>> alphabet, scott it's been a week since their disasterous response it's bottomed. >> you don't talk about tech stocks that often. >> it's just right there in front of us. >> i'll see you in "overtime." "the exchange" is now. ♪ ♪ thank you, scott hi, everybody. i'm kelly evans. here is what is ahead this hour. inflation is still hot, labor tight, housing firmer than expected, manufacturing doing worse. the markets are taking a breather today the real question is where do we go from here are we -- and rates are adjusting for everything from auto lones to credit cards how much longer is this sustainable? that's all ahead today

but first, dow is up 132 points and red across the board here. declines of about half a percent. the dow trying to hang on to 34,000 12,000 for the nasdaq. some huge movers today this is currently down 2 1/2%. look at these moves. ring central's 22% drop, that was an earnings response really tough sessions. flip side, twilio, up more than 17%. fastly up 20%. again, huge differentiation there. speaking of bright spots, take a look at bitcoin, heading back towards $25,000 today. it's up 15% this week. why is the risk on trade doing this well? even as the data supports the

fed's higher for longer rate path steve, what do you think >> what you see today, kelly, is stocks are off their lows, but they're still down after they took a one-two punch from higher than inflation numbers she says we will need to bring the funds rate above 5% and hold it there she also revealed that she supported a 50 basis point rate hike at the last meeting the producer price index, adjusting more inflation pressure up the pipeline and joining the consumer price index on tuesday, showing inflation not coming down as fast as the market expected or hoped. together, with strong economic data, it could mean a hope for a spring pause will be off the table. markets have been pricing in it's now 49% in these two

columns for that extra quarter point in june, compared to 51% for the fed hiking to that 5 1/8 area there you can see here that the next screen, if we have that up here, all that means is a stronger forecast for the federal reserve for gdp. in january 23 srd, we were forecasting gdp at this number now 1 1/2% in terms of where the forecast is for the first quarter of gdp growth. still below trend, but much closer now just when you thought you were out of the recessionary woods, strong debt numbers were reported, rising to 20-year highs. mortgage debt, credit card debt, all sorts of things going up

and delinquency rates rising >> the fed reporting that credit card balances have hit new highs. and it couldn't come at a worse time check out these numbers that show the impact of all the rate hikes. 30-year fixed mortgages, 4% last february now they're almost 7%. home equity loans, almost 8% new and used car loans, over 6%. the biggest hit, credit cards at nearly 20% personal loans higher, as well greg, it's great to have you here is this all sustainable? >> well, i think the big question is how long can the consumer continue to weather this before we start to see the spending bottom? delinquencies are ticking up, and i think a lot of this is going to tie into employment until we get significant

softness in the labor market what is at risk is discretionary funding. >> obviously, steve, your mortgage is a fixed rate, but your credit card isn't so we're talking about that rate jumping up every time. >> the idea is that it's a measure of potentially stress in the economy. there is another sort of explanation for some consumers you got a job, you may be feeling about the future you might take on a little more debt in that context i don't think that people appreciate -- i was just watching yesterday talking to dia diana. mortgage rates are higher. home prices still remain elevated seems like don't buy it. but if the choice is the couch in mom and dad's house, then

you're going to strive for it. so that's one reason these levels are higher. people have to have homes, and what diana was saying was i guess also should be the man's point of view. it's not the marriage, it's the kids it's the kids that create the housing demand >> one more quick question, as we talk about the health of the consumer, we look at the balance sheet. they are said to be in way better shape than we were 15, 20 years ago. is that still the case or are we seeing signs in the last couple of months of that deteriorating? >> so there's two differences here you have the debt that is lower than it was before the pandemic. then you have -- sorry, dl delin delinquencies, that's lower than before the pandemic. then the flow into dr delinquencies. that particular flow is a little stronger than it was before the pandemic so we are seeing stress, stress

among young borrowers. so that's an area you'll want to watch out for. delinquency rates remain below pandemic level >> greg, where do you see the biggest signs of stress? >> delinquencies are still below prepandemic levels we talk about the stress, look at credit card balances, credit card rates and how many people are carrying balances. it's not just that the balances have gone up, but at a time when credit card rates are at a high. that's a bad combination there >> are these rates are going to keep going up on fed rate hikes or could some of them be more attuned to ten-year treasuries, at least until things have recently fallen? >> those are closely died to the

