welcome to "power lunch. alongside kelly evans i'm jon fortt. coming up, president biden giving a major speech on the economy laying out biden economics as he tries to convince americans to let him

handle the economy four more years. what it means for your money and the market plus, tesla shares have more than doubled this year and analysts are starting to say it's gone too far too fast we will talk to tony sacconaghi whose price targets is $100 below tesla's current price. >> hi, jon, hi, everyone a check on the markets first which we're headed back to session lows, bouncing off that. the dow down 124, the s&p down 0.2% and the nasdaq up 9 points. shares of general mills are lower dragging down the packaged food sector, revenue falling as they raise prices due to inflation. the shares are down almost 5%. the ceo is about to join us. cruise stocks are higher again today. all three of the major names among the top gainers in the s&p. carnival up 8% quite a volatile name, similar move for norwegian these stocks fourth, second and fourth on the index as hopes bookings will remain strong. we are watching apple getting close to the $3 trillion market

cap again. first got there in january of 2022 interestingly enough, the stock is at a new all-time high at almost 190 the market cap is not at an all-time high because buybacks have reduced the share count. >> president biden as we mentioned taking his economic philosophy or biden economics on the road today the president laying out his plan for investing in america. for reaction let's bring in richard bernstein chief investment officer and courtney rosenberger, managing director, policy research with stra tegist why has the president got son little credit for the good things in the economy and so much heat for the bad things, including the spike in gas prices from several quarters ago? >> the administration thinks they need to sell their accomplishments better, which was the impetus for this speech. similarly we saw this done in the state of the union and biden's budget, but we view this

at shoe anything flies, take credit for anything that falls strategy where they're trying to showcase, regardless of whether or not their policies resulted in these things coming through with inflation coming down, consumer nincomes going up, show it to the voter ahead of 2024 and we saw consistently throughout biden's speech, contrast the republican policies. >> well, it comes back, rich, doesn't it to the classic question, are you better off than you were four years ago it's a complicate d one where th economy is concerned people might have fears that feel like they're not better off. they might in some ways be better off financially, but the consumer certainly is stretched. how does one answer that question about the american voter right now? >> so, jon, i think as long as the labor market remains as healthy as it is right now, it

will be easier through time to say that households are better off. i think the labor market starts easing up and we start seeing unemployment rate heading towards 5% by the time you get to the election next year, i think that will make it more difficult. if the labor market stays high and wage gains continue, i think we'll have a reasonable shot at convincing people they're better off. >> rich, on that note, just how bullish are you on the markets i want to put this carefully on the idea that we can avoid recession, but where do we go from here? >> kelly, the first thing is, i think, you know, the word recession pops up every two seconds these days, and, you know, this has to be the most widely forecasted recession that's never occurred. consider for asecond now, that early cycle sectors like housing and home improvement, those stocks are starting to break out big time, after the fed has

raised rates 500 basis points. this is not in anybody's textbook and not what's supposed to happen. i think the message here is the fed is going to be raising rates for a lot longer than people anticipate, probably longer than they anticipate right now. if the stock market is right and some of these early cycle sectors. so i don't think we want to start talking about recession prematurely. has the economy slowed down and the labor market slowed down of course it has but there's a difference between a slowdown and a full recession. and right now, that recession is still throughout somewhere, but who knows where. it's not here now. >> is it because of biden economics and this fiscal spending and investment we continue to see? >> i mean, we did have massive fiscal stimulus at the same time that we saw treasury and the fed still engaging in monetary easing, but that is starting to reverse. we're urging caution on our front looking at the fact that we do have liquidity reversal and that's going to be continuing for the next several

weeks to months and we're starting to see the first signs of that taking a toll on the market with communications service under performing and industrials. we anticipate that to continue into kind of the growth versus value trade. and then you also have other concerns going on with the economy where we're starting to see cracks in labor, capex and with the consumer. we are urging caution with that. some of these conditions that led to the biden economics are starting to reverse. >> well, courtney, they say all politics is local. what degree should we be looking at economic conditions in battleground states and even in states where different parties need a particular level of turnout for a signal on which way things are headed? >> so we actually look at economic conditions from the macro front. one of our favorite indicators to watch for if a president is going to be re-elected is

