is it possible to use predictive monitoring to address operations issues? we can help with that. can we provide health care virtually anywhere? we can help with that, too. is it possible to survey foot traffic across all of our locations? yeah! absolutely. with global secure networking from comcast business. it's not just possible. it's happening. ♪ ♪ good friday afternoon, everybody. welcome to "power lunch. stocks jumping today as you add a debt deal to a much better than expected jobs reported. 339,000 new jobs added in may. unemployment rate did rise wages up too, but not as high or

as fast as expected. we'll dig into what that strong labor market means for the fed and stocks kelly? >> thank you, tyler. first let's check on the markets. dow's up 684, at session highs it's leading the way and not the nasdaq, which is up 1% on pace for its sixth straight positive week. the dow and s&p have higher gains. the biggest gainers are in material and industrial groups caterpillar up almost 8%, dupont, 3m similar gains meta, apple, microsoft all hitting new 52-week highs and bond yields are rising that's not taking any steam out of this rally. seems to be risk on. let's get to rick santelli with more. >> reporter: there's so much more whether it was the 339,000 or the big revisions over 90,000

jobs gained, i think some of the most important issues were the month over month hourly average earnings up .03% and the notion as you look at twos and tens we're at the highest level of employment going back to february of 2022 you look at twos and tens, you can see the tens are lazy. on the week, we are shrunk we closed at 380 last week now we're down 11. it was down double that. twos are down 6. we're going to see exactly what chuck thinks about the fact that the vix is on pace to close at the lowest level since february of 2022. chuck, what's going on >> how you doing >> what do you think is the most important features for our

viewers? >> it's stag-flation you know, markets -- people are short. you got a little bit of a ball squeeze going on going into june that's very important. people know that those flows are coming >> you said the magic word liquidity. when liquidity is bad in the kitchen sink, we get drano i think janet yellen is going to have a drano issue next week 100 billion in bills for cash management, 123 billion for three and six, four and eight-week bills about 100 billion. you're looking at close to 300 plus billion that's not new, but where's it

going to come from >> draining the tga. it's borrowing from the future we pushed a bunch of liquidity into the system. qt is happening and it has to flow another way that's direct out of the market and -- >> it could come out of banks or reversion repo market. no matter where it comes from, we need to replenish the treasury general account we all know it's coming. >> it's coming shorts will get squeezed the way these things end is a blow up at top >> the vix, can you give us any enlightenment into the vix >> because of skew in the markets, as you slide higher, you slide to a lower vol when you see market ball up, it's a time to be cautious

>> awesome have a great weekend >> reporter: kelly and the gang, back to you. >> rick, great stuff. let's dig deeper into the jobs report. look who's hiring. professional and business services led the way then the government. health care. leisure and hospitality. here to break it down is tom gimbell. welcome. >> good to be back. >> you have to settle the debate here strong payrolls, bad unemployment. >> come on, guys this was a great -- >> no. >> there's no argument >> this was a great report honest to god sometimes chicken little is running around my tv. >> that's me >> what are you talking about? >> the market might be on my side you tell me why stocks are up so much and yields are doing what they're doing. >> we can talk about the fact that they think the fed is going to stop raising rates. that's where you're going. >> you tell me.

>> that's a good thing, right? we all want the fed to stop raising rates. the economy is bringing on over 300,000 jobs because unemployment inched up .02% the sky is falling. >> .03 if it comes up .05, we're in a recession. >> let's go back to last year. we're looking at this now and what we realized is this economy, this world we live in today that some of the old bellwethers to measure things are not accurate >> hard for me to see the economy in a recession unless unemployment gets above 4%. >> for sure. >> that's 4% today imagine what we would have said years ago. we would have said 5.5 or 6, 7 if unemployment is at 4, 4.25

people say it's a bad economy, i'm going to say you're nay sayers. >> who is hiring >> everybody is hiring >> big companies, tech companies? >> absolutely. they're just not hiring -- take salesforce they said we've studied the numbers. like they weren't doing that for the last three years he said we found out that 90% of our sales are coming from 50% of our salespeople. they knew the exact same thing they track data better than anybody. what they realized was the economy didn't stay home as much as they thought. what big tech thought was we have this figured out. people are never going back into the office there's a give and take with employers and employees. now what people are saying is in a that the employees are running the market i don't want to come in.

