good afternoon, everyone welcome to "power lunch. alongside kelly evans i'm tyler mathisen coming up today, markets are higher and investors seem to be over the worst of the banking cries. we've seen high levels of bearishness in the market. so is that pessimism starting to lift, kelly in. >> and if so, do you need to change your investment decisions? we'll talk to the head of the cash cow's etf should you bet on steady cash flow or is the risk-on trade overtaking it? before that a check across the markets with green across the board with the nasdaq and tech leading the way again. let's get caught on the big movers dom chu, we start with you.

>> let's start with the tech trades, the bigger names in the computer chicago stocks like micron the chip-maker reporting disappointing quarter results but they are expecting bigger job cuts than previously expected which often boosts stocksch given the focus on cost control and other perspectives up 7%. carnival corp continues its bounceback report after a rough post-earnings report stock drop. the shares are up nearly by 5% right now, tacking on to yesterday's big gains. today its analysts over at susquehanna upgrade that had cruise line operator to a positive rating from neutral and they cited anticipating property recoveries into next year and then we're going to end with the egg -- ceptional moves the egg distributor is up 11.5% at one point today, guys it was a much better quarterly

report driven by sky high food prize and we'll have more on that cal-maine product later on in the show. so let's send it across to christina partsinevelos. >> i'm sure that report will be eggs-cellent. >> analysts are downgrading urban outfeith first and burlington stores and ross stores to sell a see of outlets. stocks will fall 23% from last night's close. the research shows retail spending continues to slow and the reports will have a bigger negative impact. all the bad news isn't priced into the names right now and that's why they prefer names as exposure to footwear because it is seems to still be strong and, of course, high-end consumers. nikes and skechers top their list and nike up 1.8% and skechers pretty much flat.

many investors are jumping intoing draftkings and peloton and microstrategy which is up 39% year to dade and 10% today that rallied with crypto so that's falling in trend and then even a name like carvana with 50% of its flow shows it's trending investors may be quicking to forget about the banking troubles or just want some risk right now. >> thanks. let's goat washington where the house got its chance to dive into what went wrong causing that recent banking crisis steve liesman has been closely watching the proceedings for us, and he joins us now. steve, what are the headlines? >> reporter: so i want to say this, kelly. there's been two days of intense hearing. i've listened to almost all of it, all about the failure of silicon valley bank. with lawmakers splitting mostly along party lines on the question of whether the failure was a one-off or systemic problem. here's the battle. republicans largely focusing on the idea that it was a one-off failure, concentrated deposits

in the tech industry and a cross rall supervisory fail ire but the fed. all of that is true. democrats probing the issue of systemic issue, not enough liquidity in the era of fast-moving monomoney, whether mid sides banks should be subject to the same stress tests as big banks as some were exempt and mid-sized banks realizing saying things could be systemic and they should have more liquidity. here's the chair being shaftized for the need to look at more rules. >> i don't think we need to look at more rules until we find out which rules were not being enforced and what messages were not being delivered to the bank to be able to do your job. at that point we can take a look at you to do something else but for you to make more rules and regulations, how about enforcing the existing ones first. >> and here's chairman barr.

>> i think you're raising absolutely important and critical questions about the role of social media, and the role of networks and deposits with each other. >> you're okay working on a realtime payment system that will be riff riv with a problem like this for twitter. >> the answer to this critical for bank investors because it could determine how much investments, if any and liquidity rules would have to be borne by the mid sized banks as a result of the recent meltdown. >> steve, the question or takeaways become a little bit what have we were discussing yesterday and already today that if there's no aptitude to actually backstop all uninsured deposits, where does that leave us we're in a very ambitious regulatory backdrop, regional bank trades, one day they trade like there is no pc stop and the next day they trade like it is it's confusing. >> nelly lang, the undersecretary of the treasure