whether or not there is a recession in the two years leading up to the election that's why we're, you know, looking at the fact that biden betting on biden economics, tying his name with the economy, could be a potentially risky strategy going into his election because voters are going to conflate anything that happens with the economy into his re-election in 2024. we watched per capita disposable income growth and that is working in the president's favor but a huge indicator we also watch where presidents have to have real capita disposable income growth above 1% heading into the election. >> that's what makes this curious, because all of the risks that courtney and others granted have been warning about for some time, could come to a head in 2024 i don't know if we've ever had a recession in an election year? >> i have to admit i can't remember either. i think we probably have, but i think look, the interesting thing is going to be not so much the market the way people talk

about it, and i think if we're in a situation where 20 stocks are still leading the market, i think it's going to be pretty hard for the to the win because that's going to mean that the economy is a lot weaker than people think narrowly this reflects a dire economic outcome however if the market broadens, i think that says the president will have an easier time being re-elected the overall number of companies doing well would increase, why mean their hiring would increase and everything else. of course it probably means the fed is raising rates as well i think that's a situation that's probably preferable than one where everything is weakening and the fed is easing. >> obviously, 2008 is a little different because we knew it was a two-term presidentsy about to end. this with the re-election on the line feels different we'll leave it there appreciate it. one aspect of biden's economic policy keeping the u.s. ahead of china especially in the a.i. chip race here's a look at nvidia, some of

the other key chip stocks on reports that further crackdown might be coming. kristina partsinevelos has the details. >> nvidia cfo who spoke at a webinar and said new chip export restrictions won't an immediate material impact to financial earnings given the strength of their products worldwide that's the consensus from analysts as well which is why we saw nvidia share price bounce back from earlier lows gpus have been talking about, part of the ai high, the company believes it would offset a drop from china the bull narrative continues with these notes, even if china contributes and this was said by the cfo roughly 20 to 25% of total data center revenues these restrictions keep in mind initially came into place october 7th, so that's the left side of your screen after which china retaliated launching a review on micron and banned some micron chips this past may nvidia is now a target and has since created a less capable

let's call it a work around chip, which could now be a target of those controls we still don't know because nvidia is not commenting indeed, a little different as the mi 300 is getting off the ground this year so the impact from the ban may be less when you offset that from customers like microsoft, meta, and new customer aws the department of commerce, though, won't comment on any of this news right now, but my chip sources have told me previously they were expecting further export controls this summer, so maybe that changes, maybe it doesn't. should the u.s. tighten restrictions on chips further, demand and shipments to china, they're not going to disappear as china is using older models and told to be stockpiling as nvidia's ceo jensen huang warned last month the u.s. risks damage to its tech sector as it would encourage china to build its a.i. chips domestically. >> i mean nvidia, they knew this was coming. >> correct. >> the top of the line, they had

done the 800s just for china - >> the watered down h 800. i was doing some back of the math napkin math and it's estimated both those chips the higher one 800, hh 800, contributing $1.5 million in revenue, anticipating a 7% hit, or yeah, roughly 7%, about $105 million. >> for now it's growing so fast. >> we know nvidia has warned when the first set of restrictions came in, it was a $400 million impact in that quarter. now, with the gpu demand maybe a little bit less, maybe not necessarily the case because china has been stockpiling and really anticipating this. >> this could go beyond chips. one other angle speculated on, an effort to cut down an effort to chinese players using cloud and those a.i. - >> new angle, new part to this. >> right. >> affect other players now. >> i mean i don't know if we've seen that yet. when there's smoke there's fire with these moves.

>> and the industry is bad at forecasting the financial impact of these kinds of things >> exactly which is why if i'm citing analyst reports it doesn't hold that much value yet. no one knows which is why you saw the dip in the stock. people are processing this information, and then all of the reports that came out, all bullish still. it's like nvidia can't do any harm, which is fine. >> not in this market. >> i mean it does tell you kristina partsinevelos appreciate it. the importance of the chip space for the u.s. front is front and center of this year's top states for business. while many industries are scaling back in the state of the economy, the semiconductor business is full speed ahead scott cohen has details on the key battleground for the top states scott? >> hey, jon. we're here at micron technologies office in silicon valley as you heard, this company has a lot riding on artificial intelligence you know who else does