i don't have to. it's not true. the employer still makes the decision, right? you have a baby-sitter, nanny, do they get to tell you where they're taking care of your kids >> they're fully in charge. >> if they said i'm going to my grandmother's cousin's house, they do that i don't think so, kelly. the employee got to do that because of the pandemic. now we're into a more stable economic situation and companies are saying we want people to come back in and that's what we're seeing. >> has the rate of wage growth slowed as well >> yes. >> two years ago companies were having to really pay up. they're still having to pay up. >> it's two fold number one you have the hourly, number two you have the salary on the hourly we saw a tremendous growth. we know the federal minimum wage is $7.75 which is irrelevant

it went to a point where now target and amazon, 18, 20, $25 an hour and wages have caught up we have a situation. in white collar somebody got a job offer for 20, 30% more that was out of desperation. companies needed to take advantage of the bull market if we look back to '98, there's been a couple blips on the radar, but it's a bull market from the employer standpoint. >> can we put that graphic back up of all the companies that have done layoffs? look at that look at that >> okay. >> recent layoffs, that's a lot of companies. >> in certain areas. if you went to their website, they have positions they're hiring for the difference is -- this is an important aspect 30, 40 years ago the big companies, ge or exxon, they

laid somebody off you had nowhere to go because you were industry focussed. today, if netflix lets somebody go, goldman sachs will hire the person as a developer. that's the biggest change i see. there are more companies today than there were 25 years ago there are more startups than 25 years ago, more venture capital. there's more opportunity i don't see us getting to a situation, even if we get to 5% unemployment, that we're not still adding jobs in some aspect we're starting to see -- this is the question how does unemployment pick up .03% and add 330,000 jobs it has to be gig workers coming back, the unreported person delivering pizza and walking dogs now they said i'll take salary and benefits everyone is getting nervous. i'll take the steady job

>> good to be with you. >> thank you >> nice to have you back in the house. >> nice to be in studio. let's not use the p word anymore, no more pandemic. our next guest says the economy dodged a bullet with the debt ceiling for more on the economy and the debt ceiling let's bring in mark mario. we talked about employment let's talk about the debt ceiling deal would you have voted for it as it passed? >> i would have voted for the debt ceiling deal. while it doesn't include everything i would want, it represented a step forward in the big biden economic plan lost no ground in this deal now, not only is the debt ceiling solved, but we have some fiscal certainty over the next

two years. the opportunity for brinxmanship, a government shutdown, or the untilization o the budget process is much, much less what i would like to have seen, no, if you will, give when it came to work requirements. all in all, i think president biden masterfully crafted, if you will, a bipartisan agreement and the votes in the house and senator demonstrate significant, if you will, majorities in both houses for this deal. >> significant majorities and bipartisan there were a lot of -- there were more democrats in the house who voted for this deal than republicans in the senator different story. a very interesting outcome there and i guess you would have to say that both sides won.

>> both sides no doubt both sides got something politically. to some extent kevin mccarthy defied expectations. in other respects joe biden skillfully didn't give up any significant ground at the beginning of this kevin mccarthy and the republicans wanted a ten-year deal, wanted significant cuts, draconian work requirements none of that evolved therefore i think what it demonstrates is that bipartisanship is not dead, but still difficult to achieve we should celebrate the moment >> the ultimate deal did not dismantle much if anything about what the biden administration was able to get through in the past year. let's go to the work requirement provision here to me it seems like a rather modest increase in the work

requirements basically expanding the age under this -- i guess it's the s.n.a.p. program for -- to require people to have 80 hours of work a month or work-related training. >> it moved the age from 54 to 49 it expanded eligibility for people like veterans and homeless and people coming out of the foster care system. to some respects it may have raised the age, but by expanding the eligibility at the end of the day the work requirement isn't going to be that significant and there's opportunity i believe for states to opt out the larger question is why do we have to distrust americans who need s.n.a.p. or need medicaid and impose draconian paperwork, at administrative requirements on them. that's the broader policy issue.