was asked about this today and said our actions are designed to show that all deposits are safe. so there she is again promulgating the idea of the implicit guarantee, and what's interesting about this, kelly, is that essentially she is saying they have done something -- she's telling congress that they have done something that congress has said only it can do, but what i'm hearing, kelly, is i'm not hearing lawmakers complain about this where you say why are you sort of implicitly guaranteeing all deposits when we're supposed to do that they are not complaining about that i think they are happy with the effect on the bank system with the implicit guarantee without having to act. >> steve, thank you very much. >> steve, thank you. one lawmaker from the house financial services committee wants a bipartisan investigation into the collapse of silicon valley bank because the fed could have applied a more vigorous standard, but seemingly chose not to joining us now from the hearing representative josh gottheimer of new jersey. congressman, welcome back. good to have you with us again >> good to see you. >> today we had regulators in

front of the committee, so it makes perfect sense that you would be questioning and maybe critically questioning regulators, but will was very little criticism of the bankers at silicon valley bank who brought this in many ways upon themselves how much responsibility do the bankers have as opposed to certainly the regulators who did seem like they weren't regulating sufficiently? >> well, i think it's a combination of both, and many of us have raised that point, right? you obviously had a bank with a very questionable asset mix that grew very fast they didn't have any risk management oversight in their own bank for months the position was oh the thing we're having with the regulators you had tools to do something about this and you didn't do anything, why not? it's not as if the tools didn't exist, not face they didn't know there was a problem at silicon valley bank. they did, they just didn't do anything about it and didn't use all the tools in the tool chest and what we're saying is why not

and try to get to the bottom of that to prevent that from happening again and make sure the fed is doing their job and ate tempts made to prevent a systemic broader problem this was a unique circumstance in the case of this bank with the asset mixes. we don't want it to spread like wildfire as was pointed out as assets are moved out of small and medium-sized banks banks too small to survive would be the exact opposite of what our goals have been. >> as steve just pointed out from the hearing, money can move in and out of banks much more quickly today than it did in the past. >> exactly. >> he ended, steve, that is -- >> i made that point and the social media point, right? >> yeah. >> the social media point i made in the committee fact that you had $40 billion leave in a few hours because it spread like wildfire not just within the small community there in steal but, of course, over social media, and you can -- i asked treasury secretary lang about this exact question. what are we going do now and how is the fed and treasury thinking

about this how should we in congress think about preventing runs that could happen in a flash second because of social media? >> runs that could happen in a flash second and depositors who are covered only up to $250,000. is there an appetite in congress to raise that deposit insurance limit from $250,000 to 1 million or what? how do you -- how do you keep depositors' faith in the system sound? >> so i think that point you just made is the key how do you -- we can't have a system where depositors don't feel that their money is safe, right, so we all understand that and i work on both sides of the aisle. something that folks ups how do you do it have you to find a way to raise the insurance number up. do you then, if it's significant, do you then price for the size of that risk of an account? that's one -- that's one idea that's been thrown around, but i think we do recognize, as was pointed out by lang today is you

can't have a system where people are worried, right that's a systemic threat if we suddenly -- if people in small and medium regional banks don't think their money or deposits are safe overnight that would be a systemic problem. you then would go back to a few big banks that are too big to fail so we have to figure this out at a system. people right now need to feel comfortable. we've got to stop all the money that's flowing out of those smaller banks and stabilize things, but the fed also has to do its job and the fdic and state regulators have to do their jobs in watching these banks of all different sizes and looking at their asset mix and making sure there's proper oversight which to me is an immediate concern. >> what about, congressman, the commercial real estate issue, office exposure in particular? i mean, valley bank, blue foundry, different names that might be within the district, for instance what should the institutions be do, fanned there are going to be losses out there, i mean, other than a national go back to the office campaign which i don't