the state of new york, which is giving micron some $5.5 billion in tax credits to build a $100 million plant on the site in syracuse on top of the billions microns tends to rake in states are dolling out human sums of money on top of the federal money but governor kathy hochul makes no apologies. >> this is a company that's bringing in about $30 billion in revenue a year why are the taxpayers of new york getting a good deal with all of that going out to this one company? >> it's simple 50,000 jobs. this is the largest private sector investment in america today. >> reporter: micron head of global operations told me that those subsidies in new york were essential to making that decision along with the great site and the great talent. none the less, this -- critics are saying that these states

should be doing more to make their economies competitive in the first place without having to doll out these subsidies. a big deal in america's top states for businesses which we will unveil in a couple weeks. read more about it hear our full interview with governor kathy hochul at cnbc.com. >> scott, what is the risk that these these subsidies don't pay off and how does the kind of economy effect of chips reflect that, the number of additional jobs that this kind of a fab project brings versus other things >> reporter: you know, we interviewed as part of this story the mayor of syracuse, and he said look, we remember carrier, we remember ge and rockwell we'll believe all of this when we see it. at the same time there is an awful lot of money that's going into this and as the governor says, a huge ripple effect but the chip companies will tell you that at the end of the day,

they're looking at demand and going to calibrate these things based on semiconductor demand. will it happen as fast as people are expecting? we'll have to see what happens there is a whole lot of money behind this effort. >> thanks. scott cohen reporting. >> more to come, as we head to break, let's get a power check on the s&p 500 it's tesla and general mills, two stocks we're covering further ahead on the show. gm, general mills, down 4%, after boosting their dividend over 9%. not enough to excite investors after under whelming sales we will speak to the ceo next. the positive side, tesla up 2% bernstein's tony sacconaghi pretty negative saying there are worries. we'll explore more concerns tesla is shaking off coming up on "power lunch.

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welcome back to "power lunch. shares of general mills under pressure today despite a fourth quarter earnings beat they forecast a softer than expected outlook due to ongoing inflation. operating profit was down 19%, revenue missed estimates here to explain and update us on the state of the consumer and a first on cnbc interview is jeff harmening, chairman and ceo of general mills. it's a pleasure to have you here, jeff welcome. >> it's great to be here thanks for having me on the show shoe. >> what jumps out to most people prices were you up double digits and volumes down is this the end of the road in terms of price hikes >> look, one of the things we're

most proud about this past year we eclipsed $20 billion in sales for the first time and grew sales 10% and earnings per share 10%. we had a great year. as we look ahead, it's very clear that inflation will still be with us it was also clear inflation is decelerating and this past year the cost for goods up 13% and next year about 5% the good news for consumers is that inflation is decelerating, but it's also not going to be a deflationary environment. >> jeff, what about the supply chain and the state of that versus where we've been? it was a difficult time during the pandemic itself. we saw different patterns from consumers. right now, how prepared are you operationally to deal with potential slowdown in consumer spending >> yeah. jon, i'm thrilled you asked. the supply chain itself is getting healthier over the last three months the number of disruptions we have is similar to prepandemic and our service levels are back

into the 90s plus percent range. what that allows us to do is get back to more normal operating environment which allows us to innovate for consumers which allows us to turn our marketing on and which allows us to go back to the productivity savings we have had before so we're actually looking forward to this new environment and confident we can drive demand for consumers. >> so circling back then, if you don't think the inflationary environment is over does that mean you will pass through price hikes and worried that consumers seem to be responding by choosing other product, maybe generic products or skipping occasions? >> the consumer, the most remarkable thing about the consumer has been how resilient they've been over the course of time and they should be because unemployment is very low as we well know, savings rates are high, and so the consumer has been relatively resilient. having said that they're nervous about what lies ahead with regard to inflation and so given the backdrop of everything consumers have had to deal with we're pleased that the sales

have held up as they have been as we look ahead, one of the most important things is going to be what are consumers doing away from home and eating at home usually when they get nervous about prices they come to eating at home. the price of eating at home is about three times less than eating out we think that that has driven demand in our categories and will continue to drive demand in our categories. >> how sticky are some of the changes you saw in consumer behavior during the pandemic i was hearing about like a revolution in cereal, people rediscovering cereal because they were at home. i mean, have you seen slippage on that? are there certain tastes that people are leaning more into or less do people care about sugar anymore? >> you know, we have seen demand for food at home remain sticky about 86% of food occasions are at home and that's about three or four points higher than before the pandemic. we are really seeing demand be sticky that includes breakfast cereal