i've opposed it because i don't think that at the end of the day most- able-bodied americans who can work don't want to work. be that as it may, i want to say the jobs report beat expectations once again. the continuation of job creation in the labor market demonstrates why the gloom and doom caucus which is basically howling that a recession is on the horizon, they've been absolutely wrong and then i believe, number three, with this jobs report we should also understand that there's still americans out there working part time who want to work full time and that there are many americans in low wage jobs who want to work at a job that pays better or who wants to

see that low wage job give them a pay raise. there's work in the economy, but i'll celebrate this report because it represents consistent progress when it comes to job creation and the labor market. >> let me quickly ask, mr. mayor, we've seen major declines in some of the retailers. dollar general, costco talking about people trading down from beef to pork lululemon is doing fine and nordstrom too. what's the pulse of america? >> the pulse of america is that working americans don't have enough money to make ends meet what i hear when i travel is i'm working one or two jobs and still can't pay the rent or mortgage, can't take care of my household expenses this is why something as simple as an increase in the unemployment rate -- i mean in the minimum wage from a national

standard basis to a living wage paradigm would help these americans. that pain of working americans who can't make ends meet is the new big challenge in the american economy. >> that's very well said we appreciate your time weighing in on these topics thank you, mr. mayor. >> thank you. top market experts and economists will be at the ceo financial adviser summit on june 15th scan that qr code on your screen i'm going to leave it up there for a few seconds. i'll stretch a little bit here register or visit c cnbc.com/events. that's june 15th. >> that was ample time >> they can still do it.

it's still up there. coming up, is amazon getting into the telecom business or not? according to recent reports they are, but amazon and verizon and others are all denying the news although the stocks are on the move we have more. let's get a power check. t-mobile on the negative side of the news today, down about 7%. lots on the positive side. dish network is up nearly 15%. ahead, more on today's rally with the dow up just shy of 700 points "power lunch" is right back. ahhh! icy hot pro starts working instantly. with two max-strength pain relievers, so you can rise from pain like a pro. icy hot pro.

rich, velvety coffee. cafe-quality espresso. one high-pressure system that can do both. brew to your heart's desire. with the l'or barista system. a masterpiece in taste

so... i know you and george were struggling with the possibility of having to move. how's that going? we found a way to make bathing safer with a kohler walk-in bath. a kohler walk-in bath provides a secure, spa-like bathing experience in the comfort of your own home. a kohler walk-in bath has one of the lowest step-ins of any walk-in bath for easy entry and exit. it features textured surfaces, convenient handrails for more stability, and a wide door for easier mobility. kohler® walk-in baths include two hydrotherapies— whirlpool jets and our patented bubblemassage™ to help soothe sore muscles in your feet, legs, and back. a kohler-certified installer will install everything quickly and conveniently in as little as a day. they made us feel completely comfortable in our home. and, yes, it's affordable. i wish we would have looked into it sooner. think i might look into one myself. stay in the home and life you've built for years to come. call...

to receive $1000 off your kohler® walk-in bath. and take advantage of our low monthly payment financing. time for today's tech check. let's do telecom stock, falling on a report that amazon is thinking about launching a mobile phone service for prime members. some say it would be free. deidre bosa has more the companies have been denying it there's smoke in this space for a while now. >> reporter: amazon came out and said this is not something they were going to do soon, but they did leave the door open for the future that's enough to keep the carriers under pressure. t-mobile and verizon say they're not in discussions, but they

have the most to lose in the deal dish has more to benefit because it's trying to transition to become a national wireless carrier. maybe more open to a partnership. on the amazon side, this is as often making it more appealing to members, bringing it on new ones they've moved on to gaming, thursday night football, grocery perks and it's so attract ive to even companies that amazon would compete with it's like the buy now pay later where companies partner with amazon. >> i assume it would be like the spectrum leasing deal that some others have with the big areas