think we're about to have, the trend seems intact, and it seems like there's going to be low values, and it's -- yesterday it was, you know, bond losses tomorrow it's going to be commercial real estate losses and the next day it will be something else, especially if the economy weakens. what happens that is thing continues to unfold? >> well, as you pointed out you're going to have bumps more people are going back to offices, and -- and, you know, i believe this is why we actually have to be watching very closely across the markets, you know, across all the banks and making sure that there's an appropriate mix and that banks are safe and shored up. that's where the fed has to play a key role in backstopping and, you know, and when you -- listen, they stepped in. we've seen i think it took a bit, but they did step in over that weekend, and -- and they calmed things down, calmed the waters down. we've had a few blips that we've addressed. that's the way the system is supposed to work and now we need to take a step back and make

sure longer term we're okay. that means having the right debate and oversight like we're doing before the committee and senate and it also means thinking about how we should do insurance longer term. that's a discussion to date that we should be having. unfortunately it took this spurt on and i'm glad we had that and figuring out what the fed did wrong here. >> chairman mchenry was incensed, i guess, is a possible way of putting it over what he described as a lack of transparency over the weekend when sfb was engineered out of existence. he says there are no notes publicly available from the regulators' emergency meetings over the weekend hand that being laugh transparency has a negative effect on the public view of the safety of the financial arena. how do you feel about that was there -- is there now have transparency about what was going on on that weekend when regulators finally stepped in? >> not yet which is why i and others have called for an

investigation. it starts with the hearing but we need to go a lot deeper we're all talking over the weekend, and i spoke to the chairman, i spoke to the ranking member of the i spoke to a lot of banks, small hand medium-sized regional banks. we're all having investors and consumers and many non-profits and we're all having the same discussion they were all panicked what's going on because it was quiet for a long period as you know over that weekend, and a lot of money left small and medium regional banks over the weekend. that's a be prompt we need to understand why we didn't have better transparency which is why we're doing this in-depth special. >> if you're laying the blame with the fed should she be stripped of their regulatory oversight? this has been a festering issue for a long time. they lobbied for it and retained the authority and now it seems as though you would suggest they, you know, did not do good by it. >> well, that's the immediate -- here, i'll make -- i'll put a

fine point on the this as you pointed out, one, silicon valley bank, number one, and i believe we're going to find out exactly what happened there, and it seems and it appears which is why we're having an investigation that the fed had plenty of tools they didn't utilize including stress tests and they knew there was a problem, and they had a lot of authority that they didn't use we're trying to figure out why we'll get better answers and then we should figure out what we need to do. it's a state-chartered bank. you know that also has -- makes this complicated in a certain way, so there's lots of factors here that we need to figure out which is why we're doing these hearings that's why we need a full investigation, and why we need answers. why the fed also announced they are doing their own investigation. we're very eager to seat results of that investigation. meantime, our goal is to cope depositors and consumers feeling safe and comfortable with their deposits in the bank and that to me is paramount for our country to make sure we keep a stable bank and that we preserve small and medium banks in our country

which is key to our community. >> we'll call that a maybe answer. >> we'll come back after we get their reports and we should talk further. >> we will indeed. congressman, nice to see you as always good to see you. >> good to see you. >> you bet coming up, check out shares of the pacer u.s. cash cow's etf moo-ving up 11%, companies with strong cash flows. could that strategy work for the next six snunts compare it a 11% gain in cash cows to 45% gains bitcoin it's higher again today. we will tell you how the crypto market is turning bad news into good news. stay with us we'll be right back.

welcome back to "power lunch. as the fed continues to hike rates and the stress among regional banks, investors are looking to companies that can deliver high free cash flow yields with over 12 billion in assets, the pacers u.s. cash cows etf known as ticker cows is one of the places that we're turning in let's turn in sean o'haar a. first of all, can you contexturalize these how strong are they these days >> for our etf, it's extremely strong we've had tremnous inflows and had over 3.5 billion for net new inflows which puts us sort of at

the top end of the limits. i think what's driving, is you know, in this environment, you know, where we're sort of seeing a repricing of the overall stock market moving from a high pe regime to hopefully selling down to a morrell stick level, using free cash flow and free cash flow yield builds a portfolio of high cash flow stocks that have a high yield, they can paint dividends and tend to perform well in these kinds of environments. >> sure, energy, health care, consume errs and discretions before we dig into your holdings i ask what are the fees and what's the turnover, especially for something like this? it's a little more actively managed. >> the fee is 49 basis points and the turnover is somewhat high, 30% a quarter. i think it was slightly more than that last quarter, but because it's inside of an etf and because of the ray etfs are going to rebalance themselves and we're able to rebalance themselves with the capital gains. >> let's talk about your hold national energy.