and we've done really well in the cereal category and we have great new innovations coming this summer including a mini version of lucky charles we -- lucky charles and other categories like pet food and nature valley granola bars we see demand continuing. >> as long as it's not shrink inflation with the lucky charms. >> the marshmallows will be smaller but more of them more magically delicious is a good thing >> let me ask, you have so many different brands, from dunk a roos and annie's the mach and chinese. when the mach and cheese is over $4 a box at whole foods granted if my kids are barely going to eat half, i have noticed i'll do trade down and get kraft, what's the difference or the blue box, what have you. even within your brands can you tell us where you're seeing strength, maybe where you might be seeing weakness and what that's telling you >> as we look across our

portfolio, consumers dealing with inflation in a variety of ways when i talked about eating at home versus away from home but where do they shop do they buy bigger packages or smaller packages and shop at value retailers versus others. they have a variety of coping mechanisms you know, one of the things that we see, consumers still love our brands and general mills has $9 billion brands when consumers start to struggle filly they still want to reward their family an give them the things that their families love and that could be something as simple as cinnamon toast crunch, on the go treats for your pets or old el paso tacos on taco night. what we see in an environment like this consumers really want to make sure they're feeding their family things they love and that's important because what they can't afford to do is waste food. >> as a point of personal privilege, a shout out to depaul university where jeff and i went

to school. >> were you products there as a result - >> at depaul i get free mugs. >> i have to imagine the dining hall has to have some kind of general mills feature to it. maybe i'm wrong. >> it does thanks for that shout-out. go tigers. >> jeff harmening, thank you further ahead on the show, pinterest partnership, wells fargo upgraded pinterest around the new deal with amazon saying it's going to drive shares higher we will trade that name and others in today's three stock lunch.

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it's your verizon. welcome back to "power lunch. i'm seema moody with your cnbc news update. the debris from the tourist submarine that coast guard says imploded on a mission to explore the wreckage of the "titanic" is back on land pieces of the mangled craft could be seen wrapped in a white tarp as crews unloaded the debris a canadian ship the recovery nearly a week after authorities say a remotely operated vehicles detected remnants of the sub about 1600 feet from the bow of the sunken "titanic." the u.s. marine veteran accused of killing a fellow subway rider leaded not guilty in court today

daniel penny facing charges of second-degree manslaughter and criminally negligent homicide in the death of jordan nili witnesses say neeley was shouting and begging for money when penny pinned him to the floor and held him in a choke hold with the help of two other passengers kevin spacey's uk trial on a dozen sexual assault charges began today in london. four men accuse spacey of assault over a 14-year period dating back to 2001. spacey, who said an acquittal in this case could be the restart of his career, denies the men's claims the trial is expected to last at least four weeks jon, back to you. a check on the bond market following hawkish comments from chair powell in portugal saying he wouldn't take back-to-back hikes off the table. rick santelli watching the action from chicago. rick >> yes, jon. not only was our chairman hawkish but all three of the other central bankers from

japan, from the uk, the eurozone, were also hawkish. but did their hawkishness hit the mark well you tell me here's intraday of 2-year and 10-year as they continue to move to some of the lowest yields of the day and nowhere in there can i pick out around 10:00 eastern, 10:30 eastern where there was any pops so not to dismiss any prince songs, but they certainly did not make the doves cry today as a matter of fact, maybe the most important thing today that really moved the markets was a seven-year note auction. super aggressive. they flocked to buy the $35 million. if you look at the 10-year, back to the cycle high yield in the fall at 4.25, you can see we have lots of congestion on the right but each high is lower no matter how much the fed seems to scream and guide, the markets, especially longer maturity, seem to ignore but it isn't only here

here's a boone bund. the bund almost 50 basis points lower than the early march cycle high closing yield of 275 as it hovers about 45 basis points lower on today's close and finally, the uk is the only economy that i know of, the biggies, who had core cpi create a new cycle high at 7.1% they hiked 50 basis points you can see on this chart their cycle high yield close was 4.5% back in september. they were very close and they may test it, but the dynamics of the uk aren't the same, but mr. bailey seemed to be every bit as hawkish as chairman powell jon fortt, back to you. >> rick, thanks. kelly, i guess those charts are what it looks like when doves cry. >> everyone except ueda. he continued to coo we would say. a power check with tesla one of

the best performing stocks in the s&p up 2.5% as they're expected to hit record sales in china, even though some analysts rry out the u.s. growth in the short term we'll have more next

