur i'm not building something of value and have the ability to inference. i'm always talking to politicians that don't care about what we're doing, they only care about how do they get more post doc students into their country. i couldn't careless. >> he said he believes blockchain and cryptocurrencies are the future but that doesn't mean he's putting much investment into individual coins expecting they'll go up. he's trying to build software that instills trust and safety in transactions taking place in the crypto economy >> that requires a ton of data

for us all to have the best possible knowledge about how we should trade them, look at them, value them and all of these things that data is used for a ton of different things other things are to identify criminal activity that happens, kinds of abuses. a big part of our work is to ensure that everyone is safe in the crypto landscape that means if funds get stolen, find who stole them. if someone has a ransomware attack, find out who did it. >> companies like chainalysis face some real risks during this crypto upheaval. ftx is a customer and it looks like ftx is going away, but there's also higher demand as scammers and regulators try to figure out how to protect consumers. >> what other industries does he think this might have an application for? casinos, they're looking at cryptocurrency, but nobody has

gone full in on this just yet. >> it's not just cryptocurrencies, it's blockchain at large. so you start looking into fnfts and blockchain technology could be used. what could an ftx implosion mean for this company >> for all kinds of companies in the ecosystem, if your customers are going away, and ftx is one customer who people thought was big, $32 billion, what have you, then you take a revenue hit. potentially in the industries we cover that means other companies in the ecosystem have to d downsize to fit the level of revenue they're getting. but they're not just leveraged to the price of crypto blockchain is not going away there's a level of value here. some will be able to survive >> he says he wants to make people feel safe in the environment. >> he wants to expose the data,

and the connections through analysis that help people to feel safe. >> but something that happens to a major player, that can do a hell of a lot to damage peoples sense of safe if i in the space, right? >> it sure can there's only so much that you can understand from just knowing who did a transaction, who tends to do certain types of transactions, when there's this kind of data in the mix, does it signal a problem at a certain point, people commit fraud, tell lies, and that won't show up in the blockchain >> interesting, timely thank you. meta announcing a round of big layoffs. the stock is rallying on that news flirting with its best week in nearly a decade. we'll trade that name and others in today's "three stock lunch. even if you got ppp. and all it takes is eight minutes to find out.

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all right. time for today's three stock lunch. looking at some big movers of the day, disney moving the wrong way if you're an owner, 12% lower after reporting an earnings and profit miss shares now on pace for the worst day since march of 2020. meta, those shares up nearly 6% today after announcing more than

11,000 employees will be laid off. roblox sinking after reporting a bigger than expected loss. shares down 20% today. let's trade these names with delano, ceo of new street advisors and a cnbc contributor. let's talk disney here disney stumbling. >> yes tyler, good to see you it is. it is sum bling. i think one of the reasons why because they missed heavily on the park side and that's where a lot of investors wanted to see some of the strength if you look at what's going on on the dtc side that's where you would pay for a premium, looking at the stock and exaggerated move after earnings because they're looking to shrink losses over $200 million in q1 for the dtc side and also they're predicting a stronger holiday season if you look at it in its totality, their gain share on netflix when you talk about mexican plus, disney plus and

hulu subscribers there's an opportunity i like to wait for the exaggerated moves to clear out before i jump in. >> let's talk meta it's clear investors have been waiting to see whether facebook owner meta could pivot and really tighten the belt somewhat they announced they're doing it and look at what happens with the stock. would you buy it >> yes so holding - the same sentiment i had last week, the positive move on restructuring wisconsin not something the business needs to do, but we don't cheer for those things in these cases. they're focusing on the small areas as zuckerberg said where there's high proprietary for growth area. that will take time to shake out on the metaverse and horizon where they add more users. holding that position is something i continue to do and waiting for the strategy to play out more. >> to roblox then, wider than expected loss yesterday.

what do you think of this stock? >> yeah. very much wider than expected loss, trading 65% down year to date you know, i think here there's an opportunity for sprinkling -- this is a high growth name - sprinkling opportunities for holdings here. if you look at their revenues, bookings is up and the big thing is how they're growing their daily active users are up over 24% from the prior year and i think they're going to be able to monetize their fastest growing demographic, the 17 to 24-year-old age range they're gaining penetration in i like roblox on an exaggerated move there is some opportunities there. >> thank you very much we appreciate your time today. thank you. coming up more signs of trouble in the housing market, plus one final check of the markets with the dow currently lower by 592 points. we'll be right back. can he stand on his own...

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. time for other stories catching our attention starting with another bad sign in the housing market red fin is shutting down its home flipping business according "wall street journal" and says the business was too expensive and too risky to continue. the move will result in layoffs of 13% of the company's staff. that stock has lost 90% of its value so far are this year and the market cap $350 million.

the company blames in large part the rising rates, but, you know, you have company execs saying we own all these homes that you yourself wouldn't want to be sitting on at this point it's expensive to flip homes the materials, labor are expensive and home prices as uncertain -- >> things are starting on the market longer harder to sell with rates higher and purchasing power eroded i'm so struck, i watched a chip and joanna gaines video how quickly they flip the houses it never happens that way. >> does it happen in one hour? >> it happens in an hour and it's all done in two months. >> i've done it before i've been involved in flipping a house. it's not easy. you're trying to game out how much is it going to cost to get this in sellable condition to make a profit. >> what was the decline, 89% in a year, that's crazy. final look at the markets near session lows as we head into the final hour of trading you see the industrials off

about 580 points, s&p off 2% nasdaq lower by more than 2% today. 10366. if you put bitcoin up there you would see carnage as well, folks. >> yeah. disney the biggest loser on the dow. that does it for "power lunch." >> thanks for watching today and "closing bell" starts in four seconds. lows of the day, stocks losing steam throughout the session with disney weighing on the dow, taking about 80 points off. crypto uncertainty hitting sentiment ahead of tomorrow's key inflation print. a make make or break hour for your money i'm sara eisen take a look at where we stand in the market, down 574 disney not the only story, unh, chevron, apple the biggest weighs s&p 500 down 2% right now. every sector lower hardest hit today is energy down about 5% consumer discretionary is slammed as