that own spectrum whether at&t or verizon or t-mobile is that how it's going to work >> reporter: that's what the reporting says amazon has its own moon shot project. it's looking at its own satellite system that could deliver some kind of service that's something too i don't know anything, if they're ready or if that's a possibility, but -- >> that's interesting. >> reporter: like google and some of the tech giants, they're working on it. >> i guess there's a template there. i see so many amazon trucks now, which they used to rely on the big carriers, fedex and u.p.s. now they have their own fleet. >> reporter: they can partner with them, learn and then do it

themselves. from bed bath and beyond the grave. bye bye baby drawing interest from two bidders are you one of the bidders >> i might be. >> the parent company bed, bath & beyond works to auction off assets and keep some part of its business alive look at the retail names leading, big lots up 24%, macy's and kohl's seeing big news. up next, we'll talk about the tech giants rallying today "power lunch" is right back. 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. starting a new chapter can be the most thrilling thing in the world. at&t 5g is fast, there's an abundance of reasons to get started. how far we take an idea is a question of willpower. because progress... is a matter of character. ♪♪ the only thing i regret about my life is that i did what everyone else did at the time. i hired local talent. if i knew about upwork, i would have hired actually talented people from all over the world. instead of talentless people from all over my house.

-grandpa... -shh.. shh.. shh.. -but... -shh.. shh... shh... -but... -oh... ♪ this is how we work now ♪ [office sounds] ♪upbeat music♪ ♪♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪ ♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo. ♪♪ dads are special. fun. inspiring. always there for you. so make father's day extra special with gifts he'll love from weathertech. floorliners... cargo liner... seat protector... sunshade...

ready-to-wash system and cupfone. or our newest product, the golf cart mat. order these american made gifts or a gift card at weathertech.com have a very happy father's day. the dost touching the 700 point gain it just might happen up 699 after the jobs report let's get to kristina partsinevelos. >> reporter: let's talk about the nasdaq that's where i'm at. it's heading for six straight weeks of gains something it hasn't done since january 2020

the current rally is concentrating on a few names with, what else, an ai focus if we look at the point impact on the nasdaq 100 it's tesla, apple, amazon and meta contributing to 70% of the gains. three of those names, microsoft, apple, meta, hitting 52-week highs. there are a few names that stand out today. sentinel one plunging 7%. analysts are rushing to downgrade further adding to the selloff. then you have pagerduty heading in the same way. management also cut their revenue outlook. that's not the case for mondgodb they're surging right now.

they were able to add customers despite the weaker macro narrative. with all the attention on ai and big tech, small caps are getting lost in the shuffle according to our partners that track it small cap funds seeing outflows of $800 million. some of the big names rallying today however. vanguard and schwab among them, up 3% in each case if youlook over the past three months, the names are all lower compared to the 15% gain on the nasdaq ahead on "power lunch," pharmaceutical intelligence, jeffries out with a new note laying out ten areas where ai could transform biotech. you got this. let's go.

gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh.

if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-217-3217. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. biotech industry is one of the players poised to benefit, helping innovation of drug treatments and therapy

advancements our next guest has ten predictions on how ai could transform biotech. michael yi joins us now with more i want to play a tape from the last hour, bristol myers ceo let's listen to what he said and i want your reaction to it >> it's an area of intense focus for us we've invested in this space for many years now i do agree the use of artificial intelligence, machine learning can transform our industry from discovery where we may be able to discover new molecules faster with more precision. i believe there are tremendous applications to accelerating clinical trials. >> let me bear down on that last bear, accelerating clinical trials and how ai would do that and if ai would of obviate the

need for human clinical trials. >> i think you're spot on. looking ahead to the next ten years and thinking about all the transformations that ai could have on the biotech industry, i think that starts with what he was talking about, which is improving the patients and enriching clinical trials to figure out how a drug works and which patients by looking at databasis and figuring out which patients are best suited to figuring out how a molecule could be better and more powerful more applications, safer generated through data using artificial intelligence. think about a period where you could ask an ai program to best

identify the molecules that would work there's a whole swath of opportunities over the next decade it's a pretty exciting opportunity. >> i'm not sure whether you're saying this or not saying this as a potential consumer of a drug, i guess i would draw comfort from the idea that the drug had actually been tried out on human beings and was shown to be safe and effective and not rely merely on a machine learning model to tell me that it is so >> well, i think it's an evolution, certainly step by step in ten years let's see how fast the technology develops. i would use the analogy of i don't think, tyler, ten years ago you would ask could you have a partially self-driving car and of course elon is still talking about a self-driving car that would have been crazy the idea of enriching patient