fed, like credit cards, home equity lines we've seen mortgage rates break down after pulling back since october, because we have had this strength in the labor market and the fact that inflation is not letting up. >> greg, the question i have, i don't know that you can answer that, but have the banks appropriately reserved for potential losses on these credit cards and the mortgage and notes they hold? >> yes you're seeing that right now when earnings are flush, they push those reserves. a year ago, they were releasing reserves because the economy was good now it's back to the top and they have to get that back up. [ inaudible >> well said i guess you finally -- this paints a picture of a resilient

consumer but goes back to the income issue there are some signs of stress building somewhat. it all comes back to whether the income expectations and job expectations hang in there >> we might be getting a reprieve in the first quarter for a couple of reasons. people just got a raise, because they switched jobs, so that's a plus you have these big cola payments from the government for social security recipients. now we're in a race between the savings and the balance these people have and inflation. if inflation could come down and we get a good year of disinflation, then people's relative nominal earnings will be pretty strong relative to the inflation. if prices keep rises, then we'll have additional stress on the consumer and some of the worst outcomes >> the rates image is very apt thank you both

bond yields have been jumping since the strong january jobs report, tech and momentum names are surging. apple up 19% i don't know if apple counts airbnb is up 67% bitcoin soared 50% tesla, you name it, roku joining me is president and cio at walsh asset management. welcome. jim was saying alphabet should be a pick here, as well. why do you think tech is doing -- momentum is doing so well to start the year and why are you not opposed to being part of that trade >> as you recall, kelly, my overall outlook for 2023, there are better days ahead for the markets but not necessarily the economy. i do believe the markets have gotten ahead of themselves, given the run-up we have seen in

risky asset class. if and when the fed says we know that inflation has truly peaked, there are better days ahead for the markets. who should benefit the most? those sectors beaten up in 2022, like technology. >> if this were on the flip side of higher rates, the way it looked for the start of january, that would make sense. what caught people by surprise is we're still seeing risk equities do well is that because no matter the stickiness, people say no, inflation has peaked, so this rally is for real. >> i think we have reached a peak but we haven't felt the brunt of the damage to the u.s. economy the household debt hit a two decade high. the personal savings rate is down to 3%, when it was 8.8% in 20 2018, prior to the pandemic.

so i believe in all likelihood we still hit a recession during the first half of this year. but that doesn't mean there aren't opportunities in stocks and ways to position your portfolios >> microsoft, apple, names that, you know, i can understand what others? round this picture out for us, what are the names you're looking for? >> quality names with good, strong balance sheets. those names have low debt-to-asset ratio, and two of these three have a dividend yield, as well so if i'm looking to position myself, i would want those strong companies that can weather an economic downturn but also are the cutting edge of technology microsoft now getting more and more involved in ai. and we know apple is always an innovator. >> what about the kind of historical precedent we don't

s see? >> what if we are in the beginning stages of recession and we don't realize that? i think it's too early to say that the coast is all clear. i do believe that the economy is going to continue to slow further, as the consumer now has to pay off all these credit card balances at much higher rates than when they bought the goods. so position yourself to get through the slowing of this economy, but don't wait to put money back into the markets. we although that trying to time the market is an exercise in futility it's time in the market that is more important >> i suppose the question is, why would you want to be in equities now if we're heading into the slowdown you described, when we know the market wouldn't bottom until 2/3 of the way through. >> and markets recover six to nine months prior to the end of the recession. so what if we are in a recession?

last year, we met the technical definition of a recession. but americans are still working and spending but now we're seeing signs of stress in those areas, as well how do you get ahead of that position your portfolios in areas of the markets that have benefitted from a slowing economy coupled with inflation we think that technology could be one of those areas. but don't jump into those high beta names with high amounts of debt and don't have a strong, valid place. look for names like apple, microsoft. >> boring tech kevin, thank you so much coming up, everyone is talking about volmagedden, but what is it and does it matter to the equity markets first, let's take a look at sam bankman-freed, live images arriving at the courthouse in manhattan. we'll get more details as we

bring them to you as we watch him enter that courthouse for his bail modification hearing. yesterday, we got more details on his bail. "the exchange" is back after this