let's start by asking what percent of the portfolio is in energy why and what are the leading names that you have there? >> sure. it's about 34% it went up a little bit on the last rebalance and probably mostly driven by some of the selloffs in energy during the first quarter. we own names like chevron, objection debtal and marathon and valero and, you know, what did i say, exxon, chevron, occidental and valero, those kinds of names, the big oil producers, and the reason they are in the portfolio, tyler, when you look at the amount of free cash flow that the energy sector is providing today it's pretty astonishing it's not really being driven by the price of oil that's certainly contributing, but what's really contributing is the change in attitude with regard to the management of these big management companies they are not taking every dollar that they generate and poking a hole in the ground hoping to find more oil. they are sort of taking a more conservative approach to their cap "x" and scaling it back, and so that reduction in cap "x"

results in excess free cash flow so, you know, in general as a sector it's traded team into the markets and we generate huge amounts of cash flow and they are buying that stock like it's going out of style and they are increasing your dividends. >> your top ten holdings, are heavy on health care and energy, as i mentioned, but one company jumps in there and i wonder why, and -- and whether you're satisfied with them, and that is zillow >> yeah. you know, zillow is an interesting name i suspect that it probably won't stay very long it will probably get dragged down by sort of the slowing of the overall real estate market but i think the free cash flow increased fairly substantially in the run up to the housing prize, and, you know, as things tend to reverse themselves i suspect they will locate it on the way out. we don't really wed ourselves to

any names and we're very formulaic. what's the top 100 stocks, for example, out of russell 100, wind up in the portfolio and if you don't make the cut you've got to go. >> sounds like a lot of word combining the triple qs leverage, sean taking it to the moon. just kidding great to have you with us today. really a great. >> great thanks so much for having me. >> shaun o'hara. >> coming up crypto investors making the best of a bad situation prices are all higher today even after the cftc filed a suit against crypto exchange bin mah nce. why? we'll explain. plus, healthy returns just last hour we spoke with some of the biggest voices in the health and medical elfid. meg tirrell will join us with sop of the key takeaways "power lunch" will be right back

welcome back to "power lunch," everybody. stocks are higher across the board today. the industrials, the dow, that putting on a nice gain of 200 points but in percentage terms the s&p 500 is up even more and even more than is the nasdaq composite. smoke may be clearing on the bank crisis and investors may be

increasing their appetite for risk let's see what bob pisani is hearing at the nyse. bob? >> tyler, you're absolutely right so we're heading into the quarter and some interesting things are happening the two most important things. volume is calming down, not nearly as heavy as it was the last two weeks and volatility is calming down what that means is people are not as worried as they were two weeks ago and the market is starting to lift an interesting sector to the market is starting to lift the bank thing -- the banks have stopped going down it's the regional ones that matter i'll give you an idea. comerica was $40 on friday enormous volume. we haven't seen this in years. it's 43. you might say that's not much of a real but stop going down is the key thing and that's what's been going on the whole week for the banks. second thing is cyclical stocks have had a terrible month. i'm talking about material stocks and industrial stocks like caterpillar and in the last few days they have been lifting. this is not a breakout, but they have been lifting off of their