selection to figure out how a drug might work best is one step improving it using ai and then eventually testing it in a human would be the next step we have different ways to go i think that's all very exciting certainly for the industry and patients. >> michael, will this benefit big-money incumbents or startups more >> i think it's both if you ask companies like bristol myers, if you asked amgen and moderna, they're in early stages if you looked at early stage companies, there's a lot of startups, maybe even some public companies like schroeder, but other private companies trying to look at this with data and then improve the odds of success. we have an exciting ten years,

but it's the small companies working on thisand the big companies work on this, kelly. >> how can regulators sort out the use of artificial intelligence in drug development? it's such a thorny area where there's no precedent there's a set of preconditions that go into this. there's efforts to pioneer something that's never been tried before safety is always the obvious question being at the back of this i'm curious what that regulatory approach might look like. >> i think that's obviously the -- again, i go back to everything is going to require a lot of regulation. ai and chatgpt being debated on the hill about regulation. it's step by step. one of the things we pointed out is reducing the need for animal clinical trials. then later down the road how we would do that without even testing human clinical trials. it's step by step, kelly

one of the things is reaching clinical trials, finding the right patients, but still testing in humans. then we'll go step by step to reduce from ten years to eight years to five years to one year. that's where you could be in the future. >> all right michael yi, a glimpse into the future thank you. we have a news alert on a situation on the west coast. what's going on? >> reporter: select shipping terminals along the west coast are being closed as some union long shoremen aren't showing up for work according to the union, some members have taken it upon themselves to voice their displeasure with the osha ca carriers however, cargo operations will continue the port of oakland says their main terminals are shut down due

to insufficient staffing the situation is similar in los angeles where trucks are being tuned around from the terminals. no word on whether how long this situation will continue. the longer the ports are disrupted the longer it takes to clear out any backlog. kelly? >> interesting we'll keep an eye on it. quick check on the market. the hot jobs report -- well, i mean, 721 now. the unemployment rate, we'll leave that for another time. >> debt ceiling deal done. it's warm out. >> the dow is on pace for its best pace since january 6th. after the break, we're going to hear from a ceo of a tech startup disrupting hr and finding talent around the world. we'll be right back.

somebody would ask her something and she would just walk right past them, (laughs). she didn't know they were talking to her. i just could not hear. i was hesitant to get the hearing aids because of my short hair. but nobody even sees them.

our nearly invisible hearing aids are just one reason we've been the brand leader for over 75 years. when i finally could hear for the first time, i could hear everything. unlock our best deal of the year during our 75th anniversary sale. call 1-800-miracle today. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire i remember being on aau trips, high school games. my mom would always say, "you need to fuel the body and you need salt." i would always be the kid not cramping, ready to go. fast forward 20 years and i go from eating salt out of my palm to drinking lmnt. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this.

i'm so glad we did this. 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 welcome back today's jobs reports showed a labor market not under pressure. there's worker shortages john fortt bringing us this story. >> the ceo of costly global, a

company that helps its customers hire employers he knows the challenge of finding talent he was chief financial officer of cisco and others. part of the reason he ended up in finance was because he was concerned about employability. >> i got all this advice from so many people. can you have a career in film making i went the safe route which was let's go into the finance world. i went to fordham university in college business administration. i got interested in finance and accounting that kind of started my career in the financial side. >> he's on the adobe board now frank told me that after post covid resignations companies aren't just looking overseas for talent to save money

they're doing it because they can't always find a big enough pool of domestic workers. >> looking more broadly for talent and i think from the perspective of getting that talent at a good cost with the right type of structure in place that's where there's a need. as far as markets right now that i think i've seen, even in the last more recent times, is south america. many companies are now looking at south america, ourselves included we just opened a design team in brazil brazil seems to be a hot market. argentina is a hot market. again, looking for other talent because it's limited in the united states and europe and broadening out you can get great talent at a reasonable cost. >> an aspect of the remote work equation we're likely to hear more about yes, some companies are bringing domestic workers back into the