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welcome back to "power lunch. a slew of ev manufacturers announcing a move to the north american charging standard over the coming years, giving ev users access to tesla's charging stations, but how much value could it drive for tesla our next guest says not so much. maintaining an under perform rating on the ev giant joining me now tony sacconaghi, bernstein senior research analyst. tony, you've got, what, i think a 150 price target on tesla? it was close to there two months ago, but it's over 250 now what makes you think it goes back down? >> good afternoon, jon look, i think tesla's stock is very difficult to predict in the short term our perspective is that, you know, upcoming numbers won't be great. i think there's limited chance that tesla will eclipse consensus expectations in terms of deliveries this quarter

i think margins will be down sequentially because they took incremental price cuts in the quarter, and i think, you know, most importantly, when we look forward, tesla's continuing to try to grow at very aggressive rates, 30% plus this year, 30% plus next year, and it has no new product offerings. so, how do you create incremental demand when you don't have anything new per se that's tesla's challenge over the next, you know, four to six quarters before we have some new lower price models so that's our concern, is that tesla will either ultimately fall short on deliveries at some point over the next four to six quarters, or that we're going to see continued price cuts to be able to drive that growth. >> how much does that matter, though, when there are all these headlines that kind of feel like the rest of the ev industry throwing in the towel and admitting that tesla is king of the hill, with this charging standard, and that elon musk was

visionary in building out these stations i mean, if you want to believe in tesla, even if they have some near term misses, it sort of seems like this charging narrative helps you? >> well, i think it's certainly by competitors that tesla has a good new yotwork and they want i cars to use it tesla has a cost advantage, tesla has been a pioneer in evs. clearly there are many positives about tesla. it's just fully reflected in its valuation, and it has an $800 million -- billion dollar valuation, which is essentially the valuation of the entire auto industry, even though they'll make less than 2 million cars this year and the auto industry outside of tesla will make about 78 million cars. i don't think this is a question of, you know, tesla is not known as a leader per se i think it's really a question

of what you want to pay. and to your point about the network, you know, the charging standard for tesla will become the standard in north america with all these oems signing up for it, but right now, tesla has about 80% of the ev install base in the u.s., so adding an extra 20% of cars that can use that network is not a big deal. tesla's revenues last year were about $600 million, less than 1%, and again, when we think about oh, how many more evs are going to be able to charge on tesla's network, right now it's pretty small it's a only about 20% of the existing 80% of the ev fleet that tesla has in north america. >> it almost isn't fair to ask about the driver of a stock that sees liquidity and momentum and trader driven, but i'm still curious as you look ahead weigh the opportunities that they might have with more of these charging stations and what not, how big a risk is it that

regulators, you know, more fully crackdown on full self-driving do you think that's coming at some point >> look, i don't know if they'll crack down per se. i think they'll have to be higher disclosures regulators are not endorsing full self-driving and tesla has, you know, somewhat indirectly been pressured to, you know, put alerts on its cars for drivers to keep their hands on the wheel every 30 or 45 seconds so i think, you know, regulators have been relatively cautious. we've professional in a couple of states for early level 3 autonomous driving from mercedes, but beyond that, regulators have been cautious. will tesla be reprimanded in terms of false advertising or something more onerous than that look, it's a potential wild card i'm not sure in the near term that makes that much of a difference to the stock. sure, it would be, you know, kind of emotionally or headline

wise, a negative for tesla, but driving revenues for tesla are very small today you only have on average about 5% of vehicles purchasing it when they purchase a car today. >> 256 on what's been a big run so far this year tony, thanks for joining us wait note of caution. we appreciate it. >> thanks for having me. >> tony sacconaghi. >> still ahead, ip no. the tech rally we were talking about fueling the nasdaq to a 30% gain this year, the best of the mopa major averages. generac one of the best performers on the s&p, its rally continues after the ceo said they're seeing a sales boost in texas. their power grid pushed to the max amid record-setting heat waves with temps hovering in the triple digits. this has been going on for days. we will trade generac and other movers in three stock lunch coming up next