lows for the month which they were at last week. that is a positive sign. market breadth is improving. another complete disaster this month have been reits. particularly office reits. vornada is the best for years. we went into march, kelly, started 19 on the vix. the volatility index and we went to 30 and, look, here we are exactly where we started on march 1st, and that, folks, is what you call a head and shoulders. >> oil is closing for the day and pulling back from its earlier gains. let's get over to pippa stevens for a look at that objection. >> oil moved for gains and losses and wti is still holding around the $73 level and there are a couple of things going on with the fundamentals. today's inventory report showed

a larger than expected draw of 7.5 million barrels as refinery utization jumped back above 90%. there's ongoing export averages in northern iraq nat gas is the biggest mover earlier the contract dropped to 194, the lost level in two and a half years now this april contract does expire today so volume is thin, but, still, nat gas is now down 55% for thyear, on pace for its worst quarter on record. demand has been low after a warm winter and the freeport outage, production has climbed and that means that inventories are elevated just as we head into injection season this weakness has pressured energy companies, kleg entero and dev orrin. we got the latest energy results and when asked where wti will be at end of the year responses range from 150 to $160 with the

average being $80. tyler? >> pippa, thanks very much let's turn now to crypto bitcoin up 3.5% today and it's gained, get this, over 70% so far this year. investors seem to be shrugging off regulatory crackdowns on other big names in the space today as bitcoin rises another nearly 3.5%. our own mckenzie tech reporter shows us now with more what else behind this jump in crypto and especially bitcoin? >> funny enough part of it is a call for regulation and in another industry, the banking industry one would expect the crypto prices to be down as you had the two friendliest banks collapse and crypto currency dry up and regulators are targeting the two bigotest digital outlets out there and if anything it's had the opposite effect. as we've been reporting a lot of concerns around banking regulation has actually for a couple of different reasons been a good thing for bitcoin. >> what's bad for banks is good for bitcoin. >> i mean, it's apparently the

best performing asset year to date outpacing gold and the nasdaq and part of the larger narrative that risk assets are back. >> what saw is coming is this. >> i think a lot of people within the crypto contingent say this is a safe haven when mainstream banking has certain failings but it goes to the larger narrative of when the fed -- when there's hope that the fed might be more tepid in its approach to hiking up interest rates, then speculative asset classes like bitcoin do well the big takeaway from the banking contagion of a couple weeks ago is the fact that the federal reserve was quick to step in and to provide what was largely seen as qe to the crypto contingent in that bank term funding program, that extra lending to the banking sector which was seen as a good thing and there is a hope that recession signals might mean that there will be a reversal, of course, a slowing down of interest rate hikes. >> also worth noting what's been happening over with the cftc and binan, did they say it was a

commodity ripple am i conflating things >> you brought up the suit and in the suit they are saying binan c & e, ether and light coin are all commodities and that's something to celebrate because typically the cftc is a better agency to have than the ftc and then you brought up xrp which is a token issued by ripple lags. there's been a two-year protracted legal battle between the regulators and ripple lags hey, if this is a commodity, they say this undermines the argument being made by gary gensler at the s.e.c. that a lot of the crypt currencies, all of them except for bitcoin, round agreement. >> sounds like a turf war and aren't some of the prices up as well on the declaration if you want to call it that

>> absolutely. xrp was up 17%. >> wow. >> part of a multi-day rally. >> wow. >> mckenzie, love your name. my son's name is mckenzie and many other reasons nice to have you with us. >> great joining us guys. >> no, you. >> no, you. >> let's get to kristine yeah, partsinevelos for the cnbc news update. >> you both can have me. fifa is stripping indonesia of its opportunity to host the under 20 fifa world cup later this year which comes as local indonesian officials said they would not allow israelis to stay in their cities amid protests over israel's participation in the tournament a host country will be announced as soon as possible with the tournament stoat start at the end of may. rhode island senator jack reid introducing protection for abusive passengers act today the proposed law is designed to make air travel safer by creating a no-fly list administered by the tsa for passengers who become violent on flights. the reintroduction comes after a