office, but for some roles, they can be remote. they're putting them in the most affordable locations it might not be idaho. might be puerto rico. >> do they become the employer of record -- let's say i'm cisco and i want to employ staff in san paolo, i work for them. >> the argument is he says it can take one to two years to set up a brand new office in a new country, all the taxes, regulations and paperwork. they're already set up they'll pay people according to your scale and you can get up in weeks. >> there's been a lot of talk about how as we reshore the manufacturing base we might be -- you know what i'm trying to say, the white collar workforce. is this part of that >> it is we talk a lot about ai that's a force putting pressure on certain parts of the domestic

workforce. offshoring is another piece of that remote work proved you can get a lot of work done far away from the office even though the jobs market is still tight, workers are taking a long view thinking about yourself, your kids. think about three to five, ten years from now, it's not just about ai it's increased competition from offshore locations where they're happy to zoom in i was talking to a ceo who said his costa rica employees are highly engaged >> send me to costary rica and i'll be engaged too. >> thank you, john fortt. at&t on its first week of losses shares of that company and other

big movers of the day in three stock lunch when "power lunch" returns. what if we use ai-driven insights to pinpoint inefficiency? yep. and act on it. saving energy, money... ... and emissions. yup. that's a big one. now you've built something better for everyone. that's the sustainability solution ibm and a global real estate company created. what will you create? ibm. let's create. how's the chicken? the prawns are delicious. oh, i have a shellfish allergy. one prawn. very good. did i say chicken wrong? tired of people not listening to what you want? it's truffle season! ah that's okay... never enough truffles. how much are they? it's a lot. oh okay - i'm good, that - it's like a priceless piece of art. enjoy. or when they sell you what they want? yeah. the more we understand you, the better we can help you. that's what u.s. bank is for. huge relief. yeah... ♪ i've spent centuries evolving with the world.

yeah... that's the nature of being the economy. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your strategic advantage.

time for three stock lunch first up, broadcom higher. the chipper maker noting that ai

initiatives are going to account for more than a quarter of the company's total revenue in 2024. shares jumping nearly 29% in may. here with our trades today, shelby what do you think of broadcom here at its current price? >> yeah, you know, when i see broadcom, i'm seeing a buy, and the reason for that is they are going to be more or less sort of a utility company when we think about how useful these services are, and the broad range of services that they deliver in our day and age, and when you think about the fact they're now being given this sort of supercharged opportunity to go ahead and get on a growth ramp after largely delivering mostly on income and being more a value trade, i think that's a huge opportunity for the company. now we still have a long ways to go, and to get more clarity on what the road for ai looks like, but if they're looking at a

company that has a lot of scale and has been operating for awhile, and has gone through a lot of different environments and has been agile throughout, and they're giving an opportunity to kind of ramp back up again, i think that's what makes broadcom attractive today. >> is lulu lemon -- they were surging through blowout earnings seams were up 24% from china it was up almost 80% from last year would you be a buyer >> you know, for lulu lemon, i'm going to be a hold and that's because when we're looking at these trends, especially those that are really making the stock lively and making results lively, i need to see a couple more quarters of that going ahead andn continuing. when i'm thinking about the re-acceleration in china, in a couple of months, we will have cold and flu season, and over the next couple of quarters, i want to make sure that economic growth is not declining too severely lulu lemon does benefit from being an affordable luxury brand and we know there's that resiliency coming out of north america as well, but i need to

see there's a fundamental resilience there, and that it's not necessarily just a macro wave so not completely negative, but i want to make sure that it's going to hold on that excellent performance. >> all right let's talk at&t which is lower after reports that amazon may start offering wireless service to prime members at&t down 20% in 2023 on pace for its fourth straight year of losses shelby, what do you think? >> yeah. at&t is also going to be a hold, and you're absolutely right. it has been a tough 52 weeks for at&t we know that they went ahead and started with a lot of that sort of strategic overhaul and restructuring after they sort of lobbed off those media divisions, wanted to start paying down that debt. at&t has been punished week over week, and i think in this case, they may be being over-punished once again at&t does deliver on income. they're sitting at over 7% dividend yield it really is a utility-type almost commodity-like service and they're mature in their