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welcome back to "the exchange." options market is flashing a warning sign to investors of all tripes, with jpmorgan warning we

could be setting up for a volmageddon 2.0. the recent trading uptick for contracts that expire the day they're written, the activity has increased so much, nearly half the options trading are zero dte does it mean these rallies are a dangerous mirage let's bring in chris murphy. how unusual is this? >> hey, kelly. yeah, a huge increase in this type trading, just within a week, a couple day expiration. one thing to keep in mind is, it's pretty much all opened and closed or bought or sold or the reverse over the course of the day. so there is no time to build up these massive, off-side positions. so when i hear comparisons to

volmageddon, that took an entire year in 2017 of relentless selling of volatility until these positions got to big that it finally unwound you know, option trades that are over the course of one day and then expire, they're wiped clean the next day so i'm not seeing what some of those comments you just mentioned. >> would you think the other signs in options markets or just in general in in terms of extended risk taking or anything like that? >> well, i mean, look, volatility levels are down from where they werel last year and down from where they were with covid. but they're still elevated compared to long-term history. we've seen an increase in skew, which everybody likes to look at, but that might be because people are building up their positions and need to hedge a little bit more, and those

options don't come in as quick so i'm not seeing quite as many of these risky signs as maybe some others are. >> what explains the popularity of these options >> any tool that creates a more targeted ability to bet on the next move, the next short, you know, period of time ahead of us is going to get outsized adoption they were useful on paper, but they don't create that two-sided activity in the moment so i think that the market trading community is always going to rush to adopt these things there's another sense out there that they have been integrated in a lot of quantitative trading models there's really arbitrage going on, trying to capture interest rate moves retail investors have flocked to them it's become popular. i'm not opposed to the idea that

it perhaps alters the intraday rhythms. you have dealers that have to hedge exposures, if you do get a sharp market move. but i don't believe this is the cause of directional market moves. you don't really have time but choppy within a range and ping-ponging within various index levels, that i can see being the case if it gets too stressed because of fundamental news, maybe it helps as an accelerant to create short-term cascade but i don't know how it can build up in a big way. >> because the argument is, people are scratching their heads about why stocks rallied even with bond yields on the rise this is cited as one explanation, well, it's all this positioning. do you think there's any element of truth to that >> no. i just think it's happening at the same time. from that short you showed a minute ago, the uptick in option volume started right around covid. you know, for various reasons.

but then, you know, volume just, you know, brings in more volume. the liquidity in the most active trading names is the best it's ever been. so you're able to get in and get out. you're able to get a lot of exposure very quickly. you're able to play all these macro events so no, i don't think that the increase -- you might see an increase in call volume as the markets start to rally because investors are chasing that momentum but i don't think it's causing it once again, it's following but not causing. >> real quickly, mike, could you kind of put it in the ledger as another sign that maybe there's still more liquidity than we thought? i heard a lot of this activity going back a couple of years, triple qs and all the rest of it so what does that tell you, or has it become more

institutionalized? >> i think it's both there's a certain level of liquidity, which just means reliable two-way action. i don't think it's about people finding themselves with money they didn't expect and put it into options i feel like part of the reason people like it is because it's low cost so it doesn't take much money for this to happen i would just say, every single time there's been a financial innovation, i go back to before etfs and vick's futures and options, and every time people say this is the tail wagging the market dog, and it tends not to be the case. i just don't think it has directional power to really drive market trends. >> it's a great point. i'm smiling, because it resonates. thank you both michael and chris, thank you coming up, consumer reports out with its best cars of the year list. any of them gasoline powered

and more on tesla in a moment. on a day where paramount missed, we'll look at the huge impact of one of its most popular shows. that story ahead and as we head to break, here is the dow hitting up, with disney and microsoft weighing down 157 right now cisco with the biggest gains idcer that strong earnings guan "the exchange" is back after this ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't

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welcome back to "the exchange," everybody with stocks in the red this hour, i want to draw your attention to the ten-year weird, approaching 3.85 session highs had us near 3.9. big implications for mortgage

rates. let's get totime tyler mathisen >> thank you very much joe biden will deliver remarks on those ufos about a half hour from now it comes at 2:00 p.m. eastern time this according to the white house. he returned to the oval office about an hour ago after routine physical exam at walter reed hospital near washington in michigan, several cars of a freight train derailed this morning, but no injuries or hazardous materials. the epa is visiting the even a much more serious derailment in ohio earlier this month, this that town some people have not been able to get back to their homes. in paris, thousands marched against the government's plan to raise the retirement age to 64 it's the fifth day of protests there, and unions are threatening to bring the country to a halt on march 7th if president macron does not back down