series of incidents on planes including when a massachusetts man allegedly tried to open an emergency exit door on a flight heading to boston. an auctioneer sotheby's will be unveiling a dazzling pink diamond on saturday called the eternal pink and weighs a bit more than 10.5 caratsch the pike diamond is expected to fetch over $35 million when it goes on sale just pocket lint. >> we'll pick it up for you. >> thank you. >> between the banking collapses and inflation and economic uncertainty, a few investors can agree on whether markets can end this year with a bang or a whimper. is all the pessimism a buying opportunity, and there's a lot of pessimism out there we'll discuss that next. ♪ at morgan stanley, we see the world with the wonder of new eyes, ♪

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[ ominous music playing ] here we go! level up your speed. mario! yea! [ screaming ] introducing the xfinity 10g network. super fast internet today. with even faster speeds tomorrow. woo-hoo! welcome back to "power lunch. treasury yields flattish as stocks are rising again. let's get out to rick selly in chicago. rick, what are you watching? >> reporter: you know, i'm

watching housing auctions buttoned up. they are a disappointment. we started out with a two-year and i gave this a "d" and ended up with the seven year and gave that a "d" and things really do express there's an unwillingness to step in even thought the markets have calmed a bit. part of that, of course, is the end of march is always a tricky situation. it's t-plus 2 for settlement in stock and so many are looking for these moves to be pretty big today but certainly not in treasury look at the two-day of the two-year fact of the matter it looks like it's higher in yield, basically unchanged and here's a look at the chart. that's month to date down about 75 basis points, an historic month for a two-year note yield drop, and if we look at a career-to-date of 10s which by the way settled last year a whisker under 3.90 that chart, if that was a storks you would not be jumping in to buy it it looks to me like yields are heavy, and that's after putting in the high yield at 4.25 and

finally the last chart is january of next year fed fund futures that date for that meeting is the last day so it's what we call a clean month look at that it's up about 95 basis points from where it was on the last trading day of february. wow. back to you. >> thank you very much, rick santelli stocks are higher today as investors do seem to be shaking off recent negative news, and upping their appetite for ring check how the this chart from bespoke. from 1987 the only largest streak of net negative sentiment was surrounding the financial crisis in '08-'09. our next guest things the overwhelmingly bearish sentiment is creating near-term upside opportunity. let's talk markets with the founding partner and chief investment officer with investment capital always great to see you. it's interesting to see how

negativity prefaces positive market moves. >> it's all about expectations and with a market that's really the intersection of reality and expectations, obviously better to have low expectations than high expectations. i convinced my parents in high school that if they expected cs and i brought home bs that they would be favorably impressed, and that's really what's going on in the stock market today if you look at the share of bullish investors as measured by the american association of individual investors, and this is a weekly survey that goes back years and years and years the percentile of bullish investors right now is in the second percentile of its historical range so you can see that even -- during the financial crisis, yeah, we may have gotten to zero but we're pretty close to it right now. >> mm-hmm. can you blame those investors for feeling as negative as they

do interest rates are high, maybe too high, and they are -- they have been rising many people have now shed that soft landing hypothesis and are saying we're due and like throw have a recession and you've got a yield curve to those who understand the yield curve that is inverted, often a sign of recession, so why shouldn't investors be a little pessimistic? >> right you know, i'm not blaming anyone from being pessimistic all i'm saying is all right, here is how the cards are being dealt. how do we play them in the fact that everyone is, you know, widespread bearishness in the marketplace means that everyone that is likely to sell is already sold, and everyone is expecting the worst, and so now perhaps as data comes through, we've got a cpi report we've got some other employment data perhaps if everyone is expecting the bottom to fall out, anything

better than that gives us essentially a hurdle the hide of olympus. >> let's leave folks on a high note with a couple of names that you think might be winners here, and what particularly stands out about them is their dividend growth rate. you like their dividends you seem to like the growth rate of the dividends even more >> yeah, and that is, you know, if you go back over time, a dividend strategy, that's actually stays far away ahead of inflation over time so we take, for example, archer-daniels-midland, ticker symbol adm as a dividend yield 26.3% but it's been growing at an annual rate of 5% chevron, everyone knows chevron cvx, dividend yield of 3.8% and a dividend growth rate of 5.8 and last lick mccormick, the spice company, mkc, dividend yield of 1.9% but growing its dividend at an andual rate of