space and they have a prowess in their space. they deliver on their best product, and then not to mention the fact that should this partnership continue, there's not a guarantee that amazon and dish will not face any sort of side looks from the regulators or any other barriers to successfully entering this phase. so i think at&t may be unduly punished here, and that's why it's going to be a hold for me on income generation and maturity. >> thank you very much we appreciate it >> great thank you, shelby. it's almost closing time for us, but maybe not for one retailer on brink. bye-bye baby is drawing interest from at least two bidders as bed bath tries to stay alive details on that and more when with the "power lunch" returns power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment

help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley

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. only at vanguard you're more than just an investor you're an owner. that means that your priorities are ours too. our interactive tools and advice can help you build a future for the ones you love. that's the value of ownership. this is the all new, all electric lucid air. a car that goes as far as it does fast.

as sleek as it is... spacious. as smart... as it is beautiful. introducing the lucid air. experience the best. ♪ welcome back, everybody. four minutes left we'll start with the paradox of ai's power we hear that the technology will eliminate a lot of jobs and by the way, it's said it was responsible for 3,900 job losses last month, but it could create jobs too jpmorgan advertised ai-related roles. >> my guess is in the end, the

increase will be more than the decrease, but it will require high skills. >> it's about what happens to the people caught by the churn in some ways g >> yeah. who gets disintermediated. james simon is donating a record $500 billion to stoney island. it's overseen by simons and his wife marilyn who were stoney brook alumni they report the largest unrestricted donation to a college in u.s. history. i believe mr. simons was a professor there in the math department before he set off on his quest at renaissance >> is it too much money for one school >> i don't know that a school would ever say that's too much money. >> i doubt they would say that. >> but i think as part of a matching program, this donation sort of nets up to more than a

billion dollars. >> really? >> yeah. through state and federal services. >> maybe if you want a scholarship, a place to look >> yeah. >> we have news out of the bed, bath & beyond bankruptcy the bye-bye baby name. we have the details. who wants sit >> there are two bidders there could be more, but there are two different bidders who have expressed an interest to buy. bye-bye baby has been the long viable person. they're an independent operator of retail chains they claim they have the staff and experience to operate the business as a going concern. they want to keep stores open. >> i was going to say, do they want to keep stores or just want a digital footprint? >> no. the other bidder does, but this unname d bidder, they want to keep about 75% of the 120 doors open and they want to keep it running. >> who's the other bidder? >> the other bidder is baby

list this is an online retailer they are basically an online baby registry website. >> i might have used them. >> you might have used them. it's the destination for modern parents these days, and they just want to buy the trademark and the domain basically when people go to buybuy baby.com, they get the name recognition. >> pricing, do we know anything? >> we don't know the pricing by know the unnamed bidder needs some extra capital to be able to secure the deal. so they're asking for an extra $50 million in investments they have one secured investor, but they're still looking for one more. >> this is the one who would buy the stores and operate the stores >> yes >> when is the deadline? >> the deadline for the stocking horse will be june 7th they're entering in as a stocking horse which is going to set a floor price for the bid. after that, the final bids and the auction is going to be later on in june >> to your knowledge, no one is bidding for bed, bath & beyond or those assets? >> what we've heard is people are interested in its digital

assets, but nobody is interested in its stores. it's considered a broken business buy buy baby is considered the crowned jewel. >> thank you >> can't wait to see what happens with that. >> it'll be interesting. thanks for watching, everybody >> look at that. with nine seconds to spare. >> how do you like that? we'll hand it off to scott. >> scott can have it ca"closing bell" starts now. >> take it away, scott actually, scott can't have it welcome to "closing bell." i'm mike santoli in for scott. this make or break hour begins with an assertive breakout for stox stocks after a healthy jobs reports eases wall street's two biggest worries. the s&p 500 has been rising all day. the dow up more than 700 points at the highs as well, and the s&p not far from its august, 2022 peak which would be the peakor