kelly, back to you >> tyler, thank you so much. coming up, door dash shares earn 13% applied materials has only missed on the top and bottom lines three times in five years. and the street expecting equipment sales to top $11 billion. we'll bring you all that in our next edition of earnings exchange ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

welcome back to "the exchange". several factors may combine to make 2023 a disinflationary year he says continued policy rate increases can help lock in a disinflationary trend during 2023, and this process has already started. however, inflation remains too high but it has come down. he says it's growing faster than thought and employment remains robust growth will moderate and unemployment will rise kelly? >> thank you, steve. dow still down 183 now it's time for earnings

exchange today, we have door dash, deere and applied materials. shares up 20% for applied materials this year. but they issued weaker than expected guidance last quarter christina is here with that story. welcome. christina, kick things off >> there's a few areas of focus, especially with applied materials and where they are in this inventory correction. are they going to ride it out or struggle the second point is the china impact we have the u.s. export restrictions to china. what will that mean? we know that the nikkei is reporting they're moving some employees to singapore they're estimating a $2.5 billion impact of fiscal year 2023 then thirdly, you have customer

orders lower their cap x and then any cost cutting efforts. they have increased their head count, and this is applied materials, by at least 40% just over the last two years. so will they be cutting any jobs within their corporation to help those margins? >> boris, you say this is absolutely one of the five key stocks to watch. >> i think they have gotten ahead of themselves, because as you were mentioned, the think about them, they make tools for other companies to make semi conductors and it's possible the semi conductor demand would be strong, but the capacity they have right now could be enough so that means the cycle will slow down for them it's very possible for the semiconductor industry to do well the stock is really risen over the last couple of months, and i think it's ahead of itself

i love the company on a long-term basis at around 105. >> it does seem obvious that stocks are doing so well after all of these warnings. in january, markets still had a different tone yet look at the names across the space, they have just taken off. >> kelly, is that about chips or just the opportunity of risk on? you're seeing names that have skyrocketed year-to-date so with chips, there's a little more longevity to their play, the fact that there will be the electrification of auto, the fact that we saw the runup to nvidia so this is going to be a long-term trend, but i don't know if the short-term volatility is justified so far >> absolutely. i mentioned down about 2% today. thank you, guys. boris, stay right there. we move on to the next stock, which is deere those shares are up 10% the past

six months will its newest bet on ai -- wow, driverless tractors steve is here with the story they are painting themselves as very tech forward. >> absolutely. if you look at a two-year chart, up 30% and the thesis has been if you're looking for an agriculture betting big, this is the stock you bet on they have technology that can identify feeds and spray just the amount of fertilizer needs so it brings down fertilizer costs by 16% so we'll want any indication how sales are looking at that. technology has been some concern that agriculture equipment prices are peaking are farmers being less receptive for paying for everything they need that is going to be a big topic

for the ceo tomorrow the stock is an outperformer over the past couple of years. but valuation has also come into play here. it's trading at a premium to its peers. so they'll need to provide positive commentary to get investors enthused again >> i know about es kxcavators by reading to my kids at night. are you a buyer of the stock >> i am. 40% of the black sea crop is off market because of the ukraine conflict that means income will stay strong for a couple more harvest cycles that assumes the ukrainian situation gets resolved. if it doesn't, we have this permanent lack of supply which will require a lot more precision in agriculture we'll have a much higher yield per acre, and farmers will turn to their equipment more and more so this is a very interesting long-term play

i think this is really long-term here, because of the trends that are occurring across the world if you are betting on the fact that we need to deliver more agriculture per acre for the growing global population, deere has to be your bet >> can i do a semi pivot and ask about the energy trade in conjunction with this? are these two different stories here or do you remain, if you are, bullish on oil, energy, that part of the commodities base, as well? >> no, i am bullish. in other words, you know, we've had a slowdown because of china and everything else. but net-net, i think the bit in energy remains very strong here. even if you just have a modest amount of growth in the global economy, we'll need all that energy going forward so we'll have massive profit taking, but the underlying businesses are going to do very