9.2% here's a way to collect income and in these cases pretty predictable income and have a reasonable assurance that that income is going to grow in excess of inflation. >> all right jack abuslin, thanks very much always good to see you, sir. >> thank you, tyler. >> still to come, look at shares of bridge bio surging 16%, and the reason why is the definition of speculation we'll explain after this lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's most reliable 5g network. that sounds just paw-fect. terrier-iffic i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business.

welcome back, everybody. check out shares of bridgebio pharma up 17% on huge volume, triple its daily volume. meg tirrell is here to explain the move. >> this is like the biotechist of biotech they will positive data earlier this month and bloomberg came out suggesting there was takeover interest in the company. what's happening today is speculation that the company has dropped out of an investor conference that was scheduled for next week and in a biotech world when the company is in the n & a zone and they drop out of a conference everybody assumes

>> that a deal is coming. >> and whether this actually happens frequently or not is a very good question i would love to see historical data on how often that is the case but what it shows you today is that people are really hoping that this name gets taken out and i've reached out to them to confirm that they have dropped out of this conference i've not yet heard back. >> they didn't tell you whether they were being bought by somebody >> by whom and how much. they didn't volunteer? >> you always have to try. >> what would be the excitement here >> importantly what they actually do they make rare disease drugs so they had positive phase two data in a condition called co co chondroplasia which is a form of dwarfism. >> you moderated a panel on healthy returns, our health care return that's an annual happening. what was your key takeaway there, and i know there was a

lot of talk about rsv and progress against it -- vaccinations against it? it is a deadly -- can be a deadly i8ness. >> absolutely. one of the interesting things of the conference with the ceo emma wamsly and he did ask out about the prospects of the rsv vaccine which is shaping up to be the next big vaccine break here's had a she said about it. >> there's diseases that have not had vaccine solutions ever and rsv is one of them many are working on trying to find a solution for rsv for 50 years and now, and we're not the only ones to come forward, but we were the first to publish results that we're real excited about. >> it's particularly notable that they were the first to publish results. they and pfizer are really neck and neck in this race with fda decisions expected on their vaccines in may. reportedly johnson & johnson which was a lagard in this race

said today they are discontinuing their program having looking at the rsv adult landscape. you see pfizer and gsk and morinda right behind them. >> what about for the kids >> there is an antibody drug that is closer to being available for babies so that's kind of similar. you're giving the protection through an antibody drug rather than a vaccine, but then, you know, phizer is will be looking at vaccinating pregnant people toe babies get protection. >> and did you drill down with the folks from nova nordisk on ozempic and wegovy. >> a major consumer slowdown and one of the names at risk we'll talk about that coming up

on "power lunch.

welcome back, everybody. let's get to micron, the chip maker surging despite reporting the biggest loss ever.

in the red on a downgrade to sell on neutral after worries impacting the revenue. quint is here. so much to get into here let's start with micron. a lot of people say this is the terrible quarter the stock is leading the s&p 500. what would you say >> yeah, everything ise■ baked and theqkitchen sink micron missed ono■ top andi■ ñr. the reality is stock is cheap. we call this a proverbial compounder.es@(t&ho historically they have increased return on equity by about ó■■■0% means their intrinsic e is growing by 20% per year the stock does not reflect that. it's a matter of time in our opinion before investors stepped up and add these prices. we're long the name. today is a great day we're looking to buy on pull back. >> let's talk about rivian, a company with 11 billion in cash.