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welcome back to "power lunch. with all the attention on a.i. you might have expected to see a wave of those companies going public but while the ipo freeze we've been in over a year has thawed a little, it's mostly restaurants. we haven't seen tech get involved where are the startups >> you're right. tech remains on the sidelines and we have been waiting for very big names for years even, but there are a few signs they're ready to test these ipo waters any time soon instacart, stripe, reddit, what i might call the dinosaur unicorns living in start-up land longer than we might have expected private companies of their size to do so and in the meantime the list of smaller unicorns companies worth $1 billion or more, growing thanks to the generative a.i. hype cycle. i spoke to a few worth a billion dollars, public investors, they can't get enough of the few companies that are already public as well as we have seen very much in the markets this year so the big question, why isn't tech jumping on this

opportunity? one reason is a lot of startups raise money back in 2021, the peak when interest rates were still low and the funding environment was red hot. when the landscape cooled, they cut their operating cost that increased their existing runway and thus the need to raise more money was eliminated, another raise is that we haven't seen the full effect of the so-called great reset. many startups they remember those boom times of 2021 and they would rather wait and see how other ipos perform and see if valuations have settled or continue to come back. a bit of hedging going on, but some reasons why you may not see them come back any time too soon arm could be the big one. >> wasn't that supposed to be by now or no? >> the timeline is ticking they said they would go this year and there's nothing that tells me they won't do so. we know masa son is devoting this time to get this out the door that could be the one that blows

open the gates so that could be the one that blows the doors open. >> all right deirdre, thanks. >> there's a lot of m&a taking place which you saw early this week ibm. >> true. >> et cetera snowflake did an acquisition not long ago shares of cloud data company snowflake getting a boost today and yesterday following the company's investor -- well their snowflake summit where they announced an a.i. partnership with nvidia, also with microsoft, expanded investment in that partnership. i spoke with snowflake's ceo frank slootman earlier today about that microsoft news. take a listen. >> we know we literally doubled the commitment to microsoft and microsoft is a big relationship, growing the fastest of all our platforms. we took this opportunity to also create better alignment in the field. obviously, our -- my relationship with satya nadella is great but when you get 14 layers down in the organization at street level, the dynamic is

a little bit different. >> that's so interesting here, kelly, the go to market has shifted with a.i. and in this tougher economic environment, the need to show quicker time to value for software purchases over the past couple years during the pandemic if it was new and seemed to kind of work, companies were buying it but now, they want vendor consolidation and simplicity, maybe they want cost savings to come with any new software adoption, so you got to pencil it out so a partnership like this snowflake and microsoft, snowflake saying microsoft we're going to grow consumption on azure, this is good for you, that becomes important. >> to your earlier point is some of this quistive behavior why we haven't seen more ipos >> look at data brick buying mosaic ml for $3 billion the company has around 60 employees. when think doing i want to go through all the trouble of going through the ipo process maybe when my revenue isn't quite, you know, still a little lumpy

because we just got out of a pandemic, or do i want to get acquired by somebody who already has scale even if you are pretty decent sized a.i. start-up, maybe you don't want to go through that right now there is a bit of that going on. here on "power lunch," with working lunch we had ariel cohen from navan talking about sass companies not getting the valuations they want to see based on how much they raised -- >> it's fascinating, you think it would be the opposite in this environment. as we head to break june is pride month and cnbc celebrating sharing stories of corporate leaders. here is the head of digital at bank of america. >> you never know what someone experienced that morning before they showed up to work or what they're dealing with in their personal life. so when we all show up to work, we should do so with grace and with compassion for one another. even now in 2023, the struggle for our lbgtq plus teammates, family members and friends continues to be very real.

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welcome back, everybody it's time for "three stock lunch. big movers today, general ron shares fell 9% tuesday after the fda declined to produce a version of their treatment shares off another 2% today. lee munson is president and cio wealth advisers. very busy time in pharma, tech these days where does regeneron fit in? >> 87% of the revenues they get their products coming from one drug, like a getting old drug, macular degeneration, age related, a lot of us will go through this the problem is they were the first on the block, and the issue is you need to get your eyeball stuck with a needle six times a year for the treatment

but roche on the other hand has a product that's cheaper, slightly more per unit, but it's only three times per year. it's less burdensome for treatment. so the issue was regeneron says no problem, we'll do a higher dose, there's no issues, and we'll be down to three a year and compete head to head with roach. the fda said we need another six months to check ot your third-party manufacturing. a few months ago we had issues with eye drops and all that stuff. the bottom line is i don't think regeneron is going to make it here because roche will have six months to eat their lunch. if that happens, those salings can fall, and with regeneron, that's the only real product they have. for roche, it's 4%, it could double, triple, quadruple. i'm not saying buying them but regeneron is a pass. >> pinterest on the rise the firm saying it amazon