well i think deere is going to be very well positioned for this particular trend of agriculture. >> we were just showing the chart of wti you would have thought how this has been so risk on this year, and look at these momentum stocks well, wti is not participating in that. what does that tell you? >> a lot of supply and demand. that's another thing people are underappreciating. but it doesn't mean that the long-term secular demand will go away maybe we're not going to see $120 oil, but the oil stays within that $60 to $80 range all the majors are counting on that, and therefore, their production plans are moderated by that kind of a price. that means they will still be very profitable. >> fair enough steven, thank you. we'll end with door dash, which is more emblematic of that risk

on move. it's surged 20% this year, but not near the 102 price we're watching for how they handle rising labor cost door dash has laid off 6% of its staff last quarter, saying those operating expenses grew too fast they also spent $3.5 billion on that european delivery food company. boris, door dash, should people steer clear? >> steer clear i'll tell you why, the fundamentals of the business are problematic. you have to understand their basic, average ticket is about $30. and their minimum charge is about $4 so that's more than 10% tax on the consumer i think they had tremendous amount of power during the pandemic, when everybody was ordering delivery. but i think the consumer -- it's not that the consumer is going away from the non-cooked meals everybody is still buys meals from restaurants but the shift in behavior is more towards pickup rather than delivery that's probably going to hurt

them door dash as a business can't grow going forward unless they can create robots and drones the element of delivery here is so expensive per small amount of revenue, it's going to be very hard how this business makes money. >> although that's been the case for uber, as well. we said the best business model for uber is driverless cars. >> i think uber is just a blip on the landscape i'm not a bull on uber, as well. both models are very, very difficult to make money in the long-term. they really enjoyed a great amount of private equity now that they have to become real businesses, it's going to be much harder >> are there any stocks part of this little risk on revival, maybe a shopify, any that you

look at around say this is deserved >> no. you know, you mean, as far as having prospects forward shopify is definitely a name that's going to stay with us for a long time, because they have a tremendous amount of value and they have great tools for all the retailers. so when you look at a lot of these names, you have to deconstruct the basic business model and ask your self- -- forget interest rates, is this a business that can make money five, ten years from now doordash, uber, qbig question remarks. >> so we have yet doordash, up 20%, shopify down 16%. so why of all the stocks, this one gets no credit while everything else they take it to the moon >> that's the beauty of the markets, the shorts.

we have short squeezes, investor enthusiasm but there's a question of six months from now, 12 months from now, where are they going to be. i want to bet on the horses i have more confidence in. >> thank you for all your time today. appreciate it. >> my pleasure still ahead, looking at consumer reports, best cars of the year, and evs top the list and during february, cnbc is celebrating black heritage through the leaders in the business here is elizabeth donovan. >> all through my career, i've been the first black woman to hold my position people will question everything you do and ask how you got here, as if not by hard work when you are successful, you internalize the spaces that were not meant for us my advice, be courageous be bold. don't diminish your gifts. today, you may be first, but

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welcome back consumer reports out with its top auto picks phil is here with the full list. what spot is the first gasoline powered car on, i wonder >> what you have is ten vehicles that are picked every year by consumer reports, and they're in a range of prices between under $25,000 up to $55,000. they say look, these are the models, according to consumer reports, that are the best in these categories this year, when you look at the report overall, and we're not going to run down every model. but seven of the ten are hybrids or electric vehicles why? they have greater fuel efficiency, no surprise there. also, they have better reliability. >> so what we find is, there's

less brake problems, the transmissions, less problems everything is kind of muted and softened plus, when you look at the hybrids and who is producing them, they are generally from very reliable automakers who have been use thing technology for a long time. >> that's code for saying, toyota they have four of the ten vehicles no surprise, they are the leader of hybrid sales in the u.s nine out of ten vehicles in the u.s. sold are still gasoline powered vehicles evs are now outselling hybrids keep in mind, auto sales are expected to grow this year by about 9% that's the expectation we'll see if the market develops as expected later this year. >> let's put that up one more time to show the top picks this is really a sign of the times. i remember when tesla was up

there, and that was years ago. this to me suggests that the ev market is broadening out >> and there are more options out there. the tesla model three is one of the evs picked this year, along with the nissan leaf those are the two picked along with five hybrids. we're seeing more options, dell -- kelly. and what you're going to see is more evs becoming more popular, more people buying them. and i'm not surprised this is what we saw from consumer reports. >> we're getting these breaking headlines from tesla it makes it sound like full self-driving is being recalled what percentage of cars that have it out there? this sounds like a pretty wide ranging recall