nox■ debt,x■ but no prospects either >>ñ■ tyler, feeling lucky? the reality is this is a lotto ticket if people out there want to bet on ev, this is a good way to do it with high risk, high reward the thing we like about this name, which is fascinating, they don't have any debt. they have o■11 billion they're burning through it really quick they have to raise some additional capitol the reality is if management could execute,3■■■this stock cod go higher. z■ early.ñ■z■ we're not in the name. we want to see a fundamental ìá■p &hc%t starts to develop anl then you can add the name. it's on our radar. we're notok long yetb■■■but it't a sell >> not a sell. that brings us to foot locker, which is a sell for ubs. i don't often see retaill■ ñ■[■ worried about a recession. here are the names that will be vulnerable and they think foot

locker is one of them. >> ubs is going through a lot. i don't know how they can't separate their macro-■■■views. it's probablyok pervasive in the whole firm i don't agree with their call here back in august we did foot0■■■ locker and admittedly i was a sell on the here, butokxd■ultimately the stk in management continues to buck the tren$ñá and it's a relative■ inexpensive stock. it's trading nine times forward and set to grow the eps by ok17% solid balance ;qá they both took a 4% dividend in youçó■get paid to wait ubs's entire downgrade is based on the revie?■ of the recession. macro call if they're wrong, this is a very well-positioned stock for a strong consumer.5■ i would think that would already be priced in to theçó■stock. we'rev

we think it goes5■■■higher. >> thank you so much and some very eggsciting the yolk could be on you we'll take a look under the microscope next. >> so glad you read that.x

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and i can invite them to apply. we have hired across all departments, engineering, marketing, hardware, field techs. you can basically tell ziprecruiter who you need, when you need it, and they deliver. - [narrator] ziprecruiter. rated the number one hiring site. try it for free at ziprecruiter.com try it for free at ziprecruiter.com shares of cal main foods rising digging deeperh■■■putting the earnings under the microscope and looking at what the company says about egg prices and where they'relp head

dom chu never lays an egg. >> the stock is up as you can see here, just about 6.5% today off the session highs, by the way. it was up as much as around 11.5% around the highs of the session. this move higher here is coming on the heels of this earnings report and where it topped expectations axd■lot of it was because, i'll show you why, what they characterized it as thefáe1 eled egg prices we saw this past quarter.f■ we saw e)■vated pricing, it continues. the avian flu causing e■egg-layg capacity even with the high prices we saw over the last several months, people still bought eggs here's what'scinteresting. the folks at earner berry, they track protein prices $2.96, roughly thereabouts, for

a dozen of eggs. this is an index it costs more or less depending where you live at the highs back in december at that level, that was closer to around e1$4.66 per dozen that's significantly higher than where we are right now, $2.95 but it was also closer to around $1.96 at these levels just a few weeks ago. egg prices have -- >> wholesale >> e1yes, business wholesale prices across an e1index they look at various parts of the egg kind of spectrum, if yo■ will á■e that particular move thereq■ is the one that's catching a lot of people's attention. if you want to talk about the reason why egg price volatility those lightning rodxd■issues fuel prices and egg prices have been the two things people have cared about the most. >> this looksw3■across the enti >> i see what you did. this is for kelly.

i know she is as much of a costco shopper as i am i don't know if you are, tyler. >> not huge. >> it is the place that you can find, in my experience, the cheapest eggs so far you have to buy them in -- >> dom, i've got to be honest. i don't like t(■hem. i am an egg snob i'm happy the telustrator worked >> iflx■gg prices dropped that would be the best thing. >> it would be celebrated. >> all right, folks.e■ eggsciting show. >> "closing bell" starts right now. ç■kelly, thank you very much welcome to the "closing bell." i'm scott wapner from post 9 at the new york stock exchange. the make or break hour starts j■ t else tech you've heard that before, haven't you. on the move from meta and microsoft to apple and amazon. the money just keeps flowing in. here is your scorecard with 60 minutes to go now ine■ regulati. the dow popping for most of the day today led by a