partnership is going to be a strong catalyst for the stock. will it really that was what was supposed to happen for affirm and it didn't last >> i know. put hit the way, they've got a new ceo. seems like a nice guy. he's going in there with a hatchet, cutting costs, dealing with the issues, but i see this as more of a speculative catch-up play. i think that's where you're seeing a lot of momentum it's up half as much as the nasdaq this year, so looking for a little summer fun, 5%, 10%, 15% pop on good feelings with the hope amazon will bring them sales because people on pinterest want to buy stuff. when you go through the actual numbers, you'll have to put in ad sales, which is not something that we necessarily have a graph on so i think if you're looking for a summer trade, again, anything that's social media, tech, that has not gone up as much as the nasdaq, traders will look for that and see what the mind wants

to see i think short term take it for a flyer, but honestly, i wouldn't want to wait around until christmas season to see if those sales come in or not >> what about a quick buy, sell, or hold on generac they are down from the highs in late 2021, lee >> very quick, i would say that with regeneron, they already control generators it's already been priced in over the last week, so i think the real problem people don't know, 2019 they bought battery storage, lots of lawsuits, big black eye. i think the moves already happened let's wait another three to six months and see if they can't get past the lawsuits with a peak acquisition. those converters bringing issues the coleman of camping is regeneron. that's this company for generators it's a great company, but they have some problems with battery storage where the real growth is

longer term. >> munson not in the buying mood today. not slurping down these drinks lee munson, thanks for joining us we appreciate it >> thank you >> summer fling for the stock. i didn't know you could do that. still to come, in the rough, residents going to great lengths to try and keep topgolf from coming to their communitin lodoy [due at target in 5!] copy that. make a hard left down the alley. network's got you covered. [please confirm requesting back-up.] -changing route. -go. roadblock ahead. ...back up, back up... reverse! reverse! next level moments, we're 30 seconds out. need the next level network. [north corridor, hurry!] -coming through! -or 3, let's go. the network more businesses choose. transplant received. at&t business.

second cost containment, and third, this is the time to really look at workforce resiliency robotics and a vishgs come a long way >> how are you seeing this play out with your industry i work with retail and cpg clients every day. this is the time to look at competitive advantage. that is around emerging technologies, generative ai, web-3, social commerce it is really clear in a capital-constrained environment. those companies who have placed their no-regret strategies versus the ones that haven't >> thanks for sharing your expertise. was also the first r profits left you speechless. at the counter or on the go, save 20% with the lowest transaction fees and keep more of what you make. start saving today at godaddy.com

>> real estate experts are saying people could be selling off rentals in droves. >> turnkey is key. the "wall street journal" saying cash-strapped buyers are avoiding fixer-uppers right now because they're expensive and contractors are hard to find >> we started to see this as soon as rates went up. this is the first area of impact all of this you're thinking through the inventory. >> shares of topgolf are down today after residents of a colorado town voted to ban the company from opening a location. there was a measure prohibiting fences and netting being 65 feet or higher, pretty niche requirement here

topgolf requires 150 feet high the concern is those high nets would interfere with eagles and other birds, potentially trapping them and also eyesores and traffic complaints for any worker, the assumption is make more money, be happy, right? well, that might not be the case new data suggests having power over when and how much you work might be more important. about three-quarters of independent workers, freelancer, and consultants surveyed by payroll service pros veider adp earlier this year said they felt they were paid fairly compared with 70% of part-time employees and 68% of full-time stuff >> this work-from-home is so far from being over. pulling people back to the office won't be the end of the story. >> when you drive back -- >> i never really left >> exactly >> we talked about the cruise stocks recovery, but one potential threat is looming, the cdc reporting 13 outbreaks of

norovirus this year affect 2g,000 passengers and crew >> that's just a hiccup now, right? when somebody sneezed you were like get out of my sight >> if i ever go, i'll get it >> i hope not. >> "closing bell" starts right now. >> welcome to "closing bell. i'm scott wapner two big tech stocks on the move today, apple on the doorstep of history again, hitting $3 trillion in market cap, trying to, anyway and nvidia, one of this year's biggest winner, under pressure on reports of possible new export restrictions to china we are following both big stories and asking just how much of this rally is now hanging on those two closely followed and widely held names. we'll ask big technology's ale