>> well, 360,000 have it kelly, we're going to say something at the risk of saying the same thing i've been saying for a long time, that other people have been saying, teslas do not drive themselves. there is no full self-driving tesla. it's been well documented, do they do driver assist where they assist drivers yes. but that's what this recall is about. some of the self-driving technologies is not working as it should. whether it's going through stop signs or going into an intersection for a right turn lane only or not, adjusting the speed to the speed limit that's out there on the road, those are the kinds of things that the company will be fixing with an over the air software update but let's be clear, these vehicles were never 100% self-driving vehicles. there are no vehicles that do that and so this is correcting the problems that are in the current self-driving software out there. >> the point is, people are

using the capabilities in these -- they have had all these betas they update all the time and each of those is making errors so this software, is that putting a stop to usage of this or accelerating their rollout of the next beta that they claim will fix the they claim will fix the existing problems >> they're working on next generation, kelly. if you have a tesla right now and you have full self-driving beta software, they're not disabling that they'll be sending an over the air software update to correct the problems that have come out in this nhtsa investigation. with regard to people using it as if the car can completely drive itself it gets back to the main complaint from the head of the ntsb, elon musk is marketing this, by the name, full self-driving, it implies the vehicle can drive itself that's a complaint of hers and other safety advocates who said

this is being marketed as the vehicle can drive itself when, in fact, it can't and now you have with this investigation a recall to correct the problems that have been found through past accidents and they make it clear in this recall kelly, full self-driving beta software can cause a crash, going through a stop sign, tur turning or going straight when it should be turning whatever the instance may be. >> we'll talk about it more in the next hour. but if all this is is an update it won't fix the issues. hopefully each update gets better but doesn't necessarily stop it from happening tesla shares have turned lower. down less than 1%. and today's edition of out n u esck cayogus the item we're back after this.

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welcome back shares of paramount down as much as 8% after disappointing earnings but there is a briegts spot paramount plus added nearly 10

million subscribers last quarter and yellow stone may have had something to do with that. the series has helped make western wear so popular stetson is having trouble keeping cowboy hats on shelves. the chief operating officer is here thanks for being here. >> thanks for having me. >> how much of a demand are we talking about? >> over the last two years, demand for western -- it's a cross western, the dress crossover category, what i'm wearing. demand has spiked more than two to three times we've had to work hard to keep up with the spike in demand in that period. >> normally you say what a great problem to have, but we were in a pandemic and everyone was having supply chain problems what were yours like >> we make everything in the

usa. so we experienced different supply chain headaches for us it was labor related, and also, you know, just being able to get stock of components but once we were able to ramp up production and get, you know, around the clock shifts going to manufacture hats we've been able to keep up with demand but it was a challenge. >> to ask a dumb question. what are the hats made out of? what are the materials involved there? >> it's a proprietary blend of fibers we use. every hat is made from finished raw material that we make into felt, which is the body of the hat. >> so -- which it goes to my question it's not leather, i can't put my finger on what is wha it is, but it's so iconic. to your point about labor shortages, this is a question for our audience

are they still persisting? is that getting better what's going on with wages >> we've gotten in front of the labor. it takes a long time for us because all of our hats are hand made really by artisans so it's not something you can just scale up immediately and rehire and get up to full capacity so, you know, we're certainly seeing, you know, wage increases, and to some extent price increases as we try to deal with increasing costs of raw materials. so, yeah, i think we're managing it very well at this point it took you us -- we get somebody new into the line it takes them about six months to get up to speed. >> if i lived out west or in texas, could i wear what you're wearing to a business meeting? >> absolutely. i wear my stetson, i'm in new york city. i wear this hat, you know -- >> you're in new york city >> yes. >> i'm thinking you're sitting

in wyoming >> no. we have partner businesses and offices really around the world. but the business is actually run from new york city >> we'll see if you give any of our guests the next hour any ideas. robert thank you for your time today we appreciate it. >> thanks. up next on "power lunch" all things real estate with don pebbles joining us in person tyler mathisen is out there getting ready. no stetson for him, though too bad. i'll join him on the other side of this break. we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy!

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i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones it's 2:00 in the east, everybody. welcome to "power lunch" along with kelly evans i'm tyler mathisen glad you could join us on this thursday coming up, the read on real estate, housing starts falling in january, prices coming down as well. plus, how's the office the back-to